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The
0111ilitta31
financial
rtmtrie
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, FEBRUARY 26 1927.
NO. 3218.
without any restraints imposed by the anti-trust
laws." By dumping low-priced American products
PUBLISHED WEEKLY
abroad, the bill will directly subsidize foreign producTerms of Subscription—Payable in Advance Mos. tion "in competition with our own farmers in the
12 Mos.
Including Postage—
WOO
$10.00
Alaska
We shall send cheap cotton
Within Continental United States except
6.75 markets of the world.
11.50
Canada
In Dominion of
7.75
and territories_ — 13.50
ons
Other foreign countries, U. S. Possessi
high cotton at home." Further,
sell
in the rates of exchange. abroad and
NOTICE.—On account of the fluctuations
advertisements must be made
remittances for European subscriptions and
while the bill appropriates $250,000,000 in support
In New York funds.
Subscription includes following Supplements—
of a system which violates the sound principles of
SZCTIONS—
COUPINDITIMI—
BANK AND QUOTATION (monthly) free competition, it does not limit to that sum the
Puma° UTILITY (seml-annually)
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (semi-annually) BANKIRS CONVIINTION (yearly)
.
RTATII AND MUNICIPAL (semi-annually)
volume of contracts that may be made by the proTerms of Advertising
board. "If the board had begun
45 cents posed Federal
Transient display matter per agate line
On request
Contract and Card rates
operating in the 1925 cotton crop," Mr. Coolidge
Western Representative,
Outosoo °mos—In charge of Fred. H. Gray,
ne State 0613.
208 South La Salle Street, Telepho
declares, "when prices were around 20 cents a pound,
Drapers Gardens. London, E. 0.
Lownorr Orman—Edwards & Smith. 1
and had then attempted to hold up the price on the
WILLIAM B. DANA COMPANY, Publishers,
Streets, New York
Front, Pine and Depeyster
1926 crop at a level which induced the picking of the
would have been
B. DANA COMPANY. whole crop, the whole $250,000,000
Published every Saturday morning by WILLIAM
Manager, William D. Biggs;
President and Editor, Jacob Seibert; BusMeets
of Co. spent and great commitments beyond that figure
Addresses of all, Office
Treas., William Dana Seibert; Sec., Herbert D.Seibert.
have been entered into."
Beyond these practical considerations of an ecoThe Financial Situation.
nomic or administrative order, Mr. Coolidge finds
President Coolidge fulfilled a general expectation
the bill unconstitutional. Attached to the veto
be vetoing yesterday the McNary-Haugen farm•relief message, and forming a part of it, is an opinion of
bill, and in so doing literally tore the bill to shreds. Attorney-General Sargent in which the constitutional
The difficulty with the bill, Mr. Coolidge declared, objections to the bill are stated. As set forth in a
"is that it is not framed to aid farmers as a whole
press summary, the constitutional objections to the
and it is furthermore calculated to injure rather
measure are based upon the limitation which it
than promote the general public welfare." It
impose upon the appointing power of the
"upholds as ideals of American farming the men who would
President in requiring him to name a Federal board
grow cotton, corn, rice, swine, tobacco or wheat,
men recommended by a nominating committee;
and nothing else," gives them special favors at from
delegation of price-fixing to the board without
the expense of the farmers who have diversified the
prescribing any rule under which the prices should
their crops and kept the soil of their farms fertile
be determined; the failure of the courts to recognize
and produtive, and by raising the prices of a few
price-fixing as a power conferred upon the Federal
products, "chiefly sectional," directly penalizes
Government, and the infringement of the Constituthousands of farmers whose products are chiefly
tional provision which forbids the taking of property
of other kinds. More than this, although the bill
without due process of law, by the enforced contripurports to offer relief to the producers of cotton,
bution of citizens, through an equalization fee, to a
wheat, &c., "the only persons who are guaranteed
process from which they might or might not derive
a profit are the exporters, packers, millers, cotton
profit. A late Washington dispatch quoted Senator
spinners and other processors." y of Oregon as saying that he would not atMr. Coolidge further insists that the bill involves McNar
tempt to secure a vote with a view to passing the bill
Government price-fixing, and price-fixing, too, "on
the veto. The President is entitled to the
some of the nation's basic foods and materials." over
ude of the entire country for interposing his
Such a policy, "once started, has alike no justice and gratit
and for his unsparing denunciation of the vicious
no end. It is an economic folly from which this veto
ions of the bill.
country has every right to be spared." A Federal provis
board, chosen from persons nominated by certain
The decision on Monday by the United States
farm organizations, is to be given "almost unlimited
me Court in the Los Angeles & Salt Lake RR.
authority" to fix prices on the designated commodi- Supre
of considerable importance,
ties, and to collect an equalization fee which is "not valuation case is one
existing circumstances
a tax for purposes of revenue in the accepted sense," and also one likely underthstanding the decision
,notwi
but a tax "for the special benefit of particular groups." to prove beneficial,
was in
up, was negative in character. The decision
The effect of the system, if it were to be set
declaration of lack of
a
would be to "raise the price of the specified agricul- effect not a decision, but
court
le point," jurisdiction. The railroads were told that the
tural commodities to the highest possib
le results of action
probab
through the agency of a board which "will operate would not anticipate the
T,ht Thrimick
1104
THE CHRONICLE
For. 124.
by the Inter-State Commerce Commission, but if as week has
been comparatively light in bond offerings.
a result of such action they suffered harm they could Car loadin
gs are still below a million a week, but
come to the courts for relief. The temporary set- continue well
ahead of those of last year, although
back which the market experienced as the result of most of the
gain is in connection with coal shipments
the erroneous interpretation placed upon the decision in anticip
ation of a possible strike. Loadings, of
was beneficial rather than the reverse. The tharket course, have
never been above a million cars at this
in railroad shares had gotten into an unhealthy con- season of
the year. There has been increased activity
dition in that the public was buying for advances in steel and
a number of other industries. January
without much regard to individual merit. Stocks motor production
showed a material advance over the
which appeared to represent relatively poor prop- exceptionally
small figure for December, but is still
erties had shot upward along with others holding below normal
. There are, however, indications of
strategic positions. The decision has checked this materially
increased buying in February. The abilgeneral advance and caused investors and speculators ity of the
industry to adjust production to sales has
to be more discriminating in their purchases. In been impres
sive, and one of the causes of increasing
this it has been highly salutary.
confidence in the general business situation.
The momentary effects were very severe. News
There were two constructive developments late
was flashed from Washington, over the extensive in the week,
one the announcement of the absorption
system of stock house lines that reach almost every by the Interna
tional Telephone Sz Telegraph Co. of
point in the United States, at about 1:40 p. m. on All America
Cables Co., the latter having extensive
Monday, to the effect that the railroads had lost the cables and lines
throughout Latin America, and the
Los Angeles & Salt Lake case. Within some two other the
veto on Friday, already referred to, by
or three minutes a fairly buoyant market had been President
Coolidge of the McNary-Haugen bill
turned to precipitous rout, and over a period of about That financial
interests approve of the vets was
half an hour prices declined sharply under heavy indicated by
the strong way in which the market
trading. Drops of from one to two points between closed,including
a number of stocks most dependent
sales were made in the case of important share prop- on agriculture.
erties, and a stock with as established a position as
Reading declined more than ten points. Within
The enveloping movement of the Southern or Naten to fifteen minutes of the original flash of news a tionalist forces
of China for the possession of Shanghai
message followed that the decision should not be proceeded swiftly
during the week. Shanghai, or the
interpreted as a loss of the case, but rather as an Paris of the East
as the city is frequently called, is a
announcement of lack of jurisdiction, and that essen- prize that variou
s factions are contending for, as it
tially the position of the 'railroads had not been carries with
it the control of $1,000,000 to $1,500,000
changed. Within another brief interval the decline monthly in custom
s dues. The Southern forces,
was checked, and extensive recoveries, ensued leaving moreover, cannot
afford to leave the city unconquered
the closing level of the day not far from the opening. in their sweep
northward toward Peking, as possession
The episode of Monday not only corrected un- by opposing forces
would render their situation highly
healthy tendencies in speculation, but greatly in- precarious; the
more so the farther north they procreased the feeling of confidence in respect to the ceeded. It
is for this reason, and not merely because
essentially sound position of the security markets. of the foreign settle
ments there, that such fierce atIf the technical position had been highly dangerous, tempts are
being made by the Chinese factions for the
nothing could have stopped a reaction with the capture or
the retention of the city.
momentum of that of Monday, especially when the
After the capture by the Cantonese of Hangchow,
decision, however harmless, was actually disappoint- both the victori
ous troops and those of the defeated
ing. On Wednesday belief in the underlying sound- Genera
l, Sun Chuan Fang, converged on Sunkiang,
ness of the prevailing speculation was confirmed by 25 miles
south of Shanghai. By the 21st, 20,000 of
the report of a further contraction in brokers' loans. the
defeated soldiers had already reached Sunkiang
The decline amounted to only $1,944,000, but was where
plans were made by Marshal Sun for further
the sixth successive weekly decline, and made the resista
nce. The defeated troops, however, became
total shrinkage in brokers' loans $99,927,000, the
restive and finally began to spread over the neighborfigure on Feb. 16 standing at $2,718,634,000 and ing
country and to loot it. Great anxiety prevails in
comparing with $2,818,561,000 on Jan. 5. Money
Shanghai itself over the prospective arrival of these
conditions also have continued distinctly easy, with
troops, as they could only with difficulty be kept
rather a surplus of funds in Eastern centres, reflect
ed from entering the foreign settlements. They constiin the call rate dropping to 33 % for a time on
4
ture the most immediate menace to foreigners, as their
Wednesday, though the rate advanced on Friday
to looting expeditions, usually the only pay Chinese sol5% in anticipation of month-end requirements.
diers receive, would cause grave difficulties and a
Stock market averages have not changed greatly
menacing problem.
during the week, although there has been someth
ing
With the practical dissolution of the local defensive
of a reversal of the recent trend, the railroad average forces
under Marshal Sun Chuan Fang, the Northern
declining and the industrial average gaining. SomeTuchuns are stepping into the breach. Marshal
what contrary to the movements of the preceding Chang
Tso Lin, head of the alliance of Northern
two weeks, the principal advances have been in the War Lords
and the real power behind the Peking
better established investment stocks. Commodity Government, promis
ed on Feb. 21 to aid in defendprices which have worked materially lower during ing the city. Such defens
e is decidedly in their own
recent weeks appear to be stabilizing, and there has interest as retention of Shangh
ai would make the
been a fractional gain in copper. The bond average encroaching of the Nationalists on
their own territory
after a slight decline, following the tremendous difficult if not impossible.
Shantung (Northern)
volume of new security issues in recent weeks, is troops were reported in dispatches
dated Feb. 24 to
again steady with a strengthening tendency. The be pouring into Shanghai en route south
to meet the
FEB. 261927.1
THE CHRONICLE
advancing Nationalists. According to the New York
"Times" correspondent, 40,000 of these troops were
already on hand to meet the 50,000 Southerners, and
30,000 more were expected shortly. Sentiment
among the Chinese in the Yangtze Valley is almost
universally in favor of the Nationalists and this will
make the task of the Northern troops doubly hard.
1105
will be withdrawn from exclusive British control
and placed under a joint commission for administration. The Chinese will participate actively in
municipal affairs with increasing rights and responsibilities. Shanghai is not affected by the agreement
in any way as the problem there is a different one
arising from the fact that the settlement is held by
numerous nations. Concerted action would be
necessary and it would be extremely difficult to get
all parties to agree. The British proposals regarding Hankow were also put before the Peking Government and for a time negotiations were in progress
between Miles Lampson, the British Minister, and
the Peking officials. No progress has recently been
reported as to these negotiations as the Peking Government made objections similar to those of the
Cantonese regarding the sending of British troops
to Shanghai.
In the international settlements in Shanghai preparations are going on apace for defense against the
surging mobs of natives that will surely try to enter
the proscribed area if any fighting is done in the streets
of the native city. Aliens living outside the foreign
quarters have been brought within its borders, says
an Associated Press dispatch of Feb. 24, because of
the arrival of large numbers of defeated, demoralized
soldiers of the former defender, Marshal Sun Chuan
Fang. Barbed wire entanglements have been erected
around the foreign settlements and troops of all the
Interest in the Nicaraguan imbroglio shifted during
nations are on hand to quell disturbances. In addition the Whangpoo River is lined with foreign men- the week from the prospect of local battles in the
of-war. It is thought there is little likelihood of any Central American republic to the attitude of Washorganized attack on the international settlement, as ington and London toward the developments. It
anti-foreign disturbances have been conspicuously was announced in Washington on Feb. 19 that a
force of 1,600 marines had been dispatched from
absent.
A general strike was begun in Shanghai on Feb. 19 four bases to Nicaragua, thus augmenting the marine
which a cautious observer described in a dispatch to troops in that country to 2,000 men, some 400 being
the New York "Times" as "entirely of a political already on duty at Managua. The marines are
character." It was said to be ordered for three rea- being placed along the railroad from Corinto to
sons—to show sympathy with the success of the Managua. The greater number will arrive at
Southern armies in Chekiang Province, to protest Corinto to-day on the transport Henderson, that
against the presence of foreign troops in Shanghai, vessel carrying 1,200 men. President Coolidge let
and to show the power of the Chinese to apply passive it be known on the 18th, according to a dispatch to
resistance to the position of the foreigners. Some the New York "Times," that American marines were
80,000 natives went on strike, both Chinese and for- being rushed to Nicaragua because of reports that
eign enterprises being affected. The immediate re- arms were being sent to the Liberal revolutionists
sult was the issuance of a proclamation by General there by land and sea, and because these reports
Li Pao Chang, Commissioner for the defense forces in were causing great anxiety to American residents in
Shanghai, that any persons found inciting workers to that country. The Department of State in making
strike or interfering with them would be summarily the announcement of the landing of additional troops
executed. The proclamation was enforced rigidly added that "this action has the full consent and apbeginning Feb. 20, and a number of strike leaders were proval of the Nicaraguan Government." On Feb. 21
actually beheaded. It is assumed by observers that an Associated Press dispatch from Washington reapproximately 100 Chinese were put to death by ported that "the American Government's deterGeneral Li Pao Chang's orders during the following mination to take a firmer hold on the situation is
days. The strike, whether for this reason or because, becoming hourly more apparent." It developed
as is claimed, it was originally intended to last only a further that the American Legation guard at Mafew days, rapidly petered out. Regret was expressed nagua had been moved from barracks in town to
the Loma, the hill fort which commands the city.
by General Li for the executions.
in the river moved up These moves are understood to have blocked defiSevera; Chinese warships
toward the foreign settlements on Feb. 22 and fired nitely the progress of the Liberal forces under
a few shells apparently at an arsenal beyond the Sacasa, and growing signs of pessimism among these
French concession. Several of the shells fell in the were reported.
The Diaz regime, at present in power, made overconcession, doing slight damage. The firing was
not repeated, nor has a real explanation been forth- tures to Washington early in the week that an
offensive-defensive alliance between the two councoming as yet.
tries would not be unwelcome. Encouragement was
With the official announcement on Feb. 20 at given by the Department of State and a proposal
Hankow that an agreement had been signed by was then sent to Washington embodying, according
Eugene Chen, Nationalist Foreign Minister, and to the correspondent of the New York "Herald
Owen St. C. O'Malley, British Charge d'Affaires, Tribune," firstly, a guaranty by the United States
Chinese efforts to recover foreign concessions or to of the sovereignty and independence of Nicaragua,
ameliorate the conditions under which they have and, secondly, a guaranty of the American rights
been held, enter a new phase. The agreement ap- acquired under the Bryan-Chamorro treaty—speplies to Hankow only, but it is said the British cifically, rights to build a canal across Nicaragua
settlement at Kinkiang is to be treated similarly. and to construct naval bases on the Gulf of Fonseca
Announcement of the agreement was made in the and the Little Corn Islands in the Atlantic. The
House of Commons in London by Sir Austen Cham- treaty would be effective for 100 years, with rights
berlain on Feb. 21 and was heartily greeted. Under for renewal. With the object of advancing Nicthe terms of the agreement the Hankow concession aragua's interests three protocols are added to the
1106
THE CHRONICLE
[VOL. 124.
general treaty, providing for financial rehabilitation, the Anglo-Russian trade
agreement and have had litfor national stability through a constabulary and for. tle or no effect.
"The significance of the latest comsanitation.
munication," says a dispatch to the New York
"Times," "is in the plainness of its language, which
The British Government meanwhile, apparently would seem to render the
breaking off of relaconcerned over the safety of its 200 nationals in Nica- tions inevitable, unless its
stipulations are obragua, advised United States Minister Eberhardt at served."
Managua through its envoy there that it contemProtest against the Soviet propaganda became implated sending a man-of-war to the western coast of perative in England owing to the desire
of the extreme
that country. The cruiser Colombo, accordingly, right in the Conservative party
for a complete break
was ordered from its headquarters at Bermuda and in relations. "The
note," says the London repredirected to sail for Nicaraguan waters. It was made sentative of the New York
"Herald Tribune," "is in
plain at London that England has no desire to meddle the nature of a
compromise between the extreme Conin Nicaraguan affairs and that the dispatch of the servatives, who
have sought immediate severance of
cruiser was only for the purpose of taking aboard relations, and the more
moderate group, headed by
British nationals in the event that further street fight- Premier Baldwin and Sir
Austen Chamberlain, who
ing made their protection necessary. The vessel was have opposed the breaking
off of the semi-recognition
referred to as a "place of refuge." This action never- of Russia negotiated by
the Labor Government in
theless aroused keen speculation here in view of the 1924." Cabinet members have expressed the opinassurances previously given London by the American ion that Russia is fostering the present turmoil
in
Government that it "would extend to British subjects China, but only passing reference to the Chinese sitthe same measures of protection that it may afford to uation is made in Sir Austen's
note. The Foreign
United States citizens." Secretary Kellogg, after Secretary based his charges of violation the Angloof
making public the note from Minister Eberhardt, Russian agreement chiefly on addresses
by Soviet
added that "Admiral Latimer has been instructed leaders expressing hostility towards England.
Four
from the beginning to protect foreign as well as Amer- of these addresses are cited specifically in
the note,
ican lives and property and is doing everything he can all made late last year, and the speech by M. Bukto do so." "The notification," says the correspon- harin before the Communist International of
Moscow
dent of the New York "Times" in a dispatch of Feb. last November is pointedly quoted in illustration.
23,"came as a surprise not only in Congressional but Such activities are characterized in the note
as
also in State Department circles, and was regarded "grievous outrages and injuries to British interests."
generally as introducing a new and perhaps serious Further controversy is deprecated and the demand
complication into the situation. The British com- made that the Moscow Government "refrain from
munication was regarded in some quarters as all the interference with purely British concerns and abstain
more surprising as it was delivered after Diaz had from hostile action or propaganda against British subasked the United States to take virtual control of jects." Resentment against Soviet propaganda diNicaraguan affairs and when this Government, by rected against British institutions and interests has
further movement of ships and marines, as well as been growing for some time and was accentuated by
in other ways, was taking an even firmer stand in its the Russian connection with the British general strike
Latin-American policy." The sending of the British and the coal strike. Bolshevist complicity in the
cruiser was minimized by the Department of State, anti-British movement in China evidently brought
notes being made public showing that the British this feeling to a head.
Government had expressed concern regarding the
safety of its nationals as early as Feb. 19. The
Following the French Offer to pay £6,000,000
action was held to be "not unfriendly." Some pro- yearly to the British Government, it was confirmed
test also was made by Italian residents of Nicaragua, Tuesday that Premier Poincare had offered the
but there has been no intimation of active steps by American Government $10,000,000 more than the
the Rome Government.
$20,000,000 required annually as debt service on the
In European capitals, according to a London dis- purchase of surplus war material. This would bring
patch to the New York "Times," great cynicism is the total payments on war indebtedness to the $30,expressed over the latest developments in the rela- 000,000 provided for under the Mellon-Beranger
tions of the United States and Nicaragua. It is agreement, even though that agreement has not been
pointed out that this is due to the European custom ratified. The Premier, according to a dispatch dated
of establishing protectorates in Egypt, Morocco, &c., Tuesday to the New York "Times" made it clear
after troops had been sent to those places for the osten- in a letter to Vincent Auriol, read in the Chamber
sible purpose of protecting the lives and property of Finance Committee, that the basis of his war debt
the nationals concerned.
policy is equality of treatment for the United States
and Great Britain. He showed that he had given
Abrogation of Anglo-Russian trade agreements and nothing away that he could reasonably avoid giving
• severance of ordinary diplomatic relations are threat- away and had not infringed the rights of Parliament
ened in a note presented Wednesday by the British in any degree whatever. It was at the insistence of
• Foreign Secretary, Sir Austen Chamberlain, to the British Chancellor of the Exchequer, who found
M. Rosengolz, Soviet representative in London. himself somewhat short on his budget estimates, that
The note is the sharpest that has yet been transmitted he had consented to the 0,000,000 payment, he said.
to Moscow and indicates increasing strain between That payment constituted no obligation for the future
Great Britain and Russia, occasioned almost entirely and prejudiced in no way whatever the attitude which
by the anti-British actions and propaganda of the the Chamber might wish to take later on with refer• Soviet, officials. British notes, as pointed out in the ence to ratification of the debt settlements. To
present protest, have been sent to Moscow before America, said M.Poincare, he had made an analogous
now on the subject of the alleged non-observance of proposal and hoped it would be accepted.
FEB. 26 1927.]
THE CHRONICLE
1107
not covered by the present agreement, even though
rigid proposals to this effect were expressly avoided.
Italian rejection of the proposal follows that of
France and this also had been previously intimated.
Italy disclaims any part in the naval armament race.
pointing out that "her,actual military expenses, and,
.
above all, her naval budget, in which_ there is appropriated 300,000,000 lire annually, equal to about
$13,000,000,for her naval construction, demonstrated
clearly that the far-reaching building programs alleged in the message certainly cannot refer to Italy."
The note further mentions that the favorable geographical position of this country, which has enabled
us to reduce our armaments to a minimum, finds its
reverse in the Italian situation. The Government at
Rome therefore feels that it "cannot expose itself
without grave risks to a binding limitation of its
maritime armaments, which are already insufficient
with to the needs of its defense."
The re-establishment of diplomatic relations
Turkey and an exchange of ministers is provided for
A new tariff bill, prepared with great speed by
under accords signed in Constantinople late last
of Commerce,
week by Real Admiral Mark L. Bristol, American M. Bokanowski, the French Minister
Parliament at Paris
High Commissioner, and Tewfik Rushdi Bey, Turkish will be introduced in the French
Foreign Minister, according to an Associated news on March 1. Raw materials bought from the
dispatch of Feb. 18. This accord with Turkey is United States are for the most part reduced or unmerely a diplomatic stop-gap to take the place of affected, says a dispatch to the New York "Times."
the rejected Lausanne Treaty and does not require On the other hand, a general and in many cases a
the approval of the Senate. The provision for the re- material increase has been applied to American
establishment of pre-war diplomatic relations will in manufactured articles, thereby making the sale of
all likelihood call for Congressional action, as it is these, already difficult, more problematical than
understood in Washington that a diplomat with the ever. M. Bokanowski talks of obtaining ratification
rank of ambassador will be sent to Turkey. Such by both the Senate and the Chamber of Deputies
appointments require confirmation by the Senate. before Easter, but others believe it may take anyThe accords otherwise renew the provisional com- where from two to six months. No question can
mercial agreements between the two countries for be raised as to the right of France to increase her
one year. Under them, American trade will receive customs duties, but as the immediate effect of the
the same privileges as that of nations which ratified new tariff will be to prevent a decrease in the cost of
living, or perhaps even to raise it, it is not unlikely
the Lausanne Treaty.
that the loudest protests will be made by Frenchmen
Japanese acceptance and Italian rejection of the themselves. It is certain that all American fabricated
proposal made by President Coolidge for a supple- articles will cost more, as also will the goods of other
mentary naval limitation conference, to be held at nations. Chief among the motives inspiring the
Geneva, were received early in the week. A cordial new rates is the desire of the Government to cover the
note was struck by the Japanese reply, the statement 500,000,000 franc loss sustained by the budget when
saying that "the Japanese Government fully shares Premier Poincare agreed to drop a proposed business
with the American Government the views expressed turnover tax on French exports. The new tariff is
in that memorandum on the desirability of an agree- counted upon not only to make up this sum but to
ment calculated to complete the work of the Wash- bring in several hundred million francs additional.
ington conference for the prevention of competitive The framers of the bill expect that there will thus,
naval building. They cordially welcome the initia- incidentally, be further aid extended to French manutive taken by the American Government for the insti- facturers. A greatly increased production by matution among the five Powers of negotiations looking chinery has resulted from the return of Alsaceto such a desirable end. They will be happy to take Lorraine and the rebuilding and expansion of the
part in these negotiations through their representa- Northern industries destroyed during . the war and
tives invested with full powers to negotiate and to it is largely to meet the demands of the new industries
conclude an agreement on the subject." The ac- for protection that the new tariff is projected.
ceptance complied closely with forecasts of the JapA treaty of conciliation between Italy and Chile 'as
anese attitude made in the Parliament at Tokio and
no surprise was expressed for this reason at the inti- signed Thursday in Rome by Premier Mussolini and
mation contained in the note of acceptance, that the Chilian Ambassador, Senor Villegas, according to
Japan would not agree to the application of the 5-5-3 a dispatch to the New York "Times." The treaty is
capital ship ratio in any tonnage limitation agree- for ten years and is automatically renewable for a
ment for cruisers and auxiliary vessels which might be further period of five years. It is the twelfth treaty
reached at Geneva. Stipulation was also made by of arbitration and friendship that Italy has signed
Japan that the meeting of the Powers take place after since August 1923, but possesses special interest beJune 1, owing to the length of time required for prepa- cause it is the first one entered into with a country in
ration and for the journey from Tokio to Geneva. the Americas. The Italo-Chilean treaty provide
.The first reservation is an important one as the main- that any question arising between the two countrie
tenance of the 5-5-3 ratio was suggested in the Amer- which cannot be solved by the ordinary processes of
ican memorandum as practicable for types of vessels diplomacy will be submitted to a speciallper anen
The proposal will receive due consideration at the
hands of the American Government, says an Associated Press report from Washington, but whether
acceptance is likely has not been indicated. In some
quarters it has been held that no authority existed
for a refusal to accept payment on account. On the
other hand, it is contended that inasmuch as the debt
agreement, which fixes the total of the debt with
interest, has not been ratified, it would be illegal for
the Treasury to accept payments on account unless
the agreement itself should be accepted. There has
been no official expression of views on this phase of
the situation. Meanwhile, it is pointed out in some
circles here that Premier Poincare's action in the matter is shrewd and long-sighted in view of the fact that
the $400,000,000 engagement of France to this country for war supplies is due in 1929.
1108
THE CHRONICLE
[VOL. 124.
commission nominated for this purpose. This commission, the treaty states, shall be nominated six
months after the signing of the treaty and shall be
composed of five members, of whom one is to be
chosen by each of the signatories, and the other three
by negotiations between the two contracting parties.
The five memberst are to nominate the Chairman by
common agreement. The purpose of the permanent
commission is to examine all questions arising between the two countries and to suggest methods of
solution. The commission, except in certain special
cases, will make its decisions by majority vote and
must issue its report within six months of the question
being submitted to it. Its reports, which can only
be published by the common consent of both parties,
have not the value of arbitral awards, but can be
either accepted or rejected by the contracting parties.
The important changes in the Bank of France's
weekly statement as of Feb. 23 were the reduction of
456,489,850 francs in note circulation and of 900,000,000 francs in the Government's indebtedness to the
Bank. The total of notes in circulation was therefore reduced to 51,696,645,860 francs, as compared
with 50,991,063,485 francs last year and with 40,791,722,790 francs in 1925. Advances to the State are
down to 29,600,000,000 francs against 34,500,000,000
francs at the corresponding time last year and 21,900,000,000 francs in 1925. Gold holdings remain
unchanged at 5,547,828,350 francs. In 1926 gold
amounted to 5,548,228,808 francs, and in 1925 to
5,545,789,833 francs. Other changes of importance
were: Silver increased 104,455 francs, bills discounted
176,125,253 francs, and Treasury deposits 57,760,703
francs, while on the other hand general deposits fell off
502,797,539 francs. Comparisons of the various
No changes have been noted in official discount items in this week's return with the statement of last
rates at leading European centres from 7% in Italy, week and with corresponding dates in 1926 and 1925
6% in Belgium and Austria, 532% in Paris and are as follows:
Denmark, 5% in London, Berlin and Madrid,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
43/2% in Sweden and Norway and 33/2% in Holland
Status as of
for Week.
Feb. 23 1927. Feb. 24 1926. Feb. 25 1925.
and Switzerland. Open market discount rates in Gold Holdings—Francs.
Francs.
Francs.
Francs.
Unchanged
3,683,507,443 3,683,907,900 3,861.468,926
London were advanced to 4 7-16% for short bills, as In France
Abroad
Unchanged
1,864,320,907 1,864,320,907 1,884,320,907
against 4Yi@).4 5-16% last week, while three months'
Total
Unchanged
5,547,828,350 5,548,228,808 5,545,789,833
bills moved up to 4/@4 7-16%, against 4 3-16@ Silver
Inc.
104,455
341,916,860
328,693,009
305,746,188
BIlisdiscounted__Inc.176,125,253 3,227,800,309 3,371,954,196 5,101,098,672
43'
1% last week. Call money at the British centre Trade advances_ _Dec.
29,123,781 1,966,848,659 2,462,888,779 2,973,735,959
continues strong and went to as high as 4/8%, then Note circulation_ _ _Dec456,489,850 51,696,645,860 50,991,063,485 40,791,722,790
deposite Inc.
93,341.988
53,076,899
13,376,082
reacted and closed at 4%, which compares with Treasurydeposits—Dec5057,760,703 4,752.080,590 2,960.298,823 2,014.189,589
General
2,797,539
3
a week ago. In Paris the open market Advancesto State_ _Dec900,000,000 29,600,000,000 34,500,000,000 21,900,000,000
discount rates continue to be quoted at 432% and
The Reichsbank in its statement for the second
in Switzerland at 23 %, the same as the preceding
4
week of the month reported a reduction of 224,300,000
week.
marks in note circulation as against an increase of
9,897,000 marks in other daily maturing obligations
Another small decline in gold was shown by the
Bank of England in its return for the week ended and of 6,451,000 marks in other liabilities. Note
Feb. 23, namely £28,474. Total gold holdings there- circulation now amounts to 3,059,392,000 marks,
fore now aggregate £150,147,937, against £144,493,- compared with 2,419,906,000 marks at the same
468 last year and £128,587,157 the year previous (be- time last year and with 1,760,016,000 marks on
fore the transfer to the Bank of England of the £27,- Feb. 14 1925. On the asset side of the account the
000,000 gold formerly held by the redemption ac- major portion of the items showed decreases. Gold
count of the Currency Note issue). Note circulation and bullion holdings declined 316,000 marks and
increased £416,000 and the reserve of gold and notes deposits abroad fell off 14,604,000 marks. Reserve
in banking department consequently decreased £444,- in foreign currencies decreased 92,309,000 marks,
000. The proportion of reserve to liability advanced while holdings of silver and other coin rose 10,622,000
to 28.62% from 28.16%, the ratio last week. Other marks. Holdings of bills of exchange and cheques
important changes were: Loans on Government secur- diminished 110,567,000 marks, but notes on other
ities increased £152,000, while loans on "other" secur- banks increased 4,689,000 marks. Advances deities fell off £3,178,000. Public deposits showed a creased 31,692,000 marks while "other". assets
gain of £326,000, but "other" deposits decreased increased 11,621,000 marks. Gold and bullion now
£3,805,000. Notes in circulation now stand at stands at 1,834,285,000 marks, against 1,307,236,000
£130,603,000, as compared with £141,138,190 at the marks last year and 865,790,000 marks in 1925.
corresponding period last year and £124,803,065 in Below we give a detailed comparative statement
1925. The Bank of England still maintains its offi- back to 1925:
REICHSBANK'S COMPARATIVE STATEMENT.
cial discount rate at 5%. We furnish below compariChanges for
sons of the different items of the Bank of England reWeek.
Feb.15 1927. Feb.15 1926. Feb.14 1928.
Assets—
Reichsmarko. Reichsmark.. Reichtmarks. Reichrnarks.
port for a series of years:
Gold and bullion
316,000 1,834,285,000 1,307,236,000 865,790,000
Dec.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1928.
1925.
1924.
1923.
Feb. 23.
Feb. 24.
f: —
Feb. 25.
Feb. 27.
Feb. 28.
i
5
5
£
£
b136.603.000 141,138,190 124,803.000 125.579,195 123,940,440
Circulation
17.833.000 16.065.199 16,143,995 13,106,064
Public deposits
20,907,448
98,477.000 106.178.402 105.542,656 110,436,459 110,548,375
Other dePoeita
Governm't securities 29,965,000 38.242,828 41,926,830 51,197,182 47,282,880
.
Other securities_ __ 71,250,000 79,058,415 74,399,631 68.221,849 79,107,430
Reserve notes & coin 33,294,000 23.105,278 23,534,092 22,277,130 23,313,843
Coln and bullion__2150,147,937 144,493,468 128,587,157 128,106,600 127,504,283
Proportion of reserve
18.89%
28.62%
to liabilities
1934%
18.03%
173i%
5%
5%
Bank rate
4%
4%
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
currency note issues and which was transferred to the
previously held as security for
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Dank
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.
Of which depos.abed_Dec. 14.604,000
92,888,000 168,004,000
Ree've in for'n curs_ _ Deo. 92,309,000 201,110,000 432,397,000
Bills of exch.& cheeks.Dec. 110,567,000 1,267,771,000 1,320,752,000
Silver and other coin—Inc. 10.622,000 136.044,000
90,333,000
Notes on oth. Ger. bksInc. 4.689,000
11.944,000
28,154,000
Advances
Dec. 31,692,000
18,141.000
9,269,000
Investments
Unchanged
88,885,000 233,887,000
Inc. 11,821,000 609,739,000 784,115,000
Other assets
Lia90
Notes in circulation—Dec. 224,300,000 3,059,392,000 2,419,906,000
0th .dally matur.obligInc. 9,897,000 553,252,000 872,617,000
Inc. 6,451,000 209,614,000 605,025,000
Other liabilities
198,653,000
288,593,000
1,574,830.000
63,338,000
25,888,000
31,558.000
110,062.000
1,629,414,000
1.760,018,000
929,260,000
1,486 278 000
Contraction in open market operations, accompanied by signs of lessened activity in rediscounting,
featured the weekly statements of the Federal
Reserve banks that were issued at the close of business
FEB. 26 19271
THE CHRONICLE
1109
on Thursday. For the combined System rediscount- 4%. The higher rate yesterday restrained speculaing of bills secured by Government obligations fell tive activity to some extent. It is thought that the
off $20,600,000. In "other" bills, however, expan- flurry will pars quickly as banks throughout the counsion of $22,000,000 was shown, so that total bills try are well supplied with funds. Time money was
discounted for the week increased $1,400,000, to steady all week with light demand and plenty on
$397,929,000, which compares with $540,083,000 at offer. A slightly firmer tone prevailed Friday with
this time a year ago. Holdings of bills bought in considerable calling of demand loans by the banks.
the open market fell off $34,800,000. Total bills and Brokers' loans showed a further slight decrease in the
securities (earning assets) declined $39,900,000, while return of the Federal Reserve Board for Feb. 16. A
unusually heavy shrinkage was shown in deposits, change in the Federal Reserve rediscount rate of 4%
namely, $127,700,000. Member bank reserve ac- was neither made nor expected. No important gold
counts decreased $122,900,000. The amount of movements were reported.
Federal Reserve notes in actual circulation increased
$22,900,000. A small loss in gold occurred, namely,
Regarding specific rates for money, loans on call
$7,000,000. The New York Bank, on the other ranged this week, as already indicated, between 3%
hand, showed an addition to gold holdings of $23,- and 5%, as against 3%@43/2% last week. Monday
400,000. Rediscounting of Government secured there was no range, all loans being negotiated at 4%,
paper at the local Reserve Bank fell $18,100,000, the only rate named. Tuesday was a holiday (Washwhile other bills increased $5,800,000, with the net ington's Birthday). Easier conditions prevailed on
result of the week's dealings a decline of $12,300,000 Wednesday, when the low was reduced to 39i%; rein total bills discounted. A drop of $36,700,000 was newals, however, remained at 4% and this was the
indicated in bill buying in the open market. Here high. Thursday's range was again at 33@4% with
also reduction was recorded in all of the following 4% the renewal quotation. Firmness set in on Friitems: Total bills and securities $56,600,000, deposits. day, incidental to preparations for the month-end
$66,900,000 and member bank reserve accounts settlements, and the call loan rate, after renewing at
$61,500,000. The amount of Federal Reserve notes 4%,rose to 5%.
in actual circulation increased $7,200,000. ShrinkFor fixed date funds the market was inactive, with
age in the deposit accounts induced advances in the money in fairly liberal supply up to the close of the
ratios of reserve in both local and national statements. week, when there was a tightening on increased inFor the banks as a group the reserve ratio rose 1.7%, quiries and lessened offerings. The range of quotato 80.1%; at New York the increase was appreciably tions was not changed from 4%@432 for all periods
%
larger-5.5%, to 88.0%.
from sixty days to six months,the same as a week ago,
but on Friday 4M% was the trading rate.
Last Saturday's return of the New York Clearing
Commercial paper continues to be quoted at 3%@
House banks and trust companies again revealed 4% for four to six months names of choice character
a deficiency in the required legal reserves, in amount with names not so well known still requiring 431%.
of $7,587,620. This followed entirely from the New England mill paper and the shorter choice names
drawing down of the reserves held with the Federal are still passing at 33 %. A good demand was re4
Reserve Bank, which item diminished $37,687,000. corded but the volume of business transacted was
There was a decrease in net demand deposits of small, owing to scarcity of offerings. Out-of-town
$54,787,000, but an increase in time deposits of and local banks were in the market as buyer3.
$4,501,000, to $686,412,000. The total of demand
Banks' and bankers' acceptances in the outside
deposits is $4,306,904,000, which is exclusive of market remain at the levels of the previous week, with
$24,963,000 in Government deposits. Loans in- trading quiet and featureless. Nothing in the way
creased $5,311,000. Cash in own vaults of mem- of news developments of importance transpired.
bers of the Federal Reserve Bank declined $8,- Owing to scarcity of prime names,the aggregate turn546,000, to $42,769,000. This, however, does not over was of small proportions. For call loans against
count as reserve. State bank and trust company bankers' acceptances, the posted rate of the Amerireserves in own vaults fell $950,000, but the reserves can Acceptance Council remains at 3%%. The
of these institutions kept in other depositories rose Acceptance Council makes the discount rate on
$771,000. Notwithstanding the reduction in de- prime bankers' acceptances eligible for purchase by
posits, the drawing down of reserves at the Federal the Federal Reserve banks 3%% bid and 332%
Bank led to the wiping out of last week's excess asked for bills running 30 days, 33 % bid and 35
4
4%
reserve of $23,327,990, and its replacement by a asked for 60 days and 90 days, 3%% bid and 33 %
4
deficit of $7,587,620. The computation is on the asked for 120 days and 4% bid and 3' % asked for
7
A
basis of legal reserve requirements of 13%, against 150 and 180 days. Open market quotations follow:
demand deposits for member banks of the Federal
SPOT DELIVERY'.
Reserve, but do not include the $42,769,000 of
90 Days.
60 Dogs.
30 Dale
Prime eligible bills
3M1411ff
374@3%
%
)‘@3
3
cash in vault held by these members on Saturday
FOR DELIVERY WITHIN THIRTY DAYS.
last.
Eligible member banks
34 bid
Eligible Don-member banks
zot bid
Call money this week fluctuated a little more than
There have been no changes this week in Federal
has been customary for a month past. •The rate was Reserve Bank rates.
4% when the market opened on Monday, notwithstanding that last Saturday's New York Clearing
Sterling exchange moved narrowly, with trading
House bank statement showed a deficiency in legal dull and listless much of the time and the aggregate
reserve. After the holiday the rate dipped to 33 %, turnover small. In the early part of the week inter4
where it ruled most of Wednesday. On Thursday it vention of a legal holiday (Washington's Birthday)
was4% again and yesterday it rose t)5% for borrow- served to accentuate the inactivity and for a while
ings over the week-end, renewals still continuing at I the market was almost stagnant. In keeping with
1110
THE CHRONICLE
this, whatever business was transacted was put
through within a range of 3-32, or 4 84 17-32 to
4 845i for demand bills. Later on, a slightly firmer
/
tone developed, on improved buying, which sent rates
up another 1-16 of a cent to 4 84 11-16. This sudden
accession of strength was attributed to another turn
in the movement of money rates, this time in favor
of London, starting funds once more moving toward
the British capital. Less than two weeks ago, dealers found it unprofitable to place even short term
funds in London. On Thursday it was reported
that two months' bills were quoted in London at
4%%, which compares with 4 3-16% recently, while
the longer maturities have advanced to 4 7-16%,
against 43/% previously. Call money in London likewise advanced, ruling as high as 43'%, while in New
4
York there was, for a time, a decline to .33 %.All of
this confirms current comment that the relative trend
of money rates in London and New York is for the
time being the predominating factor in the course of
sterling exchange values. There has also, however,
been a marked falling off in the volume of selling,
which previously acted to depress sterling rates. In
banking circles it was intimated that this is *probably
due to the fact that outstanding obligations incurred
during the British coal strike are pretty thoroughly
liquidated by now. What was interpreted as an
easing in the acute strain at present existing in diplomatic relations between Great Britain and China,
also exerted some influence on the upward trend in
the sterling market, although it has not caused
dealers to relax their vigilance. The general disposition still is to await the outcome of the struggle
now going on for supremacy in China before taking
any definite position. No gold engagements have
been reported this week and it was noted with much
interest that none of the £400,000 gold offered in
the London open market this week was taken by
American buyers. India and the continent took the
bulk of the metal offering. It was not stated officially whether New York's failure to acquire the gold
was due to advance in the price or to the lack of
facilities for shipping the metal. At the close of the
week a slight flurry, due to month-end demands,
sent the New York call money rate up to 5%, but
this apparently had no effect on the position of
sterling.
As to the day-to-day rates, sterling exchange on
Saturday last was quiet, but steady, and not changed
from the level prevailing on Friday, viz.: 4 84 17-32
for demand and 4 85 1-32 for cable transfers. On
Monday a slightly firmer undertone developed, but
the market was of a pre-holiday type and exceptionally dull; quotations for demand bills ranged between
4 84 9-16 and 4 84 19-32, and for cable transfers at
4 85 1-16@4 85 3-32. Tuesday was a holiday(Washington's Birthday). Sterling rates were well maintained on Wednesday, although there was no increase
in activity; an advance to 4 845 occurred for demand
4
bills, with the low still at 4 84 9-16; and cable transs
.
fers at 4 85 1-16@4 853/ Further improvement
took place on Thursday on better buying, incidental
to a change in money conditions in favor of the
London market; consequently sterling exchange rates
were marked up another fraction to 4 84 19-32®
4 84 21-32 for demand and to 4 85 3-32®4 85 5-32
for cable transfers. Friday's market was quiet but
firm and the day's range for demand was 4 84%@
4 84 11-16 and for cable transfers 4 85%@4 85 3-16.
Closing quotations were 4 84 11-16 for demand and
[voL. 124.
4 85 3-16 for cable transfers. Commercial sight bills
finished at 4 84 9-16, sixty days at 4 80 9-16, ninety
days at .4 78 7-16, documents for payment (sixty
days) at 4 80 13-16, and seven-day grain bills at
4 84 5-16. Cotton and grain for payment closed
at 4 84 9-16.
As stated above, no gold engagements were reported this week for the New York market. American interests secured none of the gold offered on the
open market in London, practically all of it going to
India and the Continent. The Bank of England
exported small amounts of gold in sovereigns to Spain,
India and Egypt.
Continental exchange came in for some rather
wide movements this week, although here also
trading was decidedly "spotty" at times and generally
lacking in interest. Italian lire attracted considerable attention, first by an advance of some 7 or 8
points, to 4.413/, then a slump which carried the
2
quotation down to 4.34. The early strength was
attributed to brisk buying that was said to indicate
widespread confidence in the recently announced
program of deflation in Italy. The subsequent
weakness was the result of realizing sales. French
francs continued to rule within narrow limits on
quiet trading; the extremes were 3.903 and 3.90%
for sight bills. The tone of the market is steady
and apparently support is still being proffered. It
is learned that a good deal of the support for francs
during recent weeks has been secured by means of
foreign orders for French securities. It develops
that Government of France long-term bonds are
being bought for foreign account and that therefore capital is flowing in freely from other countries
where money for investment is in liberal supply.
Premier Poincare's declaration that stabilization of
the franc at this time is impossible and his refusal
to give out any information as • to when it would
be attempted, had somewhat of a dampening influence on market sentiment.
German and Austrian exchanges remain inactive
and at nominal levels. s Belgian currency has been
steady and unchanged. Of the group of exchanges
comprising some of the minor Central European
countries, Rumanian lei registered the only change
of moment, showing a further advance to 0.61%, or
2 points over the close of last week. Polish zloties are
still ruling at or near 11.50, while Finmarks have not
been changed from 2.523/ Greek exchange was in2
.
clined to be heavy and remained at or near 1.28
throughout.
The London check rate on Paris finished at 123.99,
against 123.81% last week. In New York sight bills
on the French centre closed at 3.903, against 3.90%
cable transfers at 3.913, against 3.91 3, and commercial sight bills at 3.893, against 3.89% a week
ago. Antwerp belgas closed the week at 13.90 for
checks and at 13.91 for cable transfers, against
13.893/ and 13.903/2 the week preceding. Final
quotations on Berlin marks were 23.70 for checks
and 23.71 for cable transfers, in comparison
with 23.69 and 23.70 a week earlier. Austrian schillings continue to be quoted at
143/s. Italian lira finished at 4.37 for bankers'
sight bills and at 4.38 for cable transfers, in comparison with 4.333/ and 4.343/ at the close of last Fri%
day. Exchange on Czechoslovakia closed at 2.963
(unchanged); on Bucharest at 0.593j, against 0.593/2;
exchange on Poland finished at 11.55, against 11.50,
FEB. 26 1927.]
THE CHRONICLE
1111
/
1
and on Finland at 2.522 (unchanged). Greek exchange was strong and for a time rose to 12.10,
finished at 1.28 for checks and at 1.29 then reacted and finished at 11.91, against 11.92.
drachmae
/
1
,
Peru closed at 3.642 against 3.64.
for cable remittances, the same as last week.
Notwithstanding the unfavorable outlook regarding
As to the Continental exchanges on the countries the upheaval in China, Far Eastern exchange has
neutral during the war, movements have not been remained fairly stable. The so-called silver currenparticularly interesting, save for the erratic behavior cies ruled strong, in spite of the sharp ups and downs
of Spanish pesetas and Norwegian krone. The first in the silver market, though closing easier. Japanese
named were strong and dealt in heavily, especially yen remain at 48.95@49, while the Indian currencies
abroad. Quotations opened at 16.84, were grad- were also unchanged. Hong Kong closed at 50 3-16®
/
2
;
ually pressed down on realizing sales to 16.74, then 50%, against 50 13-16®511 Shanghai at 6334®
/
1
;
/
1
,
rallied again on a fresh accession of speculative buy- 632 against 65®652 Yokohama, 48.95@49 (uning. Spain continues to take gold from the Bank changed); Manila, 49.75@49.88, against 49.50®
8
/
1
2
of England in small amounts, while it is reported that 49.60; Singapore, 563/@56%, against 56%®56 ;
/
1
,
/
1
@36%, and
a good deal of the Spanish capital that was expatri- Bombay, 36%®362 against 362
/
1
2
/
1
@36%•
ated during the trouble with Morocco is being re- Calcutta, 36%@36 , against 362
turned. Some doubt is entertained as to whether
the peseta can be maintained at its present high level;
Pursuant to the requirements of Section 522 of the
yet it seems reasonable to believe that the outlook Tariff Act of 1922, the Federal Reserve Bank is now
is increasingly favorable. Increase in protective certifying daily to the Secretary of the Treasury the
import duties has materially reduced Spanish im- buying rate for cable transfers in the different counportations, while exports of fruit and other commodi- tries of the world. We give below a record for the
ties are very heavy at this time of the year. Im- week just past:
provement in Spain's budgetary position as well as
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
the prospect for consolidation of the internal debt,
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 19 1927 TO FEB. 25 1927, INCLUSIVE.
have all figured in the rise in the value of the peseta.
Norwegian krone established a new high level on the
Noon Buying Rate for Cable Transfers in New York.
Moneta
Value in United States Money.
current upswing and touched 25.94, which is only Country and
Unit.
Feb. 19. Feb. 21. Feb. 22. Feb. 23. Feb. 24. Feb. 25.
.86 point under the normal par of 26.8, as a result of
8
EUROPE$
$
$
$
$
.14076
.14081
.14087
ustria,
good buying induced by the optimistic utterances elgium,schIllIng ---- .14080 .14072
.1390
belga
.1390
.1390
.1390
.1390
007250
ulgaria, ley
.007262 .007255 .007227
of the President of the Norges Bank in advocacy of ;zechoslovakia, kron .029620 .007259
.029619
.029620 .029619 .029619
krone
.2665
.2665
.2665
action hastening a return to the pre-war gold parity lenmark,pound 8 • 2665 .2665
lngland,
4.8501
.8501
4.8503
4.5509
4.8511
ling
for the Norwegian crown. Dutch guilders were Inland. markka
.025208 .025200
.025204 .025210 .025212
0392
.0391
.0391
.0391
.0391
slightly firmer, but not particularly active. Swiss 'ranee,franc
.2370
lermany, reichemark. .2370
.2370
.2370
.2370
.012912 .012922
.012917 .012903 .012900
/ 1ollanddrachma
1
.
francs were inactive and still ranged around 19.222 :reeve,, guilder
.4002
.4003
.4003
.4004
.4003
.1754
.1753
.1754
rungarV.
Danish and Swedish currencies were neglected and taly, lira Peng° -. .1752 .1754
0437
.0442
.0436
.0435
.0437
2572
.2572
.2590
.2583
.2587
Zorway, krone
continue to rule at close to 26.65 and 26.69, re- 'oland, zloty
1129
.1136
.1125
.1132
.1134
.0512
.0509
.0509
.0510
.0511
ortugal, escudo
,
spectively.
005971 .006024
.006106 .006044 .005978
tumania,len
.1682
.1682
.1677
.1678
.1678
;pain, peseta
Bankers' sight bills on Amsterdam closed at 40.03, lweden,krona
2669
.2668
.2669
.2669
.2669
.1923
.1923
.1923
.1923
.1923
Iwitzerland, frano
.017600 .017597 .017608
.017599 .017607
against 40.01; cable transfers at 40.04, against 40.02, fugoslavia, dinar
HOLTASIADAY
and commercial sight bills at 40.02, against 40.00 last :Ibis- tael
.6617
.6583
.6592
.6700
.6658
Chefoo,
.6517
.6500
.6492
6600
.6550
week. Closing rates on Swiss francs were 19.222for Hankow.tael
/
1
.6296
.6338
.6286
Shanghai. tael
.6428
.6350
.6650
.6608
.6617
.6725
.6683
bankers' sight bills and 19.231 for cable transfers, Tientsin, taeldollar_ .5048 .5013
/
2
.4989
.5011
.4988
Hong Kong,
.4625
.4581
.4584
Mexican dollar-----4672
.4625
/
1
which compares with 19.222 and 19.232 a week Tientsin or Peiyang,
/
1
.4508
.4471
.4508
dollar
.4538
.4513
earlier. Copenhagen checks finished at 26.65 and Yuan, dollar
.4483
.4446
.4483
.4513
.4488
.3622
.3622
.3623
.3630
India.
.3626
cable transfers at 26.66, against 26.64 and 26.65. 'span.rupee
.4889
.4888
.4888
4886
.4885
yen
.5592
.5592
.5592
/
2
Checks on Sweden closed at 26.691 and cable trans- 3ingspore(S.S.),dol .5583 .5592
NORTH AMER..998392 .998378 .998369
.998401 .998373 .
Canada. dollar
/
1
,
fers at 26.702 against 26.68 and 26.69, while Cuba, peso
1.000750 1.000813 1.000813
1.000750 1.000688
.470333 .470167 .470500
.470333 .470333
Mexico, peso
checks on Norway finished at 25.89 and cable remit- Newfoundland, doll .996250 .996375
.996188 .996188 .996188
SOUTH
tances at 25.90, in comparison with 25.72 and 25.73 Argentina, AMER.- .9496 .9505
.9522
.9530
.9536
peso (gold)
.1185
.1187
.1186
.1185
millets
.1185
1199
.1200
.1200
.1199
a week ago. Spanish pesetas closed the week at Brazil,Peso
.1200
Chile,
1 1075
1.0175
1.0165
1.0164
Uruguay, peso
1.0163
16.78 for checks and at 16.79 for cable transfers.
The New York Clearing House banks, in their
Last week the close was 16.84 and 16.85.
operations with interior banking institutions, have
In South American exchange, attention centred gained $4,003,266 net in cash as a result of the
upon the advance in Argentine pesos, which soared to currency movements for the week ended Feb. 24.
new heights, touching 42.04, or a gain of 27 points in Their receipts from the interior have aggregated
a week, and the highest point since 1919; the gold $5,005,966, while the shipments have reached
peso is also at a new high record. Brisk buying inci- $1,002,700 as per the following table:
dental to the export movement of grain from that CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
country was the principal factor in the strength, although improvement in the financial outlook and
Out ofI Gain or Loss
1
Into
to Banks.
Week Ended February 24.
Banks.
Banks.
talk of the nearing of the time when stabilization and
81,002,700 Gain 4,003,266
Banks' interior movement
85,005,966
a return to the gold standard is to be an accomplished
fact, also helped. Argentine paper pesos closed at the
As the Sub-Treasury was taken over by the Federal
top at 42.04 for checks and at 42.09 for cable trans- Reserve Bank on Dec. 6 1920, it is no longer possible
fers, as compared with 41.77 and 41.82. Brazilian to show the effect of Government operations on the
milreis ruled steady, but not essentially changed; the Clearing House institutions. The Federal Reserve
close was at 11.85 for checks and at 11.90 for cable Bank of New York was creditor at the Clearing
transfers, against 11.87 and 11.92 last week. Chilean House each day as follows:
1112
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
[Vox. 124.
concluded on behalf of the United States by the World
War Foreign Debt Commission, called for the paySeavrday. Monday. TuesdaY, Wednead'y, Thursday, Friday.
Aggregate
ment by France of $30,000,000 for each of the first
Feb. 19. Feb. 21. Feb. 22. Feb. 23. Feb. 24. Feb. 25.
for Week.
two years. Included in the debt as funded was the
80,000,000 102,000 000 Holiday 109,000000 81,000,000 89,000.000 Cr. 461,000.000
item of somewhat more than $407,000,000 due for
Notts.—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 war supplies, on which France has been paying inthe Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing terest regularly to the amount of $20,000,000 annuHouse Institutions, as only the Items payable in New York City are represented in
the daily balances. The large volume of cheeks on institutions located outside of ally, so that the payments called for in the first two
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve years under the debt agreement actually exceed by
Bank for collection for the account of the local Clearing House banks.
only $10,000,000 the annual amounts which France
has been paying regularly. The Mellon-Berenger
The following table indicates the amount of bulagreement, however, although ratified by the House
lion in the principal European banks:
of Representatives, has been held up in the Senate
Feb. 24 1927.
Feb. 25 1926.
pending action by the French Parliament. It is to
Banks of
Gold.
Total.
Silver. I
Gold.
Total.
be presumed, therefore, although a direct official
E
r
I
statement to that effect does not appear to have been
England
150,147,937
150,147,937 144.493,468
144,493,468
France a__ 147.340,268 13,640,000 160,980,268 147,356,316, 13,120,000160,478,316
made as yet, that the additional payment of $10,Germany 87,070.850
c994, i 88,065,450 49,731,700
994.600 50,726,300
Spain
__ 103,049,000 27,386,000 130,435,000 101,475,000 23,351,000 124,826,000
Italy
45,745.000 4.215,000 49,960,000 25,679,0001 3,410,000 29,089,000 000,000 will be tendered by France with the proviso
Netherrda 34,520,000 2,350,000 36,870.000 36,069,000, 2,187,000 38,256,000
Nat. BeIg_ 17,816,000 1,120,000 18,936,000 10,954,006 3,652,000 14.606,000 that neither the tender nor the acceptance of the
Switzerl'd. 17,791.000 3,081,000 20,872,000 17,079,006 3,715.000 20,794,000
Sweden_
12,400,5 S 12,758,000,
12.400.000
I 12,758,000 amount shall be regarded as prejudicing any action
Denmark _ 11,204.000
843,000 12,047.00 11,624,0001
825,000 12,449,000
Norway __ 8,180,000
8,180.000 8,180,000,
I 8.180.000 that France may take later in the matter of the
Total week635,264,055 53,629,600688.893,655 565,399,484 51,254,600616,654,084 pending settlement. Such a proviso would be natural
Prey. week 634,339,129 53,579,600687,918,729575,784,142 54,146,600629,930,742
if Great Britain and the United States are to be put
a Gold holdings of the Bank of France this year are exclusive of £74,572,866
held abroad. b Gold holdings of the Bank of Germany this year are exclusive upon a parity
in relation to the ultimate settlement
of £4,643,400 held abroad. c As of Oct. 7 1924.
of the French war debts to those Governments.
The French War Debt Proposals.
The course which the French Government has
A new turn was given to the question of the taken opens an interesting field of speculation.
French war debts by the announcement, on Feb. 17, Prior to the conclusion of the Mellon-Berenger agreeof the intention of the French Treasury to pay to ment, the item of $407,000,000 for war supplies stood
Great Britain, during the present British financial as a separate charge against France, and the interest
year, the sum of £6,000,000, one-half on Sept. 15 payments of $20,000,000 annually were applicable to
next and one-half on March 15 1928, on account of that account alone. They did not affect in any
the war debt owed to Great Britain by France. It way the account containing the principal and accrued
was further intimated at the same time that a some- interest of the amounts borrowed by France from the
what similar payment would probably be made to United States during and shortly after the war.
the United States, and the intimation was presently The merging of the war supplies item in the principal
confirmed by an announcement that M. Poincare of the consolidated debt was one of the features of the
had offered to pay to the United States this year Mellon-Berenger agreement, and the $30,000,000
$10,000,000, in addition to the $20,000,000 of inter- which France was to pay in each of the first two
est due, and in part paid, on the indebtedness for war years, like the subsequent larger payments, was to be
supplies purchased by France from the United States applied toward the extinguishment of the consolidated
in 1920.
debt of which the item for war supplies formed a part.
It will be recalled that the agreement of July 12
As the debt agreement has not been ratified by
1926 between M. Joseph Caillaux and Mr. Winston either party, France has continued to pay the interest
Churchill, for the consolidation and payment of the due on the item of war supplies, and the books of the
French war debt to Great Britain, provided for pay- United States Treasury, presumably, have not been
ments of £4,000,000 the first year, £6,000,000 the changed. The interesting question now arises as to
second year, £8,000,000 the third year, £10,000,000 whether M. Poincare, in proposing an additional
the fourth year, then £12,000,000 annually for twen- payment of $10,000,000, assumes that the agreement
ty-six years, and £14,000,000 annually for the re- will ultimately be ratified, or at least so much of it
maining thirty-one years. Shortly before the con- as provides for consolidating the debt, and that the
clusion of the agreement the then French Minister entire $30,000,000 paid during the present year will
of Finance, M. Raoul Peret, yielding to a represen- eventually be allowed to count in fact, although
tation from Mr. Churchill that the British budget legally not in form, as a payment of the first year's
would welcome some relief, had consented to a pay- installment called for by the agreement; or whether,
ment on account of £4,000,000, and this sum was since the agreement has not been ratified, only the
recognized later as the first year's payment under $10,000,000 of additional payment will be credited
the Caillaux-Churchill agreement. The further pay- to the account of the consolidated debt, whatever the
ment of £6,000,000, announced on Feb. 17, thus terms of payment may finally turn out to be. As the
completes the payments which would be due under Mellon-Berenger agreement gives to France the
the agreement for the first two years.
privilege of deferring for three years, if it wishes, the
The interesting feature of this transaction is the whole or any part of the payments, in excess of
fact that the Caillaux-Churchill agreement has not $20,000,000, due in any of the first six years, such
yet been ratified by the French Parliament, and the partial payment as is now proposed would seem to be
French Treasury, in announcing the proposed second permissible, provided, of course, that the unratified
payment, has taken care to stipulate that the pay- agreement is to be regarded as governing the debt
ment is to be made "without pre-judging the question question.
of ratification." A similar interest attaches to the
On the other hand, it has been suggested that M.
proposal to pay an additional $10,000,000 to the Poincare, finding it politically inexpedient to bring
United States. The Mellon-Berenger agreement, the American debt agreement before Parliament for
FEB. 26 1927.]
'
THE CHRONICLE
1113
discussion at the present time, is playing for time, in pressed upon the attention of the Chambers, may
part as a means of easing the financial problem of influence opinion in Parliament regarding the new
France, and in part with the hope of securing some debt policy. It is reasonable to assume, however,
modification of the terms of settlement later. The that M.Poincare, who is an eminent lawyer as well as
principal of the indebtedness of $407,000,000 for war a skilful politician and statesman, has respected the
supplies falls due in August 1929, and the payment proper limits of executive authority, and that his
of that sum, if it were to continue to stand alone, reported contention that the Government may rightwould doubtless be a considerable undertaking for fully make payment,in its discretion, of any debts due
the French Treasury. From the point of view of this by the Republic, provided it can find the money with
particular item, it is obviously to the advantage of which to pay, will turn out to be well grounded in
France to ratify the Mellon-Berenger agreement, or French parliamentary law and practice. The British
at least to make sure, if modification of the agree- and American public will probably see in the transacment is asked for, that the item shall lose its identity tion a welcome evidence of a purpose on the part of
France to pay its war debts to the measure of its
in the total of the consolidated debt.
possibility of securing any modification of ability, leaving to time and diplomacy the adjustThe
terms, however, is not exactly what it was a short ment of terms on a basis honorable to debtor and
time ago. The War Debt Commission has gone out creditors alike.
of existence, and it cannot be reconstituted without
Billionaires.
an Act of Congress. Any future discussion of
That there is one billionaire in the United States,
changes in the pending debt settlement, accordingly,
would apparently have to be conducted through the possibly two or three, and others in the making, does
regular diplomatic channels, and while a recourse to not disturb the equanimity of the people. No
diplomacy presents no difficulty in itself, any agree- political crusade, as a consequence, comes into
ment involving a change in terms might have the being. Even Congress is comparatively,silent on the
effect of scrapping the pending agreement which the fact. We are evidently progressing, for "Big BusiHouse has ratified, and on which the Senate has ness" is losing the quality of a menace. The door
deferred action, and in any case could hardly fail to of opportunity is enlarging and swinging wide. The
reopen the whole controversy over the debts in Con- goal of a million has been multiplied ten •hundred
gress, and perhaps in the country. In view of the times; and no one cares to say any more, "no man
persistent agitation carried on by the advocates of can make a million dollars honestly." There are no
cancellation, and the misrepresentations of the facts bread lines worth the mentioning. Great financial
of the case that continue to be made, a re-opening of minds unite in declaring that present prosperity will
the issue on the eve of a presidential campaign would continue through the year—with possibly a slight
be unfortunate. As the matter stands at the mo- slackening in trade in some lines. And yet one man,
ment, however, with the present Congress about to or at least one man, his wife, and child, owns an
expire and an extra session unlikely, M. Poincare industry he can sell for a billion dollars. Fourteen
would seem to have succeeded, if such was his inten- or fifteen millions of persons have directly contributed
tion, in postponing until fall a debate on the debt to the assembling of this fortune by purchasing his
question in Parliament, by which time his financial product. They are not dissatisfied customers. His
program should be still further advanced, and in keen instinct saw the value of catering to the middle
deferring until next winter, when the new Congress class ability to buy, with dependable goods at low
will meet, any proposals of modification that he may prices. His genius saw the profits in mass produchave in mind to make.
tion. In his particular field he allowed no one to
It is hardly probable that the Treasury Depart- approach him, though competitors catering to
ment will decline to accept a payment of $10,000,- other classes soon sprang up about him. No one
000 on account of the French debt, or that the now cares to say he has not made his billion dollars
Administration will refuse its assent to a stipula- honestly.
There are interesting and important considerations
tion that the payment shall not be regarded as a
pre-judgment of the decision which France may even- in connection with this supreme fact in our financial
tually make regarding the debt settlement as a history. They are political, economic, social. The
whole. The United States is well aware of the politi- other great fortune believed to be a billion came
cal as well as financial difficulties of the Poincare about in another way. In point of time it paralleled
Government, and it has shown no disposition to press to a great extent the first mentioned. Strangely
for a ratification of the Mellon-Berenger agreement enough, these two colossal fortunes are intimately
while France was absorbed in the great task of order- associated with the making of the single product—
ing its financial house. The fact that debt pay- gasoline. The explosive engine is the heart of the
ments aggregating more than $39,000,000 can be automobile. The refining of crude oil is the key to
offered to Great Britain and the United States at the the Standard Oil Companies. This other billion has
present time is itself a striking testimony to the had to meet political opposition. The original
success with which M. Poincare has been able to set Standard Oil Co., said to have been the "most scienin operation his plans of financial and economic tifically organized and efficiently administered"
reform.
corporation ever formed, was ordered dissolved by
Whether, in making the recent proposals, the law of Congress. But the segregated companies
Poincare Government may not have invited a con- were not destroyed, their stock values increased,
troversy with Parliament by assuming to act without the larger df these constituent companies in trade
due Parliamentary authority, is a question about pursued the same policies of conservation of natural
which we may know more in a few days. The resources, intensive development of by-products, and
matter is still under consideration in committee, unified economy of service as before. The politicoand it is possible that the questions of national governmental onslaught proved a dud. In increasdefense and electoral reform, both of which are being ing numbers the people used the chief product that
1114
THE CHRONICLE
[Vol.. 124.
entered into life in multiplying ways—and by tens even outstripped our necessities by luxuries that tend
of millions the people contributed to the upbuilding to become needs?
of this fortune now being held and dispensed by a
The question is not an idle one, though it is not to
single benevolent hand. Competitors known as "in- be hastily dismissed or easily answered. If it is a
dependents" were not deterred. Crude oil anywhere fault, it is our own fault, We have much of cois black gold, and no one knows what day a new operation and collectivism as a cure for political and
field will be discovered. Its rival in the world of economic ills. But as one mind we have received
light, heat and power is electricity, but it shows no and embraced the creation and services of two indussign of being vanquished. So much for the other tries, voluntarily and somewhat ecstatically, that in
billion, which in the faroff way of disease research has a single generation have produced two billionaire forbeen, perhaps, the greatest boon that has ever de- tunes. The monopoly charge is exploded by the
scended on mankind.
facts, but what of the unevenness of the advance in
A monopoly is hard to create and still harder to manufactures and manufactured products? We are
maintain. Our politics told us, at one time, that the evidently not conserving oil in the one case, using it,
rights of man were endangered by huge aggregations and even wasting it, lavishly, thoughtlessly; we are
of capital, by consolidations of operating industries, at the same time wasting our substance to an enorby concentrated control, into the hands of a few men, mous amount every year in the making and using of a
of natural resources and the services of labor. In personal vehicle of transportation—and, mark, to a
some instances, under a law made to fit the occasion, total cost, wise and otherwise, of fourteen billions of
the Government engaged in prosecutions, winning dollars annually. What is the point? It is this: We
part-time, and ordering dissolutions; losing often make possible these billionaire fortunes by our own
because of failure to prove the charge of undue extravagant living. We throw the productive maoppression through preponderating control. In both chinery of life out of gear by our own inordinate
the anti-trust statute and the Federal Trade Commis- desires for what we deem the best of everything in
sion law modifications have been compelled by natural the shortest time. We are ourselves the authors of
conditions until to-day the monopolistic character of monopolies and near-monopolies, and have no right
consolidated business has ceased to be a matter of to complain, in so far as they are evil.
proof, in general, and is no longer a political question
Here enters the social question. All business is a
of moment. It is reported that in the case of the first unit. But the parts that make up the whole may be,
billionaire and billion mentioned above, that from must be, unequal. In an advancing civilization our
two-thirds of the total manufacture the annual out- wants are apt to grow faster than our needs. And
put and sale has descended to one-third. No artifi- such is our inventive capacity as a people that we
cial law is responsible for this—it is merely the result are able to forestall the losses and deprivations of our
of natural selection on the part of the buyers. In the too extravagant living and our too rapid consumption
case of the other billion mentioned, while the natural of our resources by the creation of what we term
increase of well-conducted and, in a sense, associated substitutes. But if we burn the candle at both ends
companies, has been large (often stock dividends we are not sure of the future. Again, like children,
being declared, the increase augmenting the stocks we soon tire of our toys. Thus, we are not forbidden
supposedly held in a single ownership), still enormous the conclusion that in the same lines the billionaire
independent companies able to hold their own against businesses we have been discussing will not be dupliall comers have followed close; while vast sums of cated in another quarter century. This carries with
the earnings of the billionaire holdings of at least one it the slow erosion of the fortunes already made, by
of these great fortunes have gone out of business alto- the lessened momentum and by the cost of change
gether into benevolences that have no connection and re-investment in other lines. If possible condiwith trade or production. So that politics and politi- tions of the kind are more economic than social, they
cal agitation have ceased for want of something to still raise the question of the proper mode of living
feed on; and in the large, it stands proven that in duty to those who are to come after the present
government is not fitted to control, is a failure there- generation. Our social debauch in using and spendat, and is a defeated contender.
ing the labors of the two preceding decades must
In the economics involved we confront a different lessen the pleasures and comforts of the next.
question and one not easily solved. There is too
Again, whatever evils grow out of great consolimuch of the human element engaged for easy judg- dated fortunes are our own fault. Carried away by
ments. Like the social side of the matter, whatever a feverish "prosperity" we do not count its costs.
• good and evil is the outgrowth, it is because as a It is we who are not honest with ourselves, not the
people we have willed it so. These two products billions that are not honest. The larger the rolling
that are the foundation of two of the greatest fortunes snowball the more snow it takes up, the more profits
ever constructed on earth are in themselves distinct adhere to the single gigantic enterprise. Of what
and indisputable benefits. In an early day, by avail to consider this a social question—is each man
months of laborious toil, we "crossed the plains" by to be expected to order his own personal life according
ox-team and covered wagon. To-day, in five or six to general economic and social principles? Yes; it
days, as against the previous thirty or forty days, will come to that in the end, if we conquer the
we literally rush across, on rails, in comfortable forces in and around us and are not conquered by
cars, or in our private vehicles, stopping when and them. Billionaires have so much money they do not
where we please. Yet the rails would suffice us if know what to do with it. It is a personal burden.
we had no other method. This one comparison sug- And the strength is two-fold. We do not need to
gests the inquiry: Have we in our manufactures kept contribute to a social state of extravagant living, of
pace with our developing needs, or have we by out- unequal production, use and enjoyment of resources
stripping the growth of our other productive indus- or manufactures, in order to make the most and best
tries created untimely needs that largely control us; of life; and we do not need to set the goal of business
and have we become lopsided in manufactures, and success at albillion or a million in order to attain to
FEB. 26 1927.]
THE CHRONICLE
personal independence and in order to contribute
each a full share to the general advance. The appearance of two billionaires on earth outrivaling Croesus
and almost shaming Midas, is an event of tremendous economic and social significance and a lesson
for all mankind to study.
The Chinese Situation.
The Chinese situation continually assumes new
conditions, while it remains one of
most important
problems before the world to-day. An intelligent
Chinese gentleman, speaking in New York the other
evening to a group of influential citizens, described
the powerful hold and rapid spread among the people
of China of the spirit of Nationalism which is now
organized and finding eager response, he closed,
saying: "If the people get out of control we shall
have the devil to pay."
The mass of population is simply tremendous.
With its peculiar solidarity it has been hard to reach
and impossible to move. Many times the country
has been conquered and overrun, but always its conquerors have been in time absorbed and the nation
has gone its way with its history uninterrupted and
its life little affected. To-day,after nearly a quartercentury of revolutionary disturbance, it is said that
the people at large know little about the upheaval
and are pursuing their ordinary occupations as usual.
Meanwhile a new day has come. Powerful forces
are at work. An awakening has begun; new ideas
with new principles and new aims are introduced
and pressed with an active propaganda. Already
there are signs of a national movement which is sure
to manifest itself in the various issues pending with
the outside world as well as with the contentions
among her own leaders.
The questions, therefore, with which the Western
nations have to deal are far more serious than those
of the past. Those could, if need be, always summarily be settled. These cannot; and the difference is
epochal. They pertain to the relations of two hemispheres and two distinct civilizations. For the first
time these are really face to face. East is East and
West is West; and as two strong Men they meet.
Their •understanding must be complete, their relations mutual, their settlements equitable and right,
or there can be no settlement, and civilization itself
would once more perish.
This, then, is the situation. It is not the result
of Soviet propaganda,sweatshop conditions in foreign
controlled factories, shooting of Chinese in Shanghai,
or clashing ambitious chieftains. All these, doubtless, have contributed. Nor is it simply a question
of extra-territorial courts, release of the customs,
return of the concessions or withdrawal of warships
and troops. What has been called "a stupendous
transformation" is taking place. The mass of China's
population, long stagnant and apathetic, is awakening, and while chaos seems to prevail it witnesses to
the completeness of the change that has come. For
better or worse China has entered upon a new era.
A new condition is created; a new force is at work.
The various foreign questions are but symptoms.
Current events are not to be interpreted as antiforeign; they are pro-Chinese and as is said by those
among us who are best informed, are anti-foreign
only so far as foreign influence is believed to be hostile to the new spirit of Chinese nationalism. That is
the force that has to be reckoned with. Its reality
and its streNgth cannot be questioned; its guidance
1115
and control will be the determining factor. Whether
or not the individual leaders will arise from the relatively small group of broadly educated men, that
group will unquestionably furnish its supply as it
to-day constitutes the "New China" so strikingly
evident.
• Several of these men occupying positions of high
importance under the lead of Dr. T. T. Lew, of
Peking University, have combined to give a suecinct
view of the situation as seen through Chinese eyes,
which had special importance as presenting China
to-day.* We are glad to call attention to their
account of the situation.
China is suffering from her own weakness, witnessed
by her inefficiency, her lack of resources and her
divisions. In recent times she has passed through
four important stages. She made the first change in
the middle of the last century, when,awakened by the
power of the West she sought to introduce something
of modern mechanical science. Her defeat by Japan
in the subsequent war revealed the insufficiency of
machines unless there are men trained to use them,
and this started the movement for the New Learning
to supersede her old system. Then, in 1900, the
Boxer struggle turned attention to the need of a
change of government. The revolution soon followed with the establishment of the Republic. But
that proved autocratic and by 1911 it was apparent
that the change from the monarchy was not sufficient,
and the present movement began seeking wider views
of life and what is termed China's Renaissance.
This aims at progress, as the leaders think, all along
the line, in everything that concerns society and
the individual, as well as in the Government.
The chief obstacles in the path of the movement are
the dense ignorance of the people, the deep-rooted
superstitions and great poverty in the presence of
undeveloped resources and of skilled labor, necessary
to work them. To these may be added the tuchuns,
or upwards of forty provincial governors whom
Wang shi Kai, the Premier in 1911, established to
enable him to hold fast to existing conditions when
the Republic was about to fail. These officials remain, and in the prolonged break-up of the central
government have assumed increased authority and
are a divisive element. Foreign concessions in various ways are hampering; they curtail the Government's necessary revenue, provide a retreat for the
escape of wrongdoers and permit an economic exploitation which is rapidly taking the place of political
aggression, and is more subtle and dangerous.
But China is making definite progress. Her new
sense of nationality makes possible a new appreciation
of the comity and regard of the nations. This is
held in abeyance through the breakup of the central
Government; but that must in some form soon be
restored and the way opened for mutual understanding and goodwill.
She is ready and seeks the reorganization of her
civilization, with a critical and intelligent use of that
of the West. She accepts the worth of scientific
truth and theory, and seeks a full share in the use of
both, and is prepared, so far, to modify her personal
and social life as will add what is best in the modern
world to what has proven good and beautiful in her
cherished past.
To this end she is rapidly establishing both vocational and popular schools. To promote this she is
•"China To-day." by Dr. T. T. Lew, Prof. Hu Shih, Prof. Y.Y. au.
and Dr. C. C. Y1.—Doran.
1116
THE CHRONICLE
taking advantage of her widespread system of secret
societies of many kinds. These are so great and so
influential that in the disturbed state of the opening
century the astute Prime Minister Li Hung Chang
called to his aid no less than eighty of these societies
having ramifications throughout the Empire. Teachers, who are the great need, they are trying to supply
from the schools themselves, and volunteers are
offering from all who have already acquired any
knowledge. The present generation is drilled in slogans of the doings of other nations, and Nationalism
is taught in this way everywhere.
In the face of the classical language cherished by
the scholars the Kuo-yu, or the "mandarin" dialects,
became the real national language; and now the Bwi
Hwa, "plain language," puts knowledge in the hands
of all. The mandarin has a great literature and a
vogue which well qualifies it for the national position,
and in modified form it is spreading far and wide.
The Government is aiding to introduce the new
phonetic form.
The chief characteristic of the new movement is its
thoroughness. It tolerates no compromise and no
ignorance of facts. It breaks with tradition and all
conventions. It introduces foreign literature; it
would re-write history; and would prepare for a new
internationalism based on community of thought, of
[vol. 124.
interests, of goodwill, and of life. It needs hardly
be said that this opens the way for Christianity.
The Bible, translated into the vernacular, is gaining
a new acceptance. It is widely spread and is steadily
pouring into the country. It is producing a new
literature and is deepening Christian experience,
especially in the minds of students. The Christian
attitude toward man and life is coming to be recognized as the highest and best. More than a century
of Christian missions has a fruitage far more extensive than is to be measured by the 6,000 Protestant
churches and their 360,000 communicants. In the
clashing of armies they may suffer, but as in the
Boxer outbreak the blood of the martyrs proved
the seed of the Church, so again, out of the steadfastness and, if need be, the sacrifice of the leaders,
may come results which will make the whole world
glad.
Meanwhile we may rejoice that America has uttered
no harsh word and issued no ultimatum. If her only
role is "to bring first aid," we must hope that it
will not be when the patient is dead. Something
prompter, more open-handed and gracious, even if it
should have to be original, would certainly be more in
keeping with the situation and our own self-respect.
According to late news, England is to-day once more
leading the way.
Railroad Gross and Net Earnings for the Calendar Year 1926
There is no occasion for fault-finding with the
returns of the earnings of United States railroads for
the calendar year 1926, either as regards the gross
results or the net results. In making this statement
we have reference more particularly to the collective
showing for the whole body of roads in the United
States, though as a matter of fact the remark applies
equally well to the different geographical divisions of
the country—with the South, however, a prominent
exception—and to the leading roads and systems in
the different parts of the country, a few of the systems in the South again forming conspicuous exceptions. For the twelve months of 1926 our compilations show that what are known as Class 1 roads—
that is, roads with operating revenues in excess of
$1,000,000 per annum—earned $266,086,139 more
than in the twelve months of 1925, being an increase
of 4.3%, and that this was attended by an augmentation in expenses of only $137,090,567, or 3.0%
yielding, therefore, an increase in net earnings (before
the deduction of the taxes) in amount of $128,995,572,
or 8.0%. The totals for the two years are as follows:
Jan. I to Dec. 31
(185 Roads)—
(Inc.(+)or Dec.(—).
1925.
1926.
Miles of road
1,082+0.4%
235,809
236,891
Gives earnings
86.435,539,259 $6,169,453,120 +8266,086,139+4.3%
Operating expenses
4,704,030,129 4,566,939,562 +137,090,567+3.0%
Ratio Of MEMOS LO earnings
73.09%
74.02%
Net earnings
11.731,509,130 81,602,513,558 +1128,995,572+8.0%
What is particularly gratifying about this exhibit
is that the gains here recorded for 1926 follow very
substantial gains in 1925 over 1924. Our tabulations
for 1925 showed $199,593,392 gain in gross, or
3.34%, accompanied by only a relatively slight addition to the expenses, namely $23,702,217, or no
more than 0.52%, thus leaving $175,891,175 gain in
net, or 12.32%. If we combine the $128,995,572
increase in net for 1926 with the $175,891,175 increase in 1925, we get a gain for the two years combined in the sum of over $303,000,000. And the
showing is made all the more noteworthy when we
consider that there were larger or smaller increases
in each of the four years preceding, the record of
improvement extending all the way back to and
including 1921. In 1924 the addition to the net was
only $14,807,030, but that was really more noteworthy than the much larger gains of the two sueceeding years, since it was made in face of a falling
off of no less than $371,687,892 in gross, 1924 having
been the year of the Presidential election when the
country's industries suffered a severe setback and
business underwent sharp contraction. In 1923,
which was perhaps the very best year the railroads
have ever had, the addition to the net was $249,725,296, and this followed $190,100,146 increase in 1922
over 1921 and $556,503,286 gain in 1921 over 1920.
This last-mentioned increase in the net (for 1921)
constitutes the most striking feature in the whole
series of gains in net, inasmuch as the post-war
slump in business occurred in that year and gross
revenues suffered a shrinkage in that year of no less
than $664,027,980. In other words, the net earnings
were enlarged by $556,503,286, notwithstanding
this huge falling off in the gross revenues of the
carriers. But 1921 marked the inauguration of a
new palicy in the conduct and administration of the
properties. The railroads were once more back under
private control and in the hands of their owners.
The profligacy and extravagance that had characterized Government operation and control, which
terminated in 1920, instantly ceased. It had to
cease. For under Government control the railroad
system of the United States had been brought to
the verge of bankruptcy—even the strongest railroad
systems of the country having been reduced to a
pitiable plight—and had not the unfortunate policy
pursued under Government management been
changed, and absolutely abandoned, the condition
of bankruptcy would have become a permanent one.
And with the Government no longer at hand to make
good the losses, what the result would have been can
be easily imagined.
THE CHRONICLE
FEB. 26 1927.]
The problem which confronted the managers of the
railroads now that they were once more responsible
to their owners, and charged with the duty of administering the roads in accordance with sound
business methods, was one of the most difficult ever
committed to mortal men. And that they have
proved equal to the task is occasion, not alone for
gratification, but for devout thankfulness, since it is
no exaggeration to say that failure in the endeavor
would have involved the country in wreck and ruin.
Instead of the era of prosperity through which we
have been passing—and it has been a very prosperous
period notwithstanding the severe shakedown of
1921 and the setback of 1924—we would have witnessed scenes of widespread disaster, if not absolute
chaos, since the $20,000,000,000 or more invested in
the railroads would have been rendered worthless and
valueless. As it is, a complete transformation has
been effected in railroad conditions and railroad prospects. The steady and uninterrupted growth of
operating efficiency which has marked the conduct
of railroads during the last six years constitutes, as
we remarked in our previous review, one of the
• greatest achievements in the annals of American
railroading.
It is well to correct at this point a mistaken impression which is quite common. One hears much of
the roads having carried the largest tonnage on
record, a stock phrase that is quite misleading, and
the notion is becoming prevalent that the transformation which has been wrought in the status of the
railroads and their outlook is due to the anlarged
volume of traffic they are handling. Nothing of the
kind. The change follows entirely from the increased
economy and efficiency with which the roads are
being operated. Their traffic since surrender of
Government control has increased somewhat, but
hardly enough (speaking of the roads as a whole) to
warrant special mention. Economies of operations,
resulting in curtailment of expenses on a huge scale,
have been the magic wand that has brought about the
transformation. The yearly records of the gross
earnings tell a tale in that respect which is most
illumining. There have been years of strikingly
large gains in gross earnings, but these have in the
main served mainly to make good previous losses.
The experience of the last two years furnishes a case
in point. We have already seen that the gross in
1926 increased $266,086,139 and that this followed
$199,593,392 increase in 1925, but the two together
make not quite $466,000,000, and they follow
$371,687,892 loss in 1924. Similarly the big increase
of $733,687,222 in 1923 was preceded by a falling off
in the gross, two years before, in 1921, only a little
less striking, namely, $664,027,980. To furnish a
graphic illustration of what has been accomplished
for the good of the roads, and no less for the good of
the public, since the return of the roads to private
control, we insert here a comparison as to both gross
and net between the figures for 1926 and those for
1920, the latter the last year of Government control.
U. S.
Railroads—
1926.
1920.
(+) or
Dec.(—).
Gross revenues6,435,539,259 6,204,875,141 +230,664,118
Operating exp_4,704,030,129 5,742,952,365 —1,038,922,236
Ratio of exp.
92.55%
to earnings 73.09%
Net earnings1,731,509,130
461,922,776 +1,269,586,354
• The foregoing tells its own story. Gross earnings
for 1926 at $6,435,539,259 compare with $6,204,-
1117
875,141 for 1920, giving an increase for the six years
of only $230,000,000, or less than 4% for the whole
period. On the other hand, net earnings now are
nearly four-fold what they had been in 1920,having
risen from $461,922,776 in that year to $1,731,509,130 in 1926. The ratio of expenses to earnings in 1926
(not including taxes) was only 73.09%, while in 1920
it was almost 93% and thereby a saving in expenses
was effected aggregating over a billion dollars. In
other words, in 1920, nearly 93 cents out of every
dollar earned was spent in running the roads (entirely
apart from what was needed to pay taxes) while in
1926 73.06 cents sufficed for the purpose—and with
the roads very much better run, too.
Dealing now with the conditions prevailing during
1926, the particular year which we are reviewing, it
would be a mistake to suppose that conditions had
been entirely favorable during that period of 12
months. It was unquestionably a year of great
activity, at least as far as the basic industries are
concerned, and yet not to the extent generally supposed. At the same time there were some serious
drawbacks which affected adversely special groups of
roads and distinct sections of the country. In at
least the first two months of the year, the anthracite
carriers suffered very heavy losses by reason of the
strike in the hard coal regions. The strike had been
in progress since the first of September of the previous
year. It lasted until near the end of February in
1926. It was not until Feb. 12 1926 that terms for a
settlement between the miners and the coal operators
were agreed upon and signed, and not until Feb. 18
that there was actual resumption at the mines. While
the strike was in progress all the different anthracite
roads, like the Lackawanna, the Lehigh Valley, the
Delaware & Hudson, the Reading, the Central of
New Jersey, the New York Ontario & Western, the
New York Susquehanna & Western, the Lehigh &
New England and the Central New England, suffered
very heavy losses in both gross and net earnings.
After the resumption of work, mining was carried on
with redoubled energy and the last four months of the
year, namely September, October, November and
December, these anthracite carriers had a distinct
advantage in the fact that then they were comparing
with the time in the previous year when they had
sustained such heavy losses by reason of the strike,
which losses they were now retrieving, but this last
relates to a different period of the year to Which we
shall allude again further along in this article.
Another drawback under which the roads, or at
least some of them, labored during the early part of
the year, was the partial crop shortage of 1925.
This operated to diminish the crop tonnage of the
early months of 1926. In this we have particular
reference to the winter wheat shortage of 1925. The
wheat crop of the United States in that year was only
676,429,000 bushels, against 864,428,000 bushels in
1924,and the greater portion of this loss was sustained
by the wheat-growing States of the Southwest. For
instance, in Kansas, the winter wheat crop was only
77,388,000 bushels against 159,964,000 -bushels the
previous year; in Oklahoma 27,191,000 bushels
against 58,944,000 bushels and in Texas no more than
6,552,000 bushels against 25,252,000 bushels. As
it happened however, the 1926 winter wheat yield
again proved bounteous and in the later months of
1926 this served as an advantage in the same territory
and to the roads running through it, the 1926 crop
in Kansas proving 150,084,000 bushels, that of Okla-
1118
THE CHRONICLE
[Vol,. 124.
homa 73,745,000 bushels and that of Texas 32,796,000 figures given include,
of course, the cotton crop, and
bushels. On the other hand, however, the 1926 here the slump in prices
has been most serious of all.
spring wheat crop in the northwest was heavily re- The drop came all of
a sudden late in the summer, as
duced as the result of unpropitious weather conditions it began to be realized
that with the largest acreage
and that constituted an adverse feature in that part ever sown to cotton
there was also going to be the
of the country and to the roads serving it or connect- largest crop of
that staple ever produced in the South.
ing with it. North Dakota raised only 77,224,000 Here in New York
the price of middling upland spot
bushels of spring wheat in 1926 against 112,378,000 cotton on Aug. 2
was still as high as 19.20c. a pound;
bushels in 1925 and 133,450,000 bushels in 1924; by Oct. 25 the
price had dropped to 12.45c. The
South Dakota 10,315,000 bushels in 1926 against Agricultural Bureau
makes the average farm price
30,397,000 bushels in 1925 and 33,580,000 bushels Dec. 1 1926 10.9c.,
against 18.2c. Dec. 1 1925 and
in 1924; Minnesota 24,588,000. bushels in 1926, 22.6c. Dec. 1
1924.
against 27,209,000 bushels in 1925 and 34,313,000
Cotton is the money crop of the South and there
bushels in 1924, and Montana 38,393,000 bushels can be no doubt that
during the closing months of
against 31,773,000 bushels and 41,197,000 bushels 1926 the South
experienced intense business depresrespectively in 1925 and 1924.
sion as the .result of the great slump in the price of
More serious, however, than the diminution in the that staple. To add
further to the discomfiture of
size of the crop in one section of the country or the Southland, there
came in September the hurrianother, was the low prices prevailing for agricultural cane which did so much
damage in Miami and at
products throughout the whole year. It thus other Florida points. Furthermo
re, all through the
happened that some farmers suffered in a double year the collapse of the real
estate boom in Florida
way. The shortened winter wheat yield of 1925 left and other Southern winter resorts
played its part in
a diminished surplus for export in 1926 and, as it curtailing business activity.
On that point we may
happened,there was likewise a diminished demand for note that bank clearings at Jacksonvill
e in December
our wheat, one reason for this being the huge crop 1926 showed a loss as compared
with the same month
raised in Canada in 1925. As already said, this of 1925 of over 35%; those at
Tampa over 45%, and
unhappy conjuncture of events imposed a double those at Miami 63%,the total of the
clearings in this
affliction on the Western farmer. On the one hand, last case being only $38,088,566 for the
month in
he had a smaller surplus, and, on the other hand, he 1926, against $102,986,308 in December
1925. Altohad to accept a lower price for what he did have. gether the South, for the reasons enumerate
d, has
The situation was in sharp contrast with that existing been hard hit, and the fact is evidenced by
the heavy
the previous year, when he had an abundance of losses in earnings reported the latter part of
1926 by
wheat to ship and was able at the same time to obtain all the principal roads in that part of the
country,
a very high price for it. In a word, in the early though these losses do not show in the results for
the
months of 1925 the foreign demand for United States full year, inasmuch as in the first half of the
year
wheat was large and urgent, and at very high prices, gains were still the rule and these gains counted as
while in 1926 the demand in the early months was offsets to the losses which came in the closing months
poor with values much lower. The effect, as far as of the year.
the railroads are concerned, was adverse, not only
The good showing for the year for the railroad
because of the smaller movement of wheat, but even system of the United States as a whole is ascribable
more so because of the distressing plight in which the mainly to the fact that the country's industries on the
Western farmer was left. With his product yielding whole enjoyed a large measure of activity, and, furso much less, his purchasing power was correspond- thermore, to the exceptionally heavy movement
of
ingly curtailed. In the last half of 1926 the foreign coal. This trade activity was of great advantage
to
demand for our wheat improved and by reason of all the roads serving the manufacturing sections of
the larger winter wheat yield of 1926 the United the Eastern, the Middle and the Middle Western
States had more wheat to spare, but prices remained States. The industrial activity in and by itself
low. And this last is true, not only as respects wheat, served to make the coal movement large, but in addibut also with reference to other grains and as regards tion a special factor came in tending still further to
agricultural products generally.
enlarge the mining and shipment of bituminous coal.
The Agricultural Department at Washington made The strike of the miners in Great Britain, which began
the average price of wheat on the farm in the whole the 1st of May and lasted until towards the close of
United States Dec. i 1926, $1 19 9-10, against November, created an export demand upon usfor coal
$1 41 5-10 on Dec. 1 1925, with similarly low prices of unusual extent,and this, coming at a time when the
for the other grains. As a matter of fact, the drop home demand for coal was still keen,stimulated coal
in the price of corn was even more pronounced than mining to an unprecedented degree, so that in the
that in wheat, the Agricultural Bureau making the closing months of the year all records of high producaverage farm price of corn Dec. 1 1946,64.4c., against tion were broken, even those made during the War.
67.4o. on Dec. 1 1925 (when the price had already Thus for the week ending Nov. 13, the production of
dropped very low), and 98.2c. Dec. 1 1924. Alto- soft coal in the United States reached 13,807,000
gether the United States Department of Agriculture tons, breaking all records up to that time. For the
gives $7,802,114,000 as the total value of all agricul- week ending Nov. 20, another high weekly record was
tural products in 1926, as compared with $8,949,321,- reached at 14,282,000 tons, and in the week ending
000 in 1925 and $9,334,251,000 in 1924. This last- Dec. 4 the record was again broken with an output of
mentioned set of figures furnishes an idea of the 14,676,000 tons. The United States Bureau of
extent of the depression which has overtaken the Mines,in reporting these figures, pointed out that the
agricultural world and indicates why such farm relief highest production ever recorded in any year prior to
measures like the McNary-Haugen bill (which has 1926 was 13,344,000 tons in the last week of March
just been vetoed by President Coolidge) have found 1919, just before the inauguration of the great strike
such wide support in the halls of Congress. The of that year.
non. 26 1927.]
T1TE CHRONICLE
1119
For the whole of 1926 the production of bituminous in November there was a drop to only p19,504
coal in the United States is tentatively put at 578,- passenger cars against 328,694 in the corresponding
290,000 tons, which compares with 520,052,741 tons month of the previous year, and the smallest product
in 1925 and only 483,686,538 tons in 1924, the in- of any month since the middle of 1925. In December
crease for the two years thus being over 94,000,000 the make of passenger cars in the United States
tons, which shows what an important part the coal proved to be only 137,361, as against 278,643 in
so small
traffic alone must have played in swelling the reve- December of the previous year and a figure
it is necessary to go back to the beginning of
nues of the railroads. The largest previous output that
of soft coal in the United States was in the war year 1922 to find an equally diminutive product. For the
1918, when the product reached 579,385,820 tons. whole of 1926 the make of passenger cars, according
All the large East and West trunk lines between the to the figures prepared by the Census, was 3,765,048
Atlantic seaboard and the Mississippi River, and in which compares with 3,696,490 cars in the calendar
particular the Pennsylvania RR. and the Baltimore year 1925. Canada added 164,487 to this in 1926
& Ohio, had their coal traffic enormously increased, against 139,311 in 1925. The output of trucks in
and, in addition, the roads serving the Pocahontas the United States in 1926 was 494,377 against 478,396
region enjoyed a special advantage in that way, the in 1925 and the product in the Dominion 40,629
coal from that region commanding most favor on the against 22,074.
The statistics of steel and irbn production speak
part of exporters. Accordingly, we find that the
even more convincingly of the uneven character of
Norfolk & Western reports a gain in gross for the
twelve months of $15,190,048 and in net of $11,897,- the year's business. The American Iron & Steel
950; the Chesapeake & Ohio a gain of $10,373,890 in Institute calculates the production of steel ingots for
gross and of $8,845,851 in net, and the Virginian the calendar year 1926 at 47,133,517 tons, as against
Railway $5,016,360 in gross and $3,546,173 in net. 44,140,738 tons in 1925, and the highest on record,
The production of anthracite during 1926, when the but whereas in 1925 the production the last three
mines were idle nearly two months, is estimated months of the year was respectively 3,888,814 tons,
approximately at 85,000,000 net tons, which com- 3,902,900 tons and 3,970,918 tons, on the other hand
pares with 61,817,000 tons in 1925, when the mines in 1926 the production fell from 4,092,548 tons in
October to 3,722,119 tons in November and still
were idle the last four months of the year.
While industrial activity during 1926 was on the further to 3,472,000 tons in December. The statiswhole maintained at high levels, it must not be sup- tics of pig-iron production tell the same story.
posed that conditions were unqualifiedly favorable in According to the figures of the "Iron Age," which do
that respect. At the beginning of the year there not include a small amount of charcoal pig iron
was noticeable hesitation in trade and a slackening produced, the make of iron in 1926 aggregated 39,in many different lines of business. In part no 070,470 tons against 36,403,470 tons in 1925 and
doubt this followed from the impaired purchasing 31,108,302 tons in 1924. But the product in Decempower of the Western farmer, in part it was due to ber was down to 3,091,060 tons against 3,250,448
the backwardness of the season, which latter it should tons in Dec. 1925 and smaller than in any other month
be said constituted still another adverse feature in of 1926 except the short month of February.
As far as weather conditions, often an important
1926. This backwardness of the season was an
circumstance during the early winter months, are
element of no small importance, farm work having
been everywhere retarded and the temperatures concerned, the situation was not so extremely good in
remaining very low, with the nights especially cold, 1926 as in 1925, and yet was, on the whole, quite
almost up to the very close of the half-year—furnish- favorable. In January weather conditions in 1926 did
ing a sharp contrast in that respect with the situation not impose much of an obstacle to railroad operaduring the first half of 1925 when the season every- tions over any large sections of the country. On the
where was far in advance of the ordinary. The other hand, in February the New England roads suffanner was not the only one who felt the adverse fered presumably by reason of heavy falls of snow.
influence; both wholesale and retail trade were un- The winter, taking the country as a whole, was unfavorably affected; indeed considerable business was usually mild, but in February there were some big
entirely lost. After the close of the half-year hesita- snowstorms in the East, with, however, nothing aption disappeared and the pace noticeably quickened. proaching a blizzard. In other words, there were
The automobile industry seemed to be doing an un- no big drifts to tie up traffic and interfere seriously
precedented amount of business and the steel in- with the running of trains. In this city there was
dustry reflected the beneficial effects. The last no snowfall of any consequence during the winter
two months of the year, however, trade again slack-, until February, but in this last mentioned month
ened. The automotive industry met with a setback, there were two very' heavy storms, namely one on
steel production fell off, and the agricultural depres- Feb. 3-4, when 10.3 inches of snow fell and another
sion in the West, particularly in the South, which on Feb. 9-10, when the snowfall was 11.6 inches.
latter had assumed huge dimensions with unexpected For the whole month of February the snowfall in
suddenness, exerted a telling influence all around, so this city aggregated 25.7 inches, being the heaviest
that the year closed with a noticeable slowing down on record for any February since 1899, when the fall
in business, quite in contrast with the situation at was 27.5 inches, and comparing with only 0.8 inch
the close of 1925, when growing activity character- in February 1925 (when, however, the fall was
extremely heavy in January), and with 11.5 inches
ized the course of trade and business.
automobile production in February 1924 and 17.9 inches in February 1923.
The monthly statistics of
furnish an excellent illustration of the fluctuations in The February snowstorms in 1926 seem to have exthe trade currents and which played their part in tended all over New England and through New York
affecting the revenues ofthe roads. The motor output State. New England roads virtually all reported
continued large month by month until the end of for that month large losses in gross, as well as in
September. In October some falling off occurred, and net, and no doubt the explanation is found in the
1120
THE CHRONICLE
[VOL. 124.
circumstance mentioned and doubtless also these bushels in the fifty-two weeks of
1924. Corn reroads had their coal traffic reduced by the anthra- ceipts in 1926 were 234,976,00
0 bushels, against
cite miners' strike.
226,415,000 bushels in 1925 and 278,453,000 bushels
In both 1925 and 1924 the roads enjoyed quite in 1924. The oats receipts
in 1926 aggregated only
remarkable exemption from bad weather and from 160,566,000 bushels, against 235,299,00
0 bushels in
the often extreme rigors of the winter. In January 1925 and 263,260,000 bushels in
1924. Adding barley
1925 bad weather was somewhat of a drawback on and rye, the total for the five cereals combined
foots
certain lines here in the East, though not to any up 844,853,000 bushels in 1926,
against 913,116,000
great extent for the country as a whole. There bushels in 1925; 1,151,376,
000 bushels in 1924;
were repeated snowstorms in these parts in that 966,890,000 bushels in 1923
and 1,125,032,000 bushels
month in 1925, and in New York City the fall of in the fifty-two weeks of 1922.
It will be observed
snow was the heaviest of any January in the history that the 1926 movement was
away below the ordinary.
of the local weather bureau, reaching 26.2 inches. The details of the Western
grain receipts in our usual
This compares with only 2.6 inches in January form for the fifty-two weeks
of the last two years,
1924, but with 21.9 inches in January 1923, this lat- are set out in the table which
we now present.
ter having also been a month of very heavy snowWESTERN FLOUR AND GRAIN RECEIPTS.
falls. A storm which came toward the end of the Jan. 1 to Flour.
Wheal.
Corn.
Oats.
Rye.
Barley.
Dec.
month in 1925
-that is Thursday, Jan. 29, and ex- Chicago25. (Obis.) (bush.) (bush.) (bush.) (bush.) (bush.)
1926_12,881,000 38.113,000 92,449,000 46,245,000 9,368,000 2,138,000
tended into Friday, Jan. 30
-proved particularly
1925_13,017,000 28,188,000 82,843,000 53,828,000 9,841,000 4,824,000
mischievous in New York State. The New York Milwaukee 1,905,000 7,115,000 8,326,000
1928___
13,283,000 8,788.000
1925._ 2,220,000 4,532,000 7,947,000 16,528,000 11,734,000 1,072,000
965.000
Central Railroad reported it as the worst in its his- Rt. Louis
1920_ 5,249.000 33,302,000 24,160,000 25,382,000 1,160.000
374,000
tory, especially between Albany and Rochester, caus1925._ 387,000 34,139,000 25,057,000 31,885,000 1,251,000
227,000
ing considerable delay in the running of trains. The Toledo192611,849,000 4,378,000 6,830,000
25.000
223,000
19258,272,000 3,839,000 8,617.000
53,000
113,000
Twentieth Century train from Chicago was 16 hours Detroit19261,945,000
894,000 1,375,000
3.000
353,000
late in reaching the Grand Central Terminal in New
1925___
37,000 1,372,000
454.000 1,352,000
52,000
166,000
Peoria
York City. It was due at 9.40 a. m., but did not
1926._ 2,645,000 1,482,000 24,984,000 8,981,000 1,338,000
47,000
1925_.- 2,134,000 1.832,000 22,437,000 10,447,000 1,180,000
40.000
arrive until 1.18 and 1.33 the following morning Duluth192652,341,000
444,000 10,514,000 5.557.000 9,848,000
1925_
(Saturday), coming in two sections. The area of Minneapolis73.934,000
842,000 23.935,000 16,485,000 12,220,000
192696,883,000 9,964,000 23,183,000 15,129,000 4,715.000
disturbance, however, in this way was very much
1925_
107.953,000 14,171,000
circumscribed, being confined largely to New York Kansas City 16,000 83,594,000 18,184,000 42,020,000 23,512,000 7,629,000
1926_
4,014.000
1925and New England, while elsewhere in the northern Omaha db Indianapolis 52,700.000 19,087,000 13,507,000 11.000
1,000
1928_
'
24,180,000 36,984,000 16,240,000
10.000
part of the country the winter was comparatively
78,000
1925_
20,894,000 33,131,000 25,983,000
mild, and little complaint was heard of obstruction Sioux City
2,493,000 3.785,000 2,212,000
1926_
41.000
16,000
1,989,000 4,866,000
4,589,000
91,000
12,000
because of snow and ice or because of extreme cold. St.1925_ Joseph
9,501,000 10,824,000 1,931,000
1926_
After this heavy snowstorm in New York State
10,172,000 9.503.000 1,905,000
19252,000
the latter part of January (1925), from which, as Wichita
2,831,000
1928_
482,000
62.000
15,036,000 2,638.000
1925_
723,000
noted, other parts of the country were exempt, mild
Total All
weather developed in February, and this may be
1926_22,698.000 389,048,000 234,976,000 180,566,000 41,399,000 18,864,000
1925___22,795,000 361,013,000 226,415,000 235,299,000 64,192,000 28,197,000
said to have been a condition common to the whole
The grain movement at the seaboard also was
United States and even Canada, the winter nearly
larger in 1926 as respects the item of wheat, though
everywhere having been what is popularly denominated as an open one and spring having come un- several of the other items of the grain movement
usually early virtually everywhere. This, it will be register a decrease. For the full fifty-two weeks of
seen, was in sharp contrast with the experience in 1926 the seaboard grain receipts were 422,859,000
1926, when, as noted above, the season everywhere bushels, against 405,327,000 bushels in the fifty-two
was backward. Nor, as already stated, was there weeks of 1925, but comparing with 451,267,000
much severe winter weather in 1924, but in 1923, on bushels in 1924, as will be seen from the following:
the other hand, the winter was of unusiial severity GRAIN AND FLOUR RECEIPTS Al' SEABOARD PORTS FOR 52 WEEKS.
Receipts
1926.
1922.
1924.
1925.
1923.
in many parts of the northern half of the United Flour of- bble. 25,217,000
24,802,000 26,154,000 24,367.000 27,036,000
States, especially in New England and in northern Wheat
bush_303,154,000 242,507,000 308,919,000 276,343,000 300,022,000
Corn
8.250,000 11,925,000 18,353,000 39,224.000 145.247,000
New York, where the roads suffered from repeated Oats
42,203,000 76,707,000 51,633,000 42,114,000 60,223,000
Barley
38,427,000 44,446,000 31,847.000 17.796.000 17,874,000
snowstorms, and from the depth of the accumulated Rye
30,825.000 29,742,000 40,515,000 34,566,000 47,325,000
snowfalls, with resulting large increases in operating Total grain
422,859,000 405,327,000 451,287,000 410.043,000 579,691,000
expenses.
The Western live stock movement, considered as a
As far as the movements of the leading staples whole, also appears to have fallen somewhat below
have had a part in affecting railroad revenues, it has even the small movement of the previous
year. At
already been made apparent, from what has been Chicago the 1926 receipts comprised 261,320 carloads,
said above, that Western roads suffered a consider- against 259,083 in 1925, but comparing with 289,966
able falling off in their grain traffic. There was a cars in 1924 and 303,228 cars in the 12 months of
substantial loss in the grain movement during the 1923. At Kansas City the receipts were 115,436 cars
first six months and the shrinkage was intensified in 1926 against 123,864 in 1925, 135,478 in 1924 and
during the last six months. There was, however, 148,503 cars in 1923, while the receipts at Omaha
some increase in wheat and corn the latter half of were 105,075 cars in 1926, against 111,283 in 1925,
1926, and in the case of these two cereals the receipts 129,798 cars in 1924 and 125,583 cars in the 12
at Western points for fifty-two weeks of 1926 run months of 1923.
somewhat larger than for the corresponding period
Southern roads had the advantage of still another
of 1925. The wheat receipts at the Western primary large increase in the cotton movement, following the
markets for the fifty-two weeks of 1926 aggregate increase in the two previous years, even though they
389,048,000 bushels, as against 361,013,000 bushels had to contend, at least in the latter part of the year,
in 1925, but comparing with no less than 490,576,000 with business depression growing out of the collapse
1
FEB. 26 1927.]
THE CHRONICLE
1121
mously inflated expense accounts that have furnished
the basis for the saving and economies effected in the
years since then. As compared with 1920, the roads
in both 1921 and 1922 also had the advantage of
much more favorable weather conditions. In 1921
the winter was exceptionally mild and much the same
remark may be made with reference to the winter of
1922. This last, while perhaps not so extremely mild
as the winter of 1921, was at all events not of unusual
severity-at least not of such severity in most of the
country as to entail heavy extra expenses for the
removal of snow and the clearing of tracks, though
the winter is declared to have been a hard one in
certain spethal sections, in Wyoming and Montana,
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1921 TO 1926, INCLUSIVE.
for instance, and contiguous territory. In 1920, on
the other hand, the winter had been exceptioaally
Full Year.
Ports.
1921.
severe.
1922.
1924.
1923.
1925.
1926.
In commenting on the results for 1920 and nbting
bales 3,239,336 3,202,321 3.346,911 2,742.005 2,795,743 3,074,988
Galveston
3,600,632 2,013,723 1,308.605 1,011.273 855,873 558,166
Houston, dm
2,210,042 2,145,265 1,823,223 1,280,304 1,413,518 1.394,039 the tremendous increase in operating costs in that
New Orleans
55,410 148,557 138,581
339,392 218,610 154,180
Mobile
23,023
20,748 year, we took occasion to say that taken in conjunc11,816
28,789
15,003
16,588
Pensacola
969,241 850,080 628,998 449,976 827,282 799,640
Savannah
40.075
18,322 tion with the antecedent huge additions to expenses
413
283
4,030
813
Brunswick
528,746 340,234 195,441 219,118 189,571 108,061
Charleston
132,109 139,536 118,521 135,831 113,386 119,183 it constituted an unfavorable record for which no
Wilmington
477,261 508,189 367,026 407,873 327,358 474,629
Norfolk
1,695 parallel could be found in American railroad history.
Newport News
11,513.760 9.445.560 7,958.171 8,317,636 6,514,3866,705.892
Total
As " a matter of fact, 1920 constituted the fourth
As pointed out further above the distinctive feature successive year in which the net had fallen off-in
of the returns in all recent years has been the saving each year, too, in face of very substantial gains in
effected in expenses as a result of the growing effici- the gross earnings. As showing how extraordinarily
ency of operations. We have shown what a wonder- poor the results were in 1920, it is only necessary to
ful transformation in results has thereby been effected say that while there was an addition to the gross of
as between 1920 and 1926. It will be not out of place no less than $1,026,235,925, net actually fell off in
to examine into the detail of the changes from year amount of $303,953,253. In 1919 the increase in
to year. In 1926 we have seen we had $266,086,139 the gross was of only moderate extent (5.25%), and
gain in gross with $137,090,567 increase in expenses, yet amounted to $258,130,137. As it was accomgiving $128,995,572 addition to the net and in 1925 panied, however, by an augmentation in expenses
$199,593,392 increase in gross with only $23,702,217 of $401,609,745, there was a loss in net of $143,479,augmentation in the expenses, yielding $175,891,175 608, or 15.80%. For 1918 our compilation showed
gain in net. Going back to 1924, we find that in an increase in the gross in the imposing sum of
that year a loss of $371,687,892 in gross was converted $863,892,744, or 21.40% (due in no small measure
into a gain of $14,807,030 in net through a decrease to the advance in rates made by Director-General
in expenses in the huge sum of $386,494,922. In 1923 McAdoo at the close of May in that year), but the
an increase of $733,687,222 in gross earnings, or 13%, addition to the expenses reached $1,148664,364, or
was attended by an augmentation in expenses of 40.35%, leaving a loss in the net of $284,771,620, or
only $483,961,926, or less than 11%, yielding there- 23.92%. The prodigious augmentation in the 1918
And expenses was due not merely to the general rise in
fore a gain in net of $249,725,296, or 21
played by growing efficiency of operations is operating costs, but yet more to the tremendous adthe part
still more strongly revealed as we turn further back. vances in wages granted by Director-General McAdoo
In 1922 our compilations showed only a moderate in May 1918, and made retroactive to the 1st of
gain in gross earnings over 1921, notwithstanding the January of that year. But even,for the calendar
rising activity in trade, the reason for this being the year 1917 our compilations showed that while gross
hindering effect of those two great labor troubles of had increased $430,679,120, or 11.61%, this was
1922, that is, the prolonged strike at the unionized attended by a rise in operating expenses of $490,coal mines, and the railway shopmen's strike. The 738,869, or over 20%, leaving a loss of $60,079,749
amount of the 1922 gain in the gross was only $44,- in net earnings. There was this qualifying circum501,869, or less than 1%. But owing to a further stance, however, with reference to the 1917 loss
growth in operating efficiency, this was accompanied in net, namely that it followed strikingly good reby a reduction in expenses of no less than $146,480,- sults, both as regards gross and net, in 1916 and
163, producing therefore a gain in net of $190,982,034. • 1915. On the other hand, it is equally important to
The saving in expenses in 1921 was even more strik- remember that these gains for 1916 and 1915 repreing. That was a year of intense business depression, sented in part a recovery of previous losses.
In the following we show the yearly comparisons
when gross earnings fell off in the huge sum of
Nevertheless, there was a gain in net as to both gross and net for each year back to 1907.
$664,027,980.
in the big sum of $556,503,286, expenses having been For 1910 and 1909 we take the aggregates of the
cut down in the prodigious amount of $1,240,930,585. monthly totals as then published by the Inter-State
As explaining these successive large reductions in the Commerce Commission, but for the preceding years
expenses it must be remembered that previous to 1921 we give the results just as registered by our own
expenses had been mounting up in a frightful way tables each year-a portion of the railroad mileage
until in 1920 a point was reached where even some of of the country being then always unrepresented in
the strongest and best managed roads were barely the totals, owing to the refusal of some of the roads
able to meet ordinary running expenses, not to men- at that time to furnish monthly figures for publition taxes/and fixed charges. And it is these enor- cation.
in the price of the staple. The shipments overland
do not show this as the crop was largest in the Southwest and went to the nearest port. Gross shipments
overland for the calendar year 1926 aggregate 1,580,136 bales which compares with 1,646,167 bales in
1925; 1,433,140 bales in 1924 and 1,364,005 bales in
1923; 1,766,889 bales in 1922 and 2,434,077 bales in
1921. On the other hand, the receipts at the Southern
outports aggregated no ess than 11,513,760 bales in
1926 against 9,445,569 bales in 1925; 7,958,171 bales
in 1924 and 6,317,636 bales in 1923 and the bulk of
the increase occurred at the Texas ports and New
Orleans as will be seen from the following:
1122
THE CHRONICLE
Gross Earnings.
Yr
Year
Given.
Year.
Preceding.
Net Earnings.
(+) or
(-).
Inc.
Dec.
Year
Given.
Gross Earnings.
Month
Year
Inc.(÷) or
Preceding. Dec.
(-).
I
$
'07_ 2287.501,6052090,595,451 +196,906,154660,753,545685,280,191 -4,528,646
'08- 2235,164,8732536,914,597-301,749,724 694,999,048748,370.244 -53,371,198
'09_ 2605,003,302 2322,549,343 +282,453,959901,726,065750,685,733 +151,040,332
'10_ 2836,795,091 2597,783,833 +239,011.258909.470,059900,473,211 +8,996.848
'11_ 2805.084,7232835,109.539 -30.024.816883.626.478907,914,866 -24,288,388
'12.3012,390,2052790,810,236 +221.579,969 937.968.711877,617,878 +60,350,833
'13_ 3162,451,434 3019,929,637+142,521,797 907,022,312940,509,412 -33,487,100
'14 2972,614,302 3180,792,337-208,178,035828.522,941904,448.054 -75,925,113
'15.3166,214,6163013,674.851 +152.539.765 1040304 301 828,650,401 +211,653,900
'16_ 3702.940.2413155,292.405 +547,647.836 1272639 742 1036016 315 +236,623,427
'17_ 4138,433,2603707,754,140 +430,679,120,1215110 554 1275190 303 -60,079,749
'18.4900.759,3094036.866.535 +863,892,744905,794,7151190566 335-284.771.620
'19_ 5173,7,0544915,516,917 +258 130 1371764,578,730908,058,338 143,479,608
64
. ,
'20_ 6204.875.1415178,639.216 +102623592 461,922,776,765.876,029-303 953 253
'21_ 5552.022,979,6216,050.959-664,027,98 958,653,357402 150,071 +556,503,286
'22- 5522,522,416'5478,828.452 +43.693.964 1141598071,951.497,925 +190,100,146
'23- 6342,058,8725608,371,650 +733,687.222 1410968636 1161243340 +249,725.296
, „ -371,087,8921142424061311409433583 +14,807,030
.
'25_ 6177.280,80215977,687,410 +199,593,392,1604400 124,1428508949 +175,891,175
.26_ 6435,539,2596169,453,120 +266.086,13917315091301602513538 +128,995,572
Note.
-In 1907the length of road covered was 173,028 miles, against 171,316 miles
In 1906; in 1908, 199,726. against 197,237 miles; in 1909, 228,508 miles, against
225,027 miles; in 1910, 237,554 miles, against 233,829 miles; in 1911, 241,432 miles,
against 238,275 miles; in 1912, 239,691 miles, against 236.000 miles; in 1913, 241,931
miles, against 239,625 miles; in 1914, 246,356 miles, against 243,636 miles; In 1915,
249,081 miles, against 247,936;In 1916, 249,098 miles, against 247.868 miles;In 1917.
250,193 miles, against 249,879 miles; In 1918, 233,014 miles, against 232,639 miles:
In 1919,233.985 miles, against 234,264 miles; in 1920. 235,765 miles, against 234,579
miles; In 1921, 235,690 miles, against 234,777 miles; in 1922, 235,564 miles, against
235,338 miles; in 1923. 235,461 miles, against 235.705 miles; in 1924, 234,795 miles.
against 234,622 miles; In 1925, 236,330 miles. against 236,139 miles; In 1926, 236,891
miles. against 235,809 miles.
[VOL. 124.
1928.
1925,
Increase or
Decrease,
Net Earnings.
1926.
1925.
Increase or
Decrease.
$
$
$
$
$
$
Jae.. _ 480,062,657484,022,695 -3,960,038 102,270,877 101,323,883
+946,994
Feb_. 459,227,310 454,198,055 +5,029,255 99,480,650 99,518,658
-38,008
March 528,905.183485,230.559 +43.668,624 133,642,754 109,081,102 +24,581,652
April_ 498,448,309 472,629,820 +25,818,489 114.685.151102,920,855 +11,764,296
May _ 516,467,480 487.952,182 +28,515,298 128,581,566 112,904,074 +15,677,492
June. 538,738.797506.124.762 +32,634,035 149,492,478 130,920,896 +18,571,582
July__ 555,471.276 521,596,191 +33,875,085 161,070,612 139,644,001 +21,435,011
Aug__ 577,791,746 553,933,904 +23,857,842 179,418,017 166.426,264 +12,989,753
Sept__ 588,945,933 564,756,924 +24,192.009 191,933,148 176,936,230 +14,998,918
Oct. _ 604.052.017566,008,436 +18,043,581 193,990,813 180,629.394 +13,361,419
Nov__ 559.935,895 531,199,465 +28,736,430 158,197,446 148.132.228 +10,065,218
Dec.. 525.411,572 522.467,600 +2,943,972 119,237.349 134,504,698 -15,267,349
Note.
-Percentage of Increase or decrease in net for above months has been
Jan.,0.93% Inc.: Feb.. 0.04% dec.; March, 22.50% Inc.; April. 11.43% inc.:
MaY.
13.89% Inc.: June, 14.18% Inc.; July, 15.35% inc.; Aug., 7.86% Inc.; Sept., 8.48%
Inc.; Oct., 7.35% Inc.; Nov., 6.79% inc.;
Dec., 11.36% Inc.
In January the length of road covered was 236,944 miles. against 236,599 miles
in 1925; in February, 236,839 miles, against 236,529 miles; In March, 236,774 miles.
against 236,500 miles; In April,236,518 miles, against 236,526 miles;in May,236,833
miles, against 236,858 miles; In June, 236,510 miles, against 236,243 miles; in July,
236,885 miles, against 235,348 miles: in August. 236,759 miles, against 236,092
miles;in September, 236.779 miles, against 235,977 miles; In October, 236,654 miles.
against 236,898 miles; in November, 237.335 miles. against 236,369 miles; in December, 236.214 miles, against 235.209 miles.
Considering now the returns of the separate roads
we find a long list of roads with large increases, both
in the gross and the net, and only a few decreases for
large amounts. Taking decreases for amounts in
The increase in 1926 over 1925 was almost evenly excess of $1,000,000 there
are only three altogether,
distributed between the first six months of the year namely the "Soo" which
has fallen $2,813,526 behind,
and the second 6 months-almost absolutely so in the Milwaukee & St.
Paul which has lost $1,482,253
the case of the gross where the increase the first and the Detroit, Toledo &
Ironton, which has suffered
6 months was $131,448,135 and the second 6 months, a shrinkage of $1,019,841,
though there is a consider$134,638,004. This would not have been so,however, able number of others
with decreases for smaller
except for the great expansion the latter half in the coal amounts. In the net the
first and last mentioned fall in
traffic engendered by the export demand for coal the same category, along
with a few others. On the
and the further fact that in the case of the anthracite other hand gains for large
amounts are numerous.
carriers comparison during the last 4 months of 1926 While the coal carrying
roads are the principal
was with the period of the anthracite strike in the contributors to the
list, nearly all the anthracite
previous year. The effects of the agricultural de- carriers being represented,
some roads and systems
pression in the West, and still more in the South, in other sections of
the country are conspicuous in
became growingly apparent in the last quarter of the the same way.
The Pennsylvania heads the list
year, though in the general totals this fact was hidden with $37,680,488 increase
in gross and $14,459,257
by the heavy gains in the coal tonnage, both anthra- increase in net, but the
Atchison comes next with
cite and bituminous. Even as it was, in the month $22,097,787 gain in
gross and even surpasses the
of December the losses on Western and Southern Pennsylvania in the
net with a gain of $16,880,207.
roads were so numerous and so heavy as almost to The New York Central
has added $13,502,933 to gross
overshadow•the huge gains on thecoal carrying roads and $5,017,356 to net.
This is for the Central
in the East, leaving only a relatively small increase itself.
Including the various auxiliary and conin the general totals for that month-barely M of trolled
roads, the result for the whole New York
1%. In the following we show the comparative re- Central
system is a gain of $22,026,489 in gross and of
sults for each 6 months period separately.
$4,695,181 in net. The Baltimore & Ohio has enFirst Six Months-- -Second Six Months
larged its gross by $14,814,890 and its net by $7,608,1926.
1925.
1926.
1925.
Gross earnings
93,022,413,801 $2,890,965,666 $3,413,125,458 83,278,487,454 213.
The coal carrying roads in the Pocahontas
Operating expenses 2,294,508,729 2,234,117,469 2,409,521,400 2,332.822,093
region have already been mentioned. Other coal
Net earnings
9727,905,072 $656,848,197 $1,003,604,058 8945,665,361
carrying roads, anthracite or bituminous, make up
As part of our analysis we also introduce the fol- the bulk of the remainder of the list of large increases,
lowing table affording a comparison of the earnings, and yet there are some other roads that fall in the
gross and net, for the different months of the year. same category, among which may be mentioned the
The exhibits, it will be seen, are uniformly good for Union Pacific, the Rock Island, the Chicago & Northall the months except January and February and Western, the Illinois Central, the Burlington &
the closing month, December.
The anthracite Quincy, the Great Northern, the Southern Pacific,
coal strike with the 1925 crop shortage was largely &c. Southern roads quite generally show the effects
responsible for the indifferent results in the first two of the business depression which overwhelmed
the
months, though there was a further drawback in South the latter part of the year and the Florida
January in the circumstance that the month in 1926 roads have been particularly hard hit, though a few
had five Sundays, besides New Year's Day as a Southern roads form striking exceptions to the rule.
holiday, leaving therefore only 25 full working days, The Southern Railway itself by reason of the gains the
whereas Jan. 1925 had but four Sundays, in addition early part of the year has $6,154,084 gain in gross
to the New Year's holiday, leaving 26 working days for the twelve months and $2,099,447 gain in net.
in the month at that time. The loss in net earnings If however the other roads going to form the Southern
in December appears to have been due largely to Railway system are taken into account the result is
additions to the expense accounts made in the closing not quite so favorable, at least in the case of the net.
month by way of adjustment of the year's accounts. For then though the gross records $6,530,744 increase,
It cannot therefore be taken as indicating any im- the net shows a decrease of $378,248. The Seaboard
pairment of operating efficiency. Our summary of Air Line reports $4,160,142 increase in gross and
the monthly totals is as follows:
$1,637,036 increase in net. But the Atlantic Coast
FEB. 26 1927.]
THE CHRONICLE
1123
Line, though having added, $3,088,819 to gross, falls the different groups and regions are indicated in the
$2,646,831 behind in the net. The Louisville & footnote to the table.
SUMMARY BY DISTRICTS AND REGIONS.
Nashville shows $4,892,224 increase in gross and District & RegionGross Earnings
Jan. 1 to Dec. 311925.
1926.
Inc.(I-) or Dec.(-).
$832,089 increase in net. In the following we Eastern District
$
$
%
Region (10 roads)_ 275,931,374 270,743,883
+5,187,491
changes for the separate roads for amounts New EnglandRegion (33 roads)__1,170,692,256 1,113,345,000 +57,347,256 +1.9
indicate all
Great Lakes
+6.1
in excess of $1,000,000, whether increases or decreases Cent.Eastern Region(31 roads).1,496,640,185 1,414,158,094 +82,482,091 +6.8
Total (74 roads)
2,943,263,815 2,798,246,977 +145,016,838 +5.2
and in both gross and net.
Southern District
PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1926.
Increase.
Pennsylvania---------a$37.680.488
$2,779.246
Ifa,itit;ife al
ig F 11311g Island
k Southern Pacific (7) -_
i
2.590,501
Norfolk & Western.._.._ 15.190,048 Colorado Southern (2)..
2,581,388
14.814,890 Cleve CInn Chi & St. L_
Baltimore & Ohio
2,478,917
613,502,933 Great Northern
New York Central
2,458,949
Chesapeake & Ohio_ --- 10,373,860 Pittsburgh & Lake Erie_
2,179.288
7,793,757 Chicago Burl & Quincy_
Reading
2,162,264
7.439,369 Internatl Great North__
Union Pacific (4)
2,161,896
7,228,169 Grand Trunk Western _
Chi Rock Isl&Pacific(2)
1,955.453
6,906,282 Buffalo Roch & PittsbgErie (3)
1,862,492
Southern Ry Co
c6,154,084 Wabash & Co
1,783,040
Or!. Tex Mex (3)__
Lehigh Valley
6,022,577 New
1,762,467
5,797,455 N Y Ontario & Western
Chi & North Western
1,726.608
Western Maryland
5.397,801 Chicago & Eastern Ill._
1,677,242
Delaware Lack & West_
5,163,464 Central of Georgia _
1,620,689
Central of New Jersey _
5,079,018 Bessemer & Lake Erie _
1,425,439
Virginian
5,016,360 Elgin Joliet & Eastern__
1,425,145
Louisville & Nashville _
4,892,224 Kan City Mex Or of Tex
1.128,589
Illinois Central
4,825,073
Delaware & Hudson_ _
4,665.629
$255,288,945
Seaboard Air Line
4,160.142
Michigan Central
3.659,966
Decrease.
Yazoo & Miss Valley.-3,532,081 Minn. St. P & SS Marie $2,813,526
Missouri Pacific
3,158,633 Chi Milwaukee & St P__
1,482,253
Pere Marquette
3,089,010 Detroit To!& fronton-1,019,841
Atlantic Coast Line __ 3,088,819
NY N Haven & Hartfd
2,799,413
$5,315.620
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b The New York Central proper shows $13,502,933 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a gain of $22,026,489.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is an increase of $6,530,744..
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
(
-53
PRINCIPAL CHANGES IN NET EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1926.
Increase.
Increase.
Atch Top & Sante Fe(3) $16,880,207 eaboard Air Line
$1.637,036
Pennsylvania
,9257 Elgin Joliet & Eastern__
a14,459,
257
1,605,028
11,897,950 Bessemer & Lake Erie__
1.558,453
Chesapeake & Ohio_..
1,442,028
8,845.851 Grand 'trunk Western__
Baltimore & Ohio
7.608,213 Colorado Southern (2)..
1,354,086
Chi Rock Isl & Pac (2)5,185,399 Northern Pacific
1,198.020
Delaware Lack & West_
5.180,808 Chicago & Eastern Ill
1,154,902
New York Central _-_ 65.017,356 N Y Ontario & Western
1,072,022
Union Pacific (4)
4,985,572 Illinois Central
1,050,554
Southern Pacific (7) --4,092,755 NY N Haven & Hartfd
1,004,534
Delaware & Hudson..- 3,775,530
Virginian
3.546,173
$123,959,299
Great Northern
3,000,773
Decrease.
Reading
2,918,521 Atlantic Coast Line__ _ _ $2,646,831
Missouri Pacific
2,583,188 Minn St P & SS Marie.._
2,434,787
Lehigh Valley
2,497,331 Cinn New Orl & Tex Pac
1,630,844
Chicago Burl & Quincy_
2,371,325 Gulf & Ship Island__ - 1,421,641
Southern Railway
c2,099,447 Detroit Tol & fronton..
1,385,532
Western Maryland
1,958,725
Pere Marquette
1.928,255
$9.519,635
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b These figures merely cover the operations of the New York Centra
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $4,695,181.
c This is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida.t the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $378,248.
When the roads are arranged in groups or geographical divisions, according to their location, the generally favorable character of the showing for the
twelve months, notwithstanding the exceptions to
the rule, appears more strongly in evidence, for then
it is found that all the different districts namely, the
Eastern, the Southern and the Western record improved results, both in the case of the gross and of
the net, and likewise also all the different regions in
each of the three districts, with the single exception
that there is a slight decrease in the net of the Southern region, taken apart from the Pocahontas region,
which latter, as might be expected, registers large
percentages of gain in gross and net alike. In all
the other regions the ratio of increase, at least in
the gross, is only moderate. In the net the ratio of
improvement is more substantial in several of the
regions, as will be seen from the following summary.
It should be stated that we now group the roads to
conform entirely with the classification of the InterState Commerce Commission. The boundaries of
873,089,898
Southern Region (30 roads)
Pocahontas Region (4 roads)_ _ _ _ 291,063,346
842,987,662
260,572,517
+30,102,236 +3.6
+30.490,829 +11.7
Total (34 roads)
1,164,153,244 1.103,560,179 +60,593,065 +5.6
Western District
Northwestern Region (18 roads)_ 728,126,465 720.357,033
+7,769,432 +1.1
Cent. Western Region (22 roads)1,027,736,526 993,275,220 +34,461,306 +3.6
Southwestern Region(37 roads)_ 572,259,209 534,013,711 +18,245,498 +3.3
Total (77 roads)
2,328,122,200 2,267,645,964
+60,476,236
+2.7
Total All Districts(185 roads)6,435,539,259 6,169.453.120 +266,086,139 +4.3
Dist. & RegionNet Earnings
Jan.1 to Dec.31.-Mileage-(-)
1926.
1925.
Inc.(+)or Dec.
Eastern Dist. 1926. 1925.
2
2
$
%
New England_ 7,409 7,608
68,998,623
65,218,198
+3,780.425 +6.7
Great Lakes__ 24,906 24,952 306,048,414 279,526.552 +26,521,862 +9.6
Cent. Eastern. 27,067 26,979 367,725,229 337,176,327 +30,548,902 +9.1
Total
59.382 59,539
Southern Dig.
Southern
38,835 38,408
Pocahontas__ _ 5,550 5,543
Total........ 44,385
Western Dist.
Northwestern.. 48,568
Cent. Western. 50,974
Southwestern.. 33,582
742,772,266
681,921,077
+60,851,189 +8.9
228,235,992
106,969,618
229,096,353
83.270,399
-860,361 -0.4
+23,699,219 +28.4
+22,838,858
43,951
335,205,610
312,366,752
48,712
50,702
32,905
190,034,685
313,280,306
150,216,263
182,655,383
+7,379,302 +4.0
282,301,557 +30,978,749 +11.0
143,268,789
+6,947,474 +4.8
Total ....J33,124 132.319
653,531,254
608,225,729
+45,305,525
+7.3
+7.4
Total All DLsts.236.891 235,809 1,731,509,130 1,602,513,558 +128,995.572 +8.0
-We have changed our grouping of the roads to conform to the clandflNOTE.
cation of the Inter-State Commerce Commission, and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.
-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
-This region comprises the section north of the southern
Pocahontas Region.
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va.,and south eta line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thenee
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and theme
to Portland and by the Columbia River to the Pacific.
-This region comprises the section south of the NorthCentral Western Region.
western region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
We now add our detailed statement for the last
two calendar years, classified by districts and regions
the same as in the table above and giving the figures
for each road separately.
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC. 31:
Eastern District.
Net
.
-Gros
1928.
New England
1926.
1925.
1925. /no. or Degi
Region$
Bangor & Aroostook 6,927,602 6,862,487 2,098,194
1,948,621
+149,573
Boston & Maine_ ___ 81,625,376 81,628,763 19,269,920 18,641,300 +628,820
Can Nat System
299,432
At!St Lawrence... 2,629,556
2.502.340
86,081 +213,351
Central Vermont- 9,089,724 8.463,639
1,662,974
1.105,721
+267,253
-See Great Lakes Region.
Chic Del & C0T 3
Det Gr Hay & Mil-See Great Lakes Region.
Duluth Win & Pac-See Northwestern Region.
Grand 'Tr West
-See Great Lakes Region.
Can Pao System
Can Pac Lines Me 2,471.864
2,320,034
206,284
-56,494 +282,778
Dul So Sh & AU-See Northwestern Region.
MInn SIP & SS M-See Northwestern Region.
Spokane Internat.-See Northwestern Region.
Maine Central
20,423,812 20,070,587 4.580,542 4.402,795 +177747
New Haven Sys
Cent New Engl.... 7,942,962 7,407,229
2,375,672
1,816,698 +658,974
NYNH & Hart.135,065,836 132.266,423 35,525,575 34,521,041 +1,004,534
N Y Oat & West
-See Great Lakes Region.
N Y Connecting.... 2,995,118 2,782,340
-12,0013
1,7131,894
1,749,888
Rutland
6,759,524 6,440,041
1,230,142
990,541
+239.601
Total (10 reacts) _275,931,374 270,743,883 68,998,623 65,218,198 +3.780,423
Great Lakes
Buff Roth & Pittsb. 18,423,273 16,560,781
2,870,052 +701,629
3.571,681
Can Nat System
All St Lawrence-See New Enland Region.
Central Vermont
-See New England Region.
Chic D & C G J T 3,795,576
1,686,030 +146,910
3,353,723
1,832,940
Det Ord H & Mil_ 8,055.114
7,073,872 3,247,544 2,374.891 +872,853
Duluth Win & Pac-See Northwestern Region.
Grd Trunk West_ 20,590,515 18,635.062 5,676,441
4,184413 +1,492.028
Delaware & Hudson 46,372,172 41,706,543 11,560,032 7,784.502 +3,776,630
Del Lack & Western 88,823,202 83,659,738 26,388.981 21,208,173 +5.130,808
Del & Mackinac_ _ _ 1,625,950
189,312
-11,693
177.619
1,697,184
Detroit Terminal_ _ _ 2,486.459
774,288 -194,564
579.724
2,522.006
Del Tel Shore Line- 4,781,204 4,270,835 2,436,710 2,147,528 +289.182
Erie System
5,810,101
+302,140
Chicago & Erie_ - _ 14,899,485 14,291,275 6,112,241
Erie Co
110,574,019 104,252,181 20,187.767 19,494.820 +692,947
231,948
-28,253
203.693
NJ&NY
1,602,299
1,626,065
911,418
+81,587
N Y Susq & West_ 5,007,416 4,885,304
993,005
Indiana Harbor Belt 11,363.945 11,210,774 3,216,056 3,605.837 -389,781
88,682
Lake Terminal
114,334
+25,652
1,182,481
1,181,021
1,224,772
816,499 +408,273
Lehigh & Bud River 3,567.884
3.053.596
1124
[Vor.. 124.
THE CHRONICLE
-GrosS
1926.
1925.
1926.
8
$
$
Lehigh & New Engl. 5,662,328
5,295,382
1,963,503
Lehigh Valley
80,453,150 74,430.573 19,494,514
Monongahela
6,732,173 5,948,448 3,188,533
Montour
896,034
-14,319
1,154,179
New Haven Sys
Central New Engl-See New England Region.
N Y N H & Hartf-See New England Region.
NY Ont & West_ 13.974,119 12,247,511
3,000,115
NY Central LinesCinn Northm-See Central Eastern Region.
C C C& St Louis
-See Central Eastern Region.
Evans Ind & T H
-See Central Eastern Region.
Michigan Central 95,524,343 91,864,377 30,566,979
NY Central
399,497,436 385,994,503 100,570,901
Pitts & Lake Erie_ 34,205,977 32,026,689 6,659,938
NY Chic & St Louis 54.938,491 54,670,917 14,948,096
446,950
Newburg & So Shore 2,013,708
2,086,098
Pere Marquette
45,799,700 42.710,690 13,913,689
Pitts & Shawmuth
393,130
1,672,914
1,324,498
Pitts & West Va._ 5,156,486 4,856.382 2,253,635
Pitts Shaw & North_ 1,939,831
325,900
1,901,898
Ulster & Delaware... 1,242,253
1,331.587
148,614
Wabash System
Ann Arbor
1.437,035
5,882,293 5.867,692
Wabash & Co_ __. 71,693,341 69,910,301 19,227,661
Net
Inc. or Dec.
1925.
$
$
1,224,230 +739,273
10,997,183 +2,497,331
2,820,671 +367,862
+73,061
-87,380
1,928,093 +1,072,022
29,971,338 +595,641
95,553,545 +5,017,356
+88,632
6.571,308
15,066,716 -118,620
450,506
-3,556
11,985,434 +1,928,255
271,037 +122,093
1,889,114 +364,521
273,931
+51,969
173,550
-24,936
1,428,909
18,829.877
+8,126
+397,784
(Total 33 roads)_ 1170692,256 1113345,000 306,048,414 279,526,552 +26521,862
Central Eastern Region- Ak Can & Youngst_ 3,313,877 3,194,729
1,076,513
1,247,543 -171,030
Bait & Ohio System
Baltimore & 0hlo_252.361,830 237,546,940 66,055,556 58,447.343 +7,608,213
807,819
192.700 +615,119
Staten 151 R T
3,212,307 2,981,137
B & 0 Chic Term._ 3,821,558 3,609.954
835,812
676,142 +159,670
Belt Ry of Chicago- 7,654,329 7,054,575 2,477,122 2,357,560 +119,562
Bessemer & L Erie.- 16,972,124 15,546,685 7,146,845 5,588,392 +1,558,453
1,459,094
607,032
610,955
-3,923
Brooklyn ED Term. 1,523,484
1,463,315
-78,617
-31,961
Buffalo & Susqueh
1,307,499
-46,656
Ches & Ohio System
Chesapeake & Ohio-See Pocahontas System.
19,550,258 19.859,712 5,724,147 5,350,315 +373,832
Hocking Valley
28.251,750 26,574,508 5,645.800 4,490,898 +1,154,902
Chic ar Eastern
1,006,818 , 248,312
360,366 -112,054
Chic & Ill Midland_ 1,471,041
18,598,066 17,688,040 5,270,945 4,816,846 +454,099
Chic Ind & Loulsv
-63,334
Chin Ind & Western 4,940,769 4,787,435
834,146 -897,480
12,891,530 13,911,371 4,098,426 5,483,958 -1,385,532
Det Tol & Ironton
Elgin Jol & Esatem_ 26,432,112 25,006,967 9,200,331 7,595,303 +1,605,028
558,674
349,310 +209,364
Monongahela Conn_ 2,279,700 2,193,570
Y Central Lines4.808,434 4,756,220 1,693,751
1,732,152
-38,401
Cinn Northern
C C C & St Louis_ 94.539,987 92.061.070 2 4,481,322 25,059,588 -578,266
927,075
Evans Ind & T H_ 2,627.307 2,471,268
828,926
+98,149
-See Great Lakes Region
N Y Central
Pitts & Lake Erie-See Great Lakes Region
-See Great Lakes Region
Michigan Central
Pennsylvania System
1,427,348
1.486,831 -101,244
Bait Chas & Ati
-53,087
-48,157
Long Island
39.648,538 36,809.292 10,640,945 9,897,260 +743,685
Pennsylvania---709,817,450 672,136,962 159,456,872 144,997,615+14,459,257
W Jersey & Seash 12,928.921 13,451,533 2,284,816 2,538,213 -253,397
Reading System
4,796,784 5,043,447
Atlantic City_
885,417
902,885
-17,468
60,171,118 55,092,100 14,177.497 13,703,955 +473,542
Central of N J
Perklomen
1,440,281
1,402,134
659,213
628,963
+30,250
Port Reading_
2,476,392 2,496,231
942,210 1,264,545 -322,335
Reading
99,290,136 91,496,379 25,781,385 22,862,864 +2.918,521
Union RR (Pa.)_ _
11,899,781 11,454,385 2,487,835 2,566.482
-78,647
Western Maryland_ 25,259,575 19,861,774 7,854,942 5.896,217 +1,958,725
Wheeling ar L Erie._ 20,925,899 20,395,618 5,941,810 5,994,628
-52,818
Total(31 roads)-1496640185 1414158,094 367,725,229 337,176,327+30,548,902
Total Eastern
Dist.(74 roads)...2943263
2798246 977 742,772,266 681,921,077+60,851,189
Southern District.
gross
Net
1925.
1926.
1926.
1925.
Inc. or Dec.
Pocahontas Region$
$
Chesapeake & Ohio SystemChes & Ohio
133,974,030 123.600,170 43,003,242 34,157,391 +8,845,851
Hocking Valley-See Central Eastern Region.
Norfolk & Western_120,409,039 105,218,991 49.182,125 37,284.175+11,897,950
Rich, Fred & Pot.._ 12,801,738 12,891,177 4,145,381 4,736,136 -590,755
Virginian
23,878,539 18.862,179 10,638,870 7,092.697 +3,546,173
Total(4 roads)-291,063.348 260,572,517
Southern RegionAtl Birm & Atl
5,726,345 5,448,188
All Coast Line SystemAtl & West Point_ 3,173,186 3,184,981
All Coast Line_ _ 07,086,517 93,997,698
CharlTn & W Car 3,862,900 4,118,309
Clinchfield
8,282,199 8,759,853
Georgia
6,122,691 6.112.663
Loulsv dr Nash_ _147,136,531 142,244,307
Louis, Hend&StL 3,756,644 3,838,398
Nash.Chatt&St L 24.023,878 24,000.050
Westem Ry of Ala 3.344,018 3,392,382
Colum & Greenville 1,922.285 1,733,480
Florida East Coast_ 29,427,459 29,132,738
Georgia & Florida- 1.972,838
1,893,914
Gulf, Mobile&North 6,369,584 6,321,030
Illinois Central System
Central Georgia_ 31,850,097 30,229,408
Gulf& Ship Island 3,957,234 3,768,812
Illinois Central_ _ _158,328,258 153,503,185
Yazoo & Mlas Val. 28,198,521 24,666,440
Mississippi Central_ 1,688,878
1,655,520
New Orl Gt North
3,175,000 2,905,044
Norfolk Southern_
10,066,486 9,131,878
Seaboard Air Line_ 67,024,853 62,864,711
Southern Ry• System
Ala Gt Southern_ 10,599,163 10,433,271
C&N 0& Tex Pao 23,310,331 23,433,243
Georgia So ar Fla. 6,764,554 6,749,302
Mobile & Ohlo_ _ _ 19,342,805 19,255,063
New On & N E..' 6,385,549 6,122,253
Northern Alabama 1,484,605
1,580,410
Southern Ry Co_155,467,976 149,313,892
Tennessee Central._ 3,238,513 3,197,233
100,969,618 83,270,399+23,699.219
520,438
420,022
+100,416
729,960
791,916
-61,956
26,384,746 29,031,577 -2,646,831
958,503
1,159,093 -200,590
3,166,604 3,032,805 +133,799
1,246,893
1,179,430
+67,263
34,674,140 33,842,051 +832,089
902.490 1,120,681 -218,191
5,031,018 4.814.954 +216,064
857,738
1,080,992 -223,254
393,353
271,120 +122,233
9,020,861 9,204,887 -184,028
524,266
551,786
-27,520
2,028.657 1,982,990
+45,667
8.077,559 7,491,927 +585,632
-536,225
885,416 -1,421,841
36,649,481 35,598,927 +1,050,554
6,857,059 7,188,171 -331,112
478,002
537.187
-59,185
965,896
911,725
+54,171
2,928,787 2,445,790 +482,997
17,768,383 16,131,347 +1,637,036
3,262,549 3,482,121 -219,572
7,228,133 8,858,977 -1,630,844
1,692,641 2,333,923 -641,282
5,123,095 5,372,420 -249,325
2,421,027 2,379,126
+41,901
624,534
712,761
-88,227
47,601,387 45,501,940 +2,099,447
654,217
780,291 -126,074
Total(30 roads)_.873,089,898 842,987,662 228,235,992 229,096,353
-860,361
Total Southern
Dist.(34 roads). _1164153244 1103560 179 335,205,610 312.366,752+22.838,858
Western Districts.
-------0ross
1925.
1926.
1926,
Net
Northwestern
1925. Inc. or Dec.
Region
Can Nat SystemNew England Region.
Atl St Lawrence-See
-See New England Region.
Central Vermont
Chic Det & C G T J-See Great Lakes Region.
Del Or Haven .3r M11-See Great Lakes Region.
169,424
363,965 -194,541
Duluth Win & Pac__ 2,415,384 2,251,163
Grand Trunk Western-See Great Lakes Region.
System-Can Pars
Can PM Lines inMe-See New England Region.
874,379
Dul So Sb & All... 5,281,270 5,808,935 11,159,940 1,197,900 -323,521
13,594,727 -2,434,787
Minn StP & S S M 46,858,738 49,670,264
452,719
1,254,965
419,131
+33,588
Spot Internat'l- 1.285,290
-GTOSS1926.
1925.
$
1926.
$
Chic & N W Sys
Chic & NW
154,335,724 148,538,269 33,747,341
Chic St PM & 0_ 26,433,019 26,850,133 5,160,070
Chic Great Western 25,359,001 24,502.760 5,331,505
Chic Mil & St Paul_160,538,440 162,020,693 32,137,272
Chic River & Ind..._ 6,931,271 6,839,269 2,410,274
Dul & Iron Range
7,041,389 6,813,654 2,449,921
Dul Missabe dr Nor.. 18,943,968 18,054.509 10,576.586
Great Northern_ _ _117,383,909 114,924,960 42,098,445
Green Bay & West'n 1,645,802 1,578,446
374,490
Lake Sup & Ishp__ _ 2,451,312 2,252.532 1,014,259
Minneap & St Louis 14,733,725 15,074,273 1,428,335
Northern Pacific_ _ 97,351,042 97,864,555 29,090,098
Spok Portl & Seattle 8,649,180 8,184,940 3,380,113
Un Pacific System
Los Aug & Salt Lake-See Central Western Region.
Oregon Shore Line-See Central Western Region.
Ore Wash Ily & N 30,510,001 27,872,713 8.179,514
St. Joseph & Grd Is
-See Central Western Region.
Union Pacific Co
-See Central Western Region.
Net
1925.
Inc. or Dee.
$
32,912,214 +835,127
5,369,425 -209,355
4,690,042 +641,463
31,571,061 +566,211
2,121,141 +289,133
2,083,255 +368,666
9,833,539 +743,047
39,097,672 +3,000,773
437,770
-63,280
878,932 +137,327
1,854,105 -425,770
27,892,078 +1,198,020
2,924,172 +455,941
5,416,254 +2,763,260
Total(18 roads).-728,126,465 720,357,033 190,034,685 182,655,383 +7,379,302
Western District.
1926.
1925.
1926.
Central Western Region
Atchison SystemAtch Top & S Fex209,337,546 196,439,057 74,533,960
Gulf Colo & S Fe-See Southwestern Region.
Panhandle & S Fe-See Southwestern Region.
Bingham & Garfield.
563,563
604,219
153,429
Chic Burl & Quincy_161.317,442 159,155,178 44,854,634
Burlington Route
Quincy Om & K C
940,438
1,010,855
-20,095
Colo & Southern_x13,152,809 12,365,588 2,889,914
Ft Worth & Den Lx13,298,548 11,504,381
5,463,235
Wichita Valley-See Southwestern Region.
Chicago & Alton__ 31,474,823 31,077,084 7,265,519
Denver & Rio Or W. 34,030,3079 33,629,464 9,415,995
Denver & Salt Lake_ 4,268,447 3,889.321
542,590
Nevada Northern__
970,401
1,028,415
494,640
Northwest Pacific__ 7.009,347 7,045.831
1,873,368
Peoria & Pekins Un_ 1,773,839
1,869,476
450,595
Rock Island System
Chic RI & Gulf.. x7,142,857 6,284,573 2,457,442
Chic R & Pee_ _ _x130,768,558 124,398,673 32,641,717
Southern Pacific LinesGaiv liar & San Ant
-See Southwestern Region.
Houston & Tex Cent
-See Southwestern Region.
Houston E & W Tex-See Southwestern Region.
Louisville Western-See Southwestern Region.
Morgans La & Tex-See Southwestern Region.
Texas & New Orl-See Southwestern Region.
Southern Pacific_x213,970,447 210,374,317 87,552,566
Tol Peoria & West__ 1.524,845
1,617,067
1,037
Union Pacific System
Los Ang & S Lake. 24.561.748 24,544,104 5,349,623
Oregon Short Line:36,372,207 35,491,692 11,189,850
Ore-Wash-Ry & N-See Northwestern Region.
St Jos & Gr Isl... x3,586,348 3,505,699
908,134
Union Pacific Cox113,972,308 110,131,391 39,927,737
1,642,631
1,739,790
554,491
Utah
Western Pacific..... 16,057,065 15,569,045 4,781,925
Net
1925.
Inc. or Dec.
61,641,590+12,892,370
152,897
+532
42,483,309 +2,371,325
-82,635
+62,540
2,649,713 +240,201
4,349,350 +1,113,885
7,650,112
8,835,215
767,983
435,730
1,842,317
457,833
-384,593
+580,780
-225,393
+58.910
+31,051
-7,238
1,756,784 +700,658
28,156,976 +4,484,741
61,667,682 +5,884,884
-65,731
+66,768
4,960.420
10,298,779
+389,203
+891,071
980,663
-74,529
38,521,967 +1,405,770
604,500
-50.009
4,236,103 +545,822
Total(22 roads)_ _1027736526 993,275,220 313,280,306 282,301,557+30,978,749
Southwestern Region
Atchison SystemAtch Topeka & Sante Fe-See Central Western Region.
7,756,286 +1,971,435
Gulf, Col & S Fe_ 33.467,548 29,252,164 9,727,721
Panhandle & S Fe 16,235,221 11,251,307 6,019,326 4,002,924 +2,016.402
Burlington Route
Quincy, Om dr K C
-See Central Western Region.
Colo Southern-See Central Western Region.
Ft W at Den City-See Central Western Region.
1,784,185
846.337
Wichita Valley.... 1,721,449
904,463
-58,126
348,418
513,853 -165,435
rc Smith & Western 1,773,705 1,896,725
Frisco Lines
-76,185
1,399,498
Ft W & Rio Gr.. 1,298,032
51,151 -127,336
St Louis,San Fran 89,538,956 90,058,611 27,581,061 27,731,487 -150,426
510,540
StLouls S F of Tex 2,030,352 2,204,156
626,083 -115,543
1,580,754
745,744
Galveston Wharf... 2,007,301
451,287 +294,457
C Mex Or Lines
-K C Mex Orient__ 2,422,970 2,411,096
-54,046
132.100 -186,146
K C Mex Or of Tex 4,317,801
3,189,212
817,547
562,928 +254,619
K C Southern SystemTexark & Ft Sm__ 3,019.611
2,933,697
1,373,819
1,292,797
+81,022
Kansas Okla & Gulf 2,554,325 2,518,478 -260,781
258,887 -519,668
K C Southern
18,902,335 18,231,458
5,999,469 5,286,555 +712,914
Louisiana & Ark.__ 4,295,438 4,090,952
1,471,996
1,368,649 +103,347
Louis Ry & Nay._ _
673,894
+14,288
888,182
3,830,970 3,859,607
L Ry&Nav of Tex- 1,300,874
-75,518
256,487
1,347,257
180,969
1,604,207 +158,306
Midland Valley.- 4,314,245 4,382,168
1,762,513
-09,266
Missouri & N Ark
113.091
13,825
1,759,085
1,548,341
Missouri Kansas Texas LinesMo Kansas Texas 35.532,896 35,325,003 11,884,275 12.463,354 -579,079
Mo Kan TexofTex 22,567,869 22,167,911
6,237,420 5,411,432 +825.988
Missouri Pacific System
948,690 -156,923
Bea' S Lake & W 2,868,311
,
791,767
2,803,705
Int Great North_ _ 19,245,644 17,083,748 4,171,202 3,565,998 +605,204
Missouri Pao Co_ 133,990,294 130,831.661 31,138,350 28.555.162 +2,583,188
772,671
864,040
-91,369
N Orl Tex & Mex 3,522,872 3,442,446
2,989.437 +314,394
St L Browns&Mex 9,786,533 8,169,098 3.303,831
480,914
323,932 +156,982
San Ant Uv&Gulf 1,885,406
1,447,849
Texas & Pacific
35,449,650 35,272,899 8,961.262 8,819,097 +142,165
St. Louis Southwestern Lines
St L Southwestern 18,201,955 18,232,233 6,203,579 5,860,051
+343,528
135,791
346.353 -210,562
St L S W of Tex
7,490,870 7,900,029
Southern Pacific Lines
Gal Har & San Ant 30,426,108 29,540,520 6,007,083 6,181,600 -173,917
3,533,343
+15,378
Houston & T Cent 14.453,822 14,775,807 3,548,721
1,065,459
944,721
+120,738
Houst E&W Tex_ 3,335,849 3,387,783
945.448
1,109.707 -164,259
Louisiana Western 3,873,876 4,274,112
135,688
934,424 -798.736
Morgan La & Tex 8,165,559 8,503.946
1,770.985 2,562,318 -791.333
10,317,167 11.095,852
Texas dr N Orl
Southern Pacific Co.
-See Central Western Region.
4,730,781
4,234.072 +496,709
Term Ry Asso of S L 13.537,818 13,166,731
233,981
33,929 +200,052
Trinity & Brazos Val 2,816,502 2,652,732
Total (37 roads)_572,259,209 554,013,711 150,216,263 143,268,789 +6,947,474
Total Western
Dist.(77 roads)__2328122200 2267645964 653,531,254 608,225,729+45,305,525
Grand total (185). 6,435,539,259 6,169.453,120 1,731,509,130 1,602,513,553 + 123,995,672
Italian Government Declines to Participate in Conference on Naval Limitation Proposed by
President Coolidge.
Advising the United States that in its view the limitation of armaments, to be efficacious to the ends referred to
by President Coolidge "should be universal" and that inasmuch as there "exists an undeniable interdependence of
every type of armament of every single power . . . it is
not possible to adopt partial measures between only the
FEB. 26 1927.]
THE CHRONICLE
1125
Italy has, in fact, only three lines of communication with the rest of the
world, three oblgatory routes, through Suez, Gibraltar, and the Dardanelles,
for provisioning itself.
Italy has an enormous coast development with populous cities and vital
centers on the coast or a short distance from it, with two large islands,
besides the Dodecanese, all of which are linked to the peninsula by lines
of vital traffic.
Italy has four important colonies to protect; two of which are beyond
the Suez Canal.
In fact, Italy must also consider the other nations which face on or can
appear in the Mediterranean, particularly favored by their geographical
position amid essential lines of communication, and which have under construction many units of various types or are elaborating naval programs of
great strength.
The Italian Government has submitted to serious examination the memo.
For the reasons above stated the government of His Majesty feels confirandum handed on Feb. 10 by the Ambassador of the United States of dent that the government of the United States will take into
account the
America to the Prime Minister, Minister for Foreign Affairs.
reasoi why Italy cannot, to its regret, accede to the proposal contained in
The said memorandum explains the principles have inspired the Wash- the r morandum of Feb. 10.
ington Government in proposing that, before the contemplated InterFm Washington advices Feb. 24 to the New York
national Conference for the Reduction and the Limitation of Armaments,
negotiations be initiated beetween the five Powers signatory of the Treaty "Tir tes" we take the following:
for the purpose of studying the limitation of certain
of Washington of 1922
Oral explanations have been made at the State Department by Noblle
categories of naval armaments not covered by said treaty.
Giacomo de Martino, the Italian Ambassador, of the note from Italy reThe Italian Government appreciates fully the high spirit which has jecting the proposal of President Coolidge for a five-Power naval limitation
guided the President of the United States of America in addressing his conference at Geneva. These explanations are understood to have softened
message to Congress on the same day in which the memorandum of the considerably the effect of the formal communicatino.
American Government was handed to the governments of the great Powers
The Ambassador made his explanation when, in accordance with diplointerested. The appreciation of the Italian Goverment has all the greater matic custom, he presented a copy of the note.
value since Italy has always associated herself with every international acWhether the attitade of Italy, as now understood at the State Departtivity tending to establish upon a solid base the tranquility and peace of ment. will make it possible for her to accept the American invitation has
the world.
not been disclosed, but there has been no disposition to challenge reports
That spirit which has guided Mr. Coolidge is, so to say, the heritage of that the Italian position might have been revealed in a less unfavorable
the Italian Government and people.
light in the note had it not been for the French position on armaments and
Italy, in fact, has not only adhered to the Washington Conference, but the earlier flat rejection by that Government of the Coolidge offer. Could
has concluded during the past five years more treaties of friendship and Italy be assured of a continuance of naval parity with France, as established
arbitration than those stipulated by any other European State. Her actual by the Washington conference of 1921-22, it is believed she might be in a
military expenses, and, above all, her naval budget, in which there is ap- more acceptable mood.
propriated 800,000,000 lire annually, equal to about $13,000,000, for new
naval construction, demonstrates clearly that the "far-reaching building
programs" alleged in the message certainly cannot refer to Italy.
Japanese Government Accepts Invitation of President
The American Government proposes in its memorandum that the Italian
Coolidge to Participate in Conference on Naval
Government empower its representative on the Preparatory Disarmament
Limitation.
Commission to initiate negotiations at Geneva with a view to concluding
agreements which, in anticipation of a global limitation of naval, land
The Japanese Government has indicated its willingness
and air armaments, shall regulate naval armaments by limiting the construction of those lesser vessels which were not contemplated in the accords to participate in a new conference to discuss the further
of 1922.
limitation of naval armament, in accordance with the proAs regards such a proposal, the government of His Majesty must above posal of President Coolidge. Japan is the first of the four
all state that in principle and as far as concerns the Continent of Europe
its point of view is that there exists an undeniable interdependence of every powers to which the invitation was extended to agree to
type of armament of every single Power, and furthermore that it is not participation in the proposed parley. The declination of the
possible to adopt partial measures between only the five large naval French Government was indicated in our issue of a
week
Powers.
The Italian Government thinks that the limitation of armaments, to be ago, page 1003, and Italy's rejection is noted in another
efficacious to the ends referred to by Mr. Coolidge, should be universal and item in this issue. In replying to the memorandum of
recalls in this connection that the example of Washington was not accepted
President Coolidge (given in our issue of Feb. 19, page 1003)
by the minor naval Powers and that the conference held at Rome in February 1924 for the extension of the principles of the Washington Treaty to the Japanese Government states that it fully "shares with
the Powers not signatory thereto was a failure.
the American Government the views expressed in that
Then, as concerns Italy more specifically, the Italian Government bememorandum on the desirability of an agreement calculieves it can invoke the same geographical reasons referred to in the message of President Coolidge. If the United States, by reason of their geo- lated to complete the work of the Washington Conference
graphical
has been able to reduce land armament to the minimum, for the prevention of competitive naval building" and welItaly by reason of its unfavorable geographical position cannot expose itself
position,
witheut grave risks to a binding limitation of its maritime armaments, comes "the initiative taken by the American Government
which are already insufficient to the needs of its defense.
(Continued on page 1131.)
five large naval powers," the Italian Government announces
that it "cannot to its regret accede to the proposal contained in the memorandum of Feb. 10" in which President
Coolidge proposed a further conference on naval limitations.
The reply of the Japanese Government agreeing to participation in the conference appears elsewhere in this issue, while
that of France declining participation appeared in these
columns last week, page 1003. The translation of the reply
' of the Italian Government was made public as follows at
Washington on Feb. 21.
The New Capital Flotations During the Month of January
The new capital flotations during January were of very recorded, the total then having been 81,327,395, against
exceptional proportions, while yet not breaking the record the present totalfor January 1927 of $877,075,418. Financing
in that respect. It seems desirable.to make this latter point was large under each of the different heads, with the municiat the outset, since there were frequent references in the pal awards the largest of any month on record. The cordaily papers during the course of the month to the magnie porate emissions, however, domestic and foreign, form the
of the month's financing and the impression was thereby vast preponderating proportion of the whole, though it
created that all records had been broken. The month takes happens that these corporate emissions,while of huge extent,
high rank in that regard, but the total does not happen to have been exceeded twice in January of former years. The
surpass all previous high totals, though it comes very close present amount of the corporate flotations is $610,034,900.
to the best. Our tabulations, as always, include the stock, In January last year it was $614,549,239 and in January 1923,
bond and note issues by cor orations and by States and $622,048,786.
municipalities, foreign and domestic, and also Farm LOan
A bigger proportion than usual of the securities brought out
emissions. The grand total of the offerings of new securities in January of the present year consisted of refunding issues,
under these various heads during January amounted to that is securities placed to take up or retire existing issues,
no less than $877,075,418. This compares with $621,764,765 which shows the importance of segregating these from the
in December, with $697,961,617 in November, with 8579,- rest. Of the grand total of $877,075,413 of all capital
018,819 in October, with $541,128,633 in September and emissions for January 1927, $133,630,300 was for refunding;
with only $351,822,154 in August, a dull summer month; of the corporate emissions of 8610,084,900, $102,531,800
but with $581,471,484 in July, with $727,146,502 in June, was for refunding. We have stated that the municipal
With $664,938,357 in May, with $638,372,147 in April, with awards had been the largest of any month on record. They
$652,778,436 in March, with $609,153,480 in February and amounted to $171,072,218 for January 1927, against only
with $739,645,781 in January last year.
$72,032,745 for January 1926. The fact that the City of
It will be observed that this year's January total is well New York put out a loan for $60,000,000 during the month
ahead of that for any month of 1926 and exceeds that for the served to swell the total the present year, though municipal
corresponding month of last year by over $137,000,000, issues were large apart from this.
Financing during the opening month of the year is nearly
In analyzing the corporate offerings made during January,
always on a big scale and back in January 1923 the grand it is found that for the first time since May of last Year.(1926)
aggregate of the new issues was even larger than that now the volume of financing undertaken by public utility cora.
1126
THE CHRONICLE
[vol.. 124.
panies during the month was in excess of that negotiated on 5s, 1947, offered at 103, to yield 4.76%, and $9,500,000
behalf of industrial organizations or the railroads. Reaching Illinois Power & Light Corp. deb. 53/28, 1957, brought out
no less than $309,084,425 the total for the month shows an at 963/2, yielding 5.75%.
impressive gain over the December output of only $136,655,Railroad issues worthy of special mention comprised:
702. Industrial offerings during January were also larger $4,136,000 Georgia & Florida RR. 1st mtge. 6s "A," 1946,
than in the previous month, the figures being $291,604,475 offered at 98, yielding 6.17%, and $3,000,000 Gulf Mobile
for January and $249,477,903 for December. New issues & Northern RR. Co. 1st mtge. 5s "C," 1950, sold at 993(,
by railroads during January totaled only $9,346,000 as yielding 5.02%.
Seven separate foreign government loans were floated in
against $43,170,000 brought out in December.
Total corporate offerings in January were, as already this country during January. They totaled $52,383,300
stated $610,034,900, and of this amount long-term issues and were as follows: $27,000,000 Government of the
accounted for no less than $490,703,000, short-term issues Argentine Nation 6% Sanitary Works loan, due 1961,
comprised only $10,821,000, while stock issues made up the offered at 983, yielding 6.10%; $10,000,000 State of Rio
remainder of $108,510,900. The portion used for refunding Grande do Sul (Brazil) ext. 7s, 1966, issued at 98, yielding
purposes was large, being as noted above $102,531,800, or 7.15%; $6,500,000 Province of Mendoza (Argentine) ext..
almost 17% of the total. The more prominent issues brought secured 73/2s, 1951, brought out at 98%, yielding 7.60%;
out during the month entirely or mainly for refunding were: $5,000,000 Dominican Republic customs administration
$25,000,000 San Joaquin Light & Power Corp. unif. & ref. 53/2s, 1940, sold at par; $3,000,000 Municipality of Medellin
mtge. 5s,"D" 1957, of which $22,725,000 was for refunding; (Colombia, S. A.) ext. secured 7s, 1951, offered at 933,
$25,000,000 North American Edison Co. deb. 5s,"A" 1957, 933, yielding 7.60%, and two small 8% internal issues of
of which $20,710,000 was for refunding; $10,500,000 Boston Republic of Chile, aggregating $883,300, priced at $121
•
Consolidated Gas Co. deb. 5s 1947, of which $10,000,000 per 1,000 pesos, yielding 8%.
Four farm loan issues aggregating $24,250,000 came on
was for refunding and $9,500,000 Illinois Power & Light
Corp. deb. 53/2s 1957, the entire amount of which was for the market in January, the yields on them ranging from
refunding. In December $76,076,000, or nearly 18%, was 4.15% to 4.62%. Included in the month's business was
for refunding, while in January last year $68,706,575, or an offering of $20,000,000 Federal Land Bank 43's, 1937-57
only slightly over 11%, was for the purpose of refunding at 1003, yielding 4.15%.
existing securities.
Offerings Which Do Not Represent New Financing by the
The total of $102,531,800 used for refunding in January
Companies.
this year comprised $78,683,800 new-long-term to refund
Offerings of various securities made during the month,
existing long-term; $10,000,000 new long-term to replace which did not represent new financing, by the companies
existing stock; $8,255,500 new stock to replace existing long- whose securities were offered and which therefore are not
term and $5,592,500 new stock to replace existing stock.
included in our totals, embraced the following: $16,500,000
Foreign corporate issues sold in this country during January Victor Talking Machine Co. 7% cum. prior preference stock,
amounted to $66,912,500 and comprised the following: offered at $98 per share, yielding 7.14%; 95,000 shares of
Canadian: $1,225,000 Campbell River Timber Co., Ltd., $6 cum. convertible preferred stock of the same company
1st mtge. 6s 1932-41, issued at par, and $1,000,000 the offered at $90 per share, yielding 6.66% and also 415,000
Rowntree Co., Ltd.,(Canada), 1st mtge.6s 1937, also issued shares of the company's common stock, sold at $38 per
at par. Other foreign: $25,000,000 the Batavian Petroleum share, involving $15,770,000; $5,000,000 Cities Service Co.
Co., 15
-year guar. deb. 43/2s 1942, offered at 963(, to yield common stock, offered at prevailing market, to yield in
4.85%; $10,000,000 International Power Securities Corp., cash and stock dividends over 8%; $5,000,000 Seaboard
secured 7s "E" 1957, offered at 96%, yielding 7.30% and Air Line Ry. ref. mtge. 4s, 1959, offered at 7634, yielding
$6,000,000 secured 7s"F" 1952, of the same company offered 5.60%; 23,000 shares the Curtis Publishing Co. $7 cum.
at 953/2, yielding 7.40%; $10,000,000 "Montecatini" dividend preferred stock, sold at 11734, yielding 6%; 60,000
Societa Generale per I'Industria Mineraria ed Agricola shares of common stock of Mead, Johnson & Co. sold at
(Italy) deb. 7s 1937, brought out at 963/2, yielding 7.50%; $393/2 per share; $1,500,000 National Public Service Corp.
$6,000,000 Lombard Electric Co. (Italy) 1st mtge. 7s "A" 7% preferred "A" issued at 96, yielding 7.29%; $1,000,000
1952, sold at 94, yielding 7.50%;$6,000,000 United Electric City of Paris (France) 6s, May 1 1930, sold at a price to
Co. (Union Esercizi Elettrici) "Unes," Italy, 1st mtge. yield 6.50%; $1,000,000 Sharp & Dohme, Inc. (Baltimore)
7s "A" 1956, offered at 953/2, yielding 7/%; $1,100,000 7% cum. preferred stock, offered at 101, yielding 6.93%
Danish Export Credit Committee 43/2% notes 1929-34, sold and $775,000 (The) Georgian, Inc. (Boston) class "A"
at prices ranging from 100 to 95.68 and yielding from 4.50% preference stock (par $20) offered at $21 per share.
The following is a complete summary of the new financing
to 5.25% and 25,000 sub-shares Of Carib Syndicate, Ltd.,
-corporate, State and city, foreign Government, as well as
offered at $233/2 per sub-share, involving $587,500.
As to the domestic offerings, the largest single corporate Farm Loan issues-for January. It should be noted that
issue of the month was $50,000,000 General Motors Ac- in the case of the corporate offerings we subdivide the figures
Ceptance Corp. deb.6s, 1937,issued at par. Other important so as to show the long-term and the short-term issues separindustrial offerings were as follows: $35,000,000 Gulf Oil ately, and we also separate common stock from preferred
Corp. of Pa. deb. 5s, 1947, sold at par; $15,000,000 Solvay stock.
American Investment Corp. secured 5s "A," 1942, sold at SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
99%, yielding 5.02%;$8,000,000 California Petroleum Cogp
convertible deb. 5s, 1939, offered at 963/2, yielding 5.40%;
Total.
New Capital. Refunding.
1927.
$8,000,000 Porto Rican-American Tobacco Co. secured
$
$
$
MONTH OF JANUARYconvertible 6s, 1942, brought out at 99, yielding 6.10%; Corporate
88,683,800 424,378,000
Domestic
-Long term bonds and notes 335,694,200
10,821.000
$7,500,000 General American Investors, Inc., deb. 5s "A,"
10,821,000
Short term
52.356,825
2,848.000
55,214,825
Preferred stock
1952, issued at par, and $6,500,000 Two Park Avenue
41.708,575
11,000,000
52,708,575
Common stocks
2,225,000
2,225.000
Canadian-Long term bonds and notes
Building(N. Y. City) 1st mtge.fee 6s, 1941, offered at
tpar.
Short term
Preferred stocks
The principal public utility offerings during Januadr were
Common stocks
as follows: $30,000,000 Indianapolis Power & Light Co. Other For'n-Long term bonds& notes 64300.000
64,100,000
Short term
Corp.) 1st mtge. 5s "A," 1957, offered at 98,
(Indiana
Preferred stocks
587,500
587,500
Common stocks
yielding 5.13%; $12,000,000 of 632% cum. pref. stock of
/
507.503,100 102,531,800 610,034.900
Total corporate
same company at 98, yielding 6.63%; $27,500,000 The
the
25,383,300
27,000,000
52,383,300
Foreign Government
Narragansett Co. coll. tr. 55 "A," 1957, sold at 99, yielding Farm Loan Issues
24,250,000
24,250,000
War Finance
5.06%; $25,000,000 San Joaquin Light & Power Corp. unif. Municipal Corporation
160,973,718
4,098,500 171,072.218
17,950,000
17,950,000
•
& ref. mtge. 5s "D," 1957, offered at 983/2, yielding 5.10%; Canadian
1,385.000
1,385,000
United States Possessions
$25,000,000 North American Edison Co. deb. 5s "A," 1957,
743.445.118 133.630.300 877.075 41/1
(Iran el Mt.!
yielding 53/2%; 375,000 shares of Columbia
brought out at 98,
In the elaborate and comprehensive table on the succeedGas & Electric Co. common stock, offered at $60 per share,
involving $22,500,000; $15,000,000 Electric Bond & Share ing page, we compare the foregoing figures for 1927 with
Co. 6% oum. pref. stock, sold at 1073/2, yielding 5.58%; the corresponding figures for the four years preceding, thus
$15,000,000 Southern California Edison Co. ref. mtge. affording a five-year comparison. We also furnish a detailed
5s, 1951, issued at 983/2, yielding 5.10%; $12,500,000 analysis for the five years of the corporate offerings, showing
Southwestern Gas & Elec. Co. 1st mtge. 5s "A," 1957, to separately the amounts for all the different classes of coryield 5.25%; $10,500,000 Boston Consolidated Gas Co. deb. porations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JANUARY FOR FIVE YEARS.
1924.
1923.
1925.
1926.
1927.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Refunding.
Total.
$
$
$
25,942.400 213,637.100 328,512,202 129,982,798
187.694,700
20,372,425 271.797,000
56,680,000 357.498,000 251,424,575
300,818,000
88,683,800 424,378,000
19,125,000
17,366,000
9,454,000
19,125,000
62,400,000 106,400,000
43.059,195
44,000,000
43,059.191
10,821.000
15,355,000
75,041.120
36,172,266
15,355,000
1,683,500
44.601,000
82.503,242
42,917,500
4,100,000
78,403,242
55,214,825
2,848,000
50,581,737
21,003.640
2,316.760
1,850,000
48,731.737
25.799,685
687,500
25,112,185
73,518,802
2,676.575
70,842,227
52,708,575
11,000,000
2,200,000
15,000,000
10,050,000
4.950,000
9,250,000
5,250,000
4,000,000
2,225,000
FEB. 26 1927.]
THE CHRONICLE
MONTH OF JANUARY.
New Capital.
Corporate—
$
Domestic—
Long term bonds and notes_ 335.694,200
10,821,000
Short term
52,366,825
Preferred stocks
41,708,575
Common stocks
Canadian—
2,225,000
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Other Foreign—
64,100,000
Long term bonds and notes_
Short term
Preferred stocks
587,500
Common stocks
507,503,100
Total corporate
25,383,300
Foreign Government
24,250,000
Farm Loan Issues
War Finance Corporation
166,973,718
Municipal
17,950,000
Canadian
1.385,000
United States Possessions
743,445,118
Grand Total
102,531.800
27,000,000
4,098,500
133.630,300
33,000,000
33,000.000
587.500
610,034.900
52,383,300
24,250,000
10,000,000
5,720,000
545,842.664
15,899,000
5,000,000
10,000,000
5,720,000
614,549,239
24,972,000
5.000.000
413,404,260
8,000,000
36,875,000
171,072,218
17,950,000
1,385,000
877,075,418
70,285,845
17,343.797
5.748,000
660,119,306
72.032,745
17,343,797
5,748,000
739.645.781
132.894.622
4,000,000
3.000.000
598.173,882
68,706.575
9,073,000
1,746,900
79.526.475
2,200,000
6,000,000
33,000,000
12,000.000
6,000.000
95,193,425
508.597,685
8.000.000
36,875,000
276.906.437
8.490,000
69,000,000
27,792.400
40,000,000
304.698,837
48,490.000
69,000.000
444,122,962
44.000,000
94,000,000
177,925,824
6.000.000
622.048,786
50.000.000
94,000.000
2,416,500
135.311,122
4.000,000
3,000,000
695,783.807
98.552,856
23,316,562
50,000
476.315,855
1,072,614
3,000,000
99,625,470
26,316.562
50.000
548.180.869
95,863.109
18,153,000
130,000
696,269,071
1,132,500
96,995,609
18,153,000
130.000
881,327,395
33.000,000
12,000,000
64,100,000
Total.
458.495,000
26.820.000
111.213.366
23.320.400
97,609.925
71,865.014
185,058.324
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JANUARY FOR FIVE YEARS.
1923.
1924.
1925.
1926.
1927.
MONTH OF JANUARY.
iTotal.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
otal.
New Capital. Refunding.
$
$
Long Term Bonds and Notes—
$
$
50,802,000
4,000,000
54,802.000
45,608,600
Railroads
45,608,600
22,592,000
5,380,000
17,212,000
46.670,000
15,023,000
31,647,000
9,346,000
6,380,000
2,966,000
44.833.000 111,773,000
66,940,000
Public utilities
20,374.500 125,177.000
101,802,500
10,559,000 162,778,500
152,219,500
136,560,000
25,766,000 162,326,000
144,377,700
83,724.800 228.102,500
151,683,139
45,866,861 197.550.000
Iron, steel, coal, copper, &c
3,585,000
3,585,000
11,700,000
11,700,000
27,000,000
900.000
26,100,000
1.000,000
1,000,000
6,000,000
6.000.000
Equipment manufacturers
1,270,000
1,270,000
1,860,000
4,000,000
2,140,000
Motors and accessories
1,000,000
350.000
650,000
50,000,000
50,000,000
1,873,937
9.200,000
7,326,063
16.742,500
5,567,900
Other industrial and manufacturing
11.174,600
731,200
31,293,500
57,325,000
30,562,300
39,959,000
17,366,000
40,450,000
39,782,000
668,000
Oil
5.000,000
22,500,000
25,400,000
17,500,000
900.000
24.500.000
68.000,000
68,000,000
21,385,000
21,385.000
16,574,000
16,574.000
Land, buildings, &c
48,373,000
2,805,000
53,927,000
45,568,000
51,952,000
1,975,000
67,959,500
66,634,500
1,324.,000
Rubber
1,100,000
1,100.000
1.500,000
1.500.000
5,000,000
Shipping
4,315,225
684.775
24.436.000
31,549,000
55,985,000
10.450.000
10.450,000
Miscellaneous
14,560,000
1,282,000
13,278,000
26,000.000
26,000.000
24,575,000
24,575,000
25,942,400 219,637,100 330,712,202 129,982,798 460,695,000
Total
30,422,425 319,797,000 193,694.700
61.930,000 399,748,000 289,374,575
337,818,000
88,683,800 490,703,000
402,019,200
Term Bonds and Notes—
Short
400,000
Railroads
400,000
2,570,000
2,570,000
35,650.000
12,000.000
23,650,000
9,750,000
Public utilities
9,750,000
2,750,000
2,750,000
125.000
125,000
16,400,000
16.400,000
Iron, steel, coal, copper, &c
1,000,000
1,000.000
1,150.000
1,150,000
Equipment manufacturers
14,046,000
9.454,000
23,500.000
Motors and accessories
4,000,000
4,000,000
Other industrial and manufacturing
2,000,000
2,000,000
750,000
750,000
16,000,000
16,000,000
50,000,000
50,000,000
Oil
2,800,000
2,800,000
3,115,000
Land, buildings, &c
3,115,000
5,421 ,000
5,421,000
25,000,000
Rubber
25.000,000
5,000,000
5,000,000
Shipping
2.000,000
2,000,000
3,000.000
3,000.000
5,194.195
Miscellaneous
5,194,195
650,000
650,000
26,820,000
9,454,000
17,366.000
19.125.000
19,12o.000
43,059,195
62,400,000 , 118,400,000
56,000,000
Total
43.059,195
10,821,000
10,821,000
Stocks
-26,823.737
26,823,737
Railroads
31.536,286
31,536.286
8,350.000
8,355,000
39,296,000
37.732.500
1.563,500
34,170,242
34,170,242
Public utilities
78,231,925
67,231,925
11,000,000
1 .066,760
5,933,240
7.000.000
840,000
840,000
4.190,000
4,190,000
Iron. steel, coal, copper, Sic
2,588,500
Equipment manufacturers
2,588,500
6,375,000
1,335.000
5,040,000
13.751,900
Motors and accessories
13,751,900
19,192.734
9,18,000
20,680.000
1.487.266
7,668,000
1.850,000
16,039,435
15,351,935
50,386,135
687,500
3.976.575
46.409,560
Other industrial and manufacturing
11,630,225
11,630,225
1.000.000
1.000,000
16,200,000
16,200,000
3,900,000
3.900,000
18.457,140
15,657,140
Oil
2,800,000
587,500
587,500
700.000
700,000
2,720,000
1,288,500
120,000
2,600,000
Land, buildings, &c
1,288,500
1,000,000
1,000,000
1.064,537
Rubber
1,064.537
2.000,000
2,000,000
Shipping
34.600 000
33.342.500
3.500,000
67.942.500
3,500.000
4,255.250
4.255.250
50,035,090
Miscellaneous
50.035,090
15,061.250
2,848,000
12,213,250
96.044,760
65,936,737
38.489.026 134.533,786
1 .850,000
64.086,737
70.400,685
2,371,000
68,029,685
Total
6,776,575 171,742,044
164,965,469
13,848,000 108,510,900
94,662,900
Total—
72,432,337
4.000.000
50,802,000
54,802,000
72,432,337
22,992.000
5,780,000
17,212.000
46.670,000
15,023,000
31.647.000
Railroads
9.346,000
2,966,000
6,380.000
44.833.000 145.879.286
101.046,286
113,157.500
20.374,500 133.532,000
24,122,500 237.724.500
25,766.000 206.246,242 213.602,000
180.480,242
Public utilities
214,359,625
94,724,800 309,084.425
157,616,379
46,933,621 204.550.000
4,550,000
4.550.000
32.290.000
32,290,000
27.000,000
900,000
26,100.000
Iron, steel, coal, copper, &c
1,000,000
1,000,000
6,000,000
1.000,000
6.000,000
1.000,000
1,150.000
1,150,000
2,588,500
Equipment manufacturers
2,588.500
1,270,000
1,270,000
12,649.000
21,226,000
33.875.000
1,000,000
350,000
650,000
13,751,900
13.751,900
Motors and accessories
50,000,000
50,000,000
26,518.797
26.260.500
29.880.000
3,361.203
18,842.600
7.417,900
51,332,935
49,914.235
1,418,700
86.368,560
21.342.575 107,711,135
53,412,225
Other industrial and manufacturing
54,080,225
668,000
1 ,750.000
1,750.000
32.200,000
32,200.000
76,400,000
55,000,000
21,400,000
43,857.140
40,157,140
3.700,000
00
68,587.500
68,587,500
17,274.000
21.385,000
21.385.000
17,274,000
53,893,000
2,925,000
50.968,000
58,330,500
Land, buildings. &c
56,355,500
1,975,000
73,055,500
1,325,000
74,380.500
27.164,53/
27,164,537
2,000,000
2,000,000
Rubber
1,500000
1,500,000
10,000,000
4,315.225
5,684.775
Shipping
57,778.500
15.950.000
66.149.000 123.927.500
15,950,000
21.815.250
1,282,000
81,229,285
20.533,250
81.229,285
37,438,250
Miscellaneous
40,286,250
2,848,000
276.906.437
27.792.400 304.698.837 444.122.962 177.925.824 622.048.786
95.193,425 508.597.685
68.706.575 614.549.239 413,404.260
545.842,664
507,503.100 102,531,800 610,034,900
Total corporate securities
1128
TH
CHRONICLE
[VOL. 124.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JANUARY 1927.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads
4,136,000 Refunding; new construction
3,000,000 Additions and betterments
300,000 New equipment
To Yield
About.
Price.
Company and Issue, and by Whom Offered.
6.17 Georgia & Florida RR. 1st M. 65. "A," 1946. Offered by Hayden, Stone & Co. and Harrison,
Smith & Co.
5.02 Gulf Mobile & Northern RR. 1st M 5s, "C," 1950. Offered by Kuhn, Loeb & Co.
4.65-4.80 Norfolk Southern RR. equip. tr. 4358. 1928-37. Offered by Mercantile Trust & Deposit Co. and
Strother, Brogden & Co., Baltimore.
6.15 Sumter Valley Ry. 1st (closed) M.65, 1929-42. Offered by Lumbermen's Trust Co. Portland, Ore.
4.00-4.75 Western Maryland Ry. equip. tr. 4384, "E," 1927-41. Offered by Brown Bros. & Co.. N. Y., and
Alex Brown & Sons, Baltimore,
98
9934
650,000 Refunding
1,260,000 New equipment
9,346,000
Public Utilities3,500,000 Acq. corn.stk. Comm.Pr.& Lt. Co
6.40 American Commonwealths Power Co. deb. 6s, "A," 1952. Offered by G. E. Barrett & C0.1
Inc., New York.
4.76 Boston Consolidated Gas Co. deb. 5s, 1947. Offered by Bankers Trust Co.and Dillon, Read & Co.
5.00 Boston Elevated Ry. 58, 1937. Offered by Brown Bros. & Co.; Tucker, Anthony & Co.; F.
Moseley Jr Co.; Edward B. Smith & Co., and Atahatic Corp. of Boston.
5.50 Central Arizona Lt. & Pr. Co. 1st & ref. M. 535s, "C," 1947. Offered by First Securities Co.,
Los Angeles, and E. H. Rollins & Sons.
4.90 Central Hudson Gas & Electric Corp. 1st & ref. M. Is, 1957. Offered by Drexel & Co. and
Stroud & Co., Inc., Philadelphia.
6.00 Florida Public Service Co. 1st M.68,"B," 1955. Offered by A. C. Allyn & Co.. Inc., and Harper
& Turner.
7.00 Genesee Valley Gas Co. deb. 7s, 1936. Offered by Battles & Co., Philadelphia.
6.40 Genesee Valley Gas Co. 1st lien 68, 1956. Offered by Battles & Co., Philadelphia.
5.75 Illinois Power & Light Corp. deb. 535s. 1957. Offered by Marhsall Field, Glore, Ward & Co.;
Halsey, Stuart & Co., Inc.; Harris, Forbes & Co.: Spencer Trask & Co. and Blyth, Witter & Co.
5.37 Illinois Water Service Co. let M. Is, "A," 1952. Offered by G. L. Ohrstrom & Co., Inc.
5.13 Indianapolis Pr. & Lt. Co.(Indiana Corp.) 1st M.Is, "A," 1957. Offered by Blair & Co., Inc.:
H. M. Byllesby & Co., Inc.: Blyth, Witter & Co.;Pynchon & Co.; West 4c Co.; Federal Securities
Corp.; John Nickerson & Co.; W. S. Hammons 4: Co.; A. B. Leach & Co., and Fletcher American Co.
7.30 International Power Securities Corp. Sec. 7s, "E," 1957. Offered by Aldred & Co.; Harris.
Forbes & Co.; Bankers Trust Co.; Minsch, Monell & Co., Inc., and the First National Corp.
of Boston.
7.40 International Power Securities Corp. Sec. 7, "F," 1952. Offered by Aldred & Co.; Harris.
Forbes & Co.: Bankers Trust Co.; Minsch, Monell & Co., Inc., and the First National Corp.
of Boston.
6.00 Interstate Gas & Elec. Co. 1st lien coll. & ref. 65. "A." 1951. Offered by Bartlett, Knight & Co.;
and Coffin, Forman & Co., Inc., Chicago.
6.00 Iowa Union Telephone Co. 1st M.68, 1942. Offered by Peters Trust Co., Omaha, Neb.
8.00 La Porte County, Indiana, Telephone Co. let M. 68, "A." 1951. Offered by Baker. Walsh &
Co., Chicago.
7.50 Lombard Electric Co. (Italy) 1st M. ext. 7s, "A," 1952. Offered by Blair & Co., Inc.; E. H.
Rollins & Soils: Stone & Webster, and Blodgett. Inc., and Banca Commerciale Itallana Tr. Co.
6.20 Louisiana Ice & Utilities, Inc.. 1st M. 65, "A," 1946. Offered by Liberty Central Trust CO,
Chicago Trust Co.. and John Nickerson & Co., New York,
6.00 Middle States Telephone Co. of III. 1st M.68,"A," 1947. Offered by Thompson, Kent & Grace.
Inc., Chicago.
(The) Narragansett Co. coll. tr. 55. "A." 1957. Offered by Harris, Forbes & Co.; Bode!! & CO.;
F. L. Carlisle & Co., Inc.; Stone dr Webster, and Biodget, Inc.; Baker, Young & Co.: the Fires
5.06
National Corp. of Boston and Bond & Goodwin, Inc.
5.25 New Orleans Public Service, Inc., 1st & ref. M.Is, "B," 1955. Offered by Dillon, Read & Co.
5.12 North American Edison Co. deb. 55, "A," 1957. Offered by Dillon. Read & Co.
6.15 Peoples Light & Power Corp. cony. deb. 68, 1962. Offered by G. L. Ohrstrom & Co., Inc.
5.80 Peoples Light & Power Corp. let lien 5355. 1941. Offered by G. L. Ohrstrom & Co., Inc.
6.00 Redondo Home Telephone Co. 1st M.65, 1946. Offered by the Citizens National Co., Los Angeles.
5.10 San Joaquin Lt. & Pr. Corp. unif. & ref. M. 55, "D." 1957. Offered by Peirce, Fair & Co. and
Blyth, Witter & Co.
5.33 South Carolina Pr, Co. 1st lien & ref. M.55, 1957. Offered by Harris, Forbes & Co., Inc.; Bonbright
& Co., Inc., Tucker, Anthony & Co. and Coffin & Burr, Inc.
5.10 Southern California Edison Co. ref. M.5s, 1951. Offered by Harris, Forbes & Co.; E. H. Rollins
& Sons, and Coffin & Burr, Inc.,
5.25 Southwestern Gas & Elec. Co. 1st M. 5s, "A," 1957. Offered by A. B. Leach & Co., Inc.;
Joiner & Co., Inc.: Halsey, Stuart & Co., Inc.; Old Colony Corp. and Tucker, Anthony & Co.
7.62 United Electric Co. (Italy) 1st M. 75, "A," 1956. Offered by E. H. Rollins & Sons; Blair & Co:.
Inc.; J. A. Sisto & Co., and Bence Commerciale Itallana Trust Co.
95
10,500,000 Refunding: other corp. purposes-- 103
4,626,000 Refunding; extensions
100
1,300,000 Additions; other corp. Purposes
100
8,000,000 Refunding; additions & Mints
10135
1.684,000 Capital expenditures
100
160,000 New gas plant; other corp. pur
340,000 New gas plant; other corp. pur
9,500,000 Refunding
100
94
9635
1,700,000 Refunding; other corp. purposes
30,000,000 Acquire constituent cos
95
98
10,000,000 Supply funds for extens to plants
of Ed. Gen. Italian Elec. Co____
9635
6,000,000 Supply funds for extens to plants
of Adamello Gen. El. Co.(Italy)
9535
625,000 Acquisitions: other corp. purpose& 100
117,500 General corporate purposes
550,000 Acquire predecessor company
6,000,000 Acquisitions, additions, &c
500,000 Acquisitions, extensions, &c
800,000 General corporate purposes
25,000,000 Acq. cap. stk. Narragansettt Elec.
Ltg, Co
8,000,000
25,000,000
5,000,000
6,500,000
200,000
25,000,000
Additions; other corporate Dorn
Refunding: other corporate purp
Acquisition of properties
Acquisition of properties
Extensions, improvements, &c
Refunding;additions, &c
4,000,000 Refunding; acquisitions. dm
100
100
94
98
100
99
96
98
98
97
100
9834
95
15,000,000 Refunding; extensions
9835
12,500,000 Refunding; additions, &c
96
6,000.000 Additions, extensions, &c
9235
228,102.500
Iron, Steel, Coal, Copper, &c.
100
1,000,000 Acquisitions, additions, &c
7.00 United Electric Coal Cos, 1st M. 7s, 1935. Offered by Hemphill, Noyes & Co.
Equipment Manufacturers
1,270,000 Finance lease of equipment
Motors and Accessories
50,000,000 Fund current debt; expansion
4-95.5.10 General American Tank Car Corp. equip. tr. 4358, series 18, due 1929-37. Offered by Drexel
& Co. and Chas. D. Barney & Co.
6.00 General Motors Acceptance Corp. deb. 68, 1937. Offered by J. P. Morgan & Co.; First National
Bank; National City Co., and Bankers Trust Co.
100
Other Industrial & Mfg.
500,000 Reduce bank loans; work'g capital. 100-9834
600,000 Acquire predecessor company
. 1,000,000 New construction
100
100
300,000 Additional capital
10,000,000 Extensions,!mots.; work'g capital_
1,000,000 Acquire predecessor company
1,500,000 Refunding; working capital, &c
8,000,000 Acquire control Congress Cigar
Co.; wolking capital
100,000 Additional capital
650,000 Additions; working capital
1,000,000 Acquire constituent companies
15,000,000 Acq. Securities of affiliated cos
9635
100
100
99
100
100
9934
800,000 Additions and betterments
40,450,000
Oil
25,000,000 Development of properties
8,000,000 Acquisitions, additions, &c
25,000,000 Development of properties
68,000,000
Land, Buildings, &c.
4,250,000 Acquisition of properties
110,000
1,325,000
300,000
2,800,000
Real estate mortgage
Finance construction of hotel
Finance construction of apartment
Finance construction of building_
1,000,000 Provide funds for loan purpose& -2,900,000 Finance construction of building__
240,000 Finance construction of apartment
850.000 Real estate mortgage
1,100,000 Finance construction of building
137,000 Finance construction of apartment
500,000 Provide funds for loan purposes
900.000 Refunding
properties
240.000 Improvements to
1,500,000 Provide funds for loan purposes
685.000 Finance construction of apartment
575.000 Finance construction of apartment
9634
9635
100
6-634 Bridgeport Machine Co.(Wichita. Kan.) Deb. 6s, 1929-37. Offered by Prescott, Wright. Snider
Co., Kansas City, Mo.
6.50 Byers Machine Co. of Md.(Ravenna, 0.) Deb, 6355, 1937. Offered by the Guardian Trust Co.;
Cleveland, and Livingstone & Co., Detroit,
7.00 (The J. Frank) Darling Co. 1st (c.) M. 7s, 1942. Offered by Mackie, Hentz & Co. and Fitch:
Crossman Jr Co., Philadelphia.
5-5.30 Minneapolis Heat Regulator Co. 1st Is. "A" and "B," 1929-43. Offered by Wells-Dickey CO.)
Minneapolis.
7.50 'Montecatini" Societa Generale per L'Industria Mineraria ed Agricola (Italy) Deb. 7s, 1937.
Offered by Guaranty Co. of N. Y., Marshall Field, Glore, Ward & Co.. International Acceptance
Bank, Inc., Blyth, Witter & Co. and Bence Commerciale Itallana Trust Co.
6.50 National Tile Co. Deb. 6584, 1937. Offered by Otis & Co. and Shields & Co.
6.00 Oxford Miami Paper Co. (West Carrollton, 0.) 1St M. 68, "A." 1947. Offered by Lee. Rigginson & Co.
Porto Rican American Tobacco Co. Sec. Cony. 6s, 1942. Offered by National City Co.. Hornblower & Weeks, Cassatt & Co., Hemphill, Noyes & Co., W. A. Harriman & Co., Inc., and
6.10
Chas. D. Barney & Co.
6.00 Regan Bros. Co. 1st M. 6s, "B," 1936. Offered by Marquette Trust Co., Minneapolis.
4.75-5.50 Rollins Hosiery Mills (Des Moines, Iowa) 1st M.5384, "A." 1928-37. Offered by Iowa National
Bank and Des Moines National Bank.
6.00 The Rowntree Co., Ltd. (Canada) 1st M. 68, 1937. Offered by Manufacturres Trust Co.. New
York, and Jas. H. Causey & Co., Inc., Denver, Colo.
5.02 Solvay American Investment Corp. Sec. 55,"A," 1942. Offered by Lee, Higginson & Co. White.
Weld & Co. and Brown Bros. & Co., N. Y., the Union Trust Co. of Pittsburgh and Illinois
Merchants Trust Co., Chicago.
5.00-5.50 Thilmany Pulp & Paper Co. (Kaukauna, Wis.) 1st NI. 535s, 1928-37. Offered by Illinois Merchants Trust Co., Chicago.
4.85 The Batavian Petroleum Co. 15
-Year Guar, Deb. 435s. 1942. Offered by Dillon, Read & Co.
5.40 California Petroleum Corp. Cony. Deb, 55, 1939. Offered by Blair & Co.,Inc.,and Hallgarten &Co,
5.00 Gulf Oil Corp. of Pa. Debenture Is, 1947. Offered by the Union Trust Co. of Pittsburgh, Guaranty
Co. of N. Y., Bankers Tr, Co.. National City Co. and Mellon National Bank, Pittsburgh.
9835
5.65 Allerton New York Corp. (N. Y. City) 1st M. 5358, 1947. Offered by G. L. Ohrstrom & Co.;
Inc., Blyth, Witter & Co. and Graham, Parsons & Co.
100
6.50 American Bldg.(Cary, Ind.) 1st M.6355, 1928-39. Offered by Breed, Elliott & Harrison, Indianan,
100
8.50 Arcady Apt. Hotel Co.(Los Angeles) let M.Fee 635s, 1929-42. Offered by S. W.Straus & Co., Inc.
100
6.50 Argyle Apts.(Dallas, Tea.) 1st M.635s. 1929-38. Offered by Fidelity Bond Jr Mtge. Co., St. Louis.
101-100 5.62-6.00 Bagley-Clifford Corp. (Det.) 1st (c.) M. Fee & Leasehold 68, "A," 1930-42. Offered by Lawrence
Stern Jr Co., A. G. Becker & Co., Ames, Emerich & Co. and Union Trust Co., Detroit.
100
8.00 Baltimore Mortgage Corp. 68, "B," 1931-36 and 1941. Offered by the Baltimore Trust Co.
100
5.50 Benevolent and Protective Order of Elks, Brooklyn Lodge No. 22, 1st (c.) M. 5358, 1928-47.
Offered by Manufacturers Trust Co., New York.
__6.00-6.50 Bronxvilie (N.Y.) Commodore Apts. 1st M.6 35s, 1920-37. Offered by Amer.Bond & Mtge. Co., Inc.
6.05-6.25 Brooks Bldg. Corp.(Chicago) let (c.) M.Leasehold 6349, 1941. Offered by H.0.Stone Jr Co., Chi.
100
6.50 Central Oakland Block. Inc. (Oakland, Calif.) 1st (c.) M.635s, 1930-46. Offered by Bradford,
Kimball & Co., Joseph C. Tyler & Co., Wm. Cavalier & Co. and Shingle, Brown Jr Co.
100
6.50 The Cervel (Chicago) 1st M.635s, 1928-36. Offered by Leight, Holzer & Co., Chicago.
100
6.00 Chesapeake mtge. Co. of Md. 1st M.65, "D," 1932-37. Offered by W. W. Lanahan & Co., Balt,
100
6.00 Commonwealth Bldg. Co. (San Diego. Calif.) 1st M. 66, 1928-47. Offered by Mitchum. Tully
& Co. and Dean Witter & Co., Los Angeles.
100
5.00 Congregation of St. Thomas Aquinas (Milw.) 1st (c.) M.55. 1927-36. Offered by Paine, Webber
& Co.
100
5.50 Continental Mortgage Co. of North Carolina 1st M. 5358, "C," 1927-46. Offered by Bristol
& Co., Chicago,
100
6.50 The Coolidge (St. Lowis) 1st M. 635s, 1937. Offered by American Bond & Mortgage Co.. Inc.
6.50 Coronado Apts.(Chicago) 1st M.635s, 1936. Offered by American Bond & Mortgage Co., Inc.
100
FEB. 26 1927.]
Amount.
PUTpose of Issue.
THE CHRONICLE
Price.
To Yield
About.
1129
Company and Issue, and by 1V8om Offered.
Land, Buildings, &c. (ron.)450,000 Finance construction of building__ 100
6.50 Cottage Grove Ave. & 79th Street Commercial Bldg.(Chicago) lot M.6355,"A," 1933. Offered
by American Bond & Mortgage Co., Inc.
5.00-6.00 Crazy Water Hotel Co.(Mineral Wells, Tex.) lot M.6s, 1928-36. Offered by Bitting & Co. and
Lafayette-South Side Bank, St. Louis.
7.00 Crystal Palace Public Market, Inc. (Tacoma, Wash.) lot M. 7s, 1928-37. Offered by Wm. P.
100
120,000 Finance construction of building
Harper & Son. Seattle.
6.60 Delta Theatres, Inc. (Greenville, Miss.) lot M.630, 1930-37. Offered by Mortgage & Securities
100
75,000 Real estate mortgage
Co. New Orleans.
6.50 Detroit Estates Bldg.(Det.) lot M.630, 1929-38. Offered by the Milton Strauss Corp.. Detroit.
100
'
650,000 Real estate mortgage
6.00 Detroit Masonic Country Club 1st M. gs, 1929-36. Offered by Harris, Small & Co. and Wat100
400,000 General corporate purposes
ling, Lerchen & Co., Detroit.
100
6.50 Diversey Plaza Apts.(Chicago) 1st (c.) M.654s. 1928-36. Offered by De Wolf & Co., Inc., Chi.
200,000 Real estate mortgage
100
6.50 Douglas Apts. (Chicago) let M. 654s, 1929-36. Offered by American Bond & Mtge. Co.. Inc.
130.000 Real estate mortgage
6.00 Fifth Church of Christ, Scientist (Cleveland) 1st M. Fee 63, 1928-37. Offered by R. B. Keeler
100
225,000 Improvements to property
& Co.. Cleveland.
6.00 First Mortgage & Bond Co. lot Coll. Tr.65, 1928-37. Offered by Public Service Bankers Corp., N.Y.
100
250.000 Provide funds for loan purposes
6.00-6.50 (Fred H.) Fitch Corp. 1st (c.) M. 6545, 1928-37. Offered by Prescott, Wright, Snider Co., Kan225,000 Real estate mortgage
sas City, Mo.
6.50 4515 Lindell Boulevard Apts. (St. L.) 1st M.630. 1930-39. Offered by Fidelity Bond & Mort.
330,000 Finance construction of apartment 100
.
,in gto,ouis tel
St ln tlo
.
gageGoorg
6.50-6.00
Washington
(Jacksonville, Fla.) 1st M.(is. 1928-36. Offered by First Nat. Co., St.!...
825.000 Real estate mortgage
100
7.00 Hotel Roberts (Provo, Utah) tot M. 75, 1927-36. Offered by Halloran-Judge Trust Co., Salt
50,00 Add'ns & impts. to properties
Lake. Utah.
6.15-6.50 Hotel Roosevelt (Cedar Rapids,Iowa) tat M.6355. 1929-38. Offered by Krenn & Data, Inc., Chic:
600,000 Finance construction of hotel
100.43-100 5-5.50 Huckins Hotel Co. (Oklahoma City, Iowa) 1st M. 5355, 1927-36. Offered by Federal Com750,000 Real estate mortgage
merce Trust Co., St. Louis.
Price on application (E. A.) Hughes(Bismarck, N.D.) lot M.65, 1928-37. Offered by Merchants Tr. Co.,St.Paul, Minn.
250.000 Improvements to properties
Price on application Hyde Park Baptist Church (Cincinnati) let M.(Fee & Simple) 65, 1927-41. Offered by the L. K.
110,000 Improvements to properties
Ballinger Co., Cincinnati.
100.13-100 6-6.25 Insurance Center Bldg. (Sansome Realty Co.), San Francisco, 1st M. Leasehold 63..1s, 1929-41:
340,000 Finance construction of building
Offered by S. W. Straus & Co., Inc.
100
1,000,000 Provide funds for loan purposes
6.00 Investment Securities Co. of Texas 1st M. Coll. 65, "D," 1935-37. Offered by Peabody, Houghteling dr Co., Inc.
250.000 Finance construction of apartment 100
6.50(The) Kenmore Shore (Chicago) lot M.6545, 1928-36. Offered by Cochran dr McCluer Co., Chic.
225,000 Finance construction of building
100
6.50 Lake Charles (La.) Office Building Co., Inc., tat M.6548, 1928-38. Offered by Sutherlin, Barry
& Co., Inc., and Canal Bank & Trust Co.. New Orleans.
310.000 Finance construction of apartment 100
6.00 Lincoln Hall (Brooklyn, N. Y.) tot M.6s, 1929-37. Offered by American Bond & Mete. Co. Inc.
550.000 Finance construction of apartment 100
6.50 Lincoln Park Vista Apts.(Chicago) 1st M.6345, 1929-37. Offered by Garard Trust Co., Chicago.
115.000 Finance construction of garage bldg 100
6.50 Longfellow Garage (Detroit) 1st M.630, 1928-36. Offered by Guaranty Trust Co., Detroit.
300,000 Finance construction of building__
6.00-6.50 Lorraine Business Block (Chicago) lot M.630, 1929-36. Offered by American Bond & Mortgage
Co.. Inc.
250,000 Improvements to properties
5.00 Lutheran Charities Ass'n of Sc. Louis 1st NI. 5s, 1929-42. Offered by Lafayette-South Side
100
Bank. St. Louis.
225,000 Finance construction of building
100
6.50 Medical Science Building Co.(Columbus,0) 1st M. Leasehold 630, 1929-42. Offered by First
Citizens Corp., Columbus, 0.
3,200,000 Refunding: new construction
6.00-6.50 Metropolitan Properties Corp. (Houston, Tex.) 1st & Ref. NI. 6345, 1928-41. Offered by S. NV;
Straus & Co., Inc.
1,200,000 Finance construc'n of theatre bldg_
6.15 Minneapolis Theatre Co. lot ((closed) NI. Leasehold 6s. 1941. Offered by Brokaw & Co.. Lane.
9834
Roloson & Co., Inc., Lane, Piper & Jaffrey, Inc.. and Kalman & Co.
1,500,000 Real estate mortgage
6.00 National Life Bldg. (29 South La Salle Bldg. Corp.). Chicago, 1st (closed) M. Leasehold 65.
100
1947. Offered by Nlosser, Willaman & Co., Chicago.
2,125,000 Finance construction of apartment 100
5.5090 Riverside Drive (N. Y. City) let M..53.4% Certificates, 1927-36. Offered by New York Title
& Mortgage Co.
90,000 Real estate mortgage
100
6.00(The) Normal (Chicago) 1st Nf. 6s, 1927-36. Offered by Chicago Trust Co.
550,000 Finance construction of building
6.20-6.50 Petroleum Bldg.(Oklahoma City, Okla.) let NI.630. 1929-41. Offered by S. W.Straus & Co.,Inc.
700,000 Finance construction of hotel
6.50-7.00 Pine lulls (Miss.) Hotel Co., Inc., 1st M. 7s, 1929-42. Offered by Hibernia Securities Co., Inc.,
Interstate Trust & Banking Co. and Nfarine Bank & Trust Co., New Orleans; Wm.R. Compton
Co., N. Y.. and Rogers, Green & Jones, Inc., Laurel, Miss.
800,000 Finance construction of building_ _ 100
6.50 Plymouth Bldg. (261 Main Street Corp.), Worcester, Mass., tot M. 635s, 1928-36. Offered by
the Colonial Bond & Mortgage Co., Inc.. New York.
200,000 Improvements to properties
6.50 Rogers Park Hospital (Inc.), Chicago, let M. 6345, 1928-36. Offered by Cochran & McCluer
100
Co., Chicago.
3,600,000 Finance construction of apartment 100
6.50(The) Roosevelt (Pittsburgh) lot M.6355. 1929-41. Offered by Greenebaum Sons Investment Co.
250,000 Improvements to properties
5.00 St. Alexius Hospital (Bismarck, N. D.) 1st M.55, 1929-36. Offered by Mercantile Tr. Co., St. L.
100
687,500 Acquisitions; new construction_ _
6.50-7.00 Santa Barbara (Calif.) Biltmore Corp. 1st M. 7s, 1929-42. Offered by M. H. Lewis & Co. and
Carstens & Earles, Inc., San Francisco.
750.000 Finance construction of building_ _ 100
6.50 7 East 44th St. Bldg. (N. Y. City) 1st M. Leasehold 630, 1932-41. Offered by B. W.Straus &
550,000 General corporate purposes
950,000 Finance construction of bldg.
100
800,000 Finance construction of building
590,000 Real estate mortgage
ioo
500,00
Finance construction of building- _
100
125,00
Finance constr, add'n to bldg
100
350,00
1,500,000
225,000
2,000,000
60,000
850,000
950,000
185,000
1,450,000
775,000
900,000
6,500.00
750,00
600,00
150,00
1.400,000
90,000
155,000
T00,000
885,000
6.00 71st & South Shore Bldg. Corp. (Chicago) let (closed) M. 65, 1929-41. Offered by Lawrence
Stern dr Co., Inc., Chicago.
6.25-6.50 Shoreline Bldg. (Chicago) 1st M.6345, 1929-38. Offered by Geo. M. Forman dr
Chicago.
6.00 6 North Clark Street Bldg. (Chicago) let M. Leasehold 6s, 1927-40. Offered by S. W. Straus
Co..
6.50 16-20 Easi 5nd. St. (N. Y. City) 1st NI. Leasehold 630, 1929-36. Offered by the Colonial Bond
& Co , I2c
& Mortgage Co., Inc., New York.
5.50 (Leonce Si.) Sonlat Mercy Hospital (New Orleans) 1st M. 5345, 1930-42. Offered by the Canal
Bank & Trust Co., New Orleans.
Finance sale of properties
5-04 Southfield Development Co. (Detroit) 1st NI. 6345, 1927-37. Offered by Wm. L. Davis & Co.
101.35-100
and National Bank of Commerce. Detroit.
Provide funds for loan purposes
6.00 Standard Mortgage Co. 65 "G." 1927-36. Offered by Nicol-Ford & Co., Inc., Detroit.
- 100
Finance construction of building
6.00 Station "A" Post Office (St. Petersburg, Fla.) 1st M. 65, 1947. Offered by Love, Van Riper
100
& Bryan, St. Louis.
Real estate mortgage
5.50 Steiger Bldgs. (Springfield, Mars.) 1st M. 530, 1952. Offered by TIM Bros., Springfield.
100
Mass.; Edward B. Smith, & Co.: Old Colony Corp., Boston, and Spencer Trask & Co.. N. Y.
5.00-5.50 Tate Motor Co., Inc. (St. Louis), 1st M. 5345, 1927-34. Offered by Real Estate Mortgage Trust
Real estate mortgage
Co., St, Louis.
6.00 315 West 86th St. Apts. (N. Y. City) 1st M. Cs, 1929-37. Offered by American Bond & Mort-.
Finance construction of apartment 100
gageCo.. Inc.
6.25 399 I ag
Real estate mortgage
n Parkway (Chicago) let M. 6315, 1929-41. Offered by S. W. Straus & Co., Inc.
100
6.50(The) Tre•Way Apt. (2300 Fourteenth Ave.), Detroit, 1st NI. 6348, 1928-36. Offered Guaranty
Finance construction of apartment 100
Trust Co., Detroit.
6.50 Trianon Commercial Properties (Chicago) 1st NI. 6355, 1938. Offered by American Bond &
Finance construction of building-- 100
Mortgage Co., Inc.
Price on application 20 East Delaware Apts. (Chicago) 1st NI. 630, 1928-36. Offered by Holzer, Inc., Chicago.
Real estate mortgage
6.35-6.50 2424 Wilshire Boulevard Corp.(Los Angeles) let M.Fee 630, 1928-43. Offered by S. W. Straus
Real estate mortgage
& Co., Inc.
6.00 Two Park Avenue Bldg.(N. Y. City) lot NI. Fee 65, 1941. Offered by S. W.Straus & Co., Inc.
Finance construction of building__ 100
6.00 (The) John Van Co. lot (closed) NI. Cis, 1942. Offered by Wm s R.. Compton Co. and Jas H.
100
Finance construction of bldgs
Causey
& Co., Inc.
6.00 Washington Hotel (Chicago) 1st M.6s, 1931-36. Offered by American Bond & Mtge.
100
Real estate mortgage
Co., Inc.
6.00 Wesley Hospital (Oklahoma City, Okla.) lot M. Os. 1928-42. Offered by American National
100
Additions to properties
Co.;
Oklahoma City.
5.00-5.50 The Westover (253-263 West 72d St.), N. Y. City, 5.54% Prudence Certificates,
Real estate mortgage
1927-36. Offered
by the Prudence Co.. Inc., New York.
6.50 Whitfield, Walter & Dawson (Pontiac, Mich.) tat (closed) M.630, 1936.
Finance construction of building_ _ 100
Offered by Benjamin
Dansart & Co., Detroit.
6.00 (R. C.) Wieboldt Co. Property (Chicago) lot NI. 60, 1928-33. Offered
100
Finance construction of bldg0
by Central Trust Co. of
Illinois, Chicago.
6.50 Woodside Securities Co. (Greenville, S. C.) 1st M. 6355, 1928-41.
100
Real estate mortgage
Offered by South Carolina
National Bank, Charleston, S. C., and Wheat, Galleher & Co.,
ichmond, Va.
5.50-6.00 Wynnewood Arms (Christopher Holding Corp.), Pelham Manor,
Finance construction of apartment
Inc.,,
N. Y., 65, 1928-38. Offered
by the Puritan Corp., New York.
67,959,500
Miscellaneous
550,000 Finance construc'n of toll bridge.. 100
1,000,000 Enableexecutives of to. to acquire
stock control
450,000 General corporate purposes
1,225,000 Acquisition of timber
1.000,000 Finance construen of toll bridge__
1,100,000 Provide export credit funds
300,000 Acq. land; new construction
1,900,000 Acquisitions; other corp. purposes_
7,500.000 Provide funds for invest% purposes
950,000 Acquis. of newspaper properties-1,000,000 General corporate purposes
1,250,000 Acquisition; general corp. purposes
5,000,000 Provide funds for Invest't purposes
800,000 Retirement of Indebtedness
550.000 Finance constr. of toll bridge
24,575.000
6.50 Atlantic Beach Bridge Corp. let M.630, 1942.
Offered by Peabody. Houghteling & Co., Inc.,
and Wm. R. Compton Co.
Barber & Ross. Inc., 6.14s. 1937. Pogue, Willard &
Co.. N. Y.; NIackle, Rentz & Co., Phila..
6.62
99
and Crane, Parris & Co., Washington,
5.80-6.00 Bemis Redwood Co. (Bradford, Pa.) letD. C.
(closed) M. 65, 1929-37. Offered by Lacey Securities
Corp., Chicago.
6.0 Campbell River Timber Co., Ltd., let M.6s,
100
1932-41. Offered by Baker, Fentress & Co., Chicago.
7.0 Cape Girardeau Bridge Co. (St. Louis) 1st M.
100
7s,
R. Compton Co.
Peabody, Houghteling dr Co., Inc., and Lorenzo E. 1947. Offered by Wm.
Anderson & Co.
100-95.68 455-53.1 Danish Export Credit Committee 4.35s, 1929-34.
Offered by Guaranty Co. of New York, Dillon,
Read & Co. and International Acceptance Bank,
Inc.
6.4 Detroit Ry. & Harbor Terminals Land Co.
101
let M.631:0,1942. Offered by Howe, Snow & Denies.
Inc., Detroit.
6.2 Florida West Coast Ice Co. 1st M.6s, "A,"
97
Rollins & Sons, Howe, Snow
& Bertles, Inc.. and Stroud & Co., Inc. 1946. Offered by E. II.
5.0 General American Investors Co.. Inc..
100
Deb. 5s "A" 1952. Offered by Lehman Bros. and Lazard
Freres.
6.7 Journal of Commerce Corp. 6345,
9834
1937. Offered by Shields & Co., New York.
7.0 Manchester Terminal Corp.
100
(Houston, Tex.) Gen. Mtge. 7s, 1941. Offered by Edmund Seymour
& Co., Inc., L. D. Pierson & Co.. Inc.. Cullen
& Drew. N. Y., Paul & Co., Phila., and Faxon,
Gods & Co., Boston.
7.00 New York Trap Rock Corp. Deb.
100
7s, 1936. Offered by Wm. R. Compton Co.. E. H. Rollins &
Sons and NiclIee, Jones & Co.
4.54 Old Colony Investment Trust
9934
Offered by Old Colony Corp., Boston.
Deb.
6.00 Trask Timber Co.(Portland, Ore.) 430 "A" 1947. Offered by Baker. Fentress dc Co., Chicago.
100
1st M.
7.00 Twin Falls-Jerome Inter-County Bridge 6s 1936.
100
Co., Mtge. 75, 1936. Offered by Ferns & Hardgrove,
lst
Ralph Schneeloch Co.. Murphy, Fevre & Co., John E. Price & Co.. George H. Burr, Conrad
'
& Broome, Inc.. the Pacific Empire Co. and Wm. P. Ifarper & Son, Seattle.
1130
THE CHRONICLE
[VOL. 124.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
To Yield
About.
Price.
Purpose of Issue.
Public Utilities
750,000 Acquisition; other corp. purposes__
6.00 General Power & Light Co., 1-Yr. 6s, Jan. 1 1928. Offered by True. Webber & Co. and R. E.
Wilsey & Co., Chicago and Edmund Seymour & Co.. Inc. and Throckrnorton & Co., New York.
5.54 Tide Water Power Co. 1st Lien & Ref. Mtge. 5s "C", Aug. 11929. Offered by Hemphill, Noyes &
Co., E. II. Rollins & Sons, Coffin & Burr, Inc., Stroud & Co., Inc. and Otis et Co.
100
. 2,000,000 New construction
983‘
2,750,000
Other Industrial and Mfg.
2,000,000 Retire floating debt; wkg. capital__
99
Land, Buildings, &c.
140.000 Finance construction of building_ _
Company and Issue, and by Whom Offered,
100
6.25 National Poi-, & Treating Co. 5-Yr. 6s, Dec. 1 1931. Offered by Halsey, Stuart & Co., Inc. and
the Minnesota Loan & Tr. Co.
6.00 Broadway & 15th Street Bldg.(Gary, Ind.) 1st Mtge. 6s, 1927-31. Offered by Central Trust Co.
of Illinois, Chicago.
5.75 Hibernia Mortgage Co., Inc. lot Mtge. Coll. Tr. 6s "B," 1930-32. Offered by Hibernia Securities
Co. Inc.. New Orleans.
Provide funds for loan purposes__
5.00-7.00 Industrial Bank of Richmond Coll. Tr. 7s, 1927-30. Offered by Scott & Stringfellow.
Provide funds for loan purposes__
6.00 Mortgage Guarantee Co. of America 1st Mtge. 55i's, 192731, Offered by Peabody, Houghteling
& Co., Inc.
100
6.50 Murphy Bldg. (Seattle) lot Mtge. & Leasehold 63.15, 1932. Offered by Seattle Title Trust Co.,
Real estate mortgage
Seattle, Wash.
5.50-6.00 National Mortgage Insurance Co. Insured lot Mtge. Certificates, 1927-31. Offered by Wright,
Provide funds for loan purposes
Alexander & Greeley, San Francisco.
100
6.00 Nineteenth & Walnut Streets (Phila.) lot Mtge. Os, Jan. 1 1930. Offered by Berney, Brock &
Real estate mortgage
Co. and Stroud & Co., Ino., Philadelphia.
100
5.00 107-123 West 93d Street (N. Y. City) 5% Guar. Mtge. Certificates, 1927-31. Offered by Lawyers
Real estate mortgage
Mortgage Co., New York.
Price on application Seaside Hotel (Atlantic City. N. J.) 1st Mtge. 5355, 1928-32. Offered by Mortgage Guarantee
Additions to property
Co., Baltimore.
100
7.00 Virginia Bond & Mortgage Corp. Coll. Tr. 75 "P", 1927-30. Offered by Wheat, Galleher dr Co.
Provide funds for loan purposes
and Virginia Bond & Mortgage Corp., Richmond, Va.
100.000 Provide funds for loan purposes__
96,000
370,000
115,000
200.000
2,500,000
950,000
850,000
100,000
5,421,000
Miscellaneous
400,000 Retire debt incurred in acquir. bus_
-_-
250,000 Acquire constituent companies_ __
100.96-100
5.50-6.05 Post Publishing Co. (Bridgeport, Conn) 53.is, 1927-31. Offered by McEldowney & Co., Bridgeport, Conn.
5-6 Yellow Cab Corp. of Minnesota 68, 1928-32. Offered by Lane, Piper et. Jaffrey, Inc., Minneapolis.
650,000
STOCKS.
Par or
No.ofShares
Purpose of Issue.
a Amount Price
To Yield
Involved. per Share. About.
Public Utilities
500.000 Capital expenditures
*375,000sh. Refunding; other corp. purposes
*84, 55 ohs. Extensions
500.000 100
22.500.000 60
2,94,5.425 35
15.000.000 General corporate purposes
*70.000 ohs. Capital expenditures
15.000.000
7,000.0(10
C'ompany and Issue: and by Whom Offered.
12,000,000 Acquire constituent cos
12.000,000
200.000 General corporate purposes
200.000
2.000,000 Additions; working capital
2.000,000
•185,000sh.
2.000.000
1,750 000
5,286.500
1,500,000
General corporate purposes
Acquisitions extensions, &c
Capital expenditures
Additions, extensions, &c
Additions, extensions, &c
5.550.000
2.000 000
1.760.000
5.286.500
1.600 000
7.00 Bangor Hydro-Electric Co. common. Offered by company to stockholders.
Columbia Gas & Electric Corp. (Del.) common. Offered by co. to stockholders.
Consolidated Gas, Electric Light & Power Co. of Baltimore common. Offered
by company to stockholders.
107f5
5.58 Electric Bond & Share Co. 6% cum. pref. Offered by Bonbright dr Co.. Inc.
100
7.00 Florida Pr. SC Lt. Co. $7 div. cum. pref. Offered by Bonbright & Co.. Inc.: Old Colony
Corp.: W. C. Langley & Co.; J. G. White dr Co.. Inc.. and Tucker. Anthony & Co.
6.63 Indianapolis Pr. & Lt. Co. (Indiana Corp.) 6 1 % cum. pref. Offered by Blair de
98
4
Co., Inc.: H. M. Byllesby & Co., Inc.; Birth. Witter & Co.: Pynchon et Co.; West
& Co.: Federal Securities Corp.; John Nickerson & Co.; W. S. Hammon , & Co.:
A. B. Leach & Co.. Inc., and Fletcher American Co.
7.00 Middle States Telephone Co. of Ili. 7% cum. pref. Offered by Thompson. Kent k
100
Grace, Inc.. Chicago.
7.29 National Public Service Corp. 7% turn. pref., series "A." Offered by Howe, Snow
96
& Bertles. Inc.; Hornblower & Weeks; Stroud & Co., Inc.: Pearsons-Taft Co.; A. E.
Firkin & Co. and It. E. Wilsey & Co.
New England Public Service Co. common. Offered by company to stockholders.
30
95
6:50 New' York Water Service Corp. 6% cum. pref. Offered by Ja ney & Co., Phila.
6.41 Northern Indiana Public Service Co. 6% pref. Offered by Utility Securities Co.
93)S
25(par)'acific Gas & Electric Co. common. Offered by rompany to stockholders.
5 Penn.Ohlo Edison Co. 7% cum prior pref. Offered by Bonbright & Co.,Inc.; Eastman
99
Dillon & Co.; Harper & Turner, and W. C. Langley & Co.
78,231,925
-Other industrial & mfg.
*90.000 shs. Acquire predecessor co
3,157.775 Acq. control Congress Cigar Co.;
working capital
*63,155 sits. Acq. control Congress Cigar Co.;
working capital
1,000.000 Additional capital
*14,985 sits. Devel. and expansion of business._
*30.000 ohs. Devel. and expansion of business__
Oil
.25,000 ohs. Retire debt to Texas Co
Land, Buildings, &c.
1,000,000 Acquisition of properties
Rubber
•290,000sh. Expansion of business
Miscellaneous
3,000.000 Provide funds for investmentl
Purposes
*60,000 Ohs. Provide funds for Investment
purposes
•10,000 ohs. Provide funds for investment
purposes
*20,000 shs Provide funds for investment
purposes
•18,000 sits. Enable executive of company to
acquire stock control
1,000.000 Additions and extensions
•20,000
Acquisitions; working capital
325,000 Acquisitions
5.000,000 Refunding; working capital
*5,000 sits. Acq. predecessor to.; wkg. capital_
*50,000 she
ACCIllite C. A. Shaler Co
National Tile Co. common. Offered by Otis & Co. and Shellds dr Co.
33
2,070.000
4.736,650 1 eh. el. Al For Porto Rico-American Tobacco Co. 7% cum. class "A." Offered by company to
stockholders: underwritten by flornbtower & Weeks, New York.
12 sits. cl. B1$150 Porto Rican-American Tobacco Co. class -11- stock. Offered by company to stockholders. underwritten by Hornblower & Weeks, New York.
1,000.000 100
7.00 Rome (N. Y.) Co., Inc., 7% cum. Prof. Offered by Mohawk Valley Investment Corp.,
Utica, N. Y.
1,423.575 95
7.35 Wesson Oil & Snowdrift Co., Inc.. $7 dfv. cum. pref. Offered by company to stockholders; underwritten by Hemphill, Noyes & Co.
Wesson 011 & Snowdrift Co., Inc.. common stock. Offered by company to stock1.500.000 50
'holders; underwritten by Hemphiil. Noyes & Co.
11,630.225
1
587,500
233i
Carib Syndicate, I td., sub-shares. Offered by company to stockholders; underwritten
by Ilaystone Securities Corp., New York.
1,000,000
97M
8.15 California Group Corp. 6% cum. pref. Offered by California Securities Co., Los Ang.
2,000,000
10
Ajax Rubber Co., Inc., Capital stock.
Offered by to. to stockholders; underwritten.
4,920,000 1 share pref. 'For American Founders Trust 6% Corn. lot pref. "D." offered by American Founders
Trust, New York and Boston, and associated dealers.
1 share corn. 1582 American Founders Trust common stock. Offered by American Founders Trust,
New York and Boston, and associated dealers.
1,200,000 1 share pref.1 For Bankers Holding Trust. Inc.. 56 cum. pref. Offered by R. W. Evans & Co., Inc.,
d White & Blackwell. New York.
12shares com .15120 Bankers Holding Trust. Inc., common stock. Offered by R. W. Evans et Co., Inc.,
and White & Blackwell. New York.
Barber ac Ross. Inc.. common. Offered by Pogue, Willard & Co.. New York: Mackie.
675,000 373.5
lientz & Co , Philadelphia. and Crane, Parris. & Co., Washington. D. C.
1,000 000 100
7.00 (H. C.) Bohack Co. Inc. (Brooklyn. N. Y.) 7% curn. let pref. Offered by company.
Coca-Cola Bottling Corp. class "A" stock. Offered by Merz & Back, Cincinnati, and
550.000 27A
N. S. Talbott Co., Dayton, Ohio.
341,250 21
7.60 (The) Georgian, Inc. (Boston) class "A" preference cum $1.60 per share. Offered
by Richardson, Hill & Co.
5,000,000 100
6.00 McCrory Stores Corp. 6% cum. cony. pref. Offered by Merrill. Lynch & Co. and
Hemphill. Noyes & Co. subject to prior subscription rights of common and class
"13" common stock.
Public Food Stores, Inc., class"A" common. Offered by Geo. D. Roberts & Co..
125.000 25
Inc., San Francisco.
1,250.000 25
8.00 (The) Sbaler Co. (Waupeen, Win.) class "A" stock, cum. $2 per share. Offered by
the Quarles Co.: Morris F. Fox & Co., Milwaukee, and Wells-Dickey Co. and
15,061 250
Harold E. Woods & Co., St. Paul.
5
FARM LOAN ISSUES.
Amount,
Issue.
Price,
500.000 Atlantic Joint Stock Land Bank of Raleigh.
10314
N. C. 55, 1936-56
10051
20,600.000 Federal Land Bank 4558. 1937-57
750.000 St. Louis Joint Stock Land Bank 5s, 1937-57 103%
3,000.000 The San Antonio (Tex.) Joint Stock Land
103
Bank 55, 1937-57
24,250,000
To Yield
About.
Offered by
4.54 Harris. Forbes & Co. and Harris Trust St Savings Bank. Chicago.
4.15 Alex. Brown & Sons, Harris, Forbes & Co.. Brown Bros. & Co., Lee, Higginson dc CO.,
Natienal City Co. and Guaranty Co. of New York.
4.55 Wm. R. Compton Co. and Halsey, Stuart & Co., Inc.
4.62 Hayden. Stone & Co.. Halsey. Sutart dc Co.. Inc., Stevenson, Perry, Stacey & CO. and
Wm. It. Compton Co.
FEB. 26 1927.]
TICE CHRONICLE
1131
FOREIGN GOVERNMENT LOANS.
Issue.
Amount.
27,000,000
556,600
326,700
5,000.000
3,000.000
6,500,000
10,000,000
Price.
To Yield
About.
Government of the Argentine Nation 6%
Sanitary Works Loan. due 1961
98;1
4,600,000 Pesos Republic of Chile (Mapocho
River Canalization Second Series) 83. to be 15121 per
amortized within five years from Jan. 1 1927_ 11,000 pesos
2,700,000 Pesos Republic of Chile (Talcs.
huano Naval Station) 85. be be amortized 15121 per
before 1949
II.000 Pesos
Dominican Republic 14-Tr. Customs Administration 5)5s, 1940
100
Municipality of Medellin (Colombia, S. A.)
Se . EA,. 7 1951
933‘
Province of Mendoza (Argentine) Sec. Ext.
1951
98)i
State of Rio Grande do Sul (Brazil) Ext.
7s, 1966
98
Offered by
8.10 J. P. Morgan & Co. and National City Co.
18.00 Paine, Webber & Co.
J
18.00
Paine, Webber & Co.
5.50 Lee. HiggInson & Co., National City Co., Dillon, Read & Co., Brown Bros. & Co. and
Alex Brown & Sons.
7.60 HaMarten & Co., Kissel, KInnicutt & Co. and Halsey, Stuart & Co., Inc.
7.60 P. W. Chapman & Co., Inc. and A. M. Lampert & Co., Inc.
7.15 Lee, Higginson & Co. and Ladenburg, Thalmann & Co.
52.383.300
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
Japanese Government Accepts Invitation of President
Coolidge to Participate in Con:erence on Naval
Limitation.
(Concluded from page 1125.)
for the institution among the five Powers negotiations looking to such desirable end." It adds that it "will be happy to
take part in those negotiations through their representatives invested with full powers to negotiate and to conclude
an agreement on the subject."
In only one respect it is noted in the New York "Times"
does the Japanese communication indicate any reservation
from the considerations offered by President Coolidge as
reasons for a separate conference of the five leading naval
Powers.
The "Times" further observes:
A paragraph in the comparatively brief Japanese note intimates that
Japan might be inclined to object to a continuance of the 5-5-3 ratio of
naval strength which was adopted at the Washington armament conference
with reference to capital ships and airplane carriers, with Japan in the
lowest proportion.
This attitude of Japan was expected. President Coolidge, however,
while his proposal to the naval powers suggested that the 6-5-8 ratio be
extended to other classes of warships, was careful to indicate that this
expression of American desire was merely tentative. The Japanese note
accepts it in that spirit and mentions its gratification over learning that
it is not the intention of the United States to put forward rigid proposals
on ratios of naval strength.
Altogether the Japanese response to the President's proposal is most
satisfactory to the Adminstration, and it brought expressions of gratification from officials. It was taken as emphasizing the warm co-operation
that has existed between the two governments since She Washington Con•ference of 1921-22, and as a proof of common aims dominated by a sincere desire to further the preservation of the peace of the world.
Announcing the inability of the Japanese representatives
to assist at the negotiations should the meeting be held
simultaneously with or immediately after the forthcoming
session of the Preparatory Disarmament Commission scheduled to be opened on March 21 next, the Japanese Government expresses the desire that the meeting take place not
earlier than June 1. The Japanese note was handed to
Frank B. Kellogg, Secretary of State, at the State Department at Washington by Tsuneo Matsudaira, the Japanese
Ambassador, on Feb. 19 and its text was made public as
follows:
The Japanese Government have given careful consideration to the
memorandum of the American Embassy at Tokio, dated Feb. 10, defining
the attitude of the United States on the general problem of disarmament
and suggesting that the representatives of the five Powers signatories of
the Washington Naval Treaty, about to participate in the forthcoming session of the l'reparatory Commission for the Disarmament Conference at
Geneva shall be empowered to negotiate and to conclude an agreement
among those five Powers for the limitation of armament in the classes of
naval vessels not covered by the Washington treaty.
The Japanese Government fully share with the American Government
the views expressed in that memorandum on the desirability of an agreement calculated to complete the work of the Washington Conference for
the prevention of competitive naval building. They cordially welcome tho
initiative taken by the American novernment for the institution amedg
the five Powers of negotiations looking to inch desirable end. They vrill
be happy to take part U, thobe negotiations through their representatives
invested with full powers to negotiate and to conclude an agreement on the
subject.
In view, however, of the supreme importance of the problem to be discussed and determined, the Japanese Government finds it essential that at
least a part of the Japanese delegation shall be specially sent from Tokio.
Considering the length of time required for the necessary preparations,
as well as for the journey from Tokio to Geneva, it will obviously be impossible for the Japanese representatives to assist at the negotiations should
that meeting be held simultaneously with or immediately after the forthcoming session of the Preparatory Disarmament Commission scheduled to
be opened on March 21 next. Accordingly, the Japanese Government desire that the meeting of the Powers signatories of the Washington Naval
Treaty now suggested should take place on a date not earlier than June 1.
The Japanese Government are further gratified to learn that it is not
the intention of the American Government at this time to put forward
rigid proposals on the ratios of naval strength to be maintained by the
several Powers in the classes of vessels not covered by the Washington
Treaty. In order to insure the success of the proposed negotiations it
seems highly important that in the matter of these conditions of the limb
tation of armament all parties to the negotiations should approach the subject with an open mind, being always guided by the spirit of mutual accommodation and helpfulness, consistently with the defensive requirements of
each nation. The Japanese Government confidently hope that an adjustment will be reached in a manner fair and satisfactory to each of the participating Powers and conducive to the general peace and security of thr
world.
In indicating that it had been urged that Japan proceed
with its naval construction plans despite the proposed conference, an Associated Press cablegram from Tokio published in the New York "Times" said:
Premier Wakatsuki told the House of Peers to-day that naval construo•
tion should proceed in Japan, not withstanding the government's decision
to participate in the naval disarmament conference proposed by President
Coolidge. The Premier urged the Peers to pass the naval construction bill
because, he said, it was impossible to foretell the result of the conference
of world Powers.
The Cabinet discussed the wording of its acceptance of President
Coolidge's invitation to the conference, but decided that further discussion
was necessary to frame its reply. The memorandum is expected to be forwarded either this week or early next week.
The reply, it is generally understood, will ()Detain no reservations, the
Cabinet having so insisted.
Although it is known that the navy staff desired a clause in the steceptance stating Japan's attitude concerning the 5-5-3 ratio of capital ships
tonnage, Minister of the Navy Takarabe is said to have voted with' the
others of the Cabinet. He insisted, however, that the navy's present construction program was necessary for defensive purposes.
Takarabe, interpellater in the upper house of the Diet, asserted that the
present strength of the navy was at its lowest possible level, and therefore
there could be no further reduction.
The Minister regarded the Coolidge proposal as an extension of the Washington conference of 1922, but he did not believe it possible under changed
conditions to fix a ratio of 5-5-3, or even 6-5-4, for auxiliary naval craft,
because some countries needed more auxiliaries than others for purposes of
defense.
Baron Sakatani suggested to Foreign Minister Shidehara in the thuse
of Peers that world disarmament could be best solved by America joining
the League of Nations, instead of promoting a conference for disarmament.
He also expressed the opinion that Japan should exchange views with the
United States and Great Britain concerning the development of the naval
bases at Pearl Harbor, Hawaii, and Singapore, Straits Settlement, respectively American and British projects.
The Foreign Minister, ignoring the suggestion concerning Pearl Harbor
and Singapore, said that he hoped that the United States would join the
League in order to assure the peace of the world. But, he added, there
seemed little hope at present that the United States would join the League
and that Japan had no intention of attempting to persuade America to
change her attitude in regard to the League.
Study of Southern Credit Situation Begun by Bureau
of Agricultural Economics.
A study among Southern farmers to determine the amounts
and kinds of credit available for cotton and other crops
has been started by the Bureau of Agricultural Economics,
according to a statement issued by the Department of
Agriculture Feb. 15. This statement says:
David L. Wickens and Arthur N. Moore, recent appointees, have left
Washington to establish the ground-work for the study In North Carolina,
South Carolina, Georgia, and Oklahoma. The survey will be extended
later to other Southern States.
A questionnaire has been sent to 40,000 Southern farmers requesting
a confidential accounting of the 1928 financial and credit program. Approximately 4,500 schedules, already returned, are being tabulated. The
objectives of the study, as enumerated by Bureau officials, are to determine
the credit requirements for sound and practicable production programs
in the cotton belt; the ability of existing credit agencies to finance such
programs where reasonable security for the needed credit is available;
and the extent to which farmers are in position to offer reasonably ample
security for the credit necessary to enable them to adjust their farming
operations to a more profitable basis.
For localities where the credit supply fails to meet legitimate credit
needs of farmers on fair and suitable terms, a determination will be made
as to how existing credit agencies can be assisted or supplemented: also
a determination as to how or to what extent, by individual or concerted
action, the security or general credit capacity of the farmers may be beet
utilized or improved.
Intensive studies of the credit requirements of individual farmers are to
be made in selected areas considered typical of larger districts, every
farmer, so far as possible, being interviewed and the information obtained
recorded. All banks, credit corporations, storekeepers, cotton merchant!.
fertilizer and implement dealers in these areas will be interviewed to check
and supplement the data obtained from farmers.
[VOL. 124.
THE CHRONICLE
1132
RECORD OF PRICES ON THE CLEVELAND STOCK EXCHANGE.
On this and the following page we furnish a complete record of the high and low prices for both stocks and bonds made
The compilation is the work of the Cleveland
on the Cleveland Stock Exchange for each month of the last two years.
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 1926.
November December
May
June
July
March
April
August September October
January
February
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
BANKS
Amer Savings Hank
Central National Bank
Cleveland Trust
Guardian
Morris Plan
National City
Pearl St Bank
State Bank & Trust
Union S & L
Union Trust
United Bank
Par
100 35012 35012
282 282
100
100 566- 666- 295 290
100 24412 237 243 243
100 15112 15112
100 176 175
100 -------100 176 169 17512 175
100 -------100 222 211 221 220
100 --------
i6i- 287
250 246
20514 178
170 170
225 220
287 285
29012266293 290 292 290 293 289 300 295 299
253 250 258 256 255 254 255 253 255
---17584 174 176
---- ---270 270
295
---172 170 170 116"
-- 160224 219 221 219 22012 21712HI ill 224
287 285 28518 28518 285 285 285 285 285
290 290
"
64:298 i66- 295 2158- 214.13 303 294 307- 3
255 25712 252 252 249 250 24912 2491y 24912
176
275
176 176
fii" 155 155
21512 220 21712
285
173 173
Hi- Ili-
152 152
217'8 215 220 1164
267 265
MISCELLANEOUS
163
8
1612 1612 17
18
193 1812 1812 1812 16
4
15 28 1812 17
3
4
20 4 2012 203 20
3
Aetna Rubber
•
1652 1612
16
96 92 ---- 100
Preferred
3
99 99ioir
7
2
94 94
Rio- 166- 102 102 104 102 10224 f6i:1 100 89
100 9612 9612 99 99
Amer Pork & Hoe
ioi3" 166
104 104
10612 10612
107 107
-100
Preferred
2
6(8
8
21 20
2012 20 20
1912 -Zo- 1 1- 20
4
163; 2014 197 "ii" -- "ioi2 "16"
- 2
6
• 2334 2214 23 213- 22 21
19 -25" -Amer Multigraph
70 70
743 713 78 75 80 80
4
7918 7714 7912 7814 80 79
74 7218 7312 71
723 72
4
7812 78
100 73 73
4
Amer Ship Bldg
---100 100 100
10334 1033
4
Preferred
2 1;
9
28 2618
4
2
27 247 -55- 29 -55- --8
- Hf4 25
3314 3212 -323 121- ---- ---- 28 28
.
50
Amer Vit Products
9
812
1214 12
10
9
---- 1312 8
10
12 12
1214 1412 14
50 1412 912 15
ii ff 11
12 12
Bishop Babcock
-3
3
4
4
4
4
4
20 4
212 212 212 212 212 214
Stores "A"
Bond
--113 111 113
114 1
112 118 118 1
112 113 114
214 2
2
2
2
2
2
1
11s 1
"B"
8
32 313 3212 31
4
4312 417 45 42
8
333 313 40 33 -3913 37 44 40
4
3
33 293 3312 315 33 30 4 3234 32
8
$
Buckeye Incubator
69 68
69
70 70
70 683 6914 68
70 69
70 70
7012 70
69 69 69
7018 6914 70 69
4
linIlkley Bldg preferred____100 70 6912
10812 108 107 107 105 105
---110 110
100
---Canfield 011
100 100 - -_ ---95 95 ---95 95
100
Preferred
743g 65l3 713 69
3512 61
64 60 65 61 -1
4
• 72 62 8 74 69 "ii 01
70 68
,
Central Steel
4
_
4
100 106 105 107 105 108 105 10712 10612 1073 107 110 107 10912 108 1103 10912 11012 11014
Preferred
2812
2
32 317 3112 - -7 3112 11;1- 30 29
8
Cent Alloy Steel
28;
10612 100 10714 10612 10712 10611
100 Preferred
16
15
_
15
15 -1518 1118
18
18
100
Christy H C
2834 -2234 ifs; 2334 2212
2412 233 245 23
8
8
f -- 3 -24; /31- 2412 2212 23'i 22'2
a 2i8
2434 247 24
8
2
3
• 253 25
City Ice & Fuel
4
4
312 312
2 4 23
3
4 314 314 314 -::::
5
312 314 412 4
314
10 5
F G Clark
38
18
II
10
14
14
14
14
14
14
14
Cleveland-Akron Bag
•
as
14
5
5
5
5
100 --- -Preferred
513 -18418 418 4
4
4
4
4
4
512 612
2
3
Cleveland Auto Machine____50 3
482 LA
51
51
60 51
50 50
60 60
31
30
3514 3514 37 37
100 30 30
Preferred
30 30
9 28
32 30
31
31
39 38
3712 3618 35 343 35 35 -5,- "333; 34 34
63
4
Cleveland Builders Supply_.• 39 38
76 75
80 78
75 7212 7212 70
• 72 6912 7212 71
7912 7212 82 79 82 80
75 71
75 74
Cleveland-Cliffs Iron
305 305
66_ 305 303
288 283
Cleveland Electric Illum_100
4 - -3
10812 10712 1661 106 4 109 1073
3
- 78
11;- - 105 103 10514 10312 100 165 2 107 105 10782 1664 108's 1067 108 1668 10734 1312
- .1loo
6% preferred
Cleveland Stone
100 150 146 152 150 ---- 170 165 166 162 166 163
4
i6
6
6/ 67 64 -- - 66- 58 "Li- -59 55 68 64 Cleveland Stone (new)
7
955 9312 9618 9514 97 95 8
8
8
9612 9514 967 94
93 9212 9312 92
Cleveland Railway
100 9512 88
97 93 97 95 97 9412 97 96
13
4 13
13
4 2
214 214 2
4 112
Cleveland Sec Pr pref
10
4
4
Cleveland Union Stocky'ds_100 116 115 115 115 110 108 114 112 113 113 113 110 1123 112 110 110 108 108 108 108 108 1073 10712 1061s
28 27
30 2612 30 29
3012 30
3012 2514 3112 30
2512 23
30 2912 3012 27
3412 30
Cleveland W Mills
3014 27
100 37 34
---- 62 55
65 65
75 75
65 65
-- 85 85
- _
Cleve & Buff Tran
85 85
100 90 90
3
---3
3
3
23
4 24 24 24 _
3
314 314
5
5 --512 -18 5
Cleve & Sand Brew
7100 3 4 33
3
4 5
-1814 frf2212 2018
-io- 17
---- 2234 2212
17 17
Preferred
100 1712 1712 23 22 23 23
ii
if- 72 71
76 76 " " 77 76
78 78 78 78
78 78
78 75
80 80
Dow Chemical
• 70 70
7612 7Q1 75 75
10012 10012 101 101
100 100
102 102
100 100
Preferred
100
-11 24
30 30
•
Eaton Axle & Spring
7
7"6" 78 78
7
7E1 70 "r 6- 95 95
4
Edwards 6% preferred
100 70 693 70 65 90 75 97 84 - 66- 95
4
" " 5712 56 67 56 663 6218
5"3
6212 11(2 -&i1 216
082 1
r
56 53 4 6112 56
3
61 60
58
56
* 58 58
5812 58
Electric Contr & Mfg
08 109 109
Preferred
100 106 106 108 107 108 108 108 108
109" 109 110" 110
-Elec Vacuum CI pref
100 105 104 05 105 106 10514 10712 10612 110" 108" Ho- ff6- iio- 116- 110 10913
.--- 55 51
Elyria Iron & Steel
25
.---- ---102 161
-12
--_Preferred
100 10112 10112 102 102 102 102
612 612
--4ze
____
9
9 12 912
* 10
9
712 9
____
_--83
Falls Rubber
4
4
1812 1812 183 183 -1834 183
4
4
Preferred
25 187 187 -_-_
8
8
4012 411 -- 1
4312 -- - 41
4 ;
4 2
6
6
4
42 40
40 34 "3412 3412 "3714 -66" 35 3412 4412 373 43 4212 45 43
• 4312 41
Faultless Rubber
2912 283 29 283 3112 29
4
4
Federal Knitting Mills
- "
4
Firestone Tire & Rubber____10 125 117 12412 1193 116 105 117 108 jai- 166 iii" fa" 116" 166 iio- 166 11314 11014 11512 11212 125 115 116 115
4
4
10114 99 103 10114 10312 102 10114 101 102 10114 10312 10218 1023 102 102 102 102 102 10218 1003 10212 101 10212 10212
100
6% preferred
983 97% 9912 98 2
4
,
9712 9612 9712 9612 98 97
9912 99
4
9914 973 99 9712 99 973 9918 98
9914 98
4
100 100 99
7% preferred
35 35
33 33
30 30
_ 47 47
Foote-Burt preferred
100 47 47
------- 30 30
2612 2622 2912 2912
34 337
8
35 35
* 40 4 3912
3
Gabriel Snubber
---- - - ---General Tire & Rub. (old)_50 375 35 375" 375
-1General Tire & Rub. (new1.25
- 185 185 lin- Ili' 170 fEE- iao- 1E" 155 1E6- 140 146" 166- 158 155 145 145 140 ILK 143 2 160- 166---110 110 110 110 108 10612 106 106 107 10614 10712 10712
-Preferred
100 ioi 166
-193 19 4
4
3
4 911818 17
173 16
4
22 213 207 2018
1818 1712 203 114 1934 -1--4 ---8
243 23
4
• 24 24
4
Glidden Co
85 8312 8712 85
87 853 87 86
87 8612 87 86
9014 8812 89 8812 89 88
933 90
4
4
8914 95 92
Prior preferred
100 91
4312 4312
5912 5912 53 53
Goodrich, B F
-971; 97
98 98
98 98
-951. 4 9914
Preferred
100 38 31
5iro 18 3713 3334 -5414 1182 35 29 -5112 16- 2784 27
28
40 32 -8a" 16 31
8
Goodyear Tire & Rubber
• 3812 3312 385 35
10734 1073 105 105 110 105
1013 1013
8
4
8
Preferred
100 -------107 107 10734 1073 -106 106 106 106
4
Prior preferred
100 : : .4
6
i:4
-3
Grasselli Chemical
100 130 12912 145 12912 12712 120 12812 124 iii" 121 121 117 126 116- 12712 127 130 12612 128 126 130 12618 103 1 6;
102
4
Preferred
102 103 10212 10312 102 10212 102 103 102 103 10112 10212 102 10212 102 1023 102 10312 103 10312 10212
100 102
7012 75 72
72
69 69
70 70
70 70
71
73 71
7014 7012 70
72 71
Great Lakes Towing
100 75 65
9712 9712 9714 9412 99 9712 99 99
99 99 100 100 10014 100
98 98
99 99
9912 99
Preferred
100 100 99
4
4
4
912
8
4012 393 393 383 393 383 41 3
8
3912 3612 393 383 42 40
4
4
4
4038 404 4018 3912 40 373 39 37
Greif Bros Cooperage
604 55
5812 54
4512 45
493 45
4
4812 4512 55 50
51
5018 55 51
8
5712 535 5312 50
Hanna(MA)1st preferred__100 57 55
58 54
1312 1214
4
4
18
1614 153 153 1312 13
18
1712 171 --18
1914 18
Harbauer Co
• 21
21 20
20
4
293 3012 293 3112 30
4
31
31
2914 -56r1 30 -31- 164 32 31 2-3112 ---- 3112 31
Harris Automatic Press
• 33 30
3112 30/2 3114 2914 31
India T & R (old)
60 156 156 150 165 149 160 159
4
100 1643 150
.
"56- 2931 29a 56r4 163-4 2984 29l
32 30 -5ir2 30
3112 -India T & R (new)
3
6" 56i1 2912
•
- ---- -_
Industrial Fibre
5
5
6
6
• 10
912 912 8
-4 4
613 —814 -1- 43
12
978 1418 103 "1114
Industrial Rayon
4
912 8 -1011 882 714 680 7
16
1714 11
1912 1712 19
10014 9914 103 100 10412 10212 115 105
• 94 923 99 94
Interlake S S
97 9512 9412 93 97 93 100 983 99 9712
4
98 97
4
22 22
Int Term Warehouse pref___50 _--- -8
25" "16- If 32l "2"1-1- 2958 29
4
Jaeger Machine
• 30 253 2914 26; 271s 25 -2012 - 7 -2613 2434 -2511 2434 27 1E- 2534 243
.. 21
;
-3
4
7712 7712 70 70
75 70
80 80
Jordan Motor preferred____100 90 89
85 84 8412 82
81 81
90 8812 92 8812 8712 85
24 2314 2518 2312 243 2312
4
233 23
4
Keynes Co
10
Preferred
"66- - "
66
100
9
9 9
9 9 12
0 9
8
9 133 130
8
Kelley Island L & T
12112 120 130- 116- 132 fif" 133 132 13
100 120- ffi" 125 fif" 123 123 122 120 121 121
5
5
6
6
5
5
,682 5
Korach "A"
5
5
•
5
5
5
5
5
5
13 13
12 12 -1218 - 01;
2
2
3 - 12
13
13
10
* 1212 - 1- 12 11
1012
Lake Erie B & N
92
11
11
10
1112 1012 11
1012 14
3
3
Lake Shore Electric Ry
3
100
3
212 212
66loo 100
ioo 99 166- "
"
Ohio 1st preferred
Loews
100 96 91- 97 97
97 96 -65 "
" 66- 97 97
87
9713 9713
Metro Paving Brick
100 90 90
111- -girt - -12 8812 8812 2312 2212 " 513 1- --1 i -55- -2
92 91
95 94
m - 02l
i0 2
0
22•
Metro Paving Brick
10112 101'2 100 101 101 101 161 102 1664 10014 10014
- -IP Preferred
- 1
_ 34 34
• 40
3718 45 3914
Miller Rubber
4
66 2
100 1033 101 104 102 10212 10012 102- 101 102 66
4
10112 993 103 - 8- 102 166- 166- 100 10284 loo 101- 104199
I* Preferred
25 25
25 20
3412 34
40 35
42 34
•
6565 40 40
35 35
Mohawk Rubber
74 70
73 70
73 73
100 80 80 80 80
"io- Y675 75 75
Preferred
70
Is
-4
604 663- 6412 6412
• 5712 5712 6312 6312 61
57 57
61 _--- -Morgan Lithograph
514 51g
---• 512 33
3 512 5 8 512 514 4
4
4
412 4
3
4
Murray Ohio Mfg
ii" __0 _ _1_ 95 95
_
i 65- 53
" 2
-65 -- 92 92
100 87 87
95 93
96 9412 --- -96 96
95 95
b Preferred
818 8
7
67
8 6
512
8
113 1112 1018 978 812 812 87
4
10 1212 12
712 8
2 Vs 814 7 2 9
3
National Acme
4 161- 3
9
3912 416 4014
38 373 -,- 2 - - - 141
8
2
4112 41
25 44 41
38 3712 383 38
3912 38
/ 3912 385 3932 3714 38 37
1
4
8
National Refining
4
12912 12912
13012 13084 1303 13012 13012 13012 133 131 --------132 132
100
12818 127 12812 12812
Preferred
3
3
3
3
3
50
3 ---_ -- 3
3
National Tool
6
6
5
5
5
5
5 12 5
14
16
16
100 1314 1314 18
16
Preferred
80 7812 79 77
80I 8012 80 80 79
1612 8112 109 11112 10914 11034 10912 11034 110 11212 1103
7912 80 75
100 80 7512 80
02 - 1785 76
8
7734 76 i9 2
NOP &L 6% preferred
8
4
100 10914 109 11012 110 112 10912 110 10812 10912 109 10934 108 113 1093 112
preferred
Ohio Bell
7412 76
7212 797 743 80 78
8
4
• 7911 7712 7912 7712 81
,
7812 75 4 7512 74 2 75 7412 78
75
763 75
4
3
77 75
Ohio Brass B
4
4
100 100 9914 1003 100 102 10012 102 10112 10218 102 102 102 10212 10212 10212 101 102 101 101 100 103 101 103 1023
Preferred
8
8
812 8
812 8
10 4 912 912 9
,
1112 912 1012 938 914 9
8
1414 117 1414 12
103 10
8
10
9
Otis Steel
4
4 714 714 63
4 714 72
3
8 812 612 7 4 712 72
8
712 712 7
3
7
612 814 63
4 712 65
25 9 4 7 4 812 8
. 3
Paragoni Refining
3 4 7012
7
0 23
80 70 ---- -67'267 66 86
65 55
100 65 65
Preferred
3270
3114 2112
4
3314 293 3212 3012 "
2414 -557 WI; 3212 25
313 26
8
28 2312 28
333 28
4
31
s
50 36
Peerless Motor
1:
•No par valUea
1133
THE CHRONICLE
FEB, 26 1927.]
.
1926 (Concluded)
ANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR
--- -
November December
August September October
July
June
May
April
March
High Low
January February
Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High
157 1551 188 152
155 15012 160 155 180 155 15512 155 -------838
613_
7
58
• 180 166 160 132 15212 1384 145 136 150 145 160 14518
7
58 7
3
Richman Bros
3
3
7
6 8 8 4 84 8 4 814 814 614 5 4 6
7
7
5
3
5
4 7 4 714 714 7
10 7 4 63
2 --------5
- 5
-- ---River Raisin Paper
5 ---5 --------5
—_
8 54 5 --------5
3
312 5 8 55
---Rob ac Meyers preferred____100 4
----------------------118 118 118 118 125 119 ---- --- ---- 187i 25 20
• 132 120 13212 13212 --------124 124
2314 2114 22
2412 22
2512 23
Sandusky Cement
s
4
2718 94 233 2012 2112 194 26 207 25 2214 95 95 100 943 95 934 9512 95 100 98
4
• 293 2812 28 26
4
4
Seiberling Rubber
96 95
72 71
97 95 9514 9312 95 9412 94 94 95 92
73 73
100 95 95
_ 75 72
74 74
Preferred
74 73
72
80 7812 7812 75 --------72
4514 43
100 80 7912 80 80
8 4312 43
7
43 8 427 ---_--- 434 42 43 42
Sheriff St Market
40 3812 42 3978 44 41
40
41
4212 40
5
4312 42
3
25 4312 43
105 107 104 4 10712 105 1
Sherwin-Williams
4
8
108 10612 10812 107 1073 107 108 10712 10712 10614 107
3112 308
100 107%106 1074 10514 107 106 1084 10812
4
293 3014 2912 3112 30
31
3212 29
Preferred
*18 174
14
18
12
12
Smallwood Stone
15 ---------------15
12
14
1312 10
13
18
16
22
264 2618
• 25 25
Sparks-Withington
100
__ ---- ---- ---- ---- --,- „—
Preferred
541 ---.2 .
ei 6
Li "
5:512 65 65
ii13 a 10
64 64 --------5812 100 64 64
10 ---------------- 10 Stahl(H A) pref
9 --------1084 10 ---------------- 10 -11
14
14
4
143 14
5
13
28 8 284
100 13
30 30
37 37
38 37
Standard Textile
40 39
4212 40
46 4214
4012 45 38
47 4412 48 4212 41
100 4812 40
1912 19 --------15 13
19
A preferred
20 20 --------20
18
23
18
19
29 29 --------24 24
100 2514 25
11
-- --,---B Preferred
12 --------12 12 ------------------------ 884'1012 74 -12
15
15
•
6
5
7 8 --7
7
812 8
Star Rubber
914 8
4 912 7
712 64 714 63
7
8
94 7
912 8
8
4
* 918
4
34 31
373 333 39 36
34
Stearns Motor
38 3612 37 3518 38
3912 3612 3812 3412 39 38
3612
41
• 48 4012 4512 41
101 104 104 104 1034
Telling B V
9914 9914 101 101 101 101 ----------------101 110 120 120 120 120
100 --------9914 9912 9912 99 100 100
B Preferred
98 90 101 101 102 102 ----------------115
92 90
100 90 90 --------95 95
4 --------100 9612 -------Thompson Products
9314 9312 9314 -------- 96 9414 98 941
95
95 95
100 --------9214 9214 95 93
5
116 116 114 8 1412 117 115 117 116
Preferred
8
115 115 114 115 1147 11512 115 116 11514 9912 9912 99 98 4 98 4 98 s 99 9712
5
3
3
Toledo Edison prior pref_100 11312 11212 115 114 115 114 115 99 -- • --_ 983 9812 99 983 9912 99
4
4
99
99 99
99 99
100 99 99
3
1014 1082 94 9 4 94
Trumbull-Cliffs pref
4
4
914 124 103 1212 1112 113 1012 11
912 1112
1012 10
11
4 914 134 1014 125s 10
* 103
Steel
78 7352 77 7312 7612 7512 76 7212
Trumbull
80 74
75 66
68 60
66 61
74 6812 70 68
100 897 6312 77 69
8
4012
4
403 40
41
4014 40
43 40
Preferred
43 42
4212 42
3
4
413 40 4 42 41
40
43
47 4412 4412 39
4
3
* 463 45
48 40 504 43 4
50 4912 47 45
Union Metal rag
54 50
53 43
79 57 62 43 434 43
834 79
79 79
100 87 8412 85 83
-- 79 79
--85 80
Union Mortgage
74 82 72 86 84
79
4
76 74
100 90 9912 8812 85 90 8612 88 813 83 79
_ 75 75
76 76_-First preferred
75 75
75 68
70 70
85 83 88 8112 8212 79
12
12
12
100 7814 7814 81 81
214
13 1- 12
1214 12
Second Preferred
134 12
17 16
184 14
13
13
14
14
__
• 1312 1312 1512 1312 1512 15
92 92 --— 924 92
Van Dorn Iron
_ 9318 9318 ---5
2
100 --------92 92 ----------------9112 914 91 91 ____--- 23 23
24 -25 25
23 23
25
Preferred
25 -4 16
173
18
16
17 17
17
17
17
18
14
3
157 15
• 14
90 80
75 75
Morgan
7514 75
75 75
(W 5)
70 55
58 55 --------53 52 --------52 50
100 58 57 60 57
s
Preferred
------5584 53 --------5653 557
- 5514 5514 ---- ---- -----------------150
White Motor
107 107 107 107 108 106 105 105 106 1054
8 10884 10712 10612 10712 108 107 107 11012 110 111 10812 11012 10812 10914109 110 109
100 108 1064 10712 10712 1074 107 10
preferred
Second
10812 109 108 110 110 11012 109 11014 10834
100 110 10812 110 108 10912
Y S & Tube pref
BONDS.
City Ice gen 65 ___________
-Cleveland Akron I3afas
Cleve & Elyria Div mtge 6s
Cleveland Ry 5s
Cleve & San Brew 6s
Cl Sw Ry & Lt G & C 5s
Cl Sw Ry & Lt Div mtge 6s
Lake Shore Elec gen 5s
Lorain & Cleveland 5s
Stark !iv An
4
- 983
_
-- ____ _ _
6
9
6
-ii "9712 iiii - 1—iii- "Ii—ii" Wr -iii --- 95
594 5912 60 4 60 4 6114 8114 6212
3
62
3
__ 60 80 62
____
4
9912 9912 993
994 -9-914 ------------------------ 99 99
924 9212 93 93 --------90 9512 964 964 97
92 91
--------1782 1712 17
4
4
1712 1712 173 173
17 17
- — __ ____ ____ ____ ___- ____ ____
_
- — _
_
_
53 5082 54
50 50
9112 9112 ---- ---- ---- ..-- ---- ---- ---91
- 91
____
--- 4
983 ---95 --------90 ii iii iii ii"
6212 ----------------6782 6712 - —
3
3
3
4
3
99 4 10014 9912 111/11 993 99 4 99 4 99 4
9812 9812 -------- 9812
964 98 98
17 ---- ---- ---- ---- ---- ---- ----
___ ____ ____ ____ ____ ____ ____ ___
fil92 92 2-_-_- 884 8811
8
4
99 4
- 3 993 99 4
12
98 ---- ------- - 6
7
___ _ fo --
---- ---.
-... ___. -__. ---- ---_ ---- ---- ---- ----
R21, WI.
FOR 1925
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE
November December
August September October
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High
BANKS
------------------------270 270 275 270
275 270 286 280
Central National Bank__100 270 265 270 270
252 253 250 25512 252 258 257 260 258 270 262 240 240 238 235
100 285 252 260 251 252 250 256 2f
Cleveland Trust Co
228 228 229 226 226 228 230 225 240 235
Guardian Sayings & Trust_100 235 230 230 228 228 221 227 227 226 225
------------------------------146
--------17212 1/24
100 _
Morris Plan Bank
--------170 181 ----------------170 176 iii Ili
16
i 16
100 170 169 170 169
5
National City Bank
--------------230 2311 23012230 2 ---------------- 23 235 ---- ---Pearl Street Say & Trust100 230 230 230 230 230 230 2304 23018
182 178 178 --------178 178 173 173 171 170 172 172
182
100 --------180 180 180 180 180 178 178 178
89 8312 86 85
State Bank &Trust
92 89
92 90 92 91
93 90
87 87 89 83
90 80
0512 92 92 90
100 97 96
89 84/2 87 85 87 85
Union Mortgage
89 87
86
86 85 86 84 86 85 87 81
90 87
89 89
89 87
100 88 86
3
81 80 8 82 82 81 80
1st preferred
81
81
81
8014 8014 80 80 81 8012 160 160 182 162 162 162
8014 79
82 81
,
100 82 8112 82 82
6512 165 2 --- _-- 2d preferred
_
100 --------15582 15512 158 156 ---------------------------- 15 208 215 210 211 20812 20812208 210 205
Union Savings & Loan
20212 210 20212
100 216 210 215 209 208 202 208 206 2081g 200 206
Union Trust
4 264 ----------------270 260
,
----------------------------------------2588125811 266
100 --------257 257
United Bank
TRACTION COMPANIES
100 93
Cleveland Railway
Nor Ohio Tr & Lt 6% pref.. 100 73
8712 93
78
65
90 9212 88
7014 79 73
91
75
88
74
93
934 90
4
76 723 77
8912 91
7312 75
4
8912 913 91
3
73 8 75 74
9112 8912 8912 8612 8912 88
75
4
7512 713 76
7414 73
90
77
874
75
INDUSTRIALS
8
984 963 --- ---- 96 96
9412 94 --------96 96
95 95
95 95
93 93
97 97
98 98
100 98 98
American Fork & Hoe
104 ____ . _ -___ --- ---- ---- ---- ---- ---- ---100 --------10482 10412 ----------------104 104 104 104 104
Preferred
4
4 217 213 2082 2118 2012 2114 2018 2414 204
213 2212 22
22 20
1912
20
4
4
213 21
2012 193 204 19
* 2312 21
American Multigraph
75 75
7782 73 4 ---- ---3
5712 8314 59
81
52 4912 57 52 60 57
50 48
52 52
55 50
American Shipbuilding100 60 55
--------100100100100 100100
100 8814 8814 --------8686 --------8383 8814 83 90 90
Preferred
8
- 84
3
812 8
84 8
9
7
8
8
512 8
74 612 814 54 1012 612 9
8 ---- - _ --_.- - 50 8
Bishop-Babcock
4
5
318 64 6
34 34 7
318 3
4 3
33
4
412 4
5
5
6
20 712 812 682 -6
53- 4 5
Bond Stores A"
7
114 3 s 212 212 2
4
118 1
14 1
114 14 1
-------- 212 2
• 318 212 -------112 112
2
13"
8
,
4
1
/
2
5
23 8 33 247 3518 30 2 31, 29
25
8
_ 245 2338 26 2412 2412 24
__ __ _
_ -___
- --Buckeye Inc
70 8914
70
71
70 70
80 80
82 80
84
8i -- - 84 84 82 82
84
6
8688 8 8612 88
100 88 88
Bulkley Building. pref •- 8414 -73 68
57 4912 89 5812 80 68
4912 56 53
53 4812 57
46 434 50 46
* 4814 4712 49 4712 48 44
Central Steel
91
8
,
106 8 104 1097 106 10812 107 10 21074
8
100 102 100 102 10
0'8 10212 1004 102 100 103 101 10312 102 1057 103 1074 105
Preferred
8
25 233 254 2344
24 234 24 23
25 2314 244 23
8
2514 25
254 25
4
253 25
25 2314 247 23
•
City Ice & Fuel
3
28
3
2 4 212 25s 214 3
3
412 ----------------212 218 212 212 212 24 3
312 --------5
10 4
14
(F. G.) Clark
8
3
4
3
It
73 -------- --------------------------------------- 4 1
3
8 14 24 212 212
* 13
Cleveland-Akron Bag
3 ---- • --3 ---------------3
4
4 13
3 --- ____ ____ ____ ____ ____ 412 212 13
Cleveland Automatic Mach_ _50 --------3 erred31 30
30 30
Pref
4 ii 40 3712
-_- ____ ___- -___ ---- ____ ____ ____ ---- ___ _ 261- •
-Cleveland Builders
69 65
85 60
64 60
5912 56 --------60 60
6612 ---- -BaT2 - --- -64 58
6
6
83
70 70
• 75 6914 69 69
Cleveland Cliffs
_ 250 250 ----------------260 260 275 265 285 285 285 285
220 250 235 --------250 240
Cleveland Electric Ilium_ __100 225
103213 10312 102 103 102 103 103 1034 103 10312 103
8
8
100 10314 102 10312 1015 10384 1025 10312 103 jai' 166 103 103
6% preferred
113 110 113 111 140 115 135 125 145 130
4
8
8
8
100 997 997 9912 97 126 100 110 110 1125 11212 110 110 1143 113
Cleveland Stone
113 113 114 11012 112 112 114 1124 118 114 116 114
4
8
Cleveland Union Stk Yds_100 122 120 120 1173 119 118 116 1143 112 11114 115 112
38
40 3912 39
40 35
3612 3612 39 3712 40 38
35 34
8
45 443 42 40
40 37
46 45
100 45 45
Mills
Cleveland Woolen
4
9212 9212 ----------------9282 913 92 92
Cleveland & Buffalo Trail...100 8912 8912 92 92 92 92
4
-------2
2
- ----------------4
1 ----------------_
_
100 --------------------------------1
Cleve & Sandusky Brew
1714
74 18
___ 1112 1012 1614 614 21
94 812 1014 1014 ____
4 83
4 83
4 844 814 8
814 814 83
7
100 8
Preferred
8
68 677 68 68
60 55
6912 69
59
66 66 66 68 68
63 62 65 6212 68 85
60 60
4
• 613 61
Dow Chemical
_ 1004 1E04
4
101 100 100 100 100 1013 101 --__
4
4
100 1003 1003 10012 10014 100 100 101 101 102 102 --------101
Preferred
8
2412 2412 27 25
287 187- -,,- ..2..
18
1814 22
20
17
8
18
15
:
__ 20
1212 121 154 1412 ____
14
• 14
Eaton Axle
65
68 - 69 65
70 70
70 70 ---88
5 75
7014 -7014 70 70 --------70
(Wm)Edwards preferred_ __100 75 75 -------- 7
59 58
82 61
61
66 62 60
62 •58
4
4
8212 803 603 60
6212 62
------ 70 82
--------------- 8
Electric Controller Mfg
4
8
97 10014 997 100 983 100 100 100 100 10018 100 101 101 103 103
9934
,
6
0
97 --- 93 4 93 4 95 94
Electric Vacuum preferred_100 98 95
•
Falls Rubber
8
22 2012 20 20 --------19 187
25 ---------------------------------------------------------- 41
Preferred
414 394
3912 45 43
40 2712 43 39
3912 51
• -------------------- -- ------- -2812 2612 28 27
Faultless Rubber
102 11812 104 116 10512 19 114 120 114 12818 119 125 120 145 1214 142 134 135 123 12912 120
96
_10 101
Firestone Tire & Rubber__
9934 995 100
8
8
9912 10082 100 10012 9912 10214 99
100 9812 9712 9912 9812 10012 9912 99 9812 99 9812 10012 985 100 9814
6% preferred
9812 993 983 100 99 10012 9912 100 9918 9912 9918
4
4
4
0812 98
983 9712 101
4
973 97
9812 9712 9812 98
100 99 96
7% preferred
47 47
4714 4714 47 47
Foote Burt preferred
--i 22i3 16 ___
4 2
6
2
_-_
ig 8
- 7 22r4 iii 2ii4 -- -12 213. - ---- ------------27
'
•
Gabriel Snubber
-1
233 240 235 --------2378223712 240 238 239 239 280 239 280 265 335- 265 - 360- 345 - 415 361
General Tire & Rubber
50 233
10182 0112 10112 101 --------103 102 --------103 103 1023 10234 103 10234 105 104_ 1205%1-263512
4
100 101 101 -------Preferred
2012 234 215 21
2012 22
10
8
8
2052 26
4
26 --1714 144 1684 1312 207 143
13
• 15
Glidden Co
90 88
fifi
91- 90 85
92 8712 90 893 893 8812 89 87
4
85 82 854 82 90 84
4
4
8
Prior preferred
100 853 7614 843 83
,...;
----------------5714 5714 69 69 ---- ---- -,zz- - _ 62 62
• 3812 3712 ------------- 53 53
Goodrich Tire & Rubber
IT/
gi
r:;;'
_ iiT2 ;..
__ _
—
9938 9938. _
99 99 ____
1
4
1
958 943 95 95
9514 95
95 95
Preferred
100
4
47 4
4
3
012 264 -- 18 384 31
4
2812 32 293 3314 -i
3
8
38 2514 31
28- 3512 493 364 48 -- -3- 411 35 4
8
Goodyear Tire & Rubber
• 297 244 3412 28
1134 11314 103 4 1034
964 9814 100 100 --------104 1033 10414 10414 11012 11012
8
8
4
Preferred
100 93 883 93 9212 937 934 95 92
1064 10714 10714 10414 10414 104 104
Prior preferred
100 --------10682
iii" iiCi iiili iiii cid'
6
-Grasselli Chemical
100 132 128 132 131 133 127 130 127 132 128 132 130 131 13 - iii" fiiii i55- fiiii i:ii: 1013 10212 1013 10212 101
4
4
4
Preferred
100 104 103 105 10411 106 104 10312 10382 10312 10312 10312 102 103 102 10214 102 103 1013 102 84 ,___
___ 8814 684
4
63 61
62 60
4
61 61
603 603 70
6912 6012 61 6012 61 61
62 61
Great Lakes Towing
100 65 63
8
96 943
92
92 9412 91
92
92
92 92
90 90
8814 884 90 90
89 88
90 90 88 88
Preferred
100 91
90
63 8212 6014 51
63 52
45 6312 61
594 53
50 44
4414 43' 61
88 8714 87 8412 6914 60
OH A) Hanna 1st pref
100 88 87
014
2412 2
3
2012 24 20 4 2312 21
1812 1912 1912 2014 20
19
21
21
4
203 21
21
4
Harbauer
• 213 2012 2214 2112 2284 21
284 33 30. 35 3034
31
4
2812 2934 293 2912 2914 2912 2912 2912 29
4
3112 3134 3114 314 304 30 293 30
• 32
Harris Press
168 160
172 165 176 172 175 170 1119 11
India T & R
111
121
Q1
rit
..
--sr -- is
,: -------2. - 7
ex: i
. 0.•i- ii. 'H.
Ili
Af.
. el.
16
.2
Q
a
•No par value.
1134
TUE CHRONICLE
[VOL. 124.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANG
E FOR 1925 (Concluded).
January February
March
April
May
June
July
August September
October
November December
High Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High Low
INDUSTRIALS (Concluded).
Ind Rayon
•--------------------------------------------------27 20
Interlake Steam Ship
25 2112 24
18
• 9412 93 4 94 9312 9812 98 100 99 100 98
3
95 95
94 93
94 93 93 --- 9712 94
Jordan Motor preferred___.100 93
93
99 96
96 95
1)2
8
933 9212 93 90
91
90
92 90
91)12 90
90 88 --------897 85
Jaeger Machine
8
90 8'7
91
8912 90 4 8812
•
3
Kaynee preferred
27 2.513
100
9014 9014 004 90 ---------------- -------- 90
90 92 92
Kelley Island
9212 9212 92 92
100 102114100 10212 101 103 101 10312 10312 10312 10212 105 10312
105 104 10714 104 115 109 120 113 117 115 125 116
(S) Korach "A"
-- ,
• 1112 11 ----------------11
s
11
11
11
10
10 --------10
10 ------------------------10
Lake Erie B & N
10
• 7
7 --------------------------------5
5
6
41 --------9
Loew's Ohio preferred
434 9
8
1012 9
10
94
3
100 96 95
9512 95
93 92
95 95
93 93
93 93
93 93
412 9412 100 97
Metropolitan Brick
993 99
4
98 98
9812 9812
100 86 82 85 8212 84 83
84 8212 8212 8212 78 78
8012 78
8012 78
Preferred
80 78
90 82
9512 9012 95
100 961 9412 97 97
:
96 96
9612 9612 95 95
9614 95 100 100 10012 100 100 98 100 98 101 101 101 8612
Midland Steel
• 40 40 --------40 40
100 4
3
363 363 44 41
4
4
Miller T & R (old)
100 111 109 12612 1073 130 105 123 112 126 121 169 118 11
4
37 166 - 1281- 115 248 162 iii 165 ---- - - ---- - 2
.
New
- • ------------------------------------------------Miller preferred
- -4654 46
_42
46 - - 44 31i
100 10512 10312 10612 102 10314 100 10214 100 103 101 104 10212
10514
Mohawk T & R
105 10212
2 -- 4 0512 10312 1051:103 1027 100
8
•
Preferred
--- ---- 75 55
80 60
85 80
100
Morgan Lithograph
---- _ . 85 85
80 793 80 80
4
•
4612 54 ------------------------ -------- 56
55
4 3
1
7
Murray Ohio
3
3
3 --------384 312 312 _ ----------------------- 812 - -12 --------59 573 5812 5812
56
4
412
-3
_
3 --------312 3
Preferred
332 234
100 95 95 --------90
93 93 --------96 95 95 95 95 - 9
5 ----------------93 93
National Acme
95 95
10 712 61
2 6
512 43
4 --------6
512 73
4 6
103
2 7
73
2 712 9
National Refining
712 1012 7 4 10
3
9
121
: 912
25 47 42
4014 391 41
38
37
3712 4012 373 397 39
2
2
41
2
:
Preferred
3714 35
4012 38
4312 41
4212 41
100 12714 127 12714 12714 127 127 --------1278412714 --------128 373 381 38
Ohio Bell preferred
100 10812 1071 108 10714 108 106 10812 107 10912 1081 1093 1063 108 128 130 130 128 128 13012 128 128 128 130 127
4
2
10612 10712 106 1093 10714 10812 108 109 1083 11012 1081
Ohio Brass"B"
2
2
* 165 130 205 160 210 185 190 185 19712 185 220 7012
:
7912 75
Preferred
80 77
78 7612 81
76
77 7512
100 10111 98 102 1011 10112 10114 100 100 100 100 100 987 82 72
2 98 9712 99 9714 100 99 100 99 100 99 100 99
Otis Steel
117 10
5
117
4 07 10
814 11
8 4 1412 10
3
14
1232 1412 13
1514 1272 14
Paragon Refining
1214 13
111: 1312 12
12
13
25 618 53
8 88 6
7
9
7 --------10
8
814 73
4 94 7
3
914 8
Preferred
9
814
_.i00 45 40
814 8
8
7
48 47 66 60
521 7'4
63 63 67 60
70 68
75 60
8':refd
7212
Peerless
60
6514 65 66 66
1534 10
50 2212 19
1714 13
4
203 13
18
141 2512 1612 26 23 4 2714 7034 64 60 61
,
2438 3714 27
Richman
9914 114 110 113 108 108 106 113 110
40 3514 38 2912 3312 28
116
114 11212 114 112 115 114 120 115
River Raisin Paper
180 137 180 168 183 166
10 712 7
8
8 7 --------63
4 83
4 83
4 Ps 6
6
7
'
3
Robbins-Myers preferred....All 112 11 ---63 6
4
61
: 612 8 ' 7
137 611
s
2
112 212 2 2
,
__
Sandusky Cement
2
2
2
150 125 1647 1647 1801 165
212 212 314 23
2
2 -:
90 90 --------------------------------21208 103
N
IS 110 95 110 1
103 10612 10512 112 112 112 112
Seiberling T & R
Preferred
100
Sheriff Street Market
0014 9913 100 100 10112 98 98 9512
1011 --------8414
--------------------------------------------------------1004s;--------85i, ___
- — - ---- -- 8312 7912 ---- - - ---- -_-Sherwin-Williams
25 3512 303 35 341 3512 35
2
3512 34
40 34
393
4
2
4212 40
4212 41
Preferred
4514 4214 4414 - - 44 4312
100 1053 105 106': i044 10618 10514 10634 1053 107 105 10512 37 423 39
43
2
4
105 10714 106 10712 1053 10714 10814 10714 10612 1081,10812 106
4
39 35
Sparks-Withington
39 4 38
3
10511
41
37
50 393 49 47
4
571 491
:
2
89 52 11412 70 120 11112 30 30
Preferred
100 -------------------------------------------- ---- 647 5412 53 52
101
-lOt 101 101 101
Stahl Prop
----------------------30
1:
20
20 20
294 - - -12 22 22
22
22 22
Preferred
ii 100 ------------------------60 60
ii iiii -- 12
11
55 55
69 69
59 59
Standard Textile
61 81
65 85 83 81
100 17
17
19
17
17 ------------------------2111 2112 --------57 57
22 22 ----------------15
"A" preferred
100 54 64
47 45
147 12 12
2
45 42 --------55 4511 5712 53
571 671
3 637
7
1 50
"B" preferred
4712 3912
80 47
----------------------------------------------- 50 48
Star Rubber
-------------------- ----14
1
Stearns Motor
14
• 18
15
13
101 11
11
10
91 1012 514 9 4 7 s 8 1 73 10
3
3
7
2
77 10
2
712 7
6
8
5
Steel Products
9 2 61
1
: 7
IN ----------------60 60 --------60 60
6
Ps 614
80 58 --------60 60
65 85 66 61 --------80 80
Preferred
IN 95 91
98 97
77 4 771t 77 77
5
783 7712 --------83 83
4
84
Telling B V
9312 9212
91
89
2514 241 2512 2312 29 253 2912 2812 291 84 --------88 86
:
: 2712 37 2814 40 34 4 4412 39 4 46 3811
"B" preferred
3
100 ------------------------98 98 100
3
9912 9912 9912 --Toledo Edison Power pref 700 112 110 112 112 11212 11012 112 111 11113 100 -------- -------- 10_
-- ----- ----109 111 109 110
0 11112 111 III III 11412113 114 11384114 114
Trumbull Cliffs prefer:4341_100 --------------------------------101
-100 2 1003 100 101
,
3
991s 1003 9912 100 2 100
s
3
99 99
Trumbull Steel
99 9811 9912 99
•
14 201
s 11
.: 1
t 7 4 18
3
177 19
2
18
1814 14
1432 103 12
2
6
po Preferred
11
814 1134 1014 103
100 99 98's 9812 971 9912 973 98 9712 97 98
2 9
4
981: 98
97 88
87 75
78 58
Union Metal
71 62
70 65
6512 63
•
2512 23
29 26
33 2712 45 33
Van Dorn Iron
5312 45
49 4614
• 14
13
13
13
13
123 14
4
14
14
123 15
4
15 --------1112 Ws --------13 12
Preferred
14
14
1314 12
100 88 88 --------88 88 ---------------------------------------92 91
903
Wellman-Seaver-Morgan
92 2 92
7
:
7
I00 --------16
16 --------16
16 ----------------------------------------15 2 9014 93 93
Preferred
15
15
15
14
14
100 70 58
70 70
52 52
55 5212 68 68 -------- 56
55
53 53
53i2 53
57 5.311
White Motor
50 75 2 713 721t 683 657 571s 6012 6012 87 66
3
4
4
2
7312 13 90 90 10014 9012 -----------White Securities preferred 100 10714 10514 1073 107 10812 10712
4
1081
:10712 108 10712 107121071± 10712 10612 107 107 10712 107 10812 ------------8234 82
Youngstown Sheet &Tube.. • 73 70
108 108112 107 106 108
76
7414
6612 6518 6512 6512 67 67
6612 6612
Preferred
.
iio 105 10234 106 mug lei fa 105 10434 105 103 107 106 10812 107 1e)ii2 1- -34 knit 115 4 1571
66
-32 1154 11654 16i iiii 10 -11
-8
BONDS
Canton & Akron
-93 93
City Ice general 62
9972 - -13 ---- ____ 99; 19 ---------------- -------- 10014
N
-1t
10 14
-6
.
do
.---- ---- ---- --Cincinnati 6e
--------100 166
Canton-Akron Bag ils
.. .
99 98
9914 98 4 99 983 99 983 983 9814 99 983 99 99
3
4
4
4
4
99 9812 9812 98
C BE &0 Div 62
98 98
98 II 973 - -11
4 97
Cleve Elyria & W 62
52 613 ----------------59 573 6012 6012 ----------4
4
----6212 -- -12 ------ --f- - - ---- ---- --62
Cleve Elyria Div 62
513 513 --------5414 5414 60 5914 80 80 - __ -___
4
4
- r•__.
6212 821s ----------------68 6 - --------585 58 1
8
G P & A 52 .
... ............... ------- ---- .--- ---- ---- 71
4 7 4 ------------------------------------------------7 4 - -3
3 Cleveland Ry 52
7
99 --- .,....
9
9
.. 9912 9 -3- 99,
- 4
8
2 983
4
14
12
is 981s --------98 1t
Cleve & San Brew 62
14 98
39 -89 891e 89
8914 89 4 -------- 88 88 --------89 89 --------9012 9712 9814 97;
,
Cuyahoga Telephone 72
90
9014 90 1
,
Lake Shore gen
5247
-48 48
47
Lorain & Cleveland 52
iiirt - - -1 --------882 18 4 ____ ____ ___ _ _ __ ---.
8
8
4
1
Nor Ohio Trac & Lt 52
9114 9114 9112 9112 9112 9112 --------95 95 ---------------_ 95 g
9512 95
Stark Ry 514
78 771s 87 78
14 734 7512 7512 7714 7714
W,B & A 55
-------------79 Yli
79 72
• No par valce.
The automobile industry broke all previous records
for production last year, and it now seems rather
By CM.. LEONARD P. AYRES, Vice-President Cleveland improbable that it can exceed those figures in 1927,
Trust Company.
but nevertheless the prospects appear goOd. It has
Hard gray steel, and soft gray tires, and glistening become competitive to a degree hardly equaled in
automobiles form the industrial trio on which any other really important line of manufacturing.
prosperity rests in the Cleveland district. They all Although the output for the industry as a whole was
did well in 1926, and they all promise to do well in enormous in 1926, the profits were most unevenly
1927. These three great industries are the dominant distributed. This is impressively reflected by
the
factors in a district that is otherwise noteworthy records of the stock market which show that
one of
for the unusual diversity of its manufacturing activity. the simplest and most profitable of operations
in
The iron and steel industry has closed a profitable 1926 would have been to buy the shares of the leading
year, and begun a new one with mills operating at producer at the beginning of the year, and to have
better than 80% of capacity, and with steadily gone short of those of all the other companies, and
growing schedules of production. Competition has to have closed out all these transactions at the end
been keen, and still is, and there have been some of the year.
price concessions, but most of the companies are
The tire companies are looking forward with
looking forward with confidence, and expecting 1927 unusual confidence. Last year they were still sufferto be a year of distinctly satisfactory results. Lake ing the penalties imposed by the rapid advances and
shipping did well last year, as it always does when subsequent declines in the prices of crude rubber,
the iron and steel industry is active,• and there is but this year rubber is reasonable in price, and
every prospect that this will be another good year cotton is cheap, with the result that the prospects
onithe Lakes. This is important for Cleveland. for for good profits are bright. The industry is becoming
most of the ships on the Great Lakes are owned in steadily more nearly independent of changes in
the city:
general business, for its output is going in everRetrospect and Prospect Both Bright in
Ohio.
1135
THE CHRONICLE
Film. 26 1927.]
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.
Stock Exchange, for the following compilations showing
We are indebted to Richard Seving, Secretary of the Cincinnati
actual transactions.
prices. on the Exchange for each of the last four calendar years—based on
the high, low and closing
EXCHANGE FOR 1926, 1925, 1924 AND 1923.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK
Calendar
LISTED SECURITIES.
American Laundry Machinery
Preferred
American Products preference
American Rolling Mill
Preferred
American Seeding Machine
Preferred
American Thermos Bottle "A"
Preferred
Atlas National Bank
Baldwin Co
New preferred
Buckeye Incubator
Campbell Creek Coal preferred
Campbell (J. B.) common
Preferred
Carey (Philip) hug
Preferred
Central Warehouse"A"
Champion Coated Paper
PI eferred
Champion Fibre preferred
Churngold Corp
Cincinnati Car
Cincinnati Gas & Electric
Cincinnati Gas Transp
C. N. & C. Light & Traction
Preferred
C. N. O. & T. P
Preferred
Cincinnati Postal Term. preferred
Cincinnati Street Ry
Cincinnati & Suburban Tel
Cincinnati Union Stock Yards
Citizens' National
City Ice & Fuel
Col. Ry. Power 1st preferred
"B" preferred
Cooper Corp. "A"
New
New preferred
Columbus & Xenia
Crown Overall preferred
Dalton Adding Machine
Preferred
Dayton & Michigan
.Preferred
Dixie Ice Cream
Douglas preferred
Dow Drug
Preferred
Eagle•Picher Lead
Preferred
Early & Daniel
Preferred
Excelsior Shoe
Prior preferred
Fay & Egan
Preferred
Fenton United
Preferred
Fifth•Third•Unlon units
Year 1926.
High.
Low.
Close.
14531
128
2731
5955
11231
29
75
2055
4434
440
248
107
45
109
65
10031
181
115
2%
183
111
106
70
2351
95
125
9355
71
825
103
95
39
93
153
233
2531
9955
9755
105
124
2231
4431
10855
2334
58
931
35
434
196
10455
9%
g9
55
98
178
111
134
140
10855
10055
45
22
88
1125i
815i
63
270
101
88
32
81
125
212
213j
94
94
11031
128
2231
4651
112
2354
58
10
35
440
196
10651
4
9
904
65
98
178
11355
23i
140
11051
104
45
2331
9334
123
90
71
360
103
9051
3831
9331
131
230
23
99
94
8755
108
93
104
7155
10231
37
54
109
300
112
35
113
4955
103
5
101
45
80
96
37031
6551
9931
93
101
60
100
37
54
106
275
110
2631
109
37%
93
4
100
28
55
95
318
Calendar Year
1924.
Calendar
Year 1923.
Close.
High.
Low.
Close.'
High.
Low.
Close.
161
126
.
S
57.5
11155
37
76
72
118
14231
12531
31
75
72
118
Ws..i
106%
3634
65
10551
124
52
10834
3634
75
40
125
3431
100
6255
91
2631
11455
289651
50
8055
3851
117
10631
29
65
11451
124
73
87 -1
11155
37
75
410220
10951
35%
103
65
- -185
113
1:16110
105
80
91
12655
84
67
700
105
9951
3934
04
160
225
26
461198
10351
2951
101
65
.
188105
158101
9955
4851
85
103
75
60
500
10151
90
3151
7631
129
205
23
410211
10655
29X
103
65
1
l';'..
110
1io110
103
68
itiq
113
83g
67
700
10155
90
3351
8334
155
216
25
22810955
1(5
--l'ilT)112
15810834
105
50
19810351
10i
__188105
15810351
100
4155
82
103
7555
60
500
10131
90
3255
79
129
205
2355
_
375
375
208
10855
108
- -___
I. -6
162104
112
3
1: 810855 166103
102
5151
4955;
85
8831
11551 11131
7751
81%
62
6131
515
10131
103
9755
.
55
3331
7431
89
135
140
203
224
2355 •102
375
375
37. 8
375
_ __
110g
100
31
110103
524-734 1094
i'i;.i
10
65
88
9531
117
9231 9251
101
107
8034 56
10631 9934
37
37
8331 82
168--110
149
250
107
113
4031 31
108
112
485i 3451
95
100
5
531
iC
7L60
95
75
77
90
96
275
325
1134
increasing proportion to supply the needs of old
cars, and in less measure to equip new ones. So
long as a car is in use it is wearing out tires, and its
owner can do little to economize in this respect. The
tire industry is rapidly becoming independent of the
business cycle.
Building has been fairly active in Ohio during the
past year, and there has taken place in this district
the same sort of rapid development of suburban
areas about the cities that has been noteworthy all
over the country. This section has been fortunate,
however, in escaping anything of a boom in real
estate exploitation. Winter construction is going
forward in good volume. The coal business is
exceptionally active, which is partly due to the fact
that there is considerable probability of a serious
coal strike in the spring. The agricultural situation
is fairly favorable.
The Year 1926 on the Cleveland
Stock Exchange.
By FRANCIS J. SMITH, Secretary, Cleveland Stock Exchange.
Following in the wake of the most successful year in the
history of this Exchange, and in fact of all other security
markets, it is not surprising that 1926 should suffer by
comparison with the year 1925. However, last year in
the matter of business transacted ranks second in the records
of the Exchange. Total sales amounted to 1,054,571 shares
with a market value of $41,760,800. The figures for 1925
were 1,859,390 shares with a market value of $58,802,117,
and those for 1924 736,976 shares with a value of $26,444,200.
While the average price per share sold in 1926 was over
$40, the average for 1925 was only $31 50, and for 1924
about $36 00.
Calindar Year
Low.
2131
7751
10251
93
104
60
10251
37
54
10834
295
11034
2731
112
47
100
5
101
40
64
95
365
1925.
High.
96
11555
84
6355
515
10331
99Si,
3755
94
141
225
26
Mi
2131
1134 10
6555
67
10534 9531
925i— .
15555 loi
107
7734 56
7551
9755
10555 106
37
37
37
8331 82
82
-1691i6169
149
160
250
107
109
112
4031 31
34
108
110
111
48g 345i
40
95
102
100
5
5
5
.
fff
75
i880
95
6831
75
77
77
9355
96
95
275
300
320
§o1134
8431
108
WK
1131
100
_
loi
70
106
37
82
1i15150
109
3231
109
46
102
5
t8
80
77
96
300
1934
33
98
50
8055
105- 105
995( 101
39% 43
7855 7'34
9651 06
7055 71
563.1
56
9531 97
27
6754 74
120
120
195
195
*98
*95
14-
iHi
657k
"§A;i
§i10451 100
48
65
10131 95
3155 3155
79
79
--100
16
11431 125
10731 105
5
8§- 5
100
50
95
3155
79
--103
125
105
M48973
101
2031 18
100
104
5231 35
78
85
6131 55
95
86
240
25%
af44
100
20
103
5031
78
6131
94
25531
The trading list of the Exchange was materially strengthened and diversified during the year by the addition of
14 original listings and eight increases to capital already
listed. Combined, these listings made up a total of $54,928,560 of stocks with a stated par value, and 2,343,142
shares of stocks of no par value. This compares with
listings in 1925 representing $13,062,365 of stocks with a
stated par value and 2,026,424 shares of no par value.
There were 176 separate issues traded in 1926, against 171
in 1925, showing a gain in spite of the many removals from
the list on account of mergers and conversions.
By the increased volume of securities approved for listing
on the Cleveland Exchange during the past few years greater
evidence is given of the fact that more and more corporations
in this district are recognizing the advantages to be gained
by having their securities admitted to the Exchange. Though
it may be said that the Cleveland Exchange is undergoing
a normal and healthy growth, still the Governors and
officers of the Exchange realize there is much work to do
if it is to keep pace with the rapid growth of this community
and have under consideration important steps for the
year 1927.
The Record of the Cincinnati Stock
Exchange,
By W. E. Fox, President of the Cincinnati Stock Exchange.
Prosperity marked the market for securities on the
Cincinnati Stock Exchange during the year 1926. The
money expended by the investing public for the purchase
of securities, during 1926 surpassed that of any year since
the inception of the Exchange 42 years ago. The enormous funds that have been converted into securities of merit
is a record the Exchange can be proud of. The steady and
gradual expansion of the market for listed securities indicates that the Cincinnati Stock Exchange is an Important
factor in Cincinnati business he.
1136
THE CHRONICLE
[VoL. 124.
HIGH,LOW AND CLOSING PRICES ON CINCI
NNATI STK. EXCH. FOR 1926, 1926, 1924 AND
1923 (Conclu
ded).
LISTED SECURITIES (Concluded).
Calendar Year 1926.
High.
First National
Fleischmann preferred
Formica
Fourth & Central
French Bros.-Bauer
Preferred
Gallaher Drug preferred
Grant Tire
Gibson Art
Preferred
Globe-Wernicke
Preferred
Globe Soap 1st preferred
Special preferred
Gruen Watch
Preferred
Hatfield-Reliance
Preferred
Jaeger Machine
Johnston Paint preferred
Kahn 1st preferred
Participating
Kemper Thomas
Special preferred
Kodel Radio "A"
Preferred
Kroger common
New preferred
Lake Shore preferred
Lincoln National
Little Miami guaranteed
Special guaranteed
Maneschewitz preferred
Mead Pulp & Paper preferred
McLaren "A"
Monitor Furnace
Oglesby Paper preferred
Ohio Bell Tel. preferred
Paragon Refining
Preferred
Printing Machinery
Preferred
Procter & Gamble
8% preferred
6% preferred
Pure Oil 6% preferred
8% preferred
Putnam Candy
Preferred
Richardson common
Preferred
Schacht Motor preferred
Seaboard 011 preferred
Second National
Standard Drug"A"
U. S. Can
Preferred
U. S. Playing Card
U. S. Printing & Lithographing
Preferred
U. S. Shoe
Preferred
Vulcan Last preferred
Western Paper "A"
Western Bank
Whitaker Paper
Preferred
Wurlitzer 7% preferred
8% preferred
•Old Stock.
Calendar Year 1925.
High. Low. Close.
High.
Low.
Close.
High.
326
115
32
225
16
90
21
303
114
223
212
15
8484
21
270
112
19
20236
10
8284
2036
303
11234
2134
212
10
8436
21
245
11334
Low.
Close.
55
50
110
1831
11fil
321
112
20
245
11
8936
21
2334
3651
115
80
81
55
36
103%
1431
1v31
350
113%
2236
260
15
98
21
50
43
11536
8936
90
-
io11584
97%
10284
90
4336
109
1534
1213i
10236
104
4536
65
99
100
41%
59
101
100%
43
59
15.
35
.;4
0
350
116
27
260
17
104
21
57
44
11834
101
100%
_
_
88
_
11
1°
1
114
100
321
95
270
112
1884
202%
10
8236
203i
58-
326
114%
2536
225
1534
90
21
36%
Calendar Year 1924.
io-
513;.6
-
5/
3934
10431
23
106
112
80
9536
83
78
30
100%
16
100
115
97
9534
83
78
3734
10431
18
10234
115
88
102
90
80
35
103
2136
106
100%
13t36
83
80
3034
102
1734
102
165-
of
6g-
165-
166-
166k
so
--go11236
23
84
dig
11334
__-
ii
109%
17
___
Of
109%
17
-- -
go-
109%
23
112
Sig
wog
1736
83
80
30
---
go10934
20
115
-- -
gS10936
20
Calendar Year 1923.
28"
10134
---
52-4
8
106
93
10236
10184
102
3234
104
---
-------
8610584
---
B. Ng .840-
Low.
212
112
Close.
245
112
irii
20
0634
--2531 30103
105%
8784
90
9394
9684
---
99% 9884
9531
95
2936
100
---
31%
101
---
---
----
---
8/
103%
---
81-
104
---
lin 1123
4
73
2
0
lag
109
11031 111
554
11034 11036
113% 110
11384
109% 107
100
108
100
300
320
2gEqi 2gO2802gOi6 2gO2g15- 6
3
2gO280
28091
94
95
92
93
9434
94
9331
8584
59
:- 92
41
42
41
10T
16/
1
0
.
100
100
100
---- __
--2036
17
18
--ig------if
N.
%
--------90
--90
--90
gogoOOHS
109
1104
11034 106
109%
110
106
107
logil loi9%
10384
634
7
10
536
7%
9%
534
8
12
85
65
534
554
85
78%
56
65
6834
56
62
80
40
40
110
-.
--1
110
4:11)
,
lio1156lei192
13934 156lidlig13e36
12454 112% 122
lii12234 128
INI
89
81
85
89
81
67
11
13g 18P5 li
n
108
103
106
106
103
90
2434
20
22
23
22
2227
25
27
05
100
10034
95
90
100
loolooloo
101
100
101
158
131
148%
15831
90
158
116
90
10834
100
92
100
108% 105
10$
----------------10036 100
-10034
88
88
lei
88
lig
leo
lOglOgloi224
2354
210
224
2231
23
24
1313
7334
51
62
61818/
5184
105
39%
4454
100
10234
10431 100
103
100
100
100
105
4036
99
155
10251
10731 143
120
107% 119
96%
8584
8884
187
8435
135
59
178
8134
7284
59
6834
65
52
59
95
77
98
74
7736
94
97
77%
96
7434
61
61
100
1034
91
92
5%
6%
1036
5%
7
47
6234
64
47
52
6
.
65i
581
4Bi
Ali
66!i
------101
100
58
101
5632%
-_::-
lil
il
N;i
7113 M EL16434 1t i issrM7g%
%u
t8iS i
I 18
,a434 184 RR
5
ir
r 58g
3P
31034
43
98
107
Inns.?'
106
58
115
At
3?r
i
50
102
114
I not
2R1H
10034
194
10
MR
211336
43
182
29 i
5P
10034
57
43
pax 18531 fat
57
85
igl isi "
in
102
108
106
21
10616
1f.
- 34
3
102
gi-
4834
100
,16-
9734
405534
181
g
100
The volume of business as represented in dollars and 1926.
A number of standard stocks also attained new highs,
cents on the Exchange during the first year of its existen
ce while other recorded rather spectacular rises.
42 years ago, amounted to $1,000,000, while
Through the ever-increasing strict enforcement of the
the figures
for 1926 show that the Exchange was a clearin house for rules
requiring corporations to furnish complete and detailed
g
approximately $100,000,000 worth of securities.
reports, greater safeguards are assured the investing public.
The growth in the wealth of the people of Greater Cin- The Cincinn
ati Stock Exchange is rapidly becoming an incinnati is due, in no small measure, to the wide distribution strument
for the prevention of losses growing out of inadeof listed corporate securities among the public. In the quate
information.
•
progress of that distribution, by providing an open market
All previous year records were also broken for new listings
where the public, through its brokers, is free to bpy and sell on the
Exchange during 1926. There were 15 corporations
under conditions of perfect equality, the Cincinnati Stock that listed
their securities on the Exchange, or a total of
Exchange has played an important and indispensable part 27 new
listings during the past two years.
in the "building up" of the wealth in this community.
The new securities listed during 1926 aggregated 567,498
The majority of the listed securities during the year shares of
common stock, having a market value of more than
1926 showed appreciation in market value, and trading has
$13,000,000; and 166,863shares of pref.stk., having a market
.
been of a very diversified charact
er, with 118 separate value of close to $10,000,000, as well as $1,500,000 of notes.
issues of securities trading in it during
the year; thereby
Among the securities listed during the year 1926 were
outstripping that of any single year in the history of the 40,000 shares
of no par American Products Co. preference
organization.
stock; 107,900 shares of no par value and 32,808 shares
The records show that 72 of the 118 various issues of of $50
par value of American Thermos Bottle Co.; 234,916
securities traded in during the year were higher in prices shares
of no par Cincinnati Car Co.; 3,200 shares of $50 par
than those that prevailed at the close of 1925. The year
value Dixie Ice Cream Co. common; 15,000 shares of no par
1926 started with total shares traded in for the first six
Giant Tire Co. common; 100,000 shares of no par Jaeger
months exceptionally larger than the first six months of Machin
e Co. common; 12,500 shares of $100 par value
1925. During the third quarter of 1926 there was a slight first
preferred, and 12,500 shares of $40 par value parrecession in the volume of shares traded in as contrasted ticipat
ing of E Kahn Son's Co.; 5,000 shares of $100 par
with the third quarter of 1925. The market, however, value
Lake Shore Power Co. preferred; 2,076 shares of
during the last quarter of 1926 took on new life, and es$100 par value Mead Pulp & Paper Co. preferred; 35,000
pecially during the closing month of the year.
shares of no par common and 15,870 shares of $100 par
While the number of shares traded in during 1926 was not value
preferred of Seaboard Oil Co.; 4,891 shares of $100
quite as large as in 1925, they were twice those of
1924. par value common and 9,138 shares of $100 par value of
The number of individual transactions and small or odd
lot Vulcan Last Co., and 1,471 shares of $100 par value prepurchases, during 1926, however, surpassed that of 1925 by ferred
and $1,500,000 three-year 6% notes of the Schacht
a large margin. A greater amount of money, though, was
Motor Truck Co. and 197,500 shares of no par common
involved in the shares traded in during 1926 than 1925, stock
of Hobart Manufacturing Co. and 4,000 shares of
because of the materially higher prices that prevailed in
$100 par value of Pearl-Market Bank.
1137
THE CHRONICLE
FEB. 26 1927.]
RECORD OF PRICES ON TOLEDO STOCKS FOR 1926.
list of high and low
There is no Stock Exchange in Toledo, but we have obtained from Bell & Beckwith the following
market. Important
for the calendar year 1926 on the stocks which are traded in more or less actively in the Toledo
prices
Willys-Overland common and
Toledo stocks, such as Owens Bottle, common, National Supply common and preferred,
Electric Auto Lite are listed on the New York Stock Exchange and appear in our records regularly for the
preferred, and
and appears in our regular records
New York market. Libbey Owens Sheet Glass common is traded on the New York Curb,
for that Exchange.
High.
STOCKS
Fifty Associates
Preferred
Haughton Elevator, Preferred
Harris Automatic Press
Harbauer Company
Lasalle & Koch, Preferred
Larrowe Milling, Common (Old)
Common (New)
Preferred
Woolson Spice Co , Preferred
Libby Owens, Preferred
Owens Bottle, Preferred
U. S. Sheet & Window Glass, Preferred
Common
•
Toledo Scale Co., 7% Preferred
Toledo Edison, 8% Preferred
BONDS.
Secor Hotel 630, 1932
Toledo Gas, Electric & Heating 5s, 1935
Commonwealth Building 6s, 1938
Scott Realty 6s, Serial
Waldorf Realty 6s, Serial
102
103
97%
34
24%
110
118
28
106
100
117
116
122
65
110
117
Low.
Feb
100
1005i April
97H Dec
Dec
30
123§ Nov
105 April
Mar
111
22% Nov
Dec
106
9734 April
114% Jan
Mar
113
Dec
114
50
Aug
Dec 104
Feb
May 114
Sept
Dec
Dec
Mar
Jan
Jan
Jan
April
Dec
April
June
Oct
Mar
100
102
Retired
101
101
974
100
100
100
-50% of this issue has been called for payment at 115 and
Owens Bottle, Preferred.
accrued dividends, on April 1 1927.
Larrowe Milling, Common (Old Stock), was exchanged on the basis of four for one
In March 1926. No par value for new stock in 1926.
A unique record was made during the year 1926, with
only two listed corporations passing their dividends. On
the other hand, a number of non-dividend paying securities
were placed on a dividend basis; several companies resumed
the payment of dividends and extra cash and stock dividend
distributions to shareholders were also numerous.
With the increased growth in the activities of the Cincinnati Stock Exchange the membership also increased.
Additional members were admitted during the year, bringing
the total membership to 47. A new high peak for seats
on the Exchange was also reached during the year, with the
last two seats selling for $10,000 each. Seats in the early
days sold for as little as $100.
Besides affording a valuable protection to the holders
of securities and directing the flow of capital, the Exchange
serves the further useful purpose of discounting the trend of
business. There is much in the present situation that
Bid Dec.31
1926.
BANK STOCKS.
First National Bank
American Bank
aCity Savings Bank
Commerce-Guardian Trust & Savings
Commercial Savings Bank & Trust Co
Dime Savings Bank
Home Bank & Trust Company
bOhlo Savings Bank & Trust Company
cPeoples Bank & Trust Company
dSecurity Savings Bank & Trust Company
eSpitzerAorich Trust & Savings Bank
froledo Trust Company
Union Trust & Savongs Bank
350
125
130
195
340
275
160
400
150
250
220
190
250
31
Bid Dec.
1925.
330
130
185
300
275
156
330
150
230
320
170
250
a Paid initial dividend of lh% Dec. 31 1926.
I Paid extra dividend of 4% Jan. 1 1926.
Formerly People's State Savings Bank.
Into
d Consolidation of Merchants S. B. dr Tr. Co. and Security S. B. dc Tr. Co. to
the Security S. B. & Tr. Co., Jan. 1 1926. Capital Increased from 5600.000
3749,600 as of July 15 1926 and 5800,000 Dec. 31 1926.
e Capital increased from $300,000 to 8600,000 Jan. 1 1926.
Dec. 31 1926.
.r Paid extra dividend of 1% Jan. 1 1926 and 2% extra dividend
inspires confidence for the new year. It is a little premature
to determine at this writing as to what the exact figures of
earnings will be of corporations whose securities are listed.
While earnings in a few instances may be shaded for the last
quarter of 1926, there is, however, every indication, as a
whole, that earnings will be considerably larger in 1926 than
they were in 1925.
COMPARATIVE RECORD.-OINCINNATI STOOK EXCHANGE.
1924.
1925.
1926.
Shares.
Shares,
Shares.
Monthly Sales.
52,557
73,246
88,226
January
45,024
68.721
76.732
February
2i,372
67,095
86.684
March
28,429
52.299
47,232
April
23.660
85.580
36,397
May
28,323
57,395
41.449
June
36,218
61,160
60.979
July
37,158
63.200
43,337
August
98,912
27,836
35.183
September
36.373
107,550
48,270
October
67,140
73,130
48,311
November
79,650
65,225
52,550
December
Total
665,350
873.506
488.740 •
Indications of Business Activity
-COMMERCIAL EPITOME. ment restrictions on individual trading in wheat at Chicago
THE STATE OF TRADE
seem likely to be rescinded except in cases of flagrant manipuFriday Night, Feb. 25 1927.
in general is slow. Judging from present appear- lation. Cotton has made a small net advance to the highest
Trade
demand
an
ances the hopeful thing is the promise of an early spring. prices seen since Oct. 1 under the spur of excellent
in Liverpool. At
Everywhere the temperatures have been mild. In New for the actual cotton at the South and
treble those of a year ago,
York they have been as high as 56 degrees. But wholesale the South daily sales have been
the extraordinary record
trade in the meantime is not satisfactory. For the most and in Liverpool there has been
small lots to supply immediate needs. Retail of sales of 18,000 bales day after day. Moreover, Manpart it is in
vetoing of the MeNarytrade is also slow, with the roads at the West in bad condi- chester has been more active. The
of the relatively high temperatures and with Haugen bill at first caused a small decline in cotton here
tion as a result
an advance. It was recognized that
the frost out of the ground in the Central West. Crude oil to-day, but later came
been cut 15 to 25 cents or more with production it opens the way for some decrease in the acreage as the
prices have
in
unprecedentedly large and the • demand none too active. signing of the bill would not. There is a good business
Wheat and other grain have declined, with export trade in some descriptions of finished cotton goods, notably washed
wheat as a rule only moderate and world's supplies ample fabrics. Woolen and worsted suitings are 23/ to 5 cents
for the present demand. Farmers evidently hold large a yard higher for the fall season, as compared with spring
is
supplies of wheat and Southwestern receipts have been on a prices, but about 8% below those of a year ago. There
winter wheat crop seems not much snap to the business in woolen goods. Cottons
liberal scale. The outlook for the
Broad
to be favorable and the world's shipments are very large and make a better showing. Rayon goods are active. trade.
a burden on European mar- silks are in better demand for the spring and summer
may soon prove more or less of
squeeze in Febkets. Corn has declined as the country has sold freely and Rubber has advanced with something of a
rising.
to curtail feeding demand, while ruary in the middle of the week and London of late
mild weather threatens
Automobile production, though smaller than a year ago,
prices.
Indiana and Ohio offer cash corn at low
favored by mild
With the weather unusually warm for this time of the has latterly been increasing. Building output is large.
in Texas and winter weather shows more activity. The lumber
year, the planting of corn has begun
than a year
wheat there is looking well. Some cotton has been planted The output of bituminous coal is also greater still uncerRye has been in some demand ago. Whether there is to be a soft coal strike is
In the far south of Texas.
are lower, and
for export at lower prices. Oats are down nearly to the tain; not a few expect it. Dairy products for 15 years.
lowest
lowest prices on the crop; seeding has already begun in the prices of eggs at some points are the
business this month
South and will be general in Kansas next week. The great In some sections of the East jewelry
good. There is a fair business
event to-day in grain markets was naturally the vetoing of has been good;in others not so
slow. There is a large
the MeNary-Haugen bill by the President. The step had in furniture. The leather trade is
Steel is reported rather more active,
been discounted and prices advanced sharply. Govern- output of rubber tires.
1138
THE CHRONICLE
[VOL. 124.
ut declines in prices have not ceased. Pig iron as a rule about 25% of its
equipment at night. The activity in rayon
has shown no change in price, but some business in Buffalo textiles is reacting
favorably on cotton mills in the form of
is reported at as low as $16 50. Foundry coke is higher. more frequent
orders, especially for fancy decorated fabrics.
The pig iron tariff has been advanced 50%; not that it will
In a 60 to 80 mile gale accompanying a hail and snow storm
keep out foreign iron, but it seems to be a sop to Cerberus. great damage was done in
New
Coffee has risen in an evidently oversold market, and Bra- 20th inst. It lasted 36 hours. York and New Jersey on the
Sea-shore resorts were flooded;
zilian prices were higher to-day. Sugar has advanced with at Coney Island the seas advanced
more than a block inland;
a larger business for prompt delivery, while futures are at Rockaway and Far
Rockaway 450 ft. At Long Beach
also higher, though early in the week they were lower with bungalows were swept away;
railroad tracks were submerged.
rather heavy notices, amounting on Monday to 161. But At the Battery a big tide
flooded
refiners bought heavily later in the week. Wool has been in Meadows were flooded, threatening cellers. The Newark
railroad travel. Staten
only moderate demand, but Australian sales have shown Island was hard hit. The
waves on some parts of Long
fair results.
Island and New Jersey coasts were 30 to 40 ft. high. Two
For several years past it has been apparent that new ways thousand persons were
driven
of doing business were in use in this country, namely a munities. Police, firemen from their homes and comand civilians rescued many
tendency to buy from hand-to-mouth. At the West the persons. There was a 70
mile gale on the New England
opinion is that this is likely to continue. Rapidity of trans- Coast and eight coast
guards were lost as a patrol boat
portation is one cause. The dealer is not obliged to carry broke up. The storm
ceased Sunday morning. The snow
large stocks and lock up considerable sums of money in the fall here was not heavy but with
hail it made travel dangerous.
fear of slowness of delivery at a time when he may need the In Pennsylvania and Ohio
the fall was reported as 10 inches.
goods. In some branches of trade there are also frequent The storm was general on
the Coast from South Carolina to
changes of style. There is also a fear of falling prices. One Maine and South Carolina
had very heavy rains. It was
effect is to inculcate among retailers the necessity of a rapid pronounced the worst
Atlantic gale in 20 years, causing
• turnover. Distribution costs are lessened speculation is many deaths and
injuries. Property damage it wasestimated
reduced, and failures are obviated in times of dulness of will amount to millions
especially at the beach resorts.
trade. One noticeable result, however, is to shift the Many ocean steamers
were delayed. Eight thousand men
burden of financing to manufacturers. They in turn will cleared the streets
here.
have to consu t their market and not over-produce. In short
Of late the weather has been very mild and springlike.
the hand-to-mouth buying in this country to all appearance On the 24th inst. it was
up to 56 degrees here; to-day it was
has come to stay unless there should be a remarkable period 45. Chicago of late
has had 52 degrees, Cincinnati 60,
of trade expansion of which there are at present no signs.
Cleveland 50, Milwaukee 48, Kansas City and Philadelphia
Stocks of late have been in the main firm, despite occa- 60, New Orleans 80,
St. Paul 80. The prediction here is for
sional setbacks and new high levels have been reached on rain and somewhat
colder to-night and fair and colder on
various shares, regardless of the fact that money has latterly Saturday.
risen to 5%. The sharp rise in General Motors has attracted
attention among merchants. And the size of the trading on Colonel Leonard P. Ayres of
Cleveland Trust Co. on
the New York Stock Exchange is remarkable, generally
Business Conditions—Contest Between Unfavorbeing above 2,000,000 shares. A year ago they were also on
able Conditions and Stimulating Influence
a very large scale, approximating 2,500,000 shares. Small
of Ample Credit Supply.
wonder that money rates have advanced of late. In Wall
In depicting business conditions Colonel Leonard P,
Street the vetoing of the McNary-Haugen bill attracted com- Ayres, Vice-Pr
esident of the Cleveland Trust Co., of Cleve..
paratively little attention, but it had been regarded as a land, Ohio,
in the company's "Bulletin" issued under date
foregone conclusion. The general effect of the action was of Feb. 15, says:
beneficial. Farm products generally advanced. The situaA contest has been under way so far in 1927 between unfavorable condition in China and Nicaragu,, has caused more or less com- tions tending to restrict general business activity, and the stiMulating
Influences of an easy and ample credit supply tending to support trade and
ment. The coming crisis in China cannot be regarded with industry. It
seems probable that the outcome
decided in this
indifference, but it would be easy to magnify the significance of February, and that it will constitute one will bedemonstration month
more
of the
potency of an ample credit supply to sustain prosperity.
of the sending of the warship to Nicaraguan waters by the
The unfavcrable conditions evident a month age were rather numerous
British Government, even if it jars a little on American and fairly serious. The output
of automobiles in December had fallen
sensibilities. The United States Government will, natur- point lower than any reached in December since the closing month ofto a
the
ally, see to it that the nationals of all countries are protected depression year of 1921. The January figures were better, but not at all
good. Building construction has slowed down, and important authorities
in Nicaragua just as it will firmly maintain American rights In the industry have issued warnings
against overbuilding. Iron and steel
in China. Bonds were more active to-day, and the excellent production had declined in December so far that milts were operating as
demand for such securities for some time past is one of the only about 70% of capacity. Moreover, the prices of their products were
weaking. Agriculture was hard hit
and falling prices.
signs of the times. London to-day was rather weak, with Stock market prices declined duringby over-productionand the insolvency
most of January,
some stress on the success of the Socialists at an election. record of the month was the highest since 1922.
While
The vigorous arraignment of Russia and its machinations apparentall these depressing factors were coming into evidence it became
in January
is now in this country
against other nations by Austin Chamberlain during the unprecedentedly greatand February that there investment. The prices an
amount of money seeking
of
past week has very evidently stirred England and E roused bonds, preferred stocks, and investment common stocks have been rising
strongly, and the volume of bond trading has risen to exceptionally large
criticism there, though not many people will doubt that proportions.
Short-time interest rates have steadily declined. These
Mr. Chamberlain was perfectly right.
developments will probably prove to be the fore-runners of new advances in
the activity of general business. Some of the recent new bond issues are for
At Providence, R. I., the Warren Manufacturing Co. is
having so good a business as to call for a night shift. For refunding purposes, but many of them are for the purpose of securing funds
with which to expand industrial and public utility facilities, and to construct
several months past the plant has run at 100% capacity with municipal improvements. Much of the activity in the bond market now
will have its effect in providing increased employment a little later on.
1100 workers. It is a sign of the changing times that the
In the stock
Pacific Mills will extend its activities to the production of without making market prices have moved up and down in short waves
real progress in either direction. Nevertheless, the fundanovelty wash goods of silk and cotton, rayon and cotton and mental trend for common stock prices appears to be in reality a rising one.
In the market as a whole the increases in dollar dividends week by week are
sheer cotton fabrics. The stockholders of the Everett Mills
greater and more numerous than the decreases, and at
after discussing the recommendation that$700,000 new capital trend of bond prices is a rising one. If these conditionsthe same time the
continue, as they
be raised, voted to refer the matter back to the directors for promise to,they will before long result in stock prices seeking higher levels.
further consideration, and adjourned for a month. Treas- This might not happen in the near future if developments in the automobile
and building industries should keep on being unfavorable, but if they show
urer McDuffle urges the mills be kept going as cotton prices marked improvement soon the only important obstacles to a stotk market
are on a more stable as well as decidedly lower level and the advance would appear to be out of the way. . . .
price changes during which quotations
It was a
mills are well located in Lawrence and are thoroughly up to alternatelymonth of vacillating stock relatively short movements, and withadvanced and declined in
date. The outlook is the best for some months, and more out finally getting far in either direction. It was a month,too,during which
orders are coming in. Charlotte, N. C., wired that Gaston the market was pretty consistently under professional control. The 138
hourly records
that the price movement changed its direction no less
County mills within the past two weeks have booked orders than 73 times,showmost of these changes were mere ripples on the surface
but
3,100,000 pounds of yarns, and the mills are generally of some 16 larger movements of one, two, or three days' duration.
for
sold ahead for 10 weeks. Prices advanced M to 4c. as spinners were unable to secure staple cotton except at higher January Building Operations Smaller According to
S. W. Straus & Co.
prices. Carded yarn business was also reported large, although no figures were given. The price trend is still upThat building operations throughout the country are now
ward. Greenville, S. C., reports that an increase of night on a definite downward trend was again indicated in the
operations among the textile plants of the Piedmont section building permit reports of 467 cities submitted to S. W.
seems likely. The American Spinning Co. is now operating Straus & Co. for January. These .places showed a loss of
FEB. 26 1927.]
• THE
1139
CHRONICLE
29% from December, although the average decline from increase of 46,868 cars over the same week last year and
December to January since the war has been 17%. As of 47,678 cars above the corresponding week in 1925. Other
compared with the records of January last year there was a particulars follow:
Grain and grain products loading totaled 42,664 cars, a decrease of 994
loss of more than 12%. The volume of building plans filed cars under the corresponding week last year but 1,243 cars above the same
permits issued for the month was the smallest for any week in 1925. In the western districts, grain and grain products loading
and
week last year.
January since 1922. The January total for the 467 com- totaled 26,677 cars, a decrease of 923 cars under the same increase of
6,946
Miscellaneous freight loading totaled 326.337 cars, an
parable cities was $239,595,374, compared with $273,251,155 cars above the same week last year and 17,538 cars above the corresponding
and $338,014,852 in December last. The week two years ago.
in January 1926,
Live stock loading amounted to 28.145 cars, a decrease of 1.624 cars
report goes on to say:
It is interesting to note that the group of twenty-five cities which led the
rest of the list in permits issued in January lost only 2% over January a
year ago. The group consisting of the 442 remaining places lost 28%. It
Is to be assumed with some certainty that similar losses have been experienced throughout all the non-reporting cities and towns of the country
inasmuch as the bulk of activities, with a few scattered exceptions, is taking
place in the larger centers. It is also important, in any consideration of the
building trend, to note that January was the seventh consecutive month.
since June 1926. that has shown a loss over the corresponding month of the
previous year.
Twenty-five Leading Cities.
The January total of 5168.233,718, for the twenty-five leading cities, was
nearly 25% below the total for the twenty-five leading cities in December
last. There likewise developed a new ranking among the leaders, with
Newark, N. J., taking third position, displacing Detroit, which had held
third place in the first group since July 1925. Philadelphia, which had held
fourth place for two years,in January dropped to tenth position.
Within the first group of twenty-five the fourteen cities with losses from
January 1926, included: New York, with a loss of $7,560,041; Detroit,
$2,857,213; San Francisco, $1,606,549; Pittsburgh, $424.552; Philadelphia,
$4,304,295; Houston, Texas, $296,227; Washington, D. C., $823,225;
Seattle, $2,691.335; Boston, $1,190,385; Oakland, Calif., 2842,778; Baltimore. $556,500; Cleveland, $1,271,175; Miami, $1,981,421 and Buffalo,
$596.845.
Among important places not in the first group, but which reported heavy
losses in January, were Indianapolis, St. Louis. Rochester, White Plains,
N.Y.,Mt. Vernon, N. Y., Youngstown, Ohio, Knoxville, Memphis,Dallas,
Ft. Worth, San Antonio, Tampa,Coral Gables, Atlanta, St. Petersburg and
West Palm Beach.
The cities in the leading twenty-five group which reported substantial
gains in January included: Chicago with a gain of $3,370,500; Newark,
N. J., $5,626,085; Los Angeles, $1,156,497; Portland, Ore., $1,516.950:
Milwaukee, $2,431,297; Louisville, $1,911,850; Yonkers, N.Y.,$1,728,535;
Flint, Mich., $1,874,367, and Akron, Ohio, $2,121,248. There were also
small gains in Cincinnati and Birmingham.
Building Materials.
The normal building slump together with other disturbing factors tended
to make the material market for the first month of the year weaker than it
had been for some time. For the most part prices either declined or remained
constant. Whatever few price Increases were reported were small and in
the minor construction materials.
Of the primary building materials, lumber prices after a year of weakness
were the most steady. This, no doubt, was due to the curtailment in production. Common brick prices for January did not show many changes.
The outlook, however, for this material is rather uncertain. Employee
representatives have served notice to the eastern brick manufacturers that
the barge captains will strike on March 1st unless they receive their wage
demand of $7 a day. In addition to the domestic difficulty the importation
of foreign brick has caused some little axnlety. It is said that the Belgian
freighters transport some 2,000,000 bricks to this country on each trip.
The other two maior building materials, Portland cement and structural
steel, experienced considerable weakness during January. Price declines
in Portland cement were nationwide and decided reductions were reported
in New York, Chicago, Pittsburgh, Cleveland, Indianapolis, Milwaukee,
Duluth,Peoria, Davenport,St. Louis. Atlanta. Cincinnati and Birmingham.
Structural steel, including beams, angles, channels, tees, dic.. was quoted
as 1.90c. with the Pittsburgh mills shading "inside prices" as far down as
1 75c.
The downward readjustments in both plate and window glass failed to
stimulate buying. There has been a reduction in plate glass production
coupled with a 10% cut in price.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR JANUARY 1927, WITH COMPARISONS.
Jan. 1927. Jan. 1926. Jan. 1925. Dec. 1926,
$72,886,416 $80,546,451 869,482,268 899,072,956
New York
21,873,100 18,502.600 21,007.950 25,097,900
Chicago
2,503,771
1.653,320
8,129.856
3,235.325
Newark, N.
6,973,252 11,171,162 10,089,871
8,129,749
Loa Angeles
9,454.749 12,689,286
7,641,833 10,498,546
Detroit '
5,153,504
3,528,955
3,403,623
5,066,659
San Francisco
1,985,660
3,502,610
Portland, Ore
1,965,800
1,414,574
3,431,297
Milwaukee
3.792,755
3.296,852
3,368,203
3,781,727
Pittsburgh
7,558.520
6,567.755 20.846,925
3,254,225
Philadelphia
3,509.543
1,298,866
3,213.316
2,467,118
Houston
1,015,075
1,418,885
2,926,925
1,338,025
Louisville
3,728,980
4,269,815
2,905,755
2.846,340
Washington, D. C
938.965
536.500
2.667.500
2,756.590
Yonkers
463,174
1.072.307
2,584.422
1,420,595
Akron,0
5.003.660
2,715.790
2,312.325
4,065,095
Seattle
3,249.046
3.586,346
1,999.276
2,05(4,681
Boston (P. F.)
2,850.970
2.895.253
1,846.999
2,052.475
Oakland
164.903
286.707
1,342.887
2,039,270
Flint, Mich
1,155,030
1,355.010
1,878,145
4,736,485
Cincinnati
1,252,826
1,733,815
1,199,821
1,811,441
Birmingham
2,253,900
2.046,800
1,697.400
2,253,000
Baltimore
2,822,800
3,454,125
3,548.100
1,451,625
Cleveland
1,058,631
8,431,350
2,941.068
1.449,929
Miami
2,035.630
1,107,650
2,038,875
1,438,785
Buffalo
below the same week last year and 2,356 cars below the corresponding week
in 1925. In the western districts alone, live stock loading totaled 21,002
cars, a decrease of 1,559 cars below the same week last year.
Loading of merchandise and less than carload lot frieght for the week
totaled 257,816 cars, an increase of 9,972 cars over the corresponding week
last year and 9,638 cars above the same week two years ago.
Forest products loading totaled 71,027 cars, 5.121 cars below the same
week last year and 8,530 cars under the same week in 1925.
Ore loading amounted to 11.091 cars, 1.068 cars above the corresponding
week in 1926 and 29 cars above the same week two years ago.
Coke loading totaled 12.460 cars, a decrease of 6.423 cars under the same
week last year and 858 cars below the same week two years ago.
All districts except the Northwestern and Southwestern showed increases
In the total loading of all commodities compared with the corresponding
week in 1926 while all districts showed increases over the same week in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1926.
1925.
1927.
4,428,256 4.456,949
4,524.749
Five weeks in January
929.130
914.491
970.892
Week ended Feb. 5
903.935
917,625
968,317
Week ended Feb. 12
Total
6,463,958
6,260,372
6.290,014
Life Insurance Sales in Canada-January Sales 9%
Higher than Last Year.
The production of ordinary life insurance in Canada was
9% greater in January this year than in January, 1026, according to a report just published by the Life Insurance
Sales Research Bureau of Hartford, Connecticut. The Bureau says:
During the month, 836,986,000 of new business was paid for by companies having in force 84% of the total outstanding business in Canada.
This is an increase of $3,079,000 over the sales of last January. The report
includes the production of new paid-for business, exclusive of revivals,
increases, dividend additions, reinsurance from other companies, and group
insurance.
The records in the different provinces vary widely. Nova Scotia and
Quebec lead with increases of 49% and 22% respectively. Ontario gained
12% over last January.
Quebec leads the Canadian cities in its very high monthly gain of 102%.
Vancouver shows an increase of 88%, and all the cities show gains of at
least 23%.
The average increase in Canada as a whole in the twelve months ended
Jan. 31 1927 over the preceding twelve months is 11%. Every province
with the exception of Manitoba shows a gain ef at least 5%. Sales in
Quebec and Saskatchewan increased 19% in the twelve-month period.
Course of 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 1927 a decrease of 1%%since Dec. 15 1926;a decrease
of 3% since Jan. 15 1926, and an increase of a little more than
62% since Jan. 15 1913. The index number (1913=100.0)
was 164.3 in January 1926; 161.8 in December 1926, and
159.3 in January 1927. The Bureau under date of Feb. 19
adds:
During the month from Dec. 15 1926 to Jan. 15 1927, 21 articles on
which monthly prices were secured decreased as follows: Strictly fresh eggs,
14%; oranges, 5%; storage eggs, 4%; pork chops, butter, oleomargarine,
lard and rice. 2%; bacon, ham,leg of lamb, canned red salmon,fresh milk,
navy beans, canned corn, canned peas, coffee, prunes and bananas, 1%;
and vegetable lard substitute and macaroni, less than 5-10ths of 1%. Ten
articles increased: Cabbage, 12%;onions, 10%; hens and granulated sugar.
3%; plate beef, cheese and tea, 1%; and sirloin steak, rib roast and wheat
cereal, less than 5-10ths of 1%. The following twelve articles showed no
change: Round steak, chuck roast, evaporated milk, bread, flour, cornmeal, rolled oats, corn flakes, potatoes, baked beans, canned tomatoes and
raisins.
Changes in Retail Prices of Food by Cities.
During the month from Dec. 15 1926 to Jan. 15 1927 the average cost
of food decreased in all of the 51 cities as follows: Fall River and New York,
3%; Boston, Brid3eport, Buffalo, Cincinnati, Cleveland, Columbus, Denver, Houston, Indianapolis, Jacksonville, Louisville, Milwaukee, Mobile,
Newark, New Haven, Omaha, Philadelphia, Pittsburgh, Portland, Me.,
Portland, Ore., Providence, Rochester, St. Louis, St. Ilaul, Salt Lake City.
Springfield, Ill., and Washington, 2%; Baltimore. Birmingham. Butt"
Chicago, Dallas, Detroit, Kansas City, Little Rock. Los Angeles, Manches$164,233,718 5172,849.774 2159,738,106 8220,625.771 ter, Minneapolis, New Orleans, Norfolk, Peoria, Richmond. San Francisco.
Total
Savannah and Scranton, 1%; and Atlanta, Charleston, S. C.. Mempnts
Railroad Revenue Freight Loadings Somewhat Smaller and Seattle, less than 5-10ths of 1%.
For the year period Jan. 15 1926 to Jan. 15 1927, all cities showed deCoal Tonnage Still Heavy.
Omaha, Providence.
creases' Jacksonville, 7%; Detroit, Minneapolis,
Richmond and Rochester, 2%; Boston, Fall River, Houston, Indianapolis.
Revenue freight loaded the week ended on Feb. 12 totaled
Atlanta, Birmingham,
Kansas City, Louisville, Memphis
St.
968,317 cars, according to reports filed on Feb. 23 by the Bridgeport, Buffalo, Charleston,and C..Paul,4%; Columbus, Dallas,
Cincinnati,
S.
of the American Rail- Manchester,Newark, New Haven, New Orleans, New York,Portland, Me..
carriers with the,Car Service Division
Chicago. Cleveland, Denver.
way Association. Compared with the corresponding week St. Louis and Savannah, 3%; Baltimore,Ore., San Francisco, Scranton,
Peoria,
Pittsburgh, Portland,
last year, this was an increase of 50,692 ears while it also was Seattle,Philadelphia,Ill., and Washington, 2%; and Butte, Little Rock.
Springfield,
an increase of 64,382 cars over the corresponding week in Los Angeles, Milwaukee, Mobile, Norfolk and Salt Lake City, 1%.
As
1925. The total for the week of Feb. 12 was, however, a was compared with the average cost in the year 1913,food on Jan. 15 1927
72%
Chicago; 68% in Washington; 67% in Baltimore. Birdecrease of 2,575 cars below the preceding week this year. mingham,higher inand Richmond; 66% in Buffalo and Scranton; 65% in
Detroit
Coal loading for the week of Feb. 12 totaled 218,777 cars, an Philadelphia; 64% in Atlanta, Charleston, S. C., and Pittsburgh; 63% in
1
112„7 2
1140
[Vor, 124.
THE CHRONICLE
St' Louis; 62% in New York; 61% in Milwaukee and New Haven; 60% in
Boston and Cincinnati; 59% in Cleveland; 58% in Fall River and Providence; 57% In New Orleans; 56% in Jacksonville, Manchester, Minneapolis
and Omaha;55% in Dallas, Indianapolis, Kansas City and Louisville;53%
In Little Rock and San Francisco; 52% in Newark; 50% in Memphis;47%
In Los Angeles and Seattle;44% in Denver;39% in Portland. Ore.,and 35%
In Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St.
Paul, Savannah and Springfield, Ill., in 1913, hence no comparison for the
14
-year period can be given for these cities.
Federal Reserve Boards New Index of Industrial
Production.
In its February "Bulletin" the Federal Reserve Board
presents for the first time its new index of industrial production which, the Board notes, is broader in scope than
the index of production in basic industries which it supersedes. Charts and tables are supplied by the Board in its
presentation of statistics, and we reproduce here the Board's
article on the subject, omitting only the charts which it
submitted:
For the past four years the Federal Reserve Board has compiled and
published currently an index of production in basic industries, which has
served as an approximate measure of changes in the volume of the country's
Industrial and mineral output. The growth in recent years in the amount
of information currently collected by various agencies and in the promptness
with which it becomes available has made it possible for the board to construct at this time a more comprehensive index, which will be called an
index of industrial production. The new index, which is presented in
detail for the first time in this article, is broader in scope than the index of
production in basic industries, which it supersedes, and the methods of its
construction have been improved in many respects on the basis of experience.
Scope of the Index.
The index of industrial production is made up of two component indexes,
one of manufactures and the other of minerals, and represents directly and
indirectly nearly 80% of the total industrial production of the United States.
The greater comprehensiveness of the new index of industrial production,
. as compared with the old index of production in basic industries, is indicated by the fact that it is derived from 60 individual series, measuring production in about 35 industries, and indirectly representing production in
many more, while the old index included 22 series, measuring production
In about 20 industries. The principal additional industries included in
the new index are motor vehicles, petroleum products, rubber tires, plate
glass, and boots and shoes. The importance of these industries, with the
exception of boots and shoes, has grown in recent years, and this has made
their inclusion in a current index of production increasingly desirable.
Base Period.
The base of the new index number is the daily average production during
the three years 1923, 1924 and 1925, while the base of the old index was the
monthly average for the year 1919. Use of a more recent period as a base
has the advantage, among others of permitting inclusion in the index of
industries for which reliable statistics have only recently become available,
and a three-year average instead of a one-year average gives a broader base,
which is not influenced to the same extent by exceptional conditions.
Daily Average Output.
A distinctive characteristic of the new index number is that it is based
on figures representing average output per working day, instead of total
production during the calendar month,and is thus not influenced by changes
in the number of Sundays and holidays from one month to another. The
number of working days in each industry has been arrived at through a
special inquiry conducted jointly by representatives of the Departments
of Agriculture and Commerce and the Federal Reserve Board, which obtained from trade associations, large companies, and other agencies and
individuals in the various industries information regarding the extent of
the practice of closing on Saturdays, Sundays and holidays.
Charts and Tables.
The course of industrial production during the last eight years, as shown
by the new Index, is given on the accompanying chart, and the more important facts brought out by it during recent years are discussed in the
"Review of the Month." Another chart shows separately the movement
of production of manufactures and of minerals. Accompanying tables give
the figures which underlie the charts. Tables are also given which show
annual indexes for each industrial group and relatives for the individual
series from 1919 through 1926. Corresponding monthly figures, adjusted
for seasonal variations, will be published in a subsequent issueTof the
"Bulletin," together with a full description of the statistical data and
methods employed in their computation.
TABLE I
-INDEX OF INDUSTRIAL PRODUCTION.
[Adjusted for seasonal variations. 1923-1925 average= 100.1
TABLE III
-INDEX OF PRODUCTION OF MINERALS.
[Adjusted for seasonal variations. 1923-1925 average=100.1
Months.
1919. 1920. 1921. 1922. 1923, 1924. 1925. 1926.
January
February
March
April
May
June
July
August
September
October
November
December
Annual index
78
69
68
73
75
78
82
79
85
88
61
74
85
84
89
83
85
90
89
92
85
91
92
91
80
77
74
73
74
71
67
69
68
73
67
67
76
87
97
53
53
58
56
62
82
92
94
99
100
100
106
112
108
107
109
110
98
105
104
99
103
106
101
92
93
91
90
92
97
97
96
100
105
101
98
99
104
99
102
107
90
91
94
94
93
98
108
107
103
104
105
109
111
116
118
120
77
00
in
71
ins
on
09
107
TABLE IV
-ANNUAL INDEXES OF INDUSTRIAL PRODUCTION. BY
GROUPS, INDUSTRIES AND PRODUCTS.
[1923-1925 average=100.1
Groups, Industries and
Products.
Iron and steel
Pig iron
Steel ingots
Textiles
Cotton consumption_
Wool
Consumption
Machinery activity
Carpet a: rug loom
1919. 1920. 1921. 1922.
82
85
81
92
96
90
90
99
99
102
99
84
95
85
83
87
77
Silk
84
Deliveries
Loom activity
Food products
94
Slaughtering and meat
packing
92
84
Hogs
106
Cattle
Calves
81
Sheep
107
Flour
104
Sugar meltings
85
Paper and printing
76
Woodpulp and paper77
92
Newsprint
Bookpaper
75
Fine paper
86
Wrapping paper_ _ _
67
69
Paper board
Wood pulp, me87
chanical
82
Wood pulp,
chem Leal
Paper boxes
Newsprint consumption
72
79
Lumber
82
Lumber cut
43
Flooring
Transportation equipm't 100
51
Automobiles
145
Locomotives
1,799
Shipbuilding
104
Leather and products
108
Leather, tanning_ _
121
Sole leather
.
Upper leather-.
- *105
Cattle
Calf and kip._ ... *73
Goat and kid_ _ _ _ *126
101
Boots and shoes
Stone, clay and glass_ _
.
55
54
Cement
Brick-Face brick_
58
Paving brick__
Plate glass
67
Nonferrous metals
Copper
72
Lead
Zinc
Tin
46
Chemicals and allied
62
products
54
Petroleum refining__ _
43
Gasoline
95
Kerosene
Fuel oil
56
71
Lubricating oll
Coke production
73
By-product
68
154
Beehive
Rubber tires and tubes_
Tires, pneumatic__
Inner tubes
Tobacco products
82
Cigars
105
Cigarettesu
62
Manufactured tobacco
and snuff
103
activity
Total manufactures...
1923. 1924. 1925. 1926.
106
102
106
104
104
94
93
94
113
109
114
104
109
88
90
87
90
98
90
90
92
103
120
123
113
98
87
118
123
109
97
102
107
96
91
97
98
90
95
95
100
93
94
98
95
104
106
101
100
101
104
99
99
99
98
102
93
98
100
94
87
103
109
101
98
111
106
106
102
106
113
104
106
92
82
107
105
109
100
113
114
112
04
94
92
92
99
99
91
105
102
165
122
110
115
117
105
101
97
100
96
96
95
99
91
76
89
94
91
91
101
104
111
107
105
104
114
105
107
59
89
96
94
92
111
112
129
120
100
98
119
109
110
85
96
98
96
132
87
102
85
95
95
100
96
89
92
99
101
102
97
91
96
86
101
98
110
108
104
100
118
107
105
111
107
109
94
93
118
98
110
104
83
132
112
111
115
116
111
111
115
119
102
112
110
106
108
83
116
116
116
105
96
111
122
125
134
105
112
116
118
120
95
118
119
112
114
97
126
46
46
46
87
88
90
93
96
82
75
83
99
99
108
115
98
105
112
105
105
106
113
113
113
89
87
89
91
90
93
95
93
90
71
104
112
56
81
84
83
85
90
76
94
90
88
95
99
88
87
91
85
92
98
112
85
85
97
81
91
80
83
82
76
90
82
93
86
87
87
91
101
91
98
80
82
80
78
80
77
110
95
77
70
67
82
60
61 .
63
59
94
96
76
65
89
84
76
79
46
88
56
131
1,209
97
98
109
75
68
70
45
58
42
76
576
90
93
111
87
89
90
75
68
66
69
136
102
107
109
96
66
67
68
79
88
85
87
63
66
61
103
96
118
98
80
76
85
87
73
39
32
66
39
37
69
64
77
68
82
117
113
114
107
95
92
100
111
90
94
94
88
96
100
74
64
54
94
65
88
88
59
64
57
79
71
74
53
95
86
83
95
89
93
104
101
141
86
86
85
96
104
90
95
99
98
102
99
98
90
91
76
98
98
99
99
100
99
82
78
76
83
53
163
44
55
55
51
85
103
71
75
74
68
94
79
83
76
77
63
77
78
72
89
104
75
87
119
82
112
110
116
103
116
114
97
94
102
100
100
100
100
84
87
67
87
101
94
105
108
89
109
52
109
110
61
79
112
64
78
65
75
108
115
100
92
108
97
100
77
103
110
105
104
91
81
113
85
87
36
30
39
66
84
82
62
68
77
87
114
93
96
88
102
82
100
97
102
100
104
106
107
111
98
113
110
116
115
95
77
89
70
74
105
96
99
107
Fuels
1919, 1920.
August
September
October
November
December
'
Annual index
95
95
94
88
90
90
88
88
85
82
75
70
67
66
65
65
66
65
64
66
67
71
71
70
74
76
81
77
81
85
84
83
88
94
97
100
83
January
February
March
April
May
June
July
1921.
83
80
77
78
77
83
87
89
87
86
85
85
Months.
87
67
85
1924.
1925.
100
100
104
107
107
105
103
102
100
99
97
96
98
102
101
95
89
85
83
89
94
95
97
100
105
105
105
103
103
101
103
103
102
105
106
108
106
107
108
108
107
107
107
111
113
111
108
105
101
95
104
108
1922. 1023.
1926.
Bituminous
Anthracite
Petroleum
Metals
Iron ore shipments_
Copper
Zinc
Lead
Silver
Total minerals
Cimbined manufactures
85
101
95
67
104
87
and minerals
83
*Annual totals; not available monthly.
-DATA USED IN INDEX OF MINERALS.
TABLE V
-INDEX OF PRODUCTION OF MANUFACTURES.
TABLE II
[Adjusted for seasonal variations. 1923-1925 ave age=100.]
Months.
Ow
SIM
WIN
1919. 1920. 1921. 1922. 1923. 1924. 1925, 1926.
January
February
March
April
May
June
July
84
96
65
73
81
78
79
78
84
88
97
95
89
91
90
84
63
63
65
64
75
78
81
86
90
100
100
103
106
107
104
99
102
101
95
88
83
105
108
106
106
103
103
101
109
108
108
107
107
88
64
89
102
82
90
88
85
80
72
67
66
67
71
72
70
101
101
98
96
95
89
94
95
97
101
107
87
86
89
87
87
89
94
98
100
103
August
September
October
November
December
103
104
107
108
110
112
113
111
106
103
O.
47
R7
07
101
Gd
Inn
AnnIvel 1..1.,
Idle
-
Minerals.
Series
Relative
Mapnilude
(%)•
108
Source.
35.9 Bureau of Mines.
Mine production
do
13.0
Do.
Deliveries to pipe lines__ _ 32.6
Do.
Shipments of ore through 5.5 Lake Superior Iron
upper Great Lakes ports
Ore Association.
Mine production
6.5 American Bureau of
Copper
Metal Statistics.
Crude-lead production..
2.8
Do.
Lead
Slab-zinc production
2.2 Amer. Zino Institute.
Zinc
Mine production
1.5 American Bureau of
Silver
Metal Statistics.
•Derived from figures of total value produced in the years 1923 to 1925, as reported
by the Bureau of Mines.
Bituminous coal
Anthracite coal
Crude petroleum
Iron ore
THE CHRONICLE
FEB. 26'1927.)
certainty and • hesitancy In mercantile transactions which
sometimes wait upon the late pronouncement of government
fiscal policy." Regarding the budget the bank says:
-DATA USED IN INDEX OF MANUFACTIMES.
-TABLE VI
&laUm
Series
Groups and Industries.
Mapnitude
(%)*
Iron and steel and their
products
.
Blast furnaces _ __ _ _ - Pig-iron production
Steel works and rolling Steel-Ingots production
mills and other Prodnets.
Textiles and their products
Mill consumption of raw
Cotton goods
cotton.
Woolen & worsted goods
MI11 consumption of raw
wool.
Percentage of loom and
spindle hours active.
Percentage of carpet and
rug loom hours active.
Silk manufactures
Deliveries of raw silk to
mills.
Percentage of looms active
Food and kindred products
Slaughtering and meat
packing
Hogs slaughtered under
Federal inspection.
Cattle slaughtered under
Federal inspection.
Calves slaughtered under
Federal inspection.
Sheep slaughtered under
Federal inspection.
Flour-mills products-. Wheat-flour production_ _
Sugar refining
Paper and printing
Wood pulp and paper
23.0
2.2 Iron Age.
20.0 American Iron and
Steel Institute.
20.5
10.2 Bureau of Census.
Do.
Do.
2.0
Do.
1.3
Do.
3.5
2.3 Silk Association
America.
1.2
Do.
10.1
Meltings of raw cane sugar
.
Newsprint production _ _ _
Book-paper production__ _
Wrapping-paper producLion.
Fine-paper production _..
_
Box'board
productionMechanical-pulp produoLion.
Chemical-pulp production
Boxes, paper
Production of paper-board
shipping boxes,in eq.ft
Newspaper publishing- Newsprint consumption__
.2
Plate-glass production__
Metals and metal prod-
ucts, other than iron
and steel
Copper smelting and re- Blister-copper production.
fining.
Lead smelting and re- Crude-lead production_..
fining.
Zinc smelting and re- Slab-zinc production
ng.
Deliveries from tort wareTin
houses.
Coke
Tobacco manufactures
Cigarettes
1.0
1.8
.2
Do.
Do.
Do.
Do.
.8
.6 Survey of Current Bus
mess.
2.4 Federal Trade Commission and American Newspaper Publishers' Association.
9.9
9.1 Survey of Current BusMess.
Do.
.8
6.7
6.0
Domestic trade, taking seasonal fluctuations into consideration, continues buoyant, being largely helped by many new industrial project'
which are attracting increasing investments of foreign capital. These
include particularly water-power developments on a gigantic scale, with
contingent industries for the use of the energy thus made available. The
buoyancy in trade is reflected in railway traffic, which for the month of
January revealed a gain of 20,063 loaded cars over the corresponding five
weeks of 1926, and in bank debits, which total $2,618,000,000, as compared with $2,368,000,000 in January, 1926. Despite the fears of overproduction, the newsprint industry continues to show gains, the output of
Canadian mills for the month of January being up 16% from the figure
of January of last year. It remains to be seen what significance, if any,
attaches to the fact that shipments proportionate to capacity, both from
United States and Canadian mills, reveal a moderate falling off, shipments from Canadian mills for January amounting to 87.3% of average
production for the month, as compared with 93.9% in January, 1926.
Foreign trade returns continue favorable the aggregate commerce of
'
Canada in January having been eight and a half millions in excess of that
of the corresponding month last year, while in the ten months to Jan. 81
the increase was $42,685,000. The tendency towards a closer parity of
imports and exports, however, persists, the former having grown while
the latter shrank in January, and for the last ten months imports have
had a value greater by $90,000,000 and exports a value less by $47,000,000
than in the corresponding period of the preceding fiscal year. The favorable balance of trade has thus been diminished by $137,000,000, and this
downward trend is likely to continue until the opening of navigation. It
Is anticipated by the Minister of Finance that at the close of the fiscal
year the favorable trade balance may approximate $250,000,000. From
the farm there have been smaller shipments of cereals, animals and dairy
products during the last ten months, but the aggregate of these remains
large enough to maintain a substantial favorable foreign trade balance,
and it is noteworthy that on Feb. 12 of this year the visible supply of wheat
in Canada was only 3,600,000 bushels less than a year ago, a decrease of
little more than 4%.
Do.
Do.
.4
.3 Bureau of Navigation.
4.0
1.6 Bureau of Census.
Do.
.6
Do.
.3
Do.
.3
Do.
.3
Do.
2.4
3.9
1.3 Bureau of Mines.
1.3 American Face Brick
Association.
.9
.4 American Paving Brick
Association,
1.3 Survey of Current
Business.
4.0
2.2 American Bureau of
Metal Statistics.
.6
Do.
.7 Amer. Zinc Instituje.
.5 New York Metal Exchange.
8.8
Gasoline production
Kerosene production
-oil production
Fuel
Lubricating-oil production
By-product coke production
Beehive-coke productionRubber products
Rubber tires and inner Pneumatic-tire production
tubes.
Do.
2.4 Russell's Commerical
News.
1.5 Willet and Grey'sJournal and Survey of
Current Business.
11.2
8.2
1.1 Federal Trade Commission. American
Pull)& Paper Manufacturers Assn., and
Survey of Current
Business.
Do.
2.0
Do.
1.3
Face-brick production
Paving-brick production_
Chemicals and allied prod-S
ucta
Petroleum refining
of
Do.
.2
The outstanding feature of the Budget is that the government has given
the public the benefit of mounting revenues by further steps in the removal of restrictions upon business, and has announced the following
reductions in taxation:
Sales tax cut by 20%, i. e. rate reduced from 5 to 4%, effective
Feb. 18.
Income tax cut by 10% all round. Applicable to this year's assessments.
Stamp tax-exemption increased from $5 to $10. All checks, etc., over
$10 bear flat rate of 2 cents, effective July 1.
Stamp tax on overdrafts and advances abolished, effective July 1.
Excise tax on matches cut by 25%, effective July L
As to domestic trade and foreign trade returns the bank
states:
6.2
3.7 Bureau of Animal Industry.
2.1
Do.
Lumber & allied products_
Lumber and timber pro- Lumber production
ducts.
Oak and maple flooring
Flooring
production.
Transportation equipment
Motor vehicles, Includ- Production of automobile
Mg bodies and parts, passenger cars & trucks.
Locomotives completed. _
Locomotives
Ship and boat blulding_ Vessels built
Leather&its manufactures
Leather, tanned, curried Sole-leather production.Upper-leather production_
and finished.
Cattle
Calf and kip
Goat and kid
Production of boots and
Boots and shoes
shoes.
Stone, clay and glass prodproducts
Cement
Cement production
Clay products
Glass
Source.
6.8
3.5
.
Inner tube production_ _ _
1.9
1.0 Bureau of Mines.
.2
Do.
.4
Do.
.3
Do.
1.9
1.7
.2
1.8
Do.
Do.
1.6 Rubber Association of
America.
.2
Do.
1.1
.6 Bureau of Internal
Revenue.
.4
Do.
.1
Do.
Number upon which taxes
were paid.
do
Cigars
Chewing and smoking Amount upon which taxes
were paid.
and snuff,
•Derived from figures showing value added by the process of manufacture.
given In the Census of Manufactures of 1923.
-Budget
Business Summary of Bank of Montreal
Speech of Finance Minister Should Prove Helpful
to Business.
According to the business summary of the Bank of
Montreal, issued under date of Feb. 23, "the early delivery
of the Budget speech by the Dominion Minister of Finance,
. and the announcement that no tariff changes are to be
made, should be helpful to business by removing that un-
1141
Industrial Conditions in Illinois During January
Number of Employed Lower Than That in Any
January in Past Five Years.
According to the Bureau of Industrial Accident and Labor
Research of the Illinois Department of Labor the ranks of
the unemployed in Illinois were swelled in January by a further decrease of 1.9% in the numbers of workers on factory
payrolls during the month. This decrease followed declines
in the three previous months, so that the level of industrial
operations is now 5.1% below that of September last year.
The Bureau's review of the industrial situation in Illinois,
made public Feb. 13, goes on to say:
This decrease, which is indicated in signed reports of Illinois manufacturers who had 270,000 workers.on their payrolls in January, can not be
considered a mere seasonal fluctuation. In only one other year out of the
past five years has there been a decrease of this size in the December to
January figures. That was in 1923-24. In 192223 the decrease was
smaller, in 1924-25 there was an increase, and a year ago there was no
change.
On the contrary, this four-month decline means that there were fewer
men at work in Illinois factories in January 1927 than in any January in
the past five years. Index numbers of employment prepared by the Bureau
of Industrial Accident and Labor Research are based on the average number of workers on payrolls during the year, 1922. On that basis the index
number for January of this year is 97.8, which is 2.2% below the average in 1922. With the exception of the last six months of 1924 the current month's index shows fewer men working in factories than in any
month since April 1922.
At the free employment offices of the State, a large surplus of workers
Is also evident The ratio of applicants to the number of jobs available
has been steadily rising since September. In that month there were only
123 persons who applied at the combined offices for every 100 calls for
help by employers. In October the number rose to 127, in November to
140, in December to 155 and in January it reached 214, which is the
highest figure recorded in the last five years. Not since January 1922
has this ratio of men to jobs been so high. In that month the figure was
232. The most severe situation was in Chicago, where, with a ratio of
290, there were nearly 3 applicants for every job open.
The January decrease is apparently not so general downstate as was the
December decrease. In that month only one of the 14 principal cities,
Peoria, registered a rise in factory employment. In January there was
some increase noted in six of the cities--Bloomington, East St. Louis,
Joliet, Peoria, Quincy and Rock Island. Those advances were not sufficient
to overcome losses at Chi
sses
Chicago, Aurora, Cicero, Danville, Decatur, Moline,
and Springfield.
In January declines occurred in four industrial groups-stone products, metals, wood products and food products. There were increases in
oils and paints, printing and paper
furs
d leatherther
an
goods, textiles
d cg°lItshincgh.emicals,
Coal mining, which has been running at top speed for the past few
months, shows some tendency to slacken. Demands have been heavy so
that since September a large number of Southern Illinois mines have been
reopened after months of inactivity. During January, however, this movement seems to have run its course and a tendency to reversal appears. One
1142
THE CHRONICLE
large mine employing over 800 men which was opened up in October was
again closed in January. Present indications are that other mines may
follow this example within the next few weeks,
Unemployment will certainly be relieved to some extent when warmer
weather arrives, permitting greater activity in farming and construction
work. Increased activities in these lines may be sufficient to turn the
present tendency in manufacturing upward,
For the third successive month the metal, machinery and conveyances
firms showed a decline in employment, the decrease of 2% recorded this
month being larger than that of either November or December. An even
larger decrease for the group was averted by substantial additions in the
sheet metal work and hardware industries, where a rise of 4% occurred.
Can companies were responsible for a good share of these gains. Cars and
locomotives, an industry which has shown decreased employment in every
month since July, has apparently reached a turning point, January registering a gain of 1.2%. The industry is still slightly below its stage of activity in January 1926, however. The decline in automobiles and accesBones continues but with less severity, amounting this month to 4.5%
as opposed to 12.2% last month. The instrument and appliance industry,
which was the only one to show an increase in December, suffered a substantial drop of 8.4% in January, which places employment 18% below
the level of January 1926.
Another sharp drop occurred in the number of men employed in the
manufacture of stone, clay and glass products. For the second successive
month the group registers the heaviest decline of any of the nine major
groups. The decline of 7.1% in January places employment in the industry 3.9% lower than in January 1926. Losses were registered in all industries, the most severe being those in miscellaneous minerals. Some
variation appears, however, in the rate of change. Brick, tile and pottery
firms showed a much greater decline in January than in December, while
in the lime, cement and plaster classification the decrease was only 1.2%
compared to a loss of 5.6% in December.
Another substantial decline occurred in the wood products group, amounting to 5% from December to January. Employment in this group thus
reaches a level 9.2% below that of November. The decreases are larger
-household furthan in December in all industries of the group but one
nishings-and here the December decline ef 12.4% is supplanted by a
January. Saw mills and planing mills
rise of one-half of one per cent in
and firms manufacturing miscellaneous wood products matte the heaviest
cuts during the month. January employment is 5.2% below that of January 1926.
Finns in the fur and leather goods group continued the expansion
begun in December by adding during January 1.4% as many workers as
were employed in the former month. Within the group two industries
showed moderate advances and two rather large percentage declines. The
leather, and boot and shoe firms bulk large in the total employment of
the group, however, anti since the increases occurred in those industries
the whole group registered an advance. The approaching Spring brought
another sharp decline of 29.2% in furs and fur goods. Employment in the
group as a whole was 1.4% below January 1926.
Chemicals, oils and paints was one of the groups of industries to show
an advance. The increase of 1.9% was the largest exhibited by any one
of the five major groupings that registered increases. This group, furthermore, was the only one in which each separate industry showed an
advance. Most marked increases were among firms manufacturing drugs
and chemicals. The advance of 4.8% in this industry more than offset
the December loss of 2%.
Employment among the printing and paper goods firms of Illinois held
almost level in January, with a gain of only one-tenth of 1% over the
previous month. Job printing was the only one of the five industries in
the group to show a gain, but the size of this industry brought a net gain
to the whole group. Bdition bookbinding lost 4.4%, which, with a 7%
loss in December, leaves the industry well below its pre-holiday status.
Miscellaneous paper goods also showed a loss of 2.7%, which nearly offset
last month's gain of 2.8%.
The textile industry in January resumed the steady upward trend in
employment which has continued snce last June except for the December
decrease of 3.7%. The January gain was only two-tenths of 1%, however,
so that further recovery must occur to put the group on as favorable a
basis as it enjoyed last Fall. Knit goods and hosiery, and thread and
both
twine, which were responsible for the December decline in this group,
recovered ground, while the cotton and woolen goods industry showed a dedine of three-tenths of one per cent.
inFive of the eight industries represented in the clothing group showed
worneseases from December to January. Outstanding among these were
increases of 11.8% and
ens clothing and women's hats, where there were
seasonal be9.6% respectively. These increases appear to be more than
year
cause women's clothing employment now stands 21% higher than a
while in
ago and women's hats is seven and nine-tenths per cent higher,
1926.
the clothing group as a whole employment is 6.3% less than January
clothing
On the basis of a 1922 average the index number for January in
as
is only 68.4%. An important decrease occurred in men's furnishings,
was the case in December. For the group as a whole there was an increase of eight-tenths of 1% in January over December.
January showed a continuation of the decline in food beverages and
tobacco which began in October. The decrease of 3.3% was also considerably larger than that which occurred in December. However, there were
were
only two industries that escaped the loss in December while there
three in January that showed a rise. These were confectionery, beverages,
of 10.2%
and manufactured ice. The latter industry recorded a decrease
December
in December. Slaughterng and meat packing, which showed a
pickup of 1.7%, lost ground in January to the extent of 4.1%. The
sharpest decline of the month was in dairy products, amounting to 11.3%.
The following is the analysis by cities:
-Reports from 19 firms indicate a practical maintenance of DeAurora.
amounting to
eernber manufacturing employment at Aurora, the decrease
number on the payrolls. Lowered production during
.2 of 1% in the total
firms was the principal cause of the decrease
Inventory taking in several
paid. Clothing and textile factories held up well,
of 33.5% in total wages
most cases, while considerable decrease in one
with slight ncreases in
compensated for by increases in others of that
metal goods firm was almost
labor, together with weather conditions that
group. A surplus of farm
and other farm work; the necessary decline
have prevented corn husking
weather and other factors have raised the ratio
in construction due to the
the free employment office to the high figure of
of applicants to jobs at
was 169. The total value of building permits
193. The December ratio
which is an increase of slightly more than $20,000
for January was $84,095,
figure. Work on a new $950,000 hotel, included
over the January 1926
has been begun,
In the December permits,
clothing factory which was
Dloomington.-Resumption of work in a
forces by a confectionery firm enabled
closed in December and added
employment losses suffered at the close
Bloomington to recoup some of its
its employment losses suffered at the
1926. These gains offset some of
of
[VoL. 124.
dose of 1926. These gains offset losses in the metal group and increased
the total number of industrial workers 7.2% over December. The gains
in employment were not quite sufficient to make up for December losses
and the total figure is below that of last November. Total earnings, on the
other hand, are now slightly larger than in November. Outdoor work,
both in farming and construction, has been somewhat delayed by the
weather and these occupations should take care of some of the surplus labor
when Spring weather arrives. That there is surplus of labor is evidenced
by the free employment office ratio of applicants per 100 jobs, which in
January was 127 as against 116 in December. Building permits, which
reached a high point in December, slumped in January to a total value of
$13,000. This figure may be compared with $140,900 in December and
886,500 in January a year ago.
-For the fourth successive month, manufacturing employment
Chicago.
in Chicago was on the decrease, 578 firms reporting a reducton of 1.3%
from December to January. This decrease is exactly the same as that
which occurred from November to December, but follows somewhat different industrial lines. The packing plants, which showed a December pick.
up, cut their payrolls in January in nearly every case and the net result
is a substantial loss in employment. Firms in men's clothing made considerable gains in most instances, while manufacturers of women's cloth.
ing laid off workers to about the same extent. Losses were the rule in
the metals, machinery and conveyances group, particularly in cars and
locomotives and electrical appliances, but on the whole the loss in these
industries was not so marked as in December. Declines of the past few
months in factory employment, together with an influx of outside workers
looking for jobs and partial stoppage of construction work, has brought
serious unemployment to Chicago. The free employment office reports
290 applicants for every 100 jobs open. In January 1926 this figure was
197. Further corroboration of existing unemployment is given by reports
of an unusual number of requests for help coming to Chicago charitable
agencies. Building permits in January totaled 22,829,285, a decrease of
$3,000,000 from December and $4t00,000 more than in January 1926.
-The December employment decline in Cicero continued into
Cicero.
January with increased severity. Reports from five manufacturing firms
showed a loss of 14.4% over the previous month. As in December, the
losses occurred in the metals and machinery industries. Corroborating this
decrease as indicatng unfavorable industrial conditions is the ratio of applicants to jobs at the free employment office, which reached the very
large figure of 217 per 100 openings. Ths ratio was exceeded in January
by only three other cities in the State, and compares unfavorably with the
ratio for Cicero in December, 184, and for January 1926, 175. These conditions have necessitated considerable charitable aid for workers thrown out
of employment and it is reported that the public and private charities are
busy. An encouraging factor in the situation is that of building permits,
which are practically on a level with the December figures, although $33,000
less than January 1926.
-For the third successive month an employment decrease of
Danville.
importance occurred in Danville factories, the loss from December to January amounting to 6.6%, based on the reports of 15 firms. The losses in
the food products and clothing groups were scattered, while the brick
plants and metal goods firms, with some exceptions, showed substantial
decreases. The 15 firms reporting also indicated a total wage of $5,000
less than the same firms paid in December. The Danville free employment
office was one of the 12 offices that showed an increase in the ratio of applicants to jobs, the January figure reaching 153, as compared with 138
in December and 187 a year ago. Farm work showed some revival at the
close of the month and the coal mines were operating full time. Building
permits amounting to $18,000 showed a sharp decrease from the December
figure of $27,600 and were only a fraction of the $227,000 worth of building authorized in January 1926.
Decatur.-Althongh 11 of the 19 Decatur reporting firms showed slight
losses, there were offsetting gains in 5 other firms so that an employment
decrease of 6.7% in manufacturing from December to January may be
ascribed largely to the temporary closing down of one firm in the metals
group. The minor gains and losses were well scattered in all groups,
although clothing manufacturers showed perceptible improvement. Bad
weather, with its consequent curtailment of farming and construction, has
made its effect felt. The free employment office ratio of 227 is a large
increase over December, when there were only 140 applicants for every 100
jobs open. Only last November this ratio stood at 105. Decatur is another city where the value of building permits is holding up fairly well,
tyr.loor
indicating more job opportunties for construction workers when
than
work becomes more widespread. The January figure is $11,000 leaDecember, but almost $50,000 less than a year ago.
more substan-After a slight decline in November and a
East St. Louis.
Louis more
tial one in December, manufacturing employment in East St.
1% occurred.
than held its own in January, when an increase of .9 of
were slightly less
Total wages paid by the 20 reporting firms, however,
products group again
than in the previous month. Firms in the food
the decrease was much
showed lowered numbers on the payrolls, although
plants showed heavy
less marked than in the previous month, when packing
compensated by increases
declines. The January declines were more than
well as in the chemical
among the iron and steel and metal goods firms, as
like those in most other
products group. The free employment office ratio,
applicants for every 100 jobs
cities, was unusually high, standing at 158
New buildings authorized in
available. The December figure was 145.
one-fourth as much as those
January had a total estimated value of only
The January figure of $56,036
for which permits were issued in December.
Weather conditions have not
is also only 50% of that In January 1926.
progress is reported on several
entirely stopped construction work and
large buildings authorized in recent months.
people looking for jobs at the
-At Joliet, an increasing number of
Joliet.
an increase in total employ.
free employment office was accompanied by
were received. The increase
28 firms from which reports
ment by the
manufacturing employment a little higher
amounted to 1.8%, which places
and metal group, while most firms
than the November level. In the steel
2 of the large employers made conwere stationary or slightly downward,
forces. Printing and paper goods and
siderable additions to their working
showed reductions, which in some
and food products firms all
wood products
The ratio at the free employment office
cases reached sizeable proportions.
to January, there being 33 more applitook a large jump from December
month than in the former. The Janucants per 100 jobs open in the latter
ones for the month among the 13 State
ary ratio of 218 is one of the high
of most other cities, building permits
offices. Contrary to the experience
the first month of the new year. The
at Joliet showed a marked rise in
to $38,300 In December. The DeJanuary figure is $152,900 as opposed
however, and it seems that building
cember figure was abnormally low,
normal volume.
authorizations have just again reached a
-Twenty-two manufacturers at Moline reported a
Moline-Rock Island.
to 10.6%, which, following on a
falling off in employment amounting
in this city well below the level
,
,
7.5% 1,,, in Deceinh r, puts employment
made in several of the autoat the beginning of winter. Severe cuts were
FEB. 26 1927.]
THE CHRONICLE
mobile accessory firms, which were not offset by gains in agricultural implement production. The general tendency in other industries was downward. Rock Island, on the other hand, with 7 firms reporting, recovered
some of the ground lost in December and showed a net increase amounting
to 2%. Metal goods and implement factories in this city overcame slight
losses in other groups. Both Moline and .Rock Island showed a falling off
in new buildings authorized, but the former city suffered most. Building
permits there fell to $21,501 in January after a December figure of $97,007.
The amount is greater, however, than the $17,579 in January 1926. In
Rock Island the decline was lesa-from $216,046 in December to $114,690
in January. The free employment office ratio showed an increasing labor
surplus but did not picture as unfavorable a condition as exists in some
other cities of the State. The January figure was 139 as compared with
128 in December and 160 in January a year ago.
-In December, Peoria was the only one of the 14 major cities
' Peoria.
to show a gan in manufacturing employment. In January the gain was
continued in more substantial proportions, amounting to 1.7% from the
83 reporting firms. Following the same course as in December, firms making food products showed a loss, which was more than offset, however, by
gains in the metals group. The estimated cost of new buildings for which
permits were granted was $80,825, which is an abrupt falling off from
the December total of $153,800. The Peoria free employment office is
the only one in the State to report a lower ratio of applicants to jobs for
January than for the previous month. The January ratio was 176 as against
190 in December. In January 1926, however, the number was 318.
-Out of 14 firms reporting from Quincy, 7 showed slight deQuincy.
creases in total employment, 3 increased forces, and 4 reported no change
from the previous month. The few gains were sufficient in size, howevar,
to increase the total for the month 1.5% over the December figures on factory employees. Increases were registered in leather goods and losses were
scattered through most groups. A decrease in value of building permits
occurred in January along with a practical stoppage of actual construction
work, due to unfavorable weather. Estimated value on January permits
was $22,268, slightly more than half the December figure of $42,275. At
the free employment office a large increase in men looking for work was
shown. Whereas in December there were 158 applicants for every 100 jobs
open, the January figure was 211.
Rockford.
-Forty-seven manufacturing firms reporting in both December
and January showed a decrease of 3.3% in the total number of people on
their payrolls. This is a more substantial loss than was registered in December and follows the same general industrial Ines. The loss is accounted
for very largely in the metal and wood products groups. In each of these
important groups more than twice as many employers reported losses as
gains and the losses on the average were more important. One cement firm
closed down operations during the month. Building permits issued, while
substantially lower than December, are well above January 1926. The current total is $157,735. The ratio of applicants to jobs at the free employment office, while still below 100, is approaching that figure, with 96 per
100 in January.
Springfiald.-Industrial employment at Springfeld factories dropped in
January when 9 firms reported a total loss in employment amounting to .8
of 1%. The loss is particularly evident among producers of implements and
other metal goods. These groups in December showed increases which made
up for losses elsewhere, but in January this ground was lost. Weather conditions have not been so unfavorable to outside work as in some other cities
and some construction is in progress. Building permits issued dropped
about 50%, however. The current figure was $101,490 as opposed to
6216,048 in December. The free employment office ratio increased. In
January 107 men applied for every 100 calla for help, whereas in December the number was 106.
sport cabriolet
-and reduced prices on two other models
the coupe and the two-door sedan. The price cut amounted
to $50 on each model, bringing the price of each down from
$825 to $775. The Pontiac line at factory prices now
stands as follows: Sedan, coupe and sport roadster (new),
$775; sport cabriolet (new), $835; landau sedan, $895, and
de luxe landau sedan, $975.
A press dispatch from Cleveland on Feb. 24 said that the
White Motor Co. on Feb. 25 would make an important announcement following the official report that the company
"Is broadening its merchandising policy by expanding its
area of transportation service by entering a wider field of
light delivery and establishing a complete range of truck
capacity."
In accordance with this report, the announcement of a
price reduction averaging about 28% in two models of light
trucks was released late on Feb. 24 to take effect Feb. 25.
The Model 15 truck, of three-quarter ton to one ton capacity,
is reduced from $2,150 to $1,545, a reduction of $605, and
the Model 20 truck, of one and a half ton capacity, from
$2,950 to $2,125, a reduction of $825. Other models and
prices remain as follows: (Trucks) Model 56, two ton
capacity, $3,125; Model 51, two and one-half ton capacity,
$3,750; Model 40-A, three and one-half ton capacity, $4,350,
and Model 52, five to seven and one-half ton capacity,
$5,100; (buses) Model 53 (4 cylinder), sixteen passenger
capacity, $4,250; Model 50-B (4 cylinder), twenty-five passenger capacity, $5,350; and Model 54 (6 cylinder), twentynine passenger capacity, $7,500.
Automobile Production Still Small, but Larger Than in
December.
'January production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 234,130, of which 196,973 were passenger cars and 37,157
were trucks, as against 165,822 passenger cars and trucks in
December, but comparing with 302,741 in January 1926.
The table below is based on figures received from 161 manufacturers in the United States for recent months,54 making
passenger cars and 125 making trucks (18 making both passenger cars and trucks). Data for earlier months include
91 additional manufacturers now out of business, while
January data for 21 small firms, mostly truck manufacturers,
were not received in time for inclusion in this report. Figures
' for passenger cars include taxicabs and those for trucks include ambulances, funeral cars, fire apparatus, street sweepers and buses.
AUTOMOBILE PRODUCTION.
(Number of machines.)
Passenger Cars.
Total.
1926.
January
February
March
April
May
June
July
August
September
October
November
December
Total(year)
1927.
January
284,703
334,524
399,105
401.836
394.569
358,388
.329,959
*393,064
363,547
300,160
226,278
143,413
U. S.
272.922
319.763
381,116
383,907
373,140
339,570
*317,006
*380,282
350.923
289,565
219,504
137.381
.3,929,546 .3,765,059
208.718
Trucks.
'Canada.
196,973
Total.
11,781 .33,517
14,761
41,784
17.989
49,386
17,929
54,135
21,429
51,588
18,818
47,265
12,953
41,873
12,782
47,838
12,624
51,257
10,595 *46,985
6.774 .39.430
30,161
6,052
U.S.
Canada,
29,819
37,707
45,001
50,562
48,083
44,332
39.618
45,333
46,386
•42,910
*38.376
28,461
3,698
4,077
4,385
3,573
3,505
2,933
2,255
2,503
4.871
4,075
3.054
1,700
164.487 *535,197 *494,568
40,829
11,745
40,788
37,157
3,631
• Revised. x Reported by Dominion Bureau of Statistics since Jan. 1 1926.
1143
Increase in Postal Receipts at Fifty Selected Cities
During January.
Postal receipts at fifty selected cities throughout the
country for the month of January 1927 showed an increase
of $1,277,583, or 4.39% over those for the same month in
1926, according to figures made public Feb.5 by PostmasterGeneral New. The total receipts for January 1927 were
$30,394,024, as against $29,116,441 for the corresponding
period in 1926. Atlanta, Ga., with an increase of 14.41%,
led the fifty cities in the greatest gain. Fort Worth, Tex.,
with an increase of 11.37%, came next, while New Haven,
Conn., with an increase of 10.62%, was third. The summary follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR
THE MONTH OF JANUARY 1927.
P.C. P.C. P.C.
1927 1926 1925
over ever over
Jan. 1926.
-Jan.
1927.
Increase. 1926. 1925. 1924,
Offices
36,158,740 41 $5,591,848 90 8564,891 51 10.10 5.70 .0.03
New York, N.Y
5,143,996 44 5,079,735 16
64.261 28 1.27 1.17 9.43
Chicago, Ill
27,458 19 1.64 6.88 5.43
1,700,131 38 1,672,673 19
Philadelphia, Pa
72.160 87 5.29 10.48 5.52
1 436 632 08 1,304,471 21
Boston. Maas
1.128,46927 1,045.166 76
83,302 51 7.97 4.09 4.41
St. Louis. Mo
903,164 49
802 11 0.07 10.67 3.30
903,756 80
Kansas City, Mo
807,890 78
16,476 89 2.04 17.60 3.88
824,367 87
Detroit, Mich
782.871 28
44,261 27 5.65 5.43 10.79
827,13255
Cleveland, Ohio
697.248 89
68,164 07 9.78 4.32 1.19
765,412 96
Los Angeles. Calif.
690,403 79
7,293 57 1.06 9.31 11.33
San Francisco, Calif._ 697.697 36
48.272 32 7.45 15.98 *0.38
647,832 89
696,105 21
Brooklyn, N.Y
50,207 43 8.91 .0.86 4.54
563,725 97
613.933 40
Pittsburgh, Pa
574,074 25
15,843 32 2.76 7.50 11.47
589,917 57
Cincinnati. Ohio
515,010 71 .35.786 09 .6.95 1.15 4.33
479,224 62
Minneapolis. Minn
531,19652
40,080 28 7.55 22.79 0.59
571.276 80
Baltimore. Md
384,794 37
19.113 50 4.97 3.88 5.08
403,907 87
Milwaukee. Witt
14,270 39 3.19 12.53 2.24
461,854 04
447.583 65
Washington, D. C
364,793 57
15,958 51 4.37 .4.79 1.24
380,752 08
Buffalo, N. Y
385,652 83 '28.07273 *7.28 5.36 13.74
357.580 10
Paul, Minn
St.
363,778 92
399.295 27
35,516 35 9.76 10.65 6.22
Indianapolis, Ind
338,041 12
386.863 00
48,821 88 14.41 8.58 1.29
Atlanta, Oa
319,698 34
301,131 91
18.566 43 6.17 5.98 6.08
Newark, N. J
275,552 33
284,323 93
8.771 60 3.18 5.31 6.06
Denver, Colo
311,033 63
306.328 98
4,704 65 1.54 7.41 12.80
Dallas. Tex
270,469 30 •11.734 07 .4.34 8.06 9.97
258,735 23
Seattle, Wash
240,721 09
255.732 98 .15,011 89 .5.87 9.51 .4.33
Omaha, Neb
281,740 48
.
*1,978 26 .0.70 14.85 1.04
Des Moines. Iowa - 279,762 22
238,733 61
238,163 44
2,570 17 1.09 4.27 0.23
Portland, Ore
231,941 92
223.335 95
8,605 97 3.85 2.42 1.87
Louisville, Ky
239.170 45
231,951 17
Rochester, N. Y
7,219 28 3.11 15.22 .3.45
255,232 21
233,673 57
Columbus, Ohio
21,558 64 9.23 .0.79 13.40
223,938 12
229,666 28
.5,728 16 *2.49 5.51 7.68
New Orleans, La
191,748 28
189,433 88
Toledo, Ohio
2,31440 1.22 16.76 *2.34
181,548 51
Richmond. Vs
192.866 26 .11,317 75 '587 14.07 7.97
162.123 33
161,495 39
Providence, R. I
62794 0.39 8.77 01.52
161,945 89
Memphis, Tenn
163,912 77
'1,96688 *1 20 0.06 9.69
193,780 76
Dayton. Ohio
179,587 79
14,192 97 7.90 11.47 28.35
196.265 52
Hartford, Conn
177.696 88
18,568 84 10.45 17.53 6.53
144.527 47
Nashville. Tenn
147,724 41
.3,198 94 .2.16 14.78 1.36
151,050 34
Houston, Tex
149,753 18
1,297 16 0.87 12.19 4.34
133,952 64
Syracuse, N. Y
129.374 95
4,577 69 3.54 13.30 .1.34
141.845 29
New Haven, Conn
128,225 16
13,620 13 10.62 2.09 1.44
129,577 18
Grand Rapids, Mich_
128.487 33
1,089 85 0.85 13.64 3.77
126.424 98
Akron,Ohio
2,21194 1.78 27.03 .5.99
124,213 04
138,254 15
14,119 11 11.37 19.11 17.19
Fort Worth,Tex
124,135 04
Jersey City, N.
108,996 51
2,496 66 2.34 7.66 4.41
106.499 85
Springfield, Maas__
102,390 91
1.02929 1.02 1.06 1.18
101.361 62
Salt Lake City, Utah_
900 33 0.88 3.36 6.95
102.62/ 00
101.726 67
3,42586 1.26 24.84 16.54
Jacksonville, Fla
114.477 63
113,051 78
4,950 28 4.99 90.4 0.05
Worcester, Maas
104,150 48
99,200 20
Total
30.394,02430 29.116,441 64 1.277,58266 4.39 6.77 4.76
•Decrease.
October 1926 over October 1925, 1.14%; November 1926 over November 1925.
6.38%; December 1926 over December 1925, 4.21%.
Automobile Prices and New Models.
Among the chief features of the automobile industry in
the line of new models and changes in prices are the an- Increase in Postal Receipts at Fifty Industrial Cities
nouncements by the Pontiac Division of General Motors
in January.
Corporation and the White Motor Co. The former, on Feb.
Postal receipts at the fifty industrial cities for the month
-a sport roadster and a of January amounted to $3,316,553 as compared with
23, introduced two new models
1144
THE CHRONICLE
[VOL. 124.
$3,193,452 for January 1926, an increase of $123,101, or
Lumber Industry Registers a Small Gain.
3.85%, according to figures made public Feb. 7 by PostTelegraphic reports to the National Lumber Manufacmaster-General New. The greatest percentage of gain was
turers Association from 304 of the larger commercial softwood
recorded by Harrisburg, Pa., with an increase of 43.83%.
lumber mills of the country, for the week ending Feb. 19,
Boise, Idaho, was second with 28.76%. Reno, Nev., was
indicate (allowing for a smaller number of reporting mills)
third with 26.13%. Tabulated figures follow:
that order files were about the same as for the week before,
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
with a considerable gain in shipments and a slight increase
FOR THE MONTH OF JANUARY 1927.
Per Ct. Per Ct. Per Ct. in production. In comparison with reports for the same
1927 1928 1925
Over Over Over period last year, there has been a pronounced falling off in
January
January
Increase. 1926. 1925. 1924.
1926.
Offices
1927.
Springfield, Ohio__ $221,706 41 $208,199 16 513,507 25 6.49 3.91 33.22 shipments and new business,and some decrease in production,
1.02 3.09 declares the National
123,188 93 12,459 71 10.11
Oklahoma, Okla___ 135,648 64
Association.
124,539 67 22,868 76 18.36 6.67 2.34
Albany, N. Y
147,408 43
8,261 94 9.92 *2.81 *17.45
Scranton, Pa
The 120 hardwood operations reporting this week, when
91,576 00
83,314 06
126,710 08 55.539 80 43.83 *12.99 17.11
182,249 88
Harrisburg, Pa3,63025 3.80 6.87 6.68 compared with reports from 136 mills last week, reveal
San Antonio, Tex
95,544 22
99,174 47
Spokane, wash..
95,519 65 *5,39246 *5.84 16.67 *2.89 some increase
90,127 19
in production, and little change in shipments
*8594 •.06 23.71 11.58
Oakland, Calif_ _ 146,229 72
146,315 66
8,54873 6.66 16.48 2.68 and new business. As compared with last year, production
136,879 94
128,331 21
Birmingham, Ala
Topeka, Kan
101,505 61 '160476 *1.58 3.81 *11.49
99,900 85
79,709 87 *8,81993 *11.06 *3.86 18.85 and new business seem to be slightly larger, with shipments
Peoria, Ill
70,889 94
76,134 99 *3,16936 *4.16 10.22 2.54
Norfolk, Va
72,965 63
97,031 71 *15,712 16 *16.19 46.91
Tampa,Fla
1,48 a little less, according to the report issued by the National
81,319 55
7,72001 8.30 8.49
93,067 41
Fort Wayne, Ind.._ 100,787 42
.11
1.33757 1.91 *1.39 2.53 Association, from which we quote further as follows:
69,993 66
71,331 23
Lincoln, Neb
Duluth, Minn
61,931 56
Little Rock,Ark.._ _
77.638 26
Sioux City, Iowa
64,38981
81,534 17
Bridgeport Conn._
66,052 80
Portland, Me
56,729 78
St. Joseph, Mo__
90,36568
Springfield, Ill__
60,684 80
Trenton, N.J
55,574 06
Wilmington, Del
66,366 07
Madison, Wit;
72,292 57
South Bend Ind ....Charlotte, N. C..... '58,71049
45,062 05
Savannah, Ga
86.17580
Cedar Rapids, Iowa
49,709 95
Charleston, W.Va..
58,888 39
Chattanooga, Tenn
44,615 79
Schenectady, N.Y44,712 90
Lynn, Mass
45.081 68
Shreveport, La.._
34.06341
Columbia,S.C
32,576 10
Fargo, N. D
28,136 50
Sioux Falls, S. D.
39,660 96
Waterbury. Conn....
27,210 30
Pueblo, Colo
24,494 92
Manchester, N. H..
33,870 01
Lexington, Ky.-33,293 79
Phoenix, Aria
22,099 80
Butte, Mont
33,227 32
Jackson, Miss
. 19,70900
Boise, Idaho
20,153 45
Burlington, Vt..._ _
13,536 66
Cumberland, Md._
14,938 93
Reno, Nev
16,031 78
Albuquerque N. M
16,858 49
Cheyenne. Wyo.._
61,800 20
77,712 93
67,54807
70.518 23
63,031 02
59,515 08
75,659 61
64,039 23
57,045 29
73,430 44
62,133 14
59,300 74
48.886 47
84.30524
46,736 07
65,160 14
43,187 46
40,701 99
44,731 39
41.39401
31.75493
36,082 36
38,36234
33,153 92
23,320 92
28.34628
31,94973
21,231 63
30,39072
15,30700
19,371 80
13,842 42
11,58332
16,334 60
16,417 46
331 36
.54
.23
*7467 *10 7.85
*3,15826 *4.68 1.47
11,01594 15.62 22.73
3,021 78 4.79 *5.03
*2.78530 *4.68
1.27
14,706 07 19.44 28.37
'3,35443 *5.24 9.12
*1,471 23 *2.58 15.72
*7.084 37 *9.62 15.92
10,159 43 16.35 12.31
'59025 *.99 1.64
'3,82442 *7.82
.20
3.87086 7.13 27.78
2.97388 6.36 2.87
*6,291 75 *9.85 11.15
1,42833 3.31
5.36
4,01091 9.85 16.77
35029
.78 8.43
'7,33060 *17.71 15.31
821 17 2.59 2.80
'7,94586 *22.02 15.62
1.29862 3.38
1.10
'5,94362 *17.93 4.07
1.17400 5.03
.89
5,52373 19.48 *2.82
1,34406 4.21 *1.32
868 17 4.09 4.38
2,83660 9.33 5.38
4.40200 28.76 *29.29
781 65 4.03 6.10
*305 76 *2.20 *.45
3,09561 26.13 *3.68
'30282 *1.85 7.71
441 03 2.69 17.88
*5.71
9.77
11.13
*7.14
7.90
3.07
*30.72
.58
*4.93
21.75
22.67
14.21
1.92
1.97
6.11
*8.41
*9.81
.91
5.02
3.96
17.75
18.79
.21
13.28
.10
*4.10
20.48
.28
18.70
27.35
3.18
*5.14
2.65
*4.99
1.41
Unfilled Orders.
The unfilled orders of 189 Southern Pine and West Coast mills at the
end of last week amounted to 492.401,973 feet, as against 489,625,610 feet
for 190 mills the previous week. The 117 identical Southern Pine mills
in the group showed unfilled orders of 223,367,051 feet last week, as against
216,663,333 feet for the week before. For the 72 West Coast mills the
unfilled orders were 269,034,922 feet, as against 272,962,277 feet for 73
mills a week earlier.
Altogether the 295 comparably reporting softwood mills had shipments
99%, and order 98%. of actual production. For the Southern Pine mills
these percentages were respectively 86 and 97; and for the West Coast
mills 95 and 93.
Of the reporting mills, the 273 With an established normal production
for the week of 182,857,854 feet, gave actual production 92%, shipments
91% and orders 91% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of seven softwood, and two hardwood, regional associations, for the three weeks indicated; 000's omitted:
Corresponding
Preceding
-Past Week--Wm* 1926--Week 1927
Softwood. HardHard- (Revised)
HardSoftwood. wood. Softwood. wood. Softwood. wood.
*Mills
295
120
342
125
308
136
Production
176,993 21.192 216,362 20.706 178,551 20,861
Shipments
175.308 19,701 232,855 20.913 158,999 21,514
Orders (new bus.) 173,520 21.532 225.642 20,863 179,397 24,761
* Number softwood mills regularly reporting in 1927 is less than in 1926.
The following revised figures compare the lumber movement of the
same regional associations for the first seven weeks of 1927 with the same
Total
53,316,553 33 $3,193,452 07 $123,101 26 3.85 7.21 4.18 period of 1926; 000's omitted:
•Decrease. Oct. 1926 over Oct. 1925, 2.06; Nov. 1926 over Nov. 1925. 8.75;
-Production- -Shipments--- -Orders----Dec. 1926 over Dec. 1925. 5.20.
HardHardHardSoftwood. wood. Softwood. wood. Softwood. wood.
1,284,311 188,437 1,265,599 177,263 1.373,015 193,252
Increase in Canadian Exports of Pulp and Paper in 1927
1926
1,416,340 171,415 1,472,044 168,664 1.557,078 185,494
January.
The mills of the California White and Sugar Pine Association make
comparable, are not
The report issued by the Canadian Pulp & Paper Associa- weekly reports, but not beingrepresenting 19% included in the foregoing
tables. Nine of these mills,
of the cut of the California
tion shows that exports of pulp and paper from Canada pine region, gave their production for the week as 1,366,000 feet,shipments
during January were valued at $13,449,017, as compared 5,392,000 and new business 10,743,000. Last week's report from 15 mills,
50% of
with a total value of $13,191,885 for January 1926, says representingand new the cut, was: Production, 6,757,000 feet; shipments,
16,213,000,
business, 17,359,000.
the Montreal "Gazette" of Feb. 22, from which we also
take the following:
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
month were valued at $3,665,055, and exports
Wood-pulp exports for the
business for the 72 mills reporting for the week ended Feb. 19 was 7%
of paper at $9,783,962, as against $4,246,730, and $8.945,155, respectively, below
production, and shipments were 5% below production. Of all new
In January 1926.
business taken during the week 33% was for future water delivery, amountDetails of the various grades of pulp and paper are as follows:
ing to 24,033,463 feet. of which 19,157,876 feet was for domestic cargo
delivery, and 4,875,587 feet export. New business by rail amounted to
January 1927.
January 1926.
45.330,345 feet or 62% of the week's new business. Thirty-seven per cent
of the week's shipments moved by water, amounting to 27.606,134 feet.
Tons.
Value.
Tons.
Value.
of which 22,460,476 feet moved coastvrise and intercoastal, and 5.145.658
feet export. Rail shipments totaled 43,314,338 feet, or 58% of the week's
Pulp
12,575
5349,055 *32,996
Mechanical
$977,229 shipments, and local deliveries 3,366,565 feet. Unshipped domestic cargo
11,570
708,095
12,658
796,386
Sulphate
and rail trade 132.21,624
1,653,912
15,189
Sulphite, bleached
1,239,509 orders totaled 84,311,679 feet, foreign 52,602,767 feet
17,111
Sulphite, unbleached
953,993
22,501
1,233,606 120,476 feet.
Southern Pine Reports.
62,880 33,665,055
83,344 54.246,730
The Southern Pine Association reports from New Orleans that for 117
Payer
Newsprint
142,329 $9,294,674 125.999 $8,372,141 mills reporting, shipments were 13.57% below production and orders
Wrapping
1,539
178,116
1,358
179,999 2.97% below prqduction and 12.27% above shipments. New business
Book (cwts.)
2,461
22,604
9,133 taken
840
during the week amounted to 61,353.593 feet, shipments 1,879,435
Writing (evrts.)
1,135
9,470
84
603
All other
279,098
383,279 feet and production 63,233,028 feet. The normal production of these
mills is 73.866,810 feet. Of the 115 mills reporting running time. 82
59.783,962
58,945,155 operated full time, 15 'of the latter overtime. Five mills were shut down,
For the 12 months ending Jan. 31 1927 the total value of the exports and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon, with
of pulp and paper was $173,748,767, which was a notable increase over
the value for the 12 months ending Jan. 31 1926, for which period the two more mills reporting, shows a slight increase in production, shipments
about the same, and a nominal decrease in new business.
total value was *156,477.943.
The reports of the California Redwood Association of San Francisco,
The greatest gain in the 12 months' period was in the exports of paper,
which were valued at $122,253,320, as compared with *107,653,597 in Calif., were not received in time for publication.
The North Carolina Pine Association of Norfolk, Va., with eight more
the previous 12 months, while pulp exports increased in value from $48,mills reporting, shows production about the same, more than 100% increase
824,346 to $51,495,447.
,and new business well in advance of that reported for the
pinrecshiedinpmg
Details for the 12 months' periods ending Jan. 31 are as follows:
week.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
12 Mos.to Jan.31 1927. 12 Mos.to Jan.31 1926.
reports production about the same, a substantial increase in shipments,
Tons.
'Value.
Tons.
Value.
and some reduction in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Pulp
381,651 $10,877,644 372,767 $10,939,461 Oshkosh, Wis. (in its softwood production) reports production about the
Mechanical
167,046 10,355,247 152,198
9,338.784 same, a notable increase in shipments, and a good gain in new business.
Sulphate
207,429 16,148,623 186,574 14,218,265
Sulphite, bleached
Hardwood Reports.
249,684 14,113,933 268,396 14.327.836
Sulphite, unbleached
The Northern Hemlock and Hardwood Manufacturers Association
985,810 $51,495,447 979,935 548,824,346
reported from 14 mills considerable increase in production, shipments
Payer
1 748,315 $115,013,128 1,423,000 399,954,059 about the same, and new business slightly above that reported for the
Newsprint
18,699
2,257,780
20,380
2,731,188 previous week.
Wrapping
533,808
62.166
46,910
428,569
Book (Cwls.)
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
152.673
20,095
11,927
96,857
Writing (owls.)
4,295,931
4,442,924 from 106 units (16 fewer mills than for the week earlier) a nominal decrease
All other
In production, and marked decreases in shipments and new business.
$122,253,320
$107,653,597 The normal production of these units is 17,808,000 feet.
FEM. 26 1927.]
THE CHRONICLE
1145
latter will be largely augmented by arriving buyers during this week and
next. Fancy goods are a keen incentive to clothiers who seek new color
that the
and pattern ideas to spur consumer interest, and it is conceded
big company has its usually comprehensive and widely diversified collections
in each department.
Firmer Undertone Encouraging.
woolen goods, Weight
While it is difficult to make comparisons on fancy
about the same
for weight and color for color, they are said to average
in cassimeres and twists are parfirming as worsteds. Novelty patterns
tan, brown and blue mixture effects, handsomely
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS. ticularly striking in gray,
designs.
SHIPMENTS AND UNFILLED ORDERS.
decorated with stripes, overplaids and other weaev
will have a
Jan. 22.
Jan. 29.
Feb. 5.
Feb 12
It is not believed that the 234 to 5 cents a yard advance
Week Ended101
69
74
73
reporting__
which, while probably continuing along very
Number of mills
89.195,478 retarding effect on business,
74,173,627 67.267,771 57,625,831
Production (feet)
and along healthier trend because
69.012,020 75,754.896 58.156.283 96.008,612 conservative lines, is sure to be steadier
New business (feet)
of firm
59,368,583 67.078,654 57,189,012 91,101,817 of the confidence infused into manufacturers by the maintenance
Shipments(feet)
spring goods
Unshipped balances:
values. Buyers who had hesitated to place late orders on
123,793.398 122,207.758 113.814,275 130,772,138
but the bulk of their
Rail (feet)
of figuring higher replacement costs,
96.808.307 89,237.368 70.602,590 114,133.976 face the necessity
Domestic cargo (feet)
spring orders are still
52.360,572 52.482.956 48.742.986 99,585.016 spring requirements Is already covered. Duplicate
Export(feet)
however, filling in open spots on retailers' late purchases.
being placed,
as yet,
272,062,277 263.928.082 232.889.851 344,491,128
Total (feet)
Spring clothing business in retail channels has not started actively
1924.
1925.
1926.
1927.
turn of
First Mx Weeks of130 due to a late Easter. but many are sanguine that with a favorable
118
101
87
Average number of mills
demand for clothing will be ex447.127.124 530,500,872 598.260.014 620,903,414 balmy weather in April and May a brisk
Production (feet)
481.614,461 587,577,177 549,654,733 608.921.404 perienced and a good clearance of cloth and clothing stocks in first and
New business (feet)
423,046.735 530.581,938 575,427,477 599,678,812 second hands.
Shipments(feet)
prevalent on the
In the face of hand-to-mouth buying, optimism is
expected to
premise of higher prices, and by the same token fall results are
business
Activity in the Cotton Spinning Industry for
give more encouragement after several months of unsatisfactory
the cloth proJanuary 1927.
conditions and lack of profits for the mills. It seems that
prices,
ducers have reached "the end of the rope" with regard to sacrifice
The Department of Commerce announced on Feb. 21 that and it may be that the trend has started in the other direction, barring
according to preliminary figures compiled by the Bureau of untoward events, such as a break in wool prices.
2.
the Census, 37,373,992 cotton spinning spindles were in
SOME PRICE COMPARISONS IN DEPARTMENTS 1 AND
Fan
SPrfrt9
Fall
Spring
place in the United States on Jan. 311927, of which 32,633,1927.
1927.
1926.
1926.
Style
550 were operated at some time during the month, comWashington Mill (A)82.0234
81.9734
32.1734
$2.15
1.8234
pared with 32,496,250 for December, 32,586,770 for Novem- 3406
20234
1.8734
2.0234
13179
2.65
2.60
2.87 H
2.8234
32,134,682 for September, 13204
ber, 32,592,806 for October,
2.65
2.6734
2.8234
2.8734
13212
2.10
2.10
2.25
2.2734
31,321,936 for August, and 32,810,308 for January 1926. 13344
1.97)4
1.9734
2.15
2.15
13394
2.15
2.10
2.27 X
The aggregate number of active spindle hours reported for 40313
2.25
1.8734
1.9234
2.05
2.00
the month was 8,558,066,401. During January the normal 43712
1.9234
1.8734
2.05
2.00
45.612
1.8734
1.9234
2.05
2.00
operation was 25M days (allowance being made for 46412
time of
(A11)Wood Worsted Mill
1.5234
1.7734
1.8734
1.8734
the observance of New Year's Day in some localities) com- 405
2.15
2.1234
2.3234
2.3234
%
pared with 26 for. December, 204 for November, 253 for 407
1.8734
1.8234
2.00
1.9734
9452
2.25
2.45
2.2234
2.45
October, 253 for September, and 26 for August. Based on 9713
2.55
2.5234
2.7234
2.72)4
97013
Ayer Mill (811)an activity of 8.78 hours per day, the average number of
2.4734
2.45
2.70
2.70
1.60
1.6734
1.5734
1.70
spindles operated during January was 38,224,424, or at 8186
6499
2.40
2.35
2.5734
2.55
2.05
2.0234
102.3% capacity on a single shift basis. This percentage 6705
2.17%
2.1734
8710
compares with 100.3 for December, 101.2 for November, Fulton Mill (1))2.2234
2.35
2.1734
2.3214
8011
Shavosheen Mill (DD)
98.9 for October, 98.5 for September, 87.4 for August, and
2.20
2.1734
2.35
2.35
2.70
2.95
2.8734
2.95
98.6 for January 1926. The average number of active 708
718
2.45
2.4234
2.65
in place for the month was 229. 7085
spindle kours per spindle
Mill (8)Arden
2.6734
2.9234
2.6734
2.9234
The total number of cotton spinning spindles in place, the 7100
2.95
2.9234
3.25
3.1734
the number of active spindles hours and the 7103 the above list, which is fairly representative of the worsteds. 11
number active,
On
States, are numbers are advanced Scents a yard, 12 are up 234 cents and two remain
average spindle hours per spindle in place by
to high range
unchanged. The following table gives the American's low
shown in the following statement:
for the individual mills:
Active Spindle HMOS for
L moats.
LOW TO HIGH PRICE RANGE FOR THE INDIVIDUA
January.
Spinning Spindles.
Department 1.
dyes.)
A age. per
(Worsted mixtures and fancy weave piece
Active
State.
--Mixtures-----SpincUe
Total.
Piece DyesDuring
In Place
Low to dig .
In Place.
Low to High.
Jan. 31. January.
Mills$4.25
81.8734
83 60
81.9234
Washington
1.15
1.80
306
17,482.426 5,507,425.034
3.8734
18,018.726
1.8734
Cotton growing States
Wood worsted
3.0
1.90
155
3.20
17,658.748 13,664.326 2.740.101.446
1.60
New England States_
Ayer
183
2.70
1,698,518 1,486,798 310,53(.921
2.10
All other States
Shawsheen
282
---3.50
1.506,448 1,451.882 424,083,696
---2.2234
Alabama
Fulton
179
1,192,956 1.039,312 212,967,307
Connecticut
Department 2.
284
2,953,632 2,842,322 838,554,964
Georgia
158
938,136 178,948.988
1,130,576
Maine
(Fancy worsted sultIngs.)
149
11.259,906 8.429.532 1,672,480,921
Low to High.
Massachusetts
Low to High.
180
1.421,060 1,024.456 227,279,774
3.95
2.0234
New Hampshire
Riverside
$3.85
$2.30
Nat.& Prov
161
386.224
66.837,538
415.604
2.10
2.5734
New Jersey
Webster
2.65
2.5734
718,618 155,319,506
Ayer
870,894
178
2.70
2.15
New York
Manton
245
2.1734
Saranac
320
6.109,308 5.923,054 1.952,282,179
2.8234
1.6234
North Carolina
Anchor
3.62)4
3.40
Fulton
180
110,992
123,172
22,160,537
2.30
2.00
Pennsylvania
2.9734 Chase
2.45
Shawsheen
166
2.509.442 2.089,012 417,604.078
2.55
Weybosset
Rhode Island
1.7734
3.35
2.6734
Arden
332
5,366.674 5,329,940 1,783,841.854
2.4234
1.9734
Moosup
South Carotins
3.05
2.0234
291
575,964
565.346 167,333,743
Champlain
Tennessee
286
240,500
264,112
75,519,156
Department 3.
Texas
640.454 155.312.657
711.314
218
Virginia
(Fancy woolen siftings and topcoatings.)
853.770 207.539,503
962,930
216
All other States
Low to Hies.
Low to High.
lir
1.47%
1.6234
Kennebec
229
37,373,992 32,633,550 8.558.066,401
$2.45
81.4234
Saranac
United States
1.25
1.0734
1.4734 Ounigan
1.3734
Tilton
2.40
2.20
1.72)4 Black River
)4
Waverly
2.30
2.05
Yantic
1.90
Norwich
1.7734
1.75
1.4234
1.9234
2.4234 Burlington
Opening of Men's Wear Fancy Worsteds for Fall Webster
1.3234
1.1714
Forest
2.35
1.50
Assabet
Woolen Company-Prices Advanced
2.25
2.00
Chase
by American
2.45
2.3234
Pioneer
1.85
1.60
2.5234 Hartland
1.75
a Yard, Compared with
Foxcroft
2M Cents to 5 Cents
1.90
1.55
Ray
1.60
1.25
Sebasticook
2.0734
2.00
Weybosset
Last Spring Lists.
1.85
1 30
Vaasalboro
1.85
1.70
Newport
1.85
1.1234
Anderson
1.5234
1.20
The American Woolen. Co. on Feb. 21 announced price Indian Spring
West Coast Lumbermen's Association Weekly Report.
Seventy-three mills reporting to the West Coast Lumbermen's Association for the week ended Feb. 12 ma ufactured
74,173,627 feet, sold 69,012,020 feet and shipped 59,368,563
feet. New business was 5,161,607 feet less than production,
and shipments 14,805,064 feet less than production.
6
,
advances of *6 cents to 5 cents a yard on men's semi-staple
and fancy woolen and worsted suitings opened for fall, 1927,
in Departments 1, 2, 3 and 7, while 87 repeat fabrics in
worsteds show a reduction of about 8% under a year ago
according to the "Journal of Commerce," which in its
report goes on to say:
place at the spring goods opening
This readjustment, however, took
last July.
fancies, which is quite in line with
The now price basis on semi-staples and
In the month, made a very
the advances announced on staples earlier
despite the fact that many
favorable impression on the general market,
However, the change merely
had predicted even more material mark-ups.
July.
reflects the increased cost of wool content In finished goods since last
and it was expected that advancing cloth prices would give further stimulus
to raw materials.
Adverse weather conditions cut down the number of buyers operating
cif both local and
in the market, but there was a fairly good sprinkling
out-of-town buyers in the showrooms, especially In Department 2. and the
Benll
Sawyer
Department 7.
(Fancy worsted and fancy woolen suitings and toPcCed11135.)
High.
Low to High.Low to 4.3734
2.15
$4.12+lobe
$1.90
3.6734
2.42)4
Puritan
3.05
1.8734
Oil
Numerous Price Reductions Occur in Crude
Price Also Cut.
Markets-Gasoline
had been
The price cuts in the crude oil markets which
the week just
rumored for some time, took place early in
from Pittsburgh, Pa.,
closed. On Feb. 19 press dispatches
oil in National Transit Co. lines
stated that Keister grade
Cabel grade oil in
had been reduced 20c, a barrel Co $I 60;
lines 20c.a barrel to SI 90,and SomerEureka Pipe Line Co.'s
lines 20e. a barrel
set oil in Cumberland Pipe Line Co.'s
vet
1146
THE CHRONICLE
to $2. These prices were established by the
Joseph Seep
Purchasing Agency.
Prices of Mid-Continent oil were reduced
on Feb. 23
when the Carter Oil Co. made a reduction
ranging from 15
to 39c. a barrel, according to gravity, making
new prices
$2 31 a barrel for top grade of 52 and above
and $1 35 for
low grade of 28 degrees.
The entire schedule of Mid-Continent prices,
with the
amount of the reduction and the prices as of a
year ago,
compiled by the "Wall Street News," stands as follows
:
Grade- Feb.22'27.
Cul.• Fr5.22'26. Grade- Feb.22'27. Cut.*
Below 28
40 to 40.9_
1.83
270.
gravity_ $1.30
Unch.
$1.07 41 to 41.9_
1.87
28c.
28 to 28.9_
1.35
15c.
31.40 42to 42.9_
1.91
29c.
29 to 29.9_
1.39
160.
1.48 43 to 43.9_
1.95
300.
30 to 30.9_
1.43
170.
1.56 44 to 44.9_
1.99
Its.
31 to 31.9_
1.47
18e.
1.64 45 to 45.9_ 2.03
320.
32 to 32.9_
1.51
19c.
1.72 46 to 46.9_ 2.07
23e.
33 to 33.9_
1.55
20c.
1.80 47 to 47.9. 2.11
34c.
34 to 34.9_
1.59
210.
1.88 48 to 48.9_
2.15
350.
35 to 35.9_
1.63
22c.
1.96 49 to 49.9_
2.19
36c.
36 to 36.9_
1.67
23e.
2.04 50 to 50.9_
2.23
37e,
37 to 37.9. 1.71
24c.
2.12 51 to 51.9_
2.27
380.
38 to 38.9_
1.75
25c.
2.20 52& above 2.31
39c.
39 to 39.9_
1.79
26c.
2.28
* From previous schedule, in effect since Nov.
2 1926.
Feb.22'26.
2.36
2.44
2.52
2.60
2.68
2.76
2.84
2.92
3.00
3.08
3.15
3.24
3.32
[VOL. 124.
Crystal Oil Refining Corp. met these
reductions with a
schedule similar to that of Standard Oil
Co. of Louisiana.
Effective Feb. 25 the Atlantic Oil Producing
Co. reduced
Stephens, Ark., crude 20 to 24c., posting
$1 10 for below
28 gravity and $1 20 fcr 28.9 gravity
and 4c. additional for
each succeeding degree of gravity up to
top grade of 32 and
above which is $1 36.
In the gasoline market, price reductions
were not so widespread, although occurring in several section
s of the country.
On Feb. 23 the Standard Oil Co. of
New York reduced the
tank wagon price of gasoline lc. and
service station 2c.
in the Rochester district, making the new
prices 19 and 220.
respectively. Shreveport, La. reported on Feb.
25 that the
Standard Oil Co. of Louisiana has reduced
tank wagon and
service station prices of gasoline le. in Louisi
ana, Arkansas
and Tennessee. On Feb. 25, the Standard Oil
Co. of New
Jersey reduced the tank wagon price of gasolin
e lc. a gallon
in New Jersey, Maryland, North and South
Carolina and
District of Columbia, making the tank wagon
price 18c. a
gallon. No change was made in Virginia and
West Virginia.
The company also reduced the price of
export gasoline in
cases /0. a gallon, making price 26.65c. a
3
gallon in cases.
In the wholesale markets at Chicag
o on Feb. 25, prices
stood as follows: United States motor grade
gasoline, 7%@)
Mic.; 41-43 water white kerosene, 6@6)4c.; 24-26 fuel oil,
$1 273/2 @$1 30.
The Sinclair Consolidated Oil Co. on Feb. 23 met the
cut
in the price of Mid-Continent crude oil initiat
ed by Carter
Oil Co. The Humble Oil & Refining Co. met this reducti
on
in the State of Texas and Magnolia Petroleum, a
subsidiary
of the Standard Oil Co. of New York, in Texas, Oklaho
ma,
Kansas and Louisiana. Prairie Oil & Gas Co. also lowere
d its
schedule in Texas, Oklahoma and Kansas to confor to
m
the
lower prices established there. Under Humble's schedu
le,
Ranger, North Texas, Meads, Powell, Richland, Worth
am, Crude Oil Production Shows Further Small Increase.
Lytton Springs, Currie, Moran and Nocoma, crudes
The American Petroleum Institute on
will be
Feb. 23 estimated
purchased on the sme basis as the Mid-Continent crudes
, be- that the daily average gross crude oil production
in the United
ginning with 28 gravity at $1 35 a barrel and increasing
the States for the week ended Feb. 19 was
2,472,000 barrels as
price 4c. for each additional degree of gravity, with
the top compared with 2,462,250 barrels for the
preceding week, an
price at $2 31 for 52 gravity and above, and a correspondin
g increase of 9.750 barrels. The daily averag
e production east
decrease of 4c. for each degree lower than 28 gravity
. For of California was 1,832,000 barrels, as
compared with 1,820,Gray and Wheeler counties, in the Panhandle field,
$1 will 750 barrels, an increase of 11,250 barrels
. The following are
be paid, beginning with 28 gravity and increasing
the price estimates of daily average gross production
by districts for
4c. for each additional degree, with the top
price $1 64 for the weeks given:
44 degrees and above. Previously Wheeler County
ranged
DAILY AVERAGE PRODUCTION.
from 90c. to $1 70 and Gray County from $1 to $1 80.
Crane,
(In Barrels.)
Feb. 19 '27. Feb. 12 '27. Feb. 5 '27. Feb. 20
Upton and Crockett counties now command 80c. for
'26.
crude Oklahoma
707.850
692,000
637,300
below 26 gravity, increasing the price 4c. for
450,000
Kansas
117,050
each additional Panhand
116,550
115,500
102,600
le Texas
degree of gravity to $1 24for the top grade
130,750
133,100
129,300
of 36 gravity and North Texas
3,050
94,750
96,300
above. Heretofore the prices prevailing in
98,500
73,600
these counties West Central Texas_ _ _ _
173,250
162,950
158,650
69,600
ranged from 80c. to $1 35 a barrel.
East Central Texas
44,750
46,600
47,650
59,200
Southwest Texas
On Feb. 23 the Ohio Oil Co. reduced Lima, Indian
38,300
38,500
38,800
37.650
a, Illi- North Louisiana
52,500
52.600
nois, Princeton, Plymouth, Worcester and Wester
53,250
44,600
n Ken- Arkansas
128,950
129,650
127,900
169.900
tucky crude oil 20c. a barrel. Further reductions
Coastal Texas
140,750
149,700
were posted Coastal Louisian
146.800
80.250
a
on other grades as follows: Elk Basin, Grass Creek
11,750
11,600
12,250
9,850
(light), Eastern
107,500
107.000
107,000
Lance Creek, Wyoming and Artesia, New Mexico, crude
99,000
oils, Wyoming
58.200
59,500
58,300
73,800
25c. a barrel; Big Muddy and Rock Creek, Wyo., 230.
Montana
13,600
12,600
12,550
a bar- Colorado
14.700
rel, and Mule Creek and Rex Lake, Wyo., 15c. a barrel.
7 550
7 650
7 400
7 150
New Mexico
4,500
4,450
4,750
The Joseph Seep Purchasing Agency at Pittsburgh, Pa., California
4,300
640.000
641,500
646,500
603,500
established the following prices as of Feb. 23:
Total
2,472,000 2,462,250 2,402,400
Grades1,902,750
New Price. Reduc'n.
The estimated daily average gross production
Pennsylvania grade in New York Transit lines
of the Mid-Continent field
$3.25
150.
including Oklahoma, Kansas, Panhandle,
Bradford grade in New York Transit lines
North, West Central, East
3.25
15c.
Central and Southwest Texas, North Louisian
Pennsylvania grade in National Transit lines
a and Arkansas, for the week
3.15
15c.
ended Feb. 19 was 1.488,150 barrels, as compare
Pennsylvania grade in Southwest Pennsylvania lines-d with 1,468,250 barrels
-- 3.15
15c.
for the preceding week an increase of 19,900
Pennsylvania grade in Eureka Pipe Lines
barrels. The Mid-Cintinent
3.10
15c.
production, excluding Smackover, Arkansa
Pennsylvania grade in Buckeye Pipe Lines
s heavy oil, was 1.386,050
2.95
15c.
barrels as compared with 1,365,700 barrels,
an increase of
Corning grade in Buckeye Pipe Lines and Ragland crude
In Oklahoma, production of North Braman reported20,350 barrels.
is
at 9,100 barrels
against 8,900 barrels; South Braman
in Cumberland Pipe Lines remained unchanged at $2 25
4,450 barrels against 4,600 barrels;
and Tonkawa 26,700 barrels
against 26,050 barrels; Garber 18,850 barrels
95c. per bbl., respectively, until the next day (Feb. 24), against
18,700 barrels; Burbank 49,750 barrels against 49,200
barrels:
when the posted price of Corning crude in the Buckeye
Pipe Bristow-Slick 27,300 barrels, no change; Cromwell 13,750 barrels against
13.700 barrels; Papoose 8,200 barrels against 8,050 barrels; Wewoka
Line was reduced from $2 25 a barrel to $2 05, while
18,400
that barrels against 20,150 barrels;
run prior to Sept. 15 was cut from $2 15 to $1
Seminole 282.600 barrels against 268,400
barrels; Earlsboro 19,150 barrels against 17,000 barrels.
95.
From Toronto on Feb. 23 came the report that
In Panhandle Texas, Hutchinson County is reported at 114,450
the price
barrels
of Canadian crude oil had been reduced 20c. a barrel, making against 116,600 barrels, and Balance Panhandle 16.3000 barrels against
16,500 barrels. In East Central Texas, Corsicana Powell 20,650
barrels
the quotation of New Petrolia $2 40 a barrel and Oil Spring
s, against 21,300 barrels; Nigger Creek 6,300 barrels against 6,450 barrels;
$2 48 a barrel.
Reagan County, West Central Texas 27,900 barrels against 27.600
barrels;
Brown County 32,200 barrels against 30,400 barrels; Crane
Other price changes which occurred on Feb. 24
&
were as Counties 46,050 barrels against 39,300 barrels; and in the Southwest Upton
Texas
follows: Midwest Refining Co. at Denver, reduce
d Salt field, Luling 18,750 barrels against 18,400 barrels; Laredo District
Creek crude oil 16 to 24c. a barrel, according to gravity; Elk barrels against 15,100 barrels; Lytton Springs 2.250 barrels against15.050
2.500
Basin, Grass Creek light, Elk Basin, Osage, Wyo.; Cat barrels. In North Louisiana, Haynesvllie is reported at 8,200 barrels, no
change; Urania 12,250 barrels against 12,700 barrels; and in Arkansa
s,
Creek, Montana and Hogback, New Mexico, 25c. a barrel. Smackover light 12.300 barrels against 12,200 barrels; heavy
102,100 barrels
Standard Oil Co. of Louisiana at New Orleans reduced price against 102.550 barrels; and Lisbon 5,050 barrels against 5,200 barrels. In
of crude oils in Caddo, Homer, Haynesville, Bayou, Eldo- the Gulf Coast field, Hull is reported at 17,150 barrels against 16,900 barrels;
West Columbia 10,050 barrels against 10,400 barrels; Spindletop
rado, Cluichton and De Soto from 15c. to 39c. and regraded barrels against 74,400 barrels; Orange County 5,100 barrels against66,050
5,200
and reduced Smackover 24 and above gravity to $1 25, barrels, and South Liberty 3,650 barrels against 4,450 barrels.
In Wyoming, Salt Creek is reported at 41,450 barrels against
43,250
indicating a reduction of 10c. to 25c. on light oils.
barrels; and Sunburst, Montana 11,000 barrels against 10,000 barrels.
Heavy oil remained unchanged at $1 10. A reduction was
In California, Santa Fe Springs is reported at 45,500 barrels no
change;
also made of 15c. in Bellevue and 10c. in Cotton Valley, Long Beach 91,000 barrels against 92,000 barrels; Huntington Beach 82,500
barrels against 84,500
25.000 barrels,
making the new prices $1 25 and $1 10 respectively. These inguez 18,500 barrels barrels; Torrancebarrels; Rosecranno change; Domagainst 18,000
s 11.500 barrels
against 12.000 barrels; Inglewood 38,500 barrels against
prices have already been posted by Gulf, Texas and Magnolia
38,000 barrels;
Midway-Sunset 90,500 barrels no change; Ventura Avenue
companies in fields where they buy crude. In addition, the against 50,000
51,000 barnels
barrels, and Seal Beach 14,500 barrels against 14.000 barrels.
FEB. 261927.]
THE CHRONICLE
Demand for Steel Improves—Price Recedes—Competition is Sharp in Pig Iron Market.
Improved demand for finished steel is reported from all
the leading producing centres by the "Iron Age" in its
review of the market on Feb. 24. Outside of large pipe,
tin plate and rails, the orders are almost exclusively for early
delivery. Meeting the urgent calls by increasing mill
operations results in backlogs remaining small, declares the
"Age."
The industry now appears to be operating at last year's
average, or close to 85% of capacity, with the Steel Corp.
at several points above that figure and leading independents
somewhat below. Ingot production is put at 80% in Pittsburgh, compared with 77 last week and 75 two weeks ago.
In the Chicago district the Steel Corp. has blown in the
fourth stack in the past five weeks, the "Age" reports.
From its summary of conditions in the trade we add the
following:
Satisfaction from the steady increase in bookings is modified by the
low prices applying to much of them. What is virtually the buying of
orders has not disappeared in some lines, but in others attempts to bolster
prices have been made. On Monday several makers of hot rolled strips
announced advances of $2 to $4 a ton. Resistance to price reduction
is marked in the plate market. Late low quotations on wire nails are
not now uncovered.
The strong feature of the situation is the large aggregate of the buying
for widely diversified uses, the orders coming steadily into the market
without the publicity attaching to business of spectacular size. The
automobile industry is taking steel more freely, but commonly only for
30 days' needs and otherwise avoiding accumulations of stocks. Building
work and the railroads at the moment are stronger in the promise than
in the act of buying.
Fabricated structural steel work in prospect has been increased in the
week by fully 47.000 tons, including 6,000 tons for a New York bank
building,6,000 tons for a hotel at Houston,Texas,4,000 tonsfor a telephone
building at Dallas, Texas, and 11,500 tons for three buildings in Chicago.
-story structure proposed for Chicago would add upward of 10,000
A 43
tons. The War Department has given permission for a bridge over the
Chesapeake Bay, requiring 35,000 tons.
Only 561 freight cars were ordered in the week. Twenty-one locomotives
were bought and 24 are pending.
A Delaware River shipyard has bought 9,000 tons of plates for three
oil tankers.
Tho continued activity in pipe for the oil companies has added to mill
books 65 miles of an 18-in, gas line for Louisiana and put under negotiations 78 miles of 8% in. pipe and 60 miles of 6 in. pipe.
Steel bar output has risen to the volume of last October, but in only
a few sizes and with only a few makers are deliveries impossible within a week or ten days. and unfilled tonnage does not accumulate.
Sheets are still subject to shading. Buying has been a trifle heavier,
but some of it, it is worth emphasizing, has been for future needs and
mill books do not immediately profit. Black and galvanized sheets are
quotably $1 a ton lower than last week.
January records of the sheet business of the independent makers show
sales nearly 9% ahead of December. Production and shipments were
scaled up in the same ratio, and thus remained under the bookings as in
December. A reversal for February may come, with expansion indicated
In both output and shipments and little or no increase for the month in
new orders.
Aggressive selling by Buffalo and other New York State furnaces is
still a feature of the pig-iron market. On a large scale in New England
as low as $16 50, base Buffalo, was done on foundry iron for prompt shipment. Competition from Buffalo has also been felt as far west as eastern
Michigan. Along the Eastern seaboard the low current prices have driven
In an increasing volume of business, the week's total for the New England
and New York districts totaling about 45,000 tons, some of which was
for delivery into the third quarter. With their order books better filled
as a result of generous bookings in recent weeks, there are indications
of greater resistance on the part of some Eastern furnaces to the pressure
against prices. The market is also steadier in the Cleveland district,
where sales for the week totaled more than 50,000 tons.
English furnaces, for the first time since the British coal strike, are
again a factor in low phosphorus pig iron in the East, offering April deliveries at competitive prices. Otherwise foreign pig iron is not a market
factor.
The Donner Steel Co., Buffalo, is putting in a rebuilt blast furnace.
As the threatened coal strike approaches, the coke market shows further
indications of strength. Reflecting a stocking movement in foundry coke.
Connellsville prices on that grade have advanced 25c. to $4 50 ovens.
Scrap is weaker in virtually all selling centres except Pittsburgh, where
the market him been supported by dealer purchases to fill expiring contracts. At Chicago heavy melting steel has declined 25c. a ton.
The "Iron Age" composite price dropped from 2.374c. last week to
2.367c. per pound. This is the lowest level since August 1922. Pig
irons remains at $18 96, as last week. No lower composite has been
recorded since April 1922, though the same price was touched in August
1925. The usual composite price tables stand as follows:
Pig Iron.
Finished Steel.
Feb. 21 1927, 119 27 Per Gross Ton.
Feb. 21 1027, 2.337c. Per Lb.
One week ago
2.374c. One week ago
$18 96
One month ago
2 39g. One month ago
19 30
2.424c. One year ago
One year ago
21 71
10-year me-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 Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo. Valley and Dlrthe United States output.
mingham.
1ff h.
High.
Low.
Low.
1927__2.453c., Jan. 4 2.367c., Feb. 21 1927_819 71. Jan. 4; $18 96, Feb. 15
1926-2.453o.. Jan. 5 2.403c., May 18 1926_ 21 54, Jan. 5; 1946, July 13
1925-2.560e., Jan. 6 2.3960., Aug. 18 1925— 22 50, Jan. 13; 18 96, July 7
1924-2.789e.. Jan. 15 2.460o., 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
Continued good buying of finished steel despite the unsettled state of prices, an infrequent experience for the
industry, appears to be giving producers better appreciation
of the underlying consumptive strength of the present
market, observes the "Iron Trade Review." on Feb. 24.
1147
This revaluation is curbing in some directions the inclination to make price subordinate to tonnage. The competitive situation makes it unlikely that the price structure
will be promptly purged of all its weakness by the trend
seems definitely away from the policy of business at any
cost, continues the "Review" in its summary of events in
the market during the past week. Further details we add
as follows:
Some important makers of hoops, bans and strips have announced
their minimums as 2.10c. and 2.30c., depending upon width. Tank
plates at Pittsburgh are holding at 1.90c., except for preferred tonnage
buyers, who are quoted 1.85c. As sheetmakers slowly acquire backlogs
the recent extreme minimums are diasppearing. Less is heard about
concessions under $5 50 a box on tin plate; Steel producers sense that
consumers are wholly devoid of inventories, operating at rates that compel
them to buy regardless of price. Hence, there is improved apparisal
of the market.
Sales of pig iron chiefly for second quarter delivery exceeded 100,000
tons in the past Week. Producers with headquarters at Cleveland booked
-ton weeks. Between 30,000 and 35,000
65.000 tons, following two 50,000
tons of basic were placed in the Philadelphia district. Selling of Virginia
iron reached 10,000 tons. Inquiry was led by one for 30,000 to 40.000
tons of basic for a steelmaker at Newport, Ky.
More numerous, accelerated demands came in the week for full finished
sheets. A General Motors subsidiary placed a sizeable tonnage at less
than 4.15 Pittsburgh, which has been considered the market. Other
automotive interests are expected to buy substantially this week.
April-May datings on larger sizes of lapwelded pipe indicate a more
tense situation concerning deliveries. Two Southwestern pipe line projects
requiring nearly 200,000 tons are in abeyance pending determination of
deliveries. Reservations are said to have been made for 100,000 tons
for a gas line from the Amarillo. Texas, district to Denver.
Connellsvllle furnace coke continues to strengthen and has a minimum
of $3 50, a rise of 15c. in week, but most Pittsburgh district blast furnace
interests seem loathe to stock coke. Some non-union coke producers are
said to be prepared to renew contracts for second quarter at first quarter
prices, $4.
With subsidiaries of U. S. Steel Corp. at average ingot rate of 88 to
89% and independent producers at just above 80%, the steelmaking
average for the industry is about 81%.
The "Iron Trade Review's" composite price on 14 leading iron and
steel products this week is $36 75, the same as last week,revised.
Bituminous Demand, Though Heavy, Is Offset by
Production—Anthracite Market Remains Sluggish.
The volume of buying in the market for bituminous is
large, but most of the business is being done in a rather
quiet way, reports the Feb. 23 market review issued by the
"Coal Age." The effect of this movement is being counteracted to a large extent by heavy production, which keeps
above 13,000,000 tons a week. The trend of spot prices is
toward lower levels. The past week brought out no change
in the labor situation and at this time all indications point
to a deadlock with an adjournment soon, to meet later—
perhaps in a Northern city, continues the "Age," adding further details concerning conditions in the industry, as
follows:
Amid the maze of opposing conditions storage buying continues to be
the backbone of the market. Led by the railroads and the utilities this
class of business has been the one supporting factor in sustaining prices.
At times it has seemed as if the bottom was about to drop out. Industrial
consumers, with few exceptions, seem far from apprehensive regarding
the near future.
The "Coal Age's" index of spot bituminous prices on Feb. 21 was 173
and the corresponding weighted average price was $2.09, a decline for the
week of a fraction over 1 point and 2 cents, respectively. Further dips in
Central Pennsylvania quotations on New England shipments and on West
Virginia low-volatile accounted in most part for the loss.
Demand for anthracite has settled down to the filling of only bare needs.
Domestic sizes have been moving slowly and even No. 1 buckwheat is
gradually heading toward its normal level. Independent producers in particular are finding the going hard, many of them having curtailed colliery
operations to a greater extent than the company shippers.
News of importance has been heard from Miami and an
adjournment has taken place, declares "Coal and Coal
Trade Journal" on Feb. 24. Last week the floodgates of oratory were opened with the usual results. There were demands and stands and suggestions and then the whole question was referred. Nominally it was referred to the committee, but really it was referred for decision to the law of
supply and demand, to the strength and weakness of mortal
man and to the economic conditions that frame public
opinion and pressure, observes the "Journal," adding:
At this writing some sort of a stoppage of certain mine output seems
inevitable. Perhaps, if we were very candid, we would admit that such
stoppage is more or less invited. We are largely in a condition to stand
It, and it gives us a chance to try out the strength of position of a certain
element in the coal laboring world. Within its own bounds the coal world
is capable of dealing with the question and to a degree settling it. Its
danger is that it will not keep within its own bounds and that the public
comfort and activity will be involved. Then it becomes a different question that cannot so easily be handled.
Every evidence points to the apparent fact that there Is little to fear as
to this question getting out of the hands of the immediate coal industry.
In other words, it will be a long time before the public will feel anything
like a scarcity. Production is going on at a high rate, the tendency has
been to burn coal carefuly, the storage piles are mounting, at one place or
another, and there are six weeks before the first of April with the miners
doing somewhere near their best. There is evidence of a certain spirit in
tine operators at this time that is highly commendable. It tends to show
1148
[you 124.
THE CHRONICLE
as element of organization among them and those under them that is often
According to the "Iron Age," the production of coke pig
thought to be lacking.
• The tendency is to do as little business as possible as far as ultimate iron for the 31 days of January was 3,103,820 gross tons, or
distribution is concerned. Of course eontracts that involve delivery or 100,123 tons per day, as compared with 3,091,060 tons, or
acceptance after the first of April are not looked upon with pleasure. 99,712 tons per day
for the 31 days of December. The
As a matter:of fact there are inquries rather than purchases. No one
appears to be frightened into precipitous action at this time. Most coal January daily rate was less than in January 1926, when
buyers consider they are doing their duty if they look at the quotation 106,974 tons per day was produced.
columns and note that there has not been murh change. Never did the
Steel ingot production in January increased sharply from
prospect of a strike cast so light a shadow over the market.
The anthracite market has a different viewpoint. Except in the large 3,472,000 tons in December to 3,806,888 tons.
way that any economic disturbance is likely to affect all those who are
Output of beehive coke showed a slight increase when
connected with industry, they do not feel that the threatened strike can do compared with
December, the total for the month being
them any harm. There is some lost ground to be regained, some new
ground, possibly, to be acquired. A late winter may arrive at last in that estimated at 787,000 tons. Production of all coke was
borderland where soft or hard coal can be used indifferently.
4,487,000 tons, the by-product plants contributing 83%
But to the anthracite man goes commiseration. The background of his and the beehive
plants 17%, continues the monthly review
business is the hearth. The elusive cold has largely played him false.
There is an easy sluggish demand going on. People have money to buy issued by the Bureau, which then adds:
coal and are not taking broad chances. But having bought some, they do MONTHLY
OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
not burn it in that prodigal way that snow and cold and sleet would require.
UNITED STATES (NET TONS).a •
The coal market is in good condition considering what is in prospect for
the beginning of the month after next. Preparation, care, thoughtfulness,
By-Product
Beehive
and consideration have done their work. The time for real anxiety has
Coke.
Total.
Coke.
been postponed-perhaps indefinitely postponed.
1924 monthly average
3.839.000
806,000
2.833,000
1925 monthly average
nes eon
3.326,000
4.272.000
1926 monthly average
957.000
4.669,000
3,712,000
Holiday Lowers Bituminous Coal Production Somewhat
-Anthracite Output Large-Coke Remains
Unchanged.
The observance of Lincoln's Birthday (Feb. 12) as a
holiday in certain sections of the bituminous coal fields
caused a falling off of about 120,000 net tons in the output
during the week ended Feb. 12 as compared with Feb. 5,
according to the U. S. Bureau of Mine's weekly report.
Anthracite production, on the contrary, gained about
99,000 net tons, while coke remained .practically unchanged
from the preceding week's output, declared the Bureau.
from which we quote further as follows:
The total production of soft coal during the Week ended Feb. 12, including lignite and coal coked at the mines, is estimated at 13,463.000
net tens, a decrease of 120,000 tons, or 0.9%, from the output in the
preceding Week. The decrease was evidently due to the observance of
Lincoln's birthday (Feb. 12) as a holiday In certain districts. Figures
of daily loadings courteously furnished by the American Railway Association
show that shipments were heavier on the other flve days than in any other
week since early December.
Estimated United States Production of Bituminous Coal (Net Tons) Including Coal
Coked.
1926-1927
-1926
-925
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.a
Jan.29
13,536,000
444,529,000
486,385.000
12,563,000
Daily average_ - _ - 2,256,000
1,741,000
1,902,000
2,094,000
Feb. 5_b
13,583,000
499,968.000
456,696.000
12.167,000
Daily average
1,747,000
2,264.000
1,911,000
2,028,000
488,707,000
13,463,000
Feb. 12.c
513,431,000
12,011,000
Daily average.-- 2,244,000
1,753,000
1,962.000r
2.002.000
•Minus one day's production first week in April to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present coal year
to Feb. 12 (approximately 268 working days) amounts to 513.431.000
net tons. Production during corresponding periods in other recent years
Is given below:
494,153,000 net tons
424,485,000 net tons 1923-24
1919-20
1929-21
412,170,000 net tons
484,887.000 net tons 1924-25
373,725,000 net tons 1925-26
1921-22
468,707,000 net tons
ANTHRACITE
Production of anthracite increased during the second Week of February.
For six weeks the output has fluctuated now below and now above a level
of 1.500,000 net tons, and for the week ended Feb. 12 it is estimated at
1.501.000 tons. In comparison with the week of Feb. 5, this is an increase of 99.000 tons; in comparison with the week of Jan. 29 it is a decrease
at 169,000 tons.
Estimated United States Production of Anthracite (Net Tons).
-1925-1926-----1927
1926
Coal Year
Coal Year
Week.
to Date.a
Week Endedto Date.
Week.
Jan. 29
40,573.000
34,000
80.336.000
1 670.000
40.600.000
Feb. 6_b
27,000
81.738,000
1,402.000
Feb. 12
40,635,000
35.000
1.501,000
83.239,000
a Minus One day's production first week In April to equalize number of days
In the two years. b Revised since last report.
BEEHIVE COKE.
The rate of beehive coke production has shown little change in recent
weeks. The total output during the week ended Feb. 12 is estimated
at 188,000 net tons as against 187.000 tons and 190,000 tons, respectively,
In the weeks ended Feb. 6 and Jan. 29.
Estimated Production of Beehive Coke (Net Tons,.
Week Ended1926
1927
Feb. 12 Feb. 5 Feb. 13
to
to
1927.b 1527.c
Dates
1926.
Date.
Pennsylvania and Ohio
150,000 149,000 299.000
898,000 1,703,000
West Virginia
19.000
101.000
17.000
19.000
100.000
Ala., Ky.. Tenn. and Ga
5,000
6,000 22.000
132,000
38,000
Virginia
7,000
7,000 13,000
65.000
43.000
Colorado and New Mexico
3.000
4.000
333,00
5.000
27.000
4,000
Washington and Utah
4,000
25.000
4.000
24.000
188,000 187.000 362.000 1,130.000 2,050000
United States total
31.000 31,000 60.000
Daily average
31.000
56,000
a Minus one day's production first week In January to equalize the number of
days in the two years. b Subject to revision. c Revised since last report.
Coke Output During Month of January.
Production of by-product coke in January remained
practically stationary, the total estimated output being
8,700,000 net tons, a decrease of 6,000 tons when compared
with December, according to statistics furnished by the
U. S. Bureau of Mines. There were 76 active and one idle
plant,and these plants produced about86% of their capacity.
October 1926
November 1926
December 1926
January 1927
a Excludes screenings and breeze.
867.000
860,000
780.000
787,000
3,814.000
3.743.000
3,706,000
3,700,000
4,681,000
4.603.000
4,486,000
4,487.000
The total quantity of coal consumed at coke plants in January was about
6,557,000 tons, of which 5.316,000 tons were consumed in by-product ovens,
and 1.241.000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFAOTUBE OF COKE (NET TONS).
Consumed in
By-Product
Ovens.
Consumed in
Beehive
Ovens.
Total
Coal
Consumed
1924 monthly average
1925 monthly average
1926 monthly average
4 000.000
4.759.000
5.334,000
1 272,0410
1.452.000
1,509,000
5,332,000
6,211.000
6,843.000
October 1926
November 1926
December 1926
January 1927
5.480,000
6,379.000
5.325.000
5.316.000
1,367,000
1,356.000
1,230.000
1.241.000
6,847,000
6,735,000
6.555,000
6.557.000
Of the total production of by-product coke during January 3,001,000
tons, or 81.1%, was made in plants associated with Iron furnaces. and
699,000 tons, or 18.9%, was made at merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS 1922-1927.
1922.
1923.
1924.
1925.
1926.
Month.
1927.
FurFurFurFur- I
Fur- ,
Furnace. Other nace. Other nace. Other nace.I Other nace. Other nace. Other
January __ 82.4
February. 83.3
March__ 83.3
April
83.7
May
85.5
85.7
June
July
86.0
August .__ 80.3
September 82.7
October__ _ 83.3
November 83.1
December_ 82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
18.0
17.1
16.6
15.4
84.8
83.7
83.7
83.7
83.2
83 1
82.6
82.1
82.2
82.3
83.0
82.9
22* IRS 09* 171 002 177 0211
15.2
16.3
16.3
16.3
16.8
16.9
17.4
17.9
17.8
17.7
17.0
17.1
*0
82.9
81.7,
82.5
82.6
82.5
82.5
83.2
83.0
82.7,
826
82.5
81.8
17.1 18.1 18.9
18.3
17.5
17.4
17.5
17.5
16.8
170
17.3
17.4
17.5
18.2
00* 171
Country's Foreign Trade in January-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Feb. 15 issued its statement on the foreign
trade of the United States for January and the seven months
ending with January. The value of merchandise exported
in January 1927 was $419,000,000, as compared with $396,836,000 in January 1926. The imports of merchandise are
provisionally computed at $359,000,000 in January 1927, as
against $416,752,000 in January the previous year, leaving
a trade balance in favor of the United States on the merchandise movement for the month of January 1927 of $60,000,000.
Las year in January there was an unfavorable trade balance
on the merchandise movement of $19,916,000. Imports for
the seven months of 1926-27 have been $2,487,800,000, as
against $2,579,585,000 for the corresponding seven months
of 1925-26. The merchandise exports for the seven months of
1926-27 have been $3,020,589,000, against $2,943,364,000,
giving a favorable trade balance of $532,789,000 in 1926-27,
against a favorable trade balance of $363,779,000 in 1925-26.
Gold imports totaled $61,962,000 in January 1927, against
$19,351,000 in the corresponding month in the previous year,
and for the seven months they were $152,346,000, as against
$106,958,000. Gold exports in January 1927 were $14,890,000, against $3,087,000 in January 1926. For the seven
months of 1926-27 the exports of the metal foot up $88,862,000, against $74,790,000 in the seven months of 1925-26.
Silver imports for the seven months of 1926-27 have been
1149
THE CHRONICLE
FEB. 26 1927.]
GOLD AND SILVER.
$38,009,000, as against $38,176,000 in 1925-26, and silver
is
exports $50,276,000, as against $58,376,000. Following
the complete official report:
OF THE UNITED STATES.
TOTAL VALUES OF EXPORTS AND IMPORTS
(preliminary figures for 1927, corrected to Feb. 14 1927.)
MERCHANDISE.
7 Mos.End no January.
January.
Exports
Imports
Excess of exports
Excess of imports
532,789
Silver
7,388
5,401
Exports
Imports
Excess of exports
er ienvirts
Exports.
January
February
March
April
May
June
July
August
September
October
November
December
1925.
1,000
1,000
1,000
Dollars. Dollars. Dollars.
419,000
396,836
352,905
374.406
387,974
356,699
338,033
368,317
384,449
448,071
455,399
480,300
465,053
446,443
370.676
453,653
398,255
370,945
323.348
339,660
379,823
420,368
490,567
447,804
468,306
1,987
4,000
_---
12,267
----
-8,100
-137
58.376
38,176
20.200
__--
1924.
1923.
1.000
Dollars.
1,000
Dollars.
1,000
Dollars.
395,172
365,782
339,755
346,936
335,089
306,989
276.649
330,660
427,460
527,172
493,573
445,748
335,417
306,957
341,377
325,492
316,359
319,957
302,186
310.966
381,434
399,199
401.484
426,666
416,752 346.165 295,506
387,306 333,387 332.323
442,899 385,379 320,482
397,912 346.091 324,291
320,919 327,519 302,988
336,251 325,216 274,001
338,960 325,648 278,594
336.577 340,086 254.542
343,202 349,954 287,144
376,832 374,074 310,752
373,919 376,431 296,148
359.310 396,640 333,192
329,254
303.407
397,928
364,253
372,545
320,234
287,434
275,438
253,645
308,291
291.333
288,305
1927.
Exports278,848 January
250,620 February
329,980 March
318,470 April
307,569 May
335,117 June
301,157 July
301,775 August
313,197 September
370,719 October
380,000 November
344,328 December
217.185
215,743
256,178
217,023
252,817
260,461
251,772
281.376
298,493
276,104
291.805
293,789
1,405,857
7 mos.end.January.- 2,487,800 2,579,585 2,106,537 1,999,952 2,022,593 3.112,747
4,430,8394.226.589 3.609,963 3,792.066
12 mos.end. December
Silver.
Gold.
1922.
1926.
1,000 1,000
Dols. Dols.
14,890 3,087
3,851
4,225
17,884
9,343
3,346
5,069
29,743
.
23,081
1.156
7,727
7,196
1927.
1926.
1925.
1925.
1924.
1,000
Dols.
73.526
50,600
25,104
21,604
13,390
6,712
4,416
2,136
6,784
28,039
24,360
5.968
1,000 1,000 1.000 1,000
Dols. Dols. Dols. Dols.
281 7,388 9,763 11,385
7,752 6,833
505
8,333 7,917
817
7,612 9,323
1,391
7,931 6,536
593
7,978 8,522
268
7,921 8,349
327
8,041 8,285
2,397
7,243 7,487
4,580
7,279 8.783
4,125
6,794 8,118
6,689
5.610 7,589
39,675
1924.
1,090
Dots.
8.209
8.877
8,355
7,802
9.687
8,648
, 9,190
8,632
10,345
9,465
9,401
11,280
58,376 69,698 55,417
7 mos. end. Jan_ 88,862 74,790 131,319 6.633 50,276 92,258 99,128 109,891
115,708 262,640 61,648
12 mos.end.Dec
Imports
January
February
March_..
April
May
June
July
August
September
October
November
December
61,962 19,351
25,416
43,413
13,116
2,935
18,890
19,820
11,979
15,987
8,857
16,738
17,004
5,038
3,603
7,337
8,870
11,393
4,426
10,204
4,862
4,128
50,741
10,456
7,216
45,136
35,111
34,322
45,418
41.074
25,181
18,834
18,150
6,656
19,702
19,882
10,274
5,401
MMMNNWOMMW...Q.
COMNC.N.I.WOMVca
NOO,COMWSOMOCIOCAV
359,000
50,276
38,009
EXPORTS AND IMPORTS OF GOLD AND SILVER.
2,617,106 2,346,591 2,229,402
7 months ending Jan-- 3,020.589 2,943,364 2,947.704
4808.4434,909,8484.590,984 4,167,493 3.831.777
12 mos end. December
Imports
January
February
March
April
May
June
July
August
September
October
November
December
9,763
5,763
5•PP5111
363,779
19.916
1926.
1926.
-Excess ofexports-32:168
63:484
16:264
.
47 6ii
Excess ofimports
BY MONTHS.
EXPORTS AND IMPORTS OF MERCHANDISE,
1927.
1927.
1926.
1927.
Incr.(+)
(-)
Dear.
1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000 Dolt. 1.000 Dols.
+140.072
74.790
88,862
3,087
14,890
+45.388
106,958
152,346
19,351
61,962
GoldExports
Imports
Incr. (1-)
Decr.(-)
1926.
1927.
1926.
1927.
1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000Dols
396,836 3,020,589 2.943,364 +77,225
419.000
416,752 2,487,800 2,579,585 -91,785
359,000
60,000
sia41
7 Mos. End. January.
January.
7.339
4,929
6,661
4,945
3,390
4,919
5,238
7.273
4,504
5,602
4.049
5.747
5.980
7,900
6,221
3,908
5,640
4,870
7,128
7.042
7,083
5,829
6,481
5.864
98,516 235,919 38,009 38,176 46,765 51.401
7 mos. end. Jan_ 152,346 106,958 128,273 319,721
69,596 64,595 73.943
213,504
12 mos.end.Dec.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the
Federal Reserve banks on Feb. 23, made public by the
Federal Reserve Board, and which deals with the results for
the twelve Reserve banks combined, shows a decline for
the week of $122,900,000 in member bank reserve deposits,
of $40,000,000 in bill and security holdings, and of $17,000,000 in cash reserves, and an increase of $22,900,000 in
Federal Reserve note circulation. Holdings of acceptances
purchased in open market declined $34,800,000, and of
Government securities $6,600,000, while holdings of bills
discounted show a relatively small increase for the week.
Total bill and security holdings are now $200,000,000 below
and total cash reserves $225,000,000 above the amounts
reported a year ago. After noting these facts, the Federal
Reserve Board proceeds as follows:
Francisco reports an increase of
The Federal Reserve Bank of San
bills, and Boston an increase of
$14.400,000 in its holdings of discounted
shows a reduction of $13,600,000 and
512,800,000, while the Chicago bank
latter bank also shows a reduction of
New York of $12,300,000. The
purchased in open market and the
$36.800.000 in holdings of acceptances
System's holdings of Treasury
Boston bank an increase of $7,300,000. The
United States bonds $600,000
certificates and notes were $6,000,000 and of
below the previous week's totals.
banks report a larger volume of Federal
Most of the Federal Reserve
principal increases being:
Reserve notes in circulation than a week ago, the
and CleveNew York $7,200,000, Chicago $4,000,000, Boston $3,600,000
land $3.500,000.
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 1187 and 1188.
A summary of changes in the principal assets and liabilities
year ending
of the Reserve banks during the week and the
is as follows:
Feb. 23 1927
or Decreases(-
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
in New York City.*
The Federal Reserve Board's condition statement of 677
reporting member banks in leading cities as of Feb. 16 1927
shows a decline of $24,000,000 in loans and discounts and increases of $33,000,000 in investments,$82,000,000 in netdemand deposits and $11,000,000 in borrowings from the Federal Reserve banks. Member banks in New York City reported reductions of $17,000,000 in loans and discounts,
$4,000,000 in investments and $9,000,000 in net demand deposits.
Loans on stocks and bonds, including U. S. Government
securities, were $6,000,000 below last week's total, declines of
$19,000,000 in the Cleveland district and $7,000,000 in the
Boston district being partly offset by an increase of $18,000,000 in the New York district. "All other" loans and discounts declined $18,000,000 during the week, the principal
changes including an increase of $14,000,000 in the Cleveland
district and reductions of $25,000,000 and $7,000,000 in
the New York and Philadelphia districts, respectively.
Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, were
$2,000,000 below the Feb. 9 total, loans for out-of-town
banks having declined $32,000,000, while loans for own account and for others increased $8,000,000 and $22,000,000,
respectively. As explained in the footnote to this article, the
figures for these member banks are always a week behind
those for the Reserve banks themselves. The statement
goes on to say:
Increases (+)
•
During
Year.
Week.
00,000 +$224,500.000
--$17.0
Tots ireserves
+216,500,000
-7,000,000
Gold reserves
-40,000,000
-199,700,000
Total bills and securities
+1,500,000 142.200.000
Bills discounted, total
101.200,000
Secured by U.S. Govt. obligations_ _ _ _ -20,600.000 --41 000.000
+22,100.000
Other bills discounted
-34,800,000
1g.00.000
Bills bought in open market
-6,600,000
.400,000
U.8. Government securities, total
-600,000
3.400.000
Bonds
-1,700,000
-81,900.000
Treasury notes
4 69,c00 00)
-4.300.000
Certificates of indebtedness
0 :
+29, 00 000
+22,900.000
Federal Reserve notes in circulation
-47,500,000
-127,700,000
deposits
Total
-3
0
-122.900.00
7,200.000
Members reserve deposits
-8,900,000
-800.000
Government deposits
Holdings of U. S. Government securities increased $13,000,000. larger
figures being reported by banks in all districts except Boston and Minneapolis. Holdings of other bonds, stocks and securities increased $20.000,000.
of which $7,000,000 was in the Chicago district.
prinNet demand deposits were $82.000,000 above the Feb. 9 total, the
in the
cipal increases being $31,000,000 in the Chicago district. 110,000,000
and New
Kansas City district and $9,000,000 and $8,000,000 in the Dallas
York districts, respectively.
$11,000,000, an
Borrowings from the Federal Reserve banks increased
in the
increase of $13,000,000 in the Chicago district and small increases
being offset in
New York, Richmond, St. Louis and Kansas City districts
district.
part by a reduction of $13,000,000 in tho Cleveland
-we give the
On a subsequent page-that is, on page 11E8
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
1150
THE CHRONICLE
furnished a summary of the changes in the
principal items as
compared with a week ago and with last year:
Increase (+)D r Decrease (—)
ing
During
Week.
Year.
Loans and discounts, total
—$24,000,000 +2163,000,000
Secured by U. S. Govt. obligations
—2,000.006
—19,000,000
Secured by stocks and bonds
—4,000,000
—20,000,000
All other
—18,000,000
+202,000,000
Investments, total
+33.000,000
+138,000,000
U.S. securities
+13,000,000
—176,000,000
Other bonds, stocks and securities_ _ _ _
+20,000,000
+314,000,000
Reserve balances with F. R. banks
+65,000,000
+17,000,000
Cash in vault
—17,000,000
—23,000,000
Net demand deposits
+82,000,000
—78,000,000
Time deposits
+9,000,000
+481,000,000
Govermnent deposits
—100,000,000
Total borrowings from F. R. banks
+11,000.000
—134,000,000
[VOL. 124.
tendencies in all categories of securiti
es and a readjustment of 'values to
stabilization parity were in evidence.
The general belief is that the reaction to the critical stabilization
period has now paned and that only
minor difficulty may be expected.
Business in general is cautious, but the
country is said to be in a position
to buy more largely than it is doing at
present. Foreign trade during 1926
was the most favorable in history.
Money is cheap and plentiful, resultin
g in a slight lowering of the bank
rate. The iron and steel markets
are quiet and the coal situation is approaching normal. Conditions in
the plate glass industry are satisfactory,
but the demand for cement
is much below production. The leather and
automobile markets are dull. The
textile industries are active and other
lines are generally satisfactory.
FRANCE.
An issue of fifteen-year 7% Treasur
y bonds offered on Feb. 15 was fully
subscribed on the same day. Cash subscrip
tions exceeded 2,000,000,000
francs. This issue was authoriz
ed for the redemption of 4,387,000,000
francs of Treasury bonds falling
due Sept. 25 1927. Total government
revenues from normal and
permanent sources in January amounted to
3,293,000,000 francs, iepresenting a
marked decline, which is attributable
in part to advanced collecti
ons last autumn. January imports, amounting
to 4,079,000,000 francs, showed
a very heavy drop in nominal value as
compared with the monthly average
for the last half of 1926, while exports,
valued at 4,708,000,000 francs,
declined to a much smaller extent. The
petroleum price war continues,
but prices are becoming firmer. A sharp
slump which is taking place in
the French iron and steel markets has extended also to the Belgian and German
markets.
* It is not possible for the Federal Reserve
Board to issue:the weekly returns of the member banks as promptly as the
returns of the Federal Reserve
banks themselves. Both cover the week ending
with Wednesday's business,
and the returns of the Federal Reserve banks
are always-given out after the
close of business the next day (Thursday).
The statement of the member
banks, however, including as it does nearly
700 separate institutions, cannot
be tabulated until several days later. Prior
to the statement for the week
ending May 19 1926 it was the practice to
have them ready on Thursday
of the following week, and to give them
out concurrently with the report
of the Reserve banks for the next week. The
Reserve authorities have now
succeeded in eapediting the time of
the appearance of the figures, and
they are made public the following week on
Monday instead of on ThursGERMANY.
day. Under this arrangement the report
for the week ending Feb. 14
During the year 1926 the time
was given out after the close of business on
lost
Monday of the present week.
gated only 1,250,000 working days; on account of labor disputes aggrein 1924 and 1925 the corresponding
figures were 36,090,000 and 17,000,
000 respectively. During the first two
Summary of Conditions in World's Marke
weeks of
t According January February the stock market was somewhat more irregular than in
, owing to the uncertainty of the
to Cablegrams and Other Reports of
political situation. According to
the
German press reports, 150,000,000
marks have already been used of the
Department of Commerce.
300,000,000 marks government guarant
ee for Russian business; the largest
individual
The Department of Commerce at Washington
releases for 64,000,000 item in this total is for technical installations, amounting to
marks. The government loan of 528,000
publication to-day (Feb. 26) the following summa
,000 marks which is
ry of con- now being floated will bear 5% interest
and the issue price
ditions abroad, based on advices by cable
and other means loan is being brought out by a consortium of banks headed by is 92. The
the Reichsbank.
of communication:
CANADA.
The estimated ordinary expenses of
the Dominion Government for the
fiscal year ended March 31 1928,
amounting to
crease of $6,634,347.58 over the 1926-27 period, $354,259,412.10, an inwere tabled in the House
of Commons on Feb. 15 by the Minister
of Finance, who also presented the
1927-28 estimate of 822,518,500
for the Canadian National Railways and
the Merchant Harine, a decrease
of $9,081,500; and further miscellaneous
supplementary estimates for 1926-27
aggregating $575,204.22. Of the 192728 total of 8354,289,412.10 the
prinipal items are: Public services (exelusive of war commitments),
$152,254,551; interest on public debt, $128,722,643; pensions and other
war cemmitments, $48,549,280.
General trade is fair. The
automotive and allied industries are snore
active, particularly in the border
cities. The steel plant at Sault Ste. Marie
Is again in operation.
Domestic cotton mills are steadily employe
d and
present quotations are regarded
as fairly firm. Employment remains
steady.
The reduction of hardware
prices continues, recent declines affecting
broad axes, lamps, lanterns and
camp stoves; but tinware quotations have
advanced very slightly and solder
is up one cent per pound.
All variations for duty purpose
s on American fresh fruits and vegetables
were canceled Feb. 8 except
that on potatoes, which remains 2 cents per
pound. It is reported that the
new Welland Canal will be spanned this
year by 21 bridges
-2 of the largest swing type, 7
jack-knife, and 12 vertical lift types. In connection
with straightening the river, 2 large
hydraulic dredges will be neded and
6 lines of tubing, each 22 feet in
diameter and 350 feet long, will
be used.
The Supreme Court of Canada
has decided that the Mine Owners' Tax Act
of 1923 for Alberta is illegaL
This Act imposed an indirect tax
of 2%
of the gross receipts received
from the sale of coal, and in 1925 it bra.:ght
the province a revenue of approxi
mately $265,900.
GREAT BRITAIN.
The general coal position is
somewhat improved with a better der lad
and imported coal less importa
nt in the situation. Over one million aoal
miners were employed during the
week ended Feb. 5, when production
totaled 5,267,000 tons, the largest
output for any week since the termination of the labor dispute. The
number of unemployed in Great Britain as
shown by the unemployment
registers was 1,303,500 persons on Feb. 7, as
compared with 1„495,800 on
Jan. 3 and 1,237,000 at the end of January
1926.
THE NETHERLANDS.
Business continues to be
fairly active in the Netherlands, but disappointment is expressed in some
quarters at the failure of anticipated improve
ment to become manifest
. The Netherlands Bank is in
a strong position
with an increasing ratio
of gold cover to note circulation; foreign
bills
held declined during
January,
higher. The return of capital but deposits and miscellaneous assets sere
to Belgium and France has stiffened money
rates in the Netherlands
and curtailment of the heavy
outflow of of Dutch
capital is being attempted.
Increase, but is a little lower Unemployment has shown a slight seasonal
than a year ago. Wholesale prices
have declined somewhat. The leather
industry is recovering and domesti
c and
foreign orders for shoes are
satisfactory. Rotterdam shippin
g in January,
though less active than in
November and December, was improve
d over
January, 1926. Commodity markets
have been fairly good, with demand
for wheat, corn and American apples
recovered, bacon being substituted for strengthened. Pork exports have
fresh pork in the trade with the
United Kingdom. January foreign trade
of the Netherlands showed a
favorable trend with imports below the
seasonal normal and exports considerably higher than in January, 1926.
BBLGIUM.
January was a quiet month in Belgian industrial
and commercial circles
as compared with the high activity of recent months.
As compared with
the same season of other years, however, it was satisfac
tory. The decrease
In orders and lower prices in most lines, especially with
regard to coal and
metallurgical products, has caused no especialy disappo
intment as it was
generally realized that the heavy demand and high prices
resulting Iram
the British strike could not continue. Most industries and all
sections of
the country 'are optimistic regarding the future. This feeling is
especially
prevalent in banking circles, where a continued interest on the
part of
foreign investors in Belgian securities of all kinds is reported
. Great
activity of the Bourse has been evident during the past month
and eaing
ITALY.
During recent months the governm
ent returns have shown lower surplus
of receipts over expenditures but
in connection with this fact it
must be
borne in mind that the Italian
ordinary budget is now carrying
items
which were not previously contained
therein. The estimates recently published of receipts and expenditures for
the first half of the fiscal year
1926-27 placed revenues at 9,944,8
97,000 lire and expenditures of 9,778,989,000 lire. On the basis of these
figurese, the net surplus recorded for
the period stood at 165,998,000 lire.
The surplus for the corresponding
period of the fiscal year 1925-26 amounte
d to 227,568,000 lire. Proper
comparison of these figures must include
the recorded surplus plus the
payments on bank note redemption and
railway construction daring the
past fiscal par, namely, 375,000,000 lire.
Taking these into account the
surplus of receipts over ordinary expendit
ures in the 1925-29 year would
be 313,430,000 lire in excess of the surplus
during the same period in the
previous fiscal year.
Financial deflation continues and accordi
ng to the statement of the Bank
of Italy issued on Jan. 20, bank note
circulation has now been reduced to
17,568,509,000 lire. The greater part
of this reduction was realized in
the circulation on account of commerce
which is subject to the limit of
7,000,000,000 lire. This was lowered to
5,410,607,000 lire by Jan. 20.
SPAIN.
Following the successful consolidation
of 4,810,426,000 pesetas of the
floating debt the government now
has made it possible to convert the
remaining short time obligations, amounti
ng to 414,574,000 pesetas, into
amortizable 5% bonds, which will
be available on Feb. 28. The
market
prices of the new issues are 87 and
99.50. In case the holders do not wish
to convert the government has
provided for cash payment of these
issues
at par value plus amortization
bonus. This action cancels the entire floating debt.
SWEDEN.
The economic situation in Sweden
was steady during January and no
unusual features were in evidence
. Business activity was not so high as
during December, but conditions
were on the whole satisfactory. Money
was abundant during January
and the 1926 reports of private banks reflected an optimistic feeling,
even though the improvement in business
during the last few years has
been slower than had been anticipated. Many
banks have declared dividend
s for 1928 and in practically all cases these
are equal to the dividends
paid at the close of 1925. The Swedish Matah
Trust has started raising its
capital stock by 50% because of its steadily
increasing activities in foreign countries. The stock
exchange index registered a temporary rise as „ie result
of this issue. The most recent development in the lumber market is the success of Russian
stocks in the British
market and the temporary dullness in Swedish and Finnish
sales. The outlook is still favorable so far as future purchases are
concerned, however.
The chemical pulp market has been rather quiet
recently, but it is not
anticipated locally that a price reduction will be made.
Estimates indicate
this year's production of sulphite as 30,000 metric
tons higher than last
year, and sulphate 40,000 metric tons higher. The paper
market registered practically no change. Iron ore shipments have
been maintained at
a satisfactory level, but it is anticipated that a reduction
will occur in the
future, due to the tendency in Germany to decrease the
steel output.
Swedish foreign trade declined during January, due to seasonal
shipping
difficulties. All the leading export items showed marked increase
s, but
several of the principal import items were considerably in excess
of the
December receipts.
FINLAND.
Preliminary trade statistics for December indicate that an unfavor
able
balance for 1926 amounting to 25,353,114 marks (mark—$.0252
) was
returned. Imports were valued at 6,659,641,780 marks and exports
at
5,634,288,666 marks. Both import and export values for
1926 exceed
those of the preceding year, the former by about 140,000,000
marks and
the latter by about 60,000,000 marks. According to the
preliminary figures United States retained second place in iniand's import
trade during
the year, supplying a total of 801,226,356 marks. German retained
y
first
place and England third place. Great Britain leads in
the purchase of
Finnish exports, followed by Germany and the Netherlands. United
States
is fourth with exports to this country, valued at 365,186
,545 marks during
the year. Details of the trade for the year are not
yet available. Operations of the Bank of Finland during the year returned a profit
of 107,100,000
marks, which has been transferred to the reserve fund so
that this account
FEB. 26
1927.]
THE
CHRONICLE
now amounts to 240,500,000 marks as compared with 133,400,000 marks
in the previous year.
LITHUANIA.
The proposed budget for 1927, balanced at 227,426,187 lits (each lit
worth $.10), shows substantial reductions over the budgets for the previous two years. Ordinary revenues are estimated at 223,722,762 lits and
extraordinary at 3,703,425 lits, while ordinary expenditures are estimated
at 209,383,210 lits and extraordinary at 18,042,977 lite. It has been announced that the original balance has been reduced by Parliament before
final passage, but final figures are not available. Preliminary estimates
indicate that substantial improvements were made in the foreign trade
situation during 1926. Although final figures are not available, imports,
mainly of rye, rice, spirits, textile goods, vehicles and machinery, show
large reductions. Superphosphates and coal imports were larger. The export trade has increased considerably, mainly in flax, woodpulp, veneer
and board. Cereal exports were larger and dairy exports, except cheese
and eggs, increased. Leather exports were considerably lower.
POLAND.
Following the publication of the annual report of the Bank of Poland
and the declaration by the bank of 10% divided (8% regular and 2% extra) there appeared on the Warsaw exchange a brisk demand for the shares
of the bank, which resulted in a sharp bidding up of the stock. For the
first time in the history of the bank, its shares reached par (100 zlotys),
and easily ran up to 109.50. (The shares were selling at 50 on May 18
last.)
The report for the past year reveals a general improvement in the condition of the bank. The bank note circulation increased from less than
400,000,000 zlotys in April to 593,000,000 zlbotys in December, 1926, while
the cover against the notes grew from a little over 30% in April, 1926,
to 50.18% on Jan. 10 1927. The bank's discount facilities expanded from
341,000,000 zlotys in January, 1926, to 450,000,000 zlotys at the end of
the year. The net profit of the bank for the past year amounted to 13,696,000 zlotys, of which 10,000,000 zlotys were earmarked for dividends;
1,370,000 zloays were added to the reserve fund; and 2,153,000 zlotys
. for taxes to the State treasury.
HAWAII.
Retail trade in Hawaii during January was moderate and collections
were good. The sugar harvest is progressing satisfactorily, about 200,000
tons, or one quarter of the crop, having been harvested by Feb. 15. While
the cane tonnage is running better this season the sugar yield is reported
to be below normal. Rains have been abundant and favorable to growing
crops, but the abnormally high temperature has interfered with proper
ripening. Tourist business is brisk. The recent opening of a four-million•
dollar hotel at Waikiki Beach attracted visitors from all sections of the
Islands as well as many tourists from the mainland. The Hawaiian investment market has absorbed a considerable volume of seasoned bonds since
the first of January, but stocks have not been moving well. The fourteenth
biennial session of the Hawaiian Legislature convened on Feb. 16. Legislation having for its object a greater expansion of Pacific commerce will
be presented for action, it is reported.
PHILIPPINE ISLANDS.
•
January conditions as a whole were favorable, although seasonalli quiet,
following the holiday period and annual inventories. Improvement inaugurated the latter part of the month was fairly well sustained during the
early part of February. January's coma market ovened quiet but
strengthened with increased activity and an upward price tendency the
latter part of the month. The trade is now weaker as a result of an easier
tone in foreign markets. Abaca grades were generally quiet, with a downward price tendency. Weather conditions were favorable for the maturing
sugar cane and approximately 230,000 tons of sugar have been ground to
date. With a revival of interest from Europe, tobacco trade was more
active. Cigar trade, however, continued uncertain, with very low production. Although January saw some improvement in the textile market,
price cutting continued and a return to stability is not expected locally
before March. Sales of small cars and tires continued excellent. The
marketing of imported foodstuffs was generally good.
INDIA.
Business in India continues to show steady improvement and trade circles
are more optimistic, particularly in the raw cotton and piece goods
markets. Retail business is good and imports since the first of the year
have showed encouraging developments. With the exception of rice the
export market is dull.
A favorable vote on the Steel Bill is expected in India to be taken
shortly despite strong opposition from those who object to the provisions
providing for differential duties favoring imports of steel from the United
Kingdom. The Indian Legislature is discussing the currency bills at present but action will be delayed until the annual budget is presented. The
rupee-sterling ratio bill is expected to come up about March 8 and to pass
by a narrow margin favoring the higher ratio. The report of the textile
Inquiry committee is expected shortly.
The money market has continued steady, with the demand for funds increasing as cotton arrivals become heavy and rice shipments increase.
Yarn and piece goods markets show improvements. Unfavorable weather
conditions are affecting the wheat crop and prices are firming despite
bearish world factors, and heavy arrivals from Australia. Bazaar dealers
report steady business with the outlook optimistic in all import lines.
SIAM.
Exports of rice from Bangkok in January were the highest on record for
that month in any year since 1919. Over 20,000,000 ticals of the total
exports of 25,000,000 ticals were accounted for by rice shipments. These
figures substantiate the early report of a large surplus for export during
the current milling season. The total imports into Bangkok for January
of 16,000,000 Coals were slightly under December imports and nearly
4,000,000 Ocala below the value of the import trade of January, 1926.
INDO-CHINA.
The slight business improvement inaugurated in December continued in
January, with the exception of the rice trade, which slackened somewhat.
This, however, is normal, as the month is off season. Prospects for the
forthcoming rice crop are generally good. January exports from Saigon
amounted to 85,462 metric tons, a slight increase over December shipments. Of the January total, 52,280 tons consisted of white rice, about
half of which was destined for Hongkong and Shanghai. The price of first
quality white rice on Jan. 31 at ship side in guinnies was 10.50 piastres
per hundred kolis (about 2% cents per pound). The official exchange
rate of the piastre on Jan. 31 was 13.35 francs, or a dollar value of 54%
cents.
AUSTRALIA.
A cyclonic disturbance which swept across the northeast section of
Queensland on Feb. 9 partially destroyed the city of Cairns, which has a
1151
population of 7,500, and laid waste a considerable section of the surrounding agricultural area. Unprecedented floods accompanied the disturbance,
causing considerable damage to crops, sugar cane being damaged to the
extent of £600,000, it is estimated. The strike in the coal fields of New
South Wales is virtually settled and it is expected that work will be continued next week. Wool sales during the past month have enjoyed a good
demand with rising prices. According to revised estimates the 1926-27
wool clip in that State will be 25% greater than the previous record. The
wheat position remains unchanged and somewhat discouraging. Australian
wheat is not moving well in foreign markets and the domestic brand is
sluggish.
ARGENTINA.
Trade in most import lines continues to reflect the seasonal dullness.
Exchange has strengthened materially as a result of the large export movement, the paper peso reaching $.42 (par value—$0.4245), which is the
highest it has been in several years. The cereal and hide markets are
firm; there is a strong demand for the higher grades of wool; and the
cattle market is weak. Imports from the United Kingdom into Argentina
in 1926 totaled $111,730,947 as compared with $143,543,628 in 1925,
while Argentina exports to the United Kingdom dropped from $332,505,836
to $327,865,322 in the same period. This decrease in British-Argentina
trade was particularly notable in the case of Britain's exports to Argentina,
which declined 22%, there being only a 1.4% decline in the other direction.
BRAZIL.
Conditions in most lines of business in Brabil throughout the week ended
Feb. 18 were satisfactory. Exchange remained firm at approximately the
stabilization level of $0.1192. Coffee prices fell, Santos spot fours declining from 26.20 milreis ($3.12) per 10 kilos to 25.50 milreis ($3.03) during the week. The Santos Commercial Association has been the center of
consideration trading in coffee, although it is no longer the official coffee
exchange, and it has been negotiating transactions at prices under those
set by the new coffee institute exchange. The government has officially
denied that it is treating for a stabilization loan.
PERU.
There was no material change in business conditions in Peru during the
two-week period ended Feb. 18 1927. The Peruvian Congress assembled
in extraordinary session on Feb. 14 to consider important pending legislation. It is believed in Peru that among other measures to be considered
at this session there will be included the boundary treaties with Colombia,
the proposed Acts removing the present ineligibility of the President to
succeed himself for another term of office, and the tax collection reform
bill. Exchange remained steady at $3.68, having maintained this rate
since the last week of December, 1926.
URUGUAY.
Uruguayan customs revenues during January totaled 1,740,000 pesos
($1,775,000), as compared with 1,690,000 pesos ($1,724,000) in the same
month a year ago. The Uruguayan Chamber of Commerce and the Chamber of Industries will, it is reported, each send delegates to the Third
Pan-American Commercial Congress, to be held in Washington in May, 1927.
COLOMBIA.
The strike situation along the Magdalena River is greatly improved.
Martial law had been decreed along the river, beginning at Berranca Bermeja, the petroleum center of the country, on account of the violent strike
of oil field workers and rivermen, but this has now been repealed excepting Berranca, where conditions are not yet normal. However, strikers are
gradually returning to work and certain radical leaders have been arrested.
A disastrous fire occurred at Girardot, the important transfer point for
Bogota, at the end of the upper river. The destruction is estimated at
half a million dollars. A petroleum storage plant at Oirardot was burned,
aggravating the already acute situation in the gasoline market in Bogota,
where hundreds of automobiles have been forced to cease eperation. A
small fire is also reported at Namonal, near Cartagena, the terminus of the
oil pipe line from the interior, but the damage apparently was slight.
The Magdalena River is in excellent condition, due to the heavy rains
in the interior mountain regions. However, it is believed that only a very
small percentage of the accumulated freight at the various river transfer
points and at Barranquilla can be moved before the river again becomes dry.
MEXICO.
It is expected in Mexico that the new import duties which go into effect
on March 7 1927 will reduce materially imports of many lines. In view
of the prevailing economic depression it is believed locally to be improbable that the country will be able to consume the same amount of goods at
the higher prices which are inevitable in view of the new tariff schedule
and the substitution of a 5% gold tax in lieu of the former consular fees.
It is reported that a number of orders already placed by importers in
Mexico have been canceled.
PANAMA.
The general business situation is somewlutt depressed and it is stated that
among the smaller dealers conditions are acute, although there is a slight
improvement in retail trade, in view of the approaching carnival season.
Banana shipments are normal for this period of the year. Highway construction continues active. An important concession in favor of an American concern for the development of banana lands has been approved by
the Panama Government. Under this contract from $9,000,000 to $12,000,000 is to be expended in construction and irrigation work, in a concrete
wharf oil storage tanks, employees' quarters, and from 60 to 70 kilometers
of railway line, including a steel bridge across the Tonosi River. It is
stated that approximately 16,000 hectares (1 hectare=2.47 acres), producing about 4,000,000 bunches of bananas yearly, will be under cultivation.
PORTO RICO.
General business conditions in Porto Rico during the week ended Feb. 19
were about normal for the season of the year, and slightly ahead of the
January 1927 levels or those of corresponding period 1926. Collections
are improving, particularly in San Juan, and a general improvement is
expected in March. Collections were better in provision lines than In
either textiles or hardware. The economic outlook Is improving as the
rainfall slackens and weather conditions become more favorable to growing
crops. The tobacco industry is especially pleased with the decreased preindustry
cipitation and the drier weaether is more favorable to the sugar
of the non-irrigated regions, where field operations are impeded by excessive rains. Sugar prizes have weakened somewhat, but are holding at
about three-quarters of a cent above the prevailing prices during the corresponding days of last year.
DOMINICAN REPUBLIC.
A national exposition of agriculture, industry and arts will be held at
Santiago, Dominican Republic, for four days beginning March 30 1927.
1152
THE CHRONICLE
Its purpose is to show the progress of the Dominican people and the number and value of the prizes, which are reserved for award to the best
exhibitors of local products, is expected to assure a large attendance from
all parts of the island.
to We give herewith the exchange of greetings on Feb. 18
between Mr. Massey and President Coolidge, Mr. Massey's
address being as follows:
Banker Criticizes Us in Advertisement Abroad—Imbrie
& Co. Protest Against Our Stand on League
in the London and Paris Press.
A protest aga'nst the "twilight zone" position of the United
States with regard to the League of Nations is being put
before the public of England and France through advertisements placed by the New York investment b inking firm of
Imbrie & Co., according to the New York "Times" of Feb.
22, which goes on to say:
An appeal for American participation in the League has been published in
the London "Times" over the Imbrie signature, and it will be followed by a
similar advertisement in the Paris "Temps."
The advertisements follow similar appeals made by the Imbrie firm to
American public opinion,stressing the belief that both altruistic and "dollars
and cents" motives call for America's entrance into the League. The advertisements placed abroad represent the first time that such action has
been taken by American bankers on a political question. The campaign is
the work of James Imbrie, senior member of the firm. While representing no organization, he is said to feel that his convictions coincide with the
views of at least a large section of American banking opinion 'which should
be made clear before an international public.
The advertisements declare that an item of good-will of great intrinsic
and potential value which the United States possessed in 1919 has since
been written off the national balance sheet and add,"we submit to investors
the wisdom of counting the cost to them of this loss."
"American investments abroad, including our Government's loans to foreign nations," the advertisements read, "total more than $25,000.000,000.
We contend that with this amount of our money scattered over the face of
the globe a continued national policy of smug isolation is outworn."
The advertisements show financial losses due to the war, declaring that
$80,000,000,000 of capital, accumulated in a century by hundreds of millions
of individuals, was wiped out. The tremendous losses of France and England, which before the war held our present place as leading creditor nations,
are cited, together with the pleas of investors in those countries for a World
League for the prevention of wars.
"The United States, with their untold wealth and unequal share of the
world's gold supply, must and will continue to finance the needs of those
members of the family of nations less fortunately situated than themselves,"
the Imbrie appeal says. "We believe to-day a preponderance of thinkers in
high places consider the League the best hope and agency for world peace
and good-will. We believe Americans remain responsive to ethical and
altruistic argument. But if self-interest must be a concomitant of action,
then for the sake of and in the name of 'dollars and cents' we suggest an
accounting of cost and an indictment against further delay in American
joining the League of Nations."
[VoL. 124.
Mr.President:—I have the great honor of placing in your hands the letters
of credence by which his Britannic Majesty accredits me as his Envoy
Extraordinary and Minister Plenipotentiary to represent the Dominion of
Canada in the United States.
I consider myself highly fortunate, sir, to have the privilege of being the
first envoy from my country to be accredited to the Government of your
great republic. For upward of a century the relations between these
democracies have been those of unbroken friendship. My mission has been
established in the confident hope that it will serve to strengthen those cordial
sentiments which exist between Canada and the United States, as well as
between the United States and the empire of which Canada is part. I shall
be both proud and happy to do all that lies in my power to help in the
achievement of these great ends. In the discharge of such a mission of
international understanding it is a source of deep satisfaction to be confident
of your sympathetic interest and the friendly assistance of your Administration.
Allow me. Mr. President, on behalf of his Majesty's Canadian Government and the people of Canada, to convey to you, sir, assurances of their
high and sincere regard, and permit me through you to give the people of
the United States a pledge of Canada's enduring friendship and continued
good wishes for their happiness and welfare.
President Coolidge in reply said:
Mr. Minister:—It gives me pleasure to receive from you the letters by
which his Majesty King George accredits you as
his Envoy Extraordinary
and Minister Plenipotentiary to represent the interests of the Dominion of
Canada in the United States, and to accord you formal recognition in that
capacity.
The establishment of a diplomatic mission in this country to represent
Canada's particular interests is, I believe, a striking proof of the importance
and extent of the contacts and relations of the two countries. These
relations and the existing cordial sentiments between the two countries to
which you have referred will. I am sure, be markedly advanced by the
opportunities for direct mutual exchanges of opinion offered by your
presence in this capital.
I am happy to have this opportunity to assure you that the greetings and
messages of good-will which you have delivered on behalf of his Majesty's
Canadian Government and the people of Canada are cordially reciprocated
and that the people of this country have a deep and lasting regard for the
people of your country.
I wish further to assure you that you will receive the heartiest co-operation from the officials of this Government In the carrying out of the high
aims of your mission and I hope that your stay in Washington may be most
pleasant and happy.
The letter of credence from King George, which Mr.
Massey presented to President Coolidge, read as follows:
George, by the grace of Gold of the United Kingdom of Great Britain
and Ireland and of the British Dominions beyond the seas, King, Defender
of the Faith. Emperor of India., dm,to the President of the United States
of America sendeth greeting:
Our good friend: We have judged it expedient to confer the rank of Envoy
Extraordinary and Minister Plenipotentiary upon our trusty and well
beloved the Hon. Charles Vincent Massey, member of our Privy Council in
Canada, with the especial object of representing in the United States of
America the interests of our Dominion of Canada.
We request that you will give credence to all that Mr. Massey may
represent to you in our name, expecially when he shall assure you of our
esteem and regard, and of our hearty wishes for the welfare and prosperity
of the United States of America. And so we commend you to the protection
of the Almighty.
Given at our Court of St. James's, Dec. 7 1926, in the seventeenth year
of our reign.
Your good friend,
GEORGE, Rex Imperator.
Vincent Massey, Canada's First Minister to United
States, Received by President Coolidge.
Vincent Massey, whose appointment as Canada's first
Minister to Washington was noted in our issue of Nov. 20,
page 2596, presented his credentials to President Coolidge on
Feb. 18. In addressing the President Mr. Massey said:
"My mission has been established in the confident hope that
it will serve to strengthen those cordial sentiments which
exist between Canada and the United States." President
Coolidge in replying expressed himself as "happy to have this
opportunity to assure you that the greetings and messages
The following message received by Mr. Massey from the
of good-will which you have delivered on behalf of His Prime Minister of Canada was made public at the same time:
Majesty's Canadian Government and the people of Canada Hon. Vincent Massey, Canadian Minister to the United States,
are cordially reciprocated and that the people of this country
Canadian Legation, Washington, D. C.:
I have pleasure in conveying to you the best wishes of the Government
have a deep and lasting regard for the people of your counof Canada for the complete success of the mission upon which you are fortry." Mr. Massey made his initial address in New York on mally entering to-day with the presentation of your letters of credence to
Feb. 23 at a dinner in his honor given at the Waldorf Astoria President Coolidge. We are convinced that this forward step, complemented
as United
Hotel by the Pilgrims of the United States. Upon that States by the notable appointment of the Hon. William Phillipspromoting
Minister to Canada, will prove of the highest service in
occasion he said in part (we quote from the New York the welfare and the good relations of both countries.
"Times"):
W. L. MACKENZIE KING.
Whenever some great convulsion shakes the world,the Atlantic is spanned
by this common language, for I believe that there could be no crisis
such
as has threatened society once of late, and one day may do so again,
in
which the United States and the British peoples would not be found standing shoulder to shoulder.
I believe that Anglo-American friendship rests on the frank recognition
of differences In outlook and in method, rather than on any well meant
exaggeration of similarity. As a matter of fact, the readiness to
respect
and safeguard the customs and characteristics, even the prejudices, of a
community,is in itselfa fundamental attribute of the Anglo-Saxon
wherever
he lives. The British Empire endures because of the respect for national
self-expression which is enshrined in its system. . . .
In years gone by one has heard it said that in North America there is
no justification for two English-speaking nations and that one should ultimately be merged with the other. Such a view, however seriously it may
have been held, now smacks only of the distant past. I know that the idea
that there should be a fusion between our two democracies now belongs
either to the sphere of the antiquarian or the humorist.
An Invisible Boundary.
The invisible boundary which runs between us is not a frontier, thank
Heaven, and never will be. A sentry on the international border between
your country and mine would be about as appropriate as a fire-extinguisher
on the top of the great pyramid. The boundary is not a frontier: it is not
even a point of separation. I like to think of it rather as merely a line of
demarcation where two nations will meet perpetually in friendship and
good-will.
The relations between Canada and the United States for upward of a century have been an example to the world. When problems have arisen
between us we have given them prompt and workmanlike settlement.
The growth of z.rade between our countries, which can only be to our mutual
advantage and profit, will result in the widening of this knowledge and
understanding and,resultingfrom that,of even greater mutual respect.
Ottawa, Feb. 18 1927.
William Phillips Named as First Minister from United
States to Canada—Problems Before New Minister.
Early this month it was announced that William Phillips
had been chosen as First Minister from the United States to
Canada, his appointment being made known by the State
Department at Washington on Feb. 4. The volume and
importance of the questions to be handled by the newly-established American diplomatic mission to Canada have been outlined to Congress by Wilbur J. Carr, Assistant Secretary of
State, it is learned from the "United States Daily" of Feb.
24, from which we take the following:
Mr. Carr, appearing before the House Committee on Appropriations,
stated that William Phillips, who is to be the first American Minister to
Ottawa, will find a wide variety of problems awaiting solution, while the
new ministry to the Irish Free State will have comparatively little business.
Mr. Carr gave his testimony in connection with items in the second deficiency bill, providing appropriation of $6,666 66 each for the salaries of
the Ministers of Ottawa and Dublin, for the current fiscal year.
"So far as Canada is concerned," Mr. Carr said,"there is no question at all
about there being much diplomatic work, nor about the fact that it can be
done more expeditiously and satisfactorily for this Government by having
a mission in Ottawa than by going indirectly through the British Embassy
here to the Canadian authorities in Ottawa."
Mr. Carr said there will be questions to discuss with Canada regarding the
boundary waters, prohibition enforcement, execution of the customs laws on
the border and immigration laws and difficulties arising out of the enforce-
FEB. 26 1927.]
1153
THE CHRONICLE
are various questions relating
ment of them on the border. He said there
to fisheries to be discussed there.
commission, made up of
"We have created," he said,"a halibut fisheries
which results in a considerable
representatives of the two Governments,
the international joint
amount of diplomatic discussion. Then we have
on the border. That is a
commission which has to do with Water rights
e amount of correspondence or dismatter that also requires a considerabl
instance, we have this wellcussion between the two Governments. For
River. A treatd has also just been
known question of the St. Lawrence
perpetual commission to adjust difentered into, in 1915, providing for a
the boundary clear and to keep the
ferences along the boundary, to keep
of questions with Canada."
monuments in condition. We have a multitude
he was aksed.
"What about the Irish Free State_"
said. "I do not think there
"The situation there is quite different," he
that legation."
will be nearly the amount of business for
clerks at each of these missions.
Mr. Carr explained that there will be two
"will be at much more expense
"The mission in Canada," he explained,
d, the Netherlands or Poland.
for rent and heat than those in Switzerlan
do. The expense in Ireland will
It will certainly have much more work to
Netherlands.and Sweden."
fully equal that of the legations in the
two missions upon the existAsked about the effect of establishing these
Consuls there would not be
consulates at those posts, Mr. Carr said the
ing
some of the things which
abolished but they would be weakened, because
by the legations.
the consulates have been doing will be done
on on
The Associated Press dispatches from Washingt CanaFeb. 3 referring to the selection of Mr. Phillips to the
dian post said:
and former Under SecreWilliam Phillips, now Ambassador to Belgium
American Minister to Canada.
tary of State, has been selected to be the first
by the United States to
The selection indicates the importance attached
called upon one of its
the new diplomatic post at Ottawa, since it has
of Ambassador, to sursenior "career" diplomats, now holding the rank
render that rank and accept instead a post as Minister.
that of Minister to
This puts the Ottawa assignment In a special class with
as one of special
China, the Peking post always having been recognized
ial rank.
significance, although it does not carry with it Ambassador
Mr. Phillips was born at Beverly, Mass., May 30 1878.
German Reparation Receipts and Payments in January.
Under date of Feb. 8 the Office of the Agent-General for
Reparation Payments reports receipts during January of
94,666,667 gold marks and payments of 88,479,805 gold
marks. The statement follows:
3. Deliveries Under Agreement
4. Reparation Recoyery Acts
5. Miscellaneous Payments
Third Annuity
Year-CumulaMoruh of
tive Total to
January
Jan. 31 1927.
1927
Gold Marks.
Gold Marks.
20,144,639.73
22,695,314.84 110,135,683.10
131,451.78
579,648.03
6. Cash Transfers
(a) Settlement of balances owing for deliveries
made or services rendered by the German
447,110.25
Government prior to Sept. 1 1924
3,381,900.00 14,333,800.00
(b) In foreign currencies
3,381.900.00 14,780.910.25
Total Payments to Powers
78,818,864.70 393,384.019.59
ACCORDING
-PAYMENTS TO EACH POWER CLASSIFIED
TABLE II
TO CATEGORY OF EXPENDITURE.
Year-Curt:tauMonth of
live Total to
January
Jan. 31 1927.
1927.
Gold Marks.
Gold Marks.
Payments to or for the Account of1. France
2,494,081.54 10,512,036.98
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts. 8-12 of
38,087.79 8,281,262.41
Rhineland Agreement
5,758,127.26 27,776,845.79
(c) Reparation Recovery Act
17,319.586.78 62,655,394.94
(d) Deliveries of coal, coke & lignite
1,870,913.44 12,718,063.43
(e) Transport of coal. coke & lignite
cal
(1) Deliveries of dyestuffs & pharmaceuti
1,295.954.22
279,580.93
products
(g) Deliveries of chemical fertilizers & nitrogenous 6,532,369.97 21,106,712.35
products
1,386,324.73
169,442.58
(II) Deliveries of coal by-products
65,981.03
8,434.18
(I) Deliveries of refractory earths
349,634.18 3,721,116.19
(J) Deliveries of agricultural products
2,109,206.75 8,952,555.62
(k) Deliveries of timber
1.379.742.89
1,061,802.65
(1) Deliveries of sugar
4,389,940.38 31,340,928.80
(m)Miscellaneous deliveries
403.033.07
103,033.07
(n) Miscellaneous payments
(o) Cash Transfer: Settlement of balances owing
made or services rendered by
for deliveries
the German Government prior to Sept. 1
286,584.56
1924
42,282,241.50 191,862,537.01
Total France
2. British Empire
1,000,006.02 5,459,306.42
(a) Marks supplied to Army of Occupation
(b) Furnishings to Army under Arts. 8-12 of
2,123,885.15
11,923.41
Rhineland Agreement
16.937,187.58 82,358.837.81
(c) Reparation Recovery Act
15.849.41
(d) Miscellaneous payments
(e) Cash Transfer: Settlement of balances owing
ON PAYMENTS.
for deliveries made or services rendered by
OFFICE OF THE AGENT-GENERAL FOR REPARATI
the German Government prior to Sept. 1
THE THIRD
35,022.76
STATEMENT OF RECEIPTS AND PAYMENTS FOR
1924
YEAR TO JANUARY 31 1927.
ANNUITY
17,949,117.01 89,992,881.05
(On Cash Basis, reduced to Gold Mark equivalents.) Third
Empire
Total British
Annual(
Year-CumtdaMonth of
rive Total to
January
3.
3,682,460.94 16,775,423.89
Jan. 311927.
1927.
(a) Deliveries of coal & coke
1,0890.09.53 5,052,931.80
Gold Marks.
(b) Transport of coal & coke
Gold Marks.
(e) Deliveries of dyestuffs & pharmaceutical
1,573,238.21
54,519,76
A. Recelpes in Third•Annuity Year
products
203,123.56 5,351.170.95
I. In completion of Second Annuity:
8,095,425.81
(d) Miscellaneous deliveries
43,734.12
8.089.93
(a) Transport Tax
45,000,000.00
(e) Miscellaneous payments
(b) Interest on Railway Reparation Bonds
2. On account of Third Annuity:
5.037,303.72 28.796.498.97
Total Italy
9,166,666.67 45,833,333.33
(a) Normal Budgetary Contribution
72,000,000.00
(b) Supplementary Budgetary Contribution__ 18,000.000.00 112,500,000.00
22,500.000.00
4. Belgium
Transport Tax
(c)
of
45.000,000.00 180.000,000.00
(a) furnishings to Army under Arts. 8-12
(d) Interest on Railway Reparation Bonds
8,599.80 1.331.203.79
650,882.05
Rhineland Agreement
3. Interest received
902,933.61
(b) Deliveries of coal, coke & lignite
433,719.54
67 464.079.640.99
coal, coke & lignite
94,666,666.
(c) Transport of
Total Receipts
93,626,074.81
(8) Deliveries of dyestuffs & pharmaceutical
B. Balance of Cash at Aug.311926
2,243,759.54
519.937.37
products
557,705,715.80
(e) Deliveries of chemical fertilizers & nitrogenous
Total Cash Available
1,555,633.81
961,425.83
products
224,472.68
25,732.43
(f) Deliveries of coal by-products
0. Payments in Third Annuity Year
1,511,032.16
302,817.92
(g) Deliveries of timber
1. Payments to or for the account of*
2,429,714.47 12,932,870.00
42,282,241.50 191,862,537.01
Miscellaneous deliveries
(h)
France
'
11,252.68
304.82
17,949,117.01 89,992,881.05
(1) Miscellaneous payments
British Empire
owing
5.037,303.72 28.796,498.97
Italy
(1) Cash Transfer-Settlement of balances
4,248,532.64 21,282.361.60
made or services rendered by
for deliveries
Belgium
2,753.572.45 16.482.797.97
the German Government prior to Sept. 1
Serb-Croat-Slovene State
115,483.79
3,381.900.00 34,478,439.73
1924
United States of America
664,123.10 3,652,481.77
Rumania
4,248,532.64 21.262,381.60
2,216,555.82 3.829.620.81
Total Belgium
Japan
1,594,130.93
22,968.93
Portugal
254,392.76
1,347,138.39
Greece
85,131.36 5. Serb-Croat-Slovene State
8,158.77
50,072.90
5,818.11
Poland
(a) Deliveries of pharmaceutical products
2,728,892.25 16,337,484.74
(b) Miscellaneous deliveries
95,240.33
78.818.864.70 393,384,019.59
19,062.09
Total Payments to Powers'
us payments
(c) Miscellaneo
7.722,684.40 36,010,991.03
2. For Service of German External Loan 1924
2,753,572.45 18,482,797.97
3. For expenses of:
Total Serb-Croat-Slovene State
1.483,149.91
299,363.57
Reparation Commission
308,232.35
1,397,211.58
Office for Reparation Payments
1,207,716.70 6. United States of America
210,792.29
20,144,639.73
Inter-Allied Rhineland High Commission
(a) Deliveries under agreement
400,000.00
1,300,000.00
Commission of Control_
Military Inter-Allied
3,381.900.00 14,333,800.00
66.729.14
(b) Cash Transfers in foreign currencies
4. Costs of Arbitral Bodies
Deutsche
5. Discount on amounts received from of due date
3,381,900.00 34,478,439.73
Total United States of America
3,048,725.51
432,246.16
Reichsbahn Gesellschaft In advance
422,441.98
287,621.67
6. Exchange differences
7. Rumania
3,648,646.91
664,123.10
88,479,805.14 438.320.985.44
(a) Miscellaneous deliveries
Total Payments
3,834.86
119,384.730.36
(b) Miscellaneous Payments
D. Balance of Cash at Jan. 31 1927
3,652,481.77
664,123.10
557,705,715.80
Total Rumania
•See Tables I and II for analysis of payments by category of expenditure and 8. Japan
by Powers.
(a) Deliveries of chemical fertilizers & nitrogenous
1,125.475.78
1,125,475.78
products
I-TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING
TABLE
1,091,080.04 2,704,145.03
(b) Miscellaneous deliveries
TO CATEGORY OF EXPENDITURE.
Third Annuity
2,216.555.82 3,829,620.81
Total Japan
Month of
Year--CumulaJanuary
tire Total to
1,594.130.93
22.966.93
• Jan. 31 1927. 9. Portugal-Miscellaneous deliveries
1927.
Gold Marks.
Gold Marks.
1.347.138.39
254,392.76
10. Greece-Miscellaneous deliveries
1. Occupation Costs
3.494,087.56 15,971,343.40
(a) Marks supplied to Armies of Occupation
Poland
11.
of
63,408.66
7,196.90
(b) Furnishings to Armies under Arta. 8-12
(a) Deliveries of agricultural products
58,611.00 11,736,331.35
6,703.56
961.87
Rhineland Agreement
(b) Miscellaneous payments
owing
(c) Cash Transfers-Settlement of balances
3,552,698.56 27,707,674.75
for deliveries made or services rendered by
the German Government prior to Sept. 1
10,019.14
2. Deliveries In Kind1924.
21.002.047.72 80.333,752.44
(e) Coal, coke and lignite
7 18,204,714.77
2,760,022.9
85,131.36
8.158.77
(b) Transport of coal, coke and lignite
Total Poland
859.656.17
5,163,024.87
(c) Dyestuffs and pharmaceutical products
78.818,864.70 393,384.019.59
(d) Chemical fertilizers dr nitrogenous products__ 8.619,271.58 23,787,821.94
Grand Total
195.175.01
1,590,797.41
(e) Coal by-products
6.434.18
65,981.03
-In accordance
(f) Refractory earths
Rhineland Agreement.
Note.-Furnishings Under Arts. 8-12 of the
356,831.08 3,789,524.85
(g) Agricultural products
between the French. British and Belgian
2,412,024.67 10,463,587.78 with the terms of an Agreement concluded , no provisional advances on account of
(h) Timber
1,081,802.65
1.379,742.89 Governments and the German GovernmentOccupation and to the Rhineland ComSugar
11,784,233.49 75,256,515.75 the value of Furnishings to the Armies of
Agreement are payable during the months
Miscellaneous deliveries
mission under Arts. 8-12 of the Rhineland
49,057,499.52 220,035.483.73 of December 1926 and January 1927.
1154
T1T1 CHRONICLE
Denmark's Return to the Gold Standa
rd.
Denmark's return to the gold standard was effected
on
Jan. 1 as a preliminary thereto to the Danish Chambe
rs in
December having enacted into law a bill perrni
ting the
conversion of Danish notes into gold from Jan.
1 at 24
kroner against one of gold. This action was
noted in
these columns Nov. 13, page 2465, and Dec. 25, page
3250.
The Federal Reserve Board in its January "Bullet
in" presents the following regarding the stabilization of the
Danish
currency:
[Vol.. 124.
and since June it has been quoted at
0.9% below par. On Jan. 3, the
first business day after the return to gold,
the krone was quoted at 26.68
cents, as against a mint parity of 26.80
cents.
The rapid appreciation of the krone
was accompanied by a sharp decline in wholesale prices. The wholesale
price index, as published by the
Finaruititende, declined from 234 in January
1925 to 160 in December of
the same year. The rapid adjustmen
t of wholesale prices to the value of
the krone was due primarily to the
fact that stocks of commodities had
been well nigh exhausted during the
labor conflict. Manufacturers and
wholesalers were able, therefore, after the
settlement of the strike, promptly to adjust their prices to the
increased value of the currency. During
1926 the wholesale price index declined
still further, reaching the lowest
point in June. Since July Danish
exchange has remained practically
stable, while prices have shown an upward
tendency.
Although wholesale prices adjusted
themselves with comparative rapidity
to the movement of the exchange, retail
prices followed but slowly. Available figures show that retail prices
declined from 210 in June 1925 to 177
in December and to 159 in July
1926. Furthermore, certain items, such
as rents, interest on loans, and taxation,
remained unchanged, while wages
were increased in the middle of 1925.
All these factors had an unfavorable
effect on industry and trade, and
a large volume of unemployment prevailed. The number of unemployed among
trade unionists increased from
24,000 in June 1925 to about
85,000 in December. During the early part
of 1926 conditions improved rapidly
and the number of unemployed decreased to about 41,000 in May.
Since then unemployment has increased
slowly.
The return of Denmark to the gold standard
at the beginning of 1927
follows upon a long period during which the
Government has carried out
measures for the stabilization of Danish currency.
The continuous fluctuations in the exchange value of the Danish krone
since the end of the war
and the consequent fluctuations of prices
were a disturbing factor in the
economic conditions of the country, and the
Government undertook measures to reduce these fluctuations. By act
of Nov. 16 1923, the Danish
Government received authority to establish
credits in England and in the
United States and the proceeds of the credits
were used to establish a currency equalization fund of £5,000,000. For a
brief period the downward
trend of the Danish exchange was stopped.
During January, however, the
krone again began to depreciate and the Governme
nt adopted new measures
to prevent a further decline. On March 29
Toward the end of 1925, when the
1924 an act was passed estabreturn to gold was discussed by a
lishing the central currency office, among the
various powers of which was parliamentary committee, the bank made the following statement
to this
the right to control foreign exchange transactio
ns and to restrict dealings committee: "The bank does not consider it advisable
to revert to gold
in foreign exchanges to a small number of
banks. The improvement of payments until price levels and incomes have been brought into equilibrium
krone exchange following the establishment of
the central currency office, and into correspondence with the ultimate value of the crown, and until
however, was of only brief duration, and in May
another period of depre- sufficient time has elapsed to show the permanence of the situation." The
ciation began. In July the Government called
a conference of representa- resumption of gold payments by the bank indicates that the conditions contives of industry and trade as well as of the
various political parties to sidered indispensable for the return to gold have now developed, and that
consider the exchange question. The result of
this conference was the cur- the National Bank expects continued stability of the factors underlying this
rency stabilization law of Dec. 20 1924 which
laid down broader principles exchange value of the crown.
for a return to normal exchange conditions.
The chief provisions of the act may be
summarized as follows: The National Bank of Denmark was exempted from its
Economic and Industrial
Conditions in Denmark
notes in gold until Jan. 1 1927. The National obligation to redeem its
Bank at the same time
During December-Payment of Bills in
agreed to sell dollars, the par value of which Is
3.73 kroner per dollar, at
a rate which up to July 1 1925 should not
Gold.
exceed 5.74; from this date to
Dec. 31 1925 5.64; and during the first
The statement reviewing economic and industrial
half of 1926 at a rate not exceeding 5.32. Thus it was intended gradually
condito raise the value of the krone. tions in Denmar
k during December, issued on Jan. 31,
To assist in carrying out these measures
the National Bank obtained an
exchange credit for one year in the United
States of $40,000,000, guaran- jointly, by the Danish National Bank and the Danish
teed by the Danish Government, which also
agreed to repay within two Statistical Department, says:
years to the National Bank a loan of
40,000,000 kroner which it had obFrom Jan. 1 1927 the payment of bills in gold was
resumed, as the law
tained in 1922 in connection with the
reorganization of the Landsmands of the 27th of December 1926 introduced a measure by which
the National
Bank. The Government was to obtain this
Bank is obliged to exchange its bills for gold, however
money from special taxes.
not for smaller
The eurrency stabilization act was
primarily intended to check the de- amounts than 28,000 Kr. in bills or amounts that are divisible
by this. The
cline of the krone and to bring about a
gradual increase in its value. Soon exchange can, according to the bank's wish, be made by payment
of Danish
after the passing of this act, however, Danish
exchange rose so rapidly that gold coin, gold bars, or gold in other form calculated at a value of 2,480 Kr.
at the end of December 1925 it was
quoted at 4.03 kroner to the dollar per kilo fine gold.
Instead of 5.64 kroner. as had been
anticipated by the law of December
The statement also has the following to say:
1924.
The value of the Danish Krone has again during the month
The rapid rise of the Danish krone
of December
was due chiefly to two factors. First, increased a little, as the average
Dollar quotations wero: 375 85-100 Kr.,
a substantial decrease of imports
resulted from the prolonged labor stop- equal to 26.60c. to one Krone,
(November 376 16-100 Kr.) equal to 26.58c.
page in 1925, so that the excess of imports
over exports was reduced from to one Krone, for Sterling 18.20 Kr. (Novemb
er 18.21 Kr.) so that the
212,000,000 kroner in 1924 to 130,000,000
kroner in 1925. Even this fig- average gold value during December was 99.24
Ore against 99.16 Ore in
ure, it appears, represents the imports
as larger than they actually were, November.
for the import figures are based upon
the value of the goods at the time
The outstanding loan and deposit activities in the three
when they were cleared into the country,
private principal
.whereas payment is not made in banks have during the last month remained
about the same. The outmost cases until considerably later. Thus
importers were often able to standing loans were thus at the end of December
1,015,000,000 Kr. against
take advantage of the rapid appreciation of
the exchange, and so to meet 1,012,000,000 Kr. ultimo November and the deposits
1,122,000.000 Kr.
their obligations at a substantially lower
rate than that obtained at the against 1,123.000,000 Kr. in November. However
, the outstanding loan
time of purchase. The actual payments
in kroner, therefore, were less of the National Bank has during the month Increased
with about 24,000,000
than had been stated in the trade statistics.
An estimate places the saving Kr., of which at least half is due to the fact that the Ministry
effected in this manner at about 30,000,00
of Finance •
0 kroner, so that the excess of overdrew its folio account.
imports over exports may be further reduced
As a result of the increase in the outstanding
to about 100,000,000 kroner.
loans, and as is usually
In consequence of the improved trade
balance, the balance of payments, the case in the month of December, the amount of bills
in circulation is
which in the previous year had been
unfavorable, became favorable by about also increased somewhat, namely from 377,800,
000 Kr. to 386,000,000 Kr.
15,000,000 kroner.
At the end of December 1925 the amount of
bills was 437,000,000 Kr.
Second, and far more important than the
improvement of the balance of The National 13ank's stock of foreign currency has, however, remained
payments, was the effect of foreign speculati
on in Danish exchange. For- about the same, as during the month it has gone down from a little over
eign speculators, in the expectation
of a rapid rise of the krone, began to 25,000,000 Kr. to a little over 23,000,000 Kr. As the government's
buy Danish bills heavily until forego
funds to an estmated total of about guarantee of the National Banks foreign credits ceased at the end ofthe
100,000,000 kroner had been placed in
Denmark. Concurrent with the in- year, the National Bank took up new credits on its own account to the
creased interest of foreigners in the
krone was the movement on the part valde of 3,000.000 pounds.
of Danish holders of foreign bills
The transactions in stocks and bonds on the Copenhagen stock exchange
of exchange to convert them into kroner.
The National Bank took up
these bills, as well as foreign offerings which were in December somewhat less than in November as far as stock are
the market was unable to absorb,
with the result that the exchange equal- concerned, but somewhat larger for bonds; the average weekly•notations
ization fund, which earlier in
the year had been practically exhausted, were thus for stocks 1,800.000 Kr. (November 2,700,000 Kr.) and for
was again replenished, and
the bank increased its own portfolio of foreign bonds 3,500,000 Kr.(November 2,300.000 Kr.).
bills. Holdings of foreign bills
The index figures for stocks as well as for bonds went up a little, the
of exchange by the National Bank increased
from 30,000,000 kroner at
the end of February to 154,000,000 kroner in Index figure for stocks being 91.7 (November 91.2) and the bond index
August of the same year. Loans
and discounts of the National Bank during 86.0 (November 85.7) when the notations of July 1 1914 are fixed at 100.
the same period decreased from
262,000,000 kroner to 99,000,000 kroner The increase in the stock index is found in nearly all stock groups, with the
at the end of August, because
the private banks found themselves able to exception of shipping papers, which-after a rather considerable increase
repay their debts to the National
-again declined somewhat.
Bank with kroner obtained through the during the fall months
liquidation of their foreign
The statistical department's wholesale index has during the month of
exchange holdings. During the entire period
interest rates remained high,
December gone down 12 points from 170 to 158. The wholesale index is
and the official discount rate stood unchanged at 7%.
thus down on the same level as during the summer months, before the
The central bank, however,
realizing that the influx of foreign funds was English coal strike brought about the great Increase In the fuel prices.
only temporary and for
The trade balance with foreign countries in November amounted to 161.- •
speculative purposes, endeavored to check this
movement. On Aug. 24 1925 the
bank rate was reduced to 6% and on 000,000 Kr. for imports and 118,000,000 Kr. for exports, so that there has
Sept. 8 to 51%. By the end of
been an import surplus of 43,000,000 Kr. against 27,000,000 Kr. in Novem/
2
August the rapid upward movement of the
krone was checked and foreign
funds began to leave the country. Hold- ber 1925. In spite of the comparatively large import surplus in November
ings of foreign bills of the
National Bank declined to 90,000,000 kroner at 1926, the import surplus for the first 11 months of the year is nevertheless
the end of the year, a decrease
considerably smaller than during the corresponding time of the preceding
of 64,000,000 kroner since the end of Auyear. namely 73.000.000 Kr. in 1926 against 102.000.000 Kr. in 1925.
gust. Notwithstanding the heavy
outflow of foreign funds, Danish exchange remained stable for the
The export of agricultural products was for all products considerably
rest of the year at about 4 kroner to the
larger than in December 1925. for bacon even 25% and for meat about
dollar.
50% larger. The average weekly exportations were as follows:
On Dec. 15 1925 the currency stabilizat
ion act was amended. The NaButter, 23.469 Kilos (December 1925. 22,821 Kilos). Eggs, 637,000
tional Bank was placed under obligatio
n to maintain a minimum dollar
scores (591,700 scores). Bacon. 43,465 (35,185 Kilos). Beef and cattle,
exchange rate of 23.8 cents per krone during 1926,
with the provision, how11,307 Kilos (6,405).
ever, that if exceptional circumstances should
arise the Minister of ComThe prices on the exported products were, in accordance with the general
merce might authorize a temporary lowering of the
rate, but not below 23 price
fall somewhat lower than during the corresponding month last year.
cents. The exchange credit of $40,000,000 which had not
been drawn upon
The average weekly notations were thus: Butter, 307 Kr. per 100 Kilo
was renewed for another year. Although not expressly
stated in the act, (Decemb
it was taken as a matter of course that the bank would
er 1925, 335 Kr.). Eggs, 2.46 Kr. per Kilo (3.22 Kr.). Bacon.
maintain the rate 1.50 Kr. per
Kilo (2.02 Kr.). Beef, 55 Ore per kilo on the hoof (62 Ore.).
of exchange obtaining at the end of 1925 and would
work toward a gradual
The unemployment conditions are still worse than at the corresponding
return to par. During the first half of 1926 krone
exchange rose steadily, time
in 1925. The percentage of unemployed was thus at the end of Decem-
FEB. 26 1927.]
THE CHRONICLE
1155
July 1) are payable in United States gold at the office of
Blair & Co., New York,fiscal agents,free of all taxes, present
or future, of the Department of Antioquia and of the Republic of Colombia. The bonds, coupon, in denominations
;
of $1,000, $500 and $100 are registerable as to principal
only. The bonds are the direct obligation of the DepartF. A. Sterling Chosen as United States Minister to ment of Antioquia and are to be specifically secured (upon
Dublin.
the retirement of Fr. 884,000 bonds and $40,000 internal
It was announced at the State Department on Feb. 4 that bonds which have been called for payment), by
Frederick A. Sterling had been chosen as Minister to Dublin. (1) A first charge and lien on 75% of the revenues of the Department
tax, and
the
Mr. Sterling is at present Counsellor of the American Em- derived from lientobaccoproperties and earnings of the Antioquia Railway,.
on the
(2) A first
in London.
bassy
Including all extensions, additions and improvements constructed or ac-
her 1926, 32.7% against 31.7 ultimo December 1925. In the real industrial
professions the conditions were similar, as the percentage here was 29.0
ultimo December 1926 against 27.9 in 1925.
The Government's revenue from taxation was in December 1926 12.800.000 Kr. of which 4,600,000 Kr. were custom revenue taxes. In December
1925 the corresponding figures were 13,400,000 and 4,000.000 Kr.
quired with the proceeds of these bonds.
Robert W. Bliss to Be Ambassador to Argentina, Succeeding Peter A. Jay, Resigned.
The State Department at Washington has announced that
Robert Wood Bliss, now Minister to Sweden, will succeed
Peter A. Jay, resigned, as Ambassador to Argentina. The
resignation of Mr. Jay was referred to' in these columns
Feb. 12, page 870.
Hugh S. Gibson to Succeed William Phillips as
Ambassador to Belgium.
President Coolidge announced on Feb. 8 that Hugh S,
Gibson, Minister to Switzerland, now in the United States
on a leave of absence, will be appointed Ambassador to Belgium, succeeding William Phillips, who has been named as
Minister to Canada. Regarding the new appointment of
Mr. Gibson, a cablegram from Geneva to the "Times" Feb.
9 (copyright) said:
Widespread regret is voiced in League circles over the transfer of Hugh
Gibson, American Minister to Switzerland, to Brussels, and general hope
Is expressed that he may be permitted to continue as head of the American
delegation at the Arms Conference.
Mr. Gibson for several years has been in close relations with the League
and has filled a difficult dipolmatic post with great tact and ability. He
nearly always has been on the wrong side of the fence, and he often has
been in a situation where, because of his close touch and first-hand knowledge, he has found that his orders conflicted with his own judgment. But he
obeyed his orders with great dignity and skill, which caused him to be liked
and admired.
As chief of the American delegation to the Preparatory Disarmament
Conference he opposed the aims of more States than has any other American
representative, and yet he enjoys better relations with the opposition than
does any other American delegate to Geneva.
Finance Minister Volpi Denies Italian Stabilization
Loan Rumors.
J. A. Sisto & Co. are in receipt of a cable from Mr. Sisto
stating that in a private interview this week between Finance
Minister Volpi and Mr. Sisto in Rome Minister Volpi denied
as absolutely false the rumors here that an Italian Government stabilization loan is to be issued in this country in the
near future.
Italy Unifies Exchange—Opens Institute to Concentrate Foreign Dealings Through Treasury.
A Rome (Italy) Associated Press cablegram (Feb. 24)
appears as follows in the "Times":
The Institute of Foreign Exchange, recently created by decree, went
into operation to-day at a ceremony over which Count Volpi. the Finance
Minister, presided.
The Institute will purchase and sell foreign exchange. By Its creation
the entire dealings in foreign exchange on the market for the account of
the Italian Treasury will be concentrated in one organization. Creation
of the Institute is part of a series of reforms adopted by the Government
for the protection of Italian credit and to benefit Italy's foreign trade.
Offering of $2,500,000 Department of Antioquia (Republic of Colombia) External Gold Bonds
Books Closed—Bonds Oversubscribed.
Following up the October financing of the Department of
Antioquia, offering was made on Feb. 25 of $2,500,000
-year external
Antioquia (Republic of Colombia) 7% 20
secured sinking fund gold bonds, series C, by Blair & Co.,
Inc., the Chase Securities Corporation and E. H. Rollins
& Sons at 963 and interest, to yield 7.35% to final maturity. It was announced yesterday morning (Feb. 25)
that the bonds had been oversubscribed and the books closed.
The bonds are dated July 1 1925, are due July 1 1945, and
are callable as a whole only, except for sinking fund purposes, at 1023. and accrued interest on July 1 1935, and on
any interest date thereafter. A cumulative sinking fund
sufficient to retire the series C bonds by maturity is provided, payable semi-annually to call bonds by lot at 100 and
accrued interest on the next succeeding interest payment
date. The bonds are part of a total authorized issue of
$20,000,000, to be outstanding in the hands of the public
$5,923,700 series A, $5,843,000 series B and $2,500,000
series C. Principal and semi-annual interest (Jan. 1 and
The Department covenants that it will not issue any or
the remaining $5,500,000 authorized bonds unless the proceeds of the assigned revenues for the preceding fiscal year
or the annual average of the two preceding fiscal years shall
be at least equal to twice the annual interest and sinking
fund requirements on the bonds outstanding, including
those then to be issued.
Regarding the purpose of the issue and the finances of
the Department we quote as follows from the offering
circular:
Purpose.—The proceeds of the present issue will be applied to the enlargement and improvement of the Antioquia Railway and (or) other railways
In the Department, and (or) to reimburse the Department for expenclitures
incurred for such purposes.
Finances.—The total debt of the Department of Antioquia as of Dec. 31
1926. exclusive of bonds to be redeemed as stated above, amounted to
$15,456,664 (U. S.). Including the present loan, the total debt of the
Department amounts to $17,956,664 (U. S.), or about $20 (U.S.) per
capita.
The ordinary revenues of the Department, exclusive of income from and
expenditures on the Antioquia Railway, for each of the four fiscal years
ended June 30 1926, exceeded ordinary expenditures.
The banking system of the Republic of Colombia follows that of the
United States, the Bank of the Republic being modeled after the Federal
Reserve Bank of the United States. As a result of this sound fiscal system
and the favorable trade position of the Republic, its currency enjoys a high
degree of stability,the present quotation being 98 cents U. S. per Colombian
dollar (1 Colombian dollar„at par of exchange equals 97.33 cents U. S.).
Offering of S1,100,000 5% Bonds of Pacific Coast Joint
Stock Land Bank of San Francisco.
offering of $1,100,000 5% bonds of the Pacific Coast
An
Joint Stock Land Bank of San Francisco was made on
Feb. 18 by Harris, Forbes & Co., Halsey, Stuart & Co., Inc.,
and the William R. Compton Co. The bonds are offered at
103% and interest, to yield about 4.55% to the optional date
(1936) and 5% thereafter to redemption or maturity. The
Issue will be dated Nov. 1 1926, will become due Nov. 1 1956
and will be redeemable at par and accrued interest on any
interest date after ten years from date of issue. They will
be coupon bonds, fully registerable and interchangeable, in
denomination of $1,000. Principal, and semi-annual interest (May 1 and Nov. 1) will be payable in New York, Chicago, Salt Lake City, Los Angeles or San Francisco.
The Pacific Coast Joint Stock Land Bank of San Francisco was organized in 1922 and is restricted by its charter
to loans in California and Nevada.
According to the official statement of the Bank as of
.Jan. 31, 1927, it has first mortgages on farm property
amounting to $12,338,600 secured by property appraised at
$29,701,351. The bank has a paid-in capital of $700,000,
surplus and reserves of $142,500 and undivided profits of
$40,387. Present net earnings, it is stated, are at the rate
of 6% per annum. Including this issue there will be
$11,725,000 of bonds outstanding.
The following is the statement of the Pacific Coast Joint
Stock Land Bank of San Francisco as. officially reported
Jan. 31 1927:
Acres of real estate security loaned upon
Total amount loaned
Appraised value of real estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
289,730
$12,338,600
$29,701,851
$102.51
$42.58
41.54%
President Coolidge Vetoes McNary-Haugen Farm Relief
Bill—Attorney General Finds Bill Unconstitutional.
The McNary-Haugen Farm Relief bill was vetoed yesterday
(Feb. 25) by President Coolidge. Along with his veto message to the Senate the President forwarded an opinion from
Attorney General Sargent in which the view was expressed
that the bill in its essential provisions violates the Constitution. This opinion was referred to by the President in
indicating the objections to the bill, the President declaring
that the most decisive reason why the bill ought not to be
approved "is that it is not Constitutional." According to
1156
THE CHRONICLE
the Brooklyn "Eagle" the Attorney General held the act
unconstitutional on the following grounds:
(1) It takes from the President the constitutional executive power and
[VoL. 124.
powers of Government to the end that certain special groups
of farmers
and processors may profit temporarily at the expense of other
farmers and
of the community at large.
duty of making appointments, and by legislation confers that power upon
The chief objection to the bill is that it would not benefit the
farmer.
others.
Whatever may be the temporary influence of arbitrary interference, no
one
(2) Congress delegates its constitutional power of legislation to private can deny that is the long run
prices will be governed by the law of supply
co-operative associations.
and demand. To expect to increase prices and then to maintain
them on
(3) The act contravenes the provisions of the constitution against the a higher level by means of a
plan which must of necessity increase production
taking Of property without due process of law.
while decreasing consumption, is to fly in the face of an economic law
as
well established as any law of nature. Experience shows that
The President in his veto message said that "the difficulty
high prices
in any given year mean
with this particular measure is that it is not framed to aid necessarily mean a larger greater acreage the next year. This does not
crop the following year, because adverse weather
farmers as a whole, and it is furthermore calculated to injure conditions may produce a smaller crop on a larger acreage, but in the long
run a
rather than promote the general public welfare." He refers crop. constantly increasing acreage must of necessity mean a larger average
to the fact that "the bill singles out a few products, chiefly
Under the stimulus of high prices the cotton acreage
sectional, and proposes to raise the prices of those regardless 000,000 acres in the last five years. Under the proposed increased by 17,plan as prices are
of the fact that thousands of other farmers would be directly driven up irresistibly by the artificial demanded created by the purchase
of the board, the millions of farmers each acting independently, with
no
penalized." He also notes that the legislation "propoes in assurance that self-restraint on
his part in the common interest will be
effect that Congress shall delegate to a Federal Farm Board, accompanied by a like restraint on the part of the millions of other innominated by farmers, the power to fix and collect a tax, dividuals scattered over this immense country will do just what any one else
would do under the circumstances, plant and grow
called an equalization fee, on certain products produced by take full advantage of a situation which they fear isall they can in order to
only temporary. This
those farmers." He observes that "this so-called equaliza- was, of course, recognized by the authors of the measure, and they proposed originally to offset this tendency by means of the equalization fee to be
tion fee is not a tax for purposes of revenue in the accepted paid by
each producer. Rut in the present bill the equalization fee is to be
sense. It is a tax for the special benefit of particular groups. paid by only part of the producers.
As a direct tax on certain of the vital necessaries of life it
On the other hand, higher prices will make a decreased consumption.
represents the most vicious form of taxation." The veto From 1917 to 1925 the per capita consumption of pork increased from 55
pounds
in the
message as given in an Associated Press dispatch to the the per to 86.3 pounds, butof pork following year when the price pf pork
capita consumption
fell off almost nine pounds. It is not
"Sun," follows. The text of the President's veto message inconceivable that the consumers would rebel at an arbitrarily high price
and deliberately reduce their consumption of that particular product,
follows:
especially as uncontrolled substitutes would always be available. The
To the Senate:
truth is that there is no such thing as effective partial control. To have
The conditions which Senate bill 4,808 Is designed to remedy have been, effective control we would have to
have control of not only one food product
. and still are, unsatisfactory in many cases.
but of all substitutes.
No one can deny that the prices of many farm products have been out of
Increased production on the one hand, coupled with decreased domestic
line with the general price level for several years. No one could fail to consumption on the other, would
mean an increased exportable surplus
want every proper step taken to assure to agriculture a just and secure place to be dumped on the world
market. This in turn would mean a conIn our economic scheme. Reasonable and constructive legislation to that stantly decreasing world price
until the point was reached where the
end would be thoroughly justified and would have the hearty support of all world price was sufficiently low,
so that, even though increased by our
who have the interests of the nation at heart. The difficulty with this tariff duties, commidities would flow
into this country in large quantities.
particular measure is that it is not framed to aid farmers as a whole, and it is
A board of twelve men are granted almost unlimited control of the
furthermore calculated to injure rather than promote the general public agricultural industry and cannot
only fix the price which the producers
welfare.
of five commodities shall receive for their goods but can also fix the price
It is axiomatic that progress is made through building on the good founda- which the cosumers of the
country shall pay for these commodities.
tions that already exist. For many years—indeed, from before the day of
The board is expected to obtain higher prices for the American farmer
modern agricultural science—balanced and diversified farming has been by removing the surplus from
the home market and dumping it abroad
regarded by thoughtful farmers and scienti.ts as the safeguard of our agri- at a below-cost price. To do
this the board Is given the authority ty
culture.
implication to fix the domestic price level, either by means of contracts
The bill under consideration throws this aside as of no consequence. It which it may make with processors
or co-operatives or by providing for
says in effect that all the agricultural scientists and all the thinking farmers the purchase of the
commodities in such quantities as Will bring the prices
of the last fifty years are wrong,that what we ought to do is not to encourage up to the point which the
board may fix.
diversified agriculture but instead put a premium on one-crop farming.
Except as it may be restrained by wear of foreign importations, the
The measure discriminates definitely against products which make up farm board, composed of representatives
of producers, is given the power
what has been universally considered a program of safe farming. The bill to fix the prices of
these necessities of life at any point it sees fit.
upholds as ideals of American farming the men who grow cotton, corn, rice,
The law fixes no standards, imposes no restrictions and requires no
swine, tobacco or wheat, and nothing else. These are to be given special regulation of any kind.
There could be no appeal from the arbitrary
favors at the expense of the farmer who has toiled for years to build up a decision of these men, who
would be under constant pressure from their
constructive farming enterprise to include a variety of crops and livestock constituents to push prices
as high as possible. To expect moderation
that shall, so far as possible, be safe, and keep the soil, the farmer's chief under these circumstances is to
disregard experience and credit human
asset, fertile and productive.
nature with qualities it does not posses. It is not so long since the GovernThe bill singles out a few products, chiefly sectional, and proposes to ment was spending vast sums,
and through the Department of Justice
raise the prices of those, regardless of the fact that thousands of other exerting every effort to
break up combinations that were raising the cost
farmers would be directly penalized. If this is a true farm relief measure, of living to a point conceived
to be excessive.
why does it leave out the producers of beef cattle, sheep, dairy products.
This bill, If it accomplishes its purposes, will raise the price of the spedpoultry products, potatoes, hay, fruit, vegetables, oats, barley, rye, flax fled agricultural
commodities to the highest possible point and in doing
and the other important agricultural lines.
So far as the farmers, as a so the board will operate without any restraints imposed
by the anti-trust
whole, are concerned, this measure is not for them. It is for certain groups laws. The granting
of any such arbitrary power to a Government board
of farmers in certain sections of the country. Can it be thought that such is to run counter to
our traditions, the philosophy of our Government.
legislation could have the sanction of the rank and file of the nation's the spirit of our
institutions and all principles of equity.
farmers.
The administrative difficulties involved are sufficient to wreck the
This measure provides specifically for the payment by the Federal board plan. No matter how
simple an economic conception may be, its applicaof all losses, costs and charges of packers, millers, cotton spinners, or other tion on a large scale
in the modern world is attended by infinite comprocessers who are operating under contract with the board. It contemplates plexities
and difficulties. The principle underlying this bill, whether
that the packers may be commissioned by the Government to buy hogs fallacious or not,
is simple and easy to state; but no one has outlined in
enough to create a near scarcity in this country, slaughter the hogs, sell the definite and
detailed terms how the principle is to be carried out in pracpork products abroad at a loss and have their losses, costs and charges made tice, how
can the board be expected to carry out the enactment of the
good out of the pockets of farm taxpayers. The millers would be similarly law that cannot
even be described prior to its passage? In the meancommissioned to operate in wheat or corn and have their losses, costs and while, existing
channels and methods of distribution and marketing must
charges paid by farm taxpayers.
be seriously dislocated.
It is roughly estimated that in this country there are 4,000 millers, over
This is even more apparent when we take into consideration the problem
1,000 meat packing plants and about 1,000 actual spinners. No one can of
administering the collection of the equalization fee. The bureau states
say definitely, after reading this bill, whether each of these concerns would
that the fee will have to be collected either from the processors or the
be entitled to receive a contract with the Government. Certainly no
transportation companies, and dismisses as impracticable collections at
independent concern could continue in business without one. Each
of the the point of sale. In the case of transportation companies it points out
agencies holding a contract—the efficient and inefficient alike—would
be the enormous difficulties of collecting the fee in view of the possibility
reimbursed for all their losses, costs and charges.
of shipping commodities by unregistered vehicles. In so far as processors
It seems almost incredible that the producers of hops, corn, wheat, rice. are
concerned it estimates the number at 6,632.
tobacco and cotton should be offered a scheme of legislative relief in
which
Without considering the number of factories engaged in the business of
the only persons who are guaranteed a profit are the exporters, packers,
canning corn or manUfacturing food products other than millers, some conmillers, cotton spinners and other processors.
ception of the magintude of the task may be had when we consider that if
Clearly this legislation involves governmental fixing of prices. It gives the
wheat, the corn and cotton crops had been under operation in the year
the proposed Federal board almost unlimited authority to fix prices on the 1925, collection Would have been required from an aggregate
of 16,034,466.designated commodities. This is price fixing. furthermore, on some of
679 units. The bureau states that It will be impossible to collect the
the nation's basic foods and materials. Nothing is more certain than equalization
fee in full.
that such price fixing would upset the normal exchange relationships
The bill will not succeed in providing a practical method of controlling
existing in the open market and that it would finally have to be extended the
agricultural surplus, which lies at the heart of the whole problem. In
to cover a multitude of other goods and services. Government price fixing, the matter of controlling output, the farmer is at a disadvantage as comonce started, has alike no justice and no end. It is an economic folly from pared with the manufacturer. The latter is better able to gauge his
market,
which this country has every right to be spared.
and on the face of falling prices can reduce production. The farmer, on the
"This legislation proposes in effect that Congress shall delegate to a Fed- other hand, must operate over a longer period of time in
producing his
eral farm board nominated by farmers the power to fix and collect a tax crops and is subject to weather conditions and disturbances in
world
called an equalization fee, on certain products pronounced by those farmers. markets which can never be known in advance.
That certainly contemplates a remarkable delegation of the taxing power.
In trying to find a solution for this fundamental problem of the surplus the
The purpose of that tax, it may be repeated, is to pay the losses incurred in present bill offers no constructive suggestion. It seeks merely to increase
the disposition of the surplus products in order to raise the price on that por- the prices paid by the consumer, with the inevitable result of stimulating
tion of the products consumed by our own people.
production on the part of the farmer and decreasing consumption on the
"This so-called equalization fee is not a tax for purposes of revenue in the part of the public. It ignores the fact that production is curbed only by
the special benefit of particular groups. Ma decreased, not increased, prices. In the end the equalization
accepted sense. It is a tax for
fee and the
direct tax on certain of the.vital necessaries of life it represents the most entire machinery provided by the bill under consideration will merely
lidoWil form of taxation. Its real effect is an employment of the coercive
aggravate conditions which are the cause of the farmer's present distress.
FEB. 261927.]
THE CHRONICLE
1157
It Is proposed that the administration of this plan shall be in the control of
not to jeopardize the whole
We must be careful in trying to help the farmer
to the President by agricultural
the tyranny of bureaucratic a board whose members are nominated
agricultural industry by subjecting it to
his transmission to the Senate for confirmation. That
is what the present bill will do. But aside organizations for
regulation and control. That
tional limitation on the authority of the Presithe effect on our economic life will appears to be an unconstitu
not believe that upon serious
from all this, no man can foresee what
adjusted channels of dent, but, far more important than this, I do
disrupting the long established and delicately
be of
America would tolerate the precedent of a body
ng is undeniable, nor is it beyond the consideration the farmers of
commerce. That it will be far-reachi
industry who, acting,in the name of the Govbill, if enacted into law, will threaten of men chosen solely by one
which determine prices, secure the
range of possibility that the present
through dislocation, the slowing ernment, shall arrange for contracts
the very basis of our national prosperity
home market, which buying and selling of commodities.
dumping
industry and the disruption of the farmer's
up of
The levying of taxes on that industry and pay losses on foreign
absorbs 90% of his products.
is no reason why other industries--copper, coal,
of farm co-operatives with whom contracts of any surplus. There
With the limited number
every occasional difficulty should not
fact that farm co-operatives are lumber, textiles and others—in
t. Such action would
may be made for surplus disposal and the
or cotton spinning, receive the same treatment by the Governmen
be engaged in meat packing, flour milling
not likely to
scale as to dominate ont only the economic
of these contracts must be made establish bureaucracy on such a
of our people.
appears certain that the largest part
it
future
and other agencies. It means that life, but the moral, social and political
disbetween the board and the processors
The amount of the equalization fees, the method of collection and
instance, must be carried out with the
the whole contract in swine, for
of these great sums of money are to be determined by the Board
out with position
that a large part of wheat operations must be carried
—a
meat packers:
without any effective check or review from the Executive or Congress
and others.
flour millers, wheat exporters
our form of government cannot continue.
ent which has such a contract can charge delegation of powers under which
Such
It means that any establishm
No time is placed upon the contracts which the Board may make.
, because it can place the loss from
as
what it likes to our American consumers
dump- contracts might easily be for a term of years, and in some commodities,
unsalable at home on the farmer or the Government by
be for a conany product
guaranty of the profits for example, cotton at the present time, must necessarily
abroad. In actual working this is a complete
of in a single year.
ing it
cannot be disposed
restraint or limitation on profiteering against siderable period since the surplus
contract, the equalization fee must
of these concerns without
himself is a very large element. During the continuance of any such
American consumers, of which the farmer
unless the whole burden of a continuing operation
be levied
guaranty to the farmer. The implications of this were pointed continue to
It is not a
of the first crop. Consequently, the
the minority report of the House Committee is to be borne by the producers
be tried and if it fails be
out in significant remarks in
suggestion often made that the scheme should
fuller attention that it has been given.
on Agriculture, which merits
This suggestion is faulty in another respect—
majority report on this phase of the subject, in view of repealed loses all force.
The silence of the
ted only by the accumulation of a
communities of the country, can be only namely, that failure would be demonstra
, while a vast
Its wide circulation in the farming
of the huge surplus in storage. The discontinuance of operations
the proponents of the bill are unwilling that the farmers
because
in a prolonged depression of price
that the equalization fee principle shall supply remained in storage, would result
nation shall learn that it is proposed
or through fear of its sale.
the markets
what they have not been able to gain for through the surplus being fed into
it fails to
be utilized to assure to the packers
While the bill authorizes an appropriation of $250,000,000,
denies the
themselves—a certain profit from every year's operation.
contracts of the Board within that sum and nowhere
not restrict the
proponents of the bill at the hearings conceded that it could
the Board
The
money. If
the packers. It inci- liability of the United States for additional sums of
operate as to animals except under a contract with
when prices were around
operate with the had begun operating in the 1925 cotton crop
dentally follows that no packer without a contract could
the price on the 1926
nt packer. It does 20 cents a pound and had then attempted to hold up
the whole
Board. The bill nowhere protects the independe
level which induced the picking of the whole crop,
that there shall be no discrimination between co-operative associa- crop at a
provide
commitments beyond that
$250,000,000 would have been spent and great
tions. It contains no like provisions as to processers.
000 to cotton
degree upon figure have been entered into. The allocation of $100,000,
The bill would impose the burden of its support to a large
been comin the plan in last year's bill, plus the suggested fee of $5 a bale, would have
farmers who would not benefit by it. The products embraced
long before the 1926 crop came into the market. And,
about one-third of the total American farm production. The pletely exhausted
are only
uncolconsumers of If the equalization fee should prove unconstitutional or otherwise
farmers who grow these commodities are themselves large
to
million lectible, the Treasury would have been committed by contracts a liability
them, and every farmer consumes some of them. There are several
very little to the extent of the whole revolving fund.
farmers who do net produce any of the designated products, or
the bill condesignated
"Apart from the necessity of contracting with the packers
of them, and they must pay the premiums upon the products
the farmers fers upon the board unlimited power as to the nature, extent and duration of
the bill. In some commodities such as corn and mill feed
in
increase the price of contracts with other processors. It does not even enjoin an absence of
are practically the sole consumers. It is proposed to
the costs to the "unreasonable" discrimination between co-operatives. The board would,
corn and mill feed to American farmers, and, therefore,
omitted from the bill. therefore, possess an absolute power of life and death over many legitimate
dairy and cattle feeding industries whose products are
abroad at lower business organizations, since none could compete against a processor enjoyBeyond this, It means that by dumping of American feeds
swine, cattle and ing a contract with the board protecting it against loss. The board could go
prices than those charged under this plan to the American
production of pork, unlimitedly into processing for its own account, if it so desired. No such
dairy farmer, we should be directly subsidizing foreign
with our own farmers unrestricted powers have ever been conferred upon any board.
dairy, beef and other animal products in competition
to
cotton abroad and sell
The insurance proposal amounts to a straight Government agreement
in the markets of the world. We shall send cheap
which they may incur in withpay to the co-operative associations any loss
at home.
high cotton
American produc- holding commodities from the market—no matter how high the price may go
The effect of this plan will be continuously to stimulate
demand. We are in the mean time. For example, a wheat co-operative may, in a year of
tion and to pile up increasing surpluses beyond the world
the plan would only shortage, take from a member on a day when it is selling at $2 50 a bushel.
already over-producing. It has been claimed that
that if the
unduly suppresses
Under this bill it may decide to hold it for $.3. but be insured
be used in the emergency of occasional surplus, which
but, on the other market breaks the Government will pay it the difference between $2 50 and
the price. No such limitations are placed in the bill;
domestic requirements," the price at which the co-operative actually disposes of the wheat. Nothing
hand, the definition of surplus is the "surplus over
commodities covered in more destructive of all orderly processes of trade could be imagined, and
and as we have had such a surplus in most of the
it means continuous nothing more unfair to the non-member of the co-operative, since his equalithe bill for fifty years,and will have for years to see that
zation fee would be used to pay the losses.
action.
This act provides that
on fee to meet
Let us see how the bill is to be put into operation.
It is said that by the automatic increase of the equalizati
that there before operations as to any one of these commodities shall begin it shall be
the increasing losses on enlarged dumping of increasing surplus
only after so necessary to obtain an expression from the producers of the commodity
would be restraint on production. This can prove effective
on all the through a State convention of such producers. This applies in any State
great an increase in production as will greatly enlarge our exports
from the where not so many as 50% of the producers of the particular commodity
commodities excepted. With such increased surpluses dumped
will be broken down are members of co-operative associations or other organizations.
United States on to foreign markets the world prices
the subject of State
is based, will
The President then quoted from the Senate debate on
and with them American prices, upon which the premium
to American farmers. convention's to show the interpretation given the section of the measure
likewise be lowered to the point of complete disaster
there and continued:
It is impossible to see how this bill can work.
of their own to protect,
If all the producers attended the convention the expense, which must be
Several of our foreign markets have agriculture
in force which may be applied to dumping, and we may borne by them individually, would be a tremendous addition to the
and they have laws
agricultural products which operating cost, and if the majority of them did not attend the conexpect reprisals from them against dumping
of the
markets.
vention the deliberations would not represent the voice
will even more diminish our foreign
fixing bill because, in practical working, the producers. If such relief as that contemplated by the general plan of
The bill is essentially a price
at the premium price which will be demanded this bill were desirable, it would be extremely unwise to hamper it with thhi
Board must arrive in some way
and it must fix these prices in the contracts at most cumbersome and awkward provision, the compliance with which is
from the American consumer,
flour millers, packers,other manufactur- made mandatory as a condition precedent to the operation of the law. It
which it will authorize purchases by
be used, for the Board must formulate a is impossible to see how such conventions of producers could ever be held.
ers and such co-operatives as may
losses on the export of their surplus.
The bill does not say "delegates," is says "producers"—the farmers thembasis upon which the Board will pay
commodities designated in the Dill is selves, and if a majority of them must meet in State convention it is entirely
The present volume of exports of the
annum. A multitude of contracts unworkable.
one and one-half billion dollars per
qualities and varieties of products
Corn is a crop that varies between 2,500,000,000 and 3,000,000,000
Involving scores of different grades and
for raw and manufactured materials, bushels per year, and the normal export is very small. The reason then for
with thousands of individuals, both
ically cost-plus contracts. The monetary operating this bill on corn would not grow out of the exportable surplus,
must be entered into—pract
expanded beyond even this sum but according to the definition in Section 6 (C). (2) Woulegrow out of a
volume of these contracts will be further
in the main lard and bacon, surplus above the requirements for orderly marketing. The marketing of
because in hogs, for instance, the exports are
at home, and thus contracting corn would include marketing to a purchaser to cattle and hogs, so that a
while other parts of the animal are consumed
export surplus alone.
situation might arise where there would be a surplus above the requirements
must apparently need cover all hogs, not the
up of Government bureau- for orderly marketing.
Therefore the bill means an enormous building
of dollars of contracts with all their
"The act then could be put into operation as to corn under all the different
cracy to let and inspect thaw billions
goods and their different grades kinds of agreements. But the vast expense of financing the operations of
infinite variety of terms covering different
by these institutions these agencies in the corn market would be charged, not against the entire
of resales
and qualities. In turn all of the contracts
the losses made.
commodity, but against that part of the commodity which is used for milling
must be examined and checked to determine
must be built up to collect and dis- 'or processing, or that is transported by a common carrier. This, according
"Parallel with it another bureaucracy
MI
aggregation of bureaucracy to statistics, amounts to only some 5 to 20% of the corn produced.
tribute the equalization fee. It all calls for an
intruding into their affairs
"That the equalization fee is not laid on the entire commodity is not
dominating the fortunes of American farmers,
incapacity. It does not apparent from a casual reading of the act. But a close study shows that
and offering Infinite opportunities to fraud and
means that thousands of Section 10 provides that there shall be paid 'an equalization fee upon the
replace any middle men or manufacturers. It
that they do not evade following: The transportation, processing, or sale of such unit.' There is
officials are set to watch them and the farmers to see
the great spread be- no other way to collect the fee. If that stood alone, then all the corn would
the requirements. One of our difficulties to-day is
' profits be subject to the fee unless it were used by the raiser, but Section 151(1)
tween the farmer and the consumer. All these increased processors
without bringing says:
and this cost of bureaucracy must simply add to this spread
he is a large consumer
"In the case of . . . the term 'processing' means milling for market
to the farmer any return on such items. In fact, as
for market . .
of • • . corn or the first processing in any manner
he also pays this.
the sale of other disposition in
buying or selling these commodities, of corn not milled, and the term 'sale' means
While the Government is not directly
other processing for
and name therein the the United States of . . . corn for milling or
it must under this bill let contracts for others to do so
how disguised, this market, for resale, or for delivery by a common carrier .
terms upon which they shall buy and sell. No matter
other processing for
commodities through
So, unless the corn is processed or sold for milling or
in plain terms is Government buying and selling of
not subject to the equallmarket or is transported by common carrier, it is
agents.
1158
•
THE CHRONICLE
[VOL. 124.
zation fee. But the great bulk of it which is neither processed nor trans- from year to year of the amount
of production of these different basis
ported by common carrier is free from the equalization fee.
agricultural commodities, and it is manifestly unfair to provide that as to
The only figures in the debates with reference to corn are some estimates cotton the products shall share
in any excess collected, while as to corn,
based solely upon exportable surplus, which really form no basis for the wheat, swine, rice and tobacco
no such provision exists.
present proposed plan based on desire for orderly marketing and not for
In all the similar bills heretofore considered by Congress it has been
controlling the small exportable surplus. While it is difficult to estimate thought necessary to provide
for the return to all producers of any amount
the burden of this equalization fee, which must be borne for the entire crop they should pay in excess of
that required, and it is illogical and indefenby this small proportion, the simplest calculation will show that the amount sible to deem it necessary to
still make that provision for the cotton producer
per bushel necessarily would be tremendous, so that the market of corn for and deprive the other producers
of that benefit. This appears to be the
milling and other processing and for transportation would be entirely rankest kind of discrimination
in favor of one crop and against all the other
dislocated.
crops in the bill.
The provisions of the present measure with reference to an equalization
Another difficulty will be in ma.king proper estimates of the amount of
fee on corn must not be confused with the other measures when have been products and the amount of
the equalization fee.
proposed for the reason that former measure but the burden upon the
It is improbable that this board could do any better in this respect than
entire crop, but this measure in undertaking to place the duty of collecting has been done by the
Department of Agriculture. In spring wheat the
payments on the processor has reached this disastrous result. It Is no estimates of the department
have been 78,000,000 bushels too small and
answer to say that the oorn producers would induce their advisory council 90,000,000 bushels too large; in
winter wheat 126,000,000 bushels too smal
and the members of the board from their land bank districts to exclude corn and 144,000,000 bushels
too large; in corn 430,000,000 bushels too small
from the operation of this bill because the people who do not pay an equill- and 657,000,000 bushels too
large. In cotton the range has been 2,983.000
zation fee and on whom the burden does not fall are 80 or 85% of the bales too small for 1926 and
3,286,000 bales too large for 1918.
producers of the corn.
These are all recent estimates, and show conclusively the impossiblility
It may be contended that since there is to be an equalization fee on swine of arriving at accurate
conclusions. No rebates are allowed except on
that the feeders would be taxed, but the swine and corn are separate units cotton. Any year, therefore,
that a large corn or wheat crop is estimated
and have a separate stabilization fund and under the law the fees on swine turns out to be too high, too
much money would be collected, and as it is
cannot be turned into the stabilization fund for in figuring the percentage not returnable, it would result
in so much loss to the farmer. If the crop
of the corn crop upon which the fee would fall, while it is possible that the were understimated, the fee might
not furnish a large enough sum to sustain
fee might fall on corn carried by a common carrier, it is doubtful whether the market on that particular
commodity.
any board would lay a tax on transportation where the corn was being
The main policy of this bill is an entire reversal of what has been, heretransported to be sold to feeders. If they did, of course, the result would tofore throught to be sound. Instead of
undertaking to secure a method of
be that to avoid the fee in most cases the seller would not transport by a orderly marketing which will dispose
of products at a profit, it proposes to
common carrier.
dispose of them at a loss. It runs counter to the principle of conservation,
It is not enough to say that the right to put the equalization fee on swine which require us to produce only what
can be done at a profit, not to waste
Would adjust the inequalities between those bearing the burden and those not our soil and resources producing what is to be
sold at a loss to us for the
bearing the burden,first, because the board might commence operating as to benefit of the foreign consumer.
corn and not desire to operate or be permitted to operate as to swine. HowIt runs counter to the well-considered principle that a healthy economic
ever, much of the corn would be fed to cattle and livestock other than condition is best maintained through a free play of competition by underswine, and there is no right to bring the products of livestock other than taking to permit a legalized restraint of trade in these commodities and
swine under the provisions of the law. With a requirement for a fee on part establish a species of monopoly under Government protection, supported
of the corn crop and no fee on the balance, the free movement and dealing by the unlimited power of the farm board to levy fees and enter into conIn that commodity would be hampered to an almost unbearable extent.
tracts. For many generations such practices have been denounced by law
It would take a horde of inspectors to insure the payment of the fee on as repugnant to the public welfare. It cannot be that they would now be
the particular corn required to bear it. A feeder of cattle who bad the found to be beneficial to agriculture.
necessary machinery to grind or crush his corn bought from other farmers
This measure is so long and involved that it is impossible to discuss it
for feeding purposes would be able to market his cattle free from the cost of without going into many tiresome details. Many other reasons exist why
the equalization fee,'while another feeder who purchased such ground feed It ought not to be approved, but it is impossible to state them all without
would be compelled to market his cattle with the added cost of the equali- writing a book. The most decisive one is that it is not constitutional.
zation fee on the corn.
This feature is discussed in an opinion of the Attorney General herewith
This, of course, would be true as to swine; moreover, the feeder who had attached and made a part hereof, so that I shall not consider the details of
been compelled to purchase the ground feed would pay the fee on that and that phase of my objections. Of course, it includes some good features.
when he sells his swine he pays an additional fee on that transaction, he Some of its provisions, intended to aid and strengthen co-operative marketpays twice.
ing. have been borrowed from proposals that do represent the general trend
"It is provided in the law 'the board shall determine in the case of any of constructive thought on the agricultural problem in this measure, howclass of transactions in the commodity whether the equalization fee shall be ever.
paid upon transportation, processing, or sale.' . . .
These provisions are all completely subordinated to the main objective
"The act itself provides in Section 10 (b) the board may. by regulation, which is to have the Government dispose of exportable surpluses at a loss
require any person engaged in the transportation, processing, or acquisition and make some farmer taxpayers foot the bill. This is not a measure to
by sale of a basic agricultural commodity:
help co-operative marketing. Its effect, on the contrary, is to eliminate
(1) . . . (2) To collect an equalization fee as directed by the board the very conditions of advantage that now induce farmers to join ground to
and to account therefor." Thus the common carrier if on transportation, regulate and improve their own business.
or the processor, or those who secure by sale, if on sale, collect the fee which
That there is a real and vital agricultural problem is keenly appreciated
must fall on the producer. Transportation under the act means the accept- by all informed men. The evidence is all too convincing that agriculture
ance of a commodity by a common carrier for delivery (Section 15 (5) (5)• has not been receiving its fair share of the national income since the war.
Regardless of just how it is collected it Is the intent that it shall fall upon Farmers and business men directly dependent upon agriculture have suffered
the producer. The farmer pays it when his product moves . . .
and In many cases still suffer from conditions beyond their control. They
It is important to bear in mind that the equalization fee can only be are entitled to and will have every consideration in the hands of the Governlevied upon a unit of the basic agricultural commodity. This means the ment.
actual commodity itself as defined in Section 6—to wit, cotton, wheat,corn.
Surely, a real farm relief measure must be just and impartial and open the
rice, tobacco and swine. The reference in subdivision (H) of Section 6 to way to aid for all farmers. Surely, it must not contemplate, as this measure
food products of the commodity specifically limits the application thereof inescapably does, that farmers in some regions should be penalized for the
to Sections (D),(E) and (F) of Section 6, which do not in any way relate benefit of those in other regions. Surely, it must be aimed to promote the
to the equalization fee.
welfare of the community at large. There is no thoughtful man who does
All of the sections dealing with the equalization fee and all of the refer- not fully appreciate how vital a prosperous agriculture is to this nation.
ences to it clearly limit its application to the basic agricultural commodity It must be helped and strengthened. To saddle it with unjust, unworkable
itself, and they cannot lay a fee upon flour or other products of wheat, schemes of governmental control is to invite disaster worse than any that
meal or other products of corn, meats or other products of swine.
has yet befallen our farmers.
While there may be some conceivable way of reaching an import of any
It has been represented that this bill has been unanimously approved by
of these agricultural commodities as such, there is no possible way of reach- our farmers. Several of our largest farm organizations have refused to
ing any of the products of these commodities after they are processed. The support it, and important minorities in the members and leadership among
result would be to throw all of our processors and millers, who would have the most important organizations who are recorded as giving it indorsement
to buy the commodity with the cost of the equalization fee added, into have protested to me against it.
competition with imports from Canada or other countries who sent in any
It is not to be thought that the farmers of the United States want our
product of any of the basis agricultural commodities. Of course, the millers agricultural
policy founded upon legislation as is proposed in this measure.
or other processors who happen to get desirable contracts from the board The
final judgment of American farmers always has been and will be on the
might be able to recoup that loss to a certain extent, but the milling capacity
constructive rather than the destructive side. What the farmers want, and
of the small mills and large mills is great enough to take care of twice the what the
American people as a whole will approve is legislation which will
amount of milling and other processing to be done,and the mills which were not
substitute government bureaucracy for individual and co-operative
not fortunate enough to get such contracts would be ruined.
initiative, but will facilitate the constructive efforts of the farmers themIt is a fundamental principle in writing a tariff law that when a duty is selves
in their own self
-governed organizations.
placed upon a raw product that a compensatory duty must be placed on the
Although these arguments and others have been advanced in Congress
manufactured or processed product in which the raw product is used.
made to answer them. The
Here is a fee placed upon the raw products which might be imported. Raw and outside, I find little attempt has been
products dumped abroad can there be processed and reshipped here, to the pressure for this bill arises primarily from the natural and proper sympathy
with the farm distress from the after war inflation speculation and collapse.
disaster and destruction of this whole bill.
have expended a great deal of time an
In fixing the amount of the equalization fee the board must necessarily Many sincere and thoughtful people
are entirely honest and honorable
estimate the crop, because it is their duty to estimate the probable energy in working out this measure and
In their advocacy of It. It is a great regret to me that I am unable to
"advances, losses, costs and charges to be paid" and to determine the
bill would help agriculture, be of benefit
amount for each unit. Of course, they are compelled to estimate the crop come to the conclusion that the
to the country, and be in accord with the Constitution.
In order to estimate the number of units. One of the co-authors of the
Other plans have been proposed in Congress for advancement in this
bill suggests that if the law had been In operation from 1925 the equalizasound assistance to the farmers withtion fee on wheat should yield $131,750,000. I mention this to show the recovery, which plans offer promise of
invasions of executive authority, this
large sums involved. If either the estimate of the crop or the size of the out these unconstitutionalities,
flour millers and other manufacturers, this
fund needed should be inaccurate, so that there is collected many millions contracting with packers and
overproduction with its inflation and inevitable crash, without this indirect
more than needed, there is no way to return it to the producer.
creator of huge bureaucracies. They
Suppose there should be estimated an exportable surplus of 200,000,000 price fixing, buying and selling, this
devoted entirely to the principle of building up
bushels of wheat and there is a surplus of but 100.000,000, the fund would are, on the contrary,
marketing concerns to handle their problems, including
be almost twice as large as it should be,and if the amount involved should be farmer-controlled
production, and applicable to all agriculture and not to
anything like that stated by Representative Haugen the board would have occasional surplus
frequently urged such legislation. I wish again to
fifty-five or sixty millions more than needed of the farmers' money. There a minor fraction. I have
case of cotton there Is provision that renew my recommendation that some such plan be adopted.
Is no way to return it. Now, in the
stabilization fund shall be paid back
I am therefore obliged to return Senate bill 4,808, entitled "An Act to
any excess that is accumulated for the
Section 10, sub-division (3), and Establish a Federal Firm Board to Aid in the Orderly Marketing and in
to the producer. This is contained in
the Control and Disposition of the Surplus of Agricultural Commodities,"
Section 11, sub-division (E). . .
provides for a return to the producer without my approval.
But there is no place in the law which
the fee levies an amount in excess
CALVIN COOLIDGE.
of other products where the assessment of
large variance
The White House, Feb. 25 1927.
Of that necessary for that stabilization fund. There is quite a
FEB. 26 1927.]
THE CHRONICLE
McNary-Haugen Plan Would Disappoint Wheat Farmers
Hopes, According to Food Research Institute of
Stanford University.
The MoNary-Haugen bills,if enacted, would disappoint expectations of wheat farmers, according to studies of the
McNary-Haugen plan as applied to wheat, just published
by the Food Research Institute of Stanford University.
The Institute in a statement on Feb. 23 said:
Growers have been led to expect substantial price advantages under
these measures. If the powers given to the proposed Farm Board were
exercised without changes in the tariff, wheat prices could be raised but
little except in unusual years. If the tariff duty on wheat were raised
enough to give the board full scope for action, and if the board were
administratively successful, the larger advance in price would stimulate
increased planting to wheat. The resulting increased surplus would depress world prices and raise the equalization fee, wheat growing would
again become unremunerative, and painful contraction of acreage would
be in order. Within a few years, in either case, the experiment would fail
to satisfy farmers' hopes.
The latest bills contain concessions to opponents which make it difficult
to predict what a board would do. Hitherto full operations with the
equalization fee were regarded as the heart of the plan, indispensable to
Its success as a measure of farm relief. Latterly such operations have been
called passive. Loans to co-operatives and price insurance are offered RS
alternative methods of operation. But whatever their possible merits, they
afford no promise of substantial price advantage to the wheat grower.
1159
huge experiment in controlling wheat trade in time of peace, and the
probability of disappointed hopes and new maladjustments in American
agriculture.
Note.—The publications herein referred to are "The McNary-Haugen Plan as
and "The
Applied to Wheat: Operating Problems and Economic Consequences,'the Present
McNary-Haugen Plan as Applied to Wheat: Limitations Imposed by
Tariff,' published as Nos.4 and 5, Vol. III., of Wheat Studies of the Food Research
institute, Stanford University, California, February and March 1927.
Bill Appropriating $10,000,000 for Eradication of
European Corn Borer Signed By President
Coolidge.
On Feb. 23 President Coolidge signed the bill appropriating
$10,000,000 to eradicate the European corn borer. Secretary
of Agriculture Jardine, it was announced will immediately
organize special agents to send into the districts affected by
the pest. The President had previously (Feb. 9) signed the
bill to provide for the eradication or control of the European
corn borer, and at that time transmitted to Congress a supplemental estimate for the appropriation of $10,000,000 to
enable the Secretary of Agriculture to carry out the provisions
of the bill.
On the day of the adoption by the House (Feb. 15) of the
resolution authorizing the appropriation Representative
Wood, in explanation of the purpose of the resolution, said:
Higher Prices Fundamental Objective.
The purpose of this resolution is to carry out the determination of this
in the authorization of an appropriation of
Increase of prices to the grower the Institute regards as the primary House enacted a few days ago eradicating or controlling what is known
objective of the plan, despite much talk of price stabilization. Adminis- $10,000,000 for the purpose of
borer. After the bill passed the House and the
tered by a Farm Board, the central features of the plan are the main- as the European corn
was had before the Committee on Appropriations
tenance of domestic prices, behind the tariff wall, substantially above Senate a very full hearing
The Secretary of Agriculture and his assistants were
export prices; the segregation of the surplus over domestic requirements on Saturday last.
us all the information then at hand with reference to this
and its sale for what it will bring; and the payment of operating costs, present and gave
It was made evident by those hearings that if this appropriation
, and losses on sales of the surplus, out of a fund derived from equalization corn borer.
any use it must be made immediately, the testimony being to the
fees collected on each bushel of wheat sold. The Institute discusses how Is to be of
it should be available not later than the 18th of this month.
such a plan, if adopted and intelligently administered, could be expected effect that
area
Members will see by the map which I have here just what the infested in
to work.
there
Is. It is marked in black. There are 2,500,000 acres represented
Difficult Administrative Problems Might Be Solved.
a, Ohio, Indiana and Michigan.
the States of New York, Pennsylvani
The Institute first cssurnes that the board would undertake, with the aid The Secretary of Agriculture and his assistants tell us that it will be impossof appropriate tariff arrangements, to maintain domestic wheat prices 50 ible to eradicate this corn borer with this appropriation and that the only
cents above' the Canadian price. It would face huge and complex adminis- purpose to which the $10,000,000 may be put is to demonstrate the possilater
trative problems, in determining appropriate differentials among various bility of checking its ravages until some efficient plan may be adopted
varieties, grades, and qualities of wheat and among various regions; in for its eradication.
This corn borer came into this country about 1910 and commenced
handling its purchases and sales of wheat so as to sustain the system of
-corn fields about the city of Boston in the State of
domestic prices; in maintaining futures trading and normal competitive infesting the sweet
relations among mills; in disposing of the surplus by export or otherwise; Massachusetts.
This pest spread northward and westward until he was introduced in the
In management of stocks and carryovers. Under certain conditions, howabout
States of New York,Pennsylvania. Ohio, Indiana, and Michigan,and
ever, the Institute believes these problems might be successfully solved.
he was introduced into
The board would need to be composed of highly competent men, able the same time he was introduced into this country
pest in
and has proved a greater
not only to work together but to secure the co-operation of the producers, Canada. He has been more destructive
The evidence discloses that the fields of corn
the grain trade, and the milling industry. It would need to limit rather Canada than in this country.
destroyed. He has not been so destructive in
than magnify its responsibilities, to formulate its policies clearly and In Ontario have been 100%
commercial devastation has not been great except in a
pursue them without vacillation. It would need to be assured of continued this country; that his
he has destroyed 10 to 15 or 20% of the growing
Congressional support, and to have working capital ample for all emer- few isolated fields, where
also come from
crops of cont. But he is moving rapidly westward. He has
gencies.
Ontario down to this country, and he comes across water,flies across water.
Effect on Consumers.
not seem to effect him, and the purpose of this appropriation is to
Consumers would bear practically the entire financial burden of the It does Secretary of Agriculture to make a demonstration showing the
the
measure through increased prices of flour and bakery products. Little aid
and assist
farmers how they can protect themselves against its ravages
would be absorbed in distributive channels. Payment of the equalization
of this pest. Now, the purpose of this $10.not get the full benefit of the eventually in the externation
fee would merely mean that growers would
to
is to employ the necessary man power and necessary machinery
increase of price. To add 170 million dollars to the nete income of wheat 000.000
under the plan, would cost the other agricultural population do the work.
growers,
but he
It seems this moth lives upon some 200 or 250 succulent plants,
about 55 million dollars, the country-town inhabitants 35 million, and the
get it he
has a preference for corn when he can get corn, and when he can
urban population 175 million.
particular. So it is the purpose to go into
bother anything else in
As applied to wheat the assumed price increase would probably mean an does not
cornfields in this affected area, which I have pointed out, and assist
addition to the cost of living of about $12 a year per family. This would the
farmer in destroying the cornstalk and everything adajacent to the
the
be felt most heavily by people with low dollar incomes, especially farmers
cornfield in which this animal may find lodgment. Among other things,
and the poorer industrial classes. But in prosperous times this burden
the work which is required of him, which
times they propose to show the farmer
could be borne without restricting wheat consumption, and in hard
ordinarily do as a practical farmer. In other words, if he
purchases of flour and bread, which would he himself must
than destroy or
without preventing increased
has been in the habit of plowing his stalks under rather
be plowed understill be relatively cheap.
burn them, they would assist and show how they should
so when this worm comes
Effects on Acreage and World Prices.
everything on the top of the ground plowed underon which to live, and be destroyed or starve
Substantial increase in prices to wheat growers, however, would stimu- to the top he will find nothing of that character. Another demonstration
birds, or something
late planting of wheat. The war experience showed that wheat acreage or pick up by
prices. A large margin for such ex- is in machinery used for gathering and grinding up all this material; also in
can expand rapidly under favorable
Secretary Jardine says that in order for this to be effective all
pansion exists, through use of idle land now in farms, through diversion burning.
cultivation onto new lands in the the States that are affected must join in co-operative work; and if one of
from other crops, through extending
assumed the States should fail, there would not be any use in spending any portion
Southwest and far Northwest. The Institute predicts that the
That affords another necessity for the immediate action of
increase would lead, within a few years, to the increase of wheat of this money. legislatures in each of the States in the area affected are
price
1919, if not higher, and to an increase of Congress. The
acreage to the record level of
bushels. So large an addition to our export now in session. The Secretary felt that he has had no authority to request
the crop by some 150 million
and increase the equalization fee. The of those States to take action in reference to 'lagging regulatory laws, making
surplus would depress world prices
so forth, until he could assue them that they would
a few years, would be that wheat prices to the grower appropriations and
net result, within
of
adopted; and again, as after have the support of the Government. Now, in order for the Secretary
would be no higher than if the plan were not
d
of difficult and painful re- Agriculture to go into the States or fields and do work that is contemplate
the war, agriculture would face the necessity
When that
we must have regulatory police provisions in this infested area.
adjustment.
in order that that
Is done they will commence their operation at once; and
Operations Under Existing Tariff.
at the earliest possible
smaller if the plan were put in may be effective these several States must be notified appropriation. They
Economic consequences would be much
of the action of this Congress in making this
tariff. Already American wheat prices are moment
operation under the existing
they must pass in order for
wheats command premiums because have been advised of the regulatory laws that
higher because of the tariff. Canadian
been the United States to act upon it.
American mills. If the plan had
of intrinsic milling superiority at
years, with a 42-cent duty, American
The following is the resolution as passed by the House on
In operation in the past three crop
by more than 10 or 12 cents
Spring wheat prices could not have been raised
Feb. 15, and agreed to by the Senate and Signed by President
exceptional year 1924-25, when
a bushel in 1923-24 or 1925-26. In the
prices might have been raised Coolidge on Feb. 23:
Canadian and European crops were short,
years the Institute conResolved, &c., That to enable the Secretary of Agriculture to carry into
cents a bushel. Apart from exceptional
20-22
under the present tariff could not effect the provisions of the act entitled "An act to provide for the eradication
cludes that full operations by the board
all
by more than 12 cents a bushel, or control of the European corn borer." approved Feb. 9 1927, including
raise terminal prices of the whole crop
equipment and supplies, travel,
than 8 cents a bushel, above the levels that necessary expenses for the purchase of
or prices to growers by more
of Columbia and elseemployment of persons and means in the District
e
would otherwise exist.
or consumers, but adminis- where, rent outside the District of Columbia, purchase, maintenanc
an increase would mean little to growers
Such
the District or
as with a much larger increase. repair, and operation of passenger-carrying vehicles outside
trative problems would be nearly as large
be necessary for
stimulate acreage, but the Columbia, printing, and for such other expenses as may
The actual price increase would do little to
, out of any money
hence even these slight gains executing the purpose of such act, there is appropriated
to
adoption of the measure would do more;
in the Treasury not otherwise appropriated, the sum of $10,000,000.
part of this approwould probably prove tumporary.
on either assump- remain available until June 30 1928: Provided, That no
the temporary advantages to wheat growers,
area
Against
in the proposed control
consuming public, the risks of a priation shall be expended until all the States
tion, must be balanced the costs to the
1160
THE CHRONICLE
shall have provided necessary regulatory legislation and until a sum or
sums
adequate in the judgment of the Secretary of Agriculture to the co-operation
of all the States in such area shall have been appropriated, subscribed, or
contributed by State, county,or local authorities, or individuals or organizations: Provided further, That a report shall be made to Congress at the
beginning of the first regular session of the Seventieth Congress setting forth
in detail a classification of expenditures made from this appropriation
prior to Nov. 1 1927.
Department of Agriculture on Plans for Control of
European Corn Borer.
Referring to the fact that a $10,000,000 intensive campaign
under the direction of the Secretary of .Agriculture for the
control of the corn borer which threatens to spread through
the corn belt has been authorized by the joint Congressional
resolution signed this week by the President supplementing
the Corn Borer Control Act, the Department of Agriculture
on Feb. 23 said:
The Act provides for control work in 76 counties in New York, Pennsylvania, Ohio, Michigan, and Indiana, in which the corn crop is threatened
by the borer. It is estimated that 2,500,000 acres of corn land in these
States will be included in the clean-up.
The Act provides that the funds appropriated shall be used for such
clean-up measures as are necessary in addition to those farm operations
normal and usual in each locality. Up to May 1 efforts will be centred
on obtaining the co-operation of farmers in a voluntary clean-up of the
infested area. Immediately following May 1 steps will be taken to complete
the clean-up under the regulatory power of the Act. The provisions
of the Act will be administered through the Breau of Entomology of the
Department of Agriculture.
The expenditure of funds appropriated by the Act is dependent on the
passage of necessary supplementary legislation by the legislatures of the
five States, all of which are now in session. It is contemplated by the
Act that the clean-up of the borer will be conducted by the Department
of Agriculture in co-operation with the State departments of agriculture.
The supplementary State legislation is required to cover quarantine and
control powers needed by the State departmentsofagriculture in co-operation
with the Federal Department in dealing with the borer. As soon as the
necessary State legislation is enacted there will be a conference of Federal
and State officials concerned, following which the control measures to be
taken and the regulations governing them will be announced. State
authorities are being urged to push the necessary State legislation to
early enactment. Delay may make it impossible to carry out the proposed
control measures effectively.
Further reference to the resolution signed by the President appears
elsewhere in this issue.
[VoL. 124.
Secretary of Commerce. The Senate bill provided for a
Federal radio Commission. Under the compromise measure
a Commission of five members to have complete control of
radio communication for one year is provided. After that
time initial control will pass to the Secretary of Commerce
but the Commission will pass on controversies referred by
him, or on appeals from parties dissatisfied with his rulings.
The Commission, says the Associated Press, will have
authority to classify radio stations, prescribe the nature of
their service, assign wave lengths and station locations,
regulate apparatus and prevent interference between stations.
Another of its tasks will be to prevent monopolization in
radio communication and to end discrimination and excessive
charges for transmission.
Call Money Market.
The following are the daily statements issued this week
by the New York Stock Exchange regarding the call money
market:
Feb. 21—Renewal, 4%; high, 4%; low. 4%; last. 4%. A normal turn
over with abundance of offerings and with some outside loans
reported at 3 %.
Feb. 22—Washington's Birthday—holiday.
Feb. 23—Renewal, 4%; high. 4%; low. 33%;
last 33i%• Pressure of
offerings caused decline in rate to 3,‘%.
Feb. 24—Renewal, 4%; high. 4%; low, 4%; last.
4%. Small volume
ample supply all day.
Feb. 25—Renewal, 4%; high. 5%; low, 4%; last,
5%. Preparation for
monthly settlements caused advance to 5%.at which rate
money
was freely offered.
Statements of previous weeks have appeared weekly ia
our issues since July 10 1926; last week's statement will be
found on page 993 of our issue of Feb. 19.
Corner Prevented in Remington Stock—Bankers Tell
Stock Exchange Ample Common Shares Will
Be Supplied.
The following is from the New York "Times" of Feb. 20:
With a corner perilously near in the common stock of the Remington
Typewriter Co., banking interests concerned in the recently announced plan
to merge that company with the Rand-Kardex Bureau. Inc., and other
Sao Paulo Coffee Institute Opens Office in New York. manufacturers of office equipment, have taken steps to make
available a
The opening of an office of the Sao Paulo Coffee Institute sufficient amount of the stock to relieve any possible stringency in the stock
market, it became known yesterday.
in the Cotton Exchange Building, 60 Beaver Street, New
The New York Stock Exchange has called upon its members to furnish it
York, for the purpose of establishing a close and friendly by 11 o'clock each morning, beginning yesterday (Saturday, Feb. 19) and
contact between the Sao Paulo Coffee Institute and the en- until further notice, with a full report of their positions in all classes of the
stock. This action, regarded
tire coffee trade of the United States, is announced by taken after the bankers had as a precaution, was understood to have been
given assurance that ample stock would be
Evaristo F. da Veiga, general agent in the United States. furnished to keep a "free and open market."
That the short interest has been "paying through the nose" has been
The announcement says:
apparent for some time as Remington common advanced from 1123 last
This office will be glad to supply any one interested with information .month to 160% on Feb. 8. The stock fluctuated yesterday
between 153 and
about conditions pertaining to the producing, purchasing and shipping of 152U,closing at 152M for a net loss of
j point on the day. Trading in the
Santos coffee. Suggestions are welcomed from importers, roasters and stock was uncommonly heavy several days
last week, and it was understood
distributors, in order that every possible improvement in the marketing that many of the shorts had covered their
commitments at the rising prices.
of this commodity may be accomplished.
The common stock outstanding amounts to about 100,000 shares, of
It is the intenticn and desire of the Sao Paulo Coffee Institute to facilitate which a large part is held closely.
The floating supply is understood to be
the coffee trade of the United States in its endeavors. Whole-hearted co- around 40,000 shares and the short interest
was estimated yesterday to be
operation between every branch of the industry will undoubtedly result in fully 20,000 shares.
benefit to all—Including the consuming public.
The seriousness of the shorts' predicament was aggravated by the fact that
deposits of. stock under the Remington-Rand merger plan are to begin
to-morrow and that a large majority of the common stock, closely held and
New Orleans and New York Put on Cotton Futures unavailable for loaning purposes, is certain to be turned
In. It has been
estimated that possibly 75% of the stock would be deposited on the first
Parity Under Bill Passed by Congress.
day, which would leave only about 25.000 shares out, and only a part of
New Orleans is put on a parity with New York and Chicago these shares could
be borrowed.
in the settlement of cotton futures contracts under the proMuch of the stock has been locked up by owners who are in Florida or
visions of a bill that now has passed both the Senate and the Europe. It is understood that steps have been taken, by cable and telegraph, to release part of
House, says the Washington correspondent (Feb. 22) of the ton common after the this stock. There was some borrowing of Remingclose of the market yesterday. The stock was
"Journal of Commerce." The advices add:
lending "flat."
Interests identified with the Rand-Kardex Bureau have made it plain to
The practice of the New Orleans Exchange has been to settle contracts
upon the "commercial differences" of the grades tendered as shown by the the Stock Exchange that they will not permit even a technical corner to
develop If they can prevent it, and they have seen that the needs of the
transactions on its own spot market, while New York settled upon the
"fixed" differences established arbitrarily by that Exchange until the shorts were supplied without undue expense. Persons actually short of the
adoption of the Cotton Futures Act, when It was compelled to observe the stock have been led to understand, it was said, that they could settle priaverage commercial differences of the several spot markets in the South vately and to better advantage if they wished to do so. The interests
designated for that purpose. Chicago also uses that basis and now, with concerned In the merger have no intention of punishing the shorts. The
the signing of the new law by President Coolidge, New Orleans will do Business Conduct Committee of the Exchange has been informed to this
effect, it is understood.
likewise.
Remington common at times
The passage of the bill by the Senate was reported in these Remington Rand common onrecently has sold at higher than parity with
a when-issued basis, although interests
columns Feb. 12, page 872.
identified with Rand-Kardex have sold some stock with the view to preventing any unwarranted rise in Remington common under the impetus of short
covering. The situation has no relation to the action of the Rand-Kardex
Iowa Senate Urges Passage of McNary-Haugen Farm securities.
Relief Bill over President's Veto.
A Des Moines Associated Press dispatch was reported as
follows in the "Sun" of last night:
In issue of Feb. 22 (Tuesday) the same paper, said:
The stringency in Remington Typewriter common was relieved largely
yesterday, although the stock was lending "flat" at the close of the day.
Banking Interests concerned in the merger of this company with the RandA resolution declaring the McNary-Haugen bill "the most needed econo- Kardex Bureau and other office equipment manufacturing
companies have
mic legislation for the good of the United States that has at any time been made available for lending purposes sufficient stock to keep
the market
before Congress" and requesting Congress to pass the bill over President "free and open." Deposits of stock under the merger plan
began yesterday,
Coolldge's veto was introduced in the Iowa Senate to-day. Immediate and while no figures were to be had as to the amount
turned in, it was
action was sought.
said the deposit of more than a majority had been assured.
President Coolidge Signs Bill for Control of Radio. National City Company, Which Had Previously Limited
Its Investment Offerings to Preferred, to Extend
On Feb. 23 President Coolidge signed the bill for the
Scope to Common Stocks.
regulation of radio communications. The bill is a comproThe intention of the National City Co. of New York to
mise between House and Senate bills passed at the last
ession. The House bill vested control of radio with the enlarge its field of investment offerings by the inclusion of
FEB. 26 1927.]
THE CHRONICLE
1161
selected common stocks has been made known during the
"To speak of the charter provision of the bank bill as a
'rider' is
week, the "Wall Street News" of Feb. 18 noting the com- application of a term. There was not a single provision of the bank misbill
more germane than the charter provision."
pany's action as follows:
Mr.
Henceforth selected common stocks will appear on lists of National
City
Co. salesmen. Charles E. Mitchell, President of National City
Bank and
of its subsdiary securities organization, asked as to the
significance of the
latter company's recommendation of the common stock of
Southern Railway Co., admitted that this marked a sharp departure from
previous practice and stated that as a result of the new policy other common stocks
would
from time to time be offered to investors through their salesmen.
Hitherto the National City Co. in common with other investment
banking houses of similar standing has limited its investment
offerings to preferred stocks and bonds.
Mr. Mitchell pointed out that the change in policy was evidence
of a belief on the part of the National City Co. that certain common
stocks in
prosperous and efficiently operated companies could now be classed
as sound
investments and that this belief in turn reflected a conviction
that the
country's present prosperity rested on a stable foundation.
He also pointed out that the change in policy served the
practical purpose of filling a demand on the part of the company's clientele.
Guide to Salesmen.
"Our salesmen are constantly being asked to recommend a
good common
stock for investment," he said. "As investment specialists we
shall now be
able in part to guide their commitments in that field as
we have always
done in respect to preferred stocks and bonds. It was
partly with this in
mind that the National City Co. last year made extensive
purchases of the
rights to subscribe to the new $10,000,000 issue of
Southern Railway common stock and has offered such stock to a portion of
its clientele."
Mr. Mitchell was at pains to state that the
new policy did not invblve
the indiscriminate tecommendation of the selected
common stocks to all
classes of investors. "Confident as we are of the future
of Southern Railway common stock," he said, referring
specifically to the recent offering
of that security, "our salesmen were instructed
to use discrimination in the
selection of those to whom they sold it, and that will
continue to be part
of the new policy as other common
stocks are added to our salesmen's lists.
This is because common stocks are by
their very nattire more a 'business
man's investment' than a medium for inherited
funds or funds in trust."
Southern Railway's Rating.
As evidence of Southern Railway's title to investment
rating for its
junior security Mr. Mitchell pointed out that the common
stock had a book
value Dec. 31 last of about $184 a share, that the company
earned in 1926
$17.16 a share exclusive of undistributed earnings in subsidiary
companies
which would have brought the total up to $20.60 a share;
that there was
In the treasury at the close of the year approximately
$41,000,000 in cash
and government bonds. He pointed out also that
Southern Railway was
the first road to attempt new financing through the
sale of common stock
since the war.
McFadden Branch Banking Bill Signed by President
Coolidge.
The McFadden branch banking bill was signed by President Coolidge yesterday (Feb. 25). We give elsewhere in
our issue to-day the text of the bill, which provides indeterininate charters for Federal Reserve banks and defines the
branch banking activities of national banks.
New Federal Reserve Branches.
According to Washington advices to the "Wall Street
Journal" yesterday (Feb. 25), the Federal Reserve Board
announces that a branch of the Federal Reserve Bank of
Richmond will be established at Charlotte, N. C., and a
branch of the Federal Reserve Bank of Dallas at San Antonio,
Tex.
Federal Advisory Council Meets.
Regarding the meeting of the Federal Advisory Council
at Washington, we quote the following from the "Wall
Street Journal" of Feb. 21:
General business and financial conditions were discussed at the
meeting
of the Federal Advisory Council with the Federal Reserve Board.
0. Wetmore,of Chicago, was re-elected President and Co!. John F. Frank
Bruton,
of Richmond, Vice-President. These officers as ex-officio members,
and
J. S. Alexander, L. L. Rue, Harris Creech, and Breckenridge Jones,
will
comprise the executive committee. Walter Lichtenstein continues
as
Secretary of the Council.
Senator Glass Considers Passage of McFadden Branch
Banking Bill Triumph for Federal Reserve System.
According to Senator Carter Glass of the Banking and
Currency Committee in charge of the McFadden branch
bank bill: "Not only is the passage of the bill a
notable
triumph for the Federal Reserve System over its bitterest
enemies, but also over a few of its friends, who have
seemed to insist that the system should not be perpetuate
d
unless at the same moment and to the fullest extent
the
provisions of the Act shall be modified in complete accordnee with their notion of things."
In his statement Feb. 16 the "Journal of Commerce"
also
quotes him as saying:
•'There are provisions of the bank bill
which I could have wished had
been omitted. Some of these I
persistently opposed in committee and
sought to have eliminated. But no Senator can reasonably
expect to have
his way at all times about all things. My chief interest was
to throw out
the abominable Hull amendments and to give
an indeterminate charter to
the Federal Reserve banks, so that the continuation
of the system may not
be made the football of passonate and
ignorant politics."
The "Times" report of what he had to say included
the
following:
Glass said the only rider on the bill wap the Hull branch banking
amendments, and he added that when their "viciousness" was pointed
out
the House reversed itself and threw them out, while the Senate
rejected
them every time a vote was taken.
"I think the country is to be congratulated that the perplexing branch
bank question has apparently been equitably settled for a long time
to
come," Mr. Glass continued, "and that the Federal Reserve System is given
such an overwhelming vote of confidence in both branches of Congress;
for it must be recalled that a separate vote on the charter extension provision demanded in the House resulted in 298 ayes to 22 noes, whereas in
the Senate the bill receives its final endorsement by a vote of 71 to 17."
Secretary Mellon Says McFadden Bill Will Be Helpful
to Entire United States Banking System.
The "Wall Street News" announced the following from
Washington Feb. 17:
Secretary Mellon believes the passage of the McFadden bill will be helpful to the entire banking system of the nation, it was stated at the Treasury to-day. The bill will aid in defining the laws governing the national
banking system. While Secretary Mellon anticipated no difficulty in obtaining renewal of Federal reserve charters he is gratified they have been
renewed now.
Because of the far reaching influence of the reserve system the Secretary
points out any uncertainty as to its future or as to changes that may be
made in the banking system would be harmful to business in general and
the Secretary is convinced renewal of the charters now will be of great
advantage to the banks assuring a permanent and settled policy for the
future.
Although the McFadden bill empowers the Federal Reserve Board to act
In the opening and .closing of Federal Reserve branch banks, the Secretary
does cot think that any change of policy will result from this provision.
The Secretary's favorable attitude to the bill presages its signature by the
President.
Changes Impending in Reserve System—Steps Under
Way to Centralize Control in Board—Would
Restrict Powers of Individual Banks.
From Washington the "Wall Street Journal" reported the
following in its issue of Feb. 24:
Far reaching changes in the fundamental theory of the administration
of the Federal Reserve System are impending. Foundations have already
been laid for the development of a policy designed to centralize control of
the system in the Federal Reserve Board, and testrict the powers for individual action gradually acquired by the twelve Federal Resreve banks.
Enactment of the McFadden Banking Bill, extending in perpetuity the
charters of the Reserve banks, clears the way for the Federal Reserve Board
to carry out its new policy of gathering to itself the reins of control over the
activities of the different institutions of the system. What is sought is
disciplined organization, wherein the policies of the Federal Reserve Board
will be administered uniformly by individual'banks. In other words, the
Board is seeking a position from which at all times it can guide the system,
rather than be compelled at times to follow the lead of a few of the Reserve banks.
Appointment'of Gates W. McGarragh as Chairman of the Board of the
Federal Reserve Bank of New York, and the selections of Owen D. Young
as a Class C director of the same institution, represents the first specific
move in this direction. The Board's idea is to build up the personnel of
the Class C directors of the various Reserve banks to the point where theta
officers, who represent the public in the Reserve system, will consist of the
highest type of men obtainable. Such a move is expected to render unshakable the public confidence in the system.
To Appoint Strong Board Chairman.
Next, the Board proposes to work in as Chairmen of the Board of the
twelve Reserve banks individuals selected from among the Class C directors
Who will stand out both nationally and locally as financial figures. They
Will be expected to dominate their banks; and this is the crux of the new
Federal Reserve Board policy. Chairmen of the Board of the Reserve
banks are appointed by the Federal Reserve Board. They are the Federa
Reserve agents for their banks. They are officials of the Federal Reserve
Board first and then officers of hte Reserve bank which they serve.
By gradually working into board chairmanships men of the dominant
type, the Board at Washington hopes to wrest from the Governors of the
banks their present day dictatorships of policies of the individual institutions. The Governors, selected by the banks, are under no real authority
from the Federal Reserve Board, and they are frequently in a position to
disregard the Chairmen as other than Reserve agents to whom they must
apply when they want currency.
In effect, there is impending a clash between the Board Chairmen of
the Reserve banks and the Governors for the position of authority. If
the Chairmen win out, then virtually complete control of the Reserve banks
will pass to the Federal Reserve Board, since the Chairmen are
responsible
to the Board. Success of the program would enable the Board to require
a far greater uniformity in the discount and open market policies of the
twel O.
banks than has so far been possible. The Board wants to be in a position
to adjust Federal Reserve policies to the needs of the country as a whole.
from the standpoint of national administration rather than to permit individual banks to determine questions of procedure for their districts with.
the national aspect seen through local eyes.
Determining the Discount Rate.
For instance, the Board Chairmen of the different Reserve banks are not members of the open market committees of those institutions, and yet
there is supposed to be a uniform Federal Reserve policy for open market
operations. There is supposed to be a uniform policy for the determination
of discount rate levels, but there have been instances when one bank, by
taking the lead, has forced the rest of the system to follow in altering
the rate.
Unfolding of the Board policy for acquiring maximum control of the
administration of the Reserve banks will take time. It will be years before
the Board can rearrange the Class C directorships of the twelve banks•
in the manner it desires. But the perpetual charters for the Reserve banks
provided by the McFadden bill removes any difficulties to the steady
aggression by the Board which might have been halted had it been necessary
to consider the rechartering of the banks after a beginning had been made
for the new policy.
1162
THE CHRONICLE
[VOL. 124.
•
• after publishing notice of the time, place, and object of the meeting for four
Situation in New York.
weeks in some newspaper of general circulation published in the
Inauguration of this policy in the Federal Reserve Bank of New York consecutive
the said association or bank is situated, and in the legal newswas made possible by vacancies occurring among the Class C directors. place where
the publication of legal notices or advertisements, if any such
The Board would reject any suggestion that Benjamin Strong, Governor paper for
has been designated by the rules of a court in the county where such
of the New York bank,'overshadowed the rest of the system as a national paper
or bank is situated, and if no newspaper is published in the place,
figure, and hence exercised an influence which made the Federal Reserve association
general circulation published nearest thereto, unless such
Bank of New York looked upon internationally as the representative of then in a paper of
meeting is waived in writing by all stockholders of any such
the entire system. But it is realized that Mr. Strong cannot be the per- notice of
or bank, and after sending such notice to each shareholder of
petual Governor of the New York bank, even though the charter of that association
mail at least 10 days prior to said meeting, but any
Institution has been made indefinite. Thus the Board has sought to place record by registered
shall be given to the shareholders of such State bank
In the New York bank a Chairman who can eventually take over the con- additional notice
by the laws of the State where the same is organized.
trolling hand there, just as other Chairmen to be named through the coming which may oe required
consolidated association shall not be less than that
years are to be expected to assume the helm in other Federal Reserve banks. The capital stock of such
required under existing law for the organization of a national banking
The basis of the Board's new policy may be said to rest in the Federal
which such consolidated association is located;
Reserve Act itself. Nowhere in that Act is provision made for Governors association in the place in
franchises, and interests of such State or District bank so
of the twelve Reserve banks, although the office of Chairman of the Board and all the rights,
national banking association in and to every species of
Is specifically created. The title of Governor originated with the banks consolidated with a
and mixed, and choses in action thereto belonging,
from the analogy of the Bank of England In its administrative officer, property, real, personal,
transferred to and vested in such national banking
despite the fact that the head of the Federal Reserve Board is called the shall be deemed to be
into which it is consolidated without any deed or other transfer,
Governor. From the standpoint of the Reserve Board, the Act intended association
national banking association shall hold and enjoy
that the Chairman of the Boards of the various Reserve banks should be and the said consolidated
rights of property, franchises, and interests including the
the chief officers of those institutions, with the Federal Reserve Board • the same and all
right of succession as trustee, executor, or in any other fiduciary capacity in
superimposed as the central point of authority.
the same manner and to the same extent as was held and enjoyed by such
State or District bank so consolidated with such national banking associshall have been effected and approved by
See Blue Sky Law in McFadden Act—Bank Represen- ation. When such consolidationof either the association or of the State or
the comptroller any shareholder
Analyze Effect of New Legislation.
tatives
District bank so consolidated, Who has not voted for such consolidation,
consolidated association within
The effect of the new McFadden Bank Act on bank loans, may give notice to the directors of theapproval of the comptroller that 20
he
days from the date of the certificate of
Investment securities, real estate loans, branch banking and dissents from the plan of consolidation as adopted and approved, whereother banking activities is explained in a copyright analysis upon he shall be entitled to receive the value of the shares so held by him,
by an appraisal made by a Committee of three persons,
to be
of the Act issued by Kiplinger, Babson & Jacobs, a Washing- one toascertained by the shareholder,one by the directors ofthe consolidated
be selected
ton firm of bank representatives, according to Washington association, and the third by the two so chosen; and in case the value so
advices Feb. 24 to the New York "Journal of Commerce," fixed shall not be satisfactory to such shareholder he may within five days
after being notified of the appraisal appeal to the Comptroller of the
from which we also take the following:
Currency. who shall cause a reappraisal to be made, which shall be final
Referring to Section 2 (b) of the Act, the analysis explains that this and binding; and the consolidated association shall pay the expenses of
to engage affirmatively in the busispecifically authorizes "national banks
reappraisal, and the value as ascertained by such appraisal or reappraisal
ness of buying and selling investment securities" under regulations to be shall be deemed to be a debt due and shall be forthwith paid to said sharedrafted by the Comptroller of the Currency to define "marketable obliga- holder by said consolidated association, and the shares so paid for shall be
tions." These regulations, together with the provisions of the Act, will surrendered and,after due notice, sold at public auction within 30 days after
constitute, in effect, a Federal Blue Sky law for national bank investments. the final appraisement provided for in this Act; and if the shares so sold at
Real Estate Bonds.
public auction shall be sold at a price greater than the final appraised value,
price shall be paid to the said shareholder; and the
Regarding real estate mortgage bonds, the analysis points out that scene the excess in such sale
association shall have the right to purchase such shares at public
them may be able to qualify before the Comptroller as proper investment consolidated
of
highest bidder therefor, for the purpose of reselling such
securities for national banks and thereby improve their marketability. auction, if it is the
days thereafter to such person or persons and at such
Heretofore they have been regarded not as investments, but as real estate shares within 30
price as its board of directors ay resolution may determine.
loans limited to one year, and therefore practically excluded as investments.
The liquidation of such shares of stock in any State bank shall be deterNational banks may now make first mortgage loans on improved city real
mined in the manner prescribed by the law of the State in such cases if such
estate for tenns up to five years. with a limit of 50% of the value of the
provision Is made in the State law; otherwise as hereinbefore provided.
property. This is connected with a new legalizing of the savings deposit
No such consolidation shall be In contravention of the law of the State under
business of national banks. Upon the present status of savings in national
which such bank is incorporated.
banks this Act will release for first mortgage city .property loans of more
The words "State bank," "State banks," "bank," or "banks," as used in
than $3,000,000,000.
this Section, shall be held to include trust companies, savings banks, or
Section 5200, "the heart of the National Banking Act," has been com- other such corporrtions or institutions carrying on the banking business
pletely rewritten. The 10% limitation of capital and surplus loanable to under the authority of State laws.
a single customer remains the same as in the old law, but this limit now
Sec. 2. (a) That Section 5136 of the Revised Statutes of the United
applies to the endorser of paper who obtains a loan from the bank, whereas States, subsection "second" thereof as amended, be amended to read as
ran only against the maker of a note. It is
under the old law the limit
follows:
stated that under this and other provisions Of the new Act many lines of
"Second. To have succession from the date of the approval of this Act,
credit in national banks must be reorganized. The status of loans upon cot- or from the date of its organization if organized after such date of approval
ton, grain and other readily marketable non-perishable staple commodities until such time as it be dissolved by the act of its shareholders owning twothirds of its stock, or until its franchise becomes forfeited by reason of
also is modified materially by the new Act.
Act of
violation of law or until terminated by either a general or a special finally
Branch Bank Limits.
Congress or until its affairs be placed in the hands of a receiver and
wound up by him."
Regarding branch banking, it now develops that the Act as finally
passed limited future branches of both national banks and State bank memBuying and Selling Investment Securities.
bers of the Federal Reserve System to "limits of the city," not "corporate
(b) That Section 5136 of the Revised Statutes of the United States,
limits of the city." Thus it will devolve upon the Federal Reserve Board
of
subsection "seventh" thereof, be further amended by adding at the end
and the Comptroller of the Currency to determine by interpretation whether
or metropolitan area, or the legal corporate the first paragraph thereof the following:
securities
this means the natural limits
Provided, That the business of buying and selling investment
banklimits. This may reopen the whole controversy over whether branch
shall hereafter be limited to buying and selling without recourse marketable
lug should be permitted in "contiguous territory."
-partnership, associco
of 25,000 obligations evidencing indebtedness of any person,
The Act limits future extension of branch banking to cities
notes, and /or debentures,
branches per- ation, or corporation, in the form of bonds,
population or more, with a sliding scale of the number of
securities, under such further definition of
State bank commonly known as investment
mitted, and this applies only to States which by law permit
the term "investment securities" as may by regulation be prescribed by the
branches. Nevertheless, some ambiguous State laws must be interpreted Comptroller of the Currency, and the total amount of such investment
and many
and applied under regulations of the Comptroller of the Currency
held by such association shall at no
branches, it is securities of any one obligor or maker
complicated questions will arise. Regarding the powers of
the amount of the capital stock of such association
character of banking business time exceed 25% of
unimpaired surplus fund,
stated in the analysis that "any and every
actually paid in and unimpaired and 25% of its
may be carried on in the branches at the discretion of the board of di- but this limitation as to total amount shall not apply to obligations of the
The Comptroller of the Currency is not empowered to make regu- United States, or general obligations of any State or of any political subrectors."
lations for the conduct of the branches, such as he made for the "addi- division thereof, or obligations issued under authority of the Federal Farm
the business commonly
tional offices" or "tellers' windows."
Loan Act: And provided further, that in carrying on
known as the safe-deposit business no such association shall invest in the
under the law of any State to
capital stock of a corporation organized
conduct a safe-deposit business in an amount in excess of 15% of the capital
Text of McFadden Branch Banking Bill.
stock of such association actually paid in and unimpaired and 15% of its
As we indicate in another item, President Coolidge signed unimpaired surplus, so that the subsection as amended shall read as follows:
Seventh. To exercise by its board of directors, or duly authorized officers
yesterday (Feb. 25) the McFadden branch banking bill.
or agents, subject to law, all such Incidental powers as shall be necessary to
carry on the business of banking; by discounting and negotiating promisThe text of the newly enacted measure follows:
sory notes, drafts, bills of exchange, and other evidences of debt: by receivAn Act to further amend the national banking laws and the Federal ing deposits: by buying and selling exchange, coin, and bullion: by loaning
Act, and for other purposes.
money on personal security; and by obtaining, issuing, and circulating notes
Reserve
according to the provisions of this title: Provided, That the business of
Consolidations.
buying and selling investment securities shall hereafter be limited to buying
States of and selling without recourse marketable obligations evidencing indebtedness
Be it enacted by Senate and House of Representatives of the United
of any person, co-partnership, association or corporation, in the form of
America in Congress assembled.
bonds. notes and /or debentures, commonly known as investment securiof national ties, under such further definition of the term 'investment securities' as
That an Act entitled "An Act to provide for the consolidation
associations," approved Nov. 7 1918, be amended by adding at may by regulation be prescribed by the Comptroller of the Currency, arta
banldng
the total amount of such investment securities of any one obligor or maker
section to read as follows:
the end thereof a new
such association shall at no time exceed 25% of the amount of the
State, or any held bystock of such association actually paid in and unimpaired and 25%
3. That any bank incorporated under the laws of any
capital
Sec.
with a of its unimpaired surplus fund, but this limitation as to total amount shall
bank incorporated in the District of Columbia, may be consolidated
In the same county, city, town, or not apply to obligations of the United States, or general obligations of any
national banking association located
or obligations issued under
political subdivision
of such national banking association on such terms State or of any Federal Farm Loan thereof,
Act: And provided further, That in
village under the charter
the board authority of thebusiness commonly known as the safe deposit business no
on the
conditions as may be lawfully agreed upon by a majority of
carrying
and
association or bank proposing to consolidate, and which such association shall Invest in the capital stock of a corporation organized
of directors of each
and confirmed by the affirmative vote of the under the law of any State to conduct a safe deposit business in an amount
agreement shall be ratified
the capital stock of such association actually paid it
association or bank owning at least two-thirds of in excess of 15% of 15% of its unimpaired surplus.
shareholders of each such
and unimpaired and
outstanding, or by a greater proportion of such capital
association shall transact any business except such as is Incidenta
But no
Its capital stock
State bank if the laws of the State where the same and necessarily preliminary to its organization, until it has been authorized
stock in the case of such
meeting to be held on the call of the directors by the Comptroller of the Currency to commence the business of banking
organized so require, at a
is
FEB. 26 1927.]
THE CHRONICLE
1163
to any national banking association
Sec. 3. That Section 5137 of the Revised Statutes of the United States, of"Sec. 5200. The totalYobligations
any person, co-partnership, association, or corporation shall at no time
Sub-Section "first" thereof, be amended to read as follows:
exceed 10% of the amount of the capital stock of such association actually
10% of its unimpaired surplus
"First. Such as shall be necessary for its accommodation in the trans- paid in and unimpaired and the direct liability of the maker fund. The
or acceptor
term 'obligations' shall mean
action of its business."
of paper discounted with or sold to such association and the liability of the
indorser, drawer, or guarantor who obtains a loan from or discounts paper
Capital Requirements of National Banks.
with or sells paper under his guaranty to such association and shall include
Sec. 4. That Section 5138 of the Revised Statutes of the United States, in the case of obligations of a co-partnership or association the obligations
of the several members thereof. Such limitation of 10% shall be subject
as amended, be amended to read as follows:
to the following exceptions:
"Sec. 5138. No national banking association shall be organized with a
"(1) Obligations in the form of drafts or bills of exchange drawn in good
less capital than $100,000, except that such associations with a capital of faith against actually existing values shall not be subject under this section
not less than $50,000 may, with the approval of the Secretary of the Treas- to any limitation based upon such capital and surplus.
ury, be organized in any place the population of which does not exceed
"(2) Obligations arising out of the discount of commercial or business
a
6,000 inhabitants, and except that such associations with of capital of not paper actually owned by the person, co-partnership, association, or corporathe Treasury,
less than $25,000 may, with the sanction of the Secretary
tion negotiating the same shall not be subject under this section to any
in any place the population of which does not exceed 3,000 limitation based upon such capital and surplus.
be organized
Inhabitants. No such association shall be organized in a city the popula"(3) Obligations drawn in good faith against actually existing values and
tion of which exceeds 50 000 persons with a capital of less than $200,000. secured by goods or commodities in process of shipment shall not be subject
except that in the outlying Wstricts of such a city where the State laws under this section to any limitation based upon such capital and surplus.
permit the organization of State banks with a capital of $100,000 or less,
"(4) Obligations as indorser or guarantor of notes, other than commercial
national banking associations now organized or hereafter organized may, or business paper excepted under (2) hereof, having a maturity of not more
with the approval of the Comptroller of the Currency, have a capital of than six months, and owned by the person, corporation, association, or conot less than $100,000.
partnership indorsing and negotiating the same, shall be subject under
this section to a limitation of 15% of such capital and surplus in addition
Provision Governing Increase in Capital.
to such 10% of such capital and surplus.
Revised Statutes of the United States,
"(5) Obligations in the form of banker's acceptances of other banks of
Sec. 5. That Section 5142 of the
the kind described in Section 13 of the Federal Reserve Act shall not be
as amended, be amended to read as follows:
based upon such capital and
subject
association may, with the approval surplus.under this section to any limitation
"Sec. 5142. Any national banking
vote of
of the Comptroller of the Currency, and by a increaseshareholders owning
"(6) Obligations ofany person,co-partnership, association or corporation,
its capital stock to
stock of such associations,
two-thirds of the
in the form of notes or drafts secured by shipping documents, warehouse
any sum approved by the said Comptroller but no increase in capital receipts or other such documents transferring or securing title covering
shall be valid until the whole amount of such increase is paid in and notice readily marketable non-perishable staples when such property is fully
a notary public by the president, vice- covered by insurance, if it is customary to insure such staples, shall be
thereof, duly acknowledged before
president, or cashier of said association, has been transmitted to the subject under this section to a limitation of 15% of such capital and surplus
Comptroller of the Currency and his certificate obtained specifying the In addition to such 10% of such capital and surplus when the market value
his approval
amount of such increase in capital stock andcapital of suchthereof, and of such staples securing such obligation is not at any time lem than 115%
ss.sociation: of the face amount of such obligation, and to an additional increase of
that it has been duly paid in as part of the association may.
with the limitation of 57 of such capital and surplus in addition to such 25% of
national banking
Provided, however, that a
approval of the Comptroller of the Currency, and by the vote of share- such capital anti surplus when the market value of such staples securing
two-thirds of the stock of such association. increase its such additional obligation is not at any time less than 120% of the face
holders owning
capital stock by the declaration of a stock dividend, provided that the amount of such additional obligation, and to a further additional increase
of the incre se,
surplus of said association, after the approval increased. Such shall be of limitation of 5% of such capital and surplus in addition to such 30%
increase of such capital and surplus when the market value of such staples securing
at least equal to 20% of the capital stock as
to such
shall not be effective until a certificate certifyingor cashierdeclaration of such additional obligation is not at any time less than 125% of the face
of said asso- amount of such additional obligation, and to a further additional increase
dividend, signed by the president, vice-president public,
shall have been of limitation of 5% of such capital and surplus in addition to such 35%
ciation and duly acknowledged before a notary
forwarded to the Comptroller of the Currency and his certificate obtained of such capital and surplus when the market value of such staples securing
the amount of such increase of capital stock by stock dividend, such additional obligation is not at any time less than 130% of the face
specifying
and his approval thereof."
amount of such additional obligation, and to a further additional increase
of limitation of 5% of such capital and surplus in addition to such 40%
Chairman of Board.
of such capital and surplus when the market value of such staples securing
Sec. 6. That Section 5150 of the Revised Statutes of the United States such additional obligation is not at any time less than 135% of the face
amount of such additional obligation, and to a further additional increase
be amended to read as follows:
of limitation of 5% of such capital and surplus in addition to such 45%
"Sec. 5150. The president of the bank shall be a member of the board of such capital and surplus when the market value of such staples securing
and shall be the chairman thereof, but the board may designate a director such additional obligation is not at any time less than 140% of the face
in lieu of the president to be chairman of theboard, who shall perform amount of such additional obligation, but this exception shall not apply
such duties as may be designated by the board.
to obligations of any one person, co-partnership, association or corporation
arising from the same transactions and /or secured upon the identical
Operation of Branches.
staples for more than ten months.
Sec. 7. That Section 5155 of the Revised Statutes of the United States
Live Stock Obligations.
be amended to read as follows:
"(7) Obligations of any person, co-partnership, association, or corporation
"Sec. 5155. The conditions upon which a national banking association
notes or drafts secured by shipping documents or instruments
in the form of
may retain or establish and operate a branch or branches are the following:
covering livestock or
livestock
"(a) A national banking association may maintain and operate such branch transferring or securing titlethe livestock securinggiving a lien on is not at
the obligation
when the market value of
or branches as it may have in lawful operation at the date of the approval any time less than 115% of the face amount of the notes covered by such
of this Act, and any national banking association which has continuously documents shall be subject under this section to a limitation of 15% of such
maintained and operated not more than one branch for a period of more
in addition to such 10% of such capital and surplus.
than 25 years immediately preceding the approval of this Act may continue capital and surplus of any person. Co-partnership, association, or corpora"(8) Obligations
to maintain and operate such branch.
tion in the form of notes secured by not less than a like amount of bonds
"(b) If a State bank is hereafter converted into or consolidated with a
national banking association, or if two or more national banking associations or notes of the United States issued since April 24 1917, or certificates of
of the United States, shall (except to the extent permitted
are consolidated, such converted or consolidated association may, with Indebtedness regulations prescribed by the Comptroller of the Currency,
by rules
respect to any of such banks, retain and operate any of their branches which with the and
approval of the Secretary of the Treasury) be subject under this
been in lawful operation by any bank at the date of the approval
may have
section to a limitation of 15% of such capital and surplus in addition to
of this Act.
surplus."
"(c) A national banking association may,after the date of the approval of such 10% of such capital and
establish, and operate new branches within the limits of the city,
this Act
Sec. 11. That Section 5202 of the Revised Statutes of the United States
town, or village in which said association is situated if such establishment
at the end thereof a new paragraph to
and operation are at the time permitted to State banks by the law of the as amended be amended by adding
read as follows:
State in question.
"(d) No branch shall be established after the date of the approval of this , Eighth. Liabilities incurred under the provisions of Section 202 of
Act within the limits of any city, town,or village of which the population by '
II of the Federal Farm Loan Act, approved July 17 1916, as amended
the last decennial census was less than 25,000. No more than one such Title Agricultural Credits Act of 1923.
branch may be thus established where the population, so determined, of by the
unit does not exceed 50,000: and not more than two such
such municipal
Certification of Checks.
branches where the population does not exceed 100.000. In any such
Sec. 12. That Section 5208 of the Revised Statutes of the United
municipal unit where the nopulatlon exceeds 100.000 the determination
of the number of branches s a 1 be within the discretion of the Comptroller States as amended be amended by striking out the words "or who shall
of the Currency.
certify a check before the amount thereof shall have been regularly entered
"(e) No branch of any national banking association shall be established
the books of the bank," and in lieu thereof
or moved from one location to another without first obtaining the consent to the credit of the drawer upon
approval of the Comptroller of the Currency.
inserting the following: "or who shall certify a check before the amount
and
"(f) The term 'branch' as used in this section shall be held to include thereof shall have been regularly deposited in the bank by the drawer
office, branch agency,
any branch bank, branchlocated in any State or additional office, or any thereof," so that the section as amended shall read as follows:
Territory of the United
branch place of business
Sec. 5208. It shall be unlawful for any officer, director, agent or
States or in the District of Columbia at which deposits are received, or
money lent.
employee of any Federal Reserve bank, or any member bank as defined
checks paid, or
"(g) This section shall not be construed to amend or repeal Section 25 of In the Act of Dec. 23 1912. known as the Federal Reserve Act, to certify
the Federal Reserve Act, as amended, authorizing the establishment by any check drawn upon such Federal Reserve bank or member bank unless
national banking associations of branches in foreign countries, or depend- the person, firm, or corporation drawing the check has on deposit with
such Federal Reserve bank or member bank, at the time such
encies, or insular possessions of the United States.
banks,' bank.' or 'banks,' as used certified, an amount of money not less than the amount specifiedcheck is
in such
"(h) The words 'State bank,' State
to include
In this section shall be held institutionstrust companies, savings banks, or check. Any check so certified by a duly authorized officer, director,
carrying on the banking business agent or employee shall be a good and valid obligation against such
other such corporations or
Federal
laws."
under the authority of State
Reserve bank or member bank; but the act of any officer, director ,agent,
or employee of any such Federal Reserve bank or member bank in violaSec. S. That Section 5190 of the Revised Statutes of the United States tion of this section shall, in the discretion of the Federal Reserve Board,
subject such Federal Reserve bank to the penalties imposed by Section 11,
be amended to read as follows:
(h) of the Federal Reserve Act, and shall subject such member
"Sec. 5190. The general business of each national banking association subsection
bank, to the liabilities
bank,
proceedings on the part
shall be transacted in the place specified in its organization certificate and of the if a nationalof the Currency providedand in
Comptroller
for
Section 5234, Revised
or maintained by it in accordin the branch or branches, if any, established
Statutes, and shall,in the discretion of the Federal Reserve Board, subject
ance with the provisions of Section 5155 of the Revised Statutes, as amended any other
member bank to the penalties imposed by Section 9 of said
by this Act."
Federal Reserve Act for the violation of any of the provsions of said Act.
Sec. 9. That the first paragraph of Section 9 of the Federal Reserve Act, Any officer, director, agent, or employee of any Federal Reserve bank
or member bank who shall willfully violate the provisions of this section,
be amended so as to read as follows:
or who shall resort to any device,or receive any fictitious obligation, directly
"Sec. 9. Any bank incorporated by special law of any State, or organized or collaterally, in order to evade the provsllons thereof, or who shall certify
under the general laws of any State or of the United States, desiring to a check before the amount thereof shall have been regularly deposited
become a member of the Federal Reserve System, may make application In the bank by the drawer thereof, shall be deemed guilty of a misdemeanor
to the Federal Reserve Board, under such rules and regulations as it may and shall, on conviction thereof in any district court of the United States,
prescribe, for the right to subscribe to the stock of the Federal Reserve be fined not more than $5,000, or shall be imprisoned for not more than
bank organized within the district in which the applying bank is located. five years, or both, in the discretion of the court.
Such application shall be for the same amount of stock that the apin
Reports to Comptroller of Currency.
bank would be required to subscribe to as a national bank. The Y era
Reserve Board, subject to the provisions of this Act and to such conditions
Sec. 13. That Section 5211 of the Revised Statutes of the United States
as it may prescribe pursuant thereto may permit the applying bank to as amended be amended to read as
follows:
become a stockholder of such Federal Reserve bank.
Sec. 5211. Every association shall make to the Comptroller of the
"Any such State bank which, at the date of the approval of this Act, has
established and is operating a branch or branches in conformity with the Currency not less than three reports during each year, according to the
State law, may retain and operate the same while remaining or upon be- form which may be prescribed by him, verified by the oath or affirmation
coming a stockholder of such Federal Reserve bank, but no such State of the President, or of the Cashier, or of a Vice-President or of an Assistant
bank may retain or acquire stock in a Federal Reserve bank except upon Cashier of the association designated by its board of directors to verify
relinquishment of any branch or branches established after the date of such reports in the absence of the President and Cashier, taken before a
the approval of this Act beyond the limits of the city, town, or village in notary public properly authorized and commissioned by the State in
which such notary resides and the association is located, or any other
which the parent bank is situated."
officer having an official seal, authorized in such State to administer
Obligations Limited to 10% of Capital.
oaths, and attested by the signature of at least three of the directors.
Each
detail and under appropriate heads,
Sec. 10. That Section 5200 of the Revised Statutes of the United States, the such report shall exhibit, inassociation at the close of business on
resources and liabilities of the
as amended, be amended to read as follows:
any past day by him specified, and shall be transmitted to the Comptroller
1164
VIZ CHRONICLE
within five days after the receipt of a request or requisition therefor from
him: and the statement of resourcesand liabilities,together with acknowledgment and attestation in the same form in which it is made to the Comptroller, shall be published in a newspaper published in the place where
such association is established, or if there is no newspaper in the place,
then in the one published nearest thereto in the same county, at the expense of the association: and such proof of publication shall be furnished
as may be required by the Comptroller. The Comptroller shall also
have power to call for special reports from any particular association
whenever in his judgment the same are necessary in order to obtain a
full and complete knowledge of its condition.
[Vol.. 124.
Smith Signs Bill Relating to State Bank Depositaries.
The following is from the "Times" of yesterday (Feb. 25):
A bill signed by Governor Smith yesterday carries slight amendments to
the Banking law applying to the banks in the various boroughs of New York
City which may serve as depositaries of State funds. Under the new regulations banks having a combined capital and surplus of $1,000,000 may
receive State deposits in boroughs having a population of 1,500,000. This
represents a change from the old law, which stipulated a population of
2,200,000. Banks having capital and surplus of $750,000 are eligible in
Loans or Gratuities to Bank Examiners Prohibited.
communities with a population of from 1,000,000 to 1,500,000, and banks
Sec. 14. That Section 22 of the Federal Reserve Act, subsection (a). with
capital and surplus of $500,000 elsewhere.
paragraph 2 thereof, be amended to read as follows:
(a) No member bank and no officer, director, or employee thereof shall
hereafter make any loan or grant any gratuity to any bank examiner. Any
bank officer, director, or employee violating this provision shall be deemed
guilty of a misdemeanor and shall be imprisoned not exceeding one year,
or fined not more than $5,000, or both, and may be fined a further sum
equal to the money so loaned or gratuity given.
Any examiner or assistant examiner who shall accept a loan or gratuity
from any bank examined by him, or from an officer, director, or employee
thereof, or who shall steal, or unlawfully take, or unlawfully conceal any
money, note, draft, bond, or security or any other property of value in the
possession of any member bank or from any safe deposit box in or adjacent
to the premises of such bank, shall be deemed guilty of a misdemeanor and
shall upon conviction thereof in any district court of the United States, be
imprisoned for not exceeding one year, or fined not more than $5,000, or
both, and may be fined a further sum equal to the money so loaned, gratuity
given, or property stolen, and shall forever thereafter be disqualified from
holding office as a national bank examiner.
Loans on Real Estate.
Sec. 15. That Section 24 of the Federal Reserve Act be amended to read
as follows:
Sec. 24. Any national banking association may make loans secured by
first lien upon improved real estate, including improved farm land, situated
within its Federal reserve district or within a radius of one hundred miles of
the place in which such bank is located irrespective of district lines. A loan
secured by real estate within the meaning of this section shall be in the form
of an obligation or obligations secured by mortgage, trust deed, or other
such instrument upon real estate when the entire amount of such obligation
or obligations is made or is sold to such association. The amount of any
such loan shall not exceed 50% of the actual value of the real estate offered
for security, but no such loan upon such security shall be made for a longer
term than five years. Any such bank may make such loans in an aggregate
sum including in such aggregate any such loans on which it is liable as indorser or guarantor or otherwise equal to 25% of the amount of the capital
stock of such association actually paid in and unimpaired and 25% of its
unimpaired surplusfund,or to one-halfof its savings deposits, at the election
of the association, subject to the general limitation contained in Section
5200 of the Revised Statutes of the United States. Such banks may continue hereafter as heretofore to receive time and savings deposits and to
pay interest on the same, but the rate of interest which such banks may
pay upon such time deposits or upon savings or other deposits shall not
exceed the maximum rate authorized by law to be paid upon such deposits
by State banks or trust companies organized under the laws of the State
wherein such national banking association is located.
Par Value of National Bank Stock.
Sec. 16. That Section 5139 of the Revised Statutes of the United States
be amended by inserting in the first sentence thereof the following words:
"or into shares of such less amount as may be provided in the articles of
association" so that the section as amended shall read as follows:
Sec. 5139. The capital stock of each association shall be divided into
shares of $100 each, or into shares of such less amount as may be provided
In the articles of association, and be deemed personal property, and transferable on the books of the assoelation in such manner as may be prescribed
in the by-laws or articles of association. Every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all rights
and liabilities of the prior holder ofsuch shares: and no change shall be made
in the articles of association by which the rights, remedies, or security of the
existing creditors of the association shall be impaired.
Minimum Holdings of Directors.
Sec. 17. That Section 5146 of the Revised Statutes of the United States
as amended be amended by inserting in lieu of the second sentence thereof
the following: "Every director must own in his own right shares of the
capital stock of the association of which he is a director the aggregate par
value of which shall not be less than $1.000. unless the capital of the bank
shall not exceed $25,000 in which case he must own in his own right shares
of such capital stock the aggregate value of which shall not be less than
$500." so that the section as amended shall read as follows:
Sec. 5146. Every director must during his whole term of service, be a
citizen of the United States, and at least three-fourths of the directors must
have resided in the State. Territory, or District in which the association is
located, or within fifty miles of the location of the office of the association,
for at least one year immediately preceding their election, and must be
residents of such State or within a fifty-mile territory of the location of the
association during their continuance in office. Every director must own in
his own right shares of the capital stock of the association of which he is a
director the aggregate par value of which shall not be less than $1,000, unless
the capital of the bank shall not exceed $25,000 in which case he must own
In his own right shares ofsuch capital stock the aggregate par value of which
shall not be less than $500. Any director who ceases to be the owner of the
required number ofshares of the stock, or who becomes in any other manner
disqualified, shall thereby vacate his place.
Federal Reserve Banks Chartered for Indeterminate Period.
Sec. 18. That the second subdivision of the fourth paragraph of Section
4 of the Federal Reserve Act be amended to read as follows:
Second. To have succession after the approval of this Act until dissolved
by Act of Congress or until forfeiture of franchise for violation of law.
Address of President Coolidge Commemmorating Birth
of Washington—Plans for Two Hundredth Anniversary—Character and Efficiency of Father
of Country Extolled—His Part in Founding
Country's Banking System.
In an address extolling the life of Washington, delivered
on the anniversary of the birth of the Father of His Country on Feb. 22, President Coolidge referred to him as "a
man endowed with what has been called uncommon common
sense, with tireless industry, with a talent for taking infinite pains, and with a mind able to understand the universal and eternal problems of mankind." President
Coolidge remarked that "Washington had the ability to
translate ideals into the practical affairs of life," and he observed that "his accomplishments were great because of an
efficiency which marked his every act and a sublime, compelling faith in the ultimate triumph of the right."
The President went on to say:
"As we study his daily life, as we read his letters, his diaries, his State
papers, we come to realize more and more his wisdom, his energy, and his
efficiency. He had the moral efficiency of an abiding religious faith,
emphasizing the importance of the spiritual side of man, the social
efficiency shown by his interest in his fellow-men, and in his realization
of the inherent strength of a people united by a sense of equality and
freedom, the business efficiency of a man of affairs, of the owner and
manager of large properties, the governmental efficiency of the head of
a new nation, who taking an untried political system made it operate successfully, of a leader able to adapt the relations of the government to the
people.
"He understood how to translate political theory into a workable scheme
of government. He knew that we can accomplish no permanent good by
going to extremes. The law of reason must always be applied."
President Coolidge declared that "to Washington, the man
of affairs, we owe our national banks, for had he followed
the advice of other leaders, great but less enlightened on
matters of finance, the plans of Alexander Hamilton would
not have been realized." On this point the President added:
"As a result of the war the country was deeply in debt and had no
credit; but the solution of our financial difficulties suggested by the first
Secretary of the Treasury was opposed by those from rural communities.
They argued that the large commercial cities would dominate to the detriment of other parts of the country. Both Jefferson, Secretary of State.
and Randolph, Attorney General, in writing opposed the incorporation by
Congress of a national bank. They were joined by Madison and Monroe.
All argued against the constitutionality of this proposition. Hamilton
answered their arguments fully in his famous opinon. But, had the President not been a man of affairs, had he not been for many years a large
holder of stock in the Bank of England, coming from the estate of Hanna.
Parke Curtis, he might have yielded to the opposition. Because he knew
something about bank accounts and bank credits the bill was signed and
the foundation of our financial system laid."
In concluding his tribute to Washington the President
said:
'Ills was the directing spirit without which there would have been no
independence, no Union, no Constitution, and no Republic. His ways were
the ways of truth. He built for eternity. His influence grows. His stature increases with the increasing years. In wisdom of action, in purity of
character, he stands alone. We cannot yet estimate him. We can only
indicate our reverence for him and thank the Divine Providence which sent
him to serve and inspire his fellow-men."
At the outset of his address President Coolidge referred to
the proposed celebration of the two hundredth anniversary
of the birth of Washington on Feb. 22 1932 and said that
Discontinue of Reserve Bank Branches.
"In recognition of the importance of this coming anniverSec. 19. That Section 3 of the Federal Reserve Act, as amended, is sary, more than two years ago the Congress passed a joint
further amended by adding at the end thereof the following:
resolution establishing a commission, which was directed
The Federal Reserve Board may at any time require any Fredoral Reserve
Bank to discontinue any branch of such Federal Reserve Bank established to have this address made to the American people reminding
The Federal Reserve Bank shall thereupon proceed to
under this section.
purpose for holding the coming celewind up the business of such branch bank, subject to such rules and regula- them of the reason and
tions as the Federal Reserve Board may prescribe.
bration. It was also considered that now would be an appropriate time to inform the public that this commission
Framing of Tax Reduction Measure to Be Started in desires to receive suggestions concerning plans for the proAutumn.
posed celebration and to express the hope that the States
The following is from the United States Daily of Feb. 11: and their political subdivisions under the direction of their
reached by the House Committee on Ways
Governors and local authorities would soon arrange for apAs the result of a decision
reduction legislation to be considered by the
and Means on Feb. 10, tax
committees to formulate proin advance of the session to begin in pointing commissions and
next Congress will be framed
grams for co-operation with the Federal Government."
December.
resolution authorizing Chairman Green
The address was delivered In the House of Representatives
The committee agreed to a
Iowa, to convene the membership early
(Republican) of Council Bluffs,
quote from the Washington distax reduction proposals. Similar procedure before an audience (we
next autumn to begin work on
the present Congress, at which a draft patch to the New York "Times") comprising the members
adopted before the opening of
was
formulated.
of the Supreme Court, the Diplomatic Corps, the Cabinet,
of the Revenue Act of 1926 was
revision in the committee's discussion was
A proposal to include tariff
the Senate and the House of Representatives, Governors of
defeated.
FEB. 26
1927.]
THE CHRONICLE
1165
States, ranking officers of the army, the navy and the admirable and desirable, if seemingly uninteresting, trait. His father, who
in England, died when his son was 11 years old. His
Marine Corps and other notable persons, together with many had been educated
mother had but moderate educational advantages. There were no great
women of official and residential society and of prominence incentives to learning in Virginia in 1732, and the facilities for acquiring
knowledge were still meager. The boy might well have grown up with
In patriotic organizations. The "Times". also said:
The President spoke into a radio microphone, and through this means
his voice was broadcast to all parts of the country and was heard abroad.
General Harbord, President of the Radio Corporation of America, informed
President Coolidge this afternoon that he bad heard his address in London.
The distribution of the address through the air was the most extensive
ever undertaken. Forty-two stations of the new transcontinental hook-up
of the National Broadcasting Co. relayed it.
How many millions listened in is problematical, but, as the relay of
broadcasting stations extended across the continent from the Atlantic to
the Pacific Coast and from Maine to Georgia in the South and to Texas in
the Southwest, let alone the broadcasting effort which reached the British
Isles, it is evident that more people were able to hear the President's words
as they were spoken by him in Washington than ever had been able to
undergo a like experience at the same time.
It was noted by the Washington correspondent of the
"Herald-Tribune" that:
Incidentally, it was the first time that a joint session of Congress had
ever convened to listen to an address about George Washington on his
birthday, and the first time that a President of the United States had
ever addressed Congress on the subject of the first President.
• Address Heard Around Globe.
Also, the radio "hook-up" which carried the President's address from
the House of RepresentativeS chamber was the first to encircle the globe.
Messages poured in on the White House this afternoon and to-night indicating that Mr. Coolidge's words had been heard successfully abroad.
The following is the address hi full:
My fellow Americans: On the 22d day of February 1932 America will celebrate the two hundredth anniversary of the birth of George Washington.
Wherever there are those who love ordered liberty, they may well join in
the observance to that event. Although he belongs to us, yet by being a
great American he became a great world figure. It is but natural that here
under the shadow of the stately monument rising to his memory, in the
capital city bearing his name, the country made independent by his military genius and the Republic established by his statesmanship, should begin
preparations to proclaim the immortal honor in which we hold the Father
of our country.
Celebration of Tuo Hundredth Anniversary.
In recogaition of the importance of this coming anniversary, more than
two years ago the Congress passed a joint resolution establishing a commission which was directed to have this address made to the American
people.reminding them of the reason and purpose for holding the coming
celebration. It was also considered that now would be an appropriate time
to inform the public that this commission desires to receive suggestions
concerning plans for the proposed celebration and to express the hope
that the States and their political subdivisions under the direction of their
Governors and local authorities would soon arrange for appointing commissions and committees to formulate programs for co-operation with the
Federal Governinent. When the plans begin to be matured they should
embrace the active support of educational and religious institutions, of the
many civic, social and fraternal organizations, agricultural and trade associations, and of other numerous activitee which characterize our national
life.
It is greatly to be hoped that out of the studies pursued and the investigations made a more broad and comprehensive understanding and a more
complete conception of Washington, the man, and his relation to all that
is characteristic of American life may be secured. It was to be expected
that he would be idealized by his countrymen. His living at a time when
there were scanty reports in the public press, coupled with the inclination
of early biographers, resulted in a rather imaginary character being created
in response to the universal desire to worship his memory. The facts of
his life were of record, but were not easily accessible. While many excellent books, otter scholarly and eloquent, have been written about him, the
temptation has been so strong to represent him as an heroic figure composed
of superlatives that the real man among men, the human being
subjected
to the trials and temptations common to all mortals, has been much obscured and forgotten.
Washington's Uncommon Common Sense.
When we regard him in this character and have revealed to us the judgment with which he met his problems, we shall all the more understand
and revere his true greatness. No great mystery surrounds him; he never
relied on miracles. But he was a man endowed with what has been called
uncommon common sense, with tireless industry, with a talent for taking
infinite pains, and with a mind able to understand the universal and eternal
problems of mankind.
Washington has come to be known to the public almost exclusively as the
Virginia colonel who accompanied the unfortunate expedition of General
Braddock, as the commander-in-chief of the Continental Army during the
Revolutionary War, as the first President of the United States, and as the
master of the beautiful estate at Mount Vernon. This general estimate is
based to a large extent on the command he held in time of war and the public office he held in time of peace. A recital of his courage and patriotism,
his loyalty and devotion, his self-sacrifice, his refusal to be king, will
always arouse the imagination and inspire the soul of every one who loves
his country. Nothing can detract from the exalted place which this record
entitles him to hold. But he has an appeal even broader than this, which
to-day is equally valuable to the people of the United States. Not many
of our citizens are to be called on to take high command or to hold high
public office. We are all necessarily engaged in the ordinary affairs of
life. As a valuable example to youth and to maturity, the experience of
Washington in these directions is worthy of much more attention than it
has received.
We all share in the benefits which accrued from the independence he won
and the free Republic he did so much to establish. We need a diligent
comprehension and understanding of the great principles of government
which he wrought out, but we shall also secure a wide practical advantage
if we go beyond this record, already so eloquently expounded, and consider
him also as a man of affairs. It was in this field that he developed that
executive ability which be later displayed in the camp and in the council
chamber.
Inspiration to the Young.
It ought always to be an inspiration to the young people of the country
know that from earliest youth Washington showed a disposition to make
to
the most of his opportunities. He was diligently industrious—a most
very little education, but his eager mind and indomitable will led him to
acquire learning and information despite the handicaps surrounding him.
His formal schooling, which was of a rather primitive character, ended
at the age of 13. His copy and exercise books, still in existence, contain
forms of bills, receipts and like documents, showing he had devoted considerable time to that branch of his studies. He was preparing himself to
be a practical business man. When his regular instruction ended his education was just beginning. It continued up to his death, Dec. 14 1799. If
ever there was a self-made man it was George Washington. Through all
his later years he was constantly absorbing knowledge from contact with
men, from reading whenever time and facilities permitted, and from a wide
correspondence.
When 16 he became a surveyor and for four years earned a living and
much experience in that calling. Although considerable has been written
about it, not many people think of our first President as an agriculturist.
He prepared a treatise on this subject. Those who have studied this phase
of his life tell us he was probably the most successful owner and director
of an agricultural estate in his day. A visitor in 1785 declared "Washington's greatest pride was to be thought the first farmer in America."
Toward the end of his life he wrote:
"I am led to reflect how much more delightful to an undebauched mind is
the task of making improvements on the earth than all the vainglory which
can be acquired from ravaging it by the most uninterrupted career of
conquests.'
He always had a great affection for Mount Vernon. He increased his land
holdings from 2,500 to over 8,000 acres, 3,200 of which he had under cultivation at one time.
Washington's Business Ability.
His estate was managed in a thoroughly businesslike fashion. He kept a
very careful set of account books for it, as he did for his other enterprises.
Overseers made weekly statements showing just how each laborer had been
employed, what crops had been planted or gathered. While be was absent
reports were sent to him, and he replied in long letters of instruction, displaying wonderful familiarity with details. He was one of the first converts to the benefits of scientific fertilization and to the rotation of crops,
for that purpose making elaborate tables covering five-year periods. He
overlooked no detail in carrying on his farm according to the practice of
those days, producing on the premises most of the things needed there, even
to shoes and textiles. He began the daily round of his fields at sunrise,
and often removed his coat and helped his men in the work of the day.
He also showed his business ability by the skillful way in which he managed the considerable estates left to his two stepchildren by their father.
So successfully was this done that John Parke Custis became, at the age of
21, the richest young man in the Old Dominion. Pruasing tells us that
Martha Custis was advised to get the ablest man in the colony to manage
her estate and to pay him any salary within reason. And he adds: "That
she chose wisely in marrying the young colonel, and got the best of a good
bargain, is the opinion of many."
He was engaged in many business enterprises. That of the Dismal Swamp,
comprising drainage and lumber operations south of Norfolk, was handled
efficiently by Washington for five years subsequent to 1763. In addition to
his land holdings, wisely chosen, the rise in value of which accounted in no
small degree for his fortune, Washington participated in a number of real
estate and transportation companies. As a private citizen he was constantly
on the outlook for sound investments and for ways to increase his capital.
In the purchase of frontier lands and in the promotion of plans for the
building up and developing of new parts of the country he was performing important public service.
Dr. Albert Bushnell Hart, distinguished historian, and a member of our
commission, says:
"Washington has been criticized for buying up land warrants and holding
on to his title in the face of squatters. Actually no American has ever
done so much to open up vast tracts of land, first under the British and
then under the American flag, fitted to become the home of millions of
American farmers."
After thirteen years of effort Washington forced the British Government
to give to the Virginia veterans of the French and Indian wars the 200,000
acres of Western lands promised by the Governor of that colony. His management and distribution of these bounties were carried out in an eminently
efficient and satisfactory manner. He acquired two large farms in Maryland. During a trip in New York State in 1783 he saw the possibilities of
a waterway from the sea to the Great Lakes by way of the Hudson River
and the Mohawk Valley—the present route of a great barge canal. Because
of his business vision he joined with General Clinton in the purchase of
6,000 acres near Utica.
Founding of Country's Banking System.
To Washington, the man of affairs, we owe our national banks, for had
he followed the advice of other leaders, great but less enlightened on matters
of finance, the plans of Alexander Hamilton would not have been realized.
As a result of the war the country was deeply in debt, and had no credit;
but the solution of our financial difficulties suggested by the first Secretary of the Treasury was opposed by those from rural communities. They
argued that the large commercial cities would dominate to the detriment
of other parts of the country. Both Jefferson, Secretary of State, and Randolph, Attorney General, in writing opposed the incorporation by Congress
of a national bank. They were joined by Madison and Monroe. All argued
against the constitutionality of this proposition. Hamilton answered their
arguments fully in his famous opinion. But had the President not been a
man of affairs, had he not been for many years a large holder of stock in
the Bank of England, coming from the estate of Daniel Parke (hustle, he
might have yielded to the opposition. Because he knew something about
bank accounts and bank credits the bill was signed and the foundation of
our financial system laid.
Washington was also a stockholder in the Bank of Alexandria and in the
Bank of Columbia at Georgetown. In his last will and testament he directed that such moneys as should be derived from the sale of his estate during
the lifetime of Mrs. Washington should be invested for her in good bank
stocks.
After his retirement from the Presidency in March, 1797, Washington
spent more than two and a half happy years at Mount Vernon. In his last
Summer he made a will, one of the most remarkable documents of its kind
of which we have record. Again he showed his versatility, in disposing of
his many properties under a variety of bequests and conditions without legal
advice. It has been called an autobiographic will—it shows in its manifold provisions his charitable thoughtfulness for dependents and his solicitude for the future welfare of his country.
As President he was always an exponent of sound and honest public
finance. He advocated the payment of our debts in full to holders of
1166
TrITP CHRONICLE
record, and the assumption by the nation of the debts incurred by the various States to carry on the Revolution. His support of financial integrity,
because it was morally right, strengthened the Union.
His Vision of Future Republic.
This practical business ability and interest in broad and general affairs
made him one of the first to realize that the future of the American
empire lay in the regions beyond the Alleghanies in the territory of the
Ohio and the Mississippi. Because of this belief, he is said to have been
the moving spirit in the first plans for the organization of our public lands.
His association with the West may have started in the period 1749-1761,
when he assisted his brother, Lawrence, in his various business enterprises,
among them the Ohio Company, which had a grant of 500,000 acres of land
on the east side of the Ohio River. The French having driven out the early
British settlers who had started a fort where Pittsburgh now stands,
Washington, at the age of 21, volunteered to head an expedition for its
recovery. The comprehensive report of this young man was considered of
enough importance to be sent from London to all the European capitals, by
way of justifying Great Britain in making war upon France.
In 1763 he organized the Mississippi Company to take the place of the
Ohio Company, which was one of the casualties of the war. He applied for
a grant of 1,000,000 acres of land, though he did not receive it. But he
made his own investments so that in the schedule of his property attached
to his will we find Western lands appraised at over $400,000—along the
Ohio, the Great Kanawha, in Western Pennsylvania, in Kentucky and in
the Northwest Territory.
Having a vision of what the West meant in the future prosperity of the
new Republic, Washington in 1784 journeyed out into the wilds. His
diary of the trip is filled with interest and enthusiasm over the possibilities
of that region. Hulbert, who has made a study of it, calls him our first
expansionist, the originator of the idea of possessing the West through commercial relations. "It was a pioneer idea, instinct with genius," this
author writes, "and Washington's advocacy of it marks him as the first
commercial American, the first man typical of the America that was to be."
Due to his investments he became the President of the James River Company and of the Potomac River Company, organized in 1785 to look into
the possibility of opening navigation through to the West To the Potomac
Company, which involved the first Inter-State commerce negotiations in
this country, he devoted four years of service. It has been thought that
these negotiations entered into by Washington led up almost directly to
the calling of the Constitutional Convention. They revealed clearly the
difficulty under the Articles of Confederation of accomplishing anything
involving the welfare of all the States, and showed the need of a more
strongly centralized national government. His ability as a business man
was the strong support of his statesmanship. It made his political ideas
intensely practical.
Washington's Atlantic-Mississippi waterway plan was never carried out.
But his advocacy of it without doubt had much to do with preventing a
break in the Union, which threatened serious consequences. The people of
Western North Carolina, now Tennessee, shut off from the east by mountains, had no outlet to the sea other than the Mississippi, and Spain, controlling the mouth of this river, levied heavy tribute on all commerce passing through it. Disappointed at the inability of the national government
to get concessions from Spain, they, in 1784, established a separate State
and started negotiations for an association with that foreign country. This
action was rescinded after Washington put forth his waterway plan.
That he should have been responsible in large measure for the opening
of the West and for calling attention to the commercial advantages the
country might derive therefrom is by no means the least of his benefactions to the nation. Ile demonstrated that those who develop our resources,
whether along agricultural, commercial and industrial lines or in any
other field of endeavor, are entitled to the approval, rather than the censure, of their countrymen.
Washington a Builder.
Washington was a builder—a creator. He had' a national mind. He
was constantly warning his countrymen of the danger of settling problems
in accordance with sectional interests. His ideas in regard to the opening
of our Western territory were thought out primarily for the benefit of
the nation. It has been said that he would have been "the greatest man in
America had there been no Revolutionary War."
He was largely instrumental in selecting the site for our national capital,
influenced in no small degree by his vision of the commercial possibilities
of this locality. It included his plan of the waterway to the West, through
the Potomac, the Monongahela and the Ohio Rivers, which he used to
speak of as "the channel of commerce to the extensive and valuable trade
of a rising empire." He, of eourse, could not foresee the development of
railway transportation and the great ocean-going vessels, because of which
the seat of our government became separated from active contact with
commerce and was left to develop as the cultural and intellectual centre of
the nation. Due to the genius of L'Enfant, the great engineer, this city
from the first has had a magnificent plan of development. Its adoption
was due in no small degree to the engineering foresight and executive
ability of Washington. By 1932 we shall have made much progress toward
perfecting the ideal city planned by him in the closing days of the eighteenth century.
Washington had the ability to translate ideals into practical affairs of
life. He was interested in what he believed contributed to the betterment
of everyday existence. Perhaps because he realized the deficiency of his
own early education, he was solicitous to provide liberal facilities for the
youth of the future. Because as a man of affairs he knew the everyday
uses of learning, in an early message to the Congress and in his will he
sought methods for the establishment of a national university. Even in
his Farewell Address he find this exhortation:
"Promote, then, as an object of primary importance, institutions for the
general diffusion of knowledge. In proportion as the structure of a govern.
ment gives force to public opinion, it is essential that public opinion
should be enlightened."
He desired his system of education to be thoroughly American and thoroughly national. It was to support the people in a knowledge of their
rights, in the creation of a republican spirit, and in the maintenance of
the Union.
His Views on Religion.
It was with the same clear vision that he looked upon religion. For him
there was little in it of emotionalism. He placed it on a firmer, more
secure foundation, and stated the benefits which would accrue to his country as the result of faith in spiritual things. He recognized that religion
was the main support of free institutions. In his Farewell Address he said.
"Of all the dispositions and habits which lead to political prosperity,
religion and morality are indispensable supports. In vain would that man
claim the tribute of patriotism who should labor to subvert these great
Pillars of human happiness—these firmest props of the duties of men and
citizens. The mere politician, equally with the pious man, ought to respect and to cherish them. A volume would not trace all their connections
with private and public felicity. Let it simply be asked, Where is the
[VOL. 124.
security for property, for reputation, for life, if the sense of religious obligation desert the oaths which are the instruments of investigation in courts
of justice? And let us withcaution indulge the supposition that morality
can be maintained without religion.
"Whatever may be conceded to the influence of refined education on
minds of peculiar structure, reason and experience both forbid us to expect
that national morality can prevail in exclusion of religious principle. It is
substantially true that virtue or morality is a necematy spring of popular
government. The rule, indeed, extends with more or less force to every
species of free government. Who that is a sincere friend to it can look with
indifference upon attempts to shake the foundation of the fabric?"mai
Without bigotry, without intolerance, he appeals to the highest spiritual
nature of mankind. His genius has filled the earth. He has been recognized abroad as "the greatest man of our own or any age." He loved his
fellow-men. He loved his country. That he entrusted their keeping to a
Divine Providence is revealed in the following prayer which he made in
1794:
"Let us unite in imploring_ the Supreme Ruler of Nations, to spreadfHis
holy protection over these United States; to turn the machinations of the
wicked, to the confirming of our Constitution; to enable us, at all times, to
root out internal sedition and put invasion to flight; to perpetuate to our
country that prosperity which His goodness has already conferred; and to
verify the anticipations of this Government being a safeguard of human
rights."
Whim
He was an idealist in the Berme that he had a very high standard of
private and public honor. He was a prophet to the extent of being able
to forecast with remarkable vision the growth of the nation he founded
and the changing conditions which it would meet. But, essentially, he
was a very practical man. He analyzed the problems before him with a
clear intellect. Having a thorough understanding, he attacked them with
courage and energy, with patience and persistence. He brought things to
pass. When Patrick Henry was asked in 1774 whom he thought was the
greatest man in the Continental Congress, he replied:
"If you speak of eloquence, Mr. Rutledge, of South Carolina, is bylfar
the greatest orator; but if you speak of solid information and soundtjadgment, Colonel Washington is unquestionably the greatest manic:al that
floor."
Efficiency Which Marked Every Act.
His accomplishments were great because of an efficiency which marked
his every act and a sublime, compelling faith in the ultimate triumph of
the right. As we study his daily life, as we read his letters, his diaries,
his State papers, we come to realize more and more his wisdom, his energy,
and his efficiency. He had the moral efficiency of an abiding religious
faith, emphasizing the importance of the spiritual side of man, the social
efficiency shown by his interest in his fellow-men, and in his realization
of the inherent strength of a people united by a sense of equality and freedom, the business efficiency of a man of affairs, of the owner and manager
of large properties, the governmental efficiency of the head of a new nation,
who taking an untried political system made it operate successfully, of a
leader able to adapt the relations of the government to the people.
He understood how to translate political theory into a workable scheme
of government.. Ile knew that we can accomplish no permanent good by
going to extremes. The law of reason must always be applied. He fol.
fowed Milton, who declared' . . . "law in a free nation bath ever
been public reason," and he agreed with Burke that "Men have no right
to what is not reasonable."
Great Men in His Cabinet.
It is a mark of a great man that he surrounds himself by great men.
Washington placed in the most important positions in his Cabinet, Jefferson, with his advocacy of the utmost degree of local self-government and
of States' rights, and Hamilton, whose theories of a strong national government led him to advocate the appointment of State Governors by the
.
President. Either theory carried to the extreme soon would have brought
disaster to what has proved the most successful experiment in liberty under
proper governmental restraint in the history of the world.
It is due to his memory that we guard the sovereign rights of the individual States under our Constitution with the same solicitude that we maintain the authority of the Federal Government in all matters vital to our
continued national existence.
Such is the background of a man performing the ordinary duties of life.
As it was George Washington, of course he performed them extraordinarily
well. The principles which he adopted in his early youth and maintained
throughout his years are the source of all true greatness. Unless we understand this side of him, we shall fail in our comprehension of his true character. It was because of this training that he was able to assume the
leadership of an almost impossible cause, carry it on through a long period
of discouragement and defeat and bring it to a successful conclusion. In
advance of all others he Few that war was coming. With an army that
was never large, and constantly shifting, poorly supported by a confederation inexperienced, inefficient and lacking in almost all the essential elements of a government, he was victorious over the armies of seasoned
troops commanded by Howe, Burgoyne, Clinton and Cornwallis, supported
by one of the most stable and solid of governments, possessed of enormous
revenues and ample credit, representing the first military power of the
world.
As an example of generalship, extending over a series of years from the
siege of Boston to the fall of Yorktown, the commander-in-chief of the
Continental armies holds a position that is unrivaled in the history of warfare. He t.ever wavered, he never faltered from the day he modestly undertook the tremendous task of leading a revolution to the day when, with
equal modesty, he surrendered his commission to the representatives of the
independent colonies. He triumphed over a people in the height of their
glory who had acknowledged no victor for 700 years.
Washington has came to personify the American Republic. He presided
over the convention that framed our Constitution. The weight of his great
name was the deciding factor in securing its adoption by the States. These
results could never have been secured had it not been recognized that he
would be the first President. When we realize what it meant to take thirteen distracted colonies, impoverished, envious and hostile, and weld them
into an orderly federation under the authority of a central government, we
can form some estimate of the influence of this great man.
But when we go further and remember that the government which he
did so much to bring into being not only did not falter when he retired
from its administration, but, notwithstanding every assault, has constantly
grown stronger with the passage of time and been found adequate to meet
the needs of nearly 120,000,000 people occupying half a continent and constituting the greatest power the world has ever known, we can judge something of the breadth and soundness of his statesmanship.
Ckrowth of His Influence.
We have seen many soldiers who have left behind them little but the
memory of their conflicts, but among all the victors the power to establish
among a great people a form of self-government which the test of experience has shown will endure was bestowed upon Washington, and Washington alone. Many others have been able to destroy. He was able to construct. That he had around him many great minds does not detract from
FEB. 26
1927.]
THE CHRONICLE
his glory. His was the directing spirit without which there would have
been no independence, no Union, no Constitution, and no Republic. His
ways are the ways of truth. He built for eternity. His influence grows.
His stature increases with the increasing years. In wisdom of action, in
purity of character, he stands alone. We cannot yet estimate him. We
can only indicate our reverence for him and thank the Divine Providence
which sent him to serve and inspire his fellow-men.
1167
The operators, on the other hand, particularly those from Western Pennsylvania and Ohio, were just as insistent in their demands for a contract
based on a continuously competitive scale, which, they said, would enable
them to compete with the non-union mines of Kentucky and West Virginia.
Lewis Speaks on Miners' Stand.
As soon as the report of the sub-committee was read to the conference
this morning the operators offered a motion for adjournment sine die. Mr.
Lewis was on his feet instantly.
Conference of Soft Coal Miners and Operators Ends
"The mine workers," he said, "will vote for the acceptance of the subcommittee's report, not because they desire to do so but because they have
at Miami Without Effecting New Wage Agreement.
no alternative. They will do it with sorrow."
The joint wage conference of operators and union miners
He declared that the miners keenly appreciated their responsibility in
in the Central bituminous field .which opened at Miami, the conference and the public responsibility which devolved upon them
of the possible
Fla., on Feb. 14, unanimously adjourned sine die on Feb. 22 because mine workers," consequences. "came here with open
"The
he continued,
minds, withwithout reaching agreement on the question of a new wage out any hard and fast proposals and with the hope that a reasonable consideration of the issue might be had.
scale to replace the one expiring on March 31. The confer"I do not mean to be critical, but I cannot refrain from expressing the
ence was the outgrowth of the biennial convention of the wish that our operator friends from Western Pennsylvania and Ohio might
United Mine Workers of America recently.held at Indianap- have come here in a more conciliatory mood. But with such fixed purolis on Feb. 2. Instructions to negotiate a new agreement poses in the minds of some of the conferees a disagreement was inevitable.
"I cannot believe this conference
the end
efforts to prevent
with bituminous coal operators on the basis of no reduction chaos from obtaining in the industry marks April 1. of allmine workers want
after
The
in wages were issued to the Scale Committee of the United no strike or suspension. We do not think that the circumstances and conMine Workers by the delegates to the union convention; ditions of the industry warrant the execution of such a policy at the present
Nor do we think that the American people will endorse or condone a
Feb. 14 was then set as the date for the meeting of the time. in the industry at present, because every tendency is away from
strike
committee with operators' representatives at Miami.
that condition.
"The condition of American business and American industry does not
The Wage Scale Committee's report of Feb. 2 read in part
organized effort on the part of any one group to force an inas follows, according to the "Times" account from Indian- call for any
dustrial Armageddon or to break down the living standards of any number
apolis:
of employees.
"We recommend that the properly authorized and accredited representa"If there is anything we can do now or later to prevent the catastrophe
tives of the organization be instructed to secure the best agreement possible of a strike in the industry without sacrificing the rights of those we reprefrom the operators in the Central competitive field on the basis of no re- sent, our operator friends may feel free to call upon the representatives of
duction in wages and that any agreement so secured be submitted to a the miners."
Penna Speaks for Operators.
referendum vote of our membership for ratification.
"That the agreement be made for a period of two years, beginning
Phil H. Penna of Indiana spoke for the operators.
April 1 1927 and expiring March 31 1929.
"I think it fair to say that the operators came wth a desire to make a
"For the purpose of meeting any unforeseen emergency that might arise, settlement and make a scale," he said.
a policy committee shall be created which shall be composed of the
"I think this conference started wrong. Our friends came here with
Scale
Committee of the Central competitive field, three representatives from each chastisement, with adverse criticism, charging that the coal operators'
outlying district, the International resident officers and the members of trouble was due to inefficiency. But I submit that we have managed our
the International Executive Board, and that this policy committee be em- business at least as well as the other side. All of the efficiency is not on
powered to take such acton for the protection of the interests of our one side. Nor is the consideration for the American people all on one side.
organization as circumstances may require and to advise the membership
"The four units of operators have different problems to contend with.
of all unexpected developments which cannot now be foreseen or provided Speaking for Indiana, we came here to make a settlement if such a thing
for.
was possible. We submitted a proposal which the miners turned down
"Your committee recommends that the outlying districts be authorized coldly. We regret that the proposal from the miners' side perhaps did not
to enter into wage scale negotiations with their respective operators when receive the consideration it was entitled to, largely because of this.
the opportunity presents itself, it being understood, however, that no out"The Pennsylvania operators came here with their own problems. So
lying district will conclude an agreement until after the agreement for the did the Ohio and Illinois operators. All of us want a contract, but we
Central competitive field has been secured or permission to do so has been want one under whch we can live and operate; a contract that will be
granted by the policy committee, mentioned herein.
respected when made."
"The committee recommends that all contracts in the bituminous disCalls Local Strikes Main Problem.
tricts run concurrently and expire on the same date."
Mr. Peens declared the Jacksonville agreement to be offensive and inThe adjournment of the Miami conference on Feb. 22 tolerable and said the operators would never submit to its renewal
"Since I have been in Miami," he continued, "four or five strikes in
followed the acceptance of the report of a sub-committee
me. These strikes were based uvon interwhich could not reconcile diverse demands by the wage Indiana have been reported te
pretations by the mine workers, who interpreted things wholly for themscale committees of miners and operators. The Associated selves. It has grown into a system, a system of one-sided interpretation,
a one-sided procedure to enforce by strikes, if you please, all the provisions
Press adviees from Miami on that date said:
Unless negotiations are resumed elsewhere and an agreement reached of a contract under which, if it were observed, strikes would not be
before April 1 union miners automatically will cease labor in the Central possible.
"That is our trouble, our main trouble, and it is going to remain our
bituminous field.
The sub-committee announced its failure to agree yesterday after con- main trouble until we clear it up. We have come to the point where we
sidering for three days the Lewis and Haskins proposals received from the would prefer no contract at all to a contract which can be interpreted by
the workers as they see fit."
joint conferense on last Wednesday.
After the sub-committee's report had been accepted unanimously, the
The Haskins proposal drafted by the wage scale committee of the operators, sought sought to replace the Jacksonville agreement with a con- question of an adjournment sine die was also carried unanimously.
The Illinois operators this afternoon issued a statement, which reads, in
tinuous wage scale, competitive with the wages paid in the non-union
part, as follows;
mines of West Virginia.
Offered by the miners, the Lewis plan asked the conference to recognize
"Like all other unionized fields, IllinoisithasThuffered severely and prothe inadequacy of wage reductions to solve the problems of the soft coal gressively under the Jacksonville wage contract. "Illinois operators have lived up to the letter and spirit of the contract,
industry. It requested that the joint conference continue its existence
but the experience has been so unhappy that none can contemplate a reduring a two-year contract.
newel as otherwise than suicidal both to operators and miners.
"In former years the central competitive field produced a major perBefore the report of the sub-committee was put to a vote to-day, leaders
centage of the country's bituminous coal and enjoyed the natural markets
for both sides expressed regret that the conference had not been able to
for its product under wage contracts recognizing competitive conditions.
reach an agreement. Both declared that the obligations of the industry to To-day, under the inflexible and out-of-date Jacksonville contract, the
the American people had been duly considered.
unionized States have almost ceased to compete and have been forced to
yield their position and markets to rapidly growing production from adjacent
It was stated in a Miami dispatch to the "Times" on Feb. and even distant non-union fields, working under labor relationships permitting reasonable flexibility and adjustments."
22 that the operators profess not to be alarmed over a
strike. The dispatch continued:
They say that there will be an ample supply of coal above ground by
April 1, and, with the non-union mines of West Virginia and Kentucky
working full time, the situation should be taken care of well.
Throughout the conference the miners have expressed the opinion that a
solution of the problem would be found ultimately in district settlements.
They said that the Ohio and Western Pennsylvania operators were the principal advocates of the competitive wage, and they expressed the opinion
that the Indiana and Illinois operators were lukewarm to that proposal.
Setback to Settlement Hopes.
It was with the Illinois operators in particular that they had hoped to
effect a separate settlement. But their hope in this regard received a
severe setback this afternoon when the Illinois operators issued a long
statement condemning the Jacksonville agreement as inflexible and out of
date, and advocating adoption of a competitive wage scale.
They also took a shot at the "without-which-nothing" first paragraph
of the Lewis resolution, whch, they sad, Mr. Lewis acknowledged, meant
a two-year extension of the Jacksonville contract. This paragraph, they
said, made acceptance of the resolution impossible.
All the operators present at the meeting held after the conference are
said to have pledged themselves to stand together and under no condition
to consent to district settlements.
To-day's adjournment was not unexpected. John H. Lewis, President of
the United Mine Workers, warned the operators in his first speech at the
sonterence, which opened eight days ago, that the miners would abide hy
instructions of the Indianapolis convention to work for as good a contract
as possible on the basis of no wage reduction.
From Miami on Feb. 23 the "Times" reported the following:
It was disclosed in an authoritative quarter that the miners' policy committee decided to-day that only the union mines in the Central competitive
field would be affected by any walk-out on April 1. Union mines in the
"outlying distrcts" would be permitted to operate under the existing Jacksonville agreement although no new contracts would be made in these districts until the disagreement with the Central field operators is settled.
The Central competitive field includes Ohio, Western Pennsylvania, Indiana and Illinois. Outside of these States are many other unionized bituminous mines, usually referred to as being in the "outlying districts."
About 150,000 union miners are employed in such "outlying districts"
in Iowa, Missouri, Kansas, Arkansas, Oklahoma, Colorado, Wyoming, Montana, Michigan and Washington.
A majority of these mines are owned by the Northern Pacific, the Chicago, Milwaukee & St. Paul, the Rock Island, the New York Central
and other railroad systems. The fact that these mines would not be shut
down means that the coal supplies of most of the large railroad systems
would be assured in the event of a strike. With the non-union mines of
West Virginia, Kentucky, Tennessee, Alabama, Virginia, Utah and Colorado running full time, operators declare that the public would suffer little
if any coal shortage.
The policy committee is also reported to have discussed the qnestion of
district settlements. The miners are said to have favored a conciliatory
policy and to have advocated making separate contracts, if possible, with
the Illinois and Indana operators.
The miners think that the conference indicated that these operators are
not averse to a settlement on the old wage scale, but their hopes received
1168
THE CHRONICLE
a setback yesterday when the operators from both States openly denounced
the Jacksonville contract and alleged union domination.
Since Mr. Lewis's attacks on the disorganized condition of the industry
there has been a growing demand for an operators' organization, and the
early formation of one is declared probable.
United States Supreme Court Declares Utterances of
Inter-State Commerce Commission Cannot Be
Enjoined—Decision in Valuation Proceedings
of Los Angeles & Salt Lake RR.—Erroneous
Report as to Decision Upsets Stock
Market.
Misleading reports regarding the purport of a decision on
Feb. 21 of the United States Supreme Court growing out of
the proceedings of the Los Angeles & Salt Lake Railroad Co.
to enjoin an order of the Inter-State Commerce Commission affecting the valuation of the property of the road,
had the effect of,disturbindthebtock market/on that day,
—in prices
heavy selling of stocks with an attendant break
resulting with the misinterpretation of the decision. The
Supreme Court ruling did not concern the valuation issue,
but held that the so-called order of the Commission for
which an injunction had been sought "is merely the formal
record of conclusions reached after a study of data collected
in the course of extensive research conducted by the Commission, through its employees." The Court added that "it
is the exercise solely of the function of investigation," . .
and that, "moreover, the investigation made was not a step
in a pending proceeding in which an order of the character
of those held to be judicially reviewable could be entered
later. It was merely preparation for possible action in some
proceeding which may be instituted in the future—preparation deemed by Congress necessary to enable the Commission to perform adequately its duties, if and when occasion
for action shall arise." In conclusion, the Court declared
that "neither its [the Commission's] utterances, nor its processes of reasoning as distinguished from its Acts, are a
subject for injunction." The effects of the misleading view
of the Court's findings were described as follows in the New
York "Times" of Feb. 22:
Rails Raided on Desision.
The railway shares passed through the second convulsion in two weeks
yesterday when frightened speculators and bear traders, upon a hasty
Interpretation of the United States Supreme Court's decision in the Los
Angeles & Salt Lake Railway's valuation suit, threw at an ill-prepared
market on the New York Stock Exchange in ten minutes a volume of
securities which it had taken them days to accumulate. Losses ranging
from 3 to 12% points were recorded in the brief but spectacular decline.
The crash was more disastrous than the collapse which took place on the
Exchange on Feb. 9. when Wheeling & Lake Erie led a downturn started
by bear raiders. Much more so than in the previous break, the high-priced
railways were the targets in yesterday's selling movement. A heavy
attack on Reading gave the signal for the decline. In a perpendicular drop
this stock lost 121i points before the market could brace itself. Other
Issues, many of them the "blue chips" of the railway group, were thrown
Overboard at whatever prices they would bring.
[VOL. 124.
have no immediate bearing on the question of valuation as a whole. While
the Los Angeles & Salt Lake case has been regarded in many quarters as a
teat, it is now held, in view of the Supreme Court's stand, that no revolutionizing factor in the valuation scheme will ensue until the Inter-State
Commerce Commission lays down a valuation upon a railroad which will
act in adversity to the interests of the carrier in question.
The consensus of opinion is that the Supreme Court has taken the stand
that it can take no legislative action in the valuation problem until the
Inter-State Commerce Commission makes some affirmative decision as to
valuation which acts adversely to the interests of the carrier. When such
an adverse effect appears the door is left open for the railroad to thrash its
trouble out in court.
•
The following is the text of the Supreme Court decision:
This suit was brought in the Federal Court for Southern California by the
Los Angeles & Salt Lake Railroad Co. to enjoin and annul an order of the
Inter-State Commerce Commission purporting to determine the "final
value" of its property, under what is now Section 19a of the Act to Regulate
Commerce, Feb.4 1887, C. 104, 24 Stat. 379, as amended by the Valuation
Act, March 1 1913, C.92, 37 Stat. 701, by the Act of Feb. 281920, C. 91,
Section 433, 41 Stat. 456, 474. 493, and by the Act of June 7 1922, C. 210,
42 Stat. 624, San Pedro Los Angeles & Salt Lake Railroad Co.,75 I.0.0.
463; 97 I. C. C. 737; 103 I. C. C. 398.
The bill asserts that the order fixing the final value is invalid, because It
a in excess of the powers conferred upon the Commission, .contrary to the
provision of the Valuation Act, and violates the Fifth Amendment. It
asserts also that irreparable injury is threatened.
Reasons why the final valuation is invalid are set forth specifically in
31 paragraphs and 35 sub-paragraphs of the bill. It charges that the
Commission adopted rules for the valuation which are unsound and unwarranted in law; that in the determination of values it ignored facts and
factors of major importance; that it refused to report an analysis of the
methods employed by it, although required so to do by the Valuation Act;
and that it refused to comply with the requirement that all values and elements of value be separately reported.
Defendant Challenged Jurisdiction of Court.
It charges that the valuation was made as of June 30 1914, whereas it
should have been made as of June 7 1923; that the value found is that for
rate-making purposes, whereas the finding should have been a general one
of value for all purposes; that properties enumerated were erroneously
excluded from the valuation; that in making the finding of value the Commission erroneously failed to consider nine specified elements of value; that
in making the finding of investment in road and equipment it ignored six
items; that in making the finding of cost of reproduction new it ignored
eleven items; that in making the finding of cost of reproduction new less
depreciation it made thirteen errors; that in valuing the lands eleven errors
were made; and that in making the finding as to working capital a large
sum was arbitrarily deducted. It alleges that for these and other reasons
the fIndiaw; made are incomplete, erroneous in law and misleading in point
of fact.
The jurisdiction of the District Court was invoked under the Urgent
Deficiencies Act, Oct. 2 1913, 0. 32, 38 Stat. 208, 219, and also under its
general equity powers. The United States was named as defendant and
the Commission became such by intervention. Both defendants answered.
But by appropriate pleadings the United States objected that the adoption
by the Conunission of the final valuation does not constitute an order
within the meaning of the Urgent Deficiencies Act; challenged also the
jurisdiction of the Court to enjoin or annul the order under its general
equity powers; and moved that the bill be dismissed.
The motion was overruled; the case was hoard on the pleadings and
evidence; and, after proceedings which it is not necessary to detail, a decree
was entered which annulled the final valuation and enjoined its use for any
purpose. Los Angeles & Salt Lake Railroad vs. United States, 4 F. (2d)
736; 8 F.(2d) 747. Whether all or any of the claims and charges made in
the bill are well founded, we have no occasion to consider; for we are of
opinion that the District Court should have sustained the motion to dismiss
the bill.
The final report on value, like the tentative report, is called an order.
But there are many orders of the Commission which are not judicially reviewable under the provision now incorporated in the Urgent Deficiencies
Act. See Proctor & Gamble Co. vs. United States, 225 U. 5.282; Hooker
vs. Knapp, 255 U. S. 302; Lehigh Valley RR. Co. vs. United States, 243
U. S. 412; United States vs. Illinois Central RR. Co., 244 U. S. 82. 89;
Delaware & Hudson Co. vs. United States, 266 U. S. 438.
For the first 19 years of the Commission's existence no order was so
reviewable. The statutory jurisdiction to enjoin and set aside an order
was granted in 1906, because then, for the first time, the rate-making
power was conferred upon the Commission, and then disobedience to its
orders was first made punishable. Hepburn Act, June 29 1926, C. 3591,
an order
Sections 2-7, 34 Stat. 584, 586-595. The first suit to set aside
was broght soon after. Sticknecy v. Inter-State Commerce Commission,
164 Fed. 638; 215 U.8.98.
transferred, subThe jurisdiction conferred by the Hepburn Act was
Act of June 18
stantially unchanged, to the Commerce Court, by the
that Court was abolished,
1910, C. 309, Section 1, 36 Stat. 539; and, when
to the district courts, by the Urgent Deficiencies Act.
Bears Waiting for Opening.
News of the Supreme Court's decision was flashed on the financial tickers
at 1.40 o'clock. Until that time the market had been moving rather listlessly, with professional groups colliding with each other and unable to get
anywhere. Quick-minded operators who had been seeking an opportunity
to turn the market downward saw their chance and before the financial
community bad time to digest even the skeletonized announcement of the
decision their movement was under way. The bewildered market staggered and the riot of selling was on.
The market was studded with stoploss orders, it was soon apparent, and
the break gained momentum as these were uncovered. On the floor of the
Exchange there was a repetition of the stirring scenes which attended the
smash in Wheeling & Lake Erie. Traders fought frenziedly to execute
orders. Only the coolest heads could do business with any success.
Selling spread throughout the rail list, and for a brief period it unsettled
the entire market. Large blocks of stocks of Reading Atchison Topeka &
Santa Fe, Kansas City Southern, Missouri Pacific, New York Central,
Present Order Differs from Those Reviewed.
held
New Haven, Nickel Plate. Lehigh Valley, Union Pacific, Wabash and
The so-called order here assailed differs essentially from all those
others were offered at the market. Values crumbled so fast that in many by this Court to be subject to judicial review under any of those Act.
of the quasi-judicial
cases the quotations appearing on the tape were 5 points or more aoove the Each of the orders so reviewed was an exercise either
the delegated legislative funcactual market.
function of determining controversies or of
Quick Recovery Made.
tion of rate making and rule making.
does not command
The so-called order here complained of is one which
The reversal of trend came almost as suddenly as the break, although the
doing, any thing; Which does not grant
recovery was much slower. By 2o'clock the market showed signs of finding the carrier to do, or to refrain from
or license; which does not extend or
privilege
Itself, and the selling movement quickly subsided as buying support ap- or withhold any authority,
not subject the carrier to any
abridge any power or facility; which does
peared.
criminal; which does not change the carrier's existing or
Wall Street. after a more careful study of the Supreme Court's decision, liability, civil or
which does not determine any right or obligation.
was disposed to revise its judgment, or at least to await fuller information future status or condition;
formal record of conclusions reached
This so-called order is merely the
as to the real signiffcance of the ruling.
collected in the course of extensive research conVirtually all of the stocks which had sunk under the swift rush of selling after a study of data
Commission, through its employees. It is the exercise
rallied and offerings were snapped up promptly. The entire market ducted by the
of investigation. Compare Smith v. Inter-State
recovered its confidence, and from then until the close there was an orderly solely of the finction
n
charactertlonmade
era,thein
Moreover,
M
245 U. S. 33. in
advance. In some cases the losses recorded in the short market panic Commerce Commission,
order of the
proceeding
canceled, while in others they were greatly reduced. Reading, for was not a step in a pending reviewable could be entered later. It was
were
be judicially
Instance, which had been the bellwether in the decline, snapped back so of those held to
in some proceeding which may be
merely preparation for possible action
briskly that it was able to end the day with a net loss of only 2Yi points.
necessary to
in the future--Preparation deemed by Congress
The market as a whole was irregular at the close, largely as a result of Instituted Commission to perform adequately it duties, if and when
so-called pivotal issues in the industrial group. Net enable the
weakness in several
were for the most part unimportant.
occasion for action shall arise.
changes in this group. however,
for action by the ComThe final report may, of course, become a basis
or by the LegisSW'
Railroad _Circles Unconcerned.
mission, as it may become a basis for action by Congress
a State. But so may any reort of
in railroad circleslover the decision lature or an administrative board of
Little concern was shown yesterday
made by aicommittee of Congress or of either
Angeles & Salt Lake case, and the general an investigation, whether
of the Supreme Court in the Los
its effect, if any is forthcoming, will branch thereof.
response to the decision was that
FEB. 26
1927.]
THE CHRONICLE
1169
The Valuation Act requires that the investigation and study be made U. S. 72, to suppress the report of that board. The second of the attempt
of the properties of each of the rail carriers. There are about 1,800. to secure a declaratory Judgment in Liberty Warehouse Co. vs. Grannie,
40 Annual Report Inter-State Commerce Commission, 13. In directing decided Jan. 3 1927; and, also of cases in which it was sought to enjoin a
the Commission to investigate the value of the property of the several municipality from passing an illegal ordinance. Compare New Orleans
carriers, Congress prescribed in detail the subjects on which findings Waterworks Co. vs. New Orleans, 164 U. S. 471, 481; MeChord vs. Louisshould be made, and constituted the "final valuations" and "the classifica- ville & N. Ry. Co.. 183 U. S. 483.
No basis is laid for relief under the general equity powers. The investigation thereof" prima fade evidence, in controversies under the Act to
tion was undertaken in aid of the legislative purpose of regulation. In
Regulate Commerce.
therefore, entitled to have and to use this conducting the investigation, and in making the report, the Commission
Every party in interest is,
evidence; and the carrier, being a party in interest, has the remedy by performed a service specifically delegated and prescribed by Congress.
Its conclusions, if erroneous in law, may be disregarded. But neither
mandamus to compel the Commission to make a finding on each of the
subjects specifically prescribed. Kansas City Southern By. Co. vs. its utterances, nor its processes of reasoning, as distinguished from its acts,
are a subject for injunction. Whether the remedy conferred by the Urgent
Inter-State Commerce Commission, 252 U. S. 178.
Deficiencies Act is in all cases the exclusive equitable remedy, we need
No Power in Courts to Annul Reports.
not determine. Reversed.
not confer upon the courts power either to direct
But Congress did
Mr. Justice Butler took no part in the consideration or decision of this
what this "tribunal appointed by law and informed by experience." Illinois case.
Central Ry. Co. vs. Inter-State Commerce Commission, 206 U. S. 441,
454, shall find, or to annul the report, because of errors committed in Seaboard Air Line Withdraws from the Southeastern
Moreover, errors may be made in the final valuation of the
making it.
Group—Takes Issue with the Management of the
property of each of the nearly 1,800 carriers. And it is at least possible
that no proceeding will ever be instituted, either before the Commission
Negotiations and Settlement of the Wage
or a court, in which the matters now complained of will be involved or in
Increase Given by the Group Committee
will be of legal significance.
which the errors alleged
Representing the Railroads and the
The mere fact that Congress has, in terms, made "all final valuations
. . . and the classification thereof . . . prima fade evidence of the
Board of Mediation.
value of the property in all proceedings under the Act to Regulate ComAt a banquet of the Chamber of Commerce of St. Petersin all judicial proceedings for the enforcement of the
merce . .
Act . . . and in all judicial proceedings brought to enjoin, set aside, burg on Feb. 21, which day, by proclamation of the Mayor,
annul,or suspend, in whole or in part, any order of the Inter-State Comhad been declared a holiday as "Warfield Day" in commemmerce'Commission" is, obviously, not a violation of the due process clause
oration of services rendered by S. Davies Warfield, Presijustifying proceedings to annul the order.
That to make the Commission's conclusions prima facei evidence in dent of the Seaboard Air Line Railway, in his pioneer railjudicial proceedings is not a denial of due process, was settled by Meeker vs.
and development work in Florida, among
Lehigh Valley RR. Co., 236 U. S. 412, 430, 431. It was there said of a like road construction
provision relating to reparation orders: "This provision only establishes a other matters Mr. Warfield discussed the wage increase of
rebuttable presumption. It cuts off no defense, interposes no obstacle to
/
71 2% asked by the leaders of the trainmen and conductors
a full contestation of all the issues, and takes no question of fact from
either court or jury. At most, therefore, it is merley a rule of evidence." of all the railroads of the country, especially as it applied
See also Mills vs. Lehigh Valley RR. Co., 238 U.8.473, 481-482; St. Louis to the Southeastern Group of carriers, the Seaboard RailSouthwestern Ry. Co. vs. United States, 264 U. S. 64, 77.
one of the group. Among other things Mr. WarNor does the fact that "all final valuations . .
and the classifica- way being
tions thereof" are made prima facie evidence prevent the report from being field said:
solely an exercise of the function of investigation. Data collected by the
The Seaboard Air Line Railway is completing 500 miles of new railroad
Commission as a part of its function of investigation, constitute ordinarily in Florida, more railroad construction than in many States taken collecevidence sufficient to support an order, if the data are duly made part of the tively in the same period if time. This has involved large expenditures.
record in the case in which the order is entered. See Inter-State Commerce I have sold within twenty months $60,000,000 of Seaboard securities, not
Commission vs. Louisville & Nashville RR. Co., 227 U. S. 88, 93; Chicago including $7,000,000 recently sold, a total of $67,000,000. A large part
Junction Case, 264 U. S. 258, 262; United States vs. Abilene & Southern of the proceeds has been spent in Florida in pioneer construction and in
Ry. Co., 265 U. S. 274, 286-290; Act of June 18 1910, C. 309, Section 13, additions and betterments to the Seaboard system to care for increase in
36 Stat. 539, 555.
traffic,
Inquests and inquisitions, if they were expressly authorized, are, at
Because of statements by me respecting further construction and extencommon law, admissible in evidence in judicial proceedings, thus consti- sions you should know that the Seaboard Railway will now curtail its contuting an exception to both the hearsay rule and the rule against opinion structive program owing to recent heavy increases.
evidence. 3 Wigmore on Evidence (2d ed.), Sections 16-71-1674. Some
The recent settlement of wage increase in the Eastern group of forty-five
inquests are at common law also prima facie evidence of the facts found. railroads and more recently in the nineteen railroads and three terminal
Hughes vs. Jones. 116 N. Y. 67.
companies comprising the Southeastern Railroad Group, our group, and now
under discussion in the Western Group of seventy-six railroads, has a sigRemedies Provided to Correct Errors.
Congress has provided adequate remedies for the correction of errors in nificance which I do not believe is at all understood. It is the first setthe final valuation and the classification thereof. The conclusions reached tlement of these questions under the Railway Labor Act passed by Conby the Commission must be submitted first in the form of a tentative report, gress in 1926. The methods employed in reaching a settlement in the SouthSection 19a,Pars.(f) and (11). When so submitted,the carrier is authorized eastern Railroad Group displayed either lack of decision or understanding
to file a protest and to be heard thereon, Par. (i). If such protest is filed, by the so-called Board of Mediation provided in the Act, which was apthe Commission is directed to make in the report such changes, if any, as it pointed by President Coolidge, of the purposes of Congress, or the Act
may deem proper. Even if no protest is filed, the Commission may of its itself is incompetent in dealing with questions of so far-reaching a nature.
own motion upon due notice to parties in Interest correct the tentative
When wage increase was before the Eastern Railroad Group, which operreport. Compare New York Ontario & Western Ry. Co. vs. United States, ate in thickly populated and rich traffic territory, by agreement between
decided Jan. 10 1927.
the representatives of the men and those of the group the questions involved
When the final report Is introduced in evidence the opportunity to contest went to arbitration and a 7 ½% increase in that territory resulted.
the correctness of the findings therein made is fully preserved to the carrier;
The committee of eight representing the Southeastern Group, after the
and any error therein may be corrected at the trial. Specific findings may so-called Board of Mediation was supposed to have endeavored to mediate,
be excluded because of errors committed in making them. It is conceivable requested that the increase asked by the leaders of the men in our group
that errors of law may have been committed which are so fundamental and be also arbitrated; this was declined.
far-reaching, as to deprive the "final valuations . . . and the classifiSection 10 of the Railway Labor Act provides that, failing in settlement
cation thereof" of all probative force. Moreover, additional evidence may or arbitration, on the application of any railroad of the railroads of a group,
be introduced.
if in the opinion of the Board of Mediation there is threatened interruption
Paragraph (j) provides that "if upon the trial of any action involving a of Inter-State commerce in any section of the country that the board shall
final value fixed by the Commission, evidence shall be introduced regarding ask the President of the United States to appoint an emergency board to
such value which is found by the court to be different from that offered investigate and report to the President. Since a strike vote had already
upon the hearing before the Commission, or additional thereto and subbeen taken on all the railroads of the Southeastern Group it was the opinion
stantially affecting the value," the proceedings shall be stayed so as to perof many that the committee of eight representing the group declining to
mit the Commission to consider the same and fix a final value different
proceed without arbitration or the appointment of the emergency board,
from that fixed in the first instance, and to "alter, modify, amend or retaken in connection with the strike vote, constituted a sufficient menace
scind any order which it has made involving such final value."
commerce for the Board of Mediation to ask the President to
The District Court rested jurisdiction to entertain a suit to set aside the to Inter-State
emergency board in accordance with the Act. The group comvaluation order largely upon the provisions of Paragraph (j), believing that appoint the
that the Board of Mediation ask for the appointment of
such a suit was within the scope of the words "upon the trial of any action mittee suggested
the emergency board. My information was tint the Chairman of the Board
involving a final value."
considered that there was not a threatened interruption of
That paragraph was intended to apply to actions brought to set aside of Mediation
under the terms of the Act, as the strike vote had
rate-fixing orders in which the question of the value of the carrier's property Inter-State commerce
would be material. In our opinion it is not applicable to so-called orders not been announced, and therefore the President could not be asked to
was also informed that the Chairman
fixing only valuations. The objection to entertaining this suit to annul appoint the emergency board, but I
the final valuation is not merely that the question presented is moot, as in asked the labor leaders not to announce the vote in the express hope of
questions involved, which had already failed of result, unUnited States vs. Alsaka Steamship Co., 253 U. S. 113, 116; or that the mediating the
plaintiff's interest is remote and speculative as in Hines Yellow Pine Trus- less the terms proposed were accepted. A vote was taken by the committee
tees vs. United States, 253 U. 8.143, 148. There is the fundamental in- of eight, which unfortunately contained two representatives from two railfirmity that the mere existence of error in the final valuation is not a wrong roads which were properly in the Eastern Group, who should have been
disqualified from serving on this committee, resulting in five to three in
for 'which Congress provides a remedy under the Urgent Deficiencies Act.
h% increase allowed in the
Little need be added concerning the further contention that the suit favor of accepting the arbitrated award of 71
should be entertained under the general equity power of the court. Two Eastern territory, without arbitration in Southeastern territory.
The group committee of eight (one a Seaboard representative) instead
arguments are urged in support of the proposition. One is that since the
Commission has by reason of errors of law and of judgment grossly under- of insisting that the question be settled under the provisions of the Railvalued the property, its report will, unless suppressed, injure the credit way Labor Act, voted to accept the Eastern Group settlement. The repreof the carrier with the public. The other is that the commission may itself sentative of the Seaboard voted against acceptance and withdrew from the
be misled into illegal action by the erroneous conclusions and may apply committee. I have notified the Chairman of the Presidents' Conference
them to the carriers' injury, since use of the final valuation is required in Committee, Southeastern Railroads, that it. future conference on wages,
making rates pursuant to section 15a of the Act to Regulate Commerce, as rules and working conditions the Seaboard Railway will not be a party to
amended by Transportation Act, C. 91, Section 421, 41 Stat. 456; in the proceedings of those who may represent the group and will hereafter
prescribing divisions of joint rates under Section 15; in determining the take these matters up direct with our own men. The Southern Railway
limit upon the amount of capitalization, in the event of a consolidation System was not represented on the group committee its contract with its
under Section 5; in determining the propriety of an issue of securities, under men not expiring until March 1.
Personally I could not see why a wage decision in the Eastern Railroad
Section 20a; or as the basis of computation of the amount of excess earnings
to be recaptured under Section 15a.
Group operating in heavy baffle and thickly populated territories, after
Neither argument is persuasive. The first reminds of the effort made arbitration, should be accepted by the railroads of the Southeastern Group
in Pennsylvania RR. Co. vs. United States Railroad Labor Board, 261 operating in territory of less traffic and less population, without arbitra.
1170
THE CHRONICLE
tion, or without givnig the emergency or fact finding board opportunity
to ascertain aetual conditions in our territory as they apply to wages, rules
and working conditions. My position was that a decision of so momentous
a question should not be made without exhausting every means provided by
the Railway labor Act to secure arbitration, failing in this to insist on
the appointment of the emergency board. If every request for increase in
wages proposed for the Southeastern Group is to be determined by the action
taken by the Eastern Group, why confer in Southeastern territory at all?
The Eastern Group of railroads should not set the pace for wage increases
throughout the country.
When the Railway Labor Act was before committees of Congress it was
stated that its passage would prevent strikes, bring about arbitration and
peace between the railroads and their men.
The Transportation Act of 1920 provides for the adjustment of railroad
rates by regions, that is to say, by the groups of railroads into which the
country has been divided. Railroad rates differ in the several groups or
districts. The men submit the questions involved in increase in wages to
the same groups of railroads that deal with railroad rates from which wages
are paid. There is no reason why the settlement of wage increases should
not be made by each regional railroad group independent of and without
interefrence by another group.
The full responsibility for the action recently taken cannot be placed on
the representatives of the railroads alone.
Conductors and Trainmen in Western Territory Seek
734% Wage Increase.
.
Demands for an increase in wages of 7
proportionate
to the advances recently granted to railroad employees in
the East and Southeast, were filed on Feb. 24 by conductors
and trainmen in the Western territory, it is noted in the
"Times," which in addition says:
The petition represented about 60.000 employees. It is estimated that
If this increase were granted the carriers in the Western territory would
be forced to make an additional annual outlay of about $13.000,000.
al
Railroad men here believe that considerable difficulty will be encountered
before the Western railroads consent to granting the increase. The action
of the Southern Ry. in declining to go along with the movement which
resulted in the 73 % advance to railroad workers in the Southeast and
the note sounded this week by S. Davies Warneld, President of the Seaboard Air Line Ry.. who protested vigorously against the Southern increase, are believed to have indicated the stand the Western carriers
will take.
ProciamationloffPresident Coolidge Increasing;Duty
on/Ironlin/Pigs.
President Coolidge, acting under the flexible provisions
of the Tariff Act of 1922, has issued a proclamation increasing the import duty on iron in pigs and iron kentledge from
75 cents a ton to $1.124, per ton. His action, it is pointed
out in the "United States Daily," was taken as the result
of a cost investigation by the United States Tariff Commission. The President found that the existing duty of 75
cents a ton did not equalize the differences in the costs of
production in the United States and in British India, the
principal competing country. The proclamation, dated Feb.
23, is given as follows in the paper quoted:
By the President of the United States of America:
Whereas, in and by Sec. 315 (a) of Title III el the Act of Congress approved Sept. 21 1922, entitled "An Act to Provide Revenue, to Regulate
Gommerce With Foreign Countries, to Encourage the Industries of the
United States, and for Other Purposes," it is, among other things, provided that whenever the President, upon investigation of the difference in
costa of production of articles wholly or in part the growth or product of
the United States and of like or similar articles wholly or in part the
growth or product of competing foreign countries, shall find it thereby
shown that the duties fixed in this Act do not equalize the said differences
in costs of production in the United States and the principal competing
country, he shall, by such investigation, ascertain said differences and
determine and proclaim the changes in classifications or increases or decreases in rates of duty provided in said Act shown by said ascertained
differences in such costs of production necessary to equalize the same;
Whereas, in and by Sec. 315 (c) of said Act it is further provided that
In ascertaining the differences in costs of production, under the provisions
of subdivisions (a) and (b) of said sectisn, the President in so far as he
finds it practicable, shall take into consideration (1) the differences in
conditions in production, including wages, costs of material, and other
items in costa of production ,of such or similar articles in the United
States and in competing foreign countries; (2) the differences in the
wholesale selling prices of domestic and foreign articles in the principal
markets of the United States; (3) advantages granted to a foreign producer by a foreign government, or by a person, partnership, corporation,
or association in a foreign country; and (4) any other advantages or disadvantages in competition;
Whereas, under and by virtue of said section of said Act, the United
States Tariff Commission has made an investigation to assist the President
in ascertaining the differences in costs of production of and of all other
facta and conditions enumerated in said section with respect to the articles
.
described in paragraph 301 of title I of said Tariff Act of 1922, namely.
iron in pigs and iron kentledge, being wholly or in part the growth or
product of the United States, and of and with respect to like or similar
articles wholly or in part the growth or product of competing foreign
oountries;
Whereas, in the course of said investigation a hearing was held, of which
reasonable public notice was given and at which parties interested were
given reasonable opportunity to be present, to produce evidence, and to
be heard;
And whereas, the President upon said investigation of said differences
in costs of production of said articles wholly or in part the growth or
product of the United States and of like or similar articles wholly or in
part the growth or product of competing foreign countries, has thereby
found that the principal competing country is British India and 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, British India, and has ascertained and determined the increased
rate of duty necessary to equalize the same;
[VOL. 124.
Now, therefore, I, Calvin Coolidge, President of the United States of
America, do hereby determine and proclaim that the increase in the rate
of duty provided in said Act shown by said ascertained differences in said
costs of production necessary to equalize the same is as follows:
An increase in said duty on iron in pigs and iron kentledge (within the
limit of total increase provided for in said Act) from 75 cents per ton te
$1.12% per ton.
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 twenty-third day of February in
the year of our Lord one thousand nine hundred and twenty-seven, and of
the Independence of the United States of America the one hundred and
fifty-first.
By the President:
CALVIN COOLIDGE.
Frank B. Kellogg,
Secretary of State.
United States Court of Customs Appeals'Upholds
Constitutionality of Flexible Provisions of Tariff
Act and President's Powers Thereunder.
The constitutionality of the flexible provisions (Section
315) of the Tariff Act of 1922 is Upheld in a decision of the
United States Court of Customs Appeals delivered on Feb.
24 by Presiding Judge William J. Graham. The Court held
that Congress acted within its rights in delegating to the
President the power to raise or lower duties within a maximuzn of 50% of those fixed in the Act. The decision was
given in a test case in which protest was made against the
action of President Coolidge in raising the duty on barium
dioxide from 4 to 6 cents a pound. The protestants were
J. W. Hampton, Jr., & Co., New York, who opposed the
assessment by the Collector at New York of 6 cents a pound
duty on 292 drums of barium dioxide, the company contending that the goods were properly dutiable at 4 cents a pound
under paragraph 12 of the same Tariff Act of 1922. The
importing firm alleged that section 315 was unconstitutional
and that all acts under it by the President were null and
void, says the New York "Times," which also said in part:
Contentions of the Appellant.
The protest was referred to the Board of General Appraisers, which
sustained the assessment. The importer then appealed to the Court of
Customs Appeals, making three assignments of error against the board.
These were that section 315 was unconstitutional because it attempted to
delegate to the President the power to legislate and bemuse it sought to
delegate to him the "power to tax," a power which could be exercised only
by Congress, and, furthermore, that section 315 Was a provision, not for
a tax, duty or excise but solely for the "protection" of Americas industries. Appellant contended that Congress had no eonstitutienal right to
legislate tariff "protection."
The "United States Daily" In noting the conclusions of
the Court of Customs says:
By holding that the flexible provisions are within the constitutional
limits of Congress' right, the court also found valid provisions of the law
by which Congress may enact statutes having as their aim the protection
of American industry. It said specifically that Congress had the right
to lay duties which would equalize the difference in production costs in
the United States, and in the principal competing countries, declaring
this to be a valid exercise of the constitutional grant of power to regulate
commerce.
The case decided originated under a proclamation ay President Coolidge
on May 19 1924; . . .
Three Questions at Issue.
After reviewing the facts, Judge Graham said the many assignments
of error made by the appellants could be summed up in three propositions:
That section 315 is unconstitutional in that it attempts to delegate to
the President the power to legislate;
That it is unconstitutional in that it attempts to delegate to the President the power to tax, and
That section 315 is a provision, not for a tax, duty or excise, but solely
for the protection of industries of the United states; and that Congress
may not so legislate under the powers given it by the Constitution.
The Court, answering the propositions, found adversely in each instance.
It stated the general rule that as regards foreign commerce the power of
Congress to regulate includes the right to levy discriminatory duties and
the right to prohibit; and this legislative right is absolute.
Right to Lay Duties Upheld.
"It was for Congress to select the means," the Court said in conclusion,
"by which it thought the best interests of the country would be served in
encouraging, fostering, and protecting the commerce and industries of the
country. Having done so within constitutional limits, the courts will not
interfere. If it be said that legislation which thus protects one industry
at the expense of others should be declared invalid therefor, then we must
deny to the Congress She power te lay any duties at all. The power to
lay duties implies the power to select the objects upon which such donee
are laid. Necessarily, the laying of a duty upon one product and not upon
another may give added advantage or disadvantage to the domestic producer of the product thus made dutiable. But what 'night be said of the
inequality of the laying of duties may also be said of all taxes for public
purposes. The needs occasioned by drought, famine, pestilence and flood,
the pauper, the dependent, and the criminal, are burdens unequally borne;
and yet, while the means of one citizen are taken from him to minister to
another, it is still deemed to be a public purpose, the benefits of which all
citizens equally enjoy. The right of our national legislature to take such
steps as the people, acting through it, may think best suited to protect,
foster and encourage its commerce and industrial life cannot be denied;
for to so deny it would be to deny the sovereign right which every properly
constituted' government has to perpetuate itself and to accomplish one of
the chief purposes for which it was created.
"It is apparent, from the facts hereinbefore recited and the discussion
had, that the single question presented for determination is whether Con.
gre as, in attempting to grant to the President the power to increase the
FEB. 26 1927.]
THE CHRONICLE
rates of duty speeified in the statutes by adding thereto the differences in
cost of production ascertained by him under section 315 (a), acted within
constitutional limits or whether such act was, in that respect, null and
void; and our decision is limited to that precise question.
"We find no error in the record and the judgment of the Court below
is affirmed."
1171
lations of the Department of Agriculture will so operate, that there will be
no unnecessary duplication or expense.
"Instead of preventing the Canadian milk from coming over, as the opponents of the bill assert, it will simply mean that the Canadian farmers and
producers will clean up, and that clean, pure milk will come over here
instead of the other kind."
It is stated that the importers have announced their inSenator Walsh was one of those who opposed the bill,
tention to appeal to the United States Supreme Court.
which, according to the Washington correspondent of the
New York "Journal of Commerce," had been contested bitBill to Regulate Importation of Milk and Cream into terly every step of the way through both House and Senate,
the opposition being largely a group of Boston cream dealUnited States Passed by Congress and Signed by
ers and one large milk distributing company of New York
President Coolidge—Text of Law.
On Feb. 15 President Coolidge signed the Lenroot-Taber City. The correspondent added:
It [the bill] was supported by the National Co-operative Milk Producers
bill, regulating "the importation of milk and cream into the Federation, assisted by the General Farm Organizations, and had the enUnited States for the purpose of promoting the dairy indus- dorsement of many public officials. The bill now goes back to the House,
try of the United States, and protecting the public health." where an effort will be made for concurrence without the aecessity of the
bill going to conference.
The Senate on Feb. 4 passed in amended form by a vote of
Provisions Outlined.
51 to 27 the bill, which had passed the House last year (June
As it passed the Senate the bill provides that no milk or cream con enter
30 1926) and on Feb. 11 the House concurred in the Senate this country without a permit. It gives the Secretary of Agrieulture the
amendments. Before the vote on the passage of the bill power to issue such permits under the following terms:
All cows producing milk or cream offered
was taken in the Senate on Feb.4 a motion by Senator Walsh ined annually by a competent veterinarian,for importation must be examand except in the case of milk
(Democrat) of Massachusetts to recommit the bill to the produced on foreign soil within twenty miles of a milk plant, creamery or
c,ondensary in the United States, and when the milk is to be subsequently
Senate Committee on Agriculture and Forestry was defeated pasteurized, all imported milk or cream must enter the country either in
pasteurized condition or come from cows that have been within one year
by a vote of 48 in opposition to 31 in favor of the motion.
tested for tuberculosis and must not exceed a temperature of 50 degrees
Following the action of the House on Feb. 11 in concur- Fahrenheit.
Other provisions prescribe the bacteria ccunt for milk and cream at the
ring in the Senate amendments, Rep'resentative Sol Bloom
importation and for inspection of the farms on which the
of New York requested that President Coolidge, before pass- time of are produced. The Secretary of Agriculture is required imported
products
to issue
ing on the bill, give a hearing to Dr. Louis I. Harris,
to all applicants until such time as he is in a position
New temporary permitsprovisions of the act. But the
Secretary is given•authorto administer the
York Health Commissioner, one of the opponents of
the ity to revoke the permits whenever a permit holder violates regulations.
measure. President Coolidge consented, fixing Feb. 14
as Other sections of the Act prescribe fines and imprisonment for knowing
the date for the hearing. In referring to the
House action violations of its provisions.
on the 11th the Washington dispatch to the
Senator Walsh in his declarations against the bill during
"Herald-Tribune" said:
the Senate debate on Feb. 4 said:
Representative Black opposed the bill on the ground that it
would Interfere with New York's supply of milk and make it
largely dependent upon
up-State dairymen. He added that the curtailed
shipments from Canada
probably would result in advanced milk prices in New York.
"This is a pure graft proposition and not a sanitary
proposition. The
alibi is health," he said.
With reference to the protest lodged with the
President
by Dr. Harris, the Washington dispatch to the New
York
"Times" Feb. 14 said:
The proposed law constitutes a danger to the public
health of New York
City, Commissioner Harris said in his protest,
stating these reasons:
"1. In an emergency it entirely deprives the City of
New York of an
essential supply of Canadian milk to meet the shortage.
"2. It at all times restricts the supply of essential
Canadian milk which
must be maintained as a reserva for times of shortage.
"3. It further intensifies the present conflict between
New
on the one hand and Boston and ether New England cities on York City
the ether
for nearby sources of milk supply in their natural milk shed.
"4. It lessens the administrative efficiency of the
inspection forces of
New York City by compelling their dispersion for the
inspeetion of more
remote sources of supply.
"5. It constitutes a provocation for bootlegging.
"8. It compels a duplication of inspection in
order to protect the New
York City supply because (a) of the inadequacy of the
Federal appropriation, totaling $50,000, for the entire United State,, in
comparison with
the present New York City appropriation of over
$400,000 for inspection
persounel alone; (b) Federal inspection at best insures only
the condition
of milk at the border and does not insure the condition
when milk is received at New York City, and (c) because the Federal standards
than the New York City standards in essential respects and are lower
New York
City must therefore inspect independently.
"7. Because the necessary effect will be (a) to increase the
milk, constituting a serious burden on the children and the sick price of
the City of New York, and (b) to tend in times of emergency to poor of
lower the
standards either by compelling less effective inspection at more
remote
sources of supply or by lowering the standards at nearby sources
of supply
to make up the deficit."
Commissioner Harris said New York needed about 3,000,000
quarts of
milk a day, of which Canada supplied 190,000 quarts.
"Past experience has shown that a shortage of milk supply has
always
induced the bootlegging ef milk, which means the obtaining of milk
from
nninspected and unauthorized sources," he added. "This bill, in
depriving
the cities of New York and Boston and other New England cities
of their
present reserve Canadian supply will induce the bootlegging to
these cities
from uninspected American sources of a supply of milk to
meet the demand, particularly during a shortage, in view of the higher prices
then to
be obtained."
The same paper in its Washington advices Feb. 15 stated
in part:
In expressing satisfaction over the President's approval of the bill,
which
will become operative as soon as supporting appropriations are made
by
Congress, Representative Taber of New York, co-author of the
measure,
declared that the opposition to it of Health Commissioner Harris of
New
York was without logical foundation, and that there were errors of
fact in
the brief sulimitted to the President yesterday by the Commissioner.
"Commissioner Harris in his brief declared as his chief
argument that
190,000 quarts of Canadian milk were imported into New York City daily,"
said Mr. Taber. "As a matter of fact, according to official
figures, the
total importation of milk into the whole country was only 80,000 quarts
in
1928, of which only one-half went to New York City. Thus the
total for
New York City cannot possibly be more than 40,000 quarts. But
Commissioner Harris says 190,000. That fact alone shows the absolute need
of
this bill.
"This bill will keep out impure milk, and at the same time will prevent
the lowering of those standards which we have required of our own farmers and will carry out the standards established by the New York City
Health Department in years gone by. The bill is so drawn, and the regu-
This bill is intended to be an embargo upon milk flowing from Canada
into New York and the New England States. The proof of that is that
under the bill as originally drawn no one could ship milk under any conditions, commencing with the passage of the bill, from Canada until the
farm where the milk was produced was inspected. As only $50,000 is
appropriated to inspect all the Canadian farms that supply the cream that
is used in the summer months in the New England and New York cities, no
permits could be granted.
Under the bill as originally drawn a higher standard of inspection was
required than by any State or any city in the whole United States. The
farm score standard of grading the sanitary farm conditions was 70%. No
State or city requires a percentage higher than 55 for domestic grading.
The quality of the milk, determined by bacteria content, was set at a
higher standard than any State or city in this country has already fixed
for domestic milk.
There is no attempt to improve the standard of milk that is produced in
the several States and transported from one State to another, or to require
that it should be of as high standard as imported cream. The sole intent
and purpose of this bill, with its miserable appropriation of $60,000, is to
set up a system of inspection of milk and cream produced in Canada that
wll deny the poor of the great cities of this country of that supply of cream
and milk which they use during the sunnier months, because the local production is ample except during that period. Pmetically the only time
there is a flow of milk from Canada into New York and Boston and the
other large cities is during the three Summer months, whet' there is am
excessive demand for ice by the poor in the crowded cities. It is the industrial workers and crowded tenement-house children that this bill penalizes. It is prohibition run riot—prohibition of ice cream and soda-fountaM milk and cream drinks for the city toilers.
We do not go to Canada for cream because we want to; it is because we
are compelled to do so or go without cool drinks and foods made of cream.
I Join with the Senator from Utah in characterizing this legislation as
vicious; as an attempt to establish another bureau, as amounting to an
arbitrary denial of the right of the people of this country to get good milk,
where they want it and when they want it, at reasonable prices. Further,
It means, as he has indicated, an entering wedge into a complete inspection
system of all milk and cream, because we have no right to establish a
standard et inspection and quality of Canadian milk and cream that we
are unwilling to apply to the domestic supply of every State and community in the Union.
Mr. President, the States have ample power to protect the public health.
They are performing that duty now. Where are we to stop in our bureaucratic usurpation of State rights?
. . . I am sorry there is no opportunity to discuss this bill more at
length. I assume the bill will pass, because I know the influences that
have been at work here. I want to say to Senators who vote for this bill
that they will regret it, because it means the establishment of another
bureau, and it may mean ultimately a very substantial increase is this appropriation and the employment of a corps of spies and inspectors second
only in numerical strength and power to the spies and inspectors now maintained by the Prohibition Bureau. When these inspectors visit the farms of
American dairymen there will be general regret that we sei up a national
standard of milk and cream and usurped the control now wisely and satisfactorily exercised by local communities. To what low ebb has local self
and State government sunk that it can no longer protect the public against
unfit milk and cream or regulate its supply of these necessities of life?
Mr. President, this bill is most dangerous precedent, in addition to its
violaton of the principles of local self-government. It s a bill to force the
people of one section of the country to buy certain necessities of life from
another section of the country that will result in higher prices and inferior
quality, for the longer the haul of milk and cream the more likely of
deterioration and the higher the prices because of increased transportation costs.
Senator King, who also declared himself against the bill,
stated on Jan. 31:
If the primary purpose of this bill is not that of increasing the price of
milk to the millions of people who do not produce milk, then I do not read
the English language aright. I believe that the paramount purpose of the
bill is to enable the local producers of milk to increase the price to the
1172
THE CHRONICLE
[VoL. 124.
domestic consumer, as a result of which the people in the industrial sec- Prrovided, however, that no milk and/or cream shall be imported whose
tions, the people in the cities and in the towns, who have to buy milk, will bacterial count per cubic centimeter in any event exceeds one million two
be compelled to pay a higher price for the milk than they otherwise would hundred thousand: Provided further, That such requirements shall not be,
have to pay. A bill of this character will be a potential sword hanging waived unless the farm producing such milk to be imported is within a
over the heads of the consumers, and the result, of course, will be an aug- radius of fifteen miles of the condensery in which it is to be processed:
mentation of the price of milk to the domestic consumer. It will eventuate, Provided further, That if milk and/or cream imported when the requireperhaps, in monopolies here and there, but nevertheless so integrated that ments of section 2, paragraph 4, have been so waived, is sold, used, or disthey will move from some central organization or be propelled or impelled posed of in its raw state or otherwise than as condensed milk by any person, the permit shall be revoked and the importer shall be subject to fine,
.in their movements by reason of some central organization
by this Act.
other penalty
Senator Lenroot, one of the sponsors of the bill, in his imprisonment, or of Agriculture prescribed to waive the requirements of
is directed
The Secretary
statements in its behalf in the Senate on Jan. 31 said:
paragraphs 2 and 5 of section 2 of this Act in so far as the same relate
I wish it were possible for the milk producers of the United States, as to milk when issuing permits to operators of, or to producers for delivery
well as those who engage in other, kinds of agriculture, through organiza- to, creameries and condensing plants in the United States within twenty
tion and co-operation, to be put upon the same basis as manufacturing is miles of the point of production of the milk, and who import no raw milk
put. Unfortunately that is not practicable; at least such a condition does except for pasteurizatio or condensing: Provided, That if milk imported
not exist to-day. It is universally admitted that agriculture in the United when the requirements of paragraphs 2 and 5 of section 2 hays been so
States to-day is suffering under the great inequality that the prices of agri- waived is sold, used, or disposed of in its raw state, or otherwise than as
cultural products do not stand in proper relation to those of manufactured pasteurized, condensed, or evaporated milk by any person, the permit shall
articles which the farmer must buy and use. Even if this bill should result be revoked and the importer shall be subjected to fine, imprisonment, or
in helping somewhat to bring about such equality, who is there who has other penalty prescribed by this Act
The Secretary of Agriculture is hereby authorized and directed to make
any right to complain when we consider what agriculture has been sufferand enforce such regulations as may in his judgment be necessary to carry
ing from and is suffering from to-day?
out the purpose of this Act for the handling of milk and cream, for the inHowever, the fact is, Mr. President, that while this bill is primarily a health measure, the dairy industry is concerned in the bill spection of milk, cream, cows, barns, and other facilities used in :he proany very properly concerned in it. In the first place, the dairy in- duction and handling of milk and/or cream and the nandling, keep:ng,
dustry of the United States is very vitally concerned in increasing transporting, and importing of milk and/or cream: Provided, however,
the consumption of milk n the United States. It is vastly increased unless and until the Secretary of Agriculture shall provide for inspections
during the past few years, and the purer milk is required to be the greater to ascertain that paragraphs 1, 2, and 3 of section 2 have been complied
any
the consumption of milk in the United States. It is vastly increased with, the Secretary, of Agriculture shall issue temporary permits to
will follow to all the dairy farmers of the United States. So the dairy applicants therefor to ship or transport milk and/or cream into the United
farmer of the United States has a perfectly legitimate interest in being States.
The Secretary of Agriculture it; authorized to suspend or revoke any
anxious to see that the milk consumed in the United States shall be of the
highest possible purity. That is the primary purpose of the bill, to re- permit for the shipment of milk or cream into the United States when he
quire all milk sent to the United States from other countries to be produced shall find that the holder thereof has failed to comply with or has via
under the same high sanitary standards that are required by nearly all of lated this Act or any of the regulations made hereunder, or that the milk
and/or cream brought or shipped by the holder of such .permit into the
the States in the Union. Is there anything unfair in that?
Then, Mr. President, from the economic side, is it fair to put the dairy United States is not produced and handled in conformity with, or that the
farmers of the United States in untrammeled competition with the dairy quality thereof does not conform to, all of the provisions of section 2 of this
farmers of Canada when, under the health laws of the various States of the Act.
Sec. 4. It shall be unlawful for any person in the United States to reUnion, the dairy farmers of the United States are compelled to observe
certain sanitary conditions affecting the construction of barns, and so forth, ceive milk or cream imported into the United States unless the importation is in accordance with the provisions of this Act.
which entail a higher cost of production of milk than over in Canada?
Sec. 5. Any person who knowinglyly violates any provision of this Act
I have pages of testimony from officials of Maine, New Hampshire, Massachusetts, and from, I think, all the other New England States, in which shall, in addition to all other penalties prescribed by law, be punished by
It is stated that they themselves have visited the dairy farms of Canada, a fine of not less than $50 nor more than $2,000, or by imprisonment for
and the conditions they found there were shocking and would not be per- not more than one year, or by both such fine and imprisonment.
Sec. 8. There is hereby authorized to be appropriated, out of any moneys
mitted for a moment in the State of New York or in the State of Massachusetts or in most of the other States of the Union. That condition can In the Treasury not otherwise appropriated, the sum of $50,000 per annum,
this
not continue, Mr. President, if this bill shall become a law; but the bill to enable the Secretary of Agriculture to carry oat the provisions of
does not require any higher standard from the producers of milk in Canada Act.
inconsistent herewith are hereby
Sec. 7. Any laws or parts of laws
than it requires from producers of milk in the State of New York. It does
no more than put them upon an equality. So I repeat that this bill is repealed.
Sec. 8. Nothing in this Act is intended nor shall be construed to affect
also in its operation it will tend to some
primarily a health measure, but
regulate
extent to produce an equality between the dairy farmer of the United States the powers of any State, or any political subdivision thereof, to
or other disand the dairy farmer of Canada. So far as this bill creating an embargo is the shipment of milk or cream into, or the handling, sale,
or political subdivision after the
concerned, all the Canadian farmer has to do is to comply with these position of milk or cream in, such State
the provision'
standards and his milk can flow across the border just as freely as the milk and/or cream shall have been lawfully imported under
milk from the dairy farms in the State of New York flows into the City of of this Act.
this Act—
Sec. 9. When used
New York.
or
(a) The term "person" means an individual, partnership, association,
The following is the text of the bill as enacted Into law: corporation.
States.
AN ACT to regulate the importation of milk and cream into the United
(b) The term "United States" means continental United
days
States for the purpose of promoting the dairy industry of the United
Sec. 10. This Act shall take effect upon the expiration of ninety
States and protecting the public health.
from the date of its enactment.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That on and after the date on
which this Act takes effect the importation into the United States of milk
Court in Proceedand cream is prohibited unless the person by whom such milk or cream is Decision of United States Supreme
shipped or transported into the United States holds a valid permit from
ings Against Trenton Potteries Co.--Price Fixing,
the Secretary of Agriculture.
Though "Reasonable," in Violation of Sherman
Sec. 2. Milk or cream shall be considered unfit for importation (1)
Anti-Trust Act.
such milk or cream are not healthy and a physical
when all cows producing
examination of all such cows has not been made within one year previous
The United States Supreme Court, in an opinion handed
to such milk being offered for Importation; (2) when such milk or cream,
in its prosecution of
If raw, is not produced from cows which have passed a tuberculin test down Feb. 21, upheld the Government
States, or the Trenton Potteries Co. and others, under the Sherman
applied by a duly authorized official veterinarian of the United
of the country in which such milk or cream is produced, within one year Anti-Trust Act. The Trenton and twenty-two other potprevious to the time of importation, showing that such cows are free from
more than 80% of the entire
tuberculosis; (3) when the sanitary conditions of the dairy farm or plant tery companies representing
prosecuted
In which such milk or cream is produced or handled do not score at least trade in sanitary pottery ware and fixtures, were
fifty points out of one hundred points according to the methods for scoring on the charge of having agreed upon fixed uniform prices.
as provided by the score cards used by the Bureau of Dairy Industry of the
conclusions upheld the findings of
United States Department of Agriculture at the time such dairy farms or The Supreme Court in its
plants are scored; (4) in the ease of raw milk if the number of bacteria the District Court in New York, which found twenty indiper cubic centimeter exceeds three hundred thousand and in the case of viduals and twenty-three corporations guilty of violating
raw cream seven hundred and fifty thousand, in the case of pasteurized
Appeals decision, which held the
milk if the number of bacteria per cubic centimeter exceeds one hundred the statute. A Court of
thousand, and in the case of pasteurized cream five hundred thousand; verdict invalid, was reversed by the Supreme Court. The
(5) when the temperature of milk or cream at the time of importation latter's opinion was approved, 5 to 3. Justices Van Devenexceeds fifty degrees Fahrenheit.
Butler disenting. Justice Brandies
Sec. 3. The Secretary of Agriculture shall cause such inspections to be ter, Sutherland and
as are necessary to insure that milk and cream are so produced and took no part in the case. With regard to the decision of the
made
handled as to comply with the provisions of section 2 of this Act, and in High Court the Washington dispatch to the New York
all cases when lie finds that such milk and/or cream is produced and hanpart:
dled so as not to be unfit for importation under clauses 1, 2, and S of "Times" said in
imposed upon most of the
As a result of the decision the jail sentences
siction 2 of this Act, he shall issue to persons making application therefor
into effect.
permits to ship milk and/or cream into the United States: Provided, That Individual defendants will be carried
Potteries Co. and others,
The case was brought against the Trenton
In lieu of the inspections to be made by or under the direction of the Secrehaving factories in New Jersey, California,
of Agriculture he may, in his discretion, accept a duly certified state- members of an association
tary
Virginia. Indiana, Ohio and Pennsylvania, and
ment signed by a duly accredited official of an authorized department of Illinois, Michigan, West
State of the United States or any maintaining sales agencies in New York City. It was brought out in the
any foreign government and/or of any
association were engaged in manufacture or
municipality thereof that the provisions in clauses 1, 2, and 3 of section 2 record that members of the
fixtures produced in this country for use
have been complied with. Such certificate of the accredited distribution of 82% of the vitreous
of this Act
lavatories.
of an authorized department of any foreign government shall be in bathrooms and
official
the conSecretary of Agriculture, who is hereby
The judgment of the Circuit Court of Appeals overturning
In the form prescribed by the
form, as well as rules and regu- victions in the District Court on the ground that there were errors in the
authorized and directed to prescribe such
permits to import milk or cream into conduct or the trial was reversed in an opinion by Associate Justice Stone.
lations regulating the issuance of
the United States.
"Rule of Reason" Again Applied.
hereby authorized, in his discretion, to
The Secretary of Agriculture is
in
paragraph 4, of this Act when issuing
The Court reiterated the "rule of reason" as outlined in its decisions
waive the requirement of section 2,
be a
in which milk and/or cream is used the Standard Oil and Tobacco Trust cases, holding that there might
permits to operators of condenseries
that "the reasoncream is a necessary process: restraint of trade even where prices are reasonable, and
when sterilisation of the milk and/or
FE.B. 261927.]
THE CHRONICLE
able price fixed to-day may through economic and business changes become
the unreasonable price of to-morrow."
Agreements which create "such potential power." Justice Stone said,
"may well be held to be in themselves unreasonable or unlawful restraints,
without the necessity of minute inquiry whether a particular price is reasonable or unreasonable as fixed and without placing upon the Government
enforcing the Sherman Law the burden of ascertaining from day to day
whether it has become unreasonable through the mere variation of economic
conditions.
,
"Moreover, in the absence of express legislation requiring it, we should
hesitate to adopt a construction making the difference between legal and
illegal conduct in the field of business relation depend upon so uncertain a
test as whether prices are reasonable—a determination which can be satisfactorily made only after a complete survey ofour economic organization and
a choice between rival philosophies."
Agreements Themselves Condemned.
The Court pointed out that there was no attempt before it to show that
verdict of conviction in the District Court was not supported by sufthe
ficient evidence to fix prices and to limit sales in inter-State commerce to
jobbers. It stated that the record was replete with evidence to support
these allegations of the indictment.
It approved the action of the trial Judge in charging the jury that it might
return a verdict of guilty without regard to the reasonableness of the price
fixed, or of the good intentions of the combining units, whether prices
were actually lowered or raised or whether sales were restricted to the
special jobbers, "since both agreements of themselves were unreasonable
restraint."
Justice Stone continued:
"If the charge itself was correctly given and adequately covered the
various aspects of the case, the refusal to charge in another form or to quote
to the jury extracts from opinions of this Court was not err..r, nor should the
Court below have been concerned with the wrong reasons that may have
Inspired the fhay,ifcorWT given.
,4queioniereforee considered here is whether the trial Judge
correctly withdrew from the jury the consideration of the reasonableness of
the particular restraints charged."
The Court held, in effect, that there had been no errors in the conduct of
the case In the District Court as stated by the Circuit Court, which ruled,
among other things, that the lower tribunal "erred in the admission and
exclusion of evidence."
Variance of Term "Reasonable."
Discussing the question of what may be "reasonable." either in pricefixing, or other attempts to regulate trade, Justice Stone said that "reasonableness is not a concept of definite and unchanging content," and added:
"Its meaning necessarily varies in the different fields of the law, because
it is used as a convenient summary of the dominant considerations which
control in the application of legal doctrines. Our view of what is a reasonable
restraint of commerce is controlled by the recognized purpose of the Sherman Law itself.
"Whether this type of restraint is reasonable or not must be judged in
part at least in the light of its effect on competition, for whatever difference
of opinion there may be among economists as to the social and economic
desirability of an unrestrained competitive system, it can not be doubted
that the Sherman Law and the judicial decisions interpreting it are based
upon the assumption that the public interest is best protected from the
evils of monopoly and price control by the maintenance rf competition.
"The aim and result of every price-fixing agreement, if effective, is the
elimination of one form of competition.
"The power to fix prices, whether reasonably exercised or not, involves
power to control the market and to fix arbitratry and unreasonable prices."
With reference to the findings the "Times" also said:
Prosecutor Sees Public Gain.
David L. Podell, the Special Assistant Attorney-General, who prosecuted the pottery case defendants in the courts here, said that the decision
of the highest court establishes the law in all Sherman law prosecutions,
that it clears away much of the uncertainty in the minds of some of the
lower courts as to the extent of the responsibility of those engaged in pricefixing combinations and that it would have a tendency to reduce combinations and be of great advantage to the general public.
"The actual punishment of these particular defendants with jail sentences," said Mr. Podell, "is of infinitesimal significance compared to
the tremendous ISSUE/ decided by the court. That it is of nation-wide
Importance and affects every large industry. particularly In view of the
recent tendency toward trade associations, cannot be questioned. The
decision puts new life and vigor into the Sherman Anti-Trust Law.
"Had the rule prevailed that it was necessary for the Government to
prove that the prices fixed by a combination or association were unreasonable or excessive, it would in a practical way have made it impossible for
the Government ever to secure a conviction.
Strengthening of Sherman Law.
"Such a rule would have rendered the Sherman Anti-Trust Act a
nullity.
It would have compelled the Government in the conduct of these
cases
to submit proof of valuations of plants, reasonable and unreasonable
expenditures, reasonable and unreasonable profits, capitalizations and a
host of similar considerations about which it is almost humanly
impossible
for men definitely to agree.
"We took the position on the trial in the court below that the
Sherman
law condemns a price-fixing agreement entered into by members
of a
trade association who controlled a substantial part of an industry.
"We refused on the trial to enter into discussion as to whether
or not
the prices fixed were reasonable or otherwise. We rather urged
that to
permit this controlling group to fix a price would be to place
the consumer at the mercy of the manufacturer, thereby destroying
honest competition.
"Trade associations under the law have a legitimate existence.
There
are many salutary purposes to which they can devote themselves.
There
Is no reason why they should indulge in price-fixing as a group. In any
event, it is now made clearly a violation of the law."
From the "United States Daily" we take the text of the
decision as follows:
Respondents. 20 individuals and 23 corporations, were convicted In the
District Court for Southern New York of violating the Sherman AntiTrust Law, Act of July 2 1890, c. 847. 26 Stat, 209. The indictment was
In two counts. The first charged a combination to fix and maintain uniform prices for the sale of sanitary pottery. In restraint of Inter-State commerce; the second, a combination to restrain Inter-State commerce by
limiting sales of pottery to a special group known to respondents as "legitimate jobbers." On appeal, the Court of Appeals for the Second Circuit
reversed the judgment of conviction on both counts on the ground that
there were errors in the conduct of the trial. This Court granted certiorari.
266 U. S. 597, Jud. Code, section 240.
,Respondents. engaged in the manufacture or distribution of 82% of the
vitreous pottery fixtures produced in the United States for use In bathrooms
and lavatories, were members of a trade organization known as the Saulpotters' Association. Twelve of the corporate respondents had their
1173
factories and chief places of business in New Jersey; one was located in
California and the others were situated in Illinois, Michigan, West Virginia,
Indiana, Ohio and Pennsylvania. Many of them sold and delivered their
product within the southern district of New York and some maintained
sales offices and agents there.
There is no contention here that the verdict was not supported by sufficient evidence that respondents, controlling some 82% of the business of
manufacturing and distributing in the United States vitreous pottery of the
type described, combined to fix prices and to limit sales in Inter-State
commerce to jobbers.
The issues raised here by the Government's specification of errors relate
only to the decision of the Court of Appeals upon its review of certain rulings
of the District Court made in the course of the trial.
It is urged that the Court below erred in holding in effect (1) that the trial
Court should have submitted to the jury the question whether the price
agreement complained of constituted an unreasonable restraint of trade;
(2) that the trial Court erred in failing to charge the Jury correctly on
the question of venue;
(3) that it erred also in the admission and exclusion of certain evidence.
Reasonableness of Restraint Fixed.
The trial Court charged,in submitting the case to the jury,that if it found
the agreements or combination complained of, It might return a verdict of
guilty without regard to the reasonableness of the prices fixed, or the good
intentions of the combining units, whether prices were actually lowered or
raised or whether sales were restricted to the special jobbers, since both
agreements of themselves were unreasonable restraints.
These instructions repeated in various forms applied to both counts of the
indictment. The trial Court refused various requests to charge that both
the agreement to fix prices and the agreement to limit sales to a particular
group, if found, did not in themselves constitute violations of the law
unless It was found that they unreasonably restrained inter-State commerce.
In particular the Court refused the request to charge the following:
"The essence of the law is Injury to the public. It is not every restraint
of competition and not every restraint of trade that works an Injury to
the public; it is only an undue and unreasonable restraint of trade that has
such an effect and Is deemed to be unlawful."
Other requests of similar purport were refused including a quotation from
the opinion of this Court in Chicago Board of Trade vs. United States.
246 U. S. 231, 238.
The Court below held specifically that the trial court erred in refusing
to charge as requested and held in effect that the charge as given on this
branch of the case was erroneous. This determination was based upon the
assumption that the charge and refusals could be attributed only to a
mistaken view of the trial judge, expressed in denying a motion at the
close of the case to quash and dismiss the indictment, that the "rule of
reason" announced in Standard Oil Co. vs. United States, 221 U. S. 1 and
in American Tobacco Co. vs. United States, 221 U. S. 106, which were
units for Injunctions, had no application in a criminal prosecution. Compare Nash vs. United States, 229 U. S. 373.
This disposition of the matter ignored the fact that the trial judge plainly
and variously charged the jury that the combinations alleged in the indictment, if found, were violations of the statute ass matter of law. saying:
". . . the law is clear that an agreement on the part of the members
of a combination controlling a substantial part of an industry, upon the
prices which the members are to charge for their commodity, is in itself
an undue and unreasonable restraint of trade and commerce; . . .
If the charge itself was correctly given and adequately covered the
various aspects of the case. the refusal to charge in another correct form
Or to quote to the jury extracts from opinions of this court was not error,
nor should the court below have been concerned with the wrong reasons
that may have inspired the charge, if correctly given. The question therefore to be considered here is whether the trial judge correctly withdrew
from the jury the consideration of the reasonableness of the particular
restraints charged.
Restraints Barred by Sherman Law.
That only those restraints upon inter-State commerce which are unreasonable are prohibited by the Sherman Law was the rule laid down by
the opinions of this Court in the Standard 011 and Tobacco cases. But
it does not follow that agreements to fix or maintain prices are reasonable
restraints and therefore permitted by the statute, merely because the
prices themselves are reasonable.
Reasonableness is not a concept of definite and unchanging content. Its
meaning necessarily varies in the different fields of the law, because It is used
as a convenient summary of the dominant considerations which control in
the application of legal doctrines. Our view of what is a reasonable restraint of commerce is controlled by the recognized purpose of the Sherman
Law itself. Whether this type of restraint is reasonable or not must be
judged in part at least in the light of its effect on competition, for whatever difference of opinion there may be among economists as to the social
and economic desirability of an unrestrained competitive system, it cannot
be doubted that the Sherman Law and the judicial decisions interpreting it
are based upon the assumption that the public interest is best protected
from the evils of monopoly and price control by the maintenance of competition. See United States vs. Trans-Missouri Freight Association, 166
U. S. 290; Standard 011 Co. vs. United States, supra: American Column Co.
vs. United States. 257 U. S. 377, 400; United States vs. Linseed 011 Co.,
262 U. S. 371, 388: Eastern States Lumber Association vs. United States,
234 U. S. 600, 614.
Aim and Result of Price Fixing.
The aim and result of every price-fixing agreement. If effective, is the
elimination of one form of competition. The power to fix prices, whether
reasonably exercised or not, involves power to control the market and to
fix arbitrary and unreasonable prices.
The reasonable price fixed to-day may through economic and business
changes become the unreasonable price of to-morrow. Once established,
It may be maintained unchanged because of the absence of competition
secured by the agreement for a price reasonable when fixed.
Agreements which create such potential power may well be held to be
in themselves unreasonable or unlawful restraints, without the necessity
of minute inquiry, whether a particular price Is reasonable or unreasonable
as fixed and without placing on the Government in enforcing the Sherman
Law the burden of ascertaining from day to day whether it has become
unreasonable through the mere variation of economic conditions.
Moreover, in the absence of express legislation requiring it, we should
hesitate to adopt a construction making the difference between legal and
Illegal conduct in the field of business relaitons depend upon so uncertain
a test as whether prices are reasonable—a determination which can be
satisfactorily made only after a complete survey of our economic organization and a choice between rival philosophies. Compare United States
vs. Cohen Grocery Co., 255 U. S. 81; Mash vs. United States. supra.
Thus viewed the Sherman Law is not only a prohibition against the
infliction of a particular type of public Injury. It -is a limitation of
rights, . . . which may be pushed to evil consequences and therefore
1174
7117 CHRONICLE
restrained." Standard Sanitary Mfg. Co. vs. United States, 226 U. S.
20, 49.
That such was the view of this Court in deciding the Standard Oil and
Tobacco cases, and that such is the effect of its decisions both before and
after those cases, does not seem fairly open to question.
Tenor of Former Decisions Set Forth.
Beginning with United States vs. Trans
-Missouri Freight Association.
supra; United States vs. Joint Traffic Association, 171 U. S. 505, where
agreements for establishing reasonable and uniform freight rates by competing lines of railroad were held unlawful, it has since often been decided
and always assumed that uniform price-fixing by those controlling in any
substantial manner a trade or business in inter-State commerce is prohibited by the Sherman Law, despite the reasonableness of the particular
prices agreed upon.
In Addyston Pipe & Steel Co. v. United States, 175 U. S. 211, 237, a case
Involving a scheme for fixing prices, this Court quoted with approval the
following passage from the lower Court's opinion. (85 Fed. 271, 293):
" . .. the affiants say that in their opinion the prices at which pipe has
been sold by defendants have been reasonable. We do not think the issue
an important one because as already stated we do not think that at common law there is any question of reasonableness open to the courts with
reference to such a contract." See also p. 291.
In Swift & Co. v. United States, 196 U. S. 375, this Court approved and
affirmed a decree which restrained the defendants "by combination, conspiracy or contract [from] raising or lowering prices or fixing uniform prices
at which the said meats will be sold, either directly or through their respecstive agents."
In Dr. Miles Medical Co. v. Park & Sons Co., 220 U. S. 373, 408. decided
at the same term of court as the Standard 011 and Tobacco cases, contracts
fixing reasonable resale prices were declared unenforcible upon the authority
of cases involving price-fixing arrangements between competitors.
That the opinions in the Standard 011 and Tobacco cases were not intended
to affect this view of the illegality of price-fixing agreements affirmatively
appears from the opinion in the Standard Oil case, where, in considering the
Freight Association case, the Court said (p. 65):
"That as considering the contracts or agreements their necessary effect
and the character of he parties by whom they were made they were clearly
restraints of trade within the purview of the statute they could not be taken
out of that category by indulging in general reasoning as to the expediency
or non-expediency of having made the contracts or the wisdom or want of
wisdom of the statute which prohibited their being made. That is to say,
the cases but decided that the nature and character of the contracts creating as they did a conclusive presumption which brought them within the
statute such results was not to be disregarded by the substitution of a
judicial appreciation of what the law ought to be for the plain judicial duty
of enforcing the law as it was made."
Cases Noted in State and Federal Courts.
[VOL., 124.
Venue Question is Considered.
The trial court instructed the jury in substance that if it found that the
respondents did not conspire to restrain trade as charged in the indictment,
then it was immaterial whether the agreements were ever actually carried
out, whether the purpose of the conspiracy was accomplished in whole or
in part, or whether an effort was made to carry the object of the conspiracy into effect.
The court below recognized that this charge was a correct statement of
the general proposition of law that the offensive agreement or conspiracy
alone, whether or not followed by efforts to carry it into effect, is a violation
of the Sherman Law. Nash vs. United States, supra. And it was clearly
the intent and purpose of the trial judge to deal with that aspect of the
case in giving it.
But the appellate court held the charge erroneous and ground for reversal
because the trial judge did not go further and charge the necessity of finding
overt acts within the Southern District of New York to satisfy jurisdictional
requirements. Since the indictment did not charge the formation of a
conspiracy or agreement within that district, the court was without jurisdiction unless some act pursuant to the agreement or conspiracy took place
there. Hyde vs. United States, 225, U. S. 347; Easterday vs. McCarthy,
256 Fed. 651.
This part of the charge, so far as respondents deemed it objectionable
in that the absence of efforts to carry out the agreement might be taken
into account in determining whether it was in fact made, was promptly
remedied by on instruction that the jury might consider all the facts in
determining whether a combination or conspiracy had been entered into.
But respondents made no request to charge with respect to venue or the
jurisdictional necessity of overt acts within the district. Neither did
they except to the charge as given nor move to dismiss the indictment
on that ground. A motion in arrest of judgment was directed to the
jurisdictional sufficiency of the indictment but the adequacy of the evidence
establishing Jurisdiction was not questioned.
The reason for this complete failure of respondents to point out the
objection to the charge now urged, or otherwise to suggest to the trial
court the desirability of a charge upon the facts necessary to satisfactory
jurisdictional requirements is made plain by an inspection of the record.
Jurisdiction not in Issue.
In point of substance, the jurisdictional facts were not in issue. Although the respondents were widely scattered, an important market for
their manufactured product was within the southern district of New York,
which was therefore a theatre for the operation of their conspiracy, adjacent
to the home of the largest group of the respondents located in a single
State. The indictment sufficiently alleged that the conspiracy was carried
on in the southern district of New York combined action under it. The
record Is replete with the evidence of witnesses for both prosecution and
defense, including some ofthe accused, who testified without contradiction
to the course of business within the district, the circulation of price bulletines, and the making of sales there by some of the members of the association organized by respondents. The Secretary testified that, acting for
the association, he effected sales within the district. All of these were
overt acts sufficient for jurisdictional requirements. In such a state
of the record, the appellate court might well have refused to exercise its
discretionary power to disturb the conviction because of the trial court's
failure to give a charge not requested. If this failure to guard against
the misinterpretation of a correct charge is to be deemed error, it was of
such slight consequence in the actual circumstances of the case and could
have been so easily corrected by the trial judge had his attention been
directed to it, that the respondents should not have been permitted to
reap the benefit of their own omission.
And in Thompson vs. Cayser, 243 U. S.66,84, it was specifically pointed
out that the Standard 011 and Tobacco cases did not over-rule the earlier
cases. The decisions in Maple Flooring Association vs. United States,
268 U. S. 563, and in Cement Manufacturers' Protective Association vs.
United States, 268 U. S. 588, were made on the assumption that any agreement for price-fixing, if found, would have been illegal as a matter of law.
In Federal Trade Commission vs. Pacific States Paper Trade Association,
272 U. S. —, we upheld orders of the Commission forbidding price-fixing
and prohibiting the use of agreed price lists by wholesale dealers in interState commerce, without regard to the reasonableness of the prices.
Cases in both the Federal and State courts have generally proceeded on
a like assumption, and in the second circuit the velar maintained below that
the reasonableness or unreasonableness of the prices fixed must be subAlleged Errors in Evidence.
mitted to the jury has apparently been abandoned. [The illegality of such
agreements has commonly been assumed without consideration of the
The alleged errors in receiving and excluding evidence were rightly
reasonableness of the price levels established. Loder vs. Jayne, 142 Fed. described by the court below as minor points. The trial lasted 4% weeks.
1010; Craft vs. McConoughby, 79 Ill. 346; Vulcan Power Co. vs. Hercules A great mass of evidence was taken and a wide range of inquiry covered.
Powder Co., 96 Cal. 510; Johnson vs. People, 72 Colo. 218; People vs. In such a case a new trial is not lightly to be ordered on grounds of techAi:manna, 203 App. Div. 548; see Trenton Potteries Co. vs. Oliphant, 58 niche' errors in ruling on the admissibility of evidence which do not
N. J. Eq. 507, 521; Beechley vs. Mulville, 102 Iowa 602, 608; People vs. affect matters of substance. We take note only of some of the objections
Milk Exchange, 145 N. Y. 267 (purchase prices). In many of these cases raised which sufficiently indicate the character of others, all of which we
price-fixing was accompanied by other factors contributing to the illegality. have considered.
Upon the precise question, there has been diversity of view. People vs.
Respondents called as a witness the manager of a potteries corporation
Sheldon, 139 N. Y. 251; State vs. Eastern Coal Co., 29 R. I. 254, 256, 265; which was not a defendant. On cross-examination, he was asked whether
Pope, Legal Aspect of Monopoly, 20 Harvard Law Rev. 167, 178; Watkins, he knew that his concern had pleaded guilty to a violation of the Sherman
Change in Trust Policy, 35 Harvard Law Rev. 815. 821-3; (reasonableness Act, to which he answered, "I don't know anything about that at all."
of prices immaterial) contra: Cade & Sons vs. Daly, (1919] 1 Jr. Ch. 306: While it may be within the discretion of the trial judge to limit crossCentral Shade Roller Co. vs. Cushman, 143 Mass. 353; Skrainka vs. Schar- examination of this type, we would not be prepared to say that such a
ringhausen, 8 Mo. App. 522; Dueber Watch Case Mfg. Co. vs. Howard question, when allowed, would be improper, if its admissibility were urged
Watch Co. 5 Fed. 851.] See Poultry Dealers' Association vs. United on the ground that it was directed to the bias of the witness, Wabash
States, 4 Fed. (2d) 840. While not necessarily controlling, the decisions Screen Door Co. vs. Black, 126 Fed. 721, 726: 2 Wigmore, Evidence (2d
of this Court denying the validity of resale price agreements, regardless ed.) Section 949, or that it was prellmintuy to showing his implication in
of the reasonableness of the price, are persuasive. See Dr. Miles Medical the supposed offense, and thus affecting his credibility. But in any
Co. vs. Park & Sons Co., supra; Boston Store of Chicago vs. American case, we do not think the answer given prejudiced the respondents in any
Graphophone Co., 246 U. S. 8; United States vs. Schrader's Sons, 252 U. S. such substantial way as to justify a reversal. Davis vs. Coblens, 174
85; Federal Trade Commission vs. Beechnut Packing Co., 257 U. S. 441.
U. S. 719, 727; Blitz vs. United States, 153 U. S. 308, 312.
Respondents rely upon Chicago Board of Trade vs. United States, supra,
It is part of the Government's case to show that it was the purpose of
In which an agreement by members of the Chicago Board of Trade controlling respondents, in aid of their price-fixing agreement, not to sell second grade
prices during certain hours of the day in a special class of grain contracts or class B pottery in the domestic market. The Government evidence,
and affecting only a small proportion of the commerce in question was including the testimony of the Secretary of the respondents' association,
upheld. The purpose and effect of the agreement there was to maintain to show that a distinct association of jobbers of pottery was co-operating
for a part of each business day the price which had been that day deter- in this effort and that its Secretary had tendered his active assistance
mined by open competition on the floor of the Exchange. That decision, to confine the sale of this class of pottery to the export trade.
dealing as it did with a regulation of a board of trade, does not sanction a
On cross-examination of the secretary of the respondents' association, the
price agreement among competitors in an open market such as is presented fact was brought out that at one time 20 out of 24 members were selling
here.
class "B" pottery in the domestic market. On re-direct examination, the
Trial Court's Charge Proper.
government asked questions of the witness tending to show that at about
Jobbers' Association had been called for
The charge of the trial court, viewed as a whole, fairly submitted to the that time the Secretary of the
of the New York Legislature, conducting
jury the question whether a price-fixing agreement as described in the examination before a Committee
a general investigation into restraints of trade and extortions in connection
first count was entered into by the respondents. Whether the prices
New York City and vicinity, an investigation
actually agreed upon were reasonable or unreasonable was immaterial in with the building industry in judicial notice.
circumstances charged in the indictment and necessarily found by the of which the lower court took
the
It was held below and it is urged here that because of the known character
verdict. The requested charge which we have quoted, and others of
of the investigation, the evidence should have been excluded because it
similar tenor, while true as abstracted propositions, were inapplicable to
improperly "smirched" the witness by showing that he had relations with
to the case in hand and rightly refused.
brief statement which we have given of the
being sufficient and the case having properly submitted an "unreliable" person. But the
The first count
the testimony sought was material in explaining
we may disregard certain like objections relating to the second record makes it plain that
to the jury,
the failure of the members of the respondents' association at that time to
count. The jury returned a verdict of guilty generally on both counts.
confine their sales of class "B" pottery to the export market as promised.
sentence was imposed in part on the first count and in part on both counts,
The inquiry was not directed to the impeachment of the government's
to run concurrently. The combined sentence on both counts does not own witness. Its purpose was to dispel the adverse impression possibly
have been imposed on one alone. There is nothing
exceed that which could
created by the cross-examination. Such matters should not be excluded
in the record to suggest that the verdict of guilty on the first count was in merely because they tend to discredit the witness by showing his relations
any way induced by the introduction of evidence upon the second. In with unreliable persons.
these circumstances the judgment must be sustained if either one of the
Makers and Dealers on Witness Stand.
two counts is sufficient to support it. Claasen vs. United States, 142 U. S.
Respondents called numerous witnesses who were eitherrnaanufacturers
140; Locke vs. United States, 7 Cranch 339. 344; Clifton vs. United States,
. or wholesale dealers in sanitary pottery, to show that competition existed
4 Bow. 242, 250.
FEB. 26 1927.]
THE CHRONICLE
among manufacturers, particularly the respondents, in the sale of such
pottery. On direct examination these Witnesses were asked in varying
form
whether they had observed or noted competition among the
members of
the association. The questions were objected to and excluded on
the ground
that they were too general and vague in character and called for the
opinion
or conclusion of the witness.
Whenever the witness was asked as to the details of transactions
showing
competition in sales, his testimony was admitted and the introduct
ion of
records of prices in actual transactions was facilitated by
stipulation.
Whether or not such competition existed at any given time is a
conclusion
which would be reached only after the consideration of relevant data
known
to the witness. Here the effort was made to show the personal
conclusion
of the witness without the data and without, indeed, showing that
the conclusion was based upon knowledge of relevant facts. Hence the
offered
evidence, in some instances, took the form of vague impressions,
or recollections of the witness as to competition, without specifying the
kind or
extent of competition.
A certain latitude may rightly be given the Court In permitting
a witness
on direct examination to testify as to his conclusions, based
on common
knowledge or experience. Compare Erie RR. vs. Linnekogel, 248
Fed.
2 Wigmore, section 1929. Even if these questions could properly 389;
have
been allowed here, we cannot say that the discretion of the
Court was improperly exercised in excluding the conclusions of the witnesses
as to competitive conditions when full opportunity was given to prove
by
data the conditions of the industry within the period in question. relevant
Other objections urged by respondents to the sufficiency of the
indictment and charge have received our consideration but do not
require comment.
It follows that the judgment of the Circuit Court of Appeals
must be reversed and the judgment of the District Court reinstate
d.—Reversed.
Mr. Justice Van Deventer, Mr. Justice Sutherland and Mr.
Justice
Butler dissented.
Mr. Justice Brandeis took no part in the consideration or
decision of this
case.
Mid-Winter Trust Conference Under Auspices of
Trust
Company Division of American Bankers
Association.
The mid-winter trust conference and banquet
held in
New York Feb. 16 to 18 under the management of
the Trust
Company Division, American Bankers Associat
ion, was attended by over a thousand men and women
engaged in
fiduciary work representing banks and trust
companies
from all parts of the country. The discussi
ons, led by outstanding experts in various phases of fiduciar
y banking
and its problems, presented a comprehensive
course of instruction and interchange of experience of great
practical
value to those in attendance.
David P. Condon, Registrar Farmers' Loan &
Trust Co.,
New York, told of a swindle that led to New
York registrar
and transfer agents being warned "recently
not to affix
State tax stamps to the back of stock certific
ates on which
the number of shares is indicated by perforat
ions. Mr.
Condon said some men had bought certificates
calling for
one share of stock each and had gone to Florida,
where they
purchased real estate, arranging with a Florida
banker to
accept the stock as collateral for a loan. The
banker remitted the certificates to New York, where
it was discovered that the number of shares had been
raised by a clever
method of inserting an inlay of figures held in
place by the
tax stamp on the reverse side.
John C. Mecham, Vice-President First Trust &
Savings
Bank, Chicago, told how banks there have institut
ed a new
rule under which they no longer will safekee
p between
$600,000,000 and $700,000,000 of securities for
customers
free of charge. If the amount of a customer's securities is
above $5,000 and they remain on deposit longer than
three
months, charges will be made. Winslow Russell,
VicePresident Phoenix Mutual Life Insurance Co. of
Hartford,
Conn., brought out how trust companies and national
banks
are natural allies of life insurance companies. He
said
the insurance companies are launching an advertising
campaign in which they call attention to trust facilities.
"Not
far from a million dollars a day was paid last year
by life
insurance companies in lump sums to beneficiaries,
most of
whom were untrained in the safe handling of
money," he
said. "About 10% of all claims paid by the companies
was
conserved through trusts created between the insured
and
his life insurance company. It is quite likely that a
considerable part of the rest has already been misinvested."
The number of millionaires who die intestate, leaving
estates to be handled in the most expensive way, is large
because many men of wealth are unwilling to pay a
small
fee to a lawyer to draw their wills, Gilbert T. Stephen
son,
Vice-President Wachovia Bank & Trust Co., Raleigh
, N. C.,
said. He distributed copies of "One Hundred
Questions
About Wills, Trusts and Trust Companies," compile
d from
more than 600 questions asked trust solicitors of
forty-four
banks and trust companies in twenty States by benefici
aries.
Mr. Stephenson said many men name their wives
or friends
as executors as a compliment, but that satisfac
tory answers
1175
to the questions in his pamphlet would greatly popularize
corporate fiduciary services instead.
James G. Smith, instructor in statistics, Princeton University, spoke on "The Market for Corporate Fiduciary
Services." He said a survey showed that 100% of the trust
compan:es queried would solicit or accept trust funds of
$100,000 or more, that 50% drew the line at $50,000, and
that the percentage willing to accept trust funds below this
figure descended as the amount fell. Only 10% were willing to accept trusts as small as $100, although one had a $7
trust. "Most of these very small trusts seem to be cemetery
trusts," MT. Smith said. He cited one company as saying it
expected a minimum annual fee of $25, and another as saying: "All trusts have alt advertising value. Many trusts
are given to us by court order—we cannot well refuse the
small ones and hope for appointment of the large ones."
Mr. Smith said returns from 334 trust companies and fiftyseven national banks showed that they had invested trust
funds as follows: Government bonds, 17.3%; municipal
bonds, 14.9%; real estate bonds and mortgages, 27%; railroad bonds, 3.7%.
The question, "What factors have been chiefly responsible for the rapid growth of trust company business in the
last decade?" brought the following composite reply:
Greater complexity of business, corporation development,
life insurance, wider distribution of securities, tax laws, increasing complexity of financial structure, humanness of
institutions increasing, new methods of financing, desire for
organized financial ability.
"I never dreamed when I went into the trust business that
I would be asked to arrange funerals," said Edward J.
Reilly, Jr.,'Trust Officer of the National Bank of New
Brunswick, N. J., in a symposium on settling estates. "I've
had charge of three funerals in the last six months."
C. Alison Scully Vice-President National Bank of Commerce, New York, said prospective will-makers should be
warned not to use witnesses who might be hard to locate.
He cited a will that tied up an estate over a long period
because the executors were unable to find a bellboy and a
public stenographer in a hotel who had witnessed the in
strument.
R. H. Trott, Vice-President Rhode Island Hospital Trust
Company, Providence, R. I., said trust company officials
should encourage men establishing trusts to give full information of their business affairs in lifetime to their trust
companies and members of the:r families, as it is difficult
to assume management of a dead man's affairs overnight.
Fred W. Ellsworth, Vice-President Hibernia Bank & Trust
Co., New Orleans, told fellow trust representatives that his
company had found young men of little value as trust solicitors. "They simply can't bring home the bacon." said Mr.
Ellsworth. "We have turned to men of middle age, men of
maturity, who have had experience and who have contact.
These trained men from our Trust Department know how
to answer questions and how to ask them. In the field
we're working in the surface has only been scratched."
A question submitted to the chairman as to methods to
produce wills promptly after the death of the testators
brought out that one bank's plan is to provide the testator
with a copy of his will, a receipt for the original will and a
memorandum card to be put in his safety vault or other
place of safekeeping. The memorandum would advise relatives of the presence of the original will in the
care of the
trust company.
A preliminary report on principles and methods
for trust
investments presented by the Committee on
Review and
Survey of Trust Securities recomme
nded permanent trust
investment committees for this work, with
at least two
senior officers and one director as
permanent members and
with preference for the banker and the
lawyer in the membership. It also recommended that
either the bank or trust
company executive committee or else
a directors' advisory
committee approve all recommendation
s of the trust investment committee before any
purchases or investment securities are made. Also there should
be kept a complete record
of all recommendations of the
investment committee for
future reference in case of
need.
W. S. McLucas of Kansas City, Vice-President
of the
Trust Company Division, presided
at all business sessions.
At the annual dinner Edward
J. Fox, President of the division, who presided, said: "Report
s for 1926 indicate that
the banking resources of the
trust companies of America are
more than $19„000,000,000 and that the gain over 1925
is
1176
THE CHRONICLE
(Vox,. 124.
Hartford, Conn., and
• $1,190,000,000. Deposits during 1926 totaled $16,000,000,000, porter; Anthony S. Andretta, banker,
Mario Perera, second Vice-President of Commercial Exa gain of $900,000,000 in the year."
change Bank.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The Yorkville office of the Standard Bank celebrated this
Max Lederer,
The New York Stock Exchange membership of Walter C. week the first anniversary of its opening.
Taylor was reported posted for transfer this week to Waldo I. Vice-President, is in charge.
-4--Shuman, the consideration being stated as $185,000. This
was issued on Feb. 8 by the Comptroller of the
A charter
is the same as the last preceding sale.
Currency for the Capitol National Bank of Hartford, Conn.
capital of $300,000 and surplus
The proposed union of the Fifth-Third National Bank of The institution will have a
stock is being placed is
and the Union Trust Co. of that city, to which of $20(4000. The price at which the
Cincinnati
Jan. 8, has $220 per $100 share. The bank will begin business about
reference was made in these pages on Jan. 1 and
P. Tomlinson, President;
now been consummated. The new organization—the Fifth- March 15. The officers are: C.
combined capital, surplus and E. F. Dustin, William A. Sanborn, James N. H. Campbell
Third Union Trust Co.—has
nts, and Calvin C. Bolles,
undivided profits of $11,477,762; deposits of $72,410,888, and and C. S. Timberlake, Vice-Preside
total resources of $93,034,420. The banking rooms now Cashier.
occupied by the Fifth-Third National Bank will be the main
At the regular meeting of the directors of the Thames
office of the enlarged bank and the location of the Union
National Bank of Norwich, Conn., on Jan. 22 the resignation,
corner of Fourth and Walnut
Trust Co. at the northwest
because of ill health, of Oliver L. Johnson, as President and
streets will be known as the Fourth and Walnut office.
director was accepted with regret. The vacancies caused
Other offices will be as follows: Vine near Twelfth office;
by his action were filled by the election of Arthur M. Brown
Fourth and Plum office, Peebles Corner office, Ninth and
a* President and Philip A. Johnson as director. At the anCentral office, Vine near Sixth office, Court and Main
nual meeting on Jan. 11 Nathan A. Gibbs was elected Viceoffice, Mohawk office, Woodburn at Myrtle office, Harrison
office and President and Cashier. The other officers were all re-elected
and Spring Grove Avenue office, Winton Place
Madisonville office. Charles A. Hinseh is President; Louis at this time.
E. Miller, Edward Senior, Edward A. Seiter, Monte J.
Samuel F. Dixon has been elected a director of the GuarGoble, Charles H. Deppe, Louis G. Pochat, Edward F. Ro- dian Trust Co. of New Jersey, at Newark, to f:11 a vacancy
mer and Lewis E. Van Ausdol, Vice-Presidents; Edgar Stark, on the board. Mr. Dixon is President of William Dixon,
Vice-President and Trust Officer, and Charles H. Shields, Inc., New York and Newark, manufacturers and importers
Cashier.
of jewelers' and dental tools. He is also Vice-President of
both
Guaranty Trust Co. the Baker Printing Co. and the Barlow Foundry, Inc.,
At a meeting of the directors of the
of Newark, N. J.
of New York, held on Feb. 23, a plan for the increase of the
capital stock from $25,000,000 to $30,000,000 was approved,
The Guardian Trust Co. of New Jersey reports deposits
and the regular dividend was increased from $12 to $16 per of $11,342,354 for its first five months of business, ended
share per annum. The increase of capital stock, being Dec. 31 1926, an increase of $4,330,306 over the $7,012,048
$5,000,000, or 50,000 shares, will be offered to stockholders deposits made on Aug. 2 1926, the day the bank opened its
ofarecord at the close of business March 11 at $200 a share doors. For the first six months of business ended Jan. 31
for subscription and payment ratably in the proportion of 1927 earnings were equivalent to an annual rate of $5.50 per
their respective holdings. The date of the issue of the share, after setting up reserves for measured discount and
$5,000,000 increase will be April 11, payment to be made on contingencies. After the writing off of all organization exor before that date. The trust company, in its announce- penses the book value of the bank's stock as of Jan. 31 was
ment, also says:
placed at $158.75, only $1.25 per share less than the subThus, if the plan is approved, each stockholder of record at the close
of business on Friday, March 11, 1927, will be entitled to subscribe for scription price.
one new share of stock at the price of $200 a share for each five shares
of stock held by him. The proposed increase will add $5,000,000 to the
capital and $5,000,000 to the surplus of the company. The directors at
the meeting held yesterday also voted to transfer to the surplus fund of
the company, from undivided profits, the further sum of $5,000,000. Accordingly, upon the increase of the amount of capital stock as planned,
the company will have a capital of $30,000,000 and a surplus fund of
$30,000,000.
At the same meeting the directors voted to increase the regular dividend
to the rate of $16 a share per annum. The first quarterly dividend at this
rate, namely, $4 a share, will be paid to stockholders of record at the
close of business March 18 1927.
Notice of a special meeting of the stockholders of Guaranty Trust Co.
of New York to be held on March 11 1927 has been given.
If the proposed capital increase shall be authorized an assignable subscription warrant for each stockholder's ratable proportion of such increase
will be mailed shortly after March 14 1927.
No stock certificate will be issued for less than a full share, but non.
dividend bearing scrip representing interests in fractional parts of shares
of stock will be issued, exchangeable for stock certificates (with accumu.
fated dividends) when presented in amounts aggregating one share or multiples of one share.
James T. Monahan, Vice-Pre- sident of the Chatham-Phenix
National Bank & Trust Co., sailed on the S. S. Orizaba on
Saturday, Feb. 19, for Cuba on business.
Robert Williamson has been appointed Trust Officer of the
Hamilton National Bank of New York,130 West Forty-second
St., according to announcement made by Archibald C. Emery,
President. Mr. Williamson goes to the Hamilton National
Bank after eight years of service in the Trust Department of
the American Exchange Irving Trust, where he held the position of Assistant Secretary. He is a graduate of New York
University.
The State Superintendent o- f Banks has approved the increase In the directorate of the Commercial Exchange Bank
of New York, successor to Lionello Perera & Co., from
eleven to seventeen members. Dr. A. H. Giannini will continue as Chairman of the enlarged board, while the new
directors are Alessandro Olivottl, art dealer; Almerindo
Portfolio, retired manufacturer; R. J. Burehell. Jr.. secretary if Italy America Society; Louie J. Scarameill, Im-
At the February meeting of the board of directors of the
Mellon National Bank of Pittsburgh, Pa., Monday, B. W.
Lewis, Cashier, and H. S. Zimmerman, Assistant Cashier,
were elected Vice-Presidents. Both have been with the
Mellon National Bank since its organization in 102. Mr.
Lewis began his banking career with T. Mellon & Sons, the
predecessor of the Mellon National Bank. He has been
active in banking organizations, has served as Chairman of
Group Eight, Pennsylvania Bankers' Association, and has
been and is a member of its important committees. His new
title at the Mellon National is Vice-President and Cashier.
Vice-President Zimmerman has for years been in charge of
bank relations of the Mellon National and has traversed the
continent many times. His banking life began with the
Second National Bank of Pittsburgh. Mr. Zimmerman also
has been active in the various banking organizations.
That the First National Ban- k of Washington, Pa., and the
Real Estate Trust Co. of that place will consolidate under
the title of the First Bank & Trust Co. of Washington,
with total resources of more than $8,000,000, was reported in the Philadelphia "Ledger" of Feb. 18. Under the
terms of the merger the First National Bank, one of the
oldest national banks in Western Pennsylvania, will surrender its charter, effective March 15. The bank was originally
chartered, it is said, as the Franklin Bank In 1835. James
P. Braden heads the institution and Robert R. Hays is
Cashier, while T. Jeff Duncan is President of the Real
Estate Trust Co., with Robert S. Winters as Secretary and
Treasurer.
That the First National Bank of Dunbar, Pa., had failed
to open Its doors on Feb. 21 was reported in a dispatch by
the Associated Press from Connellsville, Pa., on that date,
appearing in the Baltimore "Sun" of Feb. 22. The dispatch
said in part:
A nntlee posted on the door said the bank was closed by a resolution
adopted by the board of directors Saturday. and that the institution was
FEB. 26 1927.1
THE CHRONICLE
1177
under the direction.of the Comptroller of the Currency, with Addison
Clarke, a National Bank Examiner, in charge.
According to the last public statement on Dec. 31, the bank had deposits
of $345,000. It was capitalized at $50,000 and had $25,000 surplus and
$16,000 undivided profits.
Clarke said Treasury regulations prevented him from commenting on
reports that "frozen assets" caused the closing of the bank. Re said there
was some talk of reorganization.
bank next May. W. R. McQuaid is President of the pioneer
institution.
"In view of what seemed to be a threatened run this morning and the
suspension of negotiations with other institutions the board of directors
decided last night that it would be best to close the bank this morning and
notify the Comptroller of the Currency."
bined capital investment more than $105,000,000, the second largest in the
United States.
Amalgamation of the Bank of Italy and the newly created
Liberty Bank of America (full particulars regarding the
huge scope of the latter appeared in our issue of Feb. 5,
page 748), the two forming, it is said, the largest banking
Associated Press advices from Marietta, Ohio, on Feb. 23, institution in the country outside of New York City has been
appearing in the "Herald-Tribune" of this city on Feb. 24, announced in San Francisco, according to an Associated
stated that the Central National Bank of Marietta, with Press dispatch from that city on Feb. 21 appearing in the
resources of approximately $3,000,000, had failed to open New York "Evening Post" of that date, which went on to
for business on that day. A notice posted by the bank stated say:
Endorsement by the Federal Reserve Board in Washington of an applicathat the institution had been closed by order of the Boaril
tion by the bank to merge its interests with the Liberty Bank of America
of Directors. Federal bank examiners from Columbus, it made this announcement possible, said James A. Dacigalupi, President of
was stated, had taken over its affairs. A statement, the the Bank of Italy.
Liberty stockholders will
50,000
only one, it was said, issued by G. E. Hayward, the bank's thereby increasing Bank of receivecapital shares of Bank of Italy stock,
Italy
and the Affiliated Stockholders'
President, read as follows:
Auxiliary Corporation by approximately $30,000,000 and making the com-
Mrs. Frances E. Weise was recently appointed head of the
newly opened department for women of the United States
Trust Co. of Detroit, according to the Detroit "Free Press"
of Feb. 20. Mrs. Weise has been in busineses in Detroit for
several years—for five years in the real estate business.
At present, it is said, she is making a study, going through
the Wayne County Probate Court daily, in which she has
found that in more than 50% of will cases, women or
widows are named as executors, while in cases where there
is no will at least 33% of the executors named are women.
In announcing the appointment of Mrs. Weise, Frank E.
Fisher, Secretary of the United States Trust Co., was
quoted by the paper mentioned as saying:
"With trust company business in Michigan rapidly approaching a volume
of $200,000,000 in assets and liabilities, officials of fiduciary institutions
have come to realize that perhaps the most important part of their business
is coming from women. In sponsorng the creation of estates, the making
of wills, the handling of real estate, buying and selling of bonds and protecting their property from get-rich-quick promoters, women have done
much to bring about the huge growth of trust activities we have seen in
Michigan during the last few years.
"Women are definitely in business everywhere. Women want to do business with women in whom they can repose business confidence. It is not
generally realized, I believe, that fully 75% of the savings accounts in the
United States are in women's names and that 85% of the nation's individual income is spent by women. It is women's nature to save, create and
conserve, therefore their turning to trust companies for counsel. In creating a women's division of our business extension department, with Mrs.
Weise in charge, we are endeavoring to meet an obligation which women
have made imperative in trust company activities."
In its issue of Feb. 16 the San Francisco "Chronicle" in
regard to the then proposed consolidation of the banks,
stated that Will C. Wood, State Superintendent of Banks
for California, had on Feb. 15 verbally authorized the purchase by the Bank of Italy of the newly created Liberty
Bank of America, his authorization being conditional upon
the sanction of the Federal Reserve Board. In making this
announcement Mr. Wood said:
"I have given verbal approval of the sale of the Liberty Bank of America
to the Bank of Italy with the understanding that written approval will follow if the proposed amalgamation of those two banks shall be approved by
the Federal Reserve Board. The Bank of Italy is a member of the Federal
Reserve, whereas the Liberty Bank of America is not, consequently the
approval of the Federal Reserve Board is necessary if the banks are to
remain in the Federal Reserve system.
"In deciding to approve the agreement of purchase and sale, I took into
consideration the fact that both the Bank of Italy and the Liberty Bank
of America are now owned by the same people and are all but technically
under the same general management. Bankers generally are agreed that
it is neither good banking policy nor good public policy to keep banks
separate in operation when the ownership is practically identicaL"
The "Chronicle" further stated that the enlarged Bank of
Italy would have resources of $650,000,000 and some 270
branches throughout California, "if no more of the present
106 applications for new branches now on file for Liberty
Bank of America with the State Banking Department are
granted in the interim."
The San Francisco "Chronicle" of Feb. 16 also stated that
according to an announcement made the previous day (Feb..
15) the Merced Security Savings Bank, the oldest financial
institution in Merced County, and the Bank of Pleasanton,
Alameda County, had been acquired by the Bancitaly Corporation, and would shortly become branches of the Liberty
Bank of America, under the terms of the merger of theBank of Italy and the Liberty Bank of America. Officers
of the Merced Bank, it was stated, would continue to manage its affairs under the new regime, as would those of the
Pleasanton Bank with the exception of Edward L. Benedict,
its founder, who would retire.
At a meeting of the directors of the Mound City Trust Co.
of. St. Louis on Feb. 19 George W. Clarkson was elected
President of the institution to succeed N. S. Magruder, who
resigned several weeks ago, while J. T. Dobbs was
made
Chairman of the board, according to the St. Louis "GlobeDemocrat" of Feb. 20. Mr. Clarkson was formerly President of the Grand Avenue National Bank of St. Louis for
sixteen years, resigning in December, 1925. Other
officers
of the Mound City Trust Co. are: John C. Tobin, ViceTHE WEEK ON THE NEW YORK STOCK EXCHANGE
President and counsel; Collins E. Bushnell, Vice-President
Speculative activity on the New York Stock Exchange the
and Secretary, and Harry C. Avis, Treasurer.
present week has centered largely in the industrial list and
--4-though many individual stocks among the specialties, rails,
D. L. Bingham, active Vice-President and Manager of the oils and copper, scored
further sharp advances which carBank of Indianola, Indianola, Miss., since 1914, has been ried several
to new high records for the year, the stock
elected a Vice-President of the Fidelity Bank & Trust Co. of market on the whole
was not as strong and buoyant as last
Memphis, Tenn.,and will assume his new duties about March week. The market was
somewhat irregular in the two-hour
1, according to the Memphis "Appeal" of Feb. 19. Mr. Bingsession on Saturday and there was much selling to realize
ham, it was stated, would be succeeded at the Indianola profits.
Baldwin Locomotive was the feature of the specialbank by Edwin A. Tanner, at present Cashier, who has also ties group, first
yielding 3 points and then in a sudden spurt
been with the bank since 1914, while M. A. Moore, a
book- moving forward to a new top at 192. Union Carbide boundkeeper, would be promoted to the Cashiership to succeed Mr. ed forward more
than 6 points to 114. Allis-Chalmers had
Tanner.
an unexpected run up of 2% points to a new high at 95%
and General Electric reached 86 at its high for the day.
What is described as Jacksonville's tallest building, an
American Tel. & Tel. made a record high at 160.
eighteen-story structure built to house the Barnett National
The market opened moderately strong on Monday, but
Bank, the oldest banking institution in the city, was formfollowing the announcement from Washington that theally opened on Feb. 22. Modeled after the most up-to-date
United States Supreme Court had decided the valuation
bank buildings in the United States, particular
attention case of the Los Angelees
& Salt Lake Railroad adversely to
was given to the safe deposit vaults, which occupy an
entire the railroads, stocks took
a sudden drop and for a short
floor. W. B. Barnett, founder of the institution which
owns time the trend of prices
moved sharply downward. Railroad
the new structure, and one of the pioneers of Florida
more shares were violently
sold and the selling quickly spread to
than fifty years ago, opened the bank in 1877. In
that year the industrial
issues with big declines all around. Baldwin
the bank's deposits were but $10,000, while to
-day the Locomotive had a
break of 5 points and many of the special$25,000,000 deposits of the Barnett National Bank
reflect ties were heavy. When it appeared that the decision had
the great growth of the State. Bion H. Barnett,
present been misinterpreted and that the Supreme Court had not
Chairman of the Board of Directors and the son
of the passed on the merits of the Commerce Commission's
valua•founder, completes his fiftieth year of service
with the tion figures, quick recovery ensued. All financial
markets.
1178
were closed on Tuesday in observance of Washington's
Birthday. Industrial stocks moved to the front on Wednesday, followed by the oil shares and many new tops were
recorded during the session. United States Steel common
was especially prominent and moved forward three points
to a new peak at 161. Bethlehem Steel and Republic Iron
& Steel were also strong and scored substantial advances
Railroad equipment stocks were particularly active, Baldwin Locomotive crossing 200, while American Locomotive
Improved nearly two points. In the railroad group, St.
Louis & San Francisco reached a new high for the year at
108%, but lost most of its gain later in the day. Wabash
moved forward about 2 points and Canadian Pacific, Norfolk
& Western and Union Pacific were in strong demand at Improving prices. Motor shares were in active demand
throughout the day, especially General Motors, which gained
about 2 points; also Hudson Motors, which topped Monday's
final by 2 points, and Nash and Chrysler, which made a
gain of more than one point each.
Bullish activities were again apparent in the industrial
group as the market opened on Thursday and many prominent issues were bid up to new tops. The outstanding
feature of the day was the strength of United
States Steel common, which continued Its remarkable advance and reached a new high level in all time at 162%.
Motor shares were in brisk demand, particularly
General Motors, which reached its highest level of
the year at 100, followed by Chrysler, Jordan, Pierce Arrow and Mack Truck with fractional advances. General
Railway Signal forged ahead more than 4 points to 1032
/
1
/
and Westinghouse Air Brake bounded upward 51 2 points
to 1541 American Locomotive also advanced 2 points
/
2
.
Railroad securities were generally firm. Copper stocks were
In strong demand at improving prices, Kennecott crossing 64
and Anaconda advancing more than a point to 481 at its
/
2
high for the day. The outstanding feature of the day was
the strength of Houston Oil, which made a further gain of
13 points to 103. American Smelting & Refining sold at a
new top for 1927 and United States Cast Iron Pipe & Foundry shot forward 47 points to 223. On Friday industrial
,6
shares continued in the foreground and new high records
were established all around. General Motors held a prominent place in the advance and pushed into new high ground
for the present recovery at 162 and Hudson Motors moved
forward to a new high at 60%. Local traction stocks were
unusually strong, particularly Brooklyn-Manhattan Transit,
Third Avenue R. R. and Interborough, the latter making a
gain of 4 points to 51. Houston 011 continued its remarkable advance, reaching new high ground at 106, and Air
Reduction reached a record level at 150. Other noteworthy
advances included United States Rubber, National Lead,
Canada Dry Ginger Ale and General Electric. The final
tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stoats.
Number of
Shares.
Week Ended Feb. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
&c.,
Bonds.
State,
Municipal &
Foreign Bonds.
United
States
Bonds.
8164,400
$5,080,000
32,033,000
998,095
431,700
2,152,824
8,242,000
2,834,000
HOLI DAY- WAS HINGTON'S BIRTHDAY
802.000
2.144,640
8,375,000
3,064,000
2,101,330
8,163,000
3,286,500
1,772,500
2,131,000
2.382,000
2,023,200
8,981,000
Total
9.418.089
Sales at
New York Stock
Exchange.
538.841.000
513.348.500
55.552.600
Week Ended Feb. 25.
1926.
1927.
9,418,089
8,164,560
74,704,350
74,211,858
55.552,600
13,348.500
38.841,000
53,489,200
9,770.800
35,670,500
$40,835,760
178,254,200
409,384,700
$47,688,900
100,528.850
383,357,000
557,742,100 348,930,300
Total bonds
Jan. 1 to Feb. 25.
1927.
tocks-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
5628,474,650
$531,574,750
1928.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb.25 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
MVO
week
Philadelphia.
Baltimore.
Shares. Bond Sales
Shares. Bond Sales. Shares. Bond Sales.
$13,000
27,783
*21,570
$53,000
61,208
59,200
6.050
49,939
*33,438
9,200
a4,430
24,000
HOLIDAY -WASH INGTON SDIRTH DAY
19,000
45,837
*37,624
27,500
62,984
31,200
17,050
41,248
*33,840
55,400
62.705
39,000
26,303
6,000
16,789
58,000
a2,448
30.900
143.261
Total
revised
[vox. 124.
THE CHRONICLE
561.100
191,110
5203.100
13,775
$134,300
179,693
3123,835
215,640
5161.500
10,453
3279.200
Saturday, 200; Monday, 400: Wednesday,
* In addition as es of rights were:
1,500; Thursday, 100.
were: Saturday. 65; Monday, 315: Wednesday,Wednesday,1,730:
a In addition sales o rights
Thursday. 26; Friday. 160.
THE CURB MARKET.
Business on the Curb Market this week was less active
and prices, which showed some improvement in the early
part of the week, showed a reactionary tendency in the later
trading. Public utilities became active as the week closed.
%
Amer. Gas & Elec. corn. sold up from 703/i to 735 and
reacted finally to 72%. Amer. Light & Trac. corn, gained
four points to 234. Commonwealth Power corn. improved
from 439 to 45g. Electric Bond & Share Securities was
conspicuous for an advance from 67% to 729, though it
eased off finally to 713 . Electric Investors sold up from
%
%
333 to 357 and at 35 finally. Northern Ohio Power corn.
moved up from 119/i to 133 and sold finally at 133. Indus%
trials were quiet. Amer. Seating was active and sold up
from 423 to 463, closing to-day at 46. Bancitaly Corp.
%
advanced from 111 to 1123j. Rand-Kardex Bureau also
active, advanced some three points to 68, with the final
transaction to-day at 67%. Sugar stocks show improve%
ment. Central Aguirre Sugar rose from 100 to 1023 and
closed to-day at 102. Fajardo Sugar gained three points to
158%. Oils were quiet with price changes for the most part
of little moment. Cumberland Pipe Line sold up from 1283
to 133. Prairie Pipe Line after early loss from 142 to 139
ran up to 146. Southwest Pennsylvania Pipe Lines improved
four points to 623..
A complete record of Curb Market transactions for the
week will be found on page 1205.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
BONDS (Par Value).
Week Ended Feb. 25.
Ind& Mite
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
Domestic. For'n (loot.
31,832
49,263
33,200 51,031,000 5142,000
112,599
69,010
84.400 2,544,000
308,000
HOLIDA Y-W AS HINGTO N'S BIR THDA Y.
145.605
91,635
61.800 2,847,000
286,000
117.972
110,840
51.305 2,117,000
286,000
132,218
69,660
76.800 2.714,000
250.000
540,224
391,308
307,505 11,253,000 51,272,000
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a satisfactory increase compared with 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. 26) bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 5.5% larger than those for the corresponding week last year. The total stands at $8,839,214,492
against ,374,468,838 for the same week in 1926. At this
centre there is a gain for the five days of 136%. Our comparative summary for the week is as follows:
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
54,038,000,000
497,639,742
388,000,000
315,000,000
100,822,036
103,100,000
142,334,000
143,058,000
149,343.661
123,537,914
83.489,137
70,077,016
54,226.381
53,553,843,509
504,400,628
390,000.000
275,000,000
92,229,506
107,900,000
129,100,000
121,624,000
141,165,131
124,414,288
76,771,501
76,132,469
50,673,102
+13.8
-1.4
-0.5
+14.5
+9.3
-4.5
+10.2
+17.8
+5.8
-0.7
+8.7
-8.0
+7.0
Total 13 cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
$6,208,507,867
982,504.210
57,191,012.077
1,648,202,415
55,643,254,134
929,993,220
56,573,247,354
1,801,221,484
+10.0
+5.6
+10.1
-8.5
R39.214.492
58,374,488,838
+5.5
Clearings-Returns by Telegraph.
Week Ended February 26.
morm
Mi Pith,. ftwarwair
Vi
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. 19. For
that week there is an increase of 7.5%, the 1927 aggregate of
clearings being $11,267,947,153, and the 1926 aggregate
$10,482,096,670. Outside of New York City the increase is
only 2%, the bank exchanges at this centre having shown a
gain of 11.8%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the Now York Reserve District (including this city) there is an improvement of 11.8%, in the
Boston Reserve District of 5.9% and in the Philadelphia
Reserve District of 7.9%. The Cleveland Reserve District
has a gain of 5.3%, but the Richmond Reserve District shows
a loss of 8.1% and the Atlanta Reserve District of 13.4%,
THE CHRONICLE
FEB. 26 19271
the latter due mainly to the falling off at the Florida pionts,
Miami showing a decrease of 72.5% and Jacksonville of
37.9%. In the Chicago Reserve District the totals are
0.2% smaller, in the St. Louis Reserve District 6.9%, and
In the Minneapolis Reserve District 7.2%. The Kansas
City Reserve District has an increase of 3.4%, the Dallas
Reserve District of 7.7% and the San Francisco Reserve
District of 5.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1927.
Week Ended Feb. 191927.
Federal Reserve Diets.
let Boston _ _ _ _12 cities
2nd New York Al "
3rd Philadelphial0 "
4th Cleveland__ 8 "
6th Richmond _ 6 "
6th Atlanta_ __ A3 "
7th Chicago ___20 "
8th St. Louis __ 8 "
9th Minneapolis 7 "
10th Kansas City 12 "
5 "
11th Dallas
12th San Fran 17 "
1926.
Inc.or
Dec.
1925.
1924.
3
5
5
$
%
519,034,935
503.704.592 +5.9
633,496,064
361.051,241
6,712,740,65 6,002,102,691 +11.8 5,853,585,994 3,862,966.278
583,630,888
664,344,489 +7.9
716,630.468
452.164,962
452.667,513 +5.3
476.487,807
401,397,908
317.175,058
253,229.854 -8.1
186,823,449
192,217.098
154,182,177
260,221,639 -13.4
235,485.954
232,646,708
180.260.668
964,211.119
1,073.628,050 1,076,165,291 -0.2
748,920,720
256,131,182 -6.9
238.544,664
242.262,486
206,761,875
131,571,000 -7.2
126.971,146
122,069,909
98,380,811
253.979.989
252,476,970
255,236.163 +3.4
202,420,723
85,359.501 +7.
91.982.932
87,242,398
72,141.800
7
591,363,755 +5.9
626,097,215
453,937,392
414,214,340
129 cities 11,267,997,153 10,482,096,670 +7.5
Total
Outside N. Y. City_ __ .. 4,696,662,316 4,606,157,920 +2.0
90 nitlow
398 117 417
240 , 1f13 -1-F 7
KA
9,908.615,042
4,175,283,099
7,070,640,683
3,324,118,666
281)603 71 Ft
887 417 nu
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending February 19.
Clearings at
1927.
1926.
Inc. or
Dec.
1925.
1924.
First Federal Reserve Dist rict-Boston
589,284
663,281
Maine-Bangor
2.875.810
3.790.985
Portland
Mass.
-Boston _ 476.000.000 446.000,000
2,391,677
2,031,049
Fall ItIver
a
a
Holyoke
1,095.061
1,237,370
Lowell
a
a
Lynn
1.228.513
1,290.058
New Bedford
5.926.112
5.317.264
Springfield_
3,302.249
3.402,971
Worcester
18.614.484
16,431,926
Conn -11artford
7,527,528
8.368.354
New Haven
13,574.000
14.273.900
R.I.-Providence
579,874
688.906
N.11.-Mancifer
+12.5
+31.8
+6.7
-15.1
a
+13.0
a
+5.0
-10.3
+3.0
-11.7
+11.2
+6.1
+18.8
710.861
3,135.817
458,000.00(1
2,805,882
a
1,276.000
a
1732,415
5.573,671
3,197.000
15,005,211
6,950.118
13.959.400
679.560
765.842
*2.800.000
321.000.000
1,946,594
a
951,677
a
1.244.380
4,302.026
2,572.000
10.074,247
5.309.153
9,563.11)0
522.222
503.704,592
+5.9
513,034,935
361,051,241
Total(12 cities)
533,496,064
Second Feder al Reserve D istrict-New
7,426.610
6.738,219
N. Y.
-Albany
1,082.300
1,432,000
Binghamton
50.510,862
58,350,075
13uffalo
1,082.940
1,175.729
Elmira
1.638,214
d1,862,882
Jamestown_
New York.... 6,571,284,837 5,875.938.750
13.774,623
15.204.259
Rochester
5,973,697
6,873,729
Syracuse
2,890,602
c3,198.200
Conn.
-Stamford
694,147
997.821
-Montclair
N. J.
41,089.946
45,622,901
ak Northern N. J_
York-9.3
4,343,686
6,574,088
1,086,100
+32.3
728,700
51.949,543
57,619.918
+15.5
929,537
582.420
+8.5
+13.7
1,328,358
1,475.000
+11.8 5,733.331,943 3,746,522,017
+10.4
8,065,227
11.557,517
5.138.101
+15.1
3,539.789
+10.6
2,630.350
3,044.764
453.201
+43.7
376.735
32,790.151
+11.0
42,487.039
Total(11 cities) 6,712,740,652 6,002,102.691
+11.8 5,853,585,994 3.862,966,278
Third Federal Reserve Dist rIct-Philad elphia
1,495.278 +11.4
1.665.135
Pa.
-Altoona.__
4,165.183 +20.4
5.014,606
Bethlehem_ _ _
1.429.894 +11.5
1,595.197
Chester
2,465.192
2,352.260 +4.8
Lancaster
- 670,000,000 623.000.000 +7.5
Philadelphia
4,732,964
4,074,001 +16.2
Reading
6,594,808 +1.0
6,659,537
Scranton
d3,849,154
2,677,974 +43.7
Wilkes-Barre_
1,851,370 +9.8
2,032,738
York
18,703,721 +11.5
18,615,945
-Trenton
N.J.
a
a
a
Del.-Wilm'ton _
Total(10 cities)
716,630,468
664,344,489
+7.9
1,417,104
4,050.794
1,221.817
2.453.568
560.000.000
3,279,930
6,169,075
3.571,129
1,816.171
4,651,300
a
1,001.383
3,277,337
1,193.291
2,753.225
420.000.000
2.490,462
5,103,582
2,873,513
1,218.125
12.254.044
a
588,630,888
452,164,962
Fourth Feder al Reserve D !strict-Cloy eland5.098,000 +9.2
d5,569.000
Ohlo-Akron__
4,304.886 +15.0
4,951,634
Canton
87,987.895 -3.4
Cincinnati...
- 84.974.263
144.370,643 130,769.304 +10.4
Cleveland
15,919,600 +33.5
21,253,500
Columbus
a
a
a
Dayton
a
a
Lima
2,053,836 -7.2
d1,906,337
Mansfield
a
a
Springfield__
a
a
a
Toledo
4,734,329 +10.8
5,244,830
Youngstown_
a
a
Pa.
-Erie
a
208,217,600 201,709,663 +3.2
Pittsburgh _ _ _
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
8.533.000
3.853.827
58.419,958
92.078.882
9.864,500
a
a
1,472,779
a
a
3,670,914
a
139,281,198
+5.3
401,397,908
317,175,058
Fifth Federal Reserve Dist rict-Mehra ond1.615,582 +10.3
1,781.821
W.Va.-Ilunt'g'n
8.132.277 -33.9
d5.376.027
V.
-Norfolk__
51.419.000 -12.1
45,194.000
Richmond ___
2,382.625 +14.3
d2,723.033
-Charleston
S.C.
Md.-13altlmore _ 104,967.518 114.559,235 -8.4
25.120.135 +6.6
28,781.050
D.C.-Wash ing'n
1.790,365
8.293.672
54,392.000
2.651.41(
101.876,189
23,213,462
1.648,678
7.345,946
43.793.000
2.565.579
80,221.819
18,607,155
-8.1
192,217,098
154,182,177
Sixth Federal Reserve Dist rict-Atlant a9,062.837 +13.5
d7.840,199
Tenn.-Claatt'ga.
3,245.733 +25.6
Knoxville
4,077,100
+5.3
24,593.653
Nashville
25,892,206
76,563.606 -24.3
Ga.-Atianta_ _ _
57,201,993
Augusta
1,965.756 +20.1
2.360,331
Macon
2,092,640
1.589,658 +31.6
a
Savannah
a
a
Fla.-Jack'nville.
37.717.984 -37.9
23,413.757
Miami
20.884,322 -72.5
7,825.020
Ala.-111rming'm.
24.996.906 -0.1
24.961,548
Mobile
1.888,502 +3.9
1,961,879
-Jackson
Miss.
2,040.309 +10 0
2,244.000
351,420
383.014 -8.3
Vicksburg
La.-NewOricans
65,244,346
55,289.357 +18.0
7,486,843
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
7,050.834
2.486,572
17,080,159
47,036,481
.2,000,000
1.024,315
a
15.634.326
3,663 813
23,550.228
1.558.965
1,144.276
289.800
57,738,899
232,646,708
180,260,668
Total(8 citles)_
Total(6 citles)_
Total(13 cities)
476,487,807
188,823,449
225,465,954
452.667,513
203,228.854
260,221,639 -13.4
1179
Week Ending February 19.
Clearings at
1927.
Seventh Feder al Reserve D
300.580
-Adrian _ _
Mich.
1,107,612
Ann Arbor_
184,366,711
Detroit
9,139,314
Grand Rrolds_
2,800,000
Lansing
3,267.728
-Ft. Wayne
Ind.
22,957.000
Indianapolis _
3,254.300
South Bend_ _ _
5.688,285
Terre Haute_ _ _
42.513,168
Wis.-Milwaukee
2.785.908
Iowa-Ced. Rap.
10.156.525
DesMoines_ _ _
7,424.320
Sioux City...1,074.10:3
Waterloo
1,589.363
Ill.-Bloomingt'n
761,475.154
Chicago
a
Danville
1,327.032
Decatur
4,795,937
Peoria
4,282.613
Rockford
3.323.199
Springfield_
1926.
Inc.or
Dec.
$
strict-Chi cago265.896 +13.0
1.008,960 +9.8
181.472,030 +18
9.206,888 -0.7
+4.2
2,687.900
3.116.730 +4.8
21,612.000 +6.2
3.727.200 -12.7
5,377,321
+5.8
40,102.019
+8.0
2.522,976 +10.4
11,221.752 -9.5
7.118,277 +4.3
1.167,037 -8.0
1,701.952 -6.6
770,906.720 -1.2
a
1.479,399 -10.3
5,451,965 -12 1
3.335.454 +28.4
2.682.815 +23.9
1925.
1924.
5
301,094
969,485
162,659.231
7.257,521
2.498,629
2.598.109
15.605.000
2,647,000
5,688.765
38.617.305
2.334.820
10.472.903
7.277.702
1.48)1.234
1.407.090
691,050.501
a
1.479,281
5,043.557
2,476.558
2.337,334
191.440
678.951
139.414.814
5,482,447
1,984,085
1.830,872
19.845.000
2,319,000
4.566,920
31,816.198
1,846.877
9.286.204
5.964.690
1,147.434
1,043.067
512.409,566
a
897.786
4.189.310
2,037.838
1.968.241
Total (29 cities) 1.073,628.050 1.076.165.291 -0.2
Eighth Fedora Reserve Di. trIct-St. Lo nig5,237.756 + 19.8
6.275,319
-Evansville.
Ind.
Mo.-St. Louis.. 143.888.45f 164,700,0(0) -12 1
41.032.332 +8.8
44.631.071
Ky.-Louisville
+3.(
570,582
587.728
Owensboro _ _
27.626.399 -5.7
26,065.482
-Memphis
Tenn.
14.9211.091
15,102.869
+1.2
Ark.-1Attle Rock
4(19,183 -8.1
375.010
III.- Jacksonville
1.634,839 -1.1
1.617,791
Quincy
964,211,119
748,920,720
5.159,260
154.400.000
41.970.935
549.293
24.576.769
13.817.129
348.769
1.440.331
4.845.859
144.900,000
26,322.948
567.731
18.657.363
10.117.584
301.044
1.049.346
Total (Settles) _ 238.544,664 256. 1 31 182 -6 •
Ninth Federal Reserve Di' trict-M n n eapolb
+2.4
d6.696,582
6,538.254
-Duluth_
Minn.
(
82,725.1112
76.077.834
Minneapolis _
,
32,907,967
35,608.755 -7)
St. Paul
1.837 023 -2.4
1,793.477
No. Dak.-Fargo
1.462.27.1 -7.3
1,22.5.648
-Aberdeen
S. D.
626.401
557 022 +12.4
-Billings _
Mont.
2,822.481 -2.9
2.742.000
Helena
242,262,486
206,761,875
7.986.443
79,734.547
32.341.103
1.878.495
1,370,857
655.853
3,103,848
6,246.124
55,397,768
31.865.860
1.338.115
864.324
31)3.217
2.255,413
Total (7 cities). 122,069,909 131.571.08)0 -7.2
Tenth Federal Reserve Ole tact- Kens as City
+11.9
348.51)9
d349,523
Neb.-Fremont
692 2911 -28.9
492,371
Hastings
+3.8
4.674.934
4.854.659
Lincoln
+1.3
43.304.044
43,883.375
Omaha
3.281.867 -3.8
d3.156,677
-Topeka
Kan.
d8.101.440
7.466 696 +8.5
Wichita
Mo.-Kan. City_ 140.884.447 133.628,878 +5.4
7,761.391 -8.6
d6,314.994
St. Joseph__
a
a
a
Okla.-M uskogee
30.999,505 +4.7
Oklahoma City d32.450.218
a
a
a
Tulsa
1.307.426
1.086.3112 +20.3
-Col.Sege.
Colo.
20.639.776
20.861.609
+1.0
Denver
1,323.250
1.353.881 -2.3
Pueblo
126,971,146
98,380,841
461.687
598.218
5.419.110
44.413.669
3,251.904
7.563.707
131,9(22,096
7,721,297
a
27,445.149
a
1.162.015
21,591.473
1.226.645
345.278
358.019
2.941.379
35.381.679
2.96(1.085
7.151.328
105.502.034
6,974,135
a
22,090.782
a
885,765
16,983.522
866.737
+3.4
Total(12 cities) 263.979,989 255.236.163
Eleventh Fede ral Reserve District-Da lias1,737,207 -15 1
1,475,881
-Austin _
Texas
55,352.636
57,629.396
+4.1
Dallas
14,312.616 -20.6
d11.372,872
Fort Worth_
8,692.000 +78.9
15,549,000
Galveston
a
a
a
Houston
5.265,042 +13.1
5,955,783
-Shreveport_
La.
252.476,970
202,420,723
1,821,915
58,501.868
14,845.938
8,798.068
a
5,274,609
1,466,966
47.527,362
11.447,881
7,187.713
a
4,511,878
+7.7
85,359.501
91,982,932
Total(5 cities)Twelfth Feder al Reserve D (strict- San Franc'
48,992.023
+4.1
51.003.192
Wash -Seattle._
12,335.000
+8.5
13,382,000
Spokane
a
a
Tacoma
1,517.132 -4.8
1,444.057
Yakima
43,491.879 -18.2
35.589.839
-Portland _ _
Ore.
18,332,630 -1.7
18,015,778
Utah-S. L. City
a
a
Nevada-Reno_ _
a
a
a
-Phoenix_ _
Ariz.
3,882.011
+2.0
3.958,691
-Fresno. _
Cal.
8533.910 -3.9
8.199.537
Long Beach
222.695.000 190.238.000 +17.1
Los Angeles
24.262.333 -0.2
24.206.164
Oakland
+5.4
7.360.431
7.780.955
Pasadena
7,332.861 -3.6
d7.075,329
Sacramento.
8.559.724 +16.4
7,635,404
San Diego__ _ _
San Francisco_ 215.548,000 208,876.000 +3,2
2,989.431 -4.7
2,847,348
San Jose
1 .592,553 +5.0
1.672.350
Santa Barbara_
2.415.937 +0.5
2,427.171
Santa Monica_
2,651,900 -0.6
2.636.400
Stockton
87,242,398
72,141,800
42.205.201
11.
11,366.000
a
1,226,344
36,979.705
16.316,806
a
a
2,917,197
7.751 600
157.976.000
19.418.659
6.493.577
7.878.239
6.016.365
129.976,750
2,391,526
1,328,512
2,105.411
2.589,500
35.090.268
8,935,000
a
998,363
31,359,057
12,905,981
a
a
3,729.754
7,133,658
136,826,000
13.639.471
5.324.804
7,798.802
3.313.446
140.000.000
1,659,460
941.731
1,974,547
2.584,000
453,937,392
414,214,340
Total(17 cities) 626,097,215 591,363,755
Grand total (129
11267 947,153 10481696,670
cities)
+7.5 9,908,615,042 7,070,118,461
+5.9
Outside New York 4,696,662,316 4,605.757,920
+2.0 4,175,283,099 3,323,596,444
Weak Ended Feb. 17.
Clearings at
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Ilailfax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Ilat___
Peterborough ___
Sherbrooke
Kitchener
Windsor
Prince Albert_._
Moncton
Kingston
Total(29 cities)
1926.
Inc. or
Dec.
1925.
1924.
S
$
100.528.085 101.055.298 -0.6
95,389,351 +20.8
115,094.251
36,617.322 -6.2
34.356,747
15,133.532 +11.3
16,848,165
5,840,440
6,122.338
+4.8
4,961,826
3.579.326 +38.6
2,773.920
2.492,104 +11.3
5,431,328
4,274,361 +27.1
6,159.924
6.988.717 -11.5
2,426,865
2,633,126 -6.8
1,811 568
1.803.602 +0.4
2,751,240
2,247,512 +22.4
4,128,140
5,712,514 -27.7
3,132.733
2,584.851 +21.2
398.989
393,552 +1.4
391,295
502,628 -22.2
1,463.366
1,509,454 -3.1
998.874
913,015 +9.2
941,419
1,029.697 -8.6
669,475
846.939 +4.5
640,479
621.797 +3.0
246,919
229.489 +7.6
659.799
571.701 +15.4
775.952
575,723 +34.8
994.136 -4.1
953.023
4,180.903 -10.6
3,736,132
328.392 +17.8
386.794
623,783 +22.6
764,939
541,918 +7.9
584,882
3
92.379.438
84.942,111
40,167,466
14.021.000
5.477,476
4,550.289
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
$
86.054,922
81.788.601
34,471.957
14,861.953
5,978,831
4,690.848
2,302.532
4,410,276
6,987,920
2.715.554
2,390.544
2,299.544
3,786,068
3,087.086
496.605
408.624
1.302,613
1,045,066
712,526
657,935
484.631
304.219
677.698
659,077
782.556
2,120.308
354,866
712.649
471.047
+6.7
280,093,718
267,017,056
320.137,517
299,995.183
a No longer report clearings. b Do not respond to requests for figures. c Week
Estimated.
ended Feb. 16. d Week encl,d Fob. 17. e Week ended Feb. 18.
1180
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 9 1926:
GOLD.
The Bank of England gold reserve against notes amounted to £149,751,705 on the 2d inst. as compared with £150,081,305 on the previous
Wednesday.
About £786,000 bar gold was offered in the open market this week.
The greater part of this amount--5585,000-was bought for America,
and the balance as follows: Home trade, £36,000: Continental trade,
£79,000; Egypt, £34,000, and India and the Straits, £52,000.
The following movements of gold to and from the Bank of England
have been announced:
Receive d.
Withdrawn. I
Received. Withdrawn.
n
Feb.3
£35,000 I Feb.7
nil
£20,000
Feb.4
nil
82,000 I Feb.8
nil
44,000
Feb.5
nil
562,000 I Feb.9
nil
68.000
Of the withdrawals £796,000 was in sovereigns destined as follows:
aet aside for account of the South African Reserve Bank, £500,000: Spain,
£253,000; Holland, £10,000; Italy, £18.000; India, £8,000, and Arabia.
£7,000. During the week under review sithdrawals from the bank totaled
£811,000, making a net efflux during this year of £1,035,000. The net
efflux since the resumption of an effective gold standard, according to
the daily bulletins at the bank, is now £6,359,000.
The topsy-turveydom under which currency now labours is indicated
by the following Reuter telegram published to-day, in which Switzerland
debars the gold coin of certain countries from circulating any longer as
currency, although such coins are identical in weight and fineness with
her own:
"The Swiss Federal Council has decided that gold coins of the Latin
Monetary Union (Belgian, French, Greek and Italian) shall not be legal
tender in Switzerland after April 1 next."
The Swiss State Bank does not bind itself to buy gold at any fixed
rate, and presumably wishes to supplement its control over the influx
of gold by the new regulation, especially as these foreign coins naturarly
deteriorate in weight as years go by and cannot be repatriated, in the
present condition of exchanges, at the Swiss par exchange value.
United Kingc:om imports and exports of goal during the week enden
the 2d inst. were:
Imports.
Exports.
Denmark
£47,295
£101,950 Germany
British West Africa
25.400
29,982 Netherlands
British South Africa
46,000
760,146 France
Other countries
170,000
2,812 Spain
38,260
British India
20,45
Other countries
£317.410
E1,194,890
SILVER.
During the first few days of the Chinese holidays some of the Indian bears
showed some nervousness and prices rose on the 3d inst. to 28d. for cash
and 27'4d. for two months' delivery. These were the highest touched
since 17th September 1926 and 23d September 1926, for cash and two
months' delivery respectively. From this point quotations daily receded
with the exception of yesterday. News was received this morning that
China had sold in Bombay with the result that the value of silver there
was reduced by 2%. We received a cable to-day stating that the offtake
is 150 bars. This seems rather too low, if, as is probable, India will be
expected to bear the onus of supplies. China sales here to-day upon a
reluctant market caused a sharp fall of
for cash and 11-16d. for forward
delivery, a drop ot 1 5-16d. and 1 34d. respectively from the highest prices
of the week.
The tone of the market is not confident.
The text of the Currency Bill now before the Indian Legislature contains
among its provisions as to the Constitution of the Reserve against notes,
that during the three years after the date that they come into force the
amount held in rupee coin shall not exceed 700,000,000 rupees, during the
next three years not exceeding 500,000.000 rupees, during the next four
years 350,000,000 rupees, and 250,000,000 rupees thereafter. As the
present Treasury holding amounts to 1,028,000.000 rupees, this implies
an immediate surplus on the passing of the bill of 328,000,000 rupees or
112,500,000 fine ounces with proportionate fresh surpluses in ensuing years.
United Kingdom imports and exports of silver during the week ended
the 2d inst. were:
ImportsExports
U. S. A
£20,586
£91,354 British India
Other countries
18,957
11,738 Other countries
WO.
London,
Feb. 19. Feb. 21. Feb. 22. Feb. 23. Feb. 24. Feb. 25,
Week Ending Feb. 25.
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
Silver, per oz
d 27 3-16 26%
26%
26%
26 9-16 269-16
Gold, per fine ounce
sh. 84.10% 84.11
84.11% 84.11% 84.11% 84.11%
Consols, 2% per cents------ ---55
55
55
---55
British, 5 per cents
101% 101%
101% 101%
--British, 4% per cents
- -- 95%
96
96
96
French Rentes (In Paris), fr_ ____
52.15
51.80
52.40
52.25
52
French War Loan(inParis),fr_ _ _ _
.
65.10
65.95
65.35
65
65.20
The price of silver in New York on the same day has been
Silver in N.Y., per oz. (cts.):
Foreign
58%
£103,092
Total
Holiday 5734
$223,212,838
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certifleatee
Settlement warrant checks
57%
$327,138,657
931,076
50,440,374
60,607,622
13,604,606
48,424,685
65,627,112
8,864,485
992,613
Total
$123,908,895
8125,583,678
Balance. deficit(-)or surplus(+)
+206,898.759 +$201,554,979
INTEREST-BEARING DEBT OUTSTANDING.
Interest Dec. 311926. Dec. 311925.
Tide of LoanPayable.
$
$
28, Consols 01 1930
Q.
-J. 599,724,050
599,724,050
2801 1916-1936
Q.
-F.
48,954,180
48,954,180
2501 1918-1938
Q.
-F.
25,947,400
25,947,400
as of 1961
Q.
-M.
49.800,000
49,800,000
3s Conversion bonds of 1946-1947
Q.
-J.
28,894,500
28,894,500
Certificates of indebtedness
J -J
639,039,000
824,672,000
314s First Liberty Loan, 1932-1947
J.
-J. 1,397,687,100 1,402,143,100
4s First Liberty Loan, converted
,
5,157,450
44ie First Liberty Loan, converted
J.
-D. 532,874,350
532,873,600
4%8k list Libeny Loan, second converted____J.-D.
3,492,150
3,492,150
48 Second Liberty Loan. 1927-1942
M.
-N.
20,848,350
20,855,800
414s Second Liberty Loan converted
3,083,671,7003,083,686,100
41Ss Third Liberty Loan 01 1928
M.
-S. 2.189,956,950 2,724,413,600
41Se Fourth Liberty Loan of 1933-1938
A -O. 6,324,463,960 6,324,478,250
414s Treasury bonds of 1947-1952
763,948,300
763,948,300
as Treasury bonds of 1944-1954
1,047,087,500 1,047,088,500
314s Treasury bonds of 1946-1956
494,898,100
48 War Savings and Thrift Stamps
Matured 355,742,298
379,643,678
210 Postal Savings bonds
J.
-J.
12,881,080
12,234,220
5%s to 5318 Treasury note/
J.
-D. 1,197,481,300 2,104,581,500
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
18,822,547,958 19,982,588,378
239,965,907
247,596,865
12,139,845
18,016,880
Total debt
Deduct Treasury surplus or add Treasury deficit
al9,074,653,710 20,248,202,123
+99,303,943 +201,554,978
Net debt
518,975,349,767 20,046,647,144
a The total gross debt Dec.31 1926 on the baste of daily Treasury statements was
519,074,665,337 35: and the net amount of public debt redemption and receipt'
In transit, drc.„ was $11.627 50.
No deduction is made on account of obligations of foreign Governments oir
Other investments.
gommertial andAlisceilanconsBays
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Imports.
1926.
-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:
5731
CASH AVAILABLE TO BAY MATURING OBLIGATIONS.
Dec. 311926. Dec. 31 1926.
Balance end month by daily statement, dm
$227,010,246 1328,707,933
Add or Deduct-Excess Or deficiency Of receipts Over
or under disbursements on belated items
-1,569,276
+3,797,408
1925.
Customs Receipts
at New York.
Exports.
£39,543
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Jan. 15. Jan. 22. Jan. 31.
Notes in circulation
18047
18053
18058
Silver coin and bullion in India
10281
10287
10292
Silver coin and bullion out of India
_ __ _
Gold coin and bullion in India
2232
2232
2232
coin and bullion out of India
Gold
____
____
Securities (Indian Government)
4977
4977
4977
Securities (British Government)
557
557
557
No silver coinage was reported during the week ended the 31st ultimo.
No fresh news has been cabled regarding the stock of silver in Shanghai,
which consisted on the 29th ultimo of about 62,100,000 ounces in sycee,
74,300.000 dollars, and 920 silver bars.
Quotations during the week:
-Bar Silver per Oz. Std.Bar Gold
Cash.
2 Mos.
Per Oz. Fine,
28d.
Feb. 3
27%d.
84s .1134d.
2731d.
4
2734d.
84s. 1134d.
27 9-16d.
27%d.
5
84s. 11%d.
277-16d,
273-16d,
7
84s. 1134d.
27 7-16d.
27 3-16d.
8
84s. 10Md.
2611-16d.
9
2634d.
84s. 1134d•
27.479d.
Average
27.250c1.
84s. 11.4d
quotations to-day for cash and two months' delivery are reThe silver
spectively 1 1-16d. and Id. below those fixed a week ago.
57%
Public Debt of United States-Completed Returns
Showing Net Debt as of Dec. 31 1926.
The statement of the public debt and Treasury cash holdins of the United States as officially issued Dec. 31 1926,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1925.
Month.
Total
[VOL. 194.
1926.
1925
I
8
$
January __ 215,137,735 156,923,263 153,410,759 156,313,003
February _ 195,930,212 160,460,910 135,855,812 123,210,344
March__ __ 234,703,468 183,494,498 147,798,478 175,312.931
April
193,961,303166,694,007 164.810,083171,392.165
May
161,807,859149,170.018 124,551,637 147,545,548
June
175,031,076 160,308,912 112.535,945123.740.727
July
184,794,382154,208,974 132,903,105 135,781,354
August
161,973,351 166,853,232 116,821,090 168,713,039
September 182,914,678 166,212,020 151,629,613 137,468,016
October
177,239,667 192,479,742 123.823.326)126,801,020
November 185,959,035 196,527.068 149.662.955 135,152,139
178,172,9671221,274.002 150,344,551 172,257,373
December_
1926.
I
$
26,628,8801
25,131,733
29,523,243
24.280,726
22,333,749
25,280,530
24,619,552
29,183,549
32,000,997
31,369,820
30,431,596
26,823,069
1925.
$
17,121,253.
27,072,50327,666,956
22,893,230
21,933,376
23,298,326
24,327,006
26,235,016
30,186,355
29,389,796
29,333,221
26.729,183.
Total_ _ _ 2227625 7332074604646 1664147 354 1773687659327,608,344 306.186,217
Movement of gold and silver for the twelve months:
Gold Movement at New York.
Month.
Imports.
1926.
January __
February _
March_ __ _
April
May
June
July
August
Septembe
October
November
December_
Total
1925.
Biker-New York.
Exports.
1926.
$
$
$
705,698 1,029,134 2,569,831
612.514 2,012,359
10,707,020
3,662,342 2,038,148
3,201,66
802,731
5,694,336
895,89
901,208
619,245 7,776,455
948,811 2,174.510
4,287,601
1.598,540
846,762 6.489,01
759,804 21.154.974
682,466
672,610 21,675,322
972,617
523,939 42,379,042 1,013.790
653,48: 3,867,632 1,463,905
947.408 6,756,464
6,622.900
1925.
$
66,002,262
33,520,792
21,435,084
19,899,381
10,304,670
2,641,349
2,968,247
1,024,953
5,060,700
1,395,082
2,969,990
4,597,913
Imports.
Exports,
1926.
1926.
S
$
1,858,862 6,438,232
5,524,289 3,848,818
1,613,600 5,556,070
2,252,994 4,650,649
1,273,845 4,432,012
1,925,834 4,945,823
2,172,443 3,888.993
1,724,207 4,260,831
3,225,687 3,758,076
1,608,244 4,029,252
740,123 4,270,276
1,655,483 3,273,288
30,699.29: 74,839,105 64,161,782 171,320,423 25,475,411 53,350,320.
FEB. 26 1927.]
THE CHRONICLE
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
Feb. 15
-The Citizens National Bank of Olivia, Minn
Correspondent, Geo. F. Gage, Olivia, Minn.
(Feb.F
25,000
15-The First National Bank of Big Sandy, Tenn
Correspondent, A. S. Justice, Big Sandy, Tenn. Succeeds the Bank of Big Sandy, Big Sandy, Tenn.
s..
Feb. 17
-The Michigan Avenue National Bank of Buffalo, N. Y- 200,000
Correspondent, Joseph A. Schwendler, 1020 Bramson
Bldg., Buffalo, N. Y.
25,000
Feb. 19
-The First National Bank of Deckerville, Mich
Correspondent, L. T. Bishop, Deckerville, Mich.
APPLICATION TO CONVERT RECEIVED.
Feb. 19
-The Greenwich National Bank of the City of New
York, N. Y
1,000,000
Conversion of The Greenwich Bank of the City of New
York, N. Y.
CHARTERS ISSUED.
-The County National Bank of Scranton, Pa__ 500,000
Feb. 15
-13,040
of the County Savings Bank of Scranton,
Conversion
Pa. President, L. A. Watres; Cashier, W. M. Ruth.
-The Security National Bank of Hope, No.
Feb. 15
-13,041
Dak
25,000
President, John S. Palfrey; Cashier, C. W. Moores.
-First National Bank in Greenwich, Conn
Feb. 16
-13,042
100,000
President, George L. Geibel; Cashier, George R. Bon-
By Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
5
350 Urban Water Supply Co
100 Otto Eisenlohr & Bros., Inc.,
14
par $25
10 North Phila, Trust Co., par 150-350
10 Kensington Nat. Bank. par 150.211
500
25 Manayunk National Bank
10 Quaker City National Bank..._317
.500
10 Market Street National Bank.
10 First National Bank of Phila.-_465
5 First National Bank of Darby_ _ _300
2 Penna. Co. for Ins. on Lives, &c_885
9 American Bank & Trust Co., par
188
$50
15 Logan Bank & Trust Co.. par$50 92
40 Colonial Trust Co., par $50..._240
250
5 Aldine Trust Co
10 Broad Street Trust Co., par $50_ 794
3 Bank of North Amer.& Tr. Co_ _385
5 Oxford Bank & Trust Co., par$50.176
25 Mutual Trust Co., par $50
159
35 Republic Trust Co., par $50 __ _156
14 Republic Trust Co., par $50_ _155
5 Mitten Men & Management Bank
125
dr Trust Co., par 150
7 Wharton Title & Tr. Co., par $50 30
5 Merlon Title & Trust Co., Ard275
more, par 150
85 Lykens Valley RR.& Coal
1594
5 Frankford & Southwark Pass.Ry-246
2 2d dr 3d Streets Pass. Ry
16731
2 Philadelphia Traction Co
584
5 American Casualty Co., Reading,
31
Pa
CHANGES OF TITLE.
-The Canandaigua National Bank,Canandaigua,
-3,817
Feb. 15
"The Canandaigua National Bank & Trust
N. Y., to
Company."
-The Pittsfield National Bank, Pittsfield, Mass.,
-1,260
Feb. 18
to "The Pittsfield National Bank & Trust Company."
-The First National Bank of Pompton Lakes,
-10,787
Feb. 18
N. J., to "The First National Bank 8: Trust Company
,
of Pompton Lakes.
VOLUNTARY LIQUIDATIONS.
-The Exchange National Bank of Hastings, Nebr. $100,000
Feb. 17
-3,086
Effective Fob. 10 1927. Lig. Agent, J. M. Davis,
Hastings, Nebr. Absorbed by the First National Bank
of Hastings, Nebr., No. 2,528.
Feb. 17
-7. -The Citizens National Bank of Whitney. Texas
015
50,000
Effective Feb. 11 1927. Lig. Agent, J. N. Collier,
Whitney, Texas. Absorbed by the First National
Bank of'Whitney, Tex., No. 7,875.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By-Adrian H. Muller & Sons, New York:
Shares. Stocks.
per sh.
7.000 Banner Consol. Mines Co.,
Dar El
$54 lot
Sundry accounts receivable amounting to approximately $5,148 22_$26 lot
20 Brooklyn Athenaeum & Reading
Room, stamped, showing two
f liquidating divs. paid, par $25.- $5
lot
105 Lundberg Co. preferred
29 Second Ave. RR. Co
15 South Brooklyn Saw Mill Co_ _ _
2 Central New Jersey Land Im pt.
Co., par $25
1.517 London & Richelieu Mining & $5
Smelting Co., Ltd., par $1
lot
100 Ray Hercules Copper Co., par
$5 each
$ per sh.
Shares. Stocks.
$600 New York Realty Owners,
Inc., cony. 4s, Nov. 13 1923, reg.
100 Amer. Five & Ten Cent Stores,
preferred
100 Amer. Five Si Ten Cent Stores, $3
common. par $1
lot
20 Bklyn. Gag Fixture Co., par $50 _
25 Brooklyn Hotel Co
10 Higgins Soap Co., preferred_ _ _
Bonds.
Per cent.
$25.000 Coldak Corp. coll. tr. 7-yr.
645 s. 1. cony, gold notes. due
Sept. 15 1933, In temp. form_ _
62
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
8 per sh.
3634
10 First National Bank
364
25 First National Bank
5 Naumkeag Steam Cotton Co__ _ _1721,4
50
10 Nashua Mfg. Co., common
1244
45 Bates Mfg. Co
75 Merrimack Mfg. Co., common_ _1234
4 Ludlow Mfg. Associates._ _177 A ex-dly
20 Nashua Mfg. Co., common_ _ _ _ 504
112
5 Vermont & Mass. RR
11331
50 Boston Wharf Co
1 Boston Athenaeum, par $300_ ._ _850
4 Mutual Finance Corp., pref., par
33
$50
3831
3 New England Storage Whse
70
First Peoples Trust
6 units
25 Quincy Mkt. Cold Storage &
7131
Warehouse Co., pre(
S units Commercial Finance Corp._ 47
68
1 unit Mutual Finance Corp
100 Fall River Elec. Lt. Co., par $25 4734
Shares. Stocks.
$ per sh.
5 units Commercial Financial Corp_ 47
20 New Bedford Gas& Edison Light
Co, par $25
80
3 Boston Belting Corp, prof
164
2 units Mutual Finance Corp
68
1 Charlestown G.& El. Co..par $25 1184
10 Great Northern Pap.Co., par $25 684
25 Fall River Elec, Lt. Co., par $25 4734
40 Malden Housing Corp., pref. _ 10
4 Mass. Cities Realty Co.. partic.
preferred
20
10 No.Bost. Ltg. Prop., Prof
1104
25 Charlestown G.& El., par $25_ _118II
5 Fitchburg G.& El. Co., par $50_1234
3 units First Peoples Trust
6031
17 Fall River Elec, Lt. Co., par $25 4734
10 No.Bost. Ltg. Prop., common_ _102
Rights.
$ per right.
82 Old Colony Trust Co
36
17 Columbian Nat, Life Ins. Co... 314
By R. L. Day & Co., Boston:
Shares. Storks.
$ per sh.
3634
25 First National Dank
10 Waltham (Mass.) Nat. Bank,
1333.1
Par $75
9 Greylock Nat. Bk., Adams, Mass.416
138
2 Milford (Mass.) Nat. Bank
15 5-16
8-8 Pepperell Mfg.Co
142
8 West Point Mfg. CO
125
1 Bates Mfg. Co
10
500 Everett Mills
26
400 York Mfg. Co
158 Amoskeag Mfg. Co., common_ 56
117
30 Pepperell Mfg. Co
50 Merrimack Mfg. Co., common_ _1234
1164
6Pepperell Mfg.Co
5 Stollwerck Chocolate Co., let p1_100
100
80 Kinney Mfg. Co., pref
100
12 Kinney Mfg. Co., common
100
10 Murray Co
1 Columbian Nat. Life Ins. Co_ _ _214
120 New Bedford G.& Ed. Lt. Co.,
par $25
80-80A
units First Peoples Trust
70
88 Craton & Knight Mfg. Co., pref. 664
10 Post Office Square Co., pref.__ 114
Shares. Stocks.
$ per sh.
1-64 Schooner Edna McKnight_ _ _ 35
89 Boston Wharf Co
113
27 Charlestown G.& El., par $25_119
8 units First Peoples Trust
604
10 Sullivan Machinery Co
51
5 Package Machinery Co., pref.
...100
25 Charlestown G.& El. par 12
5-1194
10 Fitchburg G. di El. Co., par $50_1234
24 Merrimac Hat Corp., common_170
25 Worcester Elec. Lt. Co.. par 25_15134
20 Boston Belting Corp., pref., par
164
$50
20 Weymouth Lt. & Pow. Co..
v. t. c. par 25
474-48
50 Fall River Elec. Lt. Co., par $25 473.4
15 Great Northern Paper (new),
par $25
674
10 Hood Rubber Co., 731% pref._l0034
$ Per right.
Rights.
6 Columbian Nat, Life. Ins. Co---- 31
1 Columbian Nat. Life Ins. Co.... 3134
4 Columbian Nat, Life Ins. Co.-- 314
5%
5 West Boston Gas Co
By Weilepp Bruton & Co., Baltimore:
Mares. Stocks.
$ Per sh.
85 Bait. & East. Shore Ferry, pref.,
par $10
$2 lot
6 Bait. & East. Shore Ferry, coin.,
$1 lot
Dar $5
$1 lot
1 Hurst Mfg., com., no par
$2 lot
1 Hurst Mfg., pref., par $100
8 First Nat'l Bank, Parkton, Md._225
Shares. Stocks.
$ Per sh
3 First Nat'l Bank, Parkton, Md__251
40 units First Nat'l CO. (units, 1
$10 per unit
pref., 1 corn.)
50 Int. Tire Stores, com., no par. 11 lot
Bonds.
$2,000 Interocean 011 7s, 1935
1181
Per Cent.
85
Shares. grocks.
$ per sh.
100 Edward G. Budd Mfg. Co.,
corn., ILO par
294
1 Penna. Academy of the Fine Arts_ 33
100 Philadelphia Warehouse Co
13034
74 Commonwealth Casualty Co.,
30
par $10
26 Fairmount Park Transit Co.,
10
pref., par $10
2 Keystone Telep, Co., Inc., N. J..
pref., par $50
204
3 Phila. Bourse, pref., par $25.... 2431
21
4 Phila. Bourse. com., par $50
122
10 Belmont Trust
$ per right.
Rights.
166
1 2-3 First Nat. Bank of Darby
34 First National Bank, Dary, Pa_166
70 Commonwealth Casualty Co.-- 5
Per Cent.
Bonds.
15.000 Deep Well Water Co. Mtge.
25
5s, 1950
$1,000 Philadelphia 4s, May 1 1943
99
($100 pieces)
$500 Philadelphia 4s, 1947
99
$5,000 West Phila. Pass. Ry. extd.
97
51.6s. 1956
$2,000 Phila, Elec. Co. 58, April 1
103
1948, reg
$5,000 John Wanamaker list M.6s.
10331
1932, reg
$500 'Fiona Refining Co. Mtge. 8s,
974
1936
$1,000 Tiona Refining Mtge. 7s,'30 80
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. '
Per
When
Cent. Payable,
Railroads (Steam).
Bangor & Aroostock, common (guar.)._ 575c.
*14
Preferred (guar.)
Consolidated RRs. of Cuba, pref. (qu.). 14
$1.20
Cuba RR., common (guar.)
874c
Erie Si Pittsburgh (guar.)
Fonda Johnstown & Gloversv., pf.(qu.). 14
34
St. Joseph South Bend & Sou., corn
24
Preferred
14
St. Louis Southwestern, pref. (guar.)_ _ _
Books Closed.
Days Inclusive.
Apr. 1 *Holders of rec. Mar.'15
Apr. 1 *Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 100
Mar. 21 Holders of rec. Mar.21
Mar. 10 Holders of rec. Feb. 28a
Mar. 15 Holders of rec. Mar. 100
Mar. 15 Mar. 11 to Mar. 14
Mar. 15 Mar. 11 to Mar. 14
Mar.31 Holders of rec. Mar. 11
Public Utilities.
14 Apr. 1 Holders of rec. Mar. 15
Amer. Public Service, pref.(quar.)
Amer. Superpower Corp.
30c. Apr. 1 Holders of rec. Mar. 1
Common class A de B (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 1
First preferred (guar.)
*$1 .75 Mar. 1 *Holders of rec. Feb. 21
Amer. Utilities, preferred (guar.)
Associated Gas & Elec., orig. pf.(qu.)_ _ 1874 Apr. 1 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 28
£12
Original series preferred (extra)
t$1.75 Apr. 1 Holders of rec. Feb. 28
$7 dividend series (guar.)
Holders of rec. Feb. 240
Baton Rouge Elec. Co., pref. ser. A(qu.) 14 Mar.
Apr. 1 'Holders of rec. Mar. 23
*2
Bell Telephone of Canada (guar.)
Telephone of Pa.64% pref.(guar.) •134 Apr, 1 *Holders of rec. Mar. 19
Bell
Mar. 15 Holders of rec. Mar. 1
Birmingham Water Wks.,8% pf.(qu.). 2
Holders of rec. Mar. 1
14 Mar. 1
7% preferred (quar.)
*13.4 Apr. 1 *Holders of rec. Mar. 10
Boston Elevated Ry., com.(guar.)
*33.4 Apr. 1 *Holders of rec. Mar. 10
Second preferred
Apr. 1 *Holders of rec. Mar. 11
*11
Brooklyn Union Gas (guar.)
Connecticut Light & Power 631% pf.(qu) *194 Mar. 1 *Holders of rec. Feb. 15
si4 Mar. 1 *Holders of rec. Feb. 15
,
7% preferred (guar.)
Mar. 1 *Holders of rec. Feb. 15
*2
8% preferred (quar.)
Connecticut Power,common (guar.)_ _ _ _ *24 Mar. 1 *Holders of rec. Feb. 20
*134 Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
Diamond State Telephone. pref. (guar.)_ •14 Apr. 14 *Holders of rec. Mar. 19
Eastern Texas Elec. Co., pref. (quar.).. 131 Apr. 1 Holders of rec. Mar. 4
Electric Power & Light, pref. (quar.).. $1.75 Apr. 1 Holders of rec. Mar. 11
70c. Apr. 1 Holders of rec. Mar. 11
Allotment certificates
Federal Water Service, class A (guar.)._ 50c. Mar. 1 Holders of rec. Feb. 18
Foshay(W. B.) Co., corn. (monthly)... 67c. Mar. 10 Holders of rec. Feb. 28
580. Mar. 10 Holders of rec. Feb. 28
Seven per cent preferred (monthly)_
67c. Mar. 10 Holders of rec. Feb. 28
Preferred A (monthly)
General Gas & Elec. Corp.com. A (qu.). 374e. Apr. 1 Holders of rec. Mar.15
$8 preferred class A (guar.)
Apr. 1 Holders of rec. Mar. 15
$2
$7 preferred class A (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Preferred class B (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Mar.31 *Holders of rec. Mar.30
*2
Illinois Bell Telephone (guar.)
*131 Apr. 1 *Holders of rec. Mar. 10
Illinois Power & Light part. pref.(qu.)
5131 Apr. 1 *Holders of rec. Mar. 10
Seven per cent preferred (guar.)
*14 Apr. 1 *Holders of rec. Mar. 10
Six per cent preferred (guar.)
34 Apr. 1 Holders of rec. Mar. 12
Indianapolis Water Works, pref
Jamaica Public Service, pref. (guar.)._ $1.75 Apr. 1 Holders of rec. Mar. 15
Kansas City Pow. & Lt., 1st pf. A (qu.) *11.75 Apr. 1 *Holders of rec. Mar. 14
Kentucky Hydro-Elec., pref. (quar.)... *134 Mar.21 *Holders of rec. Feb. 28
14 Apr. 1 Holders of rec. Mar. 50
Mackay Companies, common (guar.)_ _
1
Apr. 1 Holders of rec. Mar. 50
Preferred (guar.)
Memphis Power & Light, pref.(gnarl)_ _ $1.75 Apr. 1 Holders of rec. Mar.19
14 Apr. 1 Holders of rec. Mar. 11
Montana Power, common (quar.)
IA Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
National Power dic Light, Prof. (guar.).- $1.75 Apr. 1 Holders of rec. Mar. 15
National Public Service, corn. A (guar.). 40c. Mar. 15 Holders of rec. Feb. 26
New York Telephone,64% pref.(qu.). *134 Apr, 15 *Fielders of rec. Mar. 19
Northern Ohio Pow. & Lt.,6% pf.(qu.) 14 Apr, 1 Holders of rec. Mar. 15
Seven per cent pref. (guar.)
194 Apr. 1 Holders of rec. Mar. 15
•14 Apr. 1 *Holders of rec. Mar.21
Ohio Bell Telephone, pref. (guar.)
Peoples Lt. & Pow., com. el. A (mthly.) 20c. Mar. 10 Holders of rec. Feb. 28
Seven per cent Prof. (guar.)
58c. Mar. 10 Holders of rec. Feb. 28
Philadelphia Traction
*12 Apr. 1 *Holders of rec. Mar. 10
Southwestern Bell Telep., prof.(guar.)_ _
14 Apr. 1 Holders of rec. Mar. 19
Utilities Power & Light, cl. A (guar.) _ _ y50c Apr. 1 Holders of rec. Mar. 7
Class B (guar.)
y25c Apr. 1 Holders of rec. Mar. 7
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 7
Washington Ry.& Elec., com.(guar.)._
14 Mar. 1 Holders of rec. Feb. 12
Banks.
Commerce(Nat. Bank of)(guar.)
4
Apr. 1 Holders of rec. Mar. 18a
Trust Companies.
Guaranty (guar.)
4
Mar.28 Holders of rec. Mar. 18
Miscellaneous.
Adams Express (guar.)
*$1.50 Mar.31 *Holders of rec. Mar. 15
Allied Chemical& Dye,Prof.(guar.) -134 Apr. 1 Holders of rec. Mar. 11
American Bank Note, corn.(guar.)
*50c. Apr. 1 *Holders of rec. Mar. 17
Preferred (guar.)
•75c. Apr. 1 *Holders of rec. Mar. 17
American Home Products(monthly).
•200. Apr. 1 *Holders of rec. Mar. 15
American Locomotive, com.(guar.)-Mar. 31 Holders of rec. Mar. 11
$2
Preferred (guar.)
194 Mar. 31 Holders of rec. Mar. 11
American Plano, corn. (guar.)
234 Apr. 1 Holders of rec. Mar. 15
Common (payable in common stock).. 1231 Apr. 1 Holders of rec. mar. 15
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
American Tobacco, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 9
Bendis Corporation, class A (guar.).
*30e. Apr. 1 *Holders of rec. Mar. 15
1182
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Condstred).
Beech-Nut Packing, corn. (guar.)
60e. Apr. 9 Holders of res. Mar.25
Preferred (guar.)
154 Apr. 15 Holders of rec. Apr. 1
Big Lake 011
'1734 Mar. 7 *Holders of rec. Mai. 2
Boston Woven Hose & Robb.,coin.(gu.) $1.50 Mar. 15 Holders of reo. Mar. 1
British-Amer. Oil, new stock (No. 1). _ _ •20c.
British-Amer.Tob ordinary (Interim)_ _ 104 Mar.31 Holders of coup. No. 117
Bush Terminal Co..7% deb. stk. (guar.) 4.154 Apr. 15 *Holders of rec. Apr. 1
Bush Terminal Bldg., pref. (quar.)
*I Si Apr. 1 *Holders of rec. Mar. 15
Butte dr Superior Mining (guar.)
*50c. Mar.31 *Holders of rec. Mar. 15
Calumet & Arizona Mining (guar.)
*51.50 Mar.21 *Holders of rec. Mar. 5
Chicago Mill & Lumber, pref. (guar.)._ *154 Apr. 1 *Holders of roe. Mar.23
Coca-Cola International (guar.)
$2.50 Apr. 1 Holders of rec. Mar. 150
Cities Service bankers shares (mthly.)
IS Apr. 1 Holders of rec. Mar. 15
Bankers' shares (payable in stock)._ _
Si Apr. 1 Holders of rec. Mar. 15
Commercial Credit, com.(guar.)
.25c. Mar.31 *Holders of roe. Mar. 11
Seven per cent preferred (guar.)
•43I4e Mar.31 *Holders of rec. Mar. 11
Eight per cent preferred (guar.)
*50c. Mar.31 *Holders of rec. Mar. 11
*I Si Mar.31 *Holders of rec. Mar. 11
6l% first preferred (guar.)
Commercial Solvents, class B (guar.)._ $2
Apr. 1 *Holders of roe. Mar. 18
Continental Can, preferred (guar.)
1% Apr. I Holders of rec. Mar. 18
Dalton Adding Mach., corn. (guar.)._ _ _
134 Apr. 1 Holders of roc. Mar. 19
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 19
Dinkier Hotels, Inc., class A (quar.)---- 50c. Mar. 1 Holders of rec. Feb. 21
Dominion Glass, common (guar.)
154 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Eagle (C. K.)& Co., pref.(guar.)
$1.75 Feb. 28 Holders of rec. Feb. 18
Eastern Rolling Mill (guar.)
3734o Apr. 1 Mar. 16 to Apr. 1
Extra
12340.Apr. I Mar. 16 to . Apr. 1
Eisenlohr (Otto) & Bros., pref.(quar.)_ _ •154 Apr. 1 *Holders of rec. Mar.21
Elt1ngton-Schild Co., common (guar.)._ 6214c Feb. 28 Holders of rec. Feb. 11
Ely-Walker Dry Goods, coin.(guar.).
- 3134c Mar, 1 Holders of rec. Feb. 18
Emporium Corp.(guar.)
50c. Mar.24 Holders of rec. Mar. 1
Feltman & Curme Shoe, class A
6234e Apr. 1 Holders of rec. Mar. 1
Preferred (guar.)
154 Apr. 1 Holders of roe. Mar. 1
Foote Bros. Gear & Mach., corn.(qu.)-- *30c. Apr. 1 *Holders of roe. Mar. 19
Common (guar.)
*30o. July 1 *Holders of rec. June 20
*30c. Oct.
Common (guar.)
*Holders of rec. Sept. 20
Common (guar.)
*30e. Jan 1'28 *Holders of rec. Dec. 20
Preferred (guar.)
•154 Apr. I *Holders of ere. Mar. 19
Preferred (guar.)
'154 July 1 *Holders of rec. June 20
Preferred (guar.)
'154 Oct. 1 *Holders of rec. Sept. 20
•134 Jan ITS *Holders of rec. Dec. 20
Preferred (guar.)
Forham Co., common (guar.)
•25e. Apr. 1 *Holders of rec. Mar. 11
Class A (guar.)
•400. Apr. 1 *Holders of rec. Mar. 11
Gabriel Snubber Mfg., corn. A & B (qu.) •8734e Apr. 1 *Holders of rec. Mar. 12
General Electric (guar.)
•750. Apr. 28 *Holders of rec. Mar. 15
Special stock (guar.)
•15o. Apr. 28 *Holders of rec. Mar. 15
Globe Soap, 1st, 2d & special pref.(qui _
114 Mar.15 Mar. 1 to Mar. 15
Gotham Silk Hosiery, corn.(guar.)
*6210 Apr. I *Holders of rec. Mar. 15
Great Western Sugar, common (guar.) •$2
Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
•134 Apr. 1 Holders of rec. Mar. 15
Group No. 1 011
*3750 Apr. 26 Holders of rec. Mar.25
Gulf States Steel, common (guar.)
•114 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
•134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
. 134 July 1 Holders of rec. June 15
1
.
Preferred (guar.)
•134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
.
0134 an.3'28 Holders of rec. Dec. 15
Hamilton Dairies, Ltd.(Can.), pt. (qu.) 134 Mar. 1 Holders of rec. Feb. 21
Heywood-Wakefield Co. let & 2d pref._ '334 Mar. 1 Holders of rec. Feb. 17
Indiana Limestone, pref.(guar.)
154 Mar, 1 Holders of reo. Feb. 18
Inspiration Consul. Copper (guar.)
25o. Apr, 4 Holders of rec. Mar. 17
Internat. Business Machines (guar.)._
'Si Apr. 11 Holders of rec. Mar.23
International Cement. common (guar.). •51 Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
•154 Mar.31 Holders of rec. Mar. 15
International Paper, 7% pref. (guar.)._
134 Apr. 15 Holders of rec. Apr. 16
Six per cent preferred (guar.)
134 Apr. 15 Holders of roe. Apr. la
Johansen Shoe, common (guar.)
3734c Mar. 1 Holders of rec. Feb. 23
Kemper-Thomaa Co., special pref.(go ) 154 Mar. 1 Holders of roe. Feb. 21
Kirby Lumber, common (guar.)
I% Mar. 10 Holders of rec. Feb. 28
Common (guar.)
154 June 10 Holders of rec. May 31
Common (gust.)
134 Sept. 10 Holders of roe. Aug. 31
Common (guar.)
I% Dec. 10 Holders of rec. Nov.30
Libby-Owens Sheet Glass. corn.(guar.) *50e. Mar. 1 Holders of rec. Feb. 19
Preferred (guar.)
•i34 Mar. 1 Holders of rec. Feb. 19
Liggett & Myers Tobacco. pref. (guar.)_ •134 Apr. 1 Holders of rec. Mar. 15
Lord & Taylor, common (guar.)
214 Apr. 1 Holders of rec. Mar. 17
Mathieson Alkali Works, corn.(guar.)._ *31 Apr. - Holders of rec. Mar. 18
Preferred (guar.)
•134 Apr.
Holders of rec. Mar. 18
Midvale Co.(guar.)
•250. Apr. 1 Holders of rec. Mar. 15
Moto Meter, class A (guar.)
•900. Apr. 1 Holders of rec. Mar. 14
Class B (guar.)
Apr. 1 Holders of rec. Mar. 14
*25e
North Atlantic Oyster Farms, Cl. A (go.) *500. Mar. 1 Holders of rec. Feb. 23
Ogilvie Flour Mills, pref. (guar.)
154 Mar. 1 Holders of rec. Feb. 22
Ohio Seamless Tube, pref.(guar.)
•51.75 Apr. 1 Holders of roe. Mar.15
Patchogue-Plymouth Mills (guar-)
$1 Mar. 1 Holders of roe. Feb. 18
Peabody Coal. common (monthly)
'Sc. Mar. 1 Holders of rec. Feb. 18
Preferred(oonthly)
*580. Mar. 1 Holders of rec. Feb. 18
Penick & Ford. Ltd., common (gust.)... •25e. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
'154 Apr. 1 Holders of rec. Mar. 15
Pennok Oil (guar.)
*25e Mar.25 Holders of rec. Mar. 15
Pettibone-Mulliken Co., 1st pref. (qu.) '154 Apr. 1 Holders of rec. Mar.21
Second preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar.21
•
Pilgrim Mills (guar.)
Mar. 15 *Holders of rec. Feb. 24
$2
Pittsburgh Steel Foundry. pref. (guar.). •134 Mar. 31 *Holders of roe. Mar.21
Plymouth 011
*50c. Mar. 8 *Holders of rec. Mar. 2
Port Alfred Pulp & Paper, pref. (gust.).. •154 Mar. 1 *Holders of roe. Mar. 1
Pure 0118% preferred (guar.)
*Holders of rec. Mar. 10
•2
Apr.
6% preferred (guar.)
*Holders of rec. Mar. 10
'134 Apr.
554% preferred (guar.)
*Holders of rec. Mar. 10
'134 Apr'.
CL R. S. Music, common (monthly)___ •15o. Mar.1 *Holders of rec. Mar. 1
Real Silk Hosiery Mills. Inc.. com.(qu.) •$1
*Holders of rec. Mar. 18
Apr.
Bt. Maud e Valley Corp., pref.(guar.) - .0134 Apr.
*Holders of rec. Mar. 15
Shredded Wheat (guar.)
75e. Mar.3 Holders of rec. Mar.21
Simm's Petroleum (guar.)
*Holders of rec. Mar. 15
•37I4e Apr.
Sloss-Sheffield Steel & L. egos. (guar.)... *114 Mar.2 *Holders of roe. Mar. 10
Preferred (guar.)
*Holders of rec. Mar.21
'134. Apr.
South Penn Oil (guar.)
*500. Mar.2 *Holders of rec. Mar. 15
South Porto Rico Sugar, corn.(gust.).... 1.14 Apr.
Holders of rec. Mar. 10
Preferred (guar.)
Holders of rec. Mar. 10
Apr.
2
Southern Stores Corp., class A (No. 1)_. 50e. Apr.
Holders of rec. Mar.28
Standard Milling, common (guar.)
134 Mar.3 Holders of rec. Mar. 18
Preferred (guar.)
134 Mar.3 Holders of roe. Mar. 18
Standard Oil(Kentucky)(guar.)
*51
Mar.3 *Mar. 16 to Mar. 31
Extra
*50e. Mar.3 *Mar. 16 to Mar. 31
Stanley Company (guar.)
•75e. Apr.
*Holders of rec. Mar. 5
Stock dividend
.20
Apr.
*Holders of rec. Mar. 5
Stlx-Baer-Fuller Co., corn.(guar.)
3734c. Mar.
Holders of rec. Feb. 15
Sullivan Machinery ((Mar.)
$1 Apr. 1
Apr. I to Apr. 14
Telautograph Co., pref.(guar.)
154 Apr. 1 Holders of rec. Mar. 31
Texon Oil& Land (guar.)
•20e. Apr. 2 *Holders of rec. Mar.25
134 Apr.
Tide Water-Assoeiated Oil. pref. (qtr.)._
Holders of rec. Mar. 11
•$1
Todd Shipyards
Mar.2 *Holders of rec. Mar. 4
( '
guar)
of Nevada
'734c. Apr. 2 *Holders of rec. Mar. 31
Tonopah MiningCar'
(quar.)_ _
Tooke Bros., Ldt., preferred
134 Apr. 15 Holders of rec. Mar. 31
$1 Apr. 1 Holders of rec. Mar. 5
Underwood Typewriter, corn. (guar.).
134 Apr. • 1 Holders of rec. Mar. 5
preferred (guar.)
$1.50 Apr. 1 Holders of roc. Mar. 4
Union Carbide & Carbon (guar.)
0134 Apr. 1 *Holders of rec. Mar. 15
United Dyewood, preferred (guar.)
•The Apr. 15 *Holders of rec. Apr. 1
V. Vivaudou, Inc., corn. (guar.)
'154 May 2 *Holders of rec. Apr. 15
Preferred (guar.)
•154 Apr. 20 *Holders of rec. Apr. 14
Vulcan Detinning, pref.(guar.)
•52
Apr. 20 *Holders of rec. Apr. 14
Preferred (account scrum. My.)
•154 Apr. 20 *Holders of rec. Apr. 14
Preferred A (guar.)
*Holders of rec. Mar. 19
'3754c Apr.
Waldorf System, common (guar.)
*20e. Apr.
*Holders of rec. Mar. 19
Preferred (guar.)
530c. Mar. 1 *Holders of roe. Mar. 5
Walworth Co., common (guar.)
*750. Mar.3 *Holders of rec. Mar. 21
Preferred (guar.)
Apr.
*Holders of rec. Mar. 12
Wheeling Steel Corp.. cl. A prof. (qu.)... .2
*Holders of rec. Mar. 12
ClassA pref. (acct. accum. diva.)- - •8600. Apr.
*214 Apr.
*Holders of rec. Mar. 12
Class B preferred (guar.)
*Holders of rec. Mar. 12
.h75e. Apr.
Class B pref. (acct. scrum. divs.)_
Name of Company.
Miscellaneous (Concluded).
White Motor Co.(guar.)
Woodley Petroleum (guar.)
Yellow Taxi Corp.(N. Y.) (guar.)
[Vol,. 124.
When
Per
Cent. Payable.
Books Closed.
Days Incluegye.
Mar. 31 *Holders of roe. Mar.15
*51
15e. Mar.31 Holders of rec. Mar. 15
•$1.25 Apr. 1 *Holders of rec. Mar. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list don not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka dr Santa Fe, con.(gu.) 1% Mar.
Holders of rec. Jan. 280
Common (extra)
Holders of rec. Jan. 28a
75e, Mar.
Baltimore & Ohio, corn.(guar.)
Holders of roe. Jan. 150
114 Mar.
Common (extra)
Holders of rec. Jan. 15a
Mar.
Preferred (quer.)
Holders of rec. Jan. 15a
1
Mar.
Boston & Albany (guar.)
2
Mar.3 Holders of rec. Feb. 28
Canadian Pacific. corn. (guar.)
Holders of rec. Mar. 10
254 Apr.
Preference
Holders of rec. Mar. 1
2
Apr.
Chesapeake & Ohio, corn. (guar.)
Holders of reo. Mar. 86
2
Apr.
Preferred
Holders of rec. June 86
3% July
Chestnut Hill RR. (guar.)
to Mar. 3
Feb. 20
11s Mar.
Chicago Rock Island & Pacific. com.(qu.) 111( Mar.3 Holders of rec. Mar. lie
Cinc. New On.& Taxes Par.. pref. (qu.)
*Holders of rec. Feb. 15
Mar.
Cleveland & Pittsburgh, guar. (guar.)._ 8754c. Mar.
Holders of rec. Feb. 106
Special guaranteed (guar.)
Holders of rec. Feb. 10a
500. Mar.
Cripple Creek Central, pref. (guar.)._
*Holders of rec. Feb. 15
Mar.
Delaware & Hudson Co. (guar.)
2% Mar.2 Holders of rec. Feb. 26a
Gulf Mobile & Northern, pref. (guar.)
*Holders of rec. Mar. 15
- •1x Apr.
Hocking Valley (guar.)
2
Mar.3 Holders of rec. Mar. 86
Illinois Central, common (guar.)
1% Mar.
Holders of roe. Feb. 4a
Preferred
3
Holders of rec. Feb. 40
Mar.
Maine Central, pref. (guar.)
1% Mar. 'Holders of rec. Feb. 15
New Orleans Texas & Mexico (guar.)._
1% Mar.
Holders of rec. Feb. 150
N. Y. Chicago & St. Louis, corn. (guar-) 2% Apr.
Holders of rec. Feb. 150
Preferred (guar.)
134 Apr.
Holders of rec. Feb. 15a
Norfolk & Western, common (guar.)...
Mar. I Holders of roe. Feb. 280
Pennsylvania Railroad (guar.)
87 Sic Feb. 2 Holders of rec. Feb. la
Phila. Germantown & Norristown (qu.). $1.50 Mar.
to Mar. 3
Feb. 10
Pills. Youngs. & Aribtab., pref. (guar.). 154 Mar.
Holders of rec. Feb. 21a
Reading Company, 1st pref. (guar.). -- 60e. Mar. 1
Holders of rec. Feb. 18a
St. Louis-San Francisco, pref. (guar.).- 114 May
Holders of roe. Apr. 90
Preferred (guar.)
1% Aug.
Holders of roe. July 15a
Preferred (guar.)
Holders of rec. Oct. 156
134 Nov.
Southern Pacific Co.(guar.)
Holders of rec. Feb. 250
134 Apr.
Union Pacific, corn. (guar.)
Holders of roe. Mar. 1
234 Apr,
Preferred
2
Apr.
Holders of roe. Mar 1
Public Utilities.
American Power & Light. corn.(gust.).. 25o. Mar.
Holders of rec. Feb. lea
American Telegraph & Cable(quar.)
Mar.
*Holders of roe. Feb. 28
American Telep. & Teleg.(quer.)
2% Apr. 1 Holders of rec. Mar. 15a
Associated Gaa & Elec., $6 pref.(goat.).. 551.50 Mar.
Holders of roe. Jas. 31
1.62 54 Mar.
$654 preferred (guar.)
Holders of roe. Jan. 31
Blackstone Valley Gass & Elec. com.(qui $1.25 Mar.
Holders of rec. Feb. 150
Brazilian Tree., L.& P., ord.(guar.)._ _
Holders of rec. Jan. 31
154 Mar.
Brooklyn City RR.(guar.)
10e. Mar.
Holders of rec. Feb. ha
Brooklyn Edison Co. (guar.)
2
Mar,
Holders of roe. Feb. 10.
Bkln.-Manh.Transit, pref. set'. A (guar.) 154 Apr. 1 Holders of roe. Apr. 1
Central Arkansas Ry. & Light, pf. (qu.) 1% Mar.
Holders of roe. Feb. 154
Central Gas & Elec. Co., pref. (guar.)_ .$1.75 Mar.
*Holders of rec. Feb. 15
Central Illinois Pub. Sem.. pref. (guar.) *51.50 Arr. 1 *Holders of roe. Mar.31
Central Indiana Power, pref. (guar.)._ •15., Mar. 'Holders of roe. Feb. 20
Chic. Nor.Shore & Milw., prior lien(qu.) •ISi Apr.
*Holders of rec. Mar. 15
Preferred (guar.)
•11i Apr.
*Holders of rec. Mar. 15
Chicago Rapid Tran., prior pref.(m tali) 65e. Mar.
Holders of roe. Feb. 154
Prior preferred A (monthly)
*65o. Apr.
*Holders of rec. Mar. 15
Prior preferred A (monthly)
•650. May
*Holders of rec. Apr. 19
Prior preferred A (monthly)
*65e. June
*Holders of rec. May 17
Prior preferred B (monthly)
•60o. Apr.
*Holders of rec. Mar. 15
Prior preferred B (monthly)
•600. May
*Holders of rec. Apr. 19
Prior preferred B (monthly)
*80e. June
*Holders of roe. May 17
Cleveland Electric Illuminating. Pf.(qu) iSi Mar.
Holders of roe. Feb. 15
Colorado Power, pref. (guar.)
'154 Mar. 1 *Holders of rec. Feb. 28
Community Pow.& Lt., 2d pref.(guar.) 2
Mar.
Holders of rec. Feb. 18
Consol. Gas, E.L.& P., Bait.. com.(qu.) 82Sic Apr.
Holders of rec. Mar. 15
8% preferred series A (guar.)
.2
Apr.
*Holders of rec. Mar. 15
7% preferred series B (guar.)
•134 Apr.
*Holders of roe. Mar. 15
•1% Apr.
*Holders of rec. Mar. 15
654% preferred serial C (guar.)
6% preferred series D (guar.)
•11S Apr.
*Holders of rec. Mar. 15
Duquesne Light Co., first pref.(guar.).1% Mar. 1 Holders of roe. Feb. 150
Eastern Shore Gas & Elec., pref. (guar.) *50e. Mar.
*Holders of reo. Feb. 15
Empire Gas& Fuel,8% pref.(monthly). 66 2-3,3 Mar.
Holders of rec. Feb. ISa
Seven per cent preferred (monthly)
581-3c Mar.
Holders of roe. Feb. 150
Engineers Publl • Service
57 pref. and pref. allotment cerrifs
$1.75 Apr.
Holders of rec. Mar. 40
Federal Light & Traction, coin. (guru.). 200. Apr.
Holders of roe. Mar. 156
Common (payable in common stock). /150. Apr.
Holders of rec. Mar. 150
Preferred (guar.)
Holders of rec. Feb. 150
114 Mar.
Gas & Electric Securities, corn. (mthly )
Holders of rec. Feb. 156
SS Mar.
Common (payable in common stock).- /54 Mar.
Holders of rec. Feb. 15a
Common (monthly)
Holders of rec. Mar. 15a
% Apr.
Common (payable In common stock). 134 Apr.
Holders of rec. Mar. 16a
Preferred (monthly)
Holders of rec. Feb. 15a
7-12 Mar.
Holders of rec. Mar. 15a
Preferred (monthly)
7-12 Apr.
Holders of rec. Feb. 25a
Havana Electric Ry.. pref
Mar.
Holders of reo. Mar. 154
Indianapolis Water Co.. pref. (quar.).154 Apr.
Holders of rec. Feb. 17a
Keystone Telep. of Phila., pref. (guar.)_ $I
Mar.
r*Holders of rec. Feb. 15
Laclede Gas & Electric. prior lien (guar.) •1 rs Mar.
Laclede Gas Light, corn. (guar.)
Mar. I Holders of rec. Mar. 1
$3
Louisville Gas& Electric (Delaware)
Mar.2 Holders of rec. Feb. 28s
Class A and 11, core.(guar.)
43540.
Holders of roe. Feb. 15
205-Sc Mar.
Manila Electric Co.. coin
Holders of roe. Mar.31a
Manila Electric Co.. corn
62lic May
Mar. 1
Holders of roe. Feb. 28
Middle Wert Utilities, prior lien (gust.).. 2
Holders of roe. Feb. 154
National Power & Light. corn. (gust.)... 20c. Mar.
Holders of roe. Feb. 14
Nebraska Power. pref. (guar.)
134 Mar.
Mar.3 Holders of rec. Mar. 1(/
New England Telep. &
(guar.).
.600. Mar.3 *Holders of rec. Mar. 15
Niagara Falls Power, tom.(guar.)
.43Sie Apr. 1 *Holders of rec. Mar. 31
Preferred (guar.)
Niag. Lockp. & Ont. Pow., corn. (guar)•75e. Mar.3 *Holders of rec. Mar. 15
Holders of roe. Mar. 154
1% Apr.
Preferred (guar.)
Holders of rec. Mar. 80
North American Company, com.(guar.) e254 Apr.
Holders of rec. Mar. 54
75e. Apr.
Preferred (guar.)
Holders of roe. Feb. 150
$1.50 Mar.
North American Edison. Prof. (gust.)
North American Utilities Securities
Preferred and allotment certificates- - *51.50 Mar. 1 *Holders of roe. Feb. 28
Holders of roe. Feb. 16
North Carolina Public Serv., pref.(au.). $1.75 Mar.
Holders of roe. Feb. 19
Northern States Power, pref. (guar./
- 154 Mar.
Mar.
Holders of roe. Feb. Ifia
Northern Texas Electric Co., preferred- Holders of rec. Feb. 21
Northwestern Public Service, prof. WO 1% Mar.
Holders of roe. Feb. 15
114 Mar.
Ohio Edison. 6% preferred (guar.)
1.85 Mar.
Holders of rec. Feb. 15
8.8% preferred (guar.)
Holders of rec. Feb. 15
154 Mar.
7% preferred (guar.)
Holders of rec. Feb. 15
50o. Mar.
6% preferred (monthly)
55e. Mar.
Holders of rec. Feb. 15
6.6% preferred (monthly)
1% Mar. 1 Holders of rec. Feb. 28
Oklahoma Gas & Electric. pref. (clean)Holders of rec. Mar. 154
Penn-Central Light & Power. pref.(gM) $1.25 Apr.
Holders of rec. Feb. 21
Penn-Ohio Edison, 7% prior pref.(gu.). 134 Mar.
May
Holders of roe. Apr. 20
Penn.
-Ohio Pow. & Lt., 8% pref. (go.)
1% May
Holders of roe. Apr. 20
Seven per cent preferred (guar.)
60e. Mar.
Holders of roe. Feb. 21
7.2% preferred (monthlY)
80c. Apr.
Holders of roe. Mar.21
7.2% preferred (monthly)
60c. May
Holders of rec. Apr. 20
7.2% preferred (monthly)
55c. Mar.
Holders of roc Feb. 21
6.6% preferred (monthly)
55e. Apr.
Holders of rec. Mar.21
6.6% preferred (monthly)
550. May
Holders of rec. Apr. 20
8.6% preferred (monthly)
Holders of roe. Feb. 21
Penna. Gas Elm,class A. COM.(guar.) 3754c Mar.
Holders of roe. Feb. 21
3%0 Mar.
Class A. common (extra)
2
Holders of rec. Mar. 186
Apr.
Pennsylvania Water & Power (guar.).
THE CHRONICLE
FEB. 26 1927.]
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
$1.25 Mar. 1 Holders of ree. Feb. 10a
Philadelphia Co.. 5% Preferred
50e. Mar.15 Holders of reo. Feb. 16a
Philadelphia Electric Co. (guar.)
Holders of rec. Feb. lla
Philadelphia Suburban Water, pref.(qM) 154 Mar.
Holders of roe. Feb. 15
Portland Elec. Pow.Co.. 2d pref.(quar.) 134 Mar.
Public Serv. Corp. of N.J., corn.(guar.) 50c. Mar.31 Holders of roe. Mar. 40
13( Mar. 31 Holders of rec. Mar. 40
Seven per cent preferred (guar.)
2
Mar.31 Holders of rec. Mar. 4a
Eight per cent preferred (guar.)
50e. Feb. 2 Holders of rec. Feb. ia
Six per cent preferred (monthly)
50e. Mar. 31 Holders of rec. Mar. 40
Six per cent preferred (monthly)
Public Serv. Elec. & Gas,7% Pref.(qu ) 13( Mar.31 Holders of rec. Mar. 40
134 Mar.31 Holders of rec. Mar. 4a
Six per cent preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 31
Quebec Power (guar.)
Holders of rec. Mar. is
Radio Corp. of America, pref. A (gear.) 8734c Apr.
Rochester Gas& Electric Co., Pf. B (qu.) "154 Mar. 1 'Holders of rec. Feb. 14
•134 Mar. I 'Holders of rec. Feb. 14
Preferred series C and D (quar.)
Shawinigan Wat.& Pow., new. com.(gu) 60c. Apr. 11 *Holders of rec. Mar. 25
Southern California Edison, pref. A SOO 433.4c. Mar. 15 Holders of rec. Feb. 20
37340. Mar. 15 Holders of rec. Feb. 20
Preferred B (guar-)
1
Mar. 15 Holders of rec. Feb. 28
Southern Canada Power (guar.)
Colorado Power. pref.(guar.). 134 Mar. 15 Holders of roe. Feb. 28
Southern
2
Apr. 15 Holders of rec. Mar.31
Southern New England Telep.((mar)_
Southern N.E.Telep..$7 pref.(guar.)._ $1.75 Mar. 1 Holders of roe. Feb. la
134 Mar. 1 Holders of rec. Feb. la
6% preferred (guar.)
Apr. 1 "Holders of reo. Mar. 15
Southwestern Gas & Electric. corn. (qu.) *2
•1M Apr. 1 'Holders of roe. Mar. 15
Seven per cent preferred (guar.)
*2
Apr. 1 *Holders of roe. Mar. 15
Eight per cent preferred (guar.)
Southwestern Power & Light, pref.(qu ) 154 Mar. 1 Holders of rec. Feb. 11
Mar. 15 Holders of roe. Feb. 28a
Standard Gas & Elec.,8% pref.(guar.) $1
Tennessee Elec. Power.6% 1st pt.(qu ) 13,4 Apr. 1 Holders of rec. Mar. 15
Seven per cent first preferred (guar.)._
154 Apr. 1 Holders of roe. Mar. 15
1.80 Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (guar.)
Six per cent first preferred (monthly). 50o. Mar. 1 Holders of roe. Feb. 15
Six per cent first preferred (monthly). 600. Apr. 1 Holders of roe. Mar. 15
60e. Mar. 1 Holders of rec. Feb. 15
7.2% first preferred (monthly)
130e. Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (monthly)
•3t4 Mar. 1 *Holders of rec. Feb. 20
United Utilities. preferred
Utility Shares Corp., panic. pref.(au.). 300. Mar. 1 Holders of rec. Feb. 11
Virginia Eico. & Power.7% pref.(guar) 13( Mar.21 Holders of rec. Feb. 280
134 Mar.21 Holders of rec. Feb. 280
Six per coat preferred (guar.)
Washington Water Pow..Spa.. pf.(qu.) 13,4 Mar. 15 Holders of rec. Feb. 250
131 Mar. 15 Holders of roe. Feb 25
West Penn Railways,6% Pref. (quar.)._
Wilmington Gas Co., preferred
3
Mar.
Holders of ree. Feb. 120
Wisconsin Power & Light, pref. (quar.). '$1.75 Mar. I *Holders of recs. Feb. 28
Name of Company.
1183
Per I When
Cent. Payable.
Books Closed.
Days instusive.
Miscellaneous (Continued).
50o. Mar. 21 Holders of roe. Mar. 7a
By-Products Coke, corn. (guar.)
*12.25 Apr. 1 *Holders of roe. Mar.21
Preferred (guar.)
Mar. 15 Holders of roe. Feb. 280
$1
California Packing (guar.)
60c. Mar, 1 Holders of rec. Feb. 15a
California Petroleum (guar.)
Calumet & Heels Consul. Copper Co.._ 50e. Mar. 15 Holders of rec. Feb. 280
$2.50 Mar. 1 Holders of rec. Feb. 15
Canada Bread, Ltd., corn
Canada Steamship Linea. pref. (quar.).. 134 Apr. 1 Holders of rec. Mar. 15
- 13( Apr. 1 Holders of rec. Mar.20
Canadian Locomotive. pref. (guar.).
•114 June 30 'Holders of rec. June 20
Canfield Oil, common (guar.)
4.134 Sept. 30 *Holders of rec. Sept.20
Common (guar.)
•134 Dec. 31 *Holders of rec. Dec. 20
Common (guar.)
4,154 June 30 *Holders of rec. June 20
Preferred (guar.)
'154 Sept. 30 *Holders of rec. Sept.20
Preferred (guar.)
4,134 Dee. Si *Holders of rec. Dec. 20
Preferred (guar.)
154 Mar,15 Holders of rec. Mar. 10
Carter (William) Co.. pref.(guar.)
411.50 Apr. 1 *Holders ot rec. Mar. 14
Case (J. I.) Thresh. Mach.. corn
• 3( Apr. 1 *Holders of rec. Mar. 14
I
Preferred (guar.)
13( Mar. 1 Holders of rec. Feb. 18s
Century Ribbon Mills, pref. (guar.) ...._
II
Mar. 10 Holders of rec. Mar.310
Chesebrough Mfg. Consol. (quar.)
4, 2tic Apr. 1 'Holders of rec. Mar. 16
,
Chicago Fuse (guar.)
Chicago Yellow Cab Co.(monthly)._ 331-50 Mar. 1 Holders of rec. Feb. 18e
33 1-3 Apr. 1 Holders of rec. Mar.21.
Monthly
33 1-3c May 2 Holders of ree. Apr. 20a
Monthly
33 1-3e JIM() 1 Holders of rec. May 200
Monthly
600. Mar,10 Holders of rec. Feb. 254
Childs Co tummy.common (guar.)
Apr. 1 Holders of rec. Feb. 254
Common (payable in no par corn. stk ) 11
July 1 Holders of rec. May 27a
Common (payable In no par corn. stk ) fl
Oct. 1 Holders of rec. Aug. 28a
Common (payable In no par corn. stk ) fl
Doe. 30 Holders of rec. Nov.254
Common (payable in no par corn. stk ) /1
134 Mar. 10 Holders of rec. Feb. 254
Preferred (guar.)
6234c Apr. 1 Holden; of ree. Mar. 44
Chill Copper Co.(guar.)
% mar. 1 Holders of rec. Feb. lb
Cities Service, common (monthly)
ni Mar. 1 Holders of rec. Feb. 16
Common (Payable In corn, stock)....
h Apr. 1 Holders of rec. Mar. 15
Common (monthly)
Apr. 1 Holders of rec. Mar. 15
Common (payable in common stock)..
% Mar. 1 Holders of rec. Feb. 16
Preferred and pref. B (monthly)
A Apr. 1 Holders of rec. Mar.16
Preferred and preferred B (monthly)__
A Mar. 1 Holders of Fee. Feb. 16
Preferred BB (monthly)
A Apr. 1 Holders of MO. Mar.15
Preferred BB (monthly)
34 Mar. 1 Holders of rec. Feb. 15
Bankers Shares (monthly)
% Mar. 1 Holders of rec. Feb. 15
Extra (payable In stock)
500. Mar. 1 Holders of roe. Feb. 100
City Ice & Fuel (guar.)
50c. June 1 Holders of rec. May 104
Quarterly
600. Sept. 1 Holders of rec. Aug. 10*
Quarterly
Soc. Mar. 15 Holders of rec. Mar. Iria
Banks.
Cleveland Stone (gear.)
.25c. Mar. 15 'Holders of rec. Mar. 5
Chemical National (bi-monthly)
4
Mar. 1 Holders of nie. Feb. 18a
Extra
b0c. June 15 Holders of rec. June 50
Port Morris(No. 1)
234 Mar. I Holders of roe. Feb. 25
Quarterly
50c. Sept. 15 Holders of reo. Sept. fia
Standard (guar.)
*3
Apr. 1 *Holders of rec. Mar. 25
Quarterly
$1.75 Apr. I Holders of rec. Mar. las
Standard National Corp., corn. (guar.) .$3
Coca-Cola Co. (guar.)
Apr. 1 'Holders of rec. Mar. 25
75e. Apr. 1 Holders of rec. Mar. 154
0154 Apr. 1 *Holders of rec. Mar.25
Preferred (guar.)
Extra
•15.1 Mar. 1 *Holders of roe. Feb. 16
(quar.)
Congole m-Nairn Co.. pref.
$1
Mar. 30 Holders of reo. Mar.15e
Trust Companies.
Congress Clear (guar.)
Equitable (guar.)
3
Mar. 29 'Holders of rec. Mar.18a Consolidated Cigar Corp., pref. (guar.). 13( Mar. 1 Holders of recs. Feb. 16.
Title Guarantee & Trust, extra
Consumers Co., prior Pref. Mu.)(No. 1) ol% Apr. 1 *Holders of rec. Mar.81
5
Mar.31 Holders of rec. Mar.22
30c. Mar.15 *Holders of roe. Feb. 14
Continental Oil (quar.)
Fire Insurance.
Converse Rubber Shoe. pref. (guar.).
- *$1.75 Mar. 1 Holders of rec. Feb. 15
Mar. 15 Holders of rec. Feb. 28
Home(quarterly)
Cookeville Shale Brick Co.. Pref.(guar.) 1
6
Apr. 11 Holders of roe. Mar. b
$1.25 Mar.31 Holders of roe. Mar.21s
United States (guar.)
Coty. Inc. (guar.)
'8
May 2 Holders of rec. Apr. 25
134 Mar. 15 Holders of rec. Mar. 1
Crane Company. corn. (guar.)
154 Mar,15 Mildest of rec. Mar. 1
Preferred (guar.)
Miscellaneous.
Abbotts Alderney Dairies. let pref.(gu.) 134 Mar. 1 Holders of rec. Jan. 15a Crown Willamette Paper, 1st pref. (quo) $1.75 Apr. 1 Holders of roe. Mar. 1541
•1yi Mar. 1 *Holders of reo. Feb. 10
Acushnet Mills(guar.)
Crow's Nest Pass Coal (guar.)
•154 Mar. 1 'Holders of rec. Feb. 17
154 Mar.31 Holders of roe. Mar. 16a
American Cellulose & Chem. Mfg., Ltd..
Crucible Steel, preferred (guar.)
75c. Mar. 1 Holders of rec. Feb. 210
First participating preferred (quar.).
Cuba Company, corn. (quar.)
134 Mar. 15 Holders of rec. Mar. 1
250. Apr. 1 Holders of roe. Mar. 44
American Chain.8% pref. elms A (qu.). 50o. Mar.31 Mar. 22 to Mar. 31
Cuban-American Sugar, Corn. (guar.)154 Apr. 1 Holders 01 rec. Mar. 44
American Chicle, corn.(guar.)
Preferred (guar.)
75e. Apr. 1 Holders of rec. Mar. 15
2
Mar. IS Holders of rec. Feb. 28
Prior preferred (guar.)
13( Apr. 1 Holders of rec. Mar. 15a Cumberland Pipe Line (gear.)
33
Mar. IS Holders of rec. Feb. 28
American Home Products (monthly)._
Extra
200. Mar. 1 Holders of rec. Feb. 15a
.111
Mar. 15 'Holders of rec. Max. 1
American International Corporation.
Apr. 4 Holders of reo. Mar. lba Canon Press. class A (guar.)
- 11
'Si
June IS *Holders of reo. June 1
Amer. La France Fire Eng.,Ino.,pf.(qu.) 13( Apr,
Class A (guar.)
Holders of roe. Mar. 150
$3.50 mar. 15 Holders of rec. Mar. 1
Amer. Laundry Machinery. coin. (qu.). $I
Mar.
Curtiss Aeroplane & Motor, preferred
Holders of rec. Feb. 21
Mar. 1 Holders of rec. Feb. 15a
Cushman's Sons, Inc., common (guar) $1
Common (guar.)
$1
Holders of rec. May 23
June
American Linseed, preferred (quar.)__.. 13( Apr.
Common (payable in $8 pref. stock)._ 991.50 Mar. 1 Holders of rec. Feb. 15a
Holders of rec. Mar. 18
American Mfg. Co.. corn. (guar.)
Common (payable in 88 pref. stock). u$1.50 Sept. I. Holders of roe. Aug. 15a
134 Mar.3 Holders of rec. Mar. 160
$2
Mar. 1 Holders of rec. Feb. 15a
Common (guar.)
134 July
Holders of rec. June 16a
$8 preferred (guar.)
154 Mar. 1 Holders of roe. Feb. 15a
Common (guar.)
Holders of ree Sept. 160
Seven per cent preferred (guar-)
154 Oct.
Common (guar.)
134 Deo. 3 Holders of rec. Dee. 160 Darmouth Manufacturing, corn. (guar) *$1.50 Mar. I *Holders of roe. Feb. 14
4
11.25 Mar. I *Holders of rec. Feb. 14
Preferred (guar.)
13( Mar.3 Holders of rec Mar. 160
Preferred (quar.)
1
Mar.26 Holders of rec. Mar. 12.
Preferred (guar.)
Holders of rec. June 160 Davis Mills (guar.)
13,4 July
Preferred (guar.)
13( Oct.
Holders of rec. Sept. 160 Decker (Alfred) & Cohn, Inc., com.(1111.) 50o. Mar. 15 Holders of rec. Mar. 54
131 Mar. 1 Holders of rec. Feb. 18a
Preferred (guar.)
Preferred (guar.)
134 Deo. 3 Holders of rec. Dec. 160
American Metal, corn.(guar.)
13,4 Mar. 1 Holders of rec. Feb. 15a
750. Mar.
Holders of roe. Feb. 18a Deere & Co., orefered (guar.)
Preferred (guar.)
14‘ Mar,
Holders of roe. Feb. 19a
Preferred (account accum. dividends). 575e Mar. 1 Holders of rec. Feb. 154
American Multigraph, coin. (guar.)._ 40e. Mar.
Mar. 1 Holders of roe. Feb. 28
$2
Holders of rec. Feb. 15
Dewey & Almy Chemical, coca
Amer. Pneumatic Service. 1st pref
4$1.75 Mar.3
$3.50 Mar. 1 Holders of rec. Feb. 28
Preferred
American Radiator. corn. (guar.)
star. 15 Holders of rec. Feb. 28a
$1.25 Mar.3 Holders of nee. Mar. 15a Diamond Match (guar.)
2
American Railway Express (guar.)
$1.50 Mar.3 Holders of reo. Mar. 154 Dictaphone Corporation, corn. (qual.).. 250. Mar. 1 *Holders of rec. Feb. 18
American Seating. coin.(quar.)
'75e. Apr.
*Holders of rec. Mar. 15
250. Mar. 1 Holders of rec. Feb. 18
Common (extra)
Common (extra)
2
250. Apr,
Mar. 1 Holders of rec. Feb. 18
Holders of reo. Mar.20
Preferred (guar.)
Common (extra
250. July
$1.25 Apr. 1 Holders of rec. Mar.lb
Holders of rec. June 20
Dominion Textile, common (quar.)
Common (extra)
250. Oct.
Holders of rec. Sept.20
134 Apr. 15 Holders of rec. Mar 31
Preferred (guar.)
Amer. Smelt. & Rehr.. pref. (quar.)
134 Mar.
Holders of rec. Feb. 4a Douglas-Pectin Corporation (qual.)
60o, Mar.31 Holders of rec. Mar. 14
American Stores Co.. common (guar.)._ 50c. Apr.
25e. Mar.31 Holders of rec. Mar. le
Mar. 22 to Apr. 1
Extra
American Sugar Refining, corn. (guar.). 134 Apr. 2 Holders of rec. Mar. la DuPont (E.I.)de Nem.& Co.. com.(qu) 23
Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
13( Apr. 2 Holders of roe. Mar. la
I% Apr, 25 Holders of rec. Apr. 9a
Debenture stock (guar.)
154 Mar,
Amer. Sumatra Tobacco, pref. (guar.)._
Holders of rec. Feb. 14a Eagle-Picher Lead, coin. (guar.)
40e. Mar. 1 Holders of roe. Feb. 15
Mar.
Amer. Tobacco, com, and corn. B (qu.). $2
'62340Apr. 1 'Holders of rec. Mar.20
Holders of ree. Feb. 10a Early & Daniels. common (guar.)
314 Mar.
American Window Glass Co.. pref
Feb. 19 to Feb. 28
.25c. Apr. 1 *Holders of roe. Mar.20
Common (extra)
13( Apr.
Armour & Co. of Illinois, pref. (quar.)
Holders of rec. Mar. 10
'6254c July 1 'Holders of rec. June 20
Common (guar.)
Armour & Co. of Delaware, pref. (guar) 13( Apr.
Holders of reo. Mar. 10
41:1234c Oct. 1 *Holders of rec. Sept.20
Common (guar.)
Armstrong Cork, cum.(guar.)
1% Apr.
Holders of rec. Mar. 18
*6234c Jan 128 'Holders of rec. Doe. 20
Common (guar.)
Preferred (guar.)
13( Apr.
Holders of rec. Mar. 18
*11.75 Apr. 1 "Holders of rec. Mar.20
Preferred (guar.)
13( Mar.
Artloom Corporation. pref. (guar.).Holders of rect. Feb. 170
*$1.75 July 1 'Holders of rec. June 20
Preferred (guar.)
Aaso. Dry Goods Corp., 1st pref.(guar.) 134 Mar.
Holders of rec. Feb. ha
*$1.75 Oct. 1"Holders of rec. Sept.20
Preferred (guar-)
Second preferred (guar.)
13( Mar.
Holders of roe. Feb. 1 la
'$1.75 Jan 1'28 'Holders of rec. Dec. 20
Preferred (quar.)
50e. Mar.2 Holders of rec. Mar. ba Eastman Kodak, corn.(guar.)
Associated 011 (guar.)
$1.25 AIR. 1 Holders of roe. Feb. 280
40e. Apr. 2 Holders of rec. Mar. Sc
Extra
75c. Apr. 1 Holders of roe. Feb. 250
Common (extra)
13( Mar. 1 Holders of rec. Mar. 5
Atlantic Terra Colin. Pref. (guar.)
134 Apr. 1 Holders of ree. Feb. 284
Preferred (quar.)
Mar,! Holders of rec. Feb. 28a Electric Storage Battery, corn.& et.
Atlas Powder, corn. (quar.)
$1
(Qui 31.25 Apr. 1 Holders of rec. Mar. TO
Babcock & Wilcox (guar.)
13,4 Apr.
Holders of rec. Mar.20
el0
Mar 15 Holders of roe. Feb. 26
Elyria Iron & Steel (atock dividend)
Balaban & Katz, corn. (monthly)
250. Mar.
Holders of reo. Feb. 17
Equitable Office Building, com. (guar.). $1.50 Apr. 1 Holders of roe. Mar. I5
Common (monthly)
250. Apr.
Holders of rec. Mar.21
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 154
13( Apr.
Preferred (guar.)
Holders of roe. Mar.21
Erie Steam Shovel, common (quar.)____ 6254c. Mar. 1 Holders of rec. Feb. 144
13( Mar. 1
Holders of rec. Feb. 28
Belding-CortIce111. Ltd., pref.(quar.).-1% Mar. 1 Holders of rec. Feb. 144
Preferred (quar)
Holders of rec. Mar. 2I0 Eureka Vacuum Cleaner
BeldIng-Ileminway Co., coin. (guar.).- 50e. Apr.
Holders of rec. Mar. 31
Belgo-Canudian Paper, cool.(guar.)--- 134 Apr. 1
Common (payable In common stock).. 15
Mar. 1 Holders of rec. Feb. 180
134 Apr.
Holders of rec. Mar. 4
Preferred (guar.)
Common (payable in common stock).. 15
Aug. 1 Holders of rec. July 200
Holders of rec. Feb. 20
20c. Mar.
Beneficial Loan Society. corn,(guar.)
Fair (The)(monthly)
20c. Mar. 1 Holders of rec. Feb 154
13( Apr.
Holders of rec. Mar. So
Bethlehem Steel, prof. (guar.)
Monthly
20c, Apr. 1 Holders of rec. Mar. 210
Bloch Bros. Tobacco. common (quar.).. 3754c. May 15 Holders of rec. May 10
Monthly
20c. May 2 Holders of ree. Apr. 20a
3730. Aug. 15 Holders of rec. Aug. 10
Common (guar.)
Preferred (quar.)
'
13( May 2 Holders of rec. Apr. 20.
3734e. Nov. 15 Holders of rec. Nov. 10
Common (guar.)
Fairbanks, Morse & Co.. COM.(quar.)_ _ 75c. Mar. 31 Holders of rec. Mar.150
Mar.31 Holders of rec. Mar. 28
134
Preferred (guar.)
Common (quar.)
75e. June 30 Holders of rec. June 150
13( June 30 Holders of rec. June 25
Preferred (guar.)
Preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 15.
134 Sept.30 Holders of roe. Sept.25
Preferred (guar.)
Preferred (guar.)
13,4 June 1 Holders of rec. May 144
Preferred (guar.)
13.4 Doe. 31 Holders of rec. Doe. 26
Famous Players Can. Corp..1st pf.(mu ) 2
Mar. 1 Holders of ree. Jan. 81
Borden Company, common (quar.)_.. $1.25 Mar. 1 Hol:ers of rec. Feb. 16a Famous Players-Lasky Corp.,
Apr. I Holders of rec. Mar. 154
coin.(mu) $2
Borg & Beck (guar.)
Apr. 1 *Holders of rec. Mar.dI8
$1
Fansteel Products Co.. new stock
.
115o. May 17 *Holders of roe. Apr. 29
Brach (E. J.) & Sons (guar.)
700. Mar. 1 Holders of roe. Feb. 200
*Holders of roe. Feb. 21
Old common (payable In common elk )ef3po
Brandram-Ilenderson. Ltd.. pref. (on.)
13( Apr. 1 Holders of roe. Mar. 1
Federal Mining de Smelting, Pref.(qua:) 154
lb 'Holders of rec. Feb. 244
Brill Corporation, clan A (No. 1)
Apr. 1 Holders of rec. Mar. 16
51
Federal Motor Truck (guar.)
20c. Apr. 1 Holders of roe. Mar. 1941
Preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 16
Stock dividend
234 Apr. 6 Holders of roe. Mar.190
•tu, Mar. 1 *Holders of rec. Feb 14
Bristol Manufacturing (guar.)
Mar. 31 'Holders of MO. Mar.21
Federal Terra Gotta. pref
052
British Columbia Fish & Pack (quar.)_
154 Mar. 10 Holders of roe. Feb. 28
Fifth Avenue Bus Securities (quar.)
160. Apr. 16 Holders of rec. Apr. 2a
Brown Shoe, common (guar.)
50o. Mar. 1 Holders of roe. Feb. 190 , Fifty-Five Park Avenue, Inc. pref
Mar. 1 Holders of rec. Feb. 14
3
Buckeye Pipe Line (guar.)
Mar. 15 Holders of rec. Feb. 18 ! Fifty-Nine East 54th Street. inc., pref _ _
$1
Mar, I Holders of rec. Feb. 14
3
Burdines. Inc.. preference (guar.)
95e. Mar. 1 Holders of roc. Feb. 10 ; First Federal Foreign Investment Trust_ $1.75 May 15 Holders of reo. May 6
SI% Apr. 1 Holders of rec. Mar. 15 I Fisk Rubber,
Brothers, preferred (guar.)
Burns
15( Mar. 1 Holders of roe. Feb. 15
second pref. (guar.)
Burroughs Adding Machine. corn. (lu.). 75e. Mar. 31 Holders of reo. Mar. 15 ; Fitzsimmons &
Connell Dredge & Dock
Common (payable in corn. stock)
133 1-3 Mar. 1 Holders of roe. Feb. 16a
50o. Mar. 1 Holders of rec. Feb. 18o
Quarterly
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
75c. Apr. 1 *Holders of rec. Mar. 140
Flelschmann Co.. corn. (quar.)
$2
Mar. 15 Holders of rec. Mar. la
Foundation Co.(guar.)
81.25 Mar. 15 Holders of rec. Mar. 5
Gamewell Co., corn.(quar.)
$1.75 Mar. 1 Holders of rec. Feb. 19
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 140
General Asphalt, pref. (quar.)
General Box Corp., pref. A and B (guar.) •134 Mar. 1 *Holders of rec. Feb. 18
General Cigar, preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 21a
Debenture preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 24a
Mar. 12 Holders of rec. Feb. 190
$2
General Motors Corp., corn. (quer.)_
1% May 2 Holders of rec. Apr. 90
Preferred (quar.)
1% May 2 Holders of rec. Apr. 90
Six per cent debenture stock (cum.)._
Seven per cent debenture stock (quar.) 134 May 2 Holders of rec. Apr. 9a
General Railway Signal, corn.(quar.)--- $1.25 Apr. 1 Holders of rec. Mar. 10a
1% Apr. 1 Holders of rec. Mar. 10a
Preferred (quar.)
Mar. I Holders of rec. Jan. 310
$1
Gillette Safety Razor (quar.)
12340. Mar. 1 Holders of rec. Jan. 310
Extra
2% Mar. 10 Holders of rec. Feb. 28
Gleasonite Products (quay.)
134 Mar. 1 Holders of rec. Feb. 20
Globe
-Democrat Pub., pref. (quer.)_ _
15c. Mar. 14 Holders of rec. Mar. 4a
Gold Seal Electrical Co. (special)
Mar.
Holders of rec. Feb. 15a
$1
Goodrich (B. F.) Co., corn.(quar.)
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
1% July 1 Holders of rec. June 15a
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 130
Goodyear T.& R.,8% prior pref.(quar.) 2
134 Apr. 1 Holders of rec. Mar. la
Seven per cent preferred (guar.)
Goesard (H. W.) Co.. corn. (monthly).. 33 1-3c Mar. 1 Holders of rec. Feb. 20
33 1-3c Apr. 1 Holders of rec. Mar. 20
Common (monthly)
134 Apr.
Holders of rec. Mar. 20
Preferred (guar.)
Great Atlantic & Pacific Tea, corn.(qu.) •60c. Mar. 1 *Holders of rec. Feb. 10
134 Mar. 1 Holders of rec. Feb. 10
First rreferred (quar.)
Greenfield Tap & Die, 6% pref. (quar.) 1% Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
2
Eight per cent preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15a
Guantanamo Sugar, pref. (quar.)
5
May 20
Guenther Publishing Co., pref.(quar.)
5
Aug. 20
Quarterly
5
Nov.20
Quarterly
6c. Aug. 15 Holders of rec. Aug. 1
Hamilton Bank Note
25e. Mar. 1 Holders of rec. Feb. 23
Hamilton-Brown Shoe(monthly)
3% Mar. 31 Holders of rec. Feb. 28
Hamilton United Theatres(Can.), pref..
Harbison-Walker Refrac., corn. (quar.)_ 1% Mar. 1 Holders of rec. Feb. 190
1% Apr. 20 Holders of rec. Apr. 90
Preferred (quar.)
Hartman Corporation, class A (quar.)_ 50c. Mar. 1 Holders of rec. Feb. 15a
50c. June 1 Holders of rec. May 170
Class A (quar.)
(o) Mar. 1 Holders of rec. Feb. 15a
Class B (quar.) In class A stock
(0) June 1 Holders of rec. May 170
Class B (quar.) In class A stock
Hart, Schaffner & Marx, Inc., com.(qu.) 1% Feb. 28 Holders of rec. Feb. 14
2
Feb. 28 Holders of rec. Feb. 14
Common (extra)
Hathaway Bak., Inc.,7% cony. pf.(au.) 134 Mar. 15 Holders of rec. Mar. 1
*154 Mar. 1 *Holders of rec. Feb. 1
Hathaway Mills (guar.)
520c. Feb. 28 *Holders of rec. Feb. 18
Hawaiian Pineapple (extra)
•10
Feb. 28 *Holders of rec. Feb. 18
Stock dividend
be. Mar. 1 Holders of rec. Feb. 250
Hayes Ionia Co.(monthly)
13 Mar. 15 Holders of rec. Feb. 250
Hayes Wheel, preferred (guar.)
25c. Mar. 15 Holders of rec. Feb. 15
Hecla Mining (quar.)
(mthly.) 30c. Mar. 25 Holders of rec. Mar. 18
Hibbard,Spencer,Bartlett & Co.
2
Mar. 1 Feb. 22 to Mar. 1
Higbee Company, 2d pref. (quar.)
50c. Mar. 1 Holders of rec. Feb. 15
Hires (Charles E.) Co., corn. A (quar.)
*$1
Mar. 31 *Holders of rec. Mar. 21
Hood Rubber Co., corn. (quar.)
Hood Rubber Products, pref. (quar.).. 134 Mar. 1 Feb. 22 to Mar. 1
Horn & Hardart of New York. pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 10
8734c. Mar. 1 Feb. 16 to Mar. 14
Household Products (quar.)
87% Apr. 1 Holders of rec. Mar. 15a
Hudson Motor Car (guar.)
60c. Apr. 15 Apr. 5 to Apr. 15
Illinois Brick (quar.)
60c. July 15 July 3 to July 15
Quarterly
60c. Oct. 15 Oct. 5 to Oct. 16
Quarterly
550c. Apr. 1 *Holders of rec. Mar. 15
Illinois Wire & Cable (No. 1)
1% Feb. 28 Holders of rec. Feb. 25
Imperial Royalties(monthly)
25c. Mar. 1 Holders of rec. Feb. 15
Imperial Oil, Ltd.(quar.)
1234c. Mar. 1 Holders of rec. Feb. 15
Extra
Mar. 1 *Holders of rec. Feb. 12
Imperial Tobac. of-Gr. Brit.& Ire.(final) *9
ls. 6d. Mar. 1 *Holders of rec. Feb. 12
Bonus
85
Mar. 15 Holders of rec. Mar. 1
Independence Indemnity
25c. Apr. 18 Holders of rec. Mar. 31
Independent Oil & Gas (quar.)
50c. Mar. 1 Holders of rec. Feb. 210
Indian Motocycle, corn.(quar.)
75e. Mar. 1 Holders of rec. Feb. 20
Ingersoll-Rand Co., common (quar.)_
6234c. Mar. 1 Holders of rec. Feb. I50
Inland Steel, corn. (quar.)
Inland
194 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
81.50 Apr. 1 Holders of rec. Mar. 16
Interlake Steamship (quar.)
Internat. Agricul. Corp.. prior pref.(qu.) 1% Mar. 1 Holders of rec. Feb. 15a
Internat. Combustion Engineering (qu.) 50c. Feb. 28 Holders of rec. Feb. 170
International Harvester corn. (quer.).- 1% Apr. 15 Holders of rec. Mar. 250
134 Mar. 1 Holders of rec. Feb. 10
Preferred (quar.)
•
*Holders of roe. Feb. 20
194 Mar.
International Milling, pref. (quar.)
1% Apr. I Holders of rec. Mar. 156
International Salt (guar-)
Int.Secur. Trust of Amer., A.corn.(au) 450. Mar. 1 Holders of rec. Feb. 15
134 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
1% Mar. I Holders of rec. Feb. 15
634% preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (quar.)
% Mar. 1 Holders of rec. Feb. 15
International Shoe, pref. (monthly)--1% Mar. 1 Holders of rec. Feb. 150
International Silver, corn. (quar.)
194 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
•lfs' Mar. 1 *Holders of rec. Feb. 10
Interstate Iron & Steel, pref.(quar.)
Apr. 1 Holders of rec. Mar. 23
Intertype Corporation, first pref. (quar.) 82
Island Creek Coal. corn.(In new corn.stk) (r) Mar. 10 Holders of rec. Feb.f24a
6234c. Mar. 1 Holders of rec. Feb. 180
Jaeger Machine Co. (quar.)
Johnson-Stephens-Shinkle Shoe (guar.). 50c. Mar. 1 Holders of rec. Feb. 15
Jones dr Laughlin Steel, corn.(quar.) --- 134 Mar. 1 Holders of rec. Feb. 15
194 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
May 2 Holders of rec. Apr. 15a
$1
Kayser (Julius) .1e Co., corn. (guar.)
Apr. 1 Holders of rec. Mar. 160
82
(guar.)
Preferred
Sc. Mar. 15 Holders of rec. Feb. 28
Keeley Silver Mines
4c. Mar. 15 Holders of rec. Feb. 28
Extra
Kermecott Copper Corporation (quar.)
31.25 Apr. 1 Holders of rec. Mar. 4.
Keystone Watch Case (quar.)
1
Apr. 1 Holders of rec. Mar. 190
Kinney (G.R.)& Co., Inc., pref.(quar.) 2
Mar. 1 Holders of rec. Feb. 180
Knox Hat, Inc.. prior pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Prior preferred (quar.)
$1.75 July 1 Holders of rec. June 15
Prior preferred (quar.)
$1.75 Oct, 1 Holders of ref. Sept. 15
Second preferred
83.50 Aug. 1 Holders of rec. July 15
Kraft Cheese (quar.)
3734c Apr. 1 Holders of rec. Mar. 106
Stock dividend
e134 Apr. 1 Holders of rec. Mar. 100
Kresge (S. S.) Co., corn. (guar.)
30c. Mar. 31 Holders of rec. Mar. 160
Preferred (quar.)
134 Mar. 31 Holders of rec. Mar. 16a
%rusks!& Kruskal, Inc. (ouarterly).._ 50c. May 16 Holders of rec. Apr. 290
KUppenheimer (B.) Co., pref.(quer.)_ _ _
194 Mar. 1 Holders of rec. Feb. 240
Mar. 1 Holders of rec. Feb. 19
Lake of the Woods Milling, corn.(quar.) 3
Preferred (guar.)
194 Mar. 1 Holders of rec. Feb. 19
10c. Mar. 15 Holders of rec. Mar. 1
Lake Shore Mines, Ltd
Apr. 8 Holders of rec. API% 1
Lamson & Hubbard, pf. (acct. ace. city.) 824
1% Feb. 28 *Holders of rec. Feb. 180
Lawton Monotype Machine (quar.)
$1
Feb. 28 Holders of rec. Jan. 310
Lehigh Coal & Navigation (quar.)
25c. Feb. 28 Holders of rec. Jan. 31a
Extra
75c. Mar. 1 Holders of rec. Feb. 150
Lehn & Fink ((Plan)
Leonard, Fitzpatrick. Mueller Storm,
4
12
Apr. 1 *Holders of rec. Mar. 21
Preferred (quar.)
Liggett & Myers Tob.,corn.&Com.B (qu) 75c. Mar. 1 Holders of rec. Feb. 100
$1
Mar. 1 Holders of rec. Feb. 100
Common & common B (extra)
10
Mar. 1 Holders of rec. Feb. 100
Com.& com.B(pay.In corn.B stk.)
$1
Mar. 1 Holders of rec. Feb. 150
Lima Locomotive Works, Corn
Lindsay Light
5h35c Mar. 15 *Holders of rec. Feb. 10
Preferred (in full-of all accum. diva.)
250. Mar. 1 Feb. 16 to Feb. 28
Loblaw Groceterlas, common (quar.)_ _ _
250. Mar. 1 Feb. 18 to Feb. 28
Common (bonus)
194 Mar. 1 Holders of rec. Feb. 15
Prior preferred (ltiat.)
Holders of rec. Feb. 17a
- 1% Mar.
Lord de Taylor, 1st preferred (guar.).
Associates (an.) $2.50 Mar. 1 Holders of roe. Feb. 2
Ludlow Manufacturing
250. Apr. 1 Holders of rec. Apr. 5
Madison Square Garden Co.(quar.)
250. July 1 Holders of rec. July 5
Quarterly
25c. Oct. 1
Holders of rec. Oct. 5
Quarterly
$1.50 Mar.
Holders of rec. Feb. 23
Mahoning Investment ((Mar.)
Holders of rec. Feb. 150
37%0 Mar.
Manhattan Shirt, corn. (guar.)
Mar.
Holders of rec. Feb. 15
$1
Marmon Motor Car (quar.)
[VOL. 124.
THE CHRONICLE
1184
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Martin-Parry Corp. (quar.)
50o. Mar. 1 Holders of rec. Feb. 15a
May Department Stores. new corn.(qu.) $1
Mar. 1 Holders of rec. Feb. 15a
Preferred (quer.)
151 Apr. 1 Holders of rec. Mar. 15a
Maytag Corporation (quar.)
Holders
50c. Mar. 1 Holde of rec. Feb. 15a
Extra
25c. Mar. 1 Holders of rec. Feb. 15a
McCahan (W.J.) Sugar Ref. & Molasses
Preferred (quar.)
1% Mar. I Holders of rec. Feb. 18
McCallum Hosiery
25c. Mar. 8 Holders of rec. Feb. 26
McColl Bros., Ltd., corn. (quar.)
20c. Mar. 1 Holders of rec. Feb. 19
Preferred (guar.)
13
4 Mar. 1 Holders of rec. Feb. 19
McCrory Stores. corn.& corn. B (quar.)_ 40c. Mar. 1 Holders of me. Feb. 21a
Preferred (quar.)
194 May 2 Holders of rec. Apr. 20a
Preferred (quar.)
134 Aug. 1 Holders of rec. July 20a
Preferred (quar.)
194 Nov. 1 Holders of roe. Oct. 20a
McIntyre Procupine Mines, Ltd. (qu.) 250. Mar. 1 Holders of rec. Feb. la
Mengel Company, pref.(quar.)
194 Mar. 1 Holders of rec. Feb. 15
Mergenthaler Linotype (quar.)
81.25 Mar. 31 Holders of rec. Mar. 5a
Extra
25e, Mar,31 Holders of rec. Mar. 5a
Merrimac Mfg., common (guar.)
$1.75 Mar. 1 Holders of rm. Jan. 14
Preferred
$2.50 Mar. 1 Holders of rm. Jan. 14
Metro-Goldwyn Pictures, pref.(quar.)_ _ 4734c. Mar. 15 Holders of rec. Feb. 250
Metropolitan Paving Brick, corn.(quar.) 50c. Mar. 1 Holders of rec. Feb. 15
*154 Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
Mid-Continent Petrol. Corp., pf. (qu.)_
134 Mar. 1 Holders of rec. Feb. 15a
Miller Rubber, pref.(War.)
Mar. 1 Holders of roe. Feb. 10
2
Mohawk Mining (quar.)
Mar. 1 Holders of rec. Jan. 29
$1
Montgomery Ward & Co., clam A (qu.) $1.75 Apr. 1 Holders of rec. Mar.210
Montreal Cottons. Ltd., corn. (quar.).
13.4 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 28
Motor Wheel Corporation, corn. (quar.)- 50c. Mar. 21 Holders of rec. Mar. 10a
Munsingwear, Inc., corn. (quar.)
75e. Mar. 1 Holders of rec. Feb. 150
National American Co., Inc.(qu.) (No.1 1•75c, May 2 *Holders of rec. Apr 15
National Biscuit, common (guar.)
$1.25 Apr. 15 Holders of rec. Mar.310
Preferred (quar.)
134 Feb. 28 Holders of rec. Feb. 140
National Candy, corn., let & 2d pref_ _
334 Mar. 16 Holders of rec. Feb. 22
National Cloak & Suit. nref. (quar.)
134 Mar. i Holders of rec. Feb. 230
National Lead, corn. (qua.)
2
Mar. 31 Holders of rec. Mar. Ila
Preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 18
National Sugar Refining (quar.)
Apr. 2 Holders of rec. Mar. 7
134
National Surety (guar.)
234 Apr. 1 Holders of rec. Mar. 180
National Transit (quar.)
25c. Mar, 15 Holders of rec. Feb. 28
Neild Manufacturing (quar.)
*2
Mar. 16 *Holders of rec. Feb. 10
Extra
*1
Mar. 15 *Holders of rec. Feb. 10
Nelson (Herman) Corp. (quar.)
30c. Apr. 1 Holders of rec. Mar. 17
Stock dividend
el
Apr. 1 Holders of rec. Mar. 17
Quarterly
30c. July 1 Holders of rec. June 20
Stock dividend
el
July 1 Holders of rm. June 20
30c. Oct. 1 Holders of rec. Sept.4
Stock dividend
k
el
Oct. 1 Holders of rec. Sept. 19
Newberry (J. J.) Co., pref. (guar.)
134 Mar, 1 Feb. 17 to Feb. 20
New York Transportation (quar.)
50c. Apr, 15 Holders of rec. Apr. la
North American Provision, pref. (quar.) 194 Apr. 1 Holders of rec. Mar. 10
15c. Mar. 1 Holders of rec. Feb. 10
North Central Texas Oil(quar.)
194 Mar. 1 Holders of rec. Feb. 22
Ogilvie Flour Mills, pref. (quar.)
50c. Mar, 15 Holders of rec. Feb. 14
Ohio 011 (quar.)
500. Mar. 15 Holders of rec. Feb. 14
Extra
50c. Apr. i Holders of rec. Mar. 150
011 Well Supply Co.. corn. (quar.)
Apr. 1 Holders of rec. Mar. 180
2
Omnibus Corporation. pref. (quar.)
l62-3c' Mar. 1 Holders of rec. Feb. 190
Oriheurn Circuit, corn.(monthly)
i62-3c Apr, 1 Holders of rec. Mar. 19
Common (monthly)
2
Apr. 1 Holders of rec. Mar. 15a
Preferred
75c. Apr. 1 Holders of roe. Mar. 160
Owens Bottle, corn.(quar.)
194 Apr. I Holders of rec. mar.Ha
Preferred (quar.)
75c. Apr. 1 Holders of rec. Mar. 190
Page-Hershey Tubes, corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 19
Preferred (quar.)
Packard Motor Car
20c. Feb. 28 Holders of rec. Feb. 150
Common (monthly)
20c. Mar. 31 Holders of rec. Mar. 15a
Monthly
20c. Apr. 30 lIolders of rec. Apr. 15a
Monthly
20c. May 31 Holders of rec. May 140
Monthly
411.50 Mar. 28 *Holders of rec. Mar. 17
Paraffine Companies, corn. (guar.)
Subj. to stockholders meet. Mar.15
*.f20
Stock dividend
2
Mar. 1 Holders of rec. Feb. 9
Pathe Exchange, Inc., pref. (quar.)
Feb. 28 Holders of rec. Feb. 22
2
Penmans. Ltd. (bonus)
Pennsylvania-Dixie Cement, corn. (qu.) *80c. Apr. 1 *Holders of rec. Mar. 15
Convertible preferred series A (quar.). '194 Mar. 15 *Holders of rec. Feb. 28
Peoples Drug Stores, Inc., corn.(No. 1)
25c. Apr. 1 IIolders of rec. Mar. 8
(quar.)
Mar. 1 Holders of rec. Feb. 210
$1
Phillips-Jones Corp.(quar.)
Phoenix-Hosiery, 1st & 2d pref. (quar.). 194 Mar. 1 Holders of rec. Feb. 170
Mar. 1 *IIolders of rec. Feb. 18
*8
Pierce Manufacturing (quar.)
Mar. 31 *Holders of rce. Mar.26
*2
Pilgrim Mills (quar.)
Pines-Winterfront Co., clam A & B (qu.) 50c. Mar. 1 Holders of rec. Feb. 15
1734c. Apr. 30 Holders of rec. Apr. 15
Pioneer Petroleum, pref
Pref. (one year's accum. dividend)... 350. Mar. 1 Holders of rec. Feb. 15
134 Mar. 1 Holders of rec. Feb. 150
Pittsburgh Steel. pref. (quar.)
Pittsburgh Terminal Coal, pref. (quar.)_
134 Mar. 1 Holders of rec. Feb. 180
Polar Wave Ice & Fuel, class A (quar.)_. 6254c. Mar. 1 Holders of roe. Feb. 15
50c. Feb. 28 Holders of rec. Jan. 310
Prairie Oil& Gas
75c. Apr. I Holders of rec. Mar. 15
Pratt & Lambert,corn.(quar.)
Pressed Steel Car, preferred (quar.)
134 Mar. 31 Holders of rec. Mar. la
Procter & Gamble,6% pref. (quar.)_ _
134 Mar. 15 Holders of rec. Feb. 25
Provincial Paper Mills, corn.(quar.)-_
134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
c.
37T Apr. 1 Holders of rec. Mar. 15
Mar. 1 Holders of rec. Feb. 104
Pure Oil, corn.(quar.)
Feb. 100
Common (extra)
1234e. Mar. 1 Holders of rec. Fob. 15a
750. Mar. 1 Holders of rec.
Purity Bakeries, clam A (quar.)
Mar. 1 Holders of rec. Feb. 150
Clam B (quar.)(No. I)
50c.
5x
.15 Holders of rec. Feb. 150
Preferred (quar.)
*Holders of rec. Apr. 1
Apr.
Quaker Oats, corn. (quar.)
411
Apr. 15 *Holders of rec. Apr. 1
Common (extra)
*55
134 Feb. 28 Holders of rec. Feb. la
Preferred (quar.)
134 May 31 Holders of rec. May 2
Preferred (quar.)
Rand Mines, Ltd.. American shares_ -- $1.52 Feb. 28 Holders of rec. Feb. 210
Reid Ice Cream Corp.. prof. (quar.)--- $1.75 Mar. 1 Holders of rec. Feb. 170
Reliance Manufacturing, pref. (quar.)-- •134 Apr. 1 *Holders of rec. Mar. 21
Remington Typewriter, corn,(quar.) - $1.25 Mar. 31 Holders of rec. Mar. 150
134 Apr. 1 Holders of rec. Mar. 15a
First preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
2
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. 15a
1
Republic Iron & Steel, corn. (quar.)- 134 Apr. 1 Mar. 14 to Apr. 13
Preferred (quar.)
Feb. 19 Holders of rec. Feb. 15
$5
Richman Brothers (extra)
500. Mar.21 Mar. 10 to Mar.21
St. Joseph Lead (guar.)
25e. Mar.21 Mar. 10 to Mar.21
Extra
50e. June 20 June 10 to June 20
Quarterly
250. June 20 June 10 to June 20
Extra
50c. Sept.20 Sept. 10 to Sept.20
Quarterly
25e. Sept.20 Sept. 10 to Sept. 20
Extra
50o. Dec. 20 Dec. 10 to Dec. 20
Eutraerly
Qx art
25c. Dec. 20 Dec. 10 to Dec. 20
Mar. 10 Holders of rec. Feb. 10
$2
St. Mary's Mineral Land
Mar. 1 Holders of rec. Feb. 150
$1
Savage Arms. corn.(quar.)
*134 Apr. 1 *Holders of rec. Mar. 15
First preferred (guar.)
•134 May 1 *Holders of rec. May 1
Second preferred (quar.)
8734 Mar. 1 Holders of rec. Feb. 15a
Schulte Retail Stores,common ((Mari
87 3.4c June 1 Holders of rec. May 150
Common (quar.)
873-4cSept. 1 Holders of rec. Aug. I5a
Common (quar.)
8734c Dec. 1 Holders of rec. Nov. 15a
Common (quar.)
AM'. 1 Holders of rec. Mar. 120
2
Preferred (guar.)
Segal ferred& lfar d
ock (gu ar lware, aim.(quar.) _ _ 50c. Mar. 15 Holders of rec. Feb. 28 •
L
194 Apr. 15 Holders of rec. Feb. 28
*194 Mar.31 *Holders of rec. Mar.21
Shawmut Mfg., pref. (quar.)
35c. Mar.31 Holders of rec. Mar. la
Shell Union Oil, corn.(quar.)
Sherwin-Williams Co., preferred (quar.) 134 Mar. 1 Holders of rec. Feb. 150
Can., corn. (qu.) 134 Mar.31 Ilolders of ree. Mar. 15
Sherwin-Williams
134 Mar. 31 Holders of rec. Mar. 16
Preferred (auar. o..
illi ms )
o
C
17
Shippers Car Line Corp., class A (quar.) 50c. Feb. 28 IIolders of rec. Feb. 17
$1.75 Feb. 28 Holders of rec. Feb.
Preferred (quar.)
•75c. Mar.31 *Holders of rec. Mar.21
Shredded Wheat, corn. (quar.)
uarn
Shreveport Eldorado 1se Li e (guar• -- 550e, Am. 1 *Holders of rec. Mar. 15
telb
$1.25 Mar. 15 Holders of rec. Mar. la
huTheatres
FEB. 26 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Boobs Closed.
Days Inclusive.
Miscellaneous (Concluded).
Simon (Franklin) & Co.. pref. (quar.)-- 134 Mar. 1 Holders of rec. Feb. 16a
Skelly Oil (quar.)
50c. Mar. 15 Holders of rec. Feb. 15a
10
Southern Pipe Line. new 3.50 Par stock
Mar. 1 Holders of rec. Feb. 10
Spalding (A. G.) dr Bros., 1st pref.(go.) 134 Mar. 1 Holders of rec. Feb. 15a
2
Second preferred (quay.)
Mar. 1 Holders of rec. Feb. 15
Spear dc Co.. pref. (quar.)
Mar. 1 Holders of roe. Feb. 156
Standard 011 (California) (guar.)
624c Mar. 15 Holders of rec. Feb. 15
124c Mar. 15 Holders of rec. Feb. 15
Extra
6240 Mar. 15 Holders of rec. Feb. 16
Standard 011 (Indiana) (quar.)
Extra
25e. Mar. 15 Holders of rec. Feb. 16
Standard Oil (Nebraska) (quar.)
63c. Mar. 21 mar. 1 to Mar.21
250. Mar. 21 mar. 1 to Mar. 21
Extra
Standard 011 (N. J.) corn., par $25 (qu.) 25c. Mar. 15 Holders of rec. Feb. 25a
Common, par value $25 (extra)
1236c. Mar. 15 Holders of rec. Feb. 25a
I
Mar. 15 Holders of rec. Feb. 25a
Common, par value $100 (guar.)
50c. Mar. 15 Holders of rec. Feb. 25a
Common, par value $100 (extra)
18( Mar. 15 Holders of rec. Feb. 25a
Preferred (qua:.)
40c. Mar. 15 Holders Of rec. Feb. 18a
Standard On of New York (quar.)
24 Apr. 1 Holders of rec. Mar. 15
Standard 011 (Ohio), corn. (qua:.)
Preferred ((War.)
134 Mar. 1 Holders of rec. Jan. 28
Stromberg-Carlson Telep. Mfg.(quar.)_ 25c. Mar. 1 Holders of re-. Feb. 14
1234c Mar. 1 Holders of rec. Feb. 14
Extra
Studebaker Corporation, corn. (quar.)
$1.25 Mar. 1 Holders of rec. Feb. 10a
Preferred (qua:.)
136 Mar. 1 Holders of rec. Feb. 10a
4
Sun-Maid Raisin Growers Assn.. of.(qu.) 13 Feb. 28 Holders of rec. Feb. 12
Sun Oil (quar.)
25c. Mar. 15 Holders of rec. Feb. 25a
Swan-Finch Oil Corp., Prof. (quar.)
134 Mar. 1 Holders of rec. Feb. 7
Feb. 28 *Holders of rec. Feb. 9
Taunton-New Bedford Copper (quar.)._ 42
Tennessee Copper & Chemical (quar.)_ _ 25c. Mar. 15 Holders of rec. Feb. 28a
Texas Company (qua:.)
75c. Mar. 31 Holders of rec. Mar. 46
Texas Corporation (quay.)
75e. Apr. 1 Holders of rec. Mar. 4a
Stock dividend
10
Apr. 2 Holders of rec. Mar. 4a
Mar. 15 Holders of rec. Mar. la
Texas Gulf Sulphur (guar.)
$1
Texas Pacific Coal dr Oil(guar.)
15c. mar.31 Mar. 11 to Mar.31
'Thompson (J. R.) Co. (monthly)
be. Mar. 1 Holders of rec. Feb. 23a
134 Mar. 1 Holders of rec. Feb. 19a
Thompson Products, pref.(qua:.)
Thompson-Starrett Co.. pref
4
Apr. 1 Holders of rec. Mar. 19
Timken-Detroit Axle, pref. (guar.)
134 mar. 1 Feb. 20 to Feb. 28
Timken Roller Bearing (qua:.)
$1
Mar. 5 Holders of rec. Feb. 18a
Extra
250. Mar. 5 Holders of rec. Feb. 180
Truscon Steel, preferred (quar.)
11
4 Mar. 1 Holders of rec. Feb. 19
Union Mills, corn.(quar.)
*50c. Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
*21.50 Mar. 1 *Holders of rec. Feb. 15
Union Storage (qua:.)
.624c May 10 *Holders of rec. May 1
Quarterly
*
6234c Aug. 10 *Holders of rec. Aug. 1
Quarterly
'6234c Nov. 10 *Holders of rec. Nov. 1
Union Tank Car (qua:.)
14 mar. 1 Holders of rec. Feb. 10a
United Biscuit, class A (quar.)
Mar. 1 Holders of rec. Feb.
$1
United Cigar Stores of America, cam_ _ _ 50c. Mar. 31 Holders of rec. Mar. 10
10a
Common (in common stock)
f134 Mar. 31 Holders of rec. Mar. 100
Preferred (quar.)
134 Mar. 15 Holders of rec. Mar. la
United Drug, common (quar.)
Mar. 1 Holders of rec. Feb. 15a
2
United Fruit(quar.)
$1
Apr. 1 Holders of rec. Mar. 5a
Extra
$1.50 Apr. 1 Holders of rec. Mar. 5a
U.S. Cast Iron Pipe & Fdy.,corn.(g.). 234 Mar. 15 Holders of rec. Mar.
la
Common (quar.)
234 June 15 Holders of rec. June la
Common (quar.)
234 Sept. 15 Holders of rec. Sept. la
Common (quar.)
24 Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
June 15 Holders of rec. June la
Preferred (quay.)
134 Sept. 15 Holders of rec. Sept. la
Preferred (qua:.)
Dec. 15 Holders of rec. Dec. la
U.S. Dairy Products. 1st pref.(quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Second preferred (quar.)
$2
Mar. 1 Holders of rec. Feb. 15
U.S. Envelope. common
4
Mar. 1 Holders of rec. Feb. 15
Common (extra)
2
Mar. 1 Holders of rec. Feb. 15
U.S. Gypsum,corn.(quar.)
400. Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
134 Mar.31 Holders of rec. Mar. 15
U.B. Hoffman Machinery (guar.)
75c. Mar, 1 Holders of rec. Feb. 18a
Extra
250. Mar. 1 Holders of rec. Feb. 180
U.S. Playing Card, new common
Apr. 1 *Holders of rec. Mar. 2
*81
U. S. Realty & Improvement (quar.)_
Mar. 15 Holders of rec. Feb. 230
$1
Stock dividend
el0
Mar. 15 Holders of rec. Feb.d23a
United States Steel Corp., com.(quar.)_
134 Mar.30 Holders of rec. Feb. 28a
Common (payable in common stock)_ _ *40
Subj. to stockholders'meet.Apr.18
Preferred (quar.)
134 Feb. 26 Holders of rec. Jan. 29a
U.S.Stores Corp. prior pref.(quar.) _
134 Mar. I Holders of rec. Feb. 190
Universal Pipe & Radiator, pref.(quar.) 134 May 2 Holders of rec. Apr. 15a
Preferred (quar.)
134 Aug. 1 Holders of rec. July 15a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 15a
Vacuum 011 (qua:.)
500. Mar. 19 Holders of rec. Feb. 28
Extra
50o. Ma:. 19 Holders of rec. Feb. 28
Valvoline 011. corn. (qua:.)
134 Mar. 17 Holders of rec. Mar. 11
Van Raalte Co.. let pref. (quar.)
136 Mar. 1 Holders of rec. Feb. 150
Vesta Battery. preferred (quar.)
*134 Mar. 1 *Holders of rec. Feb. 17
\Tian Biscuit, first pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 22
Vipond Consol. Mines, Ltd. (interim)
3
Apr. 15 Apr. 1 to Apr. 15
Va.-Carolina Chemical, prior pref.(qu.)_
134 Mar. 1 Holders of rec. Feb. 140
Wabasso Cotton (q118X.)
$1
Apr. 2 Holders of rec. Mar. 15
Bonus
500. Apr. 2 Holders of rec. Mar. 15
Wahl Company. pref. (acct. accum.)._ 381.7 Apr. 1 Holders of roe. Mar. 25
*1
Wamsutta Mills (quar.)
Mar. 15 *Holders of rec. Feb. 9
Wayagamack Pulp & Paper (quar.)
75c. Mar. 1 Holders of rec. Feb. 15
Weber & Hellbroner. pref.(quar.)
Mar. 1 Holders of rec. Feb. 15a
25e. Feb. 28 Holders of rec. Feb. 19
Welch Grape Juice, corn.(quar.)
134 Feb. 28 Holders of rec. Feb. 19
Preferred (quar.)
$1
Wesson Oil & Snowdrift, corn. (quer.)
Mar. 30 Holders of rec. Mar. 15
Mar. 1 Holders of rec. Feb. 8
Western Dairy Products, class A (quar.) $1
Western Grocers, new no par common_ _ $1
Mar. 15 Holders of rec. Feb. 28
134 Apr. 1 Holders of rec. Mar.20
Whitaker Paper, pref. (quar.)
White (J. G.)& Co., Inc., pref. (quar.)_
13.4 Mar. 1 Holders of rec. Feb. 15
White(J. G.) Engineering Co.. p1.
134 Mar. 1 Holders of rec. Feb. 15
White (J.G.) Mgt. Corp., pref. (qua:.).. 134 Mar. 1 Holders of rec. Feb. 15
Woods Manufacturing, pref. (quar.)- -- 134 Apr. 1 Holders of rec. Mar. 21
Woolworth (F. W.) Co.(quar.)
$1.25 Mar. 1 Holders of rec. Feb. lna
Wright Aeronautical Corporation
25o. Feb. 28 Holders of rec. Feb. 15a
Wrigley (Wm.)Jr. & Co.(monthlY)---- 250. Mar. 1 Holders of rec. Feb. 2oa
Monthly
•
250. Apr. 1 *Holders of rec. Mar. 20
Monthly
.
250. May 2 *Holders of rec. Apr. 20
Monthly
*250. June 1 *Holders of rec. May 20
Monthly
O250. July 1 *Holders of rec. June
"Y"Oil& Gas. new. $25 par stk.(No. 1) 250. Feb. 28 Holders of rec. Feb. 20
15
Yellow Truck & Coach, pref. (quar.) -. *134 Apr. 1 *Holders of rec. Mar. 15
Youngstown Sheet & Tube, corn, (quar.) 21.25 Apr. 1 Holders of rec. Mar. 143
Preferred (quar.)
164 Apr. 1 Holders of roe. Mar. 14
134
134
134
134
134
1185
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars-that is, three ciphers(OM) omitted.)
New
Capital. Profits. Loans,
Discount
Week Ending
Feb. 19 1927. Nat'l, Dec. 31 investState, Nov.1 ments,
(000 emitted.) Tr.Cos. Nov.1
&c.
Reserve
!
with
Cash
Net
Time Bast
In
Legal Demand
De- CircuVault. Deyo
Deposits. posits. lation.
tortes.
Members of Fed. Res. Bank. Average. Averag Averag Average. Average dogs.
Bank of N Y &
$
$
$
76,088
Trust Co.-- _ 4,000 13,354
503 7,494
56,026 9,451 _
Bk of Manhat'n 10,700 15,854 170,425 3,00 17,191
126,180 25.065 __-75,104 1,032 10,919
Bank of America 6,500 5,286
82,890 3,576
National City
75,000 66,829 702,500 4,364 72,440
'
758.794144,109
95
Chemical Nat_ _ 4.500 19,061 135,997 1,085 16,
123,348 3.243
344
292,060 28,823
809 39,258
Nat Bk of Corn. 25,000 42,479 346,899
&T 13,500 13,329 217,693 2,70 23,232
ChatPh N B
166,7311 43,923 6,149
Hanover Nat.. 5,000 26,60
120,835
105,396
530 13,835
171,982 31,275
Corn Exchange_ 10,000 15,269 204,811 4,710 24,80
125,888 6,538 4,515
915 16,593
National Park.. 10,000 24,319 158,101
61,429 1,922 6,149
40,977 19,185 1,893
3.000 3,52
Bowery & E
188,328 12,124 6,442
525 24,977
First National__ 10,000 77,448 273.657
371,878 40,339
Am Ex Irving Tr 32,000 28,808 416,318 4,308 49,650
7
,814
6.282
133
Continental.... 1.000 1,269
848
Chase National_ 40,000 38.221 552,019 7,018 66.027 *510,782 38,758 2,467
500 2,985
733 3,340
25,266
25,502
Fifth Avenue_
Commonwealth
481 1,331
13,055
9,123 4.243
740
800
17,0471
480 2.540
17,783
873 ._
Garfield Nat'l__ 1,000 1,830
121,505 2,8443
851 15,917
Seaboard Nat'l_ 6.000 11.007 127,956
48
929 35.513 *287.898 42.113
_
Bankers Trust_ 20.000 35,540 334,995
54,126 4,394
792 7,157
US Mtge & Tr_ 3,000 4,965 58,412
Guaranty True 25 000 25,202 436,006 1,483 45,167 0416,581 73.762,
35,721 4,273 --688 4,808
41,093
Fidelity Trust.. 4,000 3,235
782 17,755
128,659 27,318 New York True 10,000 21.813 168,746
484 13.836 *106,23.5 18,226 _-_Farmers L & Ti 10,000 19,908, 138,225
Equitable Trust, 30,000 22,9071 276,363 1,656 28,446 *295,635 29,389
Total of averages 350.500 540,7965.155,590
1
Totals, actual co ndttion Feb. 19 5,157,926
Totals, actual Condition Feb. 11 5,155,123
Totals, actual condition Feb. 65.165,285.
42.925565.731 c4,170,507 314,271 21.953
42,769 550,604 c4,152,364 112,42722,467
51.315588,291 4,209,691 308,057121,441
43,843568.763c4.211.661 312,18921.237
State Banks Not Members of Fed'I Res've Bank.
25,200 2,041 2,219
Greenwich Bank 1,000 2.645
State Bank.-- 5.000 5,761 106,803 4,451 2,507
34,800 3,450 1,700
Bank-- 1,400 3.000
Colonial
166,803
23,486 2,850
38,493 63,246
28.400 5,800
9,942
6,426
90,379 71.896
Totals, actual condition Feb. 19 167,404 9,840
Totals, actual condition Feb. 11 167,272 10,559
Totals, actual condition Feb. 5 164,348 10,193
6,459
6,349
6,415
91,383 71,930
91,719 71,863
89,726 71.607
Total of averages
7,400 11,406
Trust Compan les Not Members of Fed 'I Res',e Bank.
64,028 1,769 4,095
Title Guar & Til 10,000 19.506
852 2,729
27,755
Lawyers Trust_ 3.000 3,429
38.825.
23,820
973
1,105
Total of averages 13,000 22,936
91,783
2,621
6,824
62,645
2,078
Totals, actual Condition Feb. 19
Totals, actual condition Feb. 11
Totals, actual condition Feb. 5
92,244
89,868
90,626
2.633
2,864
2,703
6,979
6,318
6,571
63,157
60,276
61,485
2,055
1,991
2,000
Gr'd aggr., avge.,380,900 375,139 5,414.176 55,488 578,981 4,323,531 688,245 21,953
Comparison with prey. week.. -3,111-2,041-2,275 -35,216 +4,054 +530
Gr'd aggr., act'lett7;Feb. 19 5,417,574 66.242564.042 4,306,904686.412 22,467
Comparison with prey. week__ +5,311-9.496 -36,916 -54,787 +4,501 +1026
Gr'd
Gr'd
Ord
Gr'd
Gr'd
Gr'd
aggr., act'Ircond'n
aggr.. eelcond'n
aggr.,
cond'n
aggr., eelcond'n
aggr., act'lcond'n
aggr.,
cond'n
Feb. 11 5,412,263
Feb. 65,420.259
Jan. 295,477,377:
Jan. 225,416.635
Jan. 15 5,592,022
Jan. 85,571,043
64,738600,958
56,739 581,749
56,478565.889
52,906 626,168
54,611 617,726
59.482 528,917
4,361.691681.91121,441
4,362,872685,796 21,237
4,388.301 687,96920,861
4.413,350658.94820.613,
4,559,094 667,264120,386
4,502.151 676,888119.815
Note.
-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Feb. 19. 824,963,000. Actual totals Feb. 19,
$24,963,000; Feb. 11, $24,963,000; Feb. 5, 529,169,000; Jan. 29. $29.168.000; Jan.
22, $29,167,000; Jan. 15, $29,168,000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Feb. 19, $622,535,000; Feb. 11, $611,265,000;
Feb. 5, $601,731,000; Jan. 29, $598,869,000; Jan. 22, 2614,045,000; Jan. 15, $639,126,000. Actual totals Feb. 19, 3611,579.000; Feb. 11, $636,917,000; Feb. S.
$603,344,000; Jan. 29,$614,355,000; Jan. 22,$627,857,000; Jan. 15, 8655,189,000.
• Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $231,736,000; Chase National Bank, $11,638,000; Bankers
Trust Co., 530.503,000; Guaranty Trust Co., $89,861,000; Farmers' Loan & Trust
Co., $4,089,000; Equitable Trust Co., $86,220,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $35,370,000;
Chase National Bank, $1,947,000; Bankers Trust Co., $1,870,000; Guaranty Trust
Co., $5,892,000; Farmers' Loan dr Trust Co., $4,089,000; Equitable Trust Co.;
$5,949,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
•From unofficial sources. 1 The New York Stock Exchange has ruled that stock
.
will not be quoted ex-dividend on this date and not until further notice. I The STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
New York Curb Market Association has ruled that stock will not be quoted exAND TRUST COMPANIES.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Averages.
/Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Cash
Reserve
o Less $2 per share to cover legal expenses of extending second mortgage and
Sirplus
Reserve
Reserve
in
Total
third and fourth Installments of 1925 Income GM
in Vault. Depositaries Reserve.
Reserve.
Aquired.
8 Payable either In cash or In stock at the rate of 4 6-100ths of a share of class A
for each share 01 86 pref. and 5-100ths of a share of class A for each share 01 8634 Prof. Members Federal
$
Reserve Bank..
(Payable either In cash or in stock at rate of 2 7-100ths of a share of class A stock
565,731,000 565.731,000 560,594,040 5,138,960
99,780
9,942,000 6,426,000 16,368,000 16.268.220
for each share of original pref. and 4 72-100ths of a share of class A stock for each State banks*
Trust companies,..... 2,621,000 6,824,000 9,445,000 9,396,750
48.250
share of $7 dividend series preferred stock.
44 Cushman & Sons common stock dividend Is payable in $8 preferred on the
Total Feb. 19_ _ _ _ 12,563,000 578,981,000 591,544,000 586,259,010 5.284,990
valuation of $100 for preferred stock
Total Feb. 12_ _ _ 13,322,000 581,256,000 594,578,000 590,690,070 3,887.930
v Payable in common stock at rate of one-fortieth of a share for each share held.
Total Feb. 5_ _ _ 12,742,000 588,430,000 601,172,000 599,114,770 2,057,230
Total Jan. 29_ _ _ _ 12,891,000 588,266.000 601,157,000 598,339,690 2,817,310
w Island Creek Coal stock dividend is four new shares of common for each share
of common held.
•Not members of Federal Reserve Bank.
Dividend is 10 pence per share. All transfers received in order in London on
b This is the reserve required on net demand deposits In the case of State banks
or before March 3 will be In time for payment of dividend to transferees.
and trust companies,
members of the Federal Reserve Bank.
y Class A stockholders in lieu of cash may take additional class A stock at rate of Include also amount but in the case of net time deposits, which was as follows:
s
required on
of
one-fortieth of a share for each share held and class B stockholders one-fortieth of a Feb. 19. $18,428.130; reserve 218,313,110: Feb. 5, $18,202,260; Jan. 29, $17,981,Feb. 11,
hare of class It stock.
850; Jan. 22. 317.739.540: Jan. 15. 317,995,860.
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:
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies._ _ _
Total
Total
Total
Total
Feb. 19_
Feb. 12.___
Feb.
Jan. 29____
[VOL. 124.
THE CHRONICLE
1186
9,840,000
2.633.000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
$
550.604,000 550.604,000 558,180.130 —7,576,130
6,459,000 16.299,000 16.448,940 —149.940
138,450
6,979.000 9,612.000 9,473,550
Feb 23
1927.
12,473.000 564,012.000 576,515,000 584,102,620 —7,587,620
13,423,000 600,956,000 614,381.000 591,053,010 23,327.990
12,896.000 581,749.000 594,645,000 591,255,030 3,389,970
12.814,000 565,889,000 578,703.000 594.650,250 -15,947,250
Changes from
Previous Week.
Feb. 16
1927.
Fe)). 9
1927.
$
$
Unchanged
69,650,000
69,650,000
69.650,000
Capital
92.448,000
Unchanged
92,448,000
92,428.000
Surplus and profits__
Loans, disc'ts & invest_ 1,005,972.000 Dec. 4,551.000 1,010.523,000 1,013.723.000
Individual deposits___ _ 668,386,000 Dec. 13,844,000 682,230.000 678.843.000
Due to banks
135.780,000 Dec. 7,124,000 142,904.000 146,071,000
405.000 230,670,000 232.371,000
Time deposits
230,265.000 Dec.
10,750.000
12.354 000
4,000
United States deposits.
10,754.000 Inc.
29,572,000
33.035.000
27,469,000 Dec. 2,103,000
Exchanges for Cl'ig 1I'se
81.720,000
78.640.000
78.788,0001Dec. 2,932,000
Due from other banks_ _
81.174,000
80.746.000
Res've In legal depos'les
79.239,000 Dec. 1,935,000
9,746,000
10,222,000
486.000
9,260,0001Dec.
Cash in bank
835,000
502,000
380.000
Res've excess In F.R.Bk
455,000,Dec.
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Feb. 19, 318,372,810; Feb. 11, 318,241,710; Feb. 5, 318,365,670; Jan. 29, 318,429,690; Jan. 22. 317.725.890; Jan. 15, 317,965.260.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Feb. 19, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
is not a part of legal reserve. For trust companies not
Feb. 19. -NIS Previous iVeek
Loans and Investments
$1,243,559,300 Dec.$9,283,100 members of the Federal Reserve System the reserve required
4,711,300 Inc.
268,100
Gold
24.167,500 Dec.
537.100 is 10% on demand deposits and includes "Reserve with
Currency notes
106.682,800 Inc. 6,916,400
Deposits with Federal Reserve Bank of New York
1,297,760,300 Inc. 14,153,500 legal depositaries" and "Cash in vaults."
Total deposits
Deposits, eliminating amounts due from reserve de
i
III. NW,. M l
posltarles and from other banks and trust companies In N. Y.City, exchange. and U.S. deposits.1,221,515.200 Inc. 10,403,100
176,025,600 Inc. 6,772,100
Reserve on deposits
Percentage of reserves, 21.1%.
RESERVE.
Stale Banks
—Trust Companies
343,995,000 19.32%
Cash In vault.
391,606,600 15.11%
5.94%
4.44%
Deposits In banks and.tru.secos..... 13.535,100
26,928,900
Total
357,490,100 25.26%
3118,335,500
Week Ended Feb. 19 1927.
Two Ciphers (00)
omitted.
19.55%
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:
3
5.542.973,000
5.539.644,900
5,562.041.000
5.511.751.000
5.551,891.300
5.556.678,300
5.716,914.900
5.580,288.800
5.630.977,600
5,630,517.700
5,741.187.400
5,808.416.700
5.789,3118.200
5.801.064.500
5.714.684,400
5,721,854.0(8)
5,642,353.800
$
84,662,600
88.186.300
86.272.300
87,381,300
84,480.000
864,684.000
76.615,500
88.536.500
96,557,700
105.590.700
95.908,300
91,552.900
91.267.300
81.093.000
85.754.700
83,192,800
86,676,800
v.'s
a
a MA,,n4a nnn
In
AM, 7,tnnn
OA ,AA OAA
38RagEE888888a858
$
6,559,420,600
6.553.253.200
6.615,890,200
6.553,162.600
6.570.207,600
6.599,992,200
6.689.295.600
6.667.713.300
6,604.332.100
0.713,433,300
6,837.671.900
6.954.175,000
6.819,657,900
6.755.555.300
6.710.870,100
6.728.890.400
6,670.129,400
41.31,00laiabo'bQw.
Week Ended—
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. II
Dec. 18
Dee. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Reserve in
Depositaries.
:4w"t4g'12=2t .r'=
o
-
Total Cash
in Vaults.
Resources—
Gold with Federal Reserve Agent
Gold redetnp. fund with U. S. Treasury_
Week Ending
Feb. 19 192/.
Members of
Fed'I Res've Bank
Grace Nat Bank...
State Banks.
Not Members of th
Federal Reserve Bank
Bank of Wash Elm.
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr.. Bayonn
$
1,01
$
1,950
$
14,523
Cash
in
Vault.
1,069.996.000 1,046.582.000
35,099,000
32.059.000
886,332.000
40,558,000
1,102.055,000 1.081,681.000
Total reserves
24.715.000
Non-reserve cash
21,368.000
Bills discounted—
80.887,000
Secured by U.S. Govt. obligations.... 62.761.000
20,718.000
26,574.000
Other bills discounted
926,890,000
23,568,000
101.605.000
00,292,000
200,960,000
73,420,000
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury note
Certificates of Indebtedness
89,335,000
53,533,000
Total U.S. Government securities—
Foreign loans on gold
54.118,000
Reserve
Net
with
Net
Legal Deman, Time
Depost- Deposits Deposits.
tortes.
879
429
7,151
650
9.350
366
198
3,966
3,640
34,163
+372
1,312
+40
1,794 a19,009
+39
+598
12,902
+15
33.791
33,413
33.365
67,634
1,272
1,253
1.219
4,893
1,755
1,780
1.766
3,514
658,000
209,953.000
16,276.000
2,347.0011
12.887
12.845
12.752
18.316
218,411
818.565
al8,323
a47.335
a United States deposits deducted. 319.000.
Bills payable, rediscounts, acceptances. and other Ilabliities. 53,507,000.
Excess reserve. $31,060 dscrease1
1,481.823.000 1.589,145,000 1,465,345,000
366,888,000
853,125,000
3,833,000
1,646.000
8,431,000
838.973.000
128.944.000
37.208.000
61,614.000
2.416.000
905.871.000
176.637.000
37,120.000
61.614.000
2.429.000
867,035,000
135,334,000
33,559,000
59,964,000
2,565,000
Total liabilities
3,
,
3,641
3 610
6.04
336,943,000
-780,000
156,025,000
16,666,000
4,473,000
405,474,000
886.942.000
4.8:44.000
2.661.000
11.634,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
5,843
1,900
Gr'd aggr.. Feb..1
Comparison with p ev. week
253,515.000
659.000
141.857.000
16,276.000
2.622.000
Liabilities—
FeWl Reserve notes in actual circulation_ 412,668,000
Deposits—Member bank, reserve acc't.- 825,430,000
Government
1,980.000
Foreign bank (See Note)
9,632.000
Other deposits
3,192
500
159,628,000
41,332,000
1.934,000
3.923,000
43,314,000
10,389.000
41.306.000
15,398,000
— —
60,646,000
61.618,000
1,917,000
196,986,000
Total resources
Average Average. Average Average.
$
$
3
$
67
7,892
3,867
1,167
10,290
1,9
Lon
1.900
3.101
2,683,000
14 489.000
36.946,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
1.028
PI
312,346,000
205,661.000
368,325,000
Total bills and securities (See Note)
400
(led aggr., Feb.11
Feb. 5
Gr'd aggr..
(Jed aggr. Jan. 2
ra..,. .....,.. T.. 99
383,283 000
152.111.0110
511.188.000
Total gold reserves
Reserves other than gold
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Staled in thousands of dollars, that is, three ciphers 10001 omtlled )
Loans,
Olt.
Net
counts,
Profits. Investmerits.
etc,
355.225,0 55,225,0
170,808,0 170.808,0
987.132,0 988,105,0
38,701,0 42.848,0
97.751,0 104.551,0
136,465.0 141.184.0
659,923.0 663.851,0
151,368.0 154 002.0
947,756.0 959.037,0
3.967.0
4,030.0
69,439.0 69.712,0
10.645.0
10,961.0
84,430.0 84,324,0
73,788,0 73.695,0
•___
members.
Feb. 23 1927. Feb. 16 1927. Feb. 24 1926,
$
408,877,000 373,889.000 299,433,000
12.913,000
8.003.000
9,394,000
Gold held exclusively nest. F. R. notes. 416,880.000
Gold settlement fund with F. R. Board._ 151,648.000
Gold and gold certificates held by bank._ 601,408,000
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:
CLEARING
NON-MEMBERS Capital.
Feb. 5
1927.
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. 23 1927 in
comparison with the previous week and the corresponding
date last year:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Demand
Deposits.
Feb 11
1927.
1927
Total.
550.225.0 35,000.0 555,225.0
capital
152,996.0
17.812,0 170,808.0
Surplus and profits
Loans. disc'ts & Investrn'ts 936,213.0 46,282.0 982.495.0
511.0 44.300.0
Exchanges for Clear.House 43.789.0
113,444.0
17.0 113,461,0
Due from banks
1,004.0 140.666,0
139,662.0
Bank dePosIts
645.115,0 26,252.0 671,367.0
Individual deposits
152,385.0
2,302.0 154,687.0
Time deposits
937,162.0 29.558.0 966.720.0
Total deposits
3.729,0
3,729.0
Res've with legal deposits_
69.844,0
Reserve with F. R. Bank.. 69.844.0
.9.611.0
1,432.0
11,043.0
Cash in vault •
5,161.0 84.616,0
79.455.0
Total reserve & cash held._
4.124.0 73.923,0
69.799.0
Reserve reuulred
9,656.0
1,037.0
10.69'3.0
Excess res. At cash In vault_
•Cash In vault not counted as reserve for Federal Reserve
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Feb. 19 was $106,632,800.
Loans and
Investments.
Membersof
Trust
F.R.Sgstem Companies
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1
1,481.823.000 1.589.145.000 1,465,345,000
88.0%
82.5%
75.1%
25,696,000
26,024,000
22,153,000
NOTE—Beginning with the statement of Oct. 7 1925. two new items were added
In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition. the caption. "All other earning assets," pre.
vluunly roads of Federal Intermediate credit bank debentures, was changed to "Other
securities." and the caption "Total earning assets" to -rota) bills and securities."
The latter term was adopted as a more accurate description of the total of the d10
005018,acceptances and securitlea acquired under the provisions of Sections 13 and 14
Of the Federal Reserve Act, which.It was stated, are the only Items Included therein.
FEB. 26 1927.]
THE CHRONICLE
1187
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Fe'). 24,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1149 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEBRUARY 23 1927.
Feb. 23 1927. Feb. 16 1927. Feb. 9 1927, Feb. 2 1927 Jan. 26 1927. Jan. 19 1927. Jan. 12 1927. Jan. 5 19274Feb. 24 1926.
RESOURCES.
8
$
$
$
5
$
5
$
$
1,560,960.000 1,547,671,000 1,552,632.000 1,552,754,000 1,601.114.000 1,575.495.000 1.523.670.000 1,419,755,000 1,406,149,000
Sold with Federal Reserve agents
38,751.000
44,528,000
46,334,000
67.927,000
51,921,000
52,926,000
50.318,000
52,6 3.000
Sold redemption fund with 13.8. Treas.
44,346,000
Gold held exclusively agst. F. R. notes 1,599,711,000 1,592,199,000 1,596,978.000 1.605.680,000 1653,035.000 1,628.128.000 1,573.988.000 1.487,682,000 1,452,483,000
Sold settlement fund with F. R. Board.. 621,859,000 616,854,000 610.964.000 594,679,000 597.931.000 503.513.000 555,673.000 637.805,000 674,072,000
Sold and gold certificates held by banks. 761,528.000 781.010.000 772,410.000 761.504,000 805,824.000 804,294.000 786.382,000 729.956,000 640,048,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,983,098.000 2,990.063.000 2,080.352.000 2,961,863,000 2,966,790.000 2,935.935.000 2,916.043.000 2.855,443,000 2.766,603,000
157,938,000 168.013.000 167,906.000 166,786,000 166.072,000 159,566.000 155.054,000 142,816,000 149.907,000
3,141,036,000 3,158.076,000 3,148,258,000 3,128,649,000 3,132,862.000 3,095.501.000 3,071.097,000 2,998,259,000 2,916,510,000
66,126,000
66,298,000
74,980,000
71,849,000
79,109,000
76.180,000
81,808,000
74.783,000
81,174,000
210,357,000
187,572,000
230.954.000
165.516.000
202.048.000
177.017.000
203,661,000
189.610,000
189,939.000
175.218.000
201.611.000
214,448.000
254,077.000
236.401.000
360.532,000
272,950.000
311,570,000
228,513.000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
397.929,000
280,189,000
396.470.000
314,985,000
379.065.000
302.505,000
393.271,000
329,072,000
365,157.000
301.827,000
416,059.000
337,360,000
490,478.000
338,142.000
633.482.000
388,837,000
540.083,000
304,128,000
56,788,000
93,075,000
155,345,000
57,370,000
94,807.000
159,646,000
53,351,000
93,320,000
157,208,000
51,327,000
93.395.000
158,043.000
.55,463.000
97.774.000
159,505,000
52.992,000
93.606.000
164.453.000
54.108,000
93.659,000
166,106,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
305,208,000
2,000,000
311.823,000
2,000.000
56.148.000
93,408.000
155,122.000
304,678.000
2,500.000
303.879,000
2,500.000
302,765,000
2,500,000
312,742.000
2.500.000
311,051,000
3.500,000
313,873.000
3,621,000
60,213,000
174,954,000
95.418,000
330,585,000
3,150,000
7.100,000
Total bills and securities (see note)
oreign banks (see note)
Due from,
Uncollected items
Bank premises
All other resources
985,326,000 1,025,278.000
659.000
658.000
610,228,000 798.547.000
58,351,000
68,350.000
12.577,000
12,322,000
988.748.000 1M28,722,000
657,000
658.000
581.732.000 636.827.000
58.269.000
58.329.000
12,195.000
12,438.000
972,249,000 1,068,661.000 1,143,171.000 1.339,813,000 1,185,046,000
780,000
657.000
657.000
657,000
657.000
627.766.000 722.746,000 706,362.000 814,912,000 697,429,000
58.168 000
58.231,000
59.368,000
58.258,000
58,131,000
12,302,000
17,008,000
12.108.000
12,053.000
12.189.000
Total resources
LIABILITIES.
F.R. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
2,165,653.000 2,288.588.000 2,221.130.000 2,241.946.000 2,191.753.000 2,243.429.000 2,273,647.000 2,351,953.000 2,202,879,000
36,238,000
36,670,000
6.451.000
27.727.000
22,989.000
28.521.00
28.999,000
32,768,000
23,345.000
4.707,000
5.699.000
5.388.000
5,632.000
5,450,000
25,308,000
5.487.000
4.866,000
4,959.000
21.571,000
32.429.000
17.232,000
25.657.000
16.595,000
19,846 000
19,072.000
18,631.000
17.612,000
Total deposits
Deferred availability items
Capital paid lu
Surplus
All other liabilities
2.214.682.000 2,342,343.000 2,267,046,000 2,298,211,000 2.245,311.000 2.317,795.000 2,323,839,000 2,409,369,000 2,262,231,000
584,874,000 734.963,000 538,629,000 587,680.000 584.540.000 646.976.000 635.148.000 714,682,000 648,557,000
126,509,000 120.099.000 125,825.000 125,748,000 125.523,000 125.480.000 125.0611.000 125.011,000 119,316,000
228,775,000 228,775,000 228.775.000 228,775.000 228,775.000 228.775.0(10 228.775.0(10 228.775,000 220,310,000
10,456.000
11,133,000
10,239,000
10.079.000
10.078.000
12,663,000
9,719.000
10,600,000
10,551,000
4,874,303,000 5,128,211,000 4,864,9413,000 4,937,168,000 4,883,090.000 5,039.023.000 5.073.371,000 5,300,254,0004.942,339,000
1,708,330,000 1,685,431,000 1.694.120,000 1,686,515,000 1.688.485,000 1,709,919,000 1,750,464,000 1.812.698,000 1,679,362,000
Total liabilities
4,874,303,000 5,128.211,000 4.864.946,000 4,937,168,000 4,883,090,000 5.039.023,000 5,073,371,000 5,300,254,000 4,942,439,000
Ratio of gold reserves to deposit and
F. It. note liabilities combined
71.6%
72.9%
75.4%
67.6%
70.1%
76.0%
74.3%
74.2%
75.2%
Ratio of total reserves to deposit and
F. It, note liabilities combined
71.0%
75.4%
76.9%
74.0%
80.1%
79.6%
78.5%
78.4%
79.5%
Contingent liability on bills purchased
60,718,000
for foreign correspondents
86,273,000
90.382,000
82,168,000
94,674.000
92.002,000
77,780,000
92.329.000
91.978.000
Distribution by Maturities$
$
$
$
$
$
$
5
$
1-15 days bills bought In open market. 140,345.000 175.233.000 137.494.000 153.851.000 123,999,000 147.001.000 130.158.000 170.212,000 122,574,000
1-15 days bills discounted
309,200,000 310.434.000 280.204,000 296.490,000 266,642.000 310.773.000 382.115,000 517,727,000 440,813.000
1-15 days U. 8. certif of indebtedness_
5.676,000
1,564.000
74.000
4,360.000
7.860.000
1-15 days municipal warrants
111,000
16-30 days bills bought in open market_
61.531,000
78.201.000
68,623.000
78.150,000
71,170,000
59,878,000
72.313.000
93.787.000
95,699.600
16-30 days bills discounted
26,246,000
30,510,000
28.768.000
21.613.000
26,748.000
25.324,000
23,741,000
25,219.000
26,493.000
16-30 days U. S. certif. of Indebtedness.
1,505,000
16-30 days municipal warrants
51,939.000
31-60 days bills bought in open market_
49,505.000
95.654.000
98.299.000
90,754,000
87,880,000
81.778,000
60.322.000
48,810.000
81-60 days bills discounted
35,922,000
34,118.000
47,635.000
45.490,000
43,411,000
42,022,000
41,069.000
38,881,000
36,305,000
31-00 (lays U. S. certif. of Indebtedness.
31-00 days munielind warrants
10.000
61-90 days bills bought In open market_
23,234,000
18,734.000
36,144,000
27.344.000
21.060.000
17.618.000
15.775.000
29,952,000
16.810 000
61-90 days bills discounted
17.628,000
24,270,000
10.498,000
27.090,000
22,479,000
24,448,000
22,463,000
21,560.000
21.670.000
61-90 days U. S. certlt of Indebtedness_
5,421,0(10
61-90 days municipal warrants
Over 90 days bills bought In open market
3,140.000
2.890.000
6.032.000
6.785.000
6.119900
4,302.000
4.721,000
7,375.000
3,844.000
Over 90 (lays bills discounted
8,933,000
8.679.000
9.835.000
9.814.01)0
10,520.000
9,592,000
9,461,000
9.668 0(10
8,393.000
Over 90 days certif. of truiehtedness_ 155,345,000 155,286.000 149,701,000 157,208,000 158.043.000 157,941.000 158.777,000 158,246,000
93,839,000
days municipal warrants
Over 90
F. R. notes received from Comptroller_ 2.928.346.000 2,940,114.000 2,048,063.000 2,954.551.000 2,967.911.000 2,983,478.000 3.002.781001 3,023,052,000 2,845,899,000
861.698,000 870.268.000 871.288.000 865.848.000 855.743.000 820.473.000 792,378.000 770,918.000 834,530,000
F. R. notes held by F. It. Agent
I
2,066,648,000 2.069.846,000 2.076.775.000 2.088,703.000 2.112.168.000 2,163.005.000 2.210.403,000 2.252,134,000 2,011,369,000
Issued to Federal Reserve Banks_
Hoto Secured362.953.000 357.928.000 357.927.1300 357.927.000 321,246.000 306,280.000 306.281.000 306.096,000
By gold and gold certificates
101,470,000 101,453.000 109,744.000
Gold redemption fund
90,904.0001 102,401.000 105.050,000 106.287.000 111.071.000
Gold fund-Federal Reserve Board. 1,096,537,000 1.088.200.000 1.084.1161.000 1.007.923.000 1,177.467 000 1.163.556.000 1,111.102,0110 1.002.538.000
654.539,0001 689,190.000 666.719.000 694,440.000 651,717,0001 733.266.000 812.610.000 996,817.000
By eligible paper
311,246,000
100,489,000
994,414,000
802,364,000
<
z.zus,sts,tme
-Beginning with the statement of (let. 7 1925, two new Items were added In order to show separately the af,
NOTE.
1.1111. of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earning assets." previously made up of Foreign Intermediate Credit Bank debenturee,
was changed to
"Oilier securities," and the caption." "Total earning assets" to "Total hills and securities." The latter Item was adopted as a more accurate
description of the total of
the discounts, acceptances and securities acquired under the provisions 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 EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS FEB. 23 1927.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland, Richmoruf Atlanta. Chicago. St. Louis. Minneap. Kan. City
Bank of
Federal Reserve
Dallas, San Fran.
Total.
RESOURCES.
$
$
i
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 104,510.0 408.877.0 115,133.0 167.235,0 62.973.0 153,129,0 177,454,0 29,896,0 60.406.0 62.128.0
.
35.029,0 184.190,0 1,560,960.0
3,896.0
8,003,0 5.739.0 3.774.0
Gold red'n fund with 13.8. Tress
1,541,0
1,902,0 4,998,0
1,383,0
1,224.0 2,696.0
38,751,0
1,130,0 2,465,0
Cold held excl. agst. FM.notes 108,406,0 416,8800 120,872.0 171,009.0 64.356.0 155,031,0 182,452,0 31.437,0 61,630.0
1,599,711,0
Gold settle't fund with F.R.Board 34.316,0 151.648.0 59.044.0 67.033,0 22,920,0 32,018,0 132.938.0 18.647,0 12,978.0 64,824.0 36,159.0 186.655.0 621,859,0
38,799,0 24.072.0 27.446,0
32.635,0 501,468,0 27,921,0 52,544.0 12,091,0 4,199.0 55,967,0 17,216.0
Gold and gold certificates
6,513.0 7.6:13,0 8.658.0 34.683,0 761,528,0
Total gold reserves
175,357,0 1,069.996.0 207,837,0 290.586,0 99,367,0 191.248.0 371,357,0 67.300,0
248,784.0 2,983,098,0
Reserves other than gold
32.059,0 4,258,0 10,243,0 10,597,0 10.802,0 25.586.0 19,027,0 81,121,0 111,256.0 68.889.0
19,716,0
4,106.0 5,1190 8,084.0 8,341,0 157,938,0
Total reserves
195,073.0 1,102.055.0 212,095.0 300.829,0 109.964.0 202.050.0 396.943.0 86,327,0 85,227,0
116,375,0 76.973.0 257.125.0 3,141,036,0
Non-reserve cash
21,368,0
7,309.0
1,938,0 3,252,0 5,878,0 4,420,0 8,406,0 4,448,0
66,126,0
1,125.0 1,863.0 2,421,0 3.678,0
Bills discounted:
Sec. by U.S. Govt. obligations 14,547.0
62.761.0 19.139,0 27.965.0 6,745.0
853.0 37.027.0 6,794.0
423.0 4.857,0 1,418,0 27.828.0 210,357,0
Other bills discounted
26.574,0 14,694,0 16,263.0 16,134,0 24.519,0 28.268.0
20,714.0
9.596.0 3,768.0 5.559,0 2.123,0 19,360.0 187,572,0
Total bills discounted
35,261,0
89,335.0 33.833,0 44.228,0 22,879.0 25,372,0 65.295,0 16,390,0
4,191.0 10.416,0 3.541.0 47,188.0 397,929.0
Blils bought In open market_ __ _ 46.038,0
53,533,0 20,360,0 29.951,0 10,610.0 13,474.0 37,886,0
9,857,0 9,771,0 13,601,0 12,140,0 22.968,0 280,189,0
Governtnent securities.
U. S.
Bonds
708,0 2,665,0
2,683.0
964.0
277,0 20,586.0 4.081.0 7,783.0 8.641,0 6,237.0
1.338.0
56,788,0
825.0
Treasury notes
2.741,0
14,489.0 15.723,0 11.845,0
1,649.0
1,567.0 7.359.0 7.957.0 2,449.0 5.368.0 5.071,0 16.859.0
93,075,0
Cert (testes of indebtedness
6,137.0
36,946.0 3,407,0 21,988.0 4.073.0
389.0 18.416,0 9.966,0 6,249.0 13.561.0 12.932.0 21.191.0 155.345,0
Total U. S. Govt. securities __
9,842,0
54,118.0 19.928,0 36.498.0 7.06(1(1 2 232 0 46201 11 99 nos n is 551 A 27 SRA 0 24 240 0 38.875.0 305.208.0
THE CHRONICLE
1188
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
$
$
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. Ban Fran.
$
i
$
$
2,000,0
Other securities
$
$
$
$
$
55,955,0
3,948,0
116,0
Tots.,
8
2,000,0
$
.
196,986,0 76,121,0 110,677.0 40,549,0 41,079,0 149,542,0 48,251,0 30,443,0 51,585,0 39,921,0 109,031,0
659,0
141,857.0 54,647,0 60,838,0 50,234,0 27,419,0 72,071,0 31,160,0 13,566,0 38,389,0 26,929,0 37,183.0
16,276,0 1,711,0 7,118,0 2,149,0 2.866,0 7,900,0 3,957,0 2,774,0 4,459,0 1.752,0 3,443.0
532,0 1,129,0
534,0
752,0 2,196,0
374,0
807,0 2,072.0
411,0 1,032,0
2,622,0
91,141,0
Tots, bills and securities
Due from foreign banks
Uneollected items
Bank premises
Al- other resources
Phila.
[VoL. 124.
985,326,0
659,0
810,2280
58,351,0
12,577,0
353,540,0 1,481,823,0 346,943,0 483,746,0 209,148,0 278,586,0 637,058,0 174,950,0 135.207,0 213,205,0 148,528,0 411,569,0 4,874,303,0
Total resources
LIABILITIES.
P. R. notes In actual circulation_ 128,662.0 412.668,0 122,273,0 202,028,0 73,920,0 162,261,0 214,843,0 44,894,0 63,611,0 68,532,0 42,165,0 172,473,0 1,708.330,0
Deposits:
Member bank-reserve awl_ 138,147,0 825,430,0 136,357.0 179,361,0 67,305,0 69,745,0 297,168,0 81,598,0 49.609,0 91,100,0 61,222,0 168,611,0 2,165,653,0
27.727,0
1,931,0 2,075,0 1,712,0 3,263,0 3,094,0 2,261,0 1,988,0 1,121,0 1,444,0 1,470,0 3,081,0
4,307,0
Government
264,0
132,0
140,0
113,0
162,0
4.707,0
520,0
155,0
196,0
400,0
362,0
1,980,0
283,0
Foreign bank
159.0
72,0 3,895,0
271,0
16,595,0
89,0
820,0
89,0
110,0
249,0 1,151,0
9,632,0
58,0
Other deposits
142,795,0 838,973,0 139,043,0 182.624,0 70,874,0 73,083,0 300.769.0 84,019,0 51,002,0 92,773.0 62,896,0 175.831,0 2,214,682,0
Total deposits
55,172,0 128,944,0 51,150,0 60,336,0 45,226,0 28.147,0 70,147,0 29,992,0 9.086,0 38,176,0 30,517,0 37,981,0 584,874,0
Deferred availability Items
4,305,0 8,746,0 126.509,0
37,208,0 12,883,0 13,854,0 6,179,0 5,030,0 16,947,0 5,290.0 3.018,0 4,161,0
8,888,0
Capital paid in
61,614,0 21,267,0 23.746,0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9.029,0 8,215,0 16,121,0 228,775,0
17,606,0
Surplus
417,0
430,0
11,133.0
534,0
963,0
433,0 2,471,0
816,0
751,0
327,0 1,158,0
2,416,0
417,0
MI other liabilities
353,540,0 1,481,823,0 346,943,0 483,746,0 209,148,0 278,586.0 637,058,0 174,950,0 135,207.0 213,205.0 148,528,0 411,659,0 4,874,303.0
Total liabilities
Memoranda.
73.8
80.1
74.4
73.3
72.1
77.0
85.9
67.0
75.9
78.2
81.2
88.0
71.9
Reserve ratio (per cent)
contingent liability on bills pur92,002,0
4,769,0 3,760,0 12,856,0 3,944,0 2,751,0 3,393,0 3,210,0 6,420,0
25,696.0 8,804,0 9,721,0
chased for foreign corresponets 6,878.0
r. R. notes on hand (notes reed
from F. R. Agent less notes in
26,735.0 111.431.0 39,860.0 19,260,0 16,322,0 27.120,0 47.196,0 3,697,0 4.579,0 11,923,0 6,234,0 43,961,0 358.318,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 23 1927.
New York.
Boston.
Federal Reserve Agent at-
Phila.
$
Total.
Cleveland. Richmond Atlanta. Chicago. Et. Louis. Minneap. Kan. City Dallas. Sas Fran.
$
s
(Two ciphers (00) omitted.)
P.R.notes reed from Comptroller 251,397,0
P.R.notee held by F. R. Agent__ 96,000,0
$
$
$
$
s
s
a
$
s
$
Total collateral
155,397,0
35,300,0
15,210,0
54,000.0
81,299,0
18,308,0 25,000,0 362,953.0
7,750,0 13,507.0
8,780,0 28,805.0 15.423,0
210,080,0
899,0 5,268,0 2,721,0 15,690,0 101,470,0
22,797,0 8,256,0 13,455,0 6,168,0 5,706,0 2,454,0 2,846,0
176,000,0 106,877.0 145,000,0 28,000,0 132,000,0 175,000.0 19,300,0 46,000.0 56,860,0 14.000,0143.500,0 1,096.537.0
132,083,0 47,532.0 72,637,0 31,701,0 38,277,0 102,837,0 25,912.0 13,617,0 23,861,0 15.571,0 69,212,0 654.539,0
185,809,0
P.R.notes Issued to F. R.Bank
Collateral held as security for
P.R.notes lamed to F.It. Bk.
Gold and gold eertificates.„
Gold redemption fund
Gold fund-F.R.Board
Eligible paper
816,179,0 195,633,0 272,228,0 116,596.0 252,826,0 423,139,0 71,211,0 87,592.0 108,465.0 67,146,0 265,934.0 2,928,346,0
292,080,0 33,500,0 50,940,0 26,354,0 63,445,0 161,100,0 22,620,0 19,402,0 28,010,0 18,747,0 49,500,0 861,698,0
524,099,0 162.133,0 221.288,0 90,242,0 189,381,0 262,039,0 48,591,0 68,190,0 80,455,0 48,399,0 216,434,0 2,066,648,0
540.960.0 162,665.0 239,872,0 94,674,0 191.406,0 280,291,0 55.808,0 74,023,0 85,989,0 50,600,0 253,402,0 2,215,499,0
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 677 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1150.
1. Data for all reporting member banks In each Federal Reserve District at close of business FEBRUARY 16 1937.
Boston. New York
Federal Reserve Dirtria.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't oblIgatIons
Secured by stocks and bonds__
All other loans and discounts
Total loans and discounts
Investments:
U. S. Government securitlea
Other bonds, /stocks and securities
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Miltsseap. Nan. City Dallas. San/flan.
677
66
$
5,167
151.944
360,667
$
5
18,679
5,979
110,067 874,221
389,254 1,246.340
$
4,712
186,709
308.403
$
3,372
81,040
157,372
.5
4,429
114,440
302,687
2,359
80,251
249,231
791,954 1,348,898
517,778
505,300 2,139,240
499,824
241,784
421,556
331,841 1,278,933 14,123,775
262.934
362,403
67,853
71,034
72,392
121,994
65,228
51,422
103,295
95,985
$
$
20,556
10,593
411,845 541,101
369,516 787,241
985,797 5,060,870
134,687 947,357
254,559 1,216.897
88,399
280,135
77.719
Total.
24
$
$
7,890
55,270
332,779 2.218,851
645,128 2,786,749
9.468
82
31
67
49
389,246 2,164,254 368,534 625,337
Total Investments
Total loans and Investments_ _ 1,375,043 7,225,124 1,160,488 1,974,235
81,156 127,453
95,102 778.341
Reserve balances with F.R.Bank__
29,041
15,521
69,928
18,818
Cash in vault
912,619 5,505,022 769,853 1,024,402
Net demand deposits
420,157 1,392,230 252.742 827,983
Time deposits
8,314
10.095
14.759
31,111
Government deposits
50,611 140,102
65,928 108.856
Due from banks
145,332 1,172,872 181,447 260,233
Due to banks
Bills Pay. & redis. with F. R. Bk.:
16.144
6,340
68,050
1,180
Secured by U.S.Gov't obligations
4,501
4,163
9,669
8,288
All other
Total borrowings from F.R.Bank
• Not available.
44
97
73
92
37
(Three ciphers (000) we teed.)
10.503
20.645
138,887
656,665
44,160
12,793
388,316
213,944
3.028
54,553
114,475
35
$
$
$
144,660
5,654
323,477 5,426,725
949,802 8,852,390
51,533
23.218
245,378 2,364,705
236,036 3,238,570
74,751
481,414 5,603.275
39,509
59,306
286,140
465,581
98,815
751,721
194,386
116,650
199,280
604.115 2,890,981
44,608 257,266
10,943 42,235
344,463 1,783,768
230,033 1,058,685
6,724
9,442
82,058 235,814
117,870 516,502
694.210
49,890
7.329
411,872
232,415
2,763
61,936
145,657
358,434
23,638
5,592
216,648
122,925
533
46,887
94,945
620,836
56,757
11,775
503,741
147,817
1,447
138,703
231,513
41,833
13,332
4,150
1,218
135
1.465
2,747
1,419
295
660
20,760
4,157
166,015
68,067
55.165
5.368
1.600
4.166
955
24.917
234.082
4,374
7
8,735
10,460
13,109
10,467
406,592 1,760.347 19,727.050
31.679 111,388 1,701,438
254,224
20,481
9,858
287,884 790,470 12,939,058
108,662 894,419 5,902,012
101,790
10,262
3,312
68,440 139,916 1,193,804
114,577 248,543 3,343,966
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
AU Reporting Member Banks.
Feb. 16 1927.
Feb. 9 1927.
679
Number of reporting banks
677
$
Loans and discounts, gross:
$
146,529,000
144,660,000
Secured by U. S. Gov't obligations
Secured by stocks and bonds
5,426,725,000 5,431,186.000
All other loans and discounts
8,552,390,000 8,570,390,000
Reporting Member Banks in N. Y, City.
Reporting Member Banks ix Chicago.
Feb. 17 1926. Feb. 16 1927. Feb. 9 1927. Feb. 17 1926. Feb. 16 1927. Feb. 9 1927. Feb. 17 1928.
45
46
45
54
54
716
61
$
3
$
$
$
$
$
12,292.000
15,913,000
12,200,000
53,390,000
163,973,000
52.476,000
54,610,000
5,446.935,000 1,907,263,000 1,895.178,000 2,103,820.000 859,730,000 661,203,000 620.505,000
8.350,053,000 2,445,576,000 2,472,056,000 2.271,999,000 684.570,000 688,475,000 684,757,000
Total loans and discounts
14,123,775,000 14,148,105,000 13,960.961.000 4,405,315,000 4,421.844,000 4,429,209,000 1,356,500,000 1,361,970,000 1,321,175,000
Investments
Government securities
2,384,705,000 2.351,123,000 2,540,941,000 855,525,000 .54,603,000 938,798,000 153.133,000 152,686.000 172,797,000
U. S.
Other bonds, stocks and securities_ 3,238,570,000 3,218,633,000 2,924,382,000 890.701.000 895,498,000 812,146,000 223,980,000 218,496,000 198,286,000
5,603,275,000 5,569,756,000 5,465,323,000 1,746,226,000 1,750.101,000 1,750,944,000 377,113,000 371,182,000 371,083,000
Total investments
19,727,050,000 19,717,861,000 19,426,284,000 6,151,541,000 6,171,945,000 6,180,153,000 1,733,613,000 1,733,152,000 1,892,258.000
Total loans and investments
166,151,000 160,627.000
1,701,438,000 1,636,551,000 1,684.457,000 715.936,000 686,106,000 722,107,000 179,120,000
Reserve balances with F. R. Banks
21,009,000
20,574,000
19,760,000
64,023,000
56,182,000
60,467,000
277,176,000
254.224,000
271,216,000
Cash in vault
13,017,376,000 4,920,464.000 4,929,816,000 5,034,377,000 1,189,728.000 1,182,111,000 1,149,963,000
12,939,058,000 12,856,929,000
Net demand deposits
528,593,000 530,839,000 518,788,000
5.902,012,000 5,893,331,000 5,421,383,000 934.590,000 927,171,000 799,987,000
Time deposits
12,947,000
4,475,000
4,475.000
49,995,000
28,791,000
28,791,000
201,291,000
101.790,000
101,787.000
Government deposits
99,554,000 148,484,000 130,718,000 161,187,000
89,371,000
99,769,000
1.193,804,000 *1,132,284,000
Due from banks
3,343,966,000 *3,289,468,000
1,108,408,000 1.046.887.000 1,077,668.000 373,752,000 368.687,000 374,270,000
Due to banks
Bills payable and rediscounts with
Federal Reserve Banks:
3,513,000
11,780,000
15,438,000
166,015.000
56,300,000 125,802,000
229,213,000
61,900,000
135,254,000
Secured by 1.7.8. Gov't obligations__
9,758,000
5.796,000
5,691,000
19,304,000
13,932,000
68,067,000
9,000,000
138,511,000
88,136,000
All other
Total borrowings from F. R. bks
234,082,000
223,390,000
367.724,000
70,900,000
70,232,000
145.196,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
----------------------------------------- [815,422,000 807,571,000 1,158.905,000
For own account _ __ _ --- _
1,123,046,000 1,154,874,000 1,354,170,000
-of-town banks
For account of out.
780,166,000 758,133,000 825,649,000
For account of others
Total-----On demand
On time
0 Revised figures.
2,718,634,000 2,720.578.0003.138.724,000
2,609,796,000 2,047,598.000 2,160,138,000
648,838,000 672,980,000 978,586,000
21,234,000
9,204,000
21,538,000
New York City Banks and Trust Companies.
V
-aulters' U5 azeitto
AU prices dollars per share.
Wall Street, Friday Night, Feb. 25 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1177.
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. 25.
Range for Week.
Sales
for
Week.
Railroads—
Alabama & Vicks____10
10
Ann Arbor
Buff & Susw pref v t c100
Caro Clinch & Ohio_ _100
100
Stamped
Chic St P Minn & 0m100
100
Preferred
Duluth So Sh & Ati_ -100
Havana& Elec Ry res..*
Preferred certificates_*
111 Cent Leased Line.100
100
Iowa Central
Minn & St Louis etfs_100
Y Rys ate stamped_ _•
NY States Rye, pref-10
Twin City Rap Tran_10 I
Range Since Jan. 1.
Lowest.
Par. Shares $ per share.
10 120 Feb
10 46 Feb
110 44 Feb
80 8534 Feb
40 100 Feb
40 6034 Feb
30 12434 Feb
200 434 Feb
200 25 Feb
100 9434 Feb
60 7934 Feb
40 334 Feb
300 134 Feb
70 95 Feb
200 4
034 Feb
350 6134 Feb
Highest.
per sham $ per share.$ per share.
21 120 Feb
21 46 Feb
19 45 Feb
23 8534 Feb
21 100 Feb
21 61 Feb
24 125 Feb
23 434 Feb
23 25 Feb
21 9434 Feb
19 7934 Feb
25 334 Feb
21 134 Feb
21 96 Feb
24 43 Feb
25 6434 Feb
21 118
21 46
21 41
23 83%
21 98%
21 55
24 110
23 4
23 25
21 93%
19 79
25
24
19 95
19 34%
21 sly,
Feb 122
Feb 46
Feb 45
Jan 85%
Feb 100
Jan 66
Jan 125
Feb 5%
Feb 26%
Jan 95%
Jan 79%
Jan 634
Feb 2%
Feb 98
Jan 43
Feb 6554
Industrial & Misc.
Albany Pert Wrap Pap..*
100 23 Feb 19 23 Feb 19 23
Feb 23
•
10 53 Feb 24 53 Feb 24 50
Alliance Realty
Jan 53
30010334 Feb 21 10634 Feb 21 1035 Feb 108
Amalg Leather pref..10*
%
Amer Chicle prior pref_• 100 92 Feb 25 92 Feb 25 00
Jan 92
Amer Piano, pref _ _ _ _ 100
400 102 Feb 2310434 Feb 21 10134 Feb 107
Amer Shipbuilding _100
130 84 Feb 21 8434 Feb 23 80
Jan 8434
_
Amer Snuff, pref _ _100
60 98 Feb 19 98 Feb 19 9434 Jan 9934
Am Type Found pref.100
160 10834 Feb 25 109 Feb 19 10734 Feb110
Bayuk Bros let pref.100
11010234 Feb 2310334 Feb 2 101
Jan 10334
Beech Nut Pack pf B.100
10 115 Feb 25 115 Feb 25 11434 Jan 115
Brit Emp St'l 2d pf_100 400 234 Feb 21 3 Feb 24 234 Jan 334
Central Alloy Steel pf 100
10010734 Feb 2110734 Feb 21 10634 Jan 10734
Central Leather ctfa.1II 1,300 9 Feb 19 934 Feb 25 734 Jan 934
Preferred ctfs
100 6,000 60 Feb 21 6234 Feb 25 54
Jan' 6234
City Investing
100
10 112 Feb 25 112 Feb 25 112
Feb 112
Columbia Gas & El rta__ 20,000 234 Feb 21 334 Feb 25 234 Feb 334
Preferred
100
10011234 Feb 2511234 Feb 25 11234 Feb 117
Consolidated Gas rights_ 56,900 334 Feb 19 434 Feb 24 334 Feb1 434
Preferred rights
54,300
% Feb 19
% Feb1
%
34 Feb 21
Continental Can pref 100
60 124 Feb 19 124 Feb 19 120
Jan 12434
Crown W'mette 1st pi.*
10 90 Feb 23 90 Feb 23 90
Jan 91
Cushmans Sons pf 8%.*
60 103 Feb 25 104 Feb 25 103
Feb 10934
Deere & Co pref
10
10010534 Feb 2410534 Feb 2410534 Jan 109
Devoe & Rayn 1st pf.100
60 104 Feb 1910634 Feb 21 101
Jan 10634
Eastman Kodak pfd_100
30 120 Feb 21112134 Feb 2511034 Jan 123
Elk Horn Coal Corp_ _• 100 934 Feb 101 934 Feb 19 9
Jan 10
50
Preferred
70 2134 Feb 191 22 Feb 23 21
Feb 2334
• 100 38 Feb 211 36 Feb 21 36
Emporium Corp
Jan 3634
Fifth Avenue Bus
• 100 14 Feb 251 14 Feb 25 1234 Jan 14
General Baking pref...'
2 122 Feb 2312334 Feb 24 120
Jan 125
Gen Gas & El Cl B..._' 500 41 Feb 19 4234 Feb 24 39
Jan 4234
Gen Motors pref 6%..100
200 105 Feb 21 105 Feb 2110434 Feb 105
Gulf States St'l 1st p1100
3010534 Feb 23 106 Feb 101 9934 Jan 106
Hayes Wheel pref._.i0I
100 103 Feb 19,104 Feb 24 100
Feb 104
Internal Salt
10
Jan! 72
30 6834 Feb 231 70 Feb 23 65
1
Island Creek Coal
10 242 Feb 21 242 Feb 21 215
Feb250
Jones & L Steel pref.100
70111834 Feb 211119% Feb 25 117
Feb 11934
Kayser & Co 1st pref _ _•
1 121 Feb 24 121 Feb 241111134 Jan 12134
4,30
Stock rights
yi Feb 191
;i Feb 23
34 Febl
34
Bond rights
2,100
%
Feb ;i
19
Feb 25
Feb,
Kinney Co pref
100
140 80 Feb 24 8234 Feb 21 80
Feb' 8634
Laclede Gas pref _ _ _ _100
30 116% Feb 21 128 Feb 241 95
Jan 128
Loose-Wiles Bis 1st pf100
100 119 Feb 24 119 Feb 24 118
Jan 119
McCrory Stores Cl A_
310 60 Feb 24 6134 Feb 211 60
Feb 75
Preferred
100
400 100 Feb 23 100 Feb 23 100
Feb 116%
Macy (R H) Co
• 500 138 Feb 25 140 Feb 19 124
Jan 14234
Mathleson Alkali 01.100
10 106 Feb 25 106 Feb 25 103
Jan 106
May Dept Stores pre! _
3012534 Feb 21 125% Feb 2112434 Jan 125%
Montana Power pref.100
10011934 Feb 2111934 Feb 21 11834 Jan 11934
Mullins Body pref _ _100
230 80 Feb 21 8034 Feb 21 80
Jan 8034
National Supply pref.100
10 117 Feb 23 117 Feb 23 11434 Jan 117
National Surety
120 238 Feb 19240 Feb 24 238
100
Feb 247
NiagLock&O Pow p1.100
10111334 Feb 2511334 Feb 25 11234 Jan 11334
Northw Telegraph_ _ _ _50
120 4934 Feb 21 5034 Feb 25 4734 Jan! 5034
_100
600 103 Feb 2410634 Feb 21 103
Oil Well Supply pref.
Jan 10834
% Feb 19
Pacific Gas & Elec rights 13.4001
% Feb 25
Si Jan:
54
20 135 Feb 23 135 Feb 23 135
Pacific Tel & Tel.._ _100
Feb 140
20 111 Feb 19 111 Feb 19 107
100
Preferred
Jan 111
23,7001 26 Feb 19 2734 Feb 25 2334 Feb1 2734
Patino M & E ctfs_ _ _20
Pettibone-Mulliken_100
601 23 Feb 23 23 Feb 23 23
Feb 23
50
Phila Co 5% pref
2001 4134 Feb 25 42 Feb 25 40
Jan! 42
500 3334 Feb 24 35 Feb 24 33% Feb43%
Pittab Term Coal _ _ _100
100 80 Feb 21 80 Feb 21 80
_100
Pitts Term Coal pref.
Feb!1 8534
100 57 Feb 23 57 Feb 23 55
Prophylactic Brush Co_*
Feb1 57
40110534 Feb 2110734 Feb 25 10534 Feb 110
Sherwin-Williams p1.100
Spaulding Bros 1st p1100
50 103 Feb 23 103 Feb 23 103
Jan 10434
251080 Feb 252000 Feb 25 1500 Jan 2090
Texas Pao Land Tr_ _100
Underwood Typew pf 100
50 121 Feb 2512134 Feb 24 120
Jan 123
23 48 Feb 23 48
United Dyewood pf...100
10 48 Feb
Feb1 49
U S Express
200 234 Feb 19 234 Feb 19 234 Feb 234
100
Van Raalte
• 100 12 Feb 25 12 Feb 25 12
Feb1 1434
First preferred_ _ __100
70 6234 Feb 25 6234 Feb 25 60
Feb 6734
Victor Talking Mach..'29,300 3534 Feb 19 3734 Feb 25 3334 Feb 3
834
Preferred
Feb 19 91 Feb 19 90
* 3,100 9034
Jan 9234
Prior preferred_ _100 2,600 9834 Feb 25 9834 Feb 23 97
Feb 9934
Vulcan Detinning_.100
960 2334 Feb 21 27 Feb 23 1634 Jan 27
Preferred
Jan 10634
100
60 105 Feb 21 105 Feb 21 90
Washburn Crosby pref__
10 109 Feb 25 109 Feb 25 10734 Jan 109
Westinghouse El 1st pf 50
100, 8334 Feb 21 8334 Feb 21 8234 Jan 83%
WestPennPow6% 91_100
501101% Feb 2410234 Feb 23 10034 Jan 103
•No par value.
1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Mar. 15 1927... 434% 10013,
June 15 1927_ _ _ 354% 100%
Asked.
Maturity.
Rale.
Bid.
Asked.
100 33 Sept. 15 1927.
,
334% 99313, 10011,
10083, Dec. 15 1927._ 434% 100% 1001,13
New York City Realty and Surety Companies.
An prices dollars per share.
Bid. Ask.
Alliance R'Ity 49
(
53
Amer Surety- 223 228
Bond & M 0_ 320 330
Lawyers Mtge 278 282
Lawyers Title
&Guarantee 293 297
1189
THE CHRONICLE
FEB. 26 1927.]
Mtge Bond__
Nat Surety __
N Y Title &
Mortgage__
1:/ 8 Casualty_
Bid.
147
239
445
325
Ask.
Bid. Ask.
153 Realty Assoc'
243
(Bklyn)eom 245 252
1st pref._.. 90
93
449
2d pref..-- 88
91
335 Westchester
Title do Tr_ 550
Banks—N.Y. Bid.
America*_— _ 300
Amer Union*. 198
415
Bowery East
_
Broadway C
Bronx Borol_ 1375
Bronx Nat.__ 490
Bryant Park* 210
Capitol Nat__ 216
Cent Mercan_ 287
140
Central
438
Chase
Chath Phenix
NatBk &Tr 394
Chelsea Etch* 265
845
_ 930
Colonials_
Commerce_ _ _ 441
Com'nwealth• 295
Continental.• 265
Corn Exch._ 535
Cosmop'tan•_ 300
Filth Avenues 2200
2775
First
160
Franklin
Garfield
365
Globe Etch* 225
Grace
350
198
Hamilton
1175
Hanover
Bid.
Banks.
Harriman____ 635
Manhattan'. 238
650
Mutual*
National City 532
New Neth'da• 317
512
Park
Penn Etch_ _ 145
Port Morris..5350
543
Public
710
Seaboard
163
Seventh
670
Standard
590
398 State.
190
273 Trade*
185
855 United
1000 United States* 320
444 Waah'n Mae_ 700
.
305 Yorktown s_ 135
Brooklyn.
280
540 Coney Island* 290
220
Dewey•
25E6 First '... 385
288
2820 Mechanic
166 Montauk *_ -- 360
317
380 Municipal•
310
250 Nassau
750
People's
203
1200
Ask.
310
205
425
65
1450
510
225
223
291
145
442
Ask. Trust Co.. Bid.
655
New York.
243 Am Ex Iry Tr 325
Bank of N
536
& Trust Co 785
324 Bankers
704
517 Bronx Co Tr_ 335
155 Central Unio 995
365 County
325
371
548 Empire
720 Equitable Tr_ 304
168 Farm L & Tr. 562
685 Fidelity True 300
600 Fulton
450
200 Guaranty Tr_ 474
200 Interstate_ _ _ 205
330 Lawyers
1100 Manufacture 580
142 Murray Hill.. 217
Mutual
(W
310
cheater)
225
260 N Y Trust__ 553
395 Terminal Tr_ 200
292 Times Square 134
375 Title Gu &
685
323 USMtg&Tr. 405
325 United States. 1950
Westchest'r
550
Brooklyn.
Brooklyn_ _ _ _ 825
Kings Count 2150
Midwood
360
•Banks marked (*) are State banks. t New stock.
-rights.
Es
z
Ask.
328
775
711
350
1005
335
376
307
567
312
475
478
210
590
223
ii)
557
210
137
690
412
1975
835
2300
375
o Fa-stock div.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
—Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Feb.19. Feb.21. Feb.22.Feb.23. Feb.24. Feb.25.
High 1011, 1011433
,,
101",, 19111n
First Liberty Loan
1011.32 101",,
354% bonds of 192347_ _ Low_ 101",, 101",,
33
Close 1011, 10114,1
1011, 1011,33
1,
(First 3%s)
22
16
31
Total sales in $1,000 units__
34
Converted 4% bonds ofIMgt;
---____
.
1932-47 (First 4s)_ _ _ Low_
------Close
____
Total sales in 31,000 units__
Converted 434% bondsrigh 10310,3 10311s,
103
- 1c1 1035c,
033 103"33
1031.3, 103113,
of 1932-47 (First 4%s) Low_ 103
Close 1031)3, 103",,
1031,s, 103121,
1
72
Total sales in $1,000 units ___
21
22
Second Converted 434 %Illigh
------bonds of 193247(First Low_
____
---__----Second 434s
Total sales in $1,000 units_
Second Liberty Loan
High10
1
10073,
____
____ HOLT- 100112 lOnt
4% bonds of 1927-42.... Low_
____ DAY 100113, 109 ,,
Close
(Second 4s)
---,
____
____
Total sales in $1,000 units_ _ _
3613
Converted 434% bondsrigh 100173, 100"3,
100))3, 10022,3
Low_ 100213, 100123,
10010,1 100"3,
of 1927-42 (second
Close 100 43 100,,
,
,,
100",, 100"3,
4345)
43
63
Total sales in $1.000 units. _ _
63
48
33
Third Liberty Loan
High 1011, 10111,3
101113, 101"3,
1011
% 10111n
434% bonds of 1928._ _ _ Low_ 101123, 1011132
(Third 434s)
Close 1011,3, 101",,
101":, 101"3,
23
18
Total sales in $1,000 units__
84
104
{High 103",, 103"3,
Fourth Liberty Loan
103",, 103"
103 ,, 103
,,
,,
4U % bonds of 1933-38— Low_ 103 ,, 103",,
,4,3
Close 103213, 103) 3,
(Fourth 4%s)
103103, 103),,
)
,
58
66
122
Total sales in $1.000 units_..
119
Treasury
111 3, 111111,
--__ 11123,
{High
,
____ 111
Low_
434s, 194752
111 3, 1111,3
,
,
11143, 1111,3
__ - _ Ill
Close
Total sales in $1,000 units_ __
19
88
178
____ 106"3,
(High
106"33 107,3,
Low_
4s, 1944-1954
106",, 106",
--- - 106",,
106"3, 107633
-___ 106"12
Close
26
Total sales in $1,000 units __ _
320
---76
____ 104
(High
104in 104",
314s, 1946-1956
104
_—_ 1033133
Low_
104.3,
133
104'31 1041s3
Close
---- 103)
Total sales In 81 000 UtlilA
31
42S
69
----
101"n
10I"n
101",s
123
---103
. 1i;
103"w
103",§
137
-_ _--------100usi
100"n
100"n
163
101"n
101":,
101n.,
75
103"3,
103"s
103"si
281
1111,
3i
111'n
1111,31
5
107',,
1073n
107.3,
19
104":
,
10410v
104%
1.5.c
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 1st 315s
1 1st 4s
21 2d 4145
10111,3 to 1011 5 3d 434s
100163, to 1001,3, 6 4th 4348
1001113, to 1001)3,
101 8, to 10193,
,
1031)3, to 10314e
Foreign Exchange.—Sterling exchange ruled steady and
a shade firmer on a better demand and lighter offerings.
Quotations, however, were only a fraction over those of last
week. The Continental exchanges were inactive, but generally steady. Lire, pesetas and krone all scored good
gains. Speculative activity was still in evidence in these
last two.
To-day's (Friday's) actual rates for sterling exchange were 4 845V4)
484 11-16 for checks and 48534(§4 85 3-16 for cables. Commercial on
banks sight 4 S434@4 84 9-16, sixty days 4 8034(q)4 80 9-16. ninety days
4 7S34@4 78 7-16 and documents for payment(60 days) 4 S09-4@4 801316.
Cotton for payment 48434 @484 9-16 and grain for payment 4 8436(g)
4 84 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.895.4
for short. German bankers' marks are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 40.02 for short.
Exchange at Paris on London, 123.99 francs; week's range, 123.82 francs
high and 123.99 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Checks.
Cables.
High for the week
484 11-16
4 85 3-16
Low for the week
4 84 17-32
4 85 1-32
Paris Bankers' Francs—
High for the week
3.9034
3.9134
Low for the week
3.9034
3.9034
Germany Bankers' Marks—
High for the week
23.70
23.71
Low for the week
23.69
23.70
Amsterdam Bankers' Guilders
-High for the week
40.03 M
40.0434
40.0134
Low for the week
40.0134
Domestic Exchange.—Chicago, par. St. Louis, 15(425c. per $1.000
discount. Boston, par. San Francisco, par. Montreal, $1.5625 per
$1,000 premium. Cincinnati. par.
1190
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually inactive. see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb.19.
Monday,
Feb. 21.
Tuesday,
Feb 22.
Wednesday, Thursday,
Feb. 23.
Feb. 24.
Friday
Feb.25.
$ per share $ per share $ per shdre 8 per share $ per share $ per share
Sales
for
the
Week.
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARK
Range Sines Jan. 1 1927
On basis of 100-share lots
Lowest
$ Per share
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share 8 Per share $ per share
Railroads.
Par
1697 169 17012 169 1693 45,300 Atch Topeka & Banta Fe__ 1001613 Jan 6 17214 Feb 18 122 Mar 172 Dec
8
4
4
1003 1007 1014 10024 10014
4
100 993 Jan 5 1014 Feb 24 9418 Mar 102 Dec
8
900 Preferred
8
Atlanta 13Pro & Atlantle_100
12May
10
Jan
1__
__
5 Jan 3
8
14 Feb 3
194818514 lii-19112 192f4 94
19i4
100 1823 Feb 8 205 Jan 3 18112 Mar 26212 Jan
199 4
7
19214 19412 7,200 Atlantic Coast Line RR
4
1134 1144 1133 11378 1123 11312 33.100 Baltimore & Ohio
11418 11412 110 11438
100 10812 Jan 4 1153 Feb 18 8312 Mar 1093 Sept
4
4
76
76
*76
7612 *713
100 7314 Jan 3 77 Feb 18 6712 Jan
73% Aug
*76
7612 7612 763
4
7612 1,300 Preferred
57
5714 585 5714 5818 587
4 543 554
8
55% 573
4
8 3,800 B. ngor & Arooatook
50 44 Jan 6 6014 Feb 8 33 Mar 46 Feb
4
10818 10618 *108 1063* 1083 106%
4
30 Preferred
*106 1063 1063 1063
100 101 12 Jan 10 109 Fo3 8 978 Feb 103 Dec
4
4
.
6814 6714 68
88
68
6838 6818 883
4 8814 703 15,100 BkIn-Manh Tree v t o_No par 65'2 Feb 7 707 Jan 20 5418 Mar 777 Dee
4
8
*8712 8812
88
88
873 873
400 Preferred v to
*8722 89
8
8 875 87%
8
No par 863 Jan 27 88 Jan 4 78 Mar 893 Dee
4
4
12
123
107 1114 11% 1212
8
8 113 12
4
1114 2,900 Brunswick Term & Ry See.100
812 Mar
1838 Nov
11
1518 Jan 7
912 Jan 25
*82
.83
125 Buffalo Rochester & Pitts.100 8014 Jan 8 8612 Feb 21 623 Mar 873 July
4
86
86 12 8612
86
*83
86
4
*83
86
*59
60
*59
Canada Southern
Jan 61 June
•59
60
60
•59
100 59 Jan 18 5912 Jan 8
60 .59
58
60
18612 189
18412 18712 18512 1903
100 165 Jan 6 190 4 Feb 21 14612 Jan 17014 Dee
187 188% 187 1878 21,600 Canadian Pacific
3
4
Central RR of New Jersey_100 285 Jan 4 304 2 Feb
*300 303 *295 300
*295 303 *295 303 *295 303
240 Mar 305 Jan
155 161
158% 1593 159 1597 157 1553 18,700 Chesapeake & Ohio
*
100 1513 Jan 25 1623 Jan
112 Mar 1783 Sept
8
160 182
4
4
4
43 Jan 8 10 3 Feb
100
7 4 818
3
74 8
44 Sept 1138 Feb
7 8 5.100 Chicago & Alton
3
712 712
712 713
73
8
11
1118 11
618 may
1814 Feb
1112 1218
1178 1178
100
712 Jan 5 13% Feb
11
4
4 3,000 Preferred
103 103
290 30014 *280 325 *280 310
150 C C C & St Louis
*270 305 *278 305
100 275 Jan 3 302 Feb 1
17314 Mar 275 Aug
*35
37
30 Dec 37 Feb
*35
37
35
35
344 35
3512 1,000 Chic a East 1111nole RR
100 3012 Jan 10 37's Feb
*35
48 48
4
49
49
4714 49
49
100 43 Jan 6 51 14 Feb
49
49
495
8 2,900 Preferred
3613 Mar 513 Feb
1633 173
17
181* 1412 183
4
4 157 1714 158 1713 20,300 Chicago Great Western
8
100
812 Jan 6 22 2 Feb
7 4 Mar 1218 Sept
3
8
31
28
29
100 2314 Ja 1 7 33% Feb
2912 307
8 25
2818 293
287 25.500 Preferred
8
1614 Mar 315 Sept
29
15
1512 16
1418 16
15 4 15
3
16
15
1512 20,800 Chicago 13111w & St Paul
100
9 Jan 4 173 Feb
814 Dec 1412 Jan
147 1518 135 154
8
8 1412 148 15,200
Certificates
100
9 Jan 4 18 Feb 1
1438 1518 14% 147
73 Dec 14 Jan
4
10,000 Preferred
2212 235
2314 2312 2212 2312
8 2258 233
1418 Mar 24 Aug
8 2214 23
100 1838 Jan 3 25 Feb
2212 23
2232 2234 22
k
8
2212 5,200 Preferred certificates___ _100 187 Jan 3 233 Feb 1
4
14 Apr 235 Aug
23
23
22
2314
8413 86
4
837 853* 8314 84% 50,300 Chicago & North Weetern-100 783 Jan 27 875* Feb 1
8
8
8514 Mar 833 Sept
85
8614 8138 86%
128 134
*128 132 *128 13212'128 13214
Preferred
*130 134
100 12414 Jan 3 134 2 Feb . 11812 Jan 12613 Apr
7838 7912 7814 793
4012 Mar 7114 Deo
78
7812 7614 794
4 78% 7912 44,800 Chicago Rock Isl & Pacifie 100 6812 Jan 4 7934 Feb 2
1,100 7 7 preferred
106 106
,
4
100 1023 Jan 4 10312 Feb
96 Mar 108 Dec
•10513 106
106 10612
106 108
10512 105%
9724 973 *974 08
8
4 1,000 6% preferred
100 954 Jan 28 98 Feb 21
8314 Mar 98 Nov
*9712 98
974 98
973* 973
900 Colorado & Southern
100 84 Jan 3 93 Jan 15
9114
914 92
92 92
91
9118 92
*91
92
52 Mar 9614 Oct
First preferred
100 70 Jan 4 747 Feb 15
Oct
*72
75
*73
75
*72
75
*72
75
62 Mar 74
*73
75
Second preferred
100 68 Jan 14 714 Jan 15
72
72
59
Jan 72 Sept
72
*68
*69
72
*69
72
*69
*69
10,800 Consul RR of Cuba pref_100 6912 Jan 15 74 R Feb 25
8
72
72
733
72
7312 7418
683 Nov 7212 Dee
4
71
733* 7314 74
100 171 18 Jan 18 1855* Feb 18 1504 Mar 18312 Sept
1813 1823 181 18212 21783 17914 8.400 Delaware & Hudson
4
183 18414 17812 18324
8
4
8
149 151
14812 15138 149 14922 13,500 Delaware Lack & Western. 50 14014 Jan 27 1547 Feb 18 129 Mar 15312 Jan
149 15214 147 152
6.000 Deny & Ale Or West pref._100 41 18 Jan 5 584 Feb 17
56
3712 May 47
Jan
5514 5618 5512 56
55
56
5712 5518 5714
100 394 Jan 3 47 2 Feb 19
2212 Mar 42 Dec
4612 4714 4858 4712 4614 483 99.900 Erie
4
46
4712 44
4712
100 523 Jan 4 59 2 Feb 19
8
333 Mar 5514 Dec
59
577 5812 5758 5838 57
578 26.500 First preferred
585* 5912 55
7 *53
100 49 Jan 4 5414 Feb 19
30 Mar 5014 Dee
54
5312 5414 53
534 5212 524 4,100 Second preferred
53 8 53
7
8
6812 Mar 8418 Dee
8
89% 9038 8918 90 8 89 89 1 37.500 Great Northern preferred...100 795 Jan 4 91 e Feb 19
895 9118 8712 905
8
3
1914 Jan 13 2314 Feb 4
18 Dec 2714 Feb
21
2118 2118 213
2118 2112 2118 213
8 213 2218 4.500 Iron Ore Properties_ _No par
2518 Apr 4114 Sept
11,200 Gulf Mobile & Northern-100 3518 Jan 6 54 2 Feb 7
49
513
49
50
49
4912 5023 49
495* 47
100 105 Jan 14 1083 Feb 21
4
95 Mar 10912 Sept
400 Preferred
*10712 10814 10814 10834
Stock
*108 10812 *108 10812'108 10812
345 Jan 4112 Dec
8
515* 523
8 5112 5314
523 538 55
8
8
568 543 555* 29,400 Hudson & Manhattan-A0° 4012 Jan 3 5638 Feb 24
873 Mar 80 Dee
100 Preferred
100 78 Jan 6 82 Feb 21
83
82
82
Exchange *79
*80
85
83
84
*79
*80
8
100 121 18 Jan 10 1295 Feb 18 11312 Mar 131 Sept
12712 1293 127 128
8
127 127
1267 1267 12614 12724 5,100 Illinois Central
100 120% Jan 12 1283 Feb 18 11512 Mar 12912 Sept
Closed- *125 130 *125 128 *125 128
*128 129 *126 129
Preferred
7114 Jan 77 June
160 Railroad Sec Series A_-1000 74 Jan 4 77 Feb 17
*7612 7714 *7818 7714
7614 7614 77
77
783 76%
4
24 Dec 31 Feb
lot Rys of Cent AmerIca_100 24 Jan 18 25 Jan 15
*25
2612 *25
2612 Washiag- *25
26
*25
2612 *25
2612
62 Mar 66 June
63 .637 6613 *64
2
63
100 63 Jan 4 65'2 Feb 9
110 Preferred
6512 65
65
*85
6512
1
2412 Jan 533 Dec
4
•4524 46
46 14 4614
8 20,300 Interboro Rapid Tran v t 0.100 431 Feb 8 51 5 Feb 25
ton's
47
4712 47
4718 474 517
7
3414 Mar 51% Sept
100 41 14 Jan 4 53 Feb 18
79,100 Kansas City Southern
51
5112 43
49
513
4 504 5214 5014 52
525*
100 64% Jan 7 68 Feb 17
605* Mar 58% Sept
200 Preferred
*67
68
*67
68
Birthiey
67 67
*863 8712 *8612 674
4
7512 Mar 108 Dec
4
50 993 Jan 6 126 Feb 18
12328 124% 119 12312
1 205* 122
11713 1217 118 1181 15.700 Lehigh Valley
,
4
100 1283* Jan 14 139 Feb 18 118 Mar 144 Sept
138 139
1364 13838 Holiday *13 24 137
4
6
136 1363 13612 13612 2,930 Louisville & NaabvIlle
84 Mar 925 Apr
90 Feb 11
200 Manhattan Elevated guar_100 85 Jan 2
89
*88
89
•88
90
90
*88
90
•88
90
3818 Jan 617 May
100 48 Jan 6 54 Feb 25
504 5114 514 517
Modified guaranty
7,800
503 51
503 51
5112 54
418 July
5 Feb 21
10 Feb
4,2 Feb 2
100 Market Street Rallway---100
6
5
5
*5
*44 5
*5
512 *5
512
1912 Oct 40 Feb
100 18 Feb 10 20 Feb 4
Preferred
*18
26
*18
26
26
•18
*18
20
*18
26
3918 June 513 Feb
100 415 Feb 7 444 Jan 2
8
8
300 Prior preferred
*42
43
4212 4212 4212 4212
*4212 423 *4213 423
4
113 Oct 2212 Feb
4
100 1212 fan 21 1212 Jan 24
Second preferred
•12
14
*12
14
*12
14
*12
14
*12
14
I% Jan 13
1 18 Dec
3 8 Jan
7
100
4a Feb 3
2,800 Minneapolis & St Loula
34 318
273 38 *23
4 27
34 34
34 314
257 Dec 5212 Feb
*38
37
365 3812
8
3714 2,400 Minn St Paul & 55 Marie_100 27 Jan 6 40 Feb 4
3
74 374 535
37
37
50 Dec 79 Feb
100 51 Jan 12 5834 Feb 8
Preferred
60
*55
60
60
*55
*54
59
*55
*56
80
60
Oct 867 Feb
100 59 Jan 6 63 Jan 1.3
8
90 Leased lines
61
61
*81
617 *612 61%
6128 6118 *61
6214
2913 Oct 4718 Feb
4018 413
8 403, 415s 397 4114 32,500 Mo-Kan-Tetas RR-__No par 31 12 Jan 6 44 Feb 18
413 425* 38
423
82 Mar 963 Dec
8
100 953 Jan 4 9914 Feb 18
4
4,300 Preferred
98% 99
9918 9918 9814 99
99
9918 9918 9914
27 Mar 45 Sept
100 37% Jan 4 554 Feb 17
5214 5312 524 537
5112 528 120.930 Missouri Pacific
5112 523
4 4912 54
8
7122 Mar 95 Sent
100 904 Jan 4 1047 Feb 18
1003 1013 101 10238 101 1015 27,400 Preferred
4
4
8
10118 10214 9818 10212
5 2 Feb 3
43 Apr
4
412 Jan 12
83 Jan
4
Nat Rya of Mex lit pref_100
*4
512
*4
512 *4
*4
512 *4
52
512
23* Feb 2
13 Oct
4
412 Jan
100
13 Jan 7
4
2
218 *2
500 Second preferred
2
214
2
214
*2
24
2
250 New Orl Texas & Mexico_100 121 Jan 8 138 Feb 9 120 Mar 13212 Jan
*134 135
134 134 *130 135
13412 135
1331, 176' ,
100 13714 Jan 27 1473 Feb 18 117 Mar 14712 Sept
3
4
3
145 14813 1403 14-1
4
1435* 1447 14338 14438 1433 1443 69,400 New York Central
192 194
5,000 N Y Chic de St Louts Co-...100 186 Jan 8 197% Feb 21 130 Mar 20412 Sept
1933 194
19512 19734 190 197%
4
19212 193
93 Mar 106 July
100 103 Jan 3 105 Jan27
1035 1037 104 104
8
8
600 Preferred
10312 10312
*103 1033 10312 10312
30% Mar 48% July
100 4138 Jan 4 5838 Feb 16
2 5478 177,900 N Y N H & Hartford
535 547
8 533 553
8
5514 563
3 51
4
5512
Feb
19% Mar 287 Feb
100 2314 Jan 15 34I Feb 18
30
3114 3012 3112 291 3038 24,200 N Y Ontario & Weetern
3112 325* 28$3 317
8
8 Jan 2014 Feb
153 Jan 14
500 N Y Railways prat etle-No par
1212 Jan 21
*13
14
8
14
1418
*123 14
4
*123 15
4
13 Dec 2812 Jan
New York State Rallways_100 1613 Jan 26 22 Feb 3
•18
•18
22
21141 *18
22
*18
213 *18
4
2114
8
271 Apr 443 Sept
3
th
100 3718 Jan 14 474 Feb 7
444 44% 4412 448 4418 44% 3,200 Norfolk Southern
45
45
4218 44
8
100 158 Jan 4 17338 Feb 18 13914 Mar 1707 Oct
16,500 Norfolk & Western
16812 1695 189 17128 16912 170
8
8
17014 1717 166 1703
4
8312 Nov 853 Aug
8
IPreferred
100 84 Feb 3 86 Jan 3
86
*84
86
*8414 86
*84
*84
85
*84
85
653 Mar 8213 Aug
4
45,105,Northern Pada°
Jan 3 91 12 Feb 18
100 78
893 9022 89
8
904 8812 89%
89
9114 87
9118
Oct 48 Jan
15
'Pacific Coast
100 154 Feb 3 2714 Feb 15
25
•20
25
*20
25
*20
*21
26
*20
25
485 Mar 5718 Oat
8
50 563 Jan 3 61 12 Feb 18
4
4
595 80
8
6014 607
8 573 605*
8
5938 8018 594 593 52,500 Pennsylvania
157 Oct 268 Jan
8
Feb 14
100 20 Jan 25 334
*2812 30
3012 1,700 Peoria & Eastern
*29
30
2712 29
28
3012 3o
67 Mar 122 Dee
100 1)412 Jan 6 126 Feb 2
121 12112 121 122
12214 12214 3,300 Pere Marquette
123 123
118 1227
8
79 Mar 98 July
3001 Prior preferred
94
100 93 Jan 22 954 Jan 11
94
*93
948 593
*93
943
4 93 93
943
4
708 Mar 917g July
200 Preferred
•90
*90
91
9112 90
*90
9112 90
90
100 89% Jan 4 92 Feb 3
90
85 Mar 13514 Dee •
2,500 Pittsburgh & West Va
13718 13718 13558 13614
*13612 13812 138 141
1374 138
100 12212 Jan 18 148 Feb 8
79 Mar 10114 Dec
56,540 Reading
11014 111% 99 11122
10714 10912 107 10912 10712 108
50 94 Jan 4 113 Feb 9
393 Dec 42 Apr
4
*42
4212 4112 42
400 First preferred
*4012 42
__
42
42
50 4013 Jan 13 42,2 Feb 18
-___
40 Mar 453 Dec
3
1,000 Second preferred
49
50
48
484
*48
49
40 43 Jan 12 50 Feb 16
49 19
4918 4912
42 AM* 6114 Aug
35
55
400 Rutland RR pref
*55
58
100 43 Jan 7 5914 Feb 8
56
5712 *55
*55
58
57
85 Mar 10312 Dee
4
4
8
106 1067 105 10822
1075 1083 10712 10812 1073 10818 42,800 St LoulaSan Franolfeco---100 1003 Jan 6 1083 Feb 23
8
4
4
8312 Apr 974 Dec
97
5001 Preferred A
100 91 Jan 22 9812 Jan 15
973* 973* 97
9622 9712
9612 9612 *96
97
5712 Mar 74 Feb
8
8
69
7012 6522 713
100 61 Jan 8 723 Feb 17
883 69
4
69
7014 6012 737
8 9,200 St Louis Southwestern
72 Mar 8014 July
4
824
8
3001 Preferred
100 767 Jan 8 823 Feb 17
8212 8212 *81
8212 8212 8212 8212 .82
8212
274 Mar 51 Dec
3712 4012
18,200 Seaboard Air Line
100 3112 Jan 28 414 Feb 1.7
383 395
4
39
40
3813 393* 3812 39
3 Feb 4
3112 Mar 483 Feb
8
g
,
407 417
100 394 Jan 27 43
418 42
41
4218 *414 4214 41
41 18 3,000 Preferred
9613 Mar 11214 Dee
109 110%
10514 Jan 28 112 Feb 18
4
10958 11018 1094 1107 1084 1085 30.000 Southern Pacific CO
11012 1113
100
8
8
1285
8
119 Jan28 127 Jan 3 10338 Mar 13114 Sept
100
8
1244 126
12438 12513 124% 1253 28,600ISouthern Railway
125% 1283 12312
8
8712 Apr 9513 Aug
9512
9412 95
100 944 Jan25 9538 Feb21
9518 05
1,6001 Preferred
*94
95
95
95
95
4218 Mar 6158 Jan
3
6238 65
6512
100 537 Jan 7 52 4 Feb 18
3
63
643 65 4 60
8
633
4 6214 6338 17,700 Texas & Pacific
1312 Jan 43 Apr
39
3913 3814 3814 3814 403
100 3712 Jan 21 41 Feb 8
39
4 2,500 Third Avenue
*3812 3912 39
8
16712 16912 18712 1683 187 168
16912 17118 165 17024
100 159,2 Jan 27 172 Feb 1.8 14112 Mar 1683 Oct
18,300 Union Pacific
4
743 Jan 814 Aug
4
80 Feb 21 824 Feb 11
81
100
80
8012 8013 81
82
81
807 80% 1,100 Preferred
•81
337 Mar 52
8
8
Jan
100 4012 Jan 4 713 Feb 18
68
4 7018 685 7114 693 704 338,000 Wabash
8
6814 7012 6412 7118
68 Mar 783* Jan
8812 90
8
897
100 76 Jan 3 91 12 Feb 24
90
9122 9014 91
8912 87
39.200 Preferred A
89
57 Mar 72 Jan
•80
80
82
100 65 Jan 15 85 Feb24
82
84
•82
600 Preferred B
89
8012 8012 80
3 Feb 7
11 Mar 165 Jan
267 28% 27
4
100 j33 Jan 6 44
293
8 248 2914
4 29% 31
59.900 Western Maryland
2812 295
4
163 Mar 243 Sept
8
8
34
35% 34
35
3512 32
35
3618 3512 3612 8,900 Second preferred
100 23 Jan 7 423 Feb 7
2712 Dec 394 Jan
3314 .34
3412 347
8 333 34
4
100 27% Jan 12 392 Feb 9
3.900 Western Pacific) new
3618 3212 3512
35
8
72 Dec 863 Sept
*7412 75
4
743 747
100 73 Jan 3 763 Feb 7
743 743
7412 744 1,000 Preferred new
7518
75
18 Mar 32 Jan
•62
75
*833 80
4
85
*85
•66
200 Wheeling & Lake Erie Ry 100 2712 Jan 3 130 Feb 8
75
75
75
37 Mar 504 Jag
*8312 85
100 4712 Jan 7 93 Feb 8
*8312 89
89
57312 85
*83
Preferred
88
•84
8
17018 1723 165 170%
10012 10012
100 100
8723 874
6512 6512
8
'111 n17
156 165
133 13512
13
13
189
100
8812 883
4
8812 90
67*65 6712
12
*6512
*1 1 112 11178
11112 11112
160 16412
161 167
13512 137
134 134
*1314 14
14
.13
•Bid and asked Priced.
8712 8712 8712 88%
6712 6512 68
. 66
1,
111381115* 11112 11112
183 1683 170 172
4
136 138
13634 139
13
1314 125 13
4
FA-dividend. a Ex-rights.
Industrial & Miscellaneous
2,300 Abitibi Power & Paper_No par 83 Jan 27 90 Feb 21
800 Abraham & Straus____No par 63 Jan 18 70 Jan 21
100 11n12 Feb 1 11212 Feb 8
150 Preferred
3
100 139 4 Feb 16 172 Feb 25
5.000 All America Cables
100 124 Jan 5 139 Feb 25
2,900 Adams Express
100
912 Jan 3 15 4 Feb 9
3
1.000 advance RumelY
708 May 98 Sept
4
43 May 72 Dec
10418 Mar 112 Deo
131
Jan 155 July
99% Mar 136 Sept
8 Dec 22 Sept
New York Stock Record-Continued-Page 2
1191
For sales during the week of stocks usually Inactive, see second page preceding
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday,
Feb. 19.
Monday,
Feb. 21.
Tuesday,
Feb. 22.
$ per share $ per share $ per share
3612 37
373 38
4
412 410
412 412
4
140 140 - 1403 1431 2
8
107 11 14 107 1134
8
214
2
218 214
8
4
8
13914 1417 1363 1407
4
.121 122 *121 1213
9214 9514 93
9514
3
*10934 111 *109 4 111
197 2014
8
20
2014
35
355
8 3458 3
5
1312 133
4
115 1333
8
8
46 18 42 18 457
46
8
*4612 4712 467 467
8
.
57/2 3814 *5712 Sic
24
25513
*23
24
*571 2 5814
*554 56
153 1558 *1512 16
8
143 143
*13912 140
•117 122 .117 122
36
36/2 3618 3612
9618 9618 *9618 96'1
491 /
4
473 4834 48
1283 1283
4
4
•1281z 129
103 10312
1033 104
8
*128 130 *128 130
293s 2014 2912
29
3
4314 4314 43 8 4414
.
4
*413 4212 4112 42
10
10
10
10
4
132 1323
132 132
20
19
1938 2118
4
873 88
88
*87
49
932 *9
10
53
*50
53
*50
8
s
32314 3218 323 323
*12212 125 *121 12 123
*858 86
*8518 86
385 383
383 39
4
8
4
818 812
814 83
4
237 2414
8
*2413 25
4
587 5958 573 61
8
8
11018 1105 109 11012
•119 1201 2 *119 1 193
4
83
85
85
86
1341 2 13412 *13112
42
42
42
42
*11012 112 *10912 111
55 4 561 2 561 8 567
3
8
11314 1131 2 1123 114
4
*91
937 *91
8
937
8
*49
52
*40
52
Stock
5012 5012 50
5014
51 2 51
: 5
5
8
14634 14812 14314 1473 Exchange
•120 122 .120 122
12912 12912 *120 129
Closed4518 45 4 4514 46,
3
8
115 115 .114 115
Washing8312 8312 8314 86
.109 10912 10912 110
ton's
4658 473
8 4614 4714
*28
2812 281 2 281 Birthday
,
15914 160
15878 16038
12238 12212 "122 123
Holiday
111 111
111 111
*12012 12134 12012 1203
4
•143 145
143 144
65
6718 6614 673
4
•105 10(1 .104 106
2218 227
8 2318 253
8
701z 71 12 7118 80
•1
118
1
1
10
10
93 10
4
51
51 14 495 4934
8
4614 4612 4612 463
4
*41
4112 41
41
•10634 108 *1063 108
4
*955 96
8
96
96
1414 1412 1418 1412
*74
8
73
4 734
8
:
8538 857 *851 87
8
*227 23
8
224 227
224 2214 *2214 23
*48
50 .4914 50
*113 115 .113 115
4212 4212 414 427
8
*10012 1013 *10012 102
4
•105 109 *105 107
52
5014 5014 *49
*3612 37
3612 37
*3612 3714 *36
38
4
4
11112 1113 11012 1113
*116 11612 116 116
62
617 *60
8
*60
*9812 99
*9812 99
*814 812
814 84
4 814
.74 812 *73
54
5218 52,2
*52
311
3
8
3
3
3*
192 19712
18414 192
*116 120 *118 120
33
335
8 323 3318
4
303 303
4
4 3012 3012
5312
*5214 5312 *52
58
5812 59
5914
233 251
8
: 25
2512
4614 465
8 4638 4714
•10712 10734 10712 108
3912 *3712 3812
*38
*10912 11012 1097 11012
8
5334 533
4 5418 5418
*638 7
*634 7
*40
46
*41
46
*26
28
*2514 29
8
3312 341* 3418 355
•1
11
*I
2
150 1501 *150 151
*9112 92
0112 921
3112 3112 3012 301
-351 - 2
-2 3318
1153 117
2414 2414
*967 100
8
125 125
*3514 355
8
*9312 95
10812 10812
;33T2
11812
25
*97
122
3512
0314
10812
3378
1203
8
2618
100
123
36
943
4
1085
8
60
60
59
59
103 105
8
8
.105 103
8
4
,
4 70i2 71
*7012 71
61
597
8 58
58
--•- --- ----- --•-
.
Wednesday, Thursday,
Feb. 23.
Feb. 24.
Friday,
Feb. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par
351 2 36
3512 3512 3514 3512 1,400 Advance Rumely pref
100
458 45
8
458 434
1
45
8 43
8 3,700 Ahumada Lead
142 143
143 14438 1431 151
:
9,400 Air Reduction, Ino____No par
11
113
4 11
115
8 107 1112 18,900 Ajax Rubber, Inc
8
No par
2'g
21
.2
214
2
2
1,400 Alaska Juneau Gold Min__ 10
138 1403 1395 141 18 1391 2 1403 61.200 Allied Chemical & Dye_No par
4
8
4
•121 12112 *121 12112 1213 12138
8
300 Preferred
100
923 943
4
4 9212 9412 93
9514 21,000 All18-Chaltners Mfg
100
*1093 111 *1093 111 *1093 111
4
4
4
100
Preferred
193 20
8
20
203
8 20
2038 3.200 Amalgamated Leather_No par
34
35
35 18 36
3512 3618 19,700 Amerada Corp
NO par
113 13
4
1212 1358 *1214 1212 10,800 Amer Agricultural Chem__100
39
4318 4014 42
4112 42
17,300 Preferred
100
4612 467
8 467 4714 *463 4712 1,400 Amer Bank Note, new
8
4
10
5
5713 5838 5814 5814 5812 5812
30 Preferred
.50
*24
2512 "231z 2512 25
2514
800 American Beet Sugar
100
*5514 56
*5514 56
554 5514
200 Preferred
100
153 17
4
16
1718 16
1612 2,700 Amer Bosch MagnetoNo par
*13912 143 *143 144
144 147
1,600 Am Brake Shoe & F___No par
*117 122 *117 122 *117 122
1 Preferred
100
3512 3612 3578 3572 355 3638 4,300 Amer Brown Boveri El_No par
8
964 9618 *9412 98
*9412 98
100
2001 Preferred
49
5018 493 503
8
8 5914 5018 125,100 American Can w 1
25
*12834 129 *1283 129
4
1287 1287
8
8
100
3001 Preferred
10334 1037 10318 10414 10412 10612 8,300 American Car & Fdy___No pa
8
*128 130
128 128 *128 130
1001 Preferred
100
293 293
8
8 29 18 2912 2938 295
8 7,300 American Chain, class A_ _ 25
_
435 4418 437 444 4418 4412 3.300 American Chide
8
8
No par
42
421 2 42
42
4212 427
8 2,0001 Do certificates
No par
10
1014 1018 1014 1018 1014 2,9001Amer Druggists Syndicate_ 10
133 1358 135 1353 135 13734 7,200 American Express
4
100
21
21 14 2018 205
8 197 1238 12,000 Amer & For'n Pow new_No par
8
8712 8712 88
8814 88
88
No par
700 preferred
9
9
9
9
83
4 83
4
300 American Hide & Leather_ 100
*50
53
5014 5014 *50
517
8
100
100 Preferred
4
3238 3212 3218 3212 2.800 Amer Home Products __No par
3238 323
123 123
12112 123
12412 12514 4,100 American Ice
100
8512 8512 *8514 86
85 • 80
100
300 Preferred
39
39 14 383 39
4
3834 39
2,900 Amer International Corp...100
812 85
8
813 834 6,000 American La France F E .10
838 838
2414 2414 2458 27
2614 263
100
8 2.800 American Linseed
*5812 60
594 6212
100
2.1001 Preferred
110 111
Locom new__No par
111 1123 1111 112
4
/
4
14,500 American
11912 1191 2 11912 11912 *120 122
100
200 Preferred
833 843
4
4
835 835 •80
8
8
83
1,600 Amer Machine dr Fdy __No par
*1311 2
13912 13912 148 148
100
30 Preferred
4112 4112 4112 4212 4218 4212 1,100 Amer Metal Co Lt,d___No pa
Preferred
*10912 111 *10812 112 *10812 110
100
57
5614 .57
5812 5814 60
13,800 Am Power & Light____No par
114 114
11312 114
25
113 2 115
4,100 American Radiator
937
8 92 92
*91
937 *91
8
100 Amer Railway Exprees____100
*36
48
*43
50
1,303 American Republics_ No par
493 52
4
50
51 12 .50
513
4 50
5114 9,900 American Safety Rasor____100
*5
510
47
8 5
*518 512
590 Amer Ship & Comm...No par
1463 1481 2 1484 15018 148 14912 100,800 Amer Smelting & Refining_ 10
4
100
*12014 121 12. 120 122 *12014 121 14
Preferred
1
.
100
•127 129 .125 130 *128 12912
100 American Snuff
46
464 4514 46
457 457
8
8 3,500 Amer Steel Foundries__No par
100
•114 115 *114 115 *1137 115
8
25 Preferred
100
8412 8512 845 8512 843 8512 11.300 Amer Sugar Refining
8
4
100
10912 11014
10912 1094 110 110
1,600 Preferred
463 47
4
467 47
8
463 4714 6,600 Am Sum Tob new ctfs_No par
4
.28
29
*2812 283 *28
4
29
100 Amer Telegraph & Cable.. 100
100
8
8
1583 1.593 15914 1595 15918 15914 6,800 Amer Telep & Teleg
4
50
1234 1233 12318 12358 12218 123
4
1,700 American Tobacco
I
100
Preferred
111 11112 *1103 1114
*1103 111
4
700
4
50
12178 122
1215 122
8
121 14 1213
4 3,200 Common Class 13
143 143
141 141
142 142
400 American Type Founders__100
20
6712 70
70
717
8 713 743 40,200 'm Water Works & Eleo
4
4
100
*105 106
1057 106 •____ 106
8
200 1st preferred (7%)
101)
2514 2614 2514 267
8 245 253 13,700 Acaerican Woolen
8
4
10‘)
773 79
4
78
767 78 2 76
8
6,700 Preferred
,
1
I
*1
14 •1
15
8
200 Amer Writing Paper pref 100
10
10
10
1018 10
10
2.700 Amer Zinc, Lead & 8melt___25
50
501
. 50
25
5038 5018 5012 3,900 Preferred
4634 473
5 4712 4812 475 4818 17,100 Anaconda Copper Mining 50
8
*40
4112 *41
4112
500 Archer, Dan'Is, Midrd_No par
2
108 108 *10634 108 *1064 108
100
30 Preferred
96
98
96
96
96
964 1,000 Armour & Co (Del) pref _100
144 1412 14
1438 14
1418 5,900 Armour of Illinois Class A__25
*73
4 8
73
*73
4 73
4 8
25
4
700 Class B
8512 8512 *8514 87
"8514 86
100
Preferred
*2213 23
2234 2234 *2258 2234
200 Amn Cons Corp tern cif No par
2212 2212 *2212 227 *2212 224
8
600 Art Metal Construction____10
30
5038 *4914 5012 *50
No par
5012 1,000 Artioom
*____ 1143 •____ 1143 *____ 1143
4
4
Preferred
4
100
415 4234 4134 423
8
8 4214 43
100
8,600 Associated Dry Goods
101 101 *10012 102 *101 103
100
100 let preferred
•106 109 *106 108 *106 109
100
2d preferred
*49
51
*49
51
*49
52
25
100 Associated 011
37
377
8 3712 377
8 3712 38
2,600 Atl Gulf & tir 185 L1ne___100
37
384 .3612 38
•3612 373
100
4
700 Preferred
11114 113
111 113
112 11212 4,100 Atlantic Refining
100
116 116 *116 11612 116 116
100
300 Preferred
*60
62 .60
62
*60
62
No par
Atlas Powder
99
99
9812 99
9912 993
4
100
130 Preferred
*8
93
8 *8
814 *8
814
No par
100 Atlas Tack
814 814
814 812
84 814
600 Austin, Nichols.kCo vt,o No par
*52
55
*52
55
*52
55
100
200 Preferred
514
31ii ------ -----800 Auto Knitter Hosiery No par
1983 2013 19514 199
8
4
19314 19638 132,800 Baldwin LOCOMOtiVe Wks_100
119 119 *119 121 *119 121
100
100 Preferred
323 34
8
3414 35
343 3478 134,500 Barnsdall Corp class A
8
25
303 3012 31
8
3112 313 317
8
8
7,500 Class d
25
5212 5212 53
5314 533 5612 5,400 13a, tit Cigars. Inc
8
No par
59
6012 5814 595
8 583 5912 3,300 Beech Nut Packing
8
20
2412 25
2412 2412 2412 2412 4,000 Beld'g Irway Co tern ctf.Vo par
4718 4812 483 495
4
8 483 493 63,600 Bethlehem Steel Corp
4
8
100
10734 108
108 10858 108 108
1,600 Preferred (7%)
100
*3712 3
3713 38
812 *3712 3912
200 Bloomingdale Broe____No par
110 110
110 110 *110 11012
140 Preferred
100
533 5414 533 5334 54
4
4
54
600 Bon Am!, class A
No par
612 612 *612 7
"67
8 7
100 Booth FIsherles
No par
*41
47
*41
47
*41
46
let preferred
100
*2514 28
273 28
4
2612 2612
400 Botany Cons afilis class A...50
3514 3638 34
3512 3338 3412 78.300 Briggs Manufacturing_ _No par
*1
114
I
1
51
118
200 British Empire Steel
100
15014 15014 151 15112 151 152
1,600 Brooklyn Edison Inc
100
921z 927 *9213 923
8
4 92
92
2,300 Bklyn Union Gas
No par
32
*31
32 .31
3114 3213 1,400 Brown Shoe Ins
No pa
111 111 *109 115
*1103 112
4
100 Preferred
100
34. 343 .333 34
4
335 34
4
8
1,000 Brunsw-Balke-Collan'r_No par
11812 1197 118 11812 11712 11914 5,600 Burns Bros new clAcom No par
8
2612 *2512 2612 1,800
26
267
8 2614
New class 11 corn____No pa
*9818 100 .99 100
•88 100
Preferred
100
.12312 125
12314 12414 *12312 125
900 Burroughs Add Mach__No par
8 39
4
3612 384 383 395
3914 13,900 Bush Terminal new_ ___No par
947 944 *93
8
*9312 95
95
300
Debenture
100
•106 107 *108 10812 1083 10812
8
80 Bush Term IlIdge. pref
100
4
4
4 18 44
4
4
900 Butte Copper & Zinc
6
59
59
*5814 59
59
59
900 Butterick Co
4
105 105
8
8 103 11 18
11 18 1112 3,200 Butte & Superior Mining 100
10
7114 743
*7012 71
4 7313 743
4 3,4011 By-Products Coke_ _ _ _No par
8 59
605
8 59
5818 597
6014 10,700IByers & Co (A M)___ _No par
on -- • - . - -• •• -
,
Gs, On eI fL.
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
5 per share
3014 Jan 25
418 Feb 16
131 1 2 Jan 26
9 Jan 4
1 14 Jan 6
Jan 25
131
12014 Feb 10
88 Jan 25
109 Feb 9
16 Jan 25
31 1 2 Jan 6
11 14 Jan 13
39 Feb 23
41 Jan 6
561 2 Jan 4
225 Jan 17
8
5514 Feb 25
13 Jan 20
134 Jan 26
117,1 Feb 7
3412 Feb 4
9538 Feb 4
45 18 Jan 28
126 Jan 14
991 2 Jan .i8
12734 Feb 10
2514 Jan 7 ,
31 Jan 26
35 Jan 4
95 Jan 3
8
127 Jan 17
84 Feb 17
86 2 Feb 15
818 Jan 20
4918 Jan 31
8
303 Jan 3
Ill's Jan 26
84 Jan 7
3714 Jan 12
4
73 Jan 6
2014 Feb 4
54 Feb 4
1053 Jan 19
4
119 2 Feb 23
7314 Jan 3
12518 Jan 6
4112 Jan 28
108 Jan 6
51 Jan 27
1101 2 Jan 21
881 2 Jan 7
3518 Jan 4
48 Jan 28
41 2 Feb 2
1315 Jan 25
8
12014 Jan 25
1193 Jan 17
8
44 Jan 3
113 Jan 7
71 Jan 25
108 Jan 11
41 12 Jan 3
28 Jan 5
14914 Jan 3
120 Jan 7
11018 Jan 4
11914 Jan 5
125 Jan 7
6214 Jan 3
105 Feb 16
2153 Feb IS
6134 Feb 18
I Jan 3
812 Jan 3
42 Jan 5
45 Feb 9
40 Jan 27
106 Jan 4
927 Jan 5
8
14 Fell 24
712 Jan 31
82 Jan 7
22 Jan 11
22 Jan 11
491 2 Feb 8
113 Feb 8
3912 Feb 9
101 Feb 4
10712 Feb 10
483 Jan 27
4
357 Jan 28
8
36 Jan 26
107 Jan 28
11512 Feb 1
60 Jan 5
98 Jan 6
814 Jan 21
712 Feb 3
.51 Feb 8
14 Jan 3
1434 Jan 18
116 Jun 14
27 Jan 4
23 Jan 4
4912 Jan 25
S'12 Jan 24
20 8 Jan 26
3
4314 Jan 27
1043 Jan 3
4
37 Jan 25
10912 Jan 20
5318 Jan 5
6Ic Jan 28
45 Jan 11
2514 Jan 17
283 Jan 3
8
3 Jan 24
4
14812 Feb 11
897 Jan 28
8
3012 Feb 1
109 Feb 7
32,2 Feb 8
11012 Feb 9
2114 Feb 9
973 Feb 14
4
118 Jan 4
293 Jan 12
4
914 Jail 5
1034 Feb 14
34 Feb 11
501 2 Jan 3
1012 Jan 3
66 Jan 29
42 Jan 3
Highest
raft o:1 1
5 AKIG
Range for Prertout
Year 1928
Lowest
Ifighest
$ per share $ per share $ per share
41 Feb 9
284 Dec 653 Sept
4
4 4 Nov
3
518 Jan 3
918 Jan
151 Feb 25 10714 May 1463 Dec
4
123 Feb 1
8
718 Oct 16 Feb
214 Feb 18
7 Oct
8
2
Jan
1417 Feb 18 106 Mar 1484 Dec
8
122 Feb 16 11834 Mar 12234 Dee
9514 Feb 14
7814 Mar 945 Jan
8
III Jan 10 105
Apr 11112 Dee
2838 Feb 11
143 Oct 21 Sept
4
3738 Feb 7
2414 May 327 Aug
8
143 Feb 14
4
9
Oct 343 Jan
8
51 3 Jan 10
4
353 Oct 9612 .an
8
483 J n20
8
3458 Mar 46 ( ct
55
5938 Jan '?2
Jan 581 2 July
254 Feb 21
2012 Sept 383 Feb
4
6018 Jan 3
55 Nov 83 I eb
1712 Feb 17
16 May 343
8
147 Feb 25 110 May 180
Feb
11814 Jan 10 11014 Mar 12814 Feb
391: Jan 5
3014 Mar 50 Aug
98 Feb 1
861 2 Mar 9718 Jan
50 18 Feb 24
3878 Mar 6318 Aug
129 18 Jan 5 121
Jan 13018 Deo
91 1 2 Mar 1147 Jan
MB 2 Feb 25
8
130 Jan 17 120 1 2 Oct 13014 Dec
98
2 5 Feb 25
2314 Mar 2614 July
441 2 Feb 15
31
Oct 51
Jan
42 8 Feb 25
7
28
Oct 4714 Jan
1112 Jan 13
414 Jan
103 Aug
8
13714 Feb 25 1054 Mar 140
Jan
23 Jan 6
1414 Nov
4238 Jan
895 Jan 13
8
79
Oct 98 Feb
7 May
102 Feb 8
1712 Feb
3313 May6714 Feb
527 Jan 12
8
3314 Jan 8
235 Oct 305 Dec
8
8
12614 Jan 5 109 Mar 136 June
86 Feb 25
81 1 2 Oct 863 June
4
313 July 463 Feb
4
4014 Feb 8
4
10 Jan 3
97 Dec
8
157 Jan
8
3012 Jan 12
25 8 Oct 527 Jan
,
8
71 18 Jan 3
673 Oct 87
4
Jan
1123 Feb II
4
9014 Mar 1197 Jan
8
121 Jan 21 116 Aug 12414 Dec
86 Feb 21
6514 Oct 801 2 Aug
148 Feb 25 114 July 125 Dec
44 Jan 20
4314 Dec 573 Feb
8
1101 2 Jan 24 11313 Apr 120 Feb
61 12 Jan 3
503 May 721 2 Sept
4
11514 Jan 11 101 14 May 1223 Aug
8
94 Feb 2
77's Mar 90 Dec
602 Feb 9
3178 Nov
74
Jan
55 Jan 3
42 Apr 703 Aug
4
63 Jaq 7
4
53 Dec
8
117 Mar
8
150 18 Feb 24 10958 Apr 152 Aug
121 Jan 28 11278 Mar 1223 Dee
8
1291 Feb 18 1213 Oct 165 Feb
:
4
46 12 Feb 14
40 May 47 Aug
115 Jan 13 11014 Sept 115 Feb
86 Feb 21
6514 Apr 8714 Nov
11014 Feb 25 100 June 11012 Nov
483 Feb 15
4
2914 Aug 44 Dec
29 Jan 7
251• July 41 18 Feb
16038 Feb 21 1395 June 151
;
Dec
1233 Feb 7 1113 Mar 1243 Sept
4
8
4
1127 Jan 5 1064 Jan 113 May
8
1227 Feb 8 110 18 Mar 124 Sept
8
1 6 Feb 18 114
Jan 135 Feb
743 Feb 25
4
433 Apr 74
4
Jan
11078 Jan 21 101 12 Mar 10814 Jan
334 Jan b
19 June 427 Jan
8
8612 Jan 7
66
Apr 9014 Dec
1 18 Jan 8
12 Aug
55 Jan
8
1014 Feb 17
518 May
1218 Feb
5114 Feb 18
20 May
54 Dec
4912 Jan 12
4112 Mar 514 Aug
42 Jan 18
344 June 44 4 Jan
3
108 Feb 23 100 Mar 108
Oct
964 Feb 16
9014 May 977 Jan
8
154 Jan 7
1318 May 2512 Feb
9 18 Jan 6
5 4 May
3
17
Jan
80 Apr 93 Feb
8614 Jan 27
25 Jan 20
18 Apr 3134 Jan
2212 Jan 21
1918 Jan 233 Oct
4
543 Jan 5
4
463 Sept6312 Jan
4
113 Feb 8 108 Mar 113 Dec
4814 Feb 16
3714 Mar 547 Jan
8
102 Jan 2
96 Mar 10212 Jan
1073 Feb 7 102 May 110 Dec
4
5314 Feb 19
443 Jan 60 Mat
4
42 Jan 5
29
Oct68 8 Jan
3
3812 Jan 8
3314 Oct5614 Jan
11514 Feb 15
97 Mar 1283s May
117 Jan 13 11518 Oct120 June
6212 Jan 20
54 Mar 64 Nov
10014 Feb 9
94 Jan 973 Dec
8
812 Jan 19
8
Oct171z Jan
1014 Jan 3
718 Oct28 Jan
61 Jan 5
54 Nov93 Jan
3 Jan 7
8
14 Oct218 Feb
2013 Feb 23
4
927 Mar 1673 Dec
8
4
119 Feb 23 105 Mar 11914 Nov
35 Feb 24
2312 May 3312 Jan
3178 Feb 25
2212 Oct3912 Jan
562 Feb 25
39 Mar 5538 Nov
607 Feb 15
8
5214 Oct717 Feb
8
2714 Jan 7
26 Dec3934 Jan
49a Feb 24
3714 May 5118 Sept
1084 Jan 18
99 June 1057 Dec
8
413 Jan II
8
28 J,ine 42 Dec
112 Feb I 10114 June 110 Dec
5512 Jan 13
5312 Dec 561s Dee
93 Jan
712 Feb 11
4
44 Mar
45 Jan 11
343 Oct 5112 Jan
4
20 May 41 18 Jan
2812 Jan 5
Oct 371: Jan
24
364 Feb 23
12 May
3 Jan
13 Feb 10
8
15414 Jan 5 133 Mar 163 Sept
68 Mar 93 Dec
933 Jan 8
4
8
2912June 485 Jan
3412 Jan 5
11212 Jan 7 107 June 111 Mar
243 Mar 393 Sept
8
4
387 Jan 10
8
4
1253 Jan 20 121 Mar 144 July
2612 Nov 44 Feb
343 Jun 27
4
07 Mar 10312June
100 Jan 3
7712 Apr 124 Dec
1254 Feb It
163 Mar 3414 July
4
39 Feb 24
86
Apr 93 Aug
944 Feb 2.
9912 Jan 104 Nov
109 Jan 18
4 Dec
614 Feb
412 Jan 4
173 Mar 71 Sept
4
613 Feb 15
4
7 18 May
1614 Jae
113 Jan 7
4
53 June 90 Sept
77 Feb 4
28 Mar 4474 Nov
6134 Feb 18
1192
New York Stock Record-continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 19.
Monday,
Feb.21.
Tuesday,
Feb.22.
Wednesday, Thursday,
Feb.23.
Feb.24.
Friday,
Feb.25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share 5 per share $ per share Shares Indus. & Miscall.(Con.) Par
68
697
8 6814 687
8 68
6818 6,500 California Packing- ---No Dor
3013 3013 304 3012 303 3012 10,800 California Petroleum
8
25
2
2
2
24
2
3,100 Callahan Zino-Lead
2
10
673 6814 684 69
4
6814 683
10
4 2,800 Calumet Arizona Mining
1514 1514 1512 157
1,700 Calumet & Heola
8 157 16
8
25
3812 4038 403 41
4
41
4414 11,900 Canada Dry Ginger Ale.No par
143 14612 144 146
144 1463* 6,300 Case Thresh Machine
100
*10814 1117 *10814 1117 *10814 1117
8
8
Preferred
100
8
2,300 Central Alloy Steel__ __No par
26
2612 26
2618 26
26
1,200 Central Leather
*914 912
10
100
914 914 10
643 65
4
6418 6434 643 6612 2,200 Preferred
4
100
12
1212 13
13
800 Century Ribbon Mills_No par
13
1312
110 Preferred
*72
77
*72
77
773 78
4
100
20,100 Cerro de Pasco copper_No par
603 617
4
8 613 6312 6112 62
4
463 48
4
48
487
8 48
487 21,800 Certaln-Teed Products_No par
8
10812 109 *10812 109
400 let preferred
109 110
100
94
3
018 107
8 2,600 Chandler Cleveland MotNo par
*9
93
4 *9
22
22
2112 22
213 223
8
No par
4 3,000 Preferred
*134 135
135 1363 134 1363
4
8 3,000 Chicago Pneumatic Tool-100
1,800 Childs Co/
5018 507
8 507 517 25014 5014
8
3
No par
357 364 36
8
363
8 36
363 28,700 Chile Copper
8
25
Chino Copper
*2214 26
*2214 26
*2214 26
5
300 Christie
*39
3912 *39
3912 39
39
-Brown certlfs_No par
4
4138 4238 413 423
4
4 413 421 51,100 Chrysler Corp new...
.No par
700 Preferred
1043 1043 105 105 *1043 105
8
8
4
No par
600 Cluett, Peaboar& Co _-_- _100
6212 623
4 623 623 *6214 634
4
4
- - :.
130 Preferred
115 115
115 115
115 115
100
12,600 Coca Cola Co
17814 1817 180 181
18012 181
8
No par
8
8012 26,900 Collins & Alkman
7412 753
4 745 7514 75
No par
200 Preferred
150 15018 *148 152 *148 152
100
58
603
8 5812 597
8 5812 5914 39,300 Colorado Fuel & Iron
100
4,300 Columbian Carbon v to No par
8338 8314 833
8 8238 83
83
18,900 Colum Gas & Elea new_ No par
8512 86
86
875,
853 86
8
1005 1003 10012 10012 10014 10012 2,000 Preferred new
*
4
100
1938 193
8 1918 1914 4,900 Commercial Credit..
193 2014
4
..No par
40 Preferred
*213 2212 2113 213
4
4 2112 2112
25
780 Preferred B
22
22
22
22 14 2218 2218
25
900 1st preferred (64)
83
83
83
*80
803 3180
4
100
100 Comm Invest Trust_..No par
*53
5512 *53
5513 *53
5512
*9712 9812
*9712 98
*9712 98
7% Preferred
100
91
Preferred (64)
9113 *89
9112 *90
*89
100
238 242,
4 6,600 Commercial Solvents B No par
242 2453 24114 245
4
24,000 Congoleum-Nairn Ino....No par
4
18
177 18 8 1813 1812
8
3
193
8 183 1912 183 19
4
1,700 Congress Cigar
55
No par
544 5412 55
3
8
8 54 4 647
543 55
4
*544 547
Conley Tin Foil strid___No par
"4
7
8
7
8
"4
7
8
2
8
*14
7
8
*14
"4
8 8314 837 11,000 Consolidated Clgar---NO Par
8
84
84 4 83 4 8518
3
3
8313 8412 8314 843
Preferred
100
*100 103 *100 103
*100 102 *102 102 *100 102
138
13
8
13
4
13
8
13
4 2,600 Consolidated Distrib'rs No par
13
4
13
8 13
11 134
/
4
4
8
973 9818 973 10014
4
993 1003 10012 1003
4
8
4 993 1004 43,500 Consolidated Gas(NY)No par
4
35
4 3,500 Consolidated Textile_ _ No par
35* 33
8 33
4
35
34 34
5
4
3 8 33
4
8 33
39,000 Continental Baking cl ANo par
6812 683
8 6712 68
6912 723
8 6812 70
673 71
8
818 814 11,500 Class B
7
13 7 8
3
718 8
8 18 814
No par
7 4 73
3
4
8
*92
92 8 9268 9238
7
100
Stock
9258 934 9314 9312 923 9312 2,300 Preferred
7,000 Continental Can, Ino_No par
7118 7138 704 7112
7038 72
71
7112 7038 71
200 Continental Insurance_ _ _ _ 25
138 138
138 138
Exchange *128 139 *138 139 *138 139
117 12
8
113 12
4
12
1214 11,400 Cont'l Motors(em otts_No par
1134 12
117 12
8
8
,
50
5212 514 523
8 513 5214 62,500 Corn Products Rerin w 1_ 25
503
8 49 4 50 8 Closed
3
50
700 Preferred
100
•128 1294 *129 12912
12913 12912 12814 12814 *12812 12912
No par
667 67
8
6613 67
Washing.
67
67
6712 683
8 68
685
8 4,800 Coty. Inc
83 4 847
3
8 8413 85
,
8412 87
86
867
8 857 87 2 10,500 Crucible Steel of Amerloa__100
8
100 Preferred
100
*1057 10612 •1054 10612
8
2
ton's
10512 10512 *105 10612 *105 106,
No par
314 317 23118 313
8
8
8
313 313
8
8 3114 3112 3114 333 15,200 Cuba Co
1,100 Cuba Cane Sugar
No par
4 *912 93
4
*013 03
4
013 0 4 Birthday
3
93
4 93
4
912 93
100
*475 48
8
474 483
483 483
8
8 48
483
4 4714 4712 5,300 Preferred
4
2614 2614 2614 2612 Holiday
2614 2612 2614 2612 2618 2614 4,200 Cuban-American Sugar.-- 10
k 200 Preferred
100
10312 10312 *10214 104
*10214 104
10212 10212 *10212 104
1712
Cuban Dom'can ling new No par
•17
174 *16
174
*17
1712 *17
1712 *17
6,200 Cudahy Packing new
10
4
5218 5218 513 5214
4
5218 527
8 52 • 5278 513 52
Cushman's Sons
No par
*104 110 *104 110
*104 110 *105 110 *105 110
600 Cuyamel Fruit
No par
4
3314 333
*3212 3312 *3212 3312
33
*3212 3312 33
7,800 Davison Chemical v t o_No par
2818 2812 2712 2814
2612 2712 2612 29
*273 28
8
800 Detroit Edison
100
13612 13714 137 137
*136 137 *136 13612
137 137
700 Devoe & Raynolds A.
.No par
4
40
393 40
40
41)
*3912 40
*40
41
40
8
2514 25
25:4
25
263
8 254 2612 253 2614 34,200 Dodge Bros Class A___No par
25
1,700 Preferred can'tNo par
3
834 8312 8314 8314
83 83
834 833 833 84
8
4,800 Dome Mines, Ltd
No par
873 9
9
918
9
9
8
94 914
9 s 93
3
1,400 Douglas Pectin
53
No par
527 *52
8
523 523
4
4 523 523
8
8
5212 5238 52
300 Duquesne Light let prof _ _ _100
*11413 115 *1144 115
115 115 *115 11514 115 115
4 4,900 Eastman Kodak Co__ _/Vo par
13014 1304 13018 131
1303 1307 131 13112 131 1343
8
8
2714 12,500 Eaton Axle & Spring_ .No par
25
25
2512 2612 263 273
8
8 2612
2434 25 8
3
,
177 17878 176 4 178
17812 1823 18012 18312 1834 18512 28,400 El du Pont de Nem new_No pa
3
4
200 6% non-vol deb
100
*107 10712 *107 10712
10712 10712 *1063 107
10812 1084
4
25
1414 1412 143 1412 144 1412 2,000 Elsenlohr & Bros
8
*14
1412 1418 143
8
7,100 Electric Autolite
74
No par
72
7312 7418 73
7212 72
737
7312 74
8
4
No par
1412 143 13,200 Electric Boat
143 15
4
143 15
8
15
15
147 1514
8
183 55,000 Elec Pow & Lt Mrs- _No Par
4
18
183
8 173 1818 18
8
167 1714 17
8
1814
500 40% pr pd
3
10512 10512 1053 1053 *1053 110
10412 10412 *10413 1053
3
8
8
------ Prat full paid
____ *106
*10412 ____ *10412 ____
*10412 ----'106
1,000 Preferred cortits
8
973 9814 9814 9814 9814 9814
4
3
4 973 9712
*973 973
8
3313 3412
4 34
347
8 327 3378 37,900 Electric Refrigeration_No par
3312 35
34
343
8 2,200 Elec Storage Battery __No par
8 7512 763
7518 7518 7514 753
75
75 .75
76
Emerson-Brant Class A No pa,
*713 10
*712 10
*712 10
*712 913 *713 10
1,400 Endicott
-Johnson Corp... 50
4
6714 673 69
6712 6712 67 67
*6614 6712 67
100
.11812 11713 *115 4 11714
3
*11612 11714 *11612 11714 *11612 1174
8
2314 2312 2318 2314
2318 2338 2314 2314 233 2312 1,200 Engineers Public Serv__No par
100 Preferred
4
983
No par
99
8
4.984 9914 *98
*96
967
8 987 987 *98
8
2612 263
5
4 2612 267
2634 267
4 2612 2612 6,600 Erie Steam Shovel
8
8 2612 263
500 Preferred
107 107
100
106 18 107 *106 107
10534 106 *106 107
200 Equitable Office Bldg PRI-Hig
*/20 123 *120 122
122 122 *120 122
*120 122
62 6218 613 6214
4
8
62
623
8 623 6414 6418 6412 14,800 Eureka Vaciliiin Clean_NO"Piii
700 Exchange Buffet Corp-No par
*1512 16
1714
16
16
17
17
1614 1614 17
2,100 Fairbanks Morse
3918 4018 4078 4078
404 41
41
41
No par
393 41
4
*108 112 *108 112
Preferred
*108 112 *108 112 *108 112
100
1083 10912 1087 11138
4
8
4
1113 1143 113 1143 112 P1312 44,200 Famous Players-Lasky_No par
8
8
500 Preferred (8%)
4
2014 1203 120 12012
1203 1203
4
4
1203 120 *1203 122
4
4
100
*141
10,600 Federal Light & Trao
4118 4112 4214
44
4214 42
4112 42
42
15
*9112 9212
92
140 Preferred
92
9112 9112 9212 9212 9212 9212
No par
83
83
83
300 Federal Mining & Smelt'g_100
.80
*81
90
*81
823
4 8014 81
7812 7812
600 Preferred
78
7712 78
4
,7814 80
7814 783 278
8
100
14,300 Federal Motor Truck _ _No par
4
2918 294 2812 293
287 2912 283 294 2812 29
8
4
800 Fidel Phan Fire Ins of N Y. 25
9413 941
8
893 9418 *94
12
*94
95
947 95
95
*96
9914
First Nat'l Pie. 1st pref...100
9914 *96
99
*96 102
9914 *96
*96
4 2812 2812
*2812 29
28
29
2812 2914 2,400 First Nat'l Stores
No par
*2812 293
1634 1718 167 1714 167 173 22,200 Fisk Rubber
4
ociNz.ip,,ar
4
8
8
174 163 1724
17
*8412 85
*8412 85
400 1st preferred stamp
85 85
85 85
* 4, 85
8 3
993
8
1st preferred cony
100
*99
9914 *96
99
*99
993 *96
8
*99 100
5018 5114 493 507
..No par
4
8 4914 50 108,700 Fleischman Co new..
474 4712 4714 498
797 80
8
8018 81
No par
813 837
4
8 6,400 Foundation Co
8014 8014 7914 804
67
68
68
5,200 Fox Film Class A
6814 6814 70
6712 6738 67 4 6712
,
441s 465
8 45 4 463
3
4 4512 457 38,400 Freeport Texas Co... o par
.No
8
8
8 444 447
2 447
31
8 1,100 Gabriel Snubber A ___.No par
31
314 3118 3114 3114 313
3112 3112 31
3112
712 712
7
718 7 4
,
712 712
712 712 1,400 Gardner Motor
75,
No Par
4878 4918 49
4914 4914 503
100
8 7,400 Gen Amer Tank Car
4812 494
49
49
*107 109 *107 10712 107 107
100 Preferred
100
ed
*107 109 *107 109
4 873 8978 8712 893 84,900 General Aspbalt
8312 883
4
100
3
8
8
825 8318 805 844
*130 136
130 134
133 133
409 Preferred
100
•120 123 *122 130
534 5312 5312 533
8 5338 5334 2,000 General Cigar, Inc new_No par
534 5314 5312 53 4
3
*11614 118
118 118 *11714 118
100
200 Preferred (7)
118 2117 117
*116
*116 117 *116 117 *116 117
Debenture preferred (7/-100
*116 117 *116 117
5753 5814 571 58
8
577 5778 2,100 Gen Outdoor Adv A.
8
-No Par
5712 5712
58
58
4612 4318 457
43
8 443 453 22,400 Trust certificates_ _ _No par
8
8
4258
8 414
413 415
8
8 8412 8512 843 874 64,800 General Electric New.
844 857
4
.-No Par
8412 8612
8318 86
3
113 1112 113 1112 113 1112 ',
8
8
General Electric special_ _1
113 1138
s
1114 1138
4618 4712 28.400 General Gas & Elan A_ _No par
4614 4618 47
45
,
4412 4514 4412 45 8
on this day. s Ex-dlyideua. a ea-rights.
•Bld and asked prime: no sales
$ per share $ Per share $ per share
*67
6714 67
67,
8
8
3012 303
4 3014 303
2
2
*17
8 2
*6612 674 663 663
4
4
1518 154 1514 1514
*373 38
4
373 381e
8
14014 142
13913 141
*10814 112 *10814 112
2614 2612 2612 2612
912 912
94 912
6514
657
8 65
*65
*1212 1234
*1213 13
77
*72
78
*72
61
61
603 6114
4
463 47
3
4612 47
*108 109 *108 109
91
8 Ps
918 914
*2112 22
22 22
135 13514 *134 13514
5014 502
3 5018 5012
357 36
8
354 36
*2214 26
*2214 26
39
39
39
39
4113 4238 41
417
8
*1044 105 *1043 105
8
*627 6314 62 8 627
8
7
8
*114 11434 114- 4 1143
3
4
*177 17712 177 178
74
7612 744 75
*148 155 *147 150
5712 583
8 56 8 5812
3
803 823
4
4 8113 834
857 8612 8518 852
8
8
1004 1004 10078 101
18
18
1812 203
8
*2113 22
*2134 2213
22
193 2112 21
8
8312
8078 82
82
*53
54
531 5314
'4
*9713
_ *9712 98
9118 *89
92
*89
4
2413 24413 244 244
PER SHARE
Range SOW Jan. 1 1927
On barb of 100
-share lots
Lowest
$ per share
64 Feb 7
304 Feb 23
112 Jan 3
6533 Jan 3
1412 Jan 4
36 Jan 5
132 Jan 27
11312 Feb 4
26 Feb 23
83 Jan 3
8
54 Jan 14
104 Jan 26
70 Jan 24
6018 Jan 29
42 Jan 25
106 Feb 1
818 Jan 6
2118 Jan 25
12012 Jan 3
50 Jan 29
343 Jan 3
2218 Jan 7
347 Jan 5
8
384 Jan 28
103 Jan 3
604 Jan 4
11114 Jan 6
16712 Jan 4
63 Jan 4
126 Jan 4
425 Jan 4
8
8
667 Jan 3
827 Feb 11
8
9912 Jan 24
1458 Feb 1
1912 Jan 28
1938 Feb 19
80 Feb 9
53 Feb 15
9614 Jan 28
90 Feb 18
223 Jan 3
1714 Jan 26
5112 Jan 27
1.1 Feb 1
77 8 Jan 26
7
100 Feb 9
112 Jan 3
973 Feb 16
s
34 Jan 27
6614 Jan 24
712 Feb 9
92 Jan 21
68 Feb 9
135 Jan 27
113 Jan 28
8
467 Jan 12
8
128 Jan 11
56 Jan 3
77 Jan 4
103 Jan 18
2614 Feb 2
912 Feb 21
4714_Feb 25
26 Jan 18
102 Jan 31
15 Feb 15
50 Jan 25
105 Feb 4
3218 Jan 3
2612 Feb 24
13312 Jan 21
373 Jan 25
8
2312 Jan 18
8112 Jan 4
87 Feb 25
8
46 Jan 3
1144 Feb 1 i
,
12614 Jan 28
2412 Jan 4
168 Jan 25
1051 2 Feb 5
117 Jan 3
8
6312 Jan 13
13 8 Jan 25
5
1612 Jan 27
1037 Jan 28
8
96 Jan 14
30 4 Feb 11
3
7212 Jan 31
74 Jan 4
643 Jan 28
4
1163 Jan 5
8
213 Jan 11
4
4
933 Jan 8
243 Jan 3
4
10112 Jan 6
11814 Feb 5
604 Jan 25
1518 Jan 25
3818 Feb 10
10718 Feb 7
1074 Feb 10
120 Feb 16
3713 Jan 17
91 12 Feb 23
60 Feb 0
7512 Jan 28
2612 Jan 4
9312 Feb 23
9712 Jan 13
2814 Jan 4
16 Jan 24
81 Jan 5
97 Jan 24
4618 Feb 1
75 Feb 9
65 Jan 25
3414 Jan 4
2918 Jan 3
612 Jan 27
46 Jan 3
10612 Jan 5
7712 Jan 27
120 Jan 25
52 Jan 26
116 Jan 5
116 Jan 11
554 Jan 25
37 Jan 18
81 Jan 27
114 Jan 3
404 Feb 10
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ Per share
70 Jan 5
6614 Oct 17912 Feb
3278 Jan 18
293 Oct 3818 Feb
4
112 Mar
25 Jan 17
8
25 Jan
8
69 Feb 24
5512 Mar 735 Aug
8
1612 Jan 20
1338 Mar 1812 Aug
4414 Feb 25
3212 Oct 49 Sept
6212 Jan 176 Aug
1493 Jan 8
4
117 Jan 12
96
Jan 11812 Aug
2812 Oct 3314 Aug
287 Jan 4
8
103 Jan 7
4
Nov 2012 Jan
7
664 Feb 25
4314 Apr 683 Jan
4
13 4 Feb 10
3
1014 Oct 3278 Jan
7814 Dec 90 Jan
7814 Jan 4
5712 Jan 7312 Aug
6312 Feb 24
3618 May 4912 Jan
487 Feb 24
8
110 Feb 25 100 May 10614 Nov
11 Jan 13
812 Nov 26 Feb
203 Dec 4514 Feb
4
2418 Jan 12
9412 Apr 12814 Dee
137 Feb 17
4518 May 664 Jan
8 Jan 11
535
30 Mar 363 Jan
8
365 Feb 24
8
16 Mar 26 Nov
2318 Jan 6
2912 Oct 633 Jan
4
42 Jan 18
2812 Mar 547 Jan
8
4312 Jan 6
93 Mar 108 Jan
105 Jan 12
60 Dec 6812 Jan
663 Jan 24
4
115 Feb 23 1034 Jan 116 Sept
4
1817 Feb 23 128 Mar 1743 Dec
8
343 May 6912 Dee
4
8012 Feb 25
983 May 13812 Dec
4
151 Feb 17
8
273 Mar 493 Oct
8
62 Feb 16
4
85 Feb 11
554 Jan 703 Deo
853 Nov 91 Dec
8
913 Jan 12
8
9878 Nov 1015 Nov
8
10112 Jan 19
1613 Nov 4712 Jan
204 Feb 21
2114 Nov 2614 Jan
224 Jan 5
4
23 Jan 7
20 Nov 273 Jan
8512 Dec 994 Feb
8518 Jan 12
Jan
5413 Dec 72
5512 Jan 24
Jan
97 June 104
9812 Jan 27
89 May 100 Jan
917 Jan 10
8
255 Jan 13 11814 Jan 237 NoV
8
21 Jan 5
12'2 May 293 Sept
55 4 Feb 7
3
4012May 57 Deo
1 Mar
3 Jan 5
8
3 Dec
8
8512 Feb 17
4514 Apr 8714 Deo
91 Mar 1072 July
10212 Feb 2
s
113 Aug
212 Feb 4
612 Jan
10912 Jan 10
87 Mar 1153 Aug
8
114 May
44 Jan 15
414 Nov
747 Jan 6
8.
5012 Oct 9378 Aug
1014 Jan 5
75 Oct 154 Sept
8
9714 Jan 13
81
Oct 964 Aug
70 Mar 9212 Jan
7312 Jan 3
14112 Jan 19 122 Mar 1443 Jan
4
133 Jan 6
4
9 7 May 134 Deo
8
5212 Feb 23
35 8 Mar 5158 Dec
5
12912 Feb 23 12213 Jan 13014 Dec
4412 Mar 62 Dee
69 Feb 15
64 Apr 823 Dec
8712 Feb 25
4
96 Mar 104 Dec
10618 Feb 15
2814 Oct 533 June
3414 Jan 8
8
838 May 1112 Jan
103 Jan 5
4
3512 June 503 Dec
4
8
503 Jan 4
2014 Aug 303 Jan
284 Jan 3
8
104 Feb 7
97$4 Jan 105 Nov
18 Jan 21
1512 Sept 2014 June
5118 Nov 55 Dec
524 Feb 23
112 Jan 17
7712 Mar 108 Dec
32 Nov 51
34 Jan 15
Jan
2318 Oct 463 Feb
4
313 Jan 11
4
13714 Feb 23 12312 Mar 14112 Dec
31
Oct 10418 Feb
423 Feb 2
8
214 May 4714 Jan
2712 Jan 5
85 Feb 14
7912 May 90 July
8
Oct 20 Mar
1114 Jan 4
19 Mar 46 Nov
5312 Jan 29
4
11614 Jan 3 11112 Mar 1163 Aug
4
1343 Feb 25 10638 Mar 1363 Dec
4
23
Oct 323 Feb
4
273 Feb 24
8
4
18512 Feb 25 1543 Nov 18112 Dec
10912 Jan 4 1034 Apr 11018 Dee
4
1612 Feb 15
103 Oct 2012 Feb
613 Mar 82 Feb
4
7418 Feb 24
4 Mar 16 Dec
1614 Jan 10
1514 Oct 3412 Feb
4
183 Jan 6
9912 Mar 115 Feb
1054 Feb 24
10212 Oct 11012 Feb
8912 Mar 9814 Sept
981 1 Feb 23
333 Dec 7812 June
8
373 Jan 3
8
7118 Mar 9418 Aug
7912 Jan 6
814 Dec
614 Dec
9 Jan 25
8
6512 Mar 725 Feb
69 Feb 25
2
0
6
11914 Jan 19 12 Sept
14
11814 Feb 3
Oct 2412 July
2412 Feb 3
9214 Nov
99 Feb 1
2112 Oct 2558 Nov
293 Jan 17
8
Oct 102 Nov
10712 Jan 17 100
8
Feb 17
997 June 13214 July
1244
8
43 May 683 Dec
6712 Jan 5
17 ASr
4
143 July
1714 Feb 25
4
375 Dec 593 Feb
8
424 Jan 22
110 Feb 16 10612 Nov 111 Feb
1143 Feb 24 1034 Jan 1274 June
4
8
1243 Jan 12 115 Mar 12412 Dee
28 Mar 4712 Dee
44 Feb 25
86 June 94 Dee
95 Feb 9
4
41 May 1113 Jan
95 Feb 8
Jan
61 Mar 105
834 Feb 9
Oct 343 Aug
8
23
307 Jan 10
8
193 Jan 6 160 Apr 20014 Jan
96 May 107 Feb
9818 Jan 17
8
28 Nov 493 Feb
30 Feb 7
1414 May 2614 Jan
1734 Feb 25
Mar
8
767 Apr
8612 Jan 27
r
87
94 June 104'4 Mar
99 4 Feb 15
3
5933
324 Mar 17614 Feb
51 12 Feb 23
7314 Dec
8378 Feb 25
Jan
5518 Mar 81
7412 Jan 6
8
195 Jan 36 Dec
463 Feb 24
4
un
9
255 Nov 4234 Feb
8
32 Feb 11
538 Nov
73 Jan 11
4
39 Mar 558 Jan
505 Feb 25
8
9912 June 109 Dec
10812 Jan 12
50 Mar 9414 Aug
885 Jan 4
8
947 Mar 14018 Aug
8
130 Jan 10
46 Mar 5912 Feb
897 Feb 24
8
134 Feb 24 109 Jan 118 Deo
116 Jan 11 10914 Apr 11812 Feb
8
51 Mar 563 Aug
5812 Feb 9
Dec
2858 Mar
4612 Feb 23
3918
3
8718 Feb 25
79 June 057 Aug
Jan 1134 Dee
11
115 Jan 5
8
Jan
34 Mar 59
471* Feb 25
New York Stock Record-Continued--Page 4
1193
Per sales during the week of stocks usually Inactive, see fourth 'page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 19.
Monday,
Feb. 21.
Tuesday,
Feb.22.
Wednesday, Thursday,
Feb.24.
Feb. 23.
Friday,
Feb. 25.
Sales
for
the
Week.
STOCKS
NEW YORE( STOCK
EXCHANGE
1-.1111 bli AKIS
Range Since Jan. 1 1927
On basis of 100
-share lots
Lowest
Highest
PER SHARE
R,ange fbr Previous
Year 1926
Lowest
Highest
$ per share 8 per share 8 per share 8 per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ per share $ per share $ per share $ per Mare
*10212 106 *10212 107 *10212 106
Gen Gas & Elec pf A (7)No par 100 Jan 3 10712 Jan 24
95 May 100 Dec
*10212 106 *10212 106
•114 117 *114 117 *114 117
No par 115 Jan 15 1153 Jan 28 10512 Apr 113 Sept
Preferred A (8)
4
*114 117 *114 117
No par 96 Jan 13 984 Feb 2
*97
*97
99
*97
99
99
99
/
1
200 Preferred B (7)
*97
9214 Apr 96
*97
99
Jan
15618 1593 15912 1613 1698 1627 438,800 General Motors Corp No par 14512 Jan 25 1627 Feb 25 11314 Mar 225 4 Aug
8
8
8
4
154 1563
8
155 157
3
120 120
120 120
100 120 Jan 26 122 Jan 7 11312 Jan 12214 Dec
120 120
1,600 7% preferred
*120 1203 120 120
4
*104
_ *104
preferred
100 105 Jan 3 105 Jan 3
*104
_ __ __ _
_
6%
_ *104
9814 Apr 105 June
*104
9512 - 8 4 9918 103 4 101 103
3 -3
- - -3/
1
4
9579558 - 9614 9414 -- 8
6012 Mar 937 Aug
56,100 Gen Ry Signal new____No par 8218 Jan 14 103 Feb 25
8
*40
44
*40
*40
44
44
100 General Refractoriee___No par 38 Jan 14 43 Feb 6
36 May 49
42% 427
8
*427 45
8
Jan
8
4212 4234 425 423
4 428 425
No par 40 Jan 4 4414 Jan 28
2,100 Gimbel Bros
42
4114 Nov 78% Jan
4212
*415 417
8
103 103 *10212 10312 *10212 10313
4
100 1024 Feb 7 1043 Jan 11 100 Nov 1113 Jan
200 Preferred
*10212 10312 103 103
8
20
/ 20
1
4
2018 19
195 20
8
4
Jan 26 213 Jan 3
No par
2,700 Glidden Co
2014 2014
1812
193 2014
4
153 June 25 4 Jan
8
3
4512 453 *443 46
4
4
443 443
44
/ 45
1
4
4112 Mar 567 Feb
800 Gold Dust Corp v t o No par 4212 Jan 29 4712 Feb 9
4
*4512 46
4
8
52
5312 5212 538 527 555
4
8
No par 423 Jan 3 55% Feb 14
5218 538 517 527
3912 Nov 703 Feb
5,600 Goodrich Co (B F)
4
13 100
*9912 100
*99
99
*9912 100
*99 100
99
100 95 Jan 3 9912 Feb 16
100 Preferred
9412 Dec 100 Feb
9512 Dee 1097 Aug
*100 101
10014 10012 101 1011
1,800 Goodyear T & Rub pf V t(3.100 9818 Jan 27 10118 Feb 25
4
10012 1003
*10012 101
*10612 108 *1067 108 *10618 1067
8
100 105 Jan 7 10712 Feb 21 10414 Dec 109 Sept
200 Prior preferrea
107 10712
s
*10712 108
66
66
67
66
66
6612 3,600 Gotham Silk Hoelery__No par 573 Jan 12 67 Feb 24
2
3314 Mar 6912 Nov
645 66
8
65
65
66
663
8 6612 67% 6614 6612 1,500 New
No par 58 Jan 12 67% Feb 24
4712 July 68% Nov
64
653
2 6514 6514
10738 1078 107% 1077 10752 1075
100 101 Jar 26 10812 Feb 2
____ ____ ____ ____
500 Preferred new
8
1073 10712
s
*10712 108
812 9
*812 918
*85* 9
814 Feb 17
No par
812 812
8
95 Jan 13
8
600 Gould Coupler A
Oct 2112 Jan
85* 98
3434 373
4 3712 3814 371
164 Mar 36% Dec
377 41,900 Granby Cons M 5m & Pr_100 3118 Jan 27 3814 Feb 24
3412
3418 342 34
11314 1147 114 1147 11312 1143* 17,500 Great Western Sugar tern ct125 109 Jan 26 1147 Jan 17
8
s
89
Apr 11312 Dec
11218 11338 11218 11458
118 118 *11712 118
118 118
100 117 4 Feb 15 1217 Jan 17 10812 Mar 11814 July
s
3
118 118
240 Preferred
118 118
3212 3212 4,000 Greene Cananea Copper_ _ _100 2914 Jan 27 33 Feb 24
317 325s 3258 33
8
32 18
3214 32
93 Apr 34 4 Dec
4
*32
3
9
914
*9
912 *83
8 Jan 25 10 Jan 4
4 914
518 Jan
500 Guantanamo Sugar__ _No par
*87
8 9
*87
8 9
1078 Feb
/
1
8 6214 624 *61
100 53 Jan 4 635 Feb 15
62
605 6112
8
8
4,000 Gulf States Steel
613* 617
61
513 Oct 933* Jam
8
61
5912 5912 60
*5818 60
100 56 Jan 31 67 Jan 19
5812 61
60
45 June 6012 Dec
130 Hanna let pref class A
*5812 611
*25
*25
27
26,2 25
25
25
3 *2412 26
26
Oct 2812 Nov
700 Hartman Corp class A_No par 25 Jan 22 27 Jan 8
25
2512 253
4 2514 2514 2412 253
2458 243
4
245 Dec 30 Sept
8
No par 2312 Feb 9 2612 Jan 3
26
2,900 Class B
25
1714 1714 1712 1814 1912 2234 7,300 Hayes Wheel
1612 1612
4
1512 Feb 15 223 Feb 25
No par
171 Dec 46
167 167
8
Jan
84
*83
85
85
88
*82
26 7612 Jan 14 85 Feb 17
*83
85
84
68 Mar 88 Dec
84
200 Helms(G W)
29
6001 Hoe (RI & Co tern etfe_No par 22 Jan 31 33 4 Feb 15
2912 30
29
*2914 30
1712 May 3512 Aug
30
29
3
30
29
62
*60
61
*60
100 60 Jan 25 6318 Jan 12
60
60
60
62
4712 Jan 63
61
300 Homestake Mining
*60
Ocl
8
484 4813 485 49
*477 48
8
487 49
8
40 Mar 4838 Jam
2,200 Houeeh Prod,Inc.tem ctfNopar 4314 Jan 3 4918 Feb 2
*475 48
8
903
4 9212 103
8518 87
100 105
86
5014 Mar 71
8512 861
Jan
00,000 Houston 011 of Tex tern ctfs100 6018 Jan 11 106 Feb 25
3812 39
No par 377 Feb 14 4014 Feb 2
39
40
3914 394 4,600 Howe Sound
3812 38'2 3812 38s
/
1
27
Jan 45 Sept
8
617 631z
r
No par 4814 Jan 24 663 Feb 25
8
4 6414 663* 130,000 Hudson Motor Cc,
638 6514 643 653
617 631
8
8
403 Oct 12314 Jam
4
8
213 2158
2214 2212 223 22 8 12,800 Hupp Motor Car Corp____10 21 Jan 17 235 Jan 10
213 223
4
8
2112 215
17 Mar 283 Jam
8
7
*
8
2914 297
3018 297 3014
293 307
4
2 30
30
4
303 19,700 Independent 011 & Gas_No par 29 Jan 3 323 Feb 1
4
195 Mar 34 Jam
8
1514
15
No par
*1414 15
*15
151 *14
/
4
*15
15 '
/ 515
1
4
143 Feb 8 1512 Feb 7
4
Indian Motocycie
1412 Dec 2414 Feb
9
914
918 914
758 Jan 29 103 Feb 1
10
83
4 83
*83
4 914
8
83
4 9
4
/
4
7 4 Oct 131 Feb
3
1,800 Indian Refilling
834 87
4 87
8
8 *83
10
84 3 8
8
/ 84
1
4
9 4Feb 3
3
75* Jan 12
Certificates
712 Oct 1212 Feb
8% 8% 2,800
7
*9214 94
'
59214 94
9312 9318
*9214 94
*9214 94
4
Ingersoll Rand new__ _No par 92 Jan 10 953 Jan 3
8014 Mar 104
100
Jam
42
42
4212 421
No par 41 Feb 15 433 Jan 3
43
4234 433
43
4212 43
4 1,609 Inland Steel
4
3
34'2 May 43 4 Del
*11218 113 *11212 113
100 111 Jan 3 111 Jan 3 1083 Mar 115 Fell
*11212 113 *11212 113 *11212 113
Preferred
4
2314 2314 2314 23 8
3
2218 Fell 25 2518 Jan 12
-2
23
233
4 2312 245
8 2212 2312 20,500 Inspiration Cons Copper
8
20 Mar 285 Noi
/
1
4
*1218 1212 1238 1212
1112 Jan 3 14 Feb 24
14
1312 14
125 123
8
4 13
12 Dec 2134 Feb
7,189 lntercont'l Rubber___No par
10
10
94 Jan 25 107 Feb 23
No par
*10
1012
900 Internal Agricul
4
8
*93 1034
10
10
1012 1078
94 Dec 2614 Jar
100 6018 Jan 26 65 Feb 14
*65
65
/ 6314 63'4
1
4
*63
64
64
563 Dec 95 Jan
8
*63
63 63
200 Prior preferred
*5914 593
4 5914 911
605 6114 604 60% 6012 61
8
3818 Mar 567 Del
16,700 lot Business Machines_No par 5318 Jan 13 61% Feb 21
8
,
51
5112 *5018 507
443 Oct717 Jan
51
5112 5118 5178 5112 51'2 1,800 International Cement__No par 4514 Jan 21 52 Feb 17
100 10214 Jan 21 106 Feb 24 1017 Oct106
*1051 10612 *10514 10612
/
4
1053 1053
4
10514 1057 10534 106
8
Jaz
8
800 Preferred
4
4 5312 592 125,900 Inter Comb Eng Corp _No par 4318 Jan 28 59I2'Feb 25
Stock
5214 5418 5414 565
8
3312 -Mar 6412 Jaz
54
5612 5312 553
15512 16012 158 1617
8
16012 1613 15814 1613 15814 1613* 34,700 International Harvester..„100 13558 Jan 18 16312 Feb 17 11214 Mar 1584 Del
4
8
100 1263 Jan 12 128 Jan 3 118
4
*127 1273 *127 1273 Exchange 1273 1273 '
4
8
/
1
4
4 5127 1274 1275 1275
4
Jan 129 Del
350 Preferred
8
714 714
718 714
614 Jan 4
100
3
6 Sept123 Fel
85* Feb 7
600 lit Mercantile Marine
*74 7 8
8
73
8 752 *73* 71
100 371 Jan 6 445* Feb 7
4134 4238 405 42
433 24,300 Preferred
8
27 Mar 463* Fel
4112 434 4218 43 • 42
/
1
Closed8
63
6312 625* 63
53% Mar 663 Fel
8
623 633
4
8 625 5314 5212 625
8 3,300 International Match pref..35 6212 Jan 17 643 Jan 4
*
4212 4334 4318 44
323 Mar 464 Jai
8
Washing431 433
4 4212 4352 4212 4384 53,700 International Nickel (The)_25 3814 Jan 3 44 Feb 21
100 104 Feb 24 10614 Feb 2 10118 Jan 10412 De
*103 106 *103 106
100 Preferred
•104 104% 104 104 *103 104'8
100 5318 Jan 3 6014 Jan 10
Paper
5514 5512 5512 5612
44% Apr 63 4 Ain
5,700 International
5614 5712 5618 5658 558 557
ton's
3
100 9612 Jan 3 99 4 Feb 14
3
99
89 May 100 De
993 993
99
600 Preferred (7)
8
9912 9912 9912 9912 993 9958
4
4
16014 16014 *161 16114 Birthday 16114 16114 *16112 164 *16112 16412
203 international Shoe____No par 160 Jan 21 16114 Feb 23 135 May 175 Sal
100 12214 Jan 25 1323 Feb 21 111 Mar 133
8
13038 13138 12914 13238
8
8
12918 1315 129 1307 12914 l3O7 48,700 Internet Telep & Teleg
Jai
s
No par
1912 Jan 31 2412 Feb 23
*21
22
1812 July 29
8 2318 2384 8,400 Intertype Corp
22
Jai
2214 Holiday
227 2412 2312 243
8
100 5312 Jan 3 5918 Feb 9
25 Jan 5612 De
57
57
56% 5612 567 57
1,300 Jewel Tea, Ino
57
57
567 57
8
100 1233 Jan 28 125 Feb 18 11512 Jan 12713 No'
4
*124 128
*123 125 *124 125 *124 125
124 124
100 Preferred
9 Dec 191 Fel
*1512 16
600 Jones Bros Tea, Ino,stpd 100 1058 Jan 3 1612 Jan 19
153* 16
153 1558 *155 16
*153 16
4
No par
177 Feb 25 2212 Jan 5
8
12 Nov 66 Fel
s 177 1814 2,000 Jordan Motor Car
19
19
19
19
*183 19
4
18
187
8
14 Jan 11
10
14 Jan 11
14 Mar
Kansas Gulf
5 Jai
4
115- 113 - *112 113 *112 113
-- 4
liar,' 11i4 *Ha- 1131-- 1200 Kim City P&L let pf A_No par 112 Feb 10 11418 Jan 13 10714 Mar 115 No'
51% 515
8 51
3314 May 5134 De
5114 5214 5112 513
513
4
4 5112 5134 4,600 KaYeer (J) Co v t o___ _No par 50 Jan 4 5714 Jan 31
918 Jan 27
97 10
1112 Jan 10
25
10
10's 5,400 KellY-5pringfleld Tire
10
10
1018 10
10
10
9
Oct 2112 Fel
100 35 Feb 2 45 Feb 21
44
*43
4412 *43
43 43
45
4112 4112 45
4312 Oct 743 Fel
4
500 8% preferred
*43
503 *43
4
100 44 Jan 19 48 Jan 10
*42
*42
48
*42
50
50
45 Dec 7314 Fel
481
6% preferred
*78
SO
100 77 Jan 26 85 Jan 4
*77
80
*77
80
78
78
764 Nov 126 Fel
/
1
*77
80
100 Kelsey Wheel, Ins
62
623 6212
8
493 Mar 6414 No
4
No par 60 Feb 9 6412 Feb 24
/ 64's 74,600 Kennecott Copper
1
4
63
6412 63
6214 63
6212
3 Feb 1
4
12 Jan 3
*8
5
3
4
"8
3
4
12May
3
8
3
12
5
8 .
1,000 Keystone Tire & Rubb_No par
3
8
3
8
218 Ja
2978
*2612 297 *27
8
*27
297
8 2612 27
*25% 27
45 Jan 5
No par 2114 Feb 11
39 Nov 824 Ja
300 Kinney Co
*5312 54
54
55
4
55
5614 563 61
61
627
565 Dec 68 No
8
7
25 50 Feb 10 62 8 Feb 25
8 5,100 Kraft Cheese
49
4918 483 4912
8 487 493 10,500 Kresge (9 5) Co new
4918 505
8 4918 497
4
8
4
423 Mar 82
7
10 45 8 Jan 28 55 Jan 7
4
Ja
11112 112
*11112 1123 *11112 11214
4
112 11214 112 112
8
100 11018 Feb 9 1125 Jan 5 11212 Nov 1143 Fe
4
50 Preferred
*16
1714 17
16
16
*1512 1714
*1514 17
1518 Mar 333* Ja
17
200 Kresge Dept Btores____No par 1412 Jan 29 1712 Feb 8
80
*71% 7518 *7114 7518 *7114 7518
*70
*704 74
100 74 Jan 31 80 Jan 4
7014 Mar 9314 Fe
Preferred
184 1891 18612 18612 1873 188
4
/
1
4
/
1
184 1844 1843 1844
4
3,150 Laclede Gas L (St Loula) 100 1733 Jan 27 18912 Feb 23 f46 Mar 19614 De
2112 2112 2112 2112 *21
215
8
2112 2112 *21
8
2112
1918 May 2412Jun
500 Lago 011 & Traneport_No pas 20% Jan 13 227 Feb 2
691 693
/
4
6912 70
8 697 7012 5,100 Lambert Co
69% 69% 6912 6912
3912May 72 No
No par 66 Jan 28 717 Feb 10
8
714 714
718 718
77 Feb 14
718 714
74 712 *7
No par
614 Dec 14 Ja
7 Jan 4
718 1,800 Lee Rubber & Tire
36
36
363
8 36
36
3612
8 36
No par 354 Feb 17 373 Jan 19
3614 2,900 Lehn & Mk
355 355
4
303 Mar 414 Jo
4
24
2414 24
2424% 2458 2,600 Life Savers
24
243
4 24
1714 May 25 De
No par 22 Jan 7 247 Feb 17
233
4
*9112 92
913 9212 • *92
4
8
923* 2,600 Liggett & Myers Tob new__25 *8712 Feb 10 1027 Jan 4
724 Mar 103 De
8
9212 923* 0212 925
•128 130
127 127 *12612 129
100 124 4 Jan 27 129 Feb 18 1193 Jan 12934 Ma
3
•129 130 *128 130
4
100 Preferred
9014 913 *9012 91
9012 905
9114 928
8
25 *865 Feb 10 1023 Jan 18
1,700 "B" new
92 92
71 Mar
4
723 De
4
717 733
717 72
4 7118 7112 8,400 Llma Loo Wks
No par 62 Jan 6 7412 Feb 11
72
5312 Mar 69 4 Ja
705 707
8
8 71
8
563 57% 5512 5714 538 535 18,900 Liquid Carboialc certifs_No par 51 Jan 5 593 Feb 14
8
8
4318 Oct58 8 Na
56
56'2 5558 563
7
5934 5612 58
5812
No par 467 Jan 4 593 Feb 23
557 56% 81,800 Loew's Incorporated
564 5838
/
1
4
8
54
563
3414 Mar 488* Di
612 612
6
61
75 Jan 20
614 614 6,500 Loft Incorporated
7
6 Feb 23
No par
7
6
63* 67
Oct1114 Fe
*4012 41
41
41
*4012 41
*4034 41
4214 Jan 7
300 Long Bell Lumber A
*493 41
4
No par 4012 Jan 1
413 Dec 5012 Fe
4
168 168 *165 168
16734 16912
*160 165
170 170
100 150 Jan 18 170 Feb 21
800 Loose-Wiles Blacult
88 Mar 1771 Di
5160 170
*169 170 *160 170 '
'155 170
165 165
100 15814 Jan 18 16512 Feb 15 12014 Mar 175 Di
200 2d Preferred
2312 29's 273 287
4
8 2812 2914 10,600 Lorillard
2938 2912 2914 2912
8
4
25 273 Feb 24 327 Jan 3
273 Oct4214 Fe
4
'114 11612
*114 1163 *114 11612 5
•115 117 *115 117
Preferred
100 117 Jan 25 11812 Jan 13 11118 Apr 120 At
153 16
152 153*
8
1 55* 157 12,300 Louisiana Oil temp otte_No par
1512 15'2 1558 153*
1818 Jan 5
153* Feb 21
12 Mar 197 Jut
8
9512 9512 *9512 97
*9512 96
9514 951 *96
400 Preferred
97
100 95 Jan 10 97 Feb 5
93 Dec 98 DI
4
254 26% 258 2614 26
2612 14,500 Louisville GI & El A____No par 235 Jan 3 2612 Feb 25
25 8 2512 2512 251
,
8
223 Mar 2618 Fe
4
28
283
8 273 283
4
8 3,100 Ludlum Steel
27
27
2714 28
No par 264 Jan 12 2912 Jan 22
225 Oct 5814 Fe
8
1253 126
4
12614 1273
1253
27%
8 1,600 Mackay Companies
*12214 124
8
123 125
100 120 Jan 14 1273 Feb 25 122
8
Oct 138 Fe
.7118 122853538 713* 715 *7112 72
7218
8
*7112 72
100 Preferred
*7112 7218
8
100 705 Jan 7 72 Jan 27
68 Mar 7318 Fe
/
1
4
98 1003* 99 10012 63,000 Mack Trucks, Ino
97
064 99
98
9614 0712
No par 8814 Jan 24 10012 Feb 25
Jo
895 Nov 159
8
5108 110 *108 110
*107 110 '
4307 110 '
5107 110
let preferred
100 109 Jan 25 111 Jan 4 10712 Nov 113 Jul
/
4
*102 10412 10414 1041 .103 10412
*10212 1041 *102 10412
100 2d preferred
100 102 Jan 18 10414 Feb 24 102
4
Oct 1083 Sal
8 3518 3558 5,100 Magma Conner
8 3412 355
345
337 34
34
335* 337
_No par 2912 Feb 9 355 Feb 24
34 Apr 4478 Fe
1312 13%
14
13
' 8 14
5137
600 MallInson (H R.) & Co_No par
*14
15
*14
15
13 Feb 24 16 Jan 5
12% Nov 2818 Ja
.7518 7612 .755* 77
77
77
77
77
77
100 72 Jan 18 77 Feb 23
400 Manatl Sugar pref
77
55 Arne 82 Fe
643 16,699 manh Elea Supply____No pas 5318 Jan 25 6418 Feb 25
6212 62
583 603
4
4 61
57
/
1
4
5714 573 5818
4
Oct 87 Jul
44
253
8 255 277
25
25
.2412
25 2414 Jan 18 277 Feb 25
5,800 Manhattan Shirt
*2418 2512 *241s 25
s
217 Oct 3278 Ja
447 *40
45
4512 *40
Manila Electric Corp__No par 40 Jan 22 44 Feb 4
40
*40
4512
4512 *40
2712 Mar 453* Bel
197
1,100 masacalbo 011 Expl____No par 18 Jan 6 223 Jan 15
1912 181% 1918 19
•19
19
19
19
19
1612 Oct 28 Fe
4
4
56% 5714 563 5714 52,200 Mariand 011
5612 567
8 56% 577
5612 57
8
491 Mar 633 Jul
/
4
No par 5512 ,Tan 28 5812 Jan 17
3612 3614 365
8 3,400 Marlin-Rockwell
4
3514 3558 351s 3514
3512 373 *36
2412 Oct 33 Ms
No par 27 Jan 10 38 Feb 9
4 4,400 Martin-Parry Corp__-No par 2058 Jan 6 2414 Feb 24
*2112 2212 .2112 2212
4 225 233
*2212 2212 2212 243
17 May 23 Jun
9214 9412
9114 92
955* 3,900 Mathieson Alkali Wkstemett50 82 Jan 6 953 Feb 25
9458 9218 9212 93
93
6212May 10618 Ja
7012 7012 4,800 May Dept Stores new
693e 70
6914 6012
705
8 7018 71
70
6912 Dec 70 Di
25 6714 Jan 27 71 Feb 17
27
8 4,100 Maytag Co
2714 267 27
8
264 268 264 2718 *2612 267
/
1
19 Mar 241 Sag
No par 2358 Jan 15 28 Feb 3
*6012 61
60
• *62
6338 s62
62
300 McCrory Stores Class B No pas 58 Jan 20 7512 Jan 3
8 60
Ja
72 Mar 121
615 615
8
4
. *2612 27
264 27 '268 27
/
1
*2612 27
100 McIntyre Porcupine Mines__5 2514 Jan 25 27 Feb 5
*263 27
4
2214 Oct 30 Fe
25% 26
26
500 Metro-Goldwyn Pictures pf_27 243 Jan 3 2614 Feb 21
2614 5264 2611
*253 2614 *26
4
2614
2214 Jan 2512 No
4
*8
812
8
8 12
3
818
8
8
8
83
2 2,000 Mexican Seaboard 011_,No par
6 Feb
133 Jul
4
914 Feb 16
65 Feb 10
8
153 153
4
4 1558 16
157 1618 7,400 Miami Copper
2
• 1518 1518 1518 1558
1758 0(
11 Mar
4
5 143 Feb 8 1618 Jan 3
3514 3518 353 364 353 3614 46,300 Mid-Continent Petro__No pa.
4
8
3534 36% 353 3614
Ja
2712 July 37
Jan 3 39% Jan 21
343
4
/
4
4
51031
103 10314 *102 10312
90 Mar 10414 Of
*102 10312' / 1041 10312 10312
409 Mid-Cont Petrol prat
100 103 Jan 10 05 Feb 3
23
4 27 16,900,Middle States oil CorD____10
27
8 27
8
24 Nov
8
8 3
27
8 3
27
212 Ja
27
8 3
31 Feb 8
/
4
15* Jan 3
12 Oct
153 13
4
*13
4 17s
13 D4
17
8
15
8
13
4 515a
15
8
15
8
8
214 Feb 8
1,300 Certificates
,
1111 Jan 25
10
1164 1163
/
1
Ton is 110. Fph 17 107 MK,. Milo Ira
t nn ,,n
,
linis 1161, 1151 115% 1163s 1163, 1 91111111g91144n41 Faisal inn., Tnnst
2
*118 119
•ma and asked Woes: 241 rum so this ass. ••:• • 1• •a•-•1•••1.
- 1 1
• •••
1194
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb 19.
.
Monday,
Feb.21.
Tuesday,
Feb 22.
.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1926
Wednesday, Thursday,
Friday,
Feb.23.
Feb 24.
Feb.25.
.
Lowest
Highest
Highest
Lowest
$ Per share $ per share $ per share 3 per share $ per share $ per share Shares Indus.& Sateen- (Con.)
Par $ Per share $ Per share $ Per share $ per share
*33
35
*34
35
*344 35
35
33
33
700 Miller Rubber otts--__No par 315 Jan 25 363 Feb 14
33
8
30 May 4434 Feb
8
*8414 85
84
873*
8618 8818 85
86s 867 883 13,400 Montana Power
4
100 8113 Jan 28 8814 Feb 25
693 Mar 8612 Nov
8
6614 6712 653* 67
668 68
67
6814 664 673 73,900 Monte Ward & Co III corp__10 60 8 Feb 8 3814 Feb 24
4
3
56 May 82 Jan
9l
9
9l8
h
94 93
94 914 2,400 Moon Motors
8 *912 10
No par
83 Jan 26 124 Jan 5
4
8
93 Nov 373 Feb
4
418 418
44 414
413 414
414 414
418 418 3,300 Mother Lode Coalition_No par
4 Feb 9
712 Feb
438 Jan 3
4 Nov
•1012 11
11
11
*1012 11
103* 12
1114 11s
900 Motion Picture
No par
98 Feb 17 13 Jan 17
103 Dec 2312 June
4
*3414 35
35
35
7 36
35
35
1,500 Motor Meter A
34
4
353 353
4
No par 334 Jan 31 374 Feb 3
4
333 May 5338 Feb
22
2214 22
22
2218 2214 2218 2218 2218 2214 2,300 Motor Wheel
No par 2034 Jan 3 2428 Jan 7
1918 Nov 338 Feb
1114 12
12
1212
1212 1212 *1112 12
114 1112 1,800 Mullins Body Corp
No par
10 Jan 5 1212 Feb 21
4
8 Nov 193 Feb
*374 3812 38
38
387 393* *38
8
3914
3914 3914
500 Munsingwear Co
No par 36 Feb 25 397 Jan 11
4
8
343 Apr 3834 July
3612 37s 3612 38
4038 43
38
40
36
383 48,400 Murray Body new
8
No par 30 4 Jan 27 43 Feb
3
23-65's 66h 6514 658
6518 667
33,000 Nash Motors Co
8 654 667
8 6614 66s
No par 63 Jan 28 734 Jan 5
52 Mar 707 Deo
.411 5
*44 5
*44 5
*412 5
*412 5
National Acme stamped_ _100
5 Feb 15
8
5 Nov
127 Jan
63* Jan 7
963 964 9713 9712
4
98
9912 99
9913 99
993
4 6,500 National 131fieult
25 943 Jan 27 10113 Jan 10
4
74 Jan 102 Deo
•1303 132 *13114 132
13218 13214 *130 133
13114 13114
300
Preferred
100 130 Jan 10 133 Feb 11 126
Jan 13112 Apr
4012 4028 40
4028
40
404 40
4018 4014 403
8 3,300 Nat Cash Register A w I No par 397 Jan 3 42 Jan 22
Jan
3712 Oct 54
314 3312 33
3513
304 3414 31
323
4 305* 3112 37,700 National Cloak & Sult
100 18 Jan 22 3512 Feb 21
18 Nov 57 Jan
9012 93
91
9312
z883 91
4
88
90
88
ssh 5,200
Preferred
100 61 Jan 31 9312 Feb 21
5818 Nov 9212 Jan
77
77
76
76s
7628 78
765g 777
8 767 7728 6,300 Nat Dairy Prod tern etre/Vo par 7028 Jan 3 78 Feb 10
8
53 Apr 80 Jan
25
25
25
25
254 2514 2514 2514 25
2514 1.000 Nat Department stores No par 2428 Eeb 7 2612 Jan 10
Oct 423 Jan
24
8
*90
92
*9134 9212
*90
9212 *90
1st preferred
9212 *90
9212
100 91 Feb 17 9414 Jan 10
Jan
894 Oct 97
2514 25 4 25
3
2612 2712 264 2712 26
2712
2714 16,400 Nat Distill Prod etfs___No par
17 Feb 8 2712 Feb 16
1212 May 34 Jan
*5112 5212 5113 5512
543 5514 5418 5414 543 54h 4,800 Preferred temp etf _No par 4318 Feb 2
8
4
3712 Aug 7318 Jan
5512 Feb 21
*2512 26
26
26
26
2512 26
264 26
1,200 Nat Enam & Stamping
26
100 2413 Jan 11 2934 Jan 17
2118 July 4012 Jan
*82
85
82
8212
*81
83
82
500 Preferred
*8012 82
82
100 81 Jan 4 8312 Jan 28
4
76 July 893 Jan
*171 17312 *160 174
17314 17314 17212 173
17234 17812 5,600 National Lead
100 160 Jan 27 17812 Feb 25 138 Apr 181 Dec
*11412 118 *11614 118
*11614 118
100 Preferred
118 118 *118 11812
100 11714 Feb 3 11834 Jan 8 116
Jan 120 May
204 2014 2018 207
20h 21 8 207 213
,
8
4 207 213 36,000 National Pr dr Lt otts_No par 1918 Jan 28 22 Jan 6
4
8
164 Mar 3828 Jan
9212 933
933 9334 938 948 943 947
4
4 93l8 9318
4
s 4,900 National Supply
50 8212 Jan 3 95 4 Feb 18
3
5513 Jan 88 Dec
•117 120
117 117
*116 120 *116 120 *116 120
100 National Tea Co
No par 11413 Jan 11 118 Jan 6 11612 Nov 238
Jan
1418 143
8 144 1414
1428 1438 1413 1478 1434 15
10.200 Nevada Consol Copper
5 133 Feb 10 15 Jan 3
1128 June 1614 Nov
4512 4618 455* 4628
4528 4612 454 473
8 4628 4714 18.500 NY Air Brake
No par 403 Jan 8 477 Feb 11
8
8
3613 Jan 4612 Sept
164 1638 1612 163*
18
19
5,200 NY Canner- temp etle_No par
1818 193
8 163* 18
133 Feb 16 217 Jan 3
4
8
2018 Nov 8404 Jan
.47
50
*47
4912
*47
494 *48
57
*48
57
Preferred
No par 4812 Feb 14 72 Jan 13
7014 Dec 85 Apr
34
34
34
34
343 343
4
4,100 New York Doak
4 35
374 37
38
100 34 Jan 14 38 Feb 25
8
Oct 457 Feb
32
•73
74
73
73
*7212 74
7312 74
500 Preferred
7414 7414
100 724 Feb 9 7412 Jan 10
69 May 77 Dec
*28h 28h 2812 2812
2812 2812 2812 2812 2814 2812
800 Niagara Falls Power pf new_25 273 Jan 31
4
29 Jan 5
2728 Mar 2912 Dec
474 4812 473* 4914
484 4914 4918 493
4 4912 508 61,100 North American Co
10 4558 Jan 14 50h Feb 25
Jan
42 Mar 67
*50
5012 501 503
4
4
*5012 51
1,500
5034 51
51
51
Preferred
50 50 Jan 10 5114 Jan 7
49
Jan 524 Aug
97
97
*97
98
400 No Amer Edison pref_-No par 963* Jan 6 10014 Jan 25
98
98
98
98
9814
*98
9118 Mar 97 Dec
.45* 5
43
4 47
4 8 513
,
7,100 Norwalk Tire & Rubber- _10
412 5
5
45*
4 Jan 31
53* Feb 10
44 Oct 1518 Jan
•12
14
*1212 13
*1212 13
*1212 13
Nunnally Co (The)_....Nopar 13 Jan 19 13 Jan 19
*1212 13
123 Dec 1712 Jan
4
37
3514 36
373* 3612 36 4
3412 36
3
36
3678 4.200 011 Well Supply
25 3114 Jan 28 403* Feb 7
30 July 363* Oct
1313 1312 1318 133*
1312 1312 *134 133* 1318 137
4,000 Omnibus Corp
8
No par
12 Feb 11
143 Jan 6
8
12
Oct2214 Feb
623* 6234 *59
625
8
6212 6312 6304 6414 64
64
/ 10,000 Oppenheim Collins & CoNo par 5812 Feb 8 643* Feb 25
1
4
47
Jan 635* Sept
3313 3312 3312 3334
333 337
8
8 337 337
8
8 334 335* 1,800 Orpheum Circuit, In°
1 3018 Jan 4 341 Jan 24
8
2712 Mar 334 Nov
*10512 ____ *10512
*10513 ____ *10512 10812 *10512
______
Preferred
100 105 Jan 20 107 Feb 10 101
Jan 105 Apr
107 107
107 107
107 10712 *107 108
108 10814 2,900 Otis Elevator
00 x103 Feb 2 131 Jan 18 106 May 136 Dec
1093 1093 108 10812
8
8
108 108 *10812 10912 110 110
80 Preferred
100 108 Feb 16 111 Jan 14 1023 Jan 10912 Aug
4
81
81
818 3 8
818 83
0
812 84 3,300 Otis Steel
8
812
No par
714 Feb 10
83 Feb 25
4
8 Oct 1412 Jan
•6612 6812 *6712 69
600 Prior met
69
7012 703 7012 *6812 70
8
100 6112 Feb 8 7012 Feb 23
63 Nov 74 Sept
79
79
787 7918
8
7914 794 7912 793
4 7914 793* 1,600 Owens Bottle
25 754 Jan 18 807 Feb 4
8
53 4 Mar 905 Dec
3
•544 56
5512 5858
Stock
3,200 Outlet Co
597 61
61
60
*59
61
No par 525 Jan 28 61 Feb 23
44 May 5514 Dee
•106 110 *167 no
100
1075* 107h *108 110 *107 112
Preferred
100 107 Jan 27 1075* Feb 23
9712 Apr 10712 Dec
313 313
3
8 313* 3112 Exchange
31
3112 314 32
4
25 31 Feb 18 33 Jan 19
313 3214 7,100 Pacific Gas dr Elm new
14 112 *112 15
112 14 6,300 Pacific 011
112 lh
112 112
No par
112 Jan 12
lh Jan 7
n1 May 8318 Feb
3438 3458 343 345 Closed8
344 3514 3434 3518 34h 35
11,409 Packard Motor Car
10 34 Jan 25 363* Jan 4
313 Mar 4514 July
4
10
10
1012 103*
105* 103
8 1,200 Paige Del Motor Car__No par
4 103 103
8
4
07 Feb 9 1178 Jan 6
3
4 105 107
9 Nov 2812 Jan
.6318 6314 *63
64
Washing63 4 633
3
300 Pan-Amer Petr & Trans......_50 603 Jan 6 6578 Jan 19
4 63 63
6312 634
4
5618 Mar 7612 Jan
64
648 633* 647
8
633* 6412 6314 643* 6312 64
22,800
3 Jan 20
Class B
50 61 Jan 3 66
567 Mar 7838 Jan
3318 3558 3518 3512
ton's
*3514 36
353* 36
3512 353* 1,800 Pan-Am West Petrol B_No par 354 Jan 27 377 Jan 24
30
Oct46
Jan
•1513 16
15 4 153
3
1513 1512 155* 1614 1513 153
4
4 2,200 Panhandle Prod & Ref_No par
14 Jan 5 188 Jan 17
412 Jan 32 June
*73
78
*73
78
Birthday *73
78
•73
Preferred
78
100 7014 Jan 15 813 Jan 17
•73
78
4
51
Jan 995 June
•2018 23
201s 2018
1,900 Park & Tilford tem etfe_No par 20 Jan 27 23 Jan 3
203* 2114 2214 227
22
8 22
185* Oct284 Jan
714 714
7 s 73
Holiday
3
714 713
.1
5
7 8 74
3
7 8 7 8 10,400 Park Utah CM
6 Jan 3
3
75* Feb 25
518 Sept812 Feb
4078 4118 41
4158
4038 41
40
40
4014 424 4,700 Patbe Exchange A_.._ _No par 37 Feb 14 4234 Jan 19
3214 Nov 83 Jan
2812 283* 283 2914
8
*2834 2914 29
1,000 Peerless Motor Car
50 267 Jar 20 32 Jan 8
29
8
*285* 29
233* Nov 3112 Nov
23 2314 2214 2338
23
2312 223 2318 2212 223
6,700 Penick & Ford
No par 21 Jan 17 24 Feb 15
167 Jan 24 Dec
8
*10
12
*1014 12
12
12
300 Penn Coal & Coke
*12
1378 *124 13h
50 1014 Jan 10 14 Jan 2i
7 Aug
19
Oct
*3514 35 3 35 8 3512
3
3
35
3514 *353 3512 3514 3512 2,800 Penn-Dixie Cement_ _No par 344 Jan 20 393* Jan 13
8
38 Dec
41 Dee
*9914 100
*99
993
*9914 993 *994 993 *994 9954
Preferred
100 99 Jan 4 998 Jan 13
4
4
99 Nov 10011 Nov
1
1
1
1
1
1
7
8
7
8
7
8
7
8 4,100 Penn-Seaboard St'l vto No par
3 Jan 3
8
118 Feb 14
h Oct24 Jan
*1284 12914 1284 12812
129 129
1284 12818 129 13012 2,500 People's 0 L & C (Chie)._100 126 Jan 14 13012 Feb 25 117
Jan 131 Dec
*85
89
*85
89
*86
88
9113 1,400 Philadelphia Co (Pittab)---50 8514 Jan 18 92 Feb 24
88
91
92
5918 Mar 91 Dec
5I5* 515* *5112 53
*5113 53
200
6% preferred
513* 515* *5112 53
50 50 Jan 6 53 Feb 10
Oct5114 July
45
4278 43
425* 4338
425* 4338 4234 433* 44
35,400 Filer% & Read C & I___No par 415* Jan 28 47 Jan 3
453*
3614 Apr 483 Feb
8
*424 4312 417 417
*42
8
44
100
*43
*43
44
44
Certificates of hat-NO par 413 Jan 26 44 Feb 14
8
363 June 4612 Jan
4
*50
54
*50
54
*50
54
54
*50
Phillips-Jones Corp_ _ __No par 47 Jan 3 50 Jan 24
*50
54
45 Dec 553 Jan
4
35 4 35 4 35 4 35 4
3
3
*35 4 3612 353* 3718 3812 3918 2,600 Phillip Morris & Co, L14-10 35 Jan 211 4118 Jan 10
3
3
3
12
16 Apr 41 Dee
58
58 4 5818 583
3
574 5812 573 58 8 58
4
4
,
5812 56,600 Phillips Petroleum__ __No par 543 Jan 3 6014 Feb 16
4
40 Mar 573 Dec
8
*45
4512 45
*46
454
467
8 4612 463
800 Phoenix Hosiery
4 4612 4612
5 42 Jan 7 4712 Feb 15
31 Mar 4614 Nov
11023
4
*1023 ____
4
•1023 -- _ *1024
4
*1023 ___ - -----4
100 103 Jan 5 1043 Jan 21
Preferred
4
94 Mar 103
Oct
197 2014 20 2018
g
21
2112 214 217
8 2112 2218 10,800 Plerce-Arrow Mot Car No par
1818 Jan25 22711 Jan 3
19 May 4318 Jan
90
90
90
90
2,400
90
9112 91
92
93
90
Preferred
100 85 Jan 17 10212 Jan 3
764 Apr 12714 Aug
h
3
4
5 • h
8
*h
3
4
5
8
3
4
3
4
25
At 1,300 Pierce 011 Corporation
h Jan 5
3 Jan 4
4
12 Octih Jan
1412 1412 1412 1412
1414 1414 *1414 15
300
*1414 15
Preferred
100 144 Feb 23 173 Jan 24
4
1118 Nov 274 Jan
*31 312
/
4
3
3
3 14
3 18
3
34 *318 33* 2,100 Pierce Petrol'm tern etfsNo par
3 Jan 5
37 Jan 13
8
214 Aug
7
Jan
33 33
*33
3512
34
34
450 Pittsburgh Coal of Pa
*34
35
35
35
100 33 Feb 18 3612 Jan 3
29 June 424 Jan
*7034 71
*7034 71
71
71
7212 1,000
71
71
*71
Preferred
100 71 Feb 7 7412 Jan 7
70 June 85 Jan
*985* 10012 *9812 101
*9812 101
100 Pittsburgh Steel prof
*9812 101
985* 985*
100 98s Feb 25 101 Jan 18
94 Mar 10018 Dec
*973 98
8
975* 994
9818 1003
18,300 Post'm Cer Co the new_No par 9612 Jan 4 1023 Jan 14
4 983 993
4
4 9812 99
8
7512 Mar 1247 Feb
4
523 53 8 53
4
7
5314
543
4 7,400 Pressed Steel Car new
544 53
534 5312 63
3418 May 44 Nov
100 3612 Feb 5 51 Feb 16
*82
85
*83
85
400
82 82
82
*81
81
84
Preferred
7712 Dec 953 Jan
4
100 7612 Feb 5 86 Feb 17
27
2712 27
26
25,500 Producers & Refiners Corp_50 163 Jan 5 32 Feb 10
2714 2714 2912 28
273*
29
11 Mar 203 Oct
4
4
*44
4712 4518 4712
*4412 4714 473* 4828 4612 48
930
Preferred
30 May 413 Oct
/
1
4
4
50 367 Jan 6 50 Feb 9
8
3313 3414 3414 3412
3414 343* 345* 347
5
4
8 347 353 27,200 PubServCorp of NJ new No par 32 Jan 6 353 Feb 25
3114 Oct33 Nov
4
984 9812 *98
9912
400
0% Preferred
9912 9912 10014 *9912 100
*98
Oct
100 9812 Feb 19 10014 Feb 24 1 9612 Apr101
*110 11038 1093 1093
4
4
•110 1104 *110 11018 11018 11018
300
7% preferred
100 10812 Jan 5 11014 Feb I(' 10318 Jan 110 Nov
0126
____ *126 1263*
*126
____ •127 ____ *12618 1263
8% preferred
4
4
100 125 Jan 10 12612 Feb 7 115 Mar 1243 Nov
*104
____ 1045* 1043*
•10412 106
600 Pub Ben Elea & Gas pfd_100 102 Jan 4 10512 Feb 24
97
,
105 10512 *104 105
Jan 10418 Sept
*1145 115
8
1144 115
*1143* 11518 *1145* 11518 *1145* 1154
200 Pub Service Elea Pr pref_100 1133* Jan 18 115 Feb 21 106
Jan 114 Aug
18212 18312 18212 183
183 184
4,800 Pullman Company
18312 18412 183 184
4
100 1813 Jar 18 18912 Jan 3 1454 Mar 19912 Sept
*4312 44
44
4412
4414 4412 4413 448 433 44
1,400 Punta Alegre Sugar
4
33 Apr 4914 Dec
8
60 413 Jan 26 467 Jan 3
4
305 3114 303* 31
4
3018 3034 305 313
8 303 317 95,700 Pure 011 (The)
8
8
2514 Oct31
25 2714 Jan 3 3218 Feb 16
Jan
*112 113 *112 113
*112 113
100
113. 113 *112 113
8% preferred
8
100 1113 Jan 11 113 Feb 24 106 Apr 1122g June
5218 523
4 534 54
52
5312 514 5214 52
524 6,800 Purity Bakeries class A__ __25 463 Jan 20 54 Feb 21
47 Oct49 8 Nov
8
3
5018 514 513 5312
4
3 55
543* 57
Feb 23
13,600
53
53
53
414 Nov 44 Dec
Class 13
4
413 Jan 3 57
No par
'102 10318 10318 10318
*102 105 *101 105 *101 105
100
99
Preferred
Oct103 Dec
100 10114 Jan 8 10312 Feb 5
534 514 5214
52
51h 5414 533 5514 537 553* 53,800 Radio Corp of Amer-No par 474 Jan 24 565* Feb 10
32 Mar 61h Nov
8
8
52
5212 52
*52
52
52
•52
5212 524 5218
400
5218 Feb 4
443* Mar ash Dec
Preferred
50 5014 Feb I
43
*41
*4212 43
*41
43
415* 4134
,
4214 424
290 Rand Mines, Ltd
323 Apr 413 Oct
4
No par 40 Jan 5 42 8 Feb 16
4
3
145* 14 4
•1434 15
•14 4 15
3
15
1514 154 153
3
1012 Mar 183 Nov
8 1,100 Ray Consolidated Copper..10 1412 Feb 7 15 8 Jan 22
4
4
4712 473 4838
4818 483
47
4 484 483
4
3712 Nov5014 Oct
474 483 21,900 Real Silk Hosiery
8
10 3918 Jan 25 483 Feb 23
99
*92
*92
99
*92
99
*92
99
*92
9314 Dec 100 Nov
99
Preferred
100 91 Jan 29 934 Jan 8
*42
4212 4,42
4212 4212 *4012 4212
4212 *42
100 Reid Ice Cream
4212
393 Dec 56
4
Jan
No par 384 Jan 24 43 Feb 18
*814 838
833 812
8
8
812
8
9 Jan 10
712 July
7
7 Feb 25
73
4 2,100 Reis (Robt) & Co
183 Feb
No par
4
15234 1533 152 154
15112 15414
4
15214 163
15134 153
6,600 Remington Typewriter---100 11212 Jan 12 16012 Feb 8
8313 Apr 127 Feb
11312 116
11312 115
115 115
1134 114
11214 113
Apr 118
340 7% 1st preferred
100 110 Feb 18 11712 Feb 10 106
Oct
114 114 *11414 11412 1143 11412
8
1147 1147
11412 115
170 8% 2d preferred
100 111 Jan 6 119 Feb 10 105 Apr 11514 Aug
113 12
4
4
113 12
1178 12
12
12
1312 Jan 10
113 12
1012 Jan 2S
3,400 Replogle Steel
4
8
Oct15 8 Jan
No par
7
547 667
8
6438
534
64
3
63
673
3 66
6712 22,200 Republic Iron & Steel
4 66
44 May 635 Jan
100 5613 Jan 4 67 4 Feb 24
10214 l021s 1024 10212 .10118 1023
101 10112 10112 10112
8
500
4
9114 Mar 99 Sept
100 065 Jan 3 10212 Feb 23
Preferred
*4
413
44
4
418 44 *418 414
43 Jan 13
44
4 Feb 21
4
*4
No par
800 Reynolds Spring
414 Oct 1058 Jan
9938 9818 99
99
983 99
4
8 9912 997
11,900 Reynolds (RI) Tob Class S 25 9818 Feb 24 124 Jan 14
9912 997
90 Mar 1217s Nov
*80
82
*80
83 •80
81
•80
82
824
*79
Roada Insurance Co
25 74 Jan 13 833* Jan 21
7618 Dec 100 Jan
513 52
4
5I1
513* 52
515 514 3.500 Royal Dutch Co(N Y shares). 5012 Jan 25 5412 Feb 9
8
8
5218 517
52
473 Oct67 Jan
8
/
1
4
4114 4114 4113 4112 4112 1.400 StJoseph
41
41
41
8
41
10 4012 Fob 15 423 Jan 5
41
Lead
363* May 4818 Feb
5812 607
6018 62
5914 60
12,300 Safety Cable
No par 525 Jan 3 62 Feb 24
8 5712 5814
8
573 573
424 Mar 554 Nov
65 65
6412 641
65
6812
67
800 Savage Arms CorperatIOn-100 611 Jan 28 71 Jan 4
*63
67
6714 Nov 10213 Feb
67
/
4
3
3
3
3
3
3
2
5,700 Seneca Copper
4
3 Jan 10
No par
23 Jan 4
8 314
*27
3
3
212 Dec
1014 Jan
60
6014 604 801
6012 61
1,900 Shubert Theatre Corp_No par 564 Jan 12 61 Feb 25
61
*60
52 Mar 70h July
60
60
48
47
47
474 47
474 4,800 Bahian Retail 11tores-No par 47 Jan 18 49 Jan 3
/
1
4
4212 Mar 13818 Jan
4
4714 474 473 471s
*11714 119 *11714 11814 1184 1184
Jan 22 119 Feb 7 11211 Jan 120 Sept
600
Preferred_
100 11014
1164 120 *11714 1184
8
1212 1213 125 125
8 1288 1234
800 Seagrave Corn
•,94. 1954 *1254 1234
1214 Feb 19 135 Jan 3
No par
1213 Mar 1434 Mar
-dividend. a Ex-rights. a Ex-divIdand ono sham of (Standard 061 of Calltoenia new.
•
gia aaa mud pyjeac no saw en tills day, a ft
1195
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 19.
Monday,
Feb. 21.
Tuesday,
Feb.22.
Wednesday. Thursday,
Feb.24.
Feb.23.
Friday,
Feb.25.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
share $ per share $ per share
$ per share $ per share $ per share $ Per share $ per share 5 per share Shares Indus. & MisesII.(Con.) Par $ per share $ per Feb 25
4414 Mar 583 Sept
8
8
554 5614 5512 564 34,400 Seare,Roebuck .4 Co newNopar 51 Jan 17 563
58
55
8
5538 547 553
55
47 Mar 6953 Jan
8
8
No par 563 Jan 17 663 Feb 23
3
3
8 63 8 63 4 3,800 Sbatuck (F 0)
(357
8 65
6412 663
6412 6518 6414 64%
4012 July 485 Jan
8
8
Shell Transport & Trading_ £2 4412 Jan 4 477 Feb 10
*4612 47
*4612 48 ' 4 47
2463
48
8
*465
•4614 48
24 Mar 31 Nov
4
No par 283 Jan 3 3134 Feb 7
16,500 Shell Union Oil
8
308 31
8
307 3114 305 31
3078 3114
8
305 31
100 10712 Jan 27 10812 Jan 10 103 Mar 114 July
8
100 Preferred
10812 10812 *10712 1083 *10712 10838
4
/ 10812 *10712 10812
*1071
1518 Aug 2853 Jan
4
10 19 Jan 3 223 Feb 16
2138 22
2134 2214 11,800 Simms Petroleum
2158 22
2134 2214 21% 2238
8
283 Oct 5412 Jan
No par 3312 Jan 6 40 Feb 25
8 3918 40
8
387 393
391
37
9,700 Simmons Co
37
3614 36
36
100 10714 Jan 4 110 Feb 10 10512 Nov 10911 July
40 Preferred
10814 10814 10814 10814 10814 10814
010814 10912 *10712 10814
8
4
163 Oct 247 Feb
8
19 Jan 3 223 Jan 20
Sinclair Cons 011 Coro_No par
4
2114 2012 2118 203 2118 39,800
21
8
2114 2112 2114 217
90 Mar 9912 June
100 97 Jan 6 10314 Jan 31
1,500 Preferred
10214 10212 102 10214 *102 10214
10214 10212 10212 10212
2658 Mar 37% June
25 3414 Jan 4 3738 Feb 21
8
8
365 3738 368 373 60,600 Skelly Oil Co
8
363 37
8
1
/
384 373
8
365 37
130 13212 13012 13012 2,800 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13212 Feb 24 103 Apr 14212 Aug
130 132
12912 12912
*128 130
92 Apr 18913 Dec
4
4
17312 1763 173 17534 170 173
7,600 South Porto Rico Sugar___100 154 Jan 25 1763 Feb 23
8
16812 16812 168 1747
Oct 121 Dec
100 119 Jan 6 125 Feb 18 110
12312 *123 12312 •123 12312
30 Preferred
*123
125 125 *12312 124
30 Dec 33 July
8
25 315 Jan 3 3412 Feb 23
4
/
; 34
341 3412 34% 343
8
342 13,000 Southern Calif Edison
4
333 34
3312 34
Oct 5512 July
41
8
3614 365
8
355 3714 3614 37
8 4,500 Southern Dairies cl A_No par 33 Feb 4 453 Jan 13
8
358 358 3512 355
4
1712 Oct 353 Mar
No par 12 Feb 1 20 Jan 7
1312 1378 2,600 Class B
8
1318 135 *135 14
8
1318 1312 1314 1312
4
10 Dec 173 Feb
3
10 8 Feb 4 13 Jan 20
No par
Spear & Co
*1014 12
*1014 12
•1014 12
*1014 12
13
*1014
72 Apr 82 Jan
4
1
/
100 73 Feb 24 80 Feb 14
75
73
*7218 78
1,000 Preferred
7612
75
7712 7712
4
*763 78
3
18 4 Apr 313 Feb
8
No par 2012 Jan 27 2512 Feb 24
Mfg Co
244 2514 25
2512 2412 2514 11,700 Spicer
8
4 245 2528
2418 243
Jan 10714 Dec
100 104 Feb 21 106 Jan 10 101
104 104
10458 10458 *103 104
300 Preferred
104 104
•102 104
51 Mar 69 Feb
8 5514 567
555
8 5612 5714 26,500 Standard Gas & El Co_No par 54 Jan 25 5714 Feb 25
55
5512
55
4
543 55
8
4
533 Mar 575 Feb
4
/
50 571 Jan 3 60 Feb 16
800 Preferred
8
*5918 5912 5914 5912 593 5912
59
5914 59
*59
1
/
67% Oct 924 Feb
100 7014 Jan 4 7412 Feb 23
8 3,400 Standard Milling
7412 733 7412 7314 733
72
8
7212
271
7212 '
*71
80 Mar 90 Feb
4
100 84 Jan 5 903 Feb 9
Preferred
90
*89
90
*89
90
*89
90
289
90 '
*89
8
525 May 635 Sept
8
4
584 58
583* 13,900 Standard Oil of Cal new.No par 58 Jan 3 603 Jan 19
8 58
1
/
584 585
5814
8 58
5818 .583
8
8
373 Dec 463 Jan
8
4
32,100 Standard 011 of New Jersey-25 373 Jan 10 413 Feb 5
4
1
/ 3912 z388 39
38
3812 39
8
3834 394 385 39
8
100 1145 Feb 25 11614 Feb 11 115 Nov 11918 May
11618 11614 11614 11614 21145 1145
8 3,100 Pref non-voting
8
11618 11618 11618 11618
3212 Dee 3314 Dec
8
3218 325 24,400 Standard Oil of New York_ _25 3218 Feb 23 3418 Jan 18
4
/
321 3212 3214 323
3238 3212 3214 3258
8
312 Nov 107 Feb
414 Jan 3
3 Jan 11
500 Stand Plate Glass Co__No par
314 314
3% 314
4
1
/
318 3
4
/
4
1
/ *31 312
4
/
*31 3
75 Mar 9614 Nov
No par 9012 Jan 4 9612 Jan 12
9414 942
94
4 1,000 Sterling Products
3
93 4 9414 94
•9312 94
*9312 94
8
61 Nov 927 Jan
1
/
-Warn So Corp_No par 624 Feb 1 674 Jan 5
8 64
6412 3,300 Stewart
8 6412 845
845
64
6312 644
1
/
6312 634
4
473 Dec 7714 Jan
8
4918 4918
8
497 50
49
49
500 Strombergi Carburetor_No par 477 Jan 3 51 Jan 7
•4812 50
*4812 50
47 May 62 Sept
4
/
52
8 52
5118 52
527
5212 55,400 Studeb'rCorp(The) new No par 5012 Feb 19 561 Jan 7
5012 5112
5012 52
WO 118 Feb 10 122 Feb 23 11412 Feb 12212 June
100 Preferred
122 122 *118 123 *118 123
2120 122
•120 127 '
112 July
3
3 4 Feb
4
33 Jan 8
2% Jan 4
No par
8 3
27
4 2% 4,900 Submarine Boat
3
23
3
3
3
318
3
8
30% Mar 415 Jae
4
No par 313 Jan 10 347 Jan 17
*3214 33
33
33
1,100 Sun 011
3314 33
*33
33 3314 33
514 Dec
1 July
612 Feb 18
57
412 Jan 3
No par
011
5
58 6
4 6
53
512
28,300 Superior
4
/
512 61
8
618 63
1912 Apr 347 Sept
8
100 195 Jan 25 2514 Jan 21
21
21
400 Superior Steel
21
*20
21
21
21
2012 2012 21
8
84 Apr 175 Sept
8
8
50 113 Jan 27 135 Feb 3
1212 '
1212
8
212
13
1212 125 *12
200 Sweets Co of America
13 •12
.12
1
/
4 Nov 144 Jan
8 Jan 14
412 Feb 8
412 412
1,000 Symington temp othi_No par
412 412
5
5
*412 5
412 412
8
105 Oct 207 Feb
8
912 Feb 25 133 Jan 14
1012 1012 105 107
8
8
8 2,500 Class A temp ctfs____No par
912 105
1014 1012 1014 1012
Apr 147 Jan
11
1312
1312
900 Telautograph Corp____No par 1158 Jan 10 1338 Jan 22
1312 *13
1312 *13
*13
1212 1212 •12
1058 Dec 18 Feb
No par
103* Jan 4 1314 Jan 13
4
1214 1218 1212 1212 123 10,000 Tenn CoPP & C
12
1178 123* 12
1212
48 Mar 58 Aug
25 5512 Jan 26 58 Jan 17
5612 56% 1,500 Texas Company (The)
4
5612 5612 *563 57
4
*563 5712 567 568
5312 Nov 57% Dec
25 56 Jan 26 58 Jan 17
4
5612 568 5612 56% 5612 563 18,200 Texas Corporation
4 5612 56%
562* 563
39
8
Oct 523 Nov
49 Jan 3 5614 Feb 23
543* 5614 555 5614 555* 56 127,700 Texas Gulf Sulphur new No pa
8
3
53 4 5414 535 5412
Oct 1912 Jan
12
8
1418 Jan 27 163 Jan 12
s
8
4
143 153* 147 153 13,700 Texas Pacific Coal & 011___ _1
1412 15
147s 151s 1478 15
1512 Jan 25 2014 Jan 13
Trust new__
4 17% 1814 18
1714 173
2018 60,800 Texas Pac Land
1734 17
17
1712
.
2 8 Dee 14 Jan
No par 2414 Jan 11 3118 Feb 24 . 65 30
4
4
293 30
3118 293 294 5,500 The Fair
287 30
283* 29
4214 May 50 Sept
4
1
/
26 47 Jan 26 50 Feb 24
1,200 Thompson (J R) Co
4 493 50
*4912 493
z4934 493
4
1
/
*494 4912 4912 4912
27 Nov 3914 Jan
100 27 Feb 23 2918 Jan 13
28
•27
200 Tide Water 011
28
4
/
271 *27
27
28
*27
28
*27
4
1
/
87 Nov 103 Jan
1
/
100 874 Feb 2 8912 Jan 19
200 Preferred
89
*88
89
*88
Stock
88
88
88
.8814 8812 88
4
/
447 Mar 8511 Nov
4
9114 9312 913 923* 9112 9314 57,300 Timken Roller bearing-No par 78 Jan 3 953 Feb 16
4 0012 92
4
903 913
9514 Apr 116% Sept
8
100 107 Jan 28 1103 Jan 5
4
4
1075* 1073 Exchange 108 10812 108 10818 10758 1083 11,900 Tobacco Products Corp
10712 108
8
100 11318 Jan 4 11612 Jan 18 103 Mar 1183 Sept
Claes A
114 114
400
4
4
8
•11418 1147 1143 1143
4
•114 1143 *11414 11484
3 Mar
512 July
5 Feb 14
418 Jan 13
4
412 43 35,000 Trans:eV'011 temotf newNopar
412 44
43* 47
434 47 Closed434 5
15 Aug 27 Jan
14 Feb 18 1514 Jan 6
14
300 'rr,nsue&WilllamaSt'lNopar
1314 14
*13
14
*13
14
*13
1314 14
4
4314 Nov 633 Jan
4
45 Jan 29 48, Feb25
4712 4814 2,500 Underwriter Typewriter---2
4612 4612 46% 48
461s 4618 Washing.
4618 47
35 May 7114 Jan
4
/
9,700 Union Bag & Paper Corp 100 3812 Jan 25 461 Feb 24
8
458
4418 443 463* 45
43
8 414 42
4012 415
7712 Mar 10034 Dec
66,700 Union Carbide & Carb-No par 995* Jan 26 11712 Feb 23
11518 11712 115 1163* 113 115
ton's
11318 117
8
1077 114
37% Jan 585* Sept
26 5214 Feb 18 5612 Jan 6
5,600 Union Oil California
8
8
4 525 5314 523 53
5212 523
4
523 53
5212 523
4
93 Dee 951 Dec
1
/
100 94 Jan 3 984 Jan 19
Union Tank Car new
98
*97
98
*97
98
Birthday *96
99
*96
98
*96
3
1
/
834 Feb 109 4 Aug
25 9314 Jan 25 100 Jan 6
4 4.900 United Cigar Stores
953
95
4
943 95
94
94
4
1
/ 9412 933 943
94
4
4
8
100 125 Jan 5 12818 Feb 23 1147 Mar 125 June
50 Preferred
12818 1281 *12818 132 *12818 132
4
/
Holiday
*128 132 *128% 132
100 159 Jan 25 17114 Jan 10 134 Mar 174 Dec
4,300 United Drug
165 167
165 1655* 1644 165
164 165
165 165
4
/
551 Mar 59 July
50 5812 Jan 6 60 Jan 12
700 1st Preferred
59
59
5812 59
59
59
*5812 59
4
583 59
Apr 126 Nov
98
No par 11312 Jan 26 123 Feb 24
2,800 United Fruit new
122% 123
123 123
121 122
121 121
120 120
17 Dec 3812 May
100 163* Feb 24 17 Feb 2
100 United Paperboard
8
165* 165 *163* 18
*1658 19
8
*155 18
*165* 18
90 Mar 9812 Dec
1st pfd_100 98 Jan 14 10112 Feb 3
Universal Pictures
99 10112 *101 10112 *101 1011z
2
*9812 10112 29812 10112
135* Mar 3412 Dec
4
/
8 4,300 Universal Pipe & Rad__No par 271 Jan 25 31 Iecl 7
305* 307
303* 31
3012 31
4 30% 31
4
303 303
52 Mar 9012 Dec
4
100 813 Jan 27 90 Jan 11
100 Preferred
*8412 8512 8412 8412 *8512 86
*8412 86
*8412 86
20,700 US Cast Iron Pipe dc Fdy-100 202 Jan 25 22812 Jan 3 150 May 24812 Aug
220 223
214 21812 21812 224
214 21712
21612 219
100 1137 Jan 28 115 Jan 5 10014 Mar 118 Dec
8
Preferred
*111 114 *111 114 *111 114
'
•111 11412 1 111 114
39 Mar 6112 Feb
5,000 U S Distrib Corp tem atf No par 5114 Feb 14 60% Jan 12
4 5618 5614 5512 56
4
553 573
567 578 5612 57
457 Jan 593 Feb
8
1
/
8
515 Feb 1 564 Jan 19
*5212 53
400 US Hoff Mach Corp vt.c.No par
53
53
52
*5214 53
52
53
*52
4528 Mar 8412 Dec
4
/
100 771 Jan 3 8518 Feb 25
83I2 8412 843* 854 66,400 US Industrial Alcohol
817 8312
8
4 8012 817
804 813
s
9914 Apr 1147 Nov
8
100 1085 Jan 27 11014 Feb 15
2109 111 *109 111
8
*108 111 *108 109
1087 108%'
100 Preferred
4818 Mar 717 Jan
8
581
58
£5812 598 5818 59
*
8,500 US Realty & Impt new.No par 58 Feb 25 668 Feb 7
641s 6412 6418 657
50% May 8814 Jan
4
563 Jan 25 65 Feb 14
100
6212 6314 6212 6358 6218 6414 30,300 United States Rubber
4
/
611 6218 6112 6212
Jan
100 107% Jan 27 110 Jan 11 10112 Mar 109
110 110
10912 1093 1093 110
4
4
•10914 1095* *10958 1093
900 let Preferred
4
30
Oct 497 Jan
8
3512
*3512 36
365
36
3
35 4 361
3512 35
*35
2,100 US Smelting, Ref & Min_„50 333 Jan 13 36% Jan 4
42
Oct 50 Jan
4
50 455 Jan 18 473 Jan 4
465* 47
4712 4712 *47
49
24612 4712
400 Preferred
4712 '
*47
Apr 16012 Dec
15878 162
8
15812 1594 15712 159
1603* 1623 16012 1613* 186,200 United States Steel Corp-100 15312 Jan 28 1621s Feb 24 117
7
8
8
1113 Jan 28 1163 Feb 24 113 Dec 117 Dec
1 145* 11614 1153* 116% 1153* 11614 132,200
4
New w I
11418 1 145* 114 1143
4
8
100 129 Jan 28 1305 Jan 5 12412 Mar 1303 Dec
129 12912 12912 1297 130 130
8
3,300 Preferred
8
129% 1297 12914 12912
5612 Jan 67 Dec
No par 67 Jan 4 70 Jan 11
70
*6912 70
70
70
70
,300 U 5 Tobacco
*6912 70
70
70
100 123 Jan 14 125 Feb 18 112 Mar 123 Dec
125 125 •125 130 *125 130
300 Preferred
*125 ____ 125 125
•111 11212 III 111
29
4 29
2834 283
3914 3914 3912 3912
55%
5512 55
55
10
10
7
4
1
/ 92
9
337 343*
347 347
4
3
'8412 85 4 *833 86
3
50
*44
50
*43
4
343 344 *3414 35
•106 109 *106 109
8
*2414 243 22414 243
8
203 2012 *1912 2014
.•105
32
32
*105--32
3112 - 9412 *93
•93
9412
40
4014 40
41
4
863 893* 864 8034
*58
8
597 *57
594
*15112 152
152 153
1461 147% 143 l471y
4
/
71
738 7212 747
4 1712 18
173 173
3312
3312 *33
*33
•10112 10234 *100 10212
106 106111
107 107
4
1123 1123 21123 113111
4
4 265 263*1
3
26 4 263
8
553* 5512 5518 5512
4 287 28sI
*2812 283
8
464 463
4 4634
"I
1141
8
118
ll4
21% 2214 213 2211
4
*90
91
91 I
*90
175
1578 16
16
8 3012 3238
3012 307
8318 843*
83
82
s
1
/
s
1257 12614 1254 1267
26 1
4 26
2512 253
50 I
*48
50
•48
4
/
1
/
*4112 424 411 4112
3214 323
32
8
32
*513* 52 I
4
*513 52
4
/
7414 741 741
74
8
8 263 2714
2614 267
4
1
/ 9412 9412 95 I
94
8712 88 I
8714 88
10
4
*110 1143 *111 1143 *112 1143
4
4
100 Utah Copper
38 3018 3
2912 2912 2912
0'2 3,900 Utilities Pow & Lt A_ _ _No par
No par
30's 3912 395 395
8 3914 41
8
3,700 Vanadium Corp
No par
5518 5514 55% 553* 5512 5513 2,900 Vick Chemical
4
1
/ 1012 10
9
1014
4
1
/ 97
9
8 2,300 Virg-Caro Chem new No par
100
3334 343* 3318 331
334 34
2,400 6% pref w 1
100
833 833
4
4 83
*833 84
4
8314
500 7% prof w I
*44
50
244
50
*44
Virginia Iron Coal & Coke-100
50
4 3434 35
4
343 343
3434 35
3,000 Vivaudou (V) new____No par
100
Preferred
2106 110
2106 109 *106 110 '
'
No par
8 2414 2414 24
2414 243
2414 1,300 Waldorf System
8 2012 2013 1,300 Walworth Co Ws
No par
2012 2012 2012 205
.*110
_ .*110
*105
___
Ward Baking Claw A No par
No par
3
3
32
33
32% - .38 3212 - - -18 31% OOO OOOO Class B
9318 9318 *9318 94
No par
*9318 94
100 Preferred (100)
8
413 423* 393 4114 393 403 14,500 Warner Bros Pictures A____10
4
85
8812 *8214 85
No par
83
83
1,700 Warren Bros
5912
5912 •58
5912 *58
Weber & Helibr, new c_No par
*58
4
/
15212 154% 154 1541 152% 15214 3,000 Western Union Telegrapb_100
4
1464 14812 14812 1543 15212 15514 39,800 Westinghouse Air Brake___50
1
/
4 7418 7512 735* 754 66,900 Westinghouse Elea & Mfg-50
8
745 753
1712 1712 1712 1712 1,800 Weston Elea Instrument
1712 18
Class A
3312 *33
•32
3312 *33
3312
60 WestPennElecclAvtfNopari
•10012 10212 10212 10212 102 10234
iool
1067 107
10612 107
521 Preferred
106 107
iol
80 West Penn Power praf
11312 11312 11312 1131 113 113
No par
27
4
27
2,600 White Eagle 011
2612 264 263 27
8 563 5712 20,300 White Motor
4
601
5512 5612 5612 573
•281 2812 *2814 2812 1,400 White Rock Min Sp otf-No psitl
28
28
4812 49
4,400 White Sewing Mach pt_No par
4712 494 4814 49
1
114
118
4
/
11 5,600 WIckwir.3 Spencer Steel Ott-118
114
4
/
221 22
233 114,500 Willys-Overland (The)
4
s 22
5
8
217 223
91
9112
300 Preferred
*9012 91
1001
*9014 91
145* 16
24,200 Wilson & CO, Inc. new_No 1*371
8 151s 17
1658 173
4
/
8
No par
3112 328 305* 3218 291 303 22,100 cum A
813 18,400 Preferred
4
4 8114 8412 79
100
8414 843
8
12638 12938 12814 1293* 1275 12813 22,300 Woolworth Corp new w I
I
253* 29
2512 26
5,400 Worthington P & M
1
2512 25
1001
4912 4912 51
.500 Preferred A
4912 *48
•48
1001
4212 4212 43 4
3
700 Preferred B
4212 *41
*41
looP
32
314 3112
700 Wright AeronautIcal---No panl
32
32
*31
100 Wrigley(Wm Jr)
8
*515 5212 *514 5212
52 52
No pa,
-I
s
8 747 747
s
s
747 747
700 Yale & Towne
1
/
744 75
261
8 2718 273 51,200 Yellow Truck & Coach____100l
275
4
26% 2714 27
96
96
95
95
29412 95
900 Preferred
'
1OO
4
/
4
/
4
4 903 911 901 914 9.300 Youngstown Sheet& T-No Par
903
88
IS asks en tam gar. sNg-dividend. 11111s4Milleall sad ornate. z Ex-dividend.
111 Feb 11 11312 Jan 4
27 Jan 8 3012 Feb 25
37 Jan 20 41, Feb 3
48 Jan 3 58 Feb 11
4
1
/
9 Jan 24 103 Feb 14
4
8
327 Jan 6 363 Feb 14
83 Feb 20 874 Feb 11
43 Feb 9 51 Jan 4
4
3212 Jan 24 353 Jan 31
1045* Jan 27 108 Feb 3
2212 Jan 6 25 Feb 7
18 Jan 14 21 Feb 5
29 Jan 25
8
913 Jan 7
3718 Jan 26
65 Jan 14
5612 Jan 5
14412 Jan 8
13312 Jan 4
4
1
/
67 Jan 4
15 Jan 8
3014 Jan 6
977 Jan 4
102 Jan 4
111 Jan 15
253 Jan 3
4
3
53 4 Jan 25
26 Jan 26
46 Feb 18
12 Jan 26
1912 Jan 24
4
1
/
89 Feb 17
1114 Jan 17
4
/
261 Jan 26
7618 Jan 3
4
1173 Jan 11
2018 Jan 27
46 Jan 22
40 Feb 2
30 Feb 3
8
507 Jan 4
7014 Jan 8
25 Jan 14
94 Jan 6
85% Jan 29
4
/
331 Feb 18
954 Feb 3
4512 Jan 6
904 Feb 18
3
60 4 Feb 1
8
1547 Feb 23
15514 Feb 25
753 Feb 23
183* Feb 15
345 Jan 28
8
103 Feb 8
5 Jan 31
107 8
114 Jan 13
2712 Feb 15
5712 Feb 25
29 Feb 17
59 Jan 17
1' Feb 14
237 Jan 10
95 Jan 11
8
175 Feb 21
4
1
/
32 Feb 23
4
1
/
84 Feb 23
12938 Feb 23
29 Feb 25
51 Feb 25
434 Feb 25
3514 Jan 6
524 Jan 21
75 Feb 23
29% Jan 5
99 Jan 3
9112 Feb 24
93 Apr
2758 Dec
29 Mar
434 July
9
Oct
8
313 Oct
83
Oct
40 May
26 Mar
4
943 Jan
Jan
17
1214 June
99 June
214 Oct
8812 Oct
12 June
7
43 Apr
53 Apr
13412 Mar
10514 Mar
65 May
133* May
2714 Jan
8812 Jan
95'1 May
108 Mar
255* Apr
5118 Apr
Oct
22
4612 Oct
8
5 Dec
18 May
8812 Oct
6 May
14 May
42 May
12014 Dec
19 Nov
44 Nov
3714 Nov
1
/
244 Mar
47 Apr
6012 Mar
20 May
4
/
911 Apr
69 May
116 Nov
37 Feb
43 Aug
52 Aug
2512 Feb
Jan
69
9818 Jan
6012 Nov
3612 Dec
11012 Dec
23 Dec
4
1
/
23 Jan
195 Jan
85% Feb
11012 Jan
6914 Sepi
69 Dec
8512 Jan
8
1577 Sept
146 Dec
1
/
794 Feb
1912 July
3212 Oot
4
1
/
98 OM
10212 Dec
115 Sep(
4
293 Feb
90 Feb
8
383 Feb
6414 Oct
8
33 Jan
34 Jan
99 Feb
3
14 8 Dec
8
305 Dec
4
/
811 Dec
128 Dec
2
44 4 Jan
80 Feb
65 Feb
4
1
/
39 July
4
591 Feb
4
/
721 Aug
4
1
/
39 Sept
10712 Sept
1
/
954 Aug
1196
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
len. 1 1909 Out Exchange method of quoting bonds was changed and prices are now "and interesr—except for income and
defaulted bond..
r>
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
Price
Friday.
Feb.2.5.
Week's
Range or
Last dale
21'1
Range
Since
Jan. 1.
U. S. G00000mint.
Bid
High
Ask Low
High No, Low
int Liberty Loan
J D 1011032 Sale 101142101"st[225 10138,1011°st
134% of 1932-1947
J D 1004,
Cony 4% of 1932-47
Jan'27
100108 101
- 101
J D 10311u Sale 103103,10313
Cony 434% of 1932-47
, 117 102191110314s
J D 102.10
3d cony 434% of 1932-47
1021onDec'26
Second Liberty Loan
MN 100332
48 of 1927-1942
49 100341101
_ 100.n 101
MN 100241 gide 100 h2100 42 430 10013n101 lit
Cony 4)1% of 1927-1942
,
,
Third Liberty Loan
M S 1011139 Sale 101142101142 314 101341101111,
434% of 1928
Fourth Liberty Loan
AG 10311 Sale 10324,1103 42 646 103142103"n
”
,
434% of 1933-1938
Treasury 439s
111142 116 1105t.110141
1947-1952 AG 1111'32 Sale 111
Treasury 48
1944-1954 S D 10733, Sale 10624210742 436 106,
34075st
MS 10411,4 Sale 103 1,1104141 1653 1034:10416ti
Treasury 391:
1946-1956
State and City Securities.
Y City
-4Sis Corp stock_1960 MS 10012 1007 10012 Feb'27
8
10012 1007
8
43£8 Corporate stock
1964 MS 10212 103 10212 Jan'27
10212 10212
4345 Corporate stock
1023 1025
2
8
8
1966 AO 10212 103 1025 Feb'27
499s Corporate stock
8
1025
8 15 10252 1027
8
1972 AO 1025 Sale 1025
2
434e Corporate stock
1971 J O 10714 1077 1063 Oct'26
4
8
439s Corporate stock_Ju1y1967 S i 1063 1075 1065 Jan'27
4
1065 1063
8
8
e
4
439e Corporate stock
10652 1068
1965 J D
8
___ 1065 Jan'27
1063 10612
8
£34s Corporate stock
1983 MS 10612- 8 10612 Jan'27
1063 1073
8
N 9918 993 9914 Jan'27
4% Corporate stock
1959
99 4
3
4
99
4% Corporate stock
3
1958 MN 9914 Sale 9914
9914
99
9914
N 9918 _
4% Corporate stock
995 Jan'27
8
1957
987 100
8
MN
4% Corporate stock
9812 Nov'26
983 _
8
1956
9% Corporate stock
8
8
1955 MN 983 ____ 977 Oct'26
4% Corporate stock
99 Mar'26
1936 MN
8
7 1055 1067
1957 MN 10638 Sale 10614
1063
8
8
434% Corporate stock
04% Corporate stock_ _ _1957 MN 10614 1065 1063
8
8
3 1053 107
4
1063
8
339% Corporate stk_May 1954 MN
_ 905 9018 Jan'27
8
897 9018
8
339% Corporate stk_Nov 1954 MN
8
9018 -4-4 897 Jan'27
897 897
8
8
33913 Corporate stock
1955 MN
89 Apr'26
New York State Canal Im 40.1981 ▪ 5
---10212 Oct'26
4e Canal
1960
10212 Aug'26
---1962
102 May'26
le
M Canal
1942 53
1023 Mar'25
---8
litis Canal impt
1964 J J
---- 102 Apr'26
--------_1017 Mar'26
8
he Highway impt regised_1958
111 Dec'26
Highway improv't 4348.._ _1963 MS
____
Virginia 2-3s
1991 5,
7612 Feb'25
Foreign Gov't and Municipal's
9712
trim 29
8
Antiooula (Dept) Col 75 A.._1945 J J 965 Sale 9612
94
97
8
27
External at is ear B
1945 55 965 Sale 9612
94
97
9812 138
Argentine Govt Pub Wks 68_1960 AO 9812 Sale 98
975 98 4
5
3
99 10112
/
1
4
100
Jan'27
Argentine (Nat Govt of) 713.1927 FA
Sink fund 6s of June 1925_1959 3D 9814 Sale 98
973 983
4
4
9 4 56
83
EUi s f 8s of Oct 1925_ __ _1959 AO 9812 Sale 98
973 9818
4
98 2 75
,
97,8 100
Sink fund 6s Series A__ _A957 MS 99 Sale 99
9958 48
9738 98 4
,
8
External es series 13Dee 1958 J O 987 Sale 98
987
s 64
N 9812 Sale 98
9812 34
Extl s f 68 of May 1926_ _ _1960
973 99
4
Esti 6s Sanitary Works_ A961 FA 9812 Sale 9814
9858
98
985 146
8
Argentine Treasury 5e £___ _1945 MS 9012 91
8
91
5
903 92
91
Australia 30-yr 5s_ _July 15 1955 S i 98 Sale 975
8
43
9714 9812
98
Austrian (Govt) 5 1 7s
1943 J D 10412 Sale 10318
10412 59 10114 10312
Bavaria (Free State) 6148_ _1945 P A 993 Sale 9914
4
9818 10014
993
4 97
Belgium 25-yr ext a f 7998 g_1995 J D 11212 Sale 1113
4
11212 12 111 114
-year s f 8s
1941 FA 109 Sale 1085
20
20 108 109
8 109
25
-year external 6318
1949 M S 101 Sale 10012 101
37
963 10212
4
External a f es
4
1955 is 953 Sale 953
925 98
8
8
9612 141
4
External 30
-year a f 7s._ _1955 J D 1033 Sale 1033
4 10414 147 10212 10512
MN 10214 Sale 10214
Stabilization loan 7s
8
1956
8
193 1013 1037
103
Bergen (Norway) s 1 8s
4
1945 MN 11318 Sale 11318
11314 54 11212 1133
9912 100 4
25
-year sinking fund 68_1949 AG 100 10012 10014 Feb'27
,
993 137
4
1950 AO 9912 Sale
9818 10012
Berlin (Germany) 691/8
3
8
AG 104 Sale 10318
Bogota (City) mall e f
104
9 1023 10412
4
N 104 Sale 10312 104
Bolivia (Republic of) 88_ _ _1947
51 10312 10512
8
Bordeaux (City of) 15-yr 68_1934 MN
8
9512 Sale 953
49
933 977
8
96
10712 22 104 10812
Brasil(U Sot)external 8s_ 1941 J D 107 Sale 10612
96
Externals f 699s of 1926 1957 AG 94 Sale 9314
9412 709
89
8
9812 263
75 (Central Railway)
9412 9112
1952 J D 983 Sale 9612
4
714e (coffee secur) (flat)A952 AG 1043 10512 1043
4 1043
4 43 1037s 106
Bremen (State of) ext'l 75
1935 MN 104 Sale 104
10414 58 10218 105
100 10012 10012 10012
6
Buenos Aires(City) anti 63981955
9914 10012
91 .9414
21
92
Bulgaria (Kingdom) s I 7s 1967 J J 9158 Sale 91
4
98 Sale 973
Caldas Dept of(Colombla)719s'46 J J
4
38
973 983
4
98
8
102
15 10014 102
Canada(Dominion o1) 5a
1931 AO 102 Sale 1013
10214 89 1013 10214
8
10
1929 P A 102 Sale 102
-year 534s
N 10414 Sale 10414
1045
8 36 104 10512
1952
Be
1936 FA 9812 Sale 9814
981s 985
8
9812 72
10512 ___ 10514 Feb'27
10312 10514
1954
Carlsbad (city) ef8s
10812 28 108 10914
Chile (Republic) ext'l af W...1941 FA 10814 Sale 108
8
101
52 100 101
20
-year externals!1942 MN 1005 Sale 10018
5 1073 109
4
25
-year external of
1946 MN 10814 Sale 10814
10812
9214 9312
933 210
8
External sinking fund 6s_ A960 AO 9318 Sale 9318
9314 Sale 9314
93I 9332
933
2 61
1981 FA
Externals f 68
9612
22
95
96
Chile Mtge Bk 6340 June 30 1957 JD 95 Sale 95
9612 98 4
,
963
4 34
S 1 6998 of 1926_ _June 30 1961 JD 9612 Sale 9612
2418 30
1
/ 28
1
4
2818
2818
Chinese(Hukuang Ry)59_ _ _1951 JD 27
,
1
99 101 2
34
100
100
Christiania (031o) 30-yr e f 661954 MS
975 10012
8
9912 Sale 9912
998 130
4
Cologne(City) Germany63931950 M
997 10012
8
6
10014
Colombia (Republic)6398...A927 A ,I3 10014 Sale 10014
9914 1007s
10012 22
Copenhagen 25
-year f 5198_1944 Si 10014 Sale 10014
9878 Sale 9812
9712 99,2
987
8 14
Cordoba (Prov) Argentina 761942 J J
4 1001 10112
,
10112
Cuba 58 of 1904
1944 MS 10012 10112 10114
2
4 10114 1017
8
8
1017
-__ 1017
External 58 06 1914 Der A_1949 FA 1013
4
943
94
44
External loan 4998
943 Feb'27
4
1949 P A 943 95
1027
8 47 10118 10338
8
Sinking fund 51411
1953 J J 1027 Sale 10258
8
Osechoeloyakia(Rep of) 88-.1951 AO 10838 Sale 1083
1083
4 24 105 110
8
4
Sinking gund 8s ear B..1952 AO 10838 Sale 1083
8
1083
4 75 1043 1087
,
4
External s f 730series A 1945 AO 10614 Sale 10614
10714 137 1043 108 4
11 1093 111 12
8
Danish Cone MuniMp 88 A 1946 FA 111 Sale 11012
111
Series B a 1 8s
8
8 10914 1113
111
1946 FA 111 Sale 11014
Denmark 20
-year fie
1942 is 10412 Sale 10414
1048
4 24 10338 105
995, 19
Dominican Rep Cost Ad 5342 '42 MS 99 Sale 99
eg lool2
Dresden (City) external 7e_ _1945 MN 1023 Sale 1023
4
4
10414 29 10012 104,2
' 1027 Sale 1023
5
Dutch East Indies ext1 Si..._.1947
8
4
8
4 10314 29 1023 1033
-year es
8
1962 MS 1027 Sale 1023
40
4 103,
8 30 102,4 10312
30
-year external 5598
3 100 8 102
1953 MS 10112 Sale 10112 10112
3
-year external 534s
1953 MN 10214 Sale 10114
1i8
30
10214 27 100 10214
7 10614 1077
8
El Salvador (Repub) 8s _ _1948 J J 10714 Sale 10614
10712
953
4
Finland (Republic) ext1 65_1945 M S 95 Sale 95
93
9512 23
10012 19 100 102
10018 Sale 100
External sink fund 79_ — _1950 M
1956 MS 9814 Sale 9714
96
9912
External f6t98
9812 211
AG 983 Sale 973
8
5
8
96
983
4
983
8
Finnish Mun Loan 634s 4_1954
4
9812
External 6348 series B_ _ _ _1954 AG 9812 Sale 9712
957 99
8
10912 239 10814 110
French Repub 25-yr ext'l 811_1945 MS 10912 Sale 10912
10912 137 105 11212
-year external loan 7343_1941 J D 10914 Sale 10918
20
1949 S D 10118 Sale 101
1017 337
2
External 7s of 1924
99 10418
1073 319 10612 10912
German Republic ext'l 78_ 1949 AG 107 Sale 107
4
8
103
36 101 1035
8
(Jarman Cent Agile Bank 76..1950 MS 1023 Sale 10214
4
4 102
1954 MN 1013 10212 1013
8 10112 1023
4
Gras (Municipality) gs
8
4 105
44 10418 105,
8
CR Brit & Irel(UK of) 530_1937 FA 1047 Sale 1043
1929 FA 11818 Sale 11818
11818 18 1163 1181s
4
-year cony 5390
10
MN 105 1053 105
4
10584 18 1035 10612
8
Greater Prague(City)734e 1952
8
1964 MN 9514 967 95
9314 9614
9684 44
Greek Government 7s
100
18
1952 AG 100 Sale 9914
99 10014
Haiti (Republic) a I 68
jr
105 Sale 1045
8 105
21 10312 10514
Heidelberg (Germany)ext 751850
.• 1 100 Sale 100
10014 39
9753 101721
Hungarian MunIc Loan 7199.1945
97581 120
9514 99
Sept 11948 JJ 9712 Sale 9714
External s f 7s
4 Sale 10318
104
68 10014 105
Hungary (Kingd of) e f 7348..1944 P A 1033
8
1004 16 100 10053
/
1
Ind Bank of Japan 6% notes.1927 FA 1003 Sale 10014
953 787
8
9518 Sale 9418
923 97
4
Italy (Kingdom of) ext'l 7e-_1951 J
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 25.
r33
Price
Friday.
Feb. 25.
Week's
Range or
Last Sale
Bid
Ask Low
High No.
faintness Govt £ loan 4a....1931
'S 92 Sale
54
92
30
-year s etis
277
4
1954 FA 1003 Sale 10
901% 101
Oriental Development 68-1953 MS 967 Sale 9678
8
973
s 99
99652
Leipzig (Germany)a f 78._ _ _1947 PA 10114 Sale 19134 102', 12
955
0 814
Lyons (City of) 15-year 6s.._1934 MN 955 Sale
52
8
Marseilles(City of) 15-yr 68_1934 MN 9512 Sale
51
Mexican irrigation 434e _1943 MN
30 Mar'26
3218 331 32
Jan'27
Mexico(US)eat'58 of 1899 '45 Q
_ 40 Feb'27
5 112
Assenting 5e of 1899
1945 --- 40-- - 4
4112 42,
42z 30
Assenting 5s large
4
403 Jan'27
Assenting 53 small
3712 May'25
Gold deb 4s of 1904
1954 J D
34 Ju1y'26
Assenting 45 of 1904
297 S'itie 2914
8
313
8 59
Assenting 4s of 1904 large
27 Dec'26
Assenting 48 of 1904 small.........
255 Sept'25
8
Assenting 4s of 1910
-25T2 - 4
293
Assenting 48 of 1910 large
2812 Sale 2758 jan'236 -16
284 - -7
27 8
5
Assenting 4s of 1910 small
2534 284
2514 Sale 2358
Tress es of'31 assent (large)'33.3 J 4334 4434 44
64
45
Small
443
4 10
44 Sale 44
Montevideo 7s
5
1952 J D 1033 Sale 1003
8 10118
8
Netherlands es (flat prices)_ _1972 M S 10814 -- 10814
7
10812
30-year external 6s(flag)..1954 A 0 1035 Sale 1035
8
8 1037
8 13
Norway 20
-year extl 6s
1943 F A 1013 Sale 10134 10214 36
4
20
-year external 66
1944 F A 10212 Sale 10114 10252 57
,
0018
0 8 41
30
-year external (Is
1952 A 0 10114 Sale 0114
10214 20
40
-year at 539s temp
1965.3 D 10018 Sale
Oslo (City) 30
-year f 6e
1955 M N 10114 Sale 101
10112 18
Sinking fund 5326
1946 F A 99
9914
Panama (Rep) eat' 53264_41953 J D 10218 1025 087: 1091
8
921; 12
8 921
Peru (Rep of) external 88_4_1944 A 0 107 Sale 0412 107
11
Exti sink fd 734it temp
1940 MN 101 Sale 803
01 2 10114 41
Poland (Rep of) gold 611
1940 A 0 8114 Sale
Esti sink fd g 8a
1950J J 95 Sale
Porto Alegre (City of) 8a4 4_1961 J D 1043 Sale 04
9412 1025304 1757
4
984 3 19
Queensland (State) exti 6178 1941 A 0 11212 Sale 12
11212 13
25
-year external 68
4
1947 F A 1053 Sale 0512 10534 12
Rio Grande do Sul anti s 188_1948 A 0 106 Sale 104l0502
20
Rio de Janeiro 25-yr s f 88_1946 A 0 1053 110 1031
15
(
1
94
: 110948
1
4
25-yr eat' 8s
10414 19
1947 A 0 10414 Sale 104
Rotterdam (City) eat' 68..„1964 M N 10314 104 10414 Jan'27
Sao Paulo(City) e f 8s
6
1952 M N 108 Sale 1077
8
108
San Paulo (State) cite f 8e 1938
12
1043 105 1043
4
4 105
External s f 8s lot recta_ _1950 J J 106 107 1063
4 10712 17
45
External water loan 7s_
1958 M S 100 Sale 995
8 100
Santa Fe (Prov Arg Rep)78-1942 M S 945 Sale 945
9532 27
8
8
Seine (France) extl 75
64
4 101
1942 J J 100 Sale 993
22
4
Serbs. Croats & Slovenes 83_1962 M N 1013 Sale 10112 102
944 24
4
Soissons (City) exit es
1936 M N 933 944 9312
5
Sweden 20-yeayes
1939 J D 104 Sale 10372 104
8
External loan 53913
1954 M N 1033 Sale 10338 10312 23
11334 10
Swiss Confed'n 20-yr s f 88_1940 5 .1 11314 Sale 11314
4 28
Switzerland Govt ext 5345_1946 A 0 10358 Sale 10314 1033
Tokyo City 56 loan of 1912 1952 M S 78 Sale
71
78
77
4
Trondhjem (City) ext1 6%6_1944 5 J 1013 Sale 1014 10134 20
8
Upper Austria (Prov) 75_ _ _ _1945 J D 965 Sale
2
97
8 9614 10934 32
Uruguay (Republic) esti 8e 1946 F A 10312 1035 109
17
4
9 12 176
9
6
5
1960 M N 953 Sale 053
Externals f 68
95 4
Yokohama (City) esti 68_4_1961 J D 9518 Sale
Railroad
3
8 10318
Ala Gt Sou 1st cons A 5e._1943 S D 10318 Sale 1023
1928 M N 10012 102 10012 Jan'27 _ _ _ _
Ala Mid 1st guar gold Id_
4
1996 A 0 8734 -- 873 Feb'27
Alb dr Snag cony 3398
847 Jan'27
8
4 87
Alleg & West 1st g gu M___ _1998 A 0 843 Jan'27
- 96
1942 M S 9512
Alleg Val gen guar g 49
2
8012
803 - - - 8012
8 8118
July 1995 Q
Ann Arbor 1st g 4s
9414 139
4
Atch Top & S Fe—Gang 40_1995 A 0 933 Sale 9312
Jan'27 _4_4
A 0 ---- -- 93
Registered
8
8312
Adjustment gold 4e_ _July 1995 Nov 8912 Sale 89
8412 Sept'26
Nov 85
Registered
6
8914
4
88 4
July 1995 M N 8812 -- -3- 883
Stamped
_
85
Jan'27
87
MN 85
Registered
8
4
1955 .1 D 883 ____ 887 Feb'27 _ _
Cony gold 4s 1909
4
4
3
883
4
1955 J D 883 Sale 883
Cony 4e 1905
8714 Jan'27
87
Cony g 48 issue of 1910_1960 J D 86
1
8
993
8
8
East Okla Div 1st g 4s.- -1928 M S 993 Sale 993
8
1965 J J 877 9012 90 Feb'27 -Rocky Mtn Div ist 4s_
2
917
2
4
4
-Con Short L let 4s-1958 J J 913 Sale 913
Trans
8
8
983
2
4
Cal-Ariz 1st & ref 434e A 1962 M S 953 -- 983
4
8
1996 J D 1045 _ _ 1043 Jan'27 AU Knox,& Nor 1st g 5s
8
9955 Jan'27 _ —4
Atl & Charl A L let A 4t98_ _1944 J J 977 4._
4
10418
let 30
-year 5e series B_ __ _1944 J J 10418 Sale 10418
4
s
1951 J J 8512 897 863 Dec'26
Atlantic City 1st cone 4s
9412 Sale 943
8
943
4 14
Atl Coast Line 1st cons 4s July '52 M
1037
8 30
8
10-year secured 78
1930 M N 1035 Sale 10314
IS
98
4
1969 J 13 98 Sale 973
General unified 4345
2
9212
4
L & N coil gold 4s____Oct 1952 MN 9212 923 9212
8
8018 17
Atl & Dant lstg4a
19485 .1 80 Sale 797
,
7312 Feb'27
2d 4s
19485 J 7318 74
3
4
Atl & Yad 1st g guar 43._ _1949 A 0 8314 833 833 Feb'27
Jan'27
Austin & N W let gu g 5e_ _1941 J J 9914 ___ 1(53
9414 28
4
4
Balt & Ohio let g 4s__ _July 1948 A 0 933 Sale 033
92 Feb'27
July 1945 Q J 9114
Registered
55
4
98
98 Salo 973
20
-year cony 4he
1933M
8
963 Nov'26
Registered
M B
4 10118 87
'
Refund & gen 58 series A...1995 5 D kills gale 1003
10512 34
Istg5s
1948 A 0 10512 Sale 105
8 60
4 1027
8
10-year 68
1929 J J 1025 Sale 1003
8 61
1083
8
8
Ref & gen (is series C
19955 D 1083 Sale 1077
7
9318
9318 Sale 9318
PLE&W Va Sysref 48_1941 MN
10214 42
8
Southw Div 1st 50
1950 5 J 10214 Sale 1017
8 14
843
8
8
Toi&Cln Div 1st ref 46 A.1959 J J 845 Sale 837
4 10114 101
Ref it gen 55 series D_ _ _2000 M 8 ipti4 Sale 1003
Jan'27
6712 65
Battle Crk & Slur 1st gu 3s...1989 J D 65
_
9614 9512 Jan'27
J J 96
Beech Creek 1st gu g 4e
1936
9
95,
4
- 9514
J D 9412
Registered
Jan'27 4..
- -26 guar g 58
1938 J .1 99 10115 99
- 83 Nov'26 _ _
Beech Crk Ext isle 330-1951 A 0
9114
91
1944 J D 8112- - - 9114 Dec'26 - - _ _
Big Bandy 1st 4s
9
8114
Bost & NY Air Line 1st 4s--1955 F A 8012 Sale 8012
5
9534
4
4
1938 J J 9534 963 953
Bruns & W 1st gu gold 4s
1
103
1937 M S 103 Sale 103
Buffalo R.& P gen gold 5s
43
95
8
4
N 943 Sale 945
1967 M
Consol 414s
90 Dec'26
M N
Registered
101
Jan'27
_
1934* 0 101
Burl C R & Nor lat 58
2
-3Canada Sou cons gu A 58-- —1962 A 0 10512 10 4 10512 10512 11
9612
Canadian Nat 434._Sept 15 1954 M S 9614 Sale 9614
2
9912
4
993 993 9912
8
1930 F A
5
-year gold 4I4s_Feb 15
4 1157
8 33
4
Canadian North deb 5 I 7s_ _1990 J D 1153 116 1153
19465 J 11812 Sale 11812 11812 12
20-years!deb 0411
6
983
8
10-yr gold OM_ _ _Feb 15 1935 F A 9818 981 9814
8458 59
Canadian Pao Ry 4% deb stock__ J J 8418 Sale 8318
9612 59
1946 M S 9812 Sale 9614
Col tr 4145
8
8
9512 955 955 Jan'27
1932 M
Carb & Shaw lot gold 4e
5
8318
8313
1949i D 8312 86
Caro Cent 1st cons g 4s
4
8 10212
8
D 1023 Sale 1023
Caro Clinch & 0 let 3-yr 5s..1938 J
1
4
109
4
1952 J D 1083 Sale 1083
lat & con g es series A
- 9012 Dec'26 _19815 D
Cart & Ad lst gu g 4.8
9012- - - 85
Jan'27 _ _ _ _
Cent Branch u P let g 4s- -1948 i D 8412 86
8
1
1045
8
Central of Oa let g 5s_Nov 1945 F A 10458 Sale 1045
6
104
8
1945 M N 1035 Sale 10358
Consol gold 58
4 24
1023
10
-year secured 6s_June 1929 J D 10212 Sale 10212
1047
8 11
Ref & gen 510 series B_ —1959 A 0 105 1051 10412
D 8812 093 8914 Feb'27 -- -Chatt Div our money g 4
8-1951
10214 Dec'26 — -'5 101
Mac & Nor Div 1st £ 5s-1946
1
102,8
8-103
1948,3 5 1017 - - 10218
Mobile Division 58
4
83
823 Sale 524
s
Cent New. Eng 1st en Mi
19811J
Range
Since
Jan. 1.
Low
High'
90
9211
997 102
2
98
94
7
10014 102 8
9312 977
s
9314 97
/
1
4
31
60
3912
395
8
i5
-1
;
60
50
4014
248g 345
a
Ws;
21318 3112
8
223 2658
4618
42
8
4112 483
997 102
8
10714 10812
a
10314 1037
10114 10214
10114 1025
8
100 1023
8
4
983 101
100 8 10112
3
97 100
1021s 10212
10312 107
3
4
1003 1018
7612 85
NIA 96
/
1
4
10314 105
111 113
4
104 1053
3
1033 106
10218 106
10214 10884
4
1035 1043
8
10712 1083
4
10412 10512
105 10712
4
983 10012
933 9614
4
4
974 1023
/
1
9714 1023
4
9114 97
10312 1043
4
10238 104
113 1137
s
1023 104
8
753 797
8
3
9912 1013
4
94
97
/
1
4
108 112
95
9612
9314 9712
1024 1031.
/
1
1003 1001
8
/
4
87
/ 87 4
1
4
1
8
847 85
9514 96
7912 81
923 945
4
4
92 93
8714 9114
"
iiEs 91
85 85
8812 88 1
7
873 89
4
86
87%
9914 99
/
1
4
8912 90
9012 917
8
98
/ 9914
1
4
1043 1041
4
4
991 100
/
4
10418 105
"fa, lir
10314 105
/
1
4
4
973 983
4
011 93
/
4
795 8112
8
7312 75 4
1
824 84
/
1
103 103
93 8 951
,
4
02
92
99
97
iobia fa;
i
1043 10612
4
1003 103
10753 1083
8
925 9514
8
10138 1025
4
82
843
3
1003 1023
3
4
84
65
9512 9511
9514 9512
99
99
---1
81;
95 4 95 4
3
3
10212 10312
9418 9612
lad" 161
- -105 106
97
95
9018 100
1143 1157
4
8
1173 1183
8
4
9712 9811
83, 8511
s
96
9612
953 95 s
3
3
8318 86
1023 103
8
/
1
4
108 109
545 80
10412 10518
10358.10412
102 1023
4
10412 10614
89
8914
1011 102
/
4
/
1
4
7812 83 '
1197
New York Bond Record-Continued-Page Z
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
Price
Friday,
0.411
. Feb.25.
t
Central Ohio reorg 4348.___1930 M S
Central RR of Ga coil g 55_1937 M N
Central of NJ gen gold 5a___1987 J J
1987 Q .1
Registered
1949 F A
Cent Pac let ref U g 45
F A
Registered
Mtge guar gold 3Si8._Aug 1929 J D
Through St L let gu 4a___1954 A 0
1960 F A
Guaranteed g 5e
Charleston & Savannah 58_1936 J J
Mee & Ohio fund & impt ta_1929 J J
1939 M N
1st consol gold be
1939 M N
Registered
1992 M
gold 4
1992 M
Registered
1930 F A
-year cony 4'45
20
1946 J J
Craig Valley 1st g be
Potts Creek Branch let 4s.1946.9 J
R & A my 155 con g 45
1989 J J
1989 .1 J
2d consol gold 45
Warm Springs V 1st g 5s 1941 M
1949 A 0
Chic & Alton RR ref g 3s
Ctf dep cited Apr 1926 Int.__
1950
railway first lien 33.s
Ctfe day Jan '23 & sub COUP
,
4UhloBurl & Q--IIIDly 3358_1949
J .1
Registered
1949 J J
Illinois Division 45
Nebraska Extension 45_ _ -1927 M N
MN
Registered
1958 M 5
General 48
M
Registered
1971 F A
let & ref 5s series A
Chicago dr East III 1st 6s-1934 A 0
& Ill Ry (new co) gen 58 1951 M N
Chic & Erie let gold Se
1982 M N
Chicago Great West let 4s 1959 M S
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
t
Price
Friday.
Feb.25.
Week'.
Range or
Last Sale
Range
Since
Jan. 1.
110
.
48k Low
Mob No. Low
High No. Low
High
High
945 95
9
9434
9514
9712 9915 Juba RR let 50
-year 5eg___1952 J
94 4 96
3
Jan'27
4 107 1083
108
1936 ID 108 Sale 108
2 100 10012
let ref 7545
1,00
4
4
1936 J o 993 110 10014 Feb'27
994 101
7 112 11418
let lien & ref es ser B
113%
993 103
4
1023
4
tuba Nirtbern Ry let Cs. .l986 J J 10214 Sale 102
3 112% 113
113
1931 • J 983 993 98% Jan'27
983 98 4
8
4
4
3
913 9212 Day & Mich let cons 4 Sis
8
9214 39
1943 MN 934 Sale 934
933
4 11
9315 944
9012
5
9058 9012 Del & Hudson let & ref 4s
8
1935 AO 11918 Sale 119,
1213 109 11412 1223
4
-year cony be
4
30
973 977
4
8
973
4
3 103 105
105
1937 MN 10414 105 104%
15
-year 51/01
Feb'27
8912 923
4
8
8
1930 J D 106% Sale 1067
1 1003 107
1064
46 10112 103
102
I0-year secured 75
Apr'26
D RR & Bdge 1st gu 4e g_1936 FA 9512 ____ 95
Oct'26
911 921k
-1st cons g 48 1936'.9 9114 Sale 9114
915
8 33
3 10018 10114 Den & It 0
1003
4
9412 9534
953 95 Feb'27
8
1936'.9 94
Consol gold 4945
104
3 10338 104
9912 100
4
99% 10
Improvement gold 68___A928 JD 993 99% 99%
Jan'27
10212 10212
733 8112
8
8
8
9713 985 Den Jr P.O West gen be_Aug 1955 MN 805 Sale 803
81% 222
97% 44
8
34
36
36
1
36
35% 36
1936
Des M & Ft D let gu 4s
Oct'26
3512 333
34
3315 35
4
4
35
Temporary etre of deposit_
995 114 -0914 995
8
963 Aug'26
4
Dee Plaines Val 1st 4 Hs__ 1947 MS 944
Feb'27
1003 101
4
4
8
7058 121;
703
8
Det dr Mack-lst lien g 4e 1995 J D 7114 7312 703
Dec'26
65 65
1995 ID 65
6612 65 Feb'27
Gold 4e
1
88
875 88
4
98 Feb'27
9718 98
Detroit River Tunnel 4 He_1961 MN 9634 98
2
857
4
85 4 86
3
1033 103 4
4
4
3
4
Feb'27
997 10018 Dul Missabe & Nor gen bs...1941 J J 1033 -- 1033 Jan'27
8
4
2 1013 103
4 10212
1937 AO 10212 Sale 1013
72
26
Dul & Iron Range 1st 58
71
73
2
8
Me 82
8112
1937• J 813 Sale 81%
Jan'27
711 7172 Dui Sou Shore & Atl g 5s
4
6814 66
6114 6814
9212 Dec'26
94
East Ry Minn Nor Div 1st 413248 A 0 93
6612
2
60
67
101
ii563-4 102
Feb'27
Feb'27
863 8318 East T Va & Ga Div g 5e___1930 J J 101
8
106 1064
Feb'27
1956 M N 106 106, 106
8
Cons 1st gold 55
Dec'26
102 103%
9514 3 9458 957k Elgin Joliet & East 1st g 58_1941 MN 10258 10434 10312 Jan'27
1043 10512
1054 Jan'27
4
1965 A 0 10434
Feb'27
993 10018 El Paso & SW let ba
4
10638 17 10614 10712
Erie let consol gold 75 ext 1930 M S 10614 Sale 10614
Nov'26
8238 17
8118 84
1996 J J 81% Sale 81%
let cons g 48 prior
2
933
4 37 -1557 -1,i1-2
79
Jan'27
79
79
1997 .3 .1
Registered
Mar'26
7312 773
4
7714 117
r
763
1996 .1 .1 : 8 gale- 7614
let consol gen lien g 48
106
21 iaLr. 1061
- 2
73
75
75
Jan'27
Registered
1996 J J
106
1 106 106
9814 10014
.- 9812 9812
Penn coil trust gold 4s
1951 F A -oii2 16
8258 148
8038 8334
783 83
4
4
8212 137
106
6 105 1073
50-year cony 48 series A 1953 A 0 8134 sale 813
4
79
8214
1953 A 0 81% Sale 8112
8214 58
Series B
72
479
6914 7218
8418 9412
1953 A 0 9318 Sale 8912
902 5557
Gen cony 48 series D
2 11112 1135
1955 J .1 113 115 11314
8
113%
11418 115 1137 Feb'27
Erie & Jersey lst a f 68
1137 1337
8
8
4 12 11158 11312
10358 Feb'27
Genesee River let a f 68....1957 J J 11158 Sale 111% 1113
103%
1033 103%
8
9012 __ __ 90% Dec'26
4
1940 J .1 883 ____ 8812 Nov'26
Erie & Pitts gu g 330 11
8858 Sept'26
1940 I i
100 10012 10014 Feb'27
8 --17-1557 10 8 Series C 334e
9584 fthi;
9912 118
1954 M N 99% Sale 98%
107
1 1024 10714 Est RR esti a f 78
107 10712 107
9 3 93
6
9312 9314
93
9314
6
963 Sale 96%
8
96%
1
964 9638 Fla Cent & Penn let ext g 56_1930 J J 10014 ____ 10012 Dec'26
8
1943.9 J 10158 ____ 1013 Feb'27
10158 1017
Consol gold be
s
597 Sale 597
8
60
11
553 60
8
9818 9812
593 6014 597
8
597
10
4
553 6018 Florida East Coast 1st 4548_1959 .1 D 9734 985 9812 Feb'27
4
3812 101;5
993
4 35 ,
1974 M S 9912 Sale 9914
let a ref be series A
8512
1
8512 85% 8512
2 88
85,
6114 65
65
1952 MN 64 Sale 64
79
Fonda Johns & Gloy 4He
84 Dec'26
k
Dec'
8
25
1941 1 J 943
94
944
853 2:: 7612 Jan'27
7314
4
- 2 Fort St 15 D Co lets 4He
/d14
4
1961 J D 1063 ____ 1063 Jan'27
1063a 1063
Ft W & Den C let g 5He
4
96
33
9512 Sale 9512
9512 98
977 Sale 977
973 9812
8
10
9814
924 Dec'26
_ Ft Worth & Rio Or let g 435_1928 .1 J
_
107 108
613
4 32 -ii- l62
- Frem Elk & Mo Val let68- _1933 A 0 10712 __ 1077 Feb'27
614 Sale 61
8
6158 23
567 613
8
61 Sale 607
4
1931 MN 10013 1007 1003 Jan'27
10014 101
4
8
5938 27
5512 0014 0H&SAM&Plet5e
593 Sale 5914
4
1931 J J 10018 10012 10018 Feb'27
1004 10012
2d extens as guar
60
72
55 4 6014
3
59% Sale 5912
1933 A 0 9814 Sale 984
9612 984
8
9814
8 1037s
15 10314 10612 Galv Roue & Rend let 5a
10358 104 1033
3
1
9812 99 4
99%
604 154
5612 6112 Ga & Ala Ry let cons bs-Oet 1945 J J 99 Sale 994
6018 Sale 593
4
99 1004
10014 15
6112 Ga Caro & Nor 1st gu g 5e 1929 .1 .1 10018 Sale 10018
4
603 1541
4
56
6018 Sale 593
1946 A 0 724 733 723 Feb'27
8
724 72 4
3
4
6018 Sale 60
6058 47' 6613 604 Georgia Midland 1st 3s
5
5612 6012 Or R&lext letgug 4H/3_1941 J .1 97 4
9718 9714
9714
,
-- 9714
60% 55
6018 Sale 59%
4
4 115% 32 11518 115%
11
5612 603 Grand Trunk of Can deb 78_1940 A 0 1153 Sale 1153
4
60
593 6014 60
4
1936 M S 10814 Sale 107%
8
10814 38 1067 10814
15-years f ee
597
56% 6012
6088 118
60 Sale
1947 J D 964
9514 Oct'26
Grays Point Term let 58
9912 June'26
11412 59 Hirt frit;
1936 J .3 11378 Sale 11334
,
6 -iiiT8 16- Great Nor gen 75 seriat A
7412 7,12
80
-go- Eit- le- 80
J J
11358 Nov'26
Registered
7414 - - -- 7412 Jan'27
9712
9758 9858
97% 75
let & ref 43(s series A____1961 J J
9012 914
9112 32
91 Sale 91
591.4 9I- 10918
8 :1
8
1952.9 J 10i3 8;
3
1093
General 5Hs serlee B
4 50 108 109 4
87 Aug'26
89
8
1973 .1 .1 1033 Sale 10314
4
103% 18 102% 1033
General be series C
8
9138
1
9012 913
91 18 -- 91%
95
1076.9 .1 95 Sale 94%
9412 957
8
5
General 414e serie5D
10618
10612 11 105 107
10714
8312 85
12
8418
85
Green Bay & West deb ctfs A____ Feb
10814 110
10918 ___ _ 109 Feb'27
2
21
2512
5 Sal-- 25
3 -- e
Feb 8
2512 38
Debentures ctfe B
Jan'27
10114 103
10318 10312 103
92%
_ 92 Dec'26
Greenbrier Ry let gu 48____1940 M N
Jan'27
101 101
1023 __- 101
4
l055 106
4
Mob & Nor 1st 534e,.1950 A 0 105% 107 1053 Feb'27
10114 1013 Gulf
4
10114 10112 10114 Feb'27
107
107 107
Jan'27
10214
2 1024 1024 Gulf& S I let ref & ter g 55 _b1952 J J l061
____ 10114 10214
10112
1 101 102
10114 10218 10112
4
97% 9812
9814
10114
10118 Jan'27
10118 10118 Hocking Val let cons g 4946_1999 J .1 98 Sale 98
90 May'26
1999.9 .1
Registered
10612
7 106 106%
10612 Sale 10614
912
981 IfT12
5
Housatonic Ill cons g 53_1937 M N -5§8 1-- 984 Jan'27
8
1117
6 1113 112
8
1113 112 1116
8
8
10138
19373 J 10138 Sale 1013
1
3 100 8 1011
8
a &TC letgint guar
104
4 10212 106
104 Sale 104
4
4 -- 1013 Mar'26
1930 MN 1013
Waco & N W let es
9014 12
873 90'2
8912 Sale 8912
4
9912 Feb'27
-597 flicr
2
8712 _ _ __ 8712 Jan'27
8012 8712 Houston Belt & Term let 58A937 J J 9914 100
1013 Feb'27
8
1013 1011
8
8
9318 124
9214 9312 Houston E dr W Tex 1st g 6a-1933 MN 10014
927 Sale 928
100% 100 4
4
1933 M N 10034 ____ 1003 Jan'27
3
58 red
923 Jan'26 _
8
1st guar
111
98
99
99 4
90
Jan'27
1
Hud & Manhat be scrim A 1957 F A 99 Sale 98%
90
97 Apr'26
F A
Registered
10218 Jan'27
_ 1014 108
10218
88- - T21-8
i
8812 244
84 111.;
Adjustment income 55 Feb 1957 A 0 8814 Sale 87%
10314 10 10314 104
10314 1033 10314
8
947 9513 95 Nov'26
_
94
95
Jan'27
95
993 Sale 99%
4
993
4
7 -911-2 166" Illinois Central let gold 48___1951 J J
93 Mar'26
1951 J J
4
995g 10018 993 Feb'27
Registered
993 99 4
4
3
871z 74% Jan'27
-Kis WA;
1951 J J 87
96 Sale 9514
96
41
Regid 334s
1st golstered
144
977% 98274
9833 0,7
823 Jan'25
9214
4
4
12
92% Sale 913
87
-. i WI;
S
Jan'27
Extended let gold 3J-55_1951 A 0
9734 Sale 978
973
4 14
_ 73
10512 17 10412 10 34
73
7418
1951 M 8 74
105 Sale 105
Jan'27
17
let gold 38 sterling
14 18 4
53
1027 10314 1023
8
15
92
4
10314
9012 gj
Collateral trust gold 4_
81952 A 0 9134 g;fe 914
8 10112 1053
8
803 Nov'25
4
A 0
11714 11738 11714
11714
7
933 W10534 __ __ 106
Feb'27
7
93%
1955 M N 93% Sale 934
R refunding
let egi5tered 4s
10512 106
8,5
8714 Sale 874
85
1
863 884
8
1952 J .1 85 Sale 85
87% 39
85
Purchased lines 3M8
10414 Sale 1035s
8412 July'25
J J
10414 46 10312 1043
Registered
4
103 1043 10414 Feb'27
88% 12
10742 10414
9
Collaral trust gold 48_1953 M N 88% Sale 88%
Collateral
88
Ws;
44 973/
4
973 _ _ _ _ 973 Feb'27
8
8
MN
854 Oct'26
Registered
4
8
4
1955 M N 1078 l083 10712 Feb'27
963 953 953 Jan'27
2
9514 95 4
Refunding 5e
4
10712 josh
9518 9518
9512 Jan'27
2
9512 96
1934 1 J 1027 Sale 10214
8
102% 20 1017 1034
15-year Secured 5358
1
9212
9212
9212
1936 1 .1 112, 1124 11218
11218
3 1124 1134
9014 9212
15-year secured 6948 g
14 -- - _ 10058 Feb'27
100 10038
Aug 1 1966 F A 974 Sale 97
-year 43(s
100
40
9635 97 8
7
97,4 123
1951)1 D 9212 _
90 Sale 90
90
12
9212 Jan'27
89
9012
Cairo Bridge gold 4/3
9212 9212
__
99
9914 9914 Feb'27
Litchfield Div let gold 38_1951 1 J
7612 Jan'27
984 9914
7612 7612
1073 10814 108 Dec'26
2
764- 4
Louiev Div &Terms3Ha_1953 J J 83% 833 8314 Feb'27
8314 8418
4
10234 43 10258 l023
1023 Sale 10212
J .1
Registered
8118 Aug'26
7714 7714 7714
10714
1077 10812 10714
s
1 10714 1073
Omaha Div lat gold 3s__1951 F A
4
77 /7;
1
8
7714
8
1033
8
9 10314 105
_
10358 Sale 1033
764 78%
St Louis Div & Term g 38.1951 J J
76% Feb'27
943 Feb'27
8
76%86
87
943 9438
9312 94
8
1951 J
Gold 314s
86
66
86
Jan'27
Jan'27
Springfield Div let g 33.0.1951 J
8618 ..... 86
86
8712
84 Sept'26
883
8832 Sale 88
2
7
1951 F.A 90%
875 90
Western Linea let g 48._
"kir: "903;
903 Jan'27
8
8314 Feb'26
8412 __
Registered
84 Aug'25
917 Jan'27
2
_
917 917 Ill Central & Chic St L & N0
9258
281 F A
9314 Jan'27
91
Joint let ref be series A
9158
9314
1963 J D 103% Sale 103%
10312 13 10318 104
10732 10232
214 0 4
10712 108 10712 Feb'27
10512 1051g
Gold be
1951 .9 D 10412 10713 10512 Jan'27
3
7
10288 Jan'27
_
3
1013
4
Registered
10312
10214 Apr'26
9938 Sept'26
_
Gold 3He
1951 J D 79% ____ 7812 Feb'26
10018
8
-Ws 9858lud Bloom & West latext 48_1940 A 0 924
4
9812 993 983 Jan'27
8
933 Dec'26
994 Aug'26
933 -- _
-55 8 ---3
1 9 i
1004
3
ioo_ .
166_ Ind III & Iowa let g 413
1950 J
93% Jan'27
Jan'27
86
864
8758 __ __ 100
Ind & Louisville let gu 48._1956 J J 8614 87
8714 Jan'27
10214 1031s
---- ____ End Union Ry gen 68 see A 1966 j j 10218 1027 10214 Jan'27
87 2 ---- 8514 Oct'26
,
8
843 Sept'26
8
1023 102 4
5
3
Gen & ref 58 series B
857
5
1065.9 J 1021s 10312 1023 Jan'27
8
3
leliTs 1013 lot & Grt Nor let es sec A 1952 J .1 1053 Sale 105%
8
101 10158 10188 Feb'27
105% 16 1053 107 4
g
4
08 , Adjustment 13e ser A July 1962 APrl 9412 Sale 9412 9534 254 83% 9614
1097
8
4 103% 10
10
1091 11014 1093
4
7
8112 8818
104
10
1047 Sale 1034
8
Stamped
87% Feb'27
Aprl 867 87
8
75% 7712
21
77
8
8
8858 833 lot Rya Cent Amer 1st 6s___1972 M N 763 76% 76%
885 ---- 88% Jan'27
8
95 9514
9834 9912
9912
2
9518 67
9912 9912 99%
1st coll ti' 6% notes
95 Sale 95
5112 5812
8
9714 14
7
967 99
8
55
Iowa Central let gold 58
967 9714 967
1848 .1 D 65 Sale 55
931 M N
5112 55
92
5
917 92
55 Feb'27
92 Sale 91%
59
Certificates of deposit__________
54
1712 2112
4
2112 Jan'27
--9012 -- 893 Nov'26
Refunding gold 40
17% 20
I I
911 997
2
4
9238
88 Nov'26
8
James Frank & Clear let 48_19 9 J D 92% Sale 92%
1
19
8
5
923 Dec'26
8
9318 -77
77
Apr'26
10 -iois WIT, KaA&ORletgugbe
76
1938J ) 10212 10512 101
8558 If
8
s
Kan & M lst gu g 48
____ ____ 70 Sept'26
1990 A 0 861s 867 855 Feb'27
100 100 8
3
764
1 "651 if
7612 Sale 764
2d 20-year be
100 10012 10058 Feb'27
75 Fete26
8 16 101% 101%
8 1003
76
77
6918 76
8
K C Ft til & M cons g 65_1 2 j N 1013 Sale .1013
982 M j
8
7
ask Low
-- -- 9912
10012 100
4
Sale 1133
116 113
Sale 9112
9012
92
---- 973
4
8
953 895
4
Sale 1013
4
11812
10114 10014
_ 104
10212
Sale 973
_9712
8
943
8
9912 Sale 9918
1003
4
1007
8
8612 88
8712
864 88
88
853 ____ 85%
4
_ 10018
1004
72
723 72
4
4
713 -- 713
4
6612 Sale 6612
6612
873 88
8
8714
85
8614
9412 Sale 9412
993 100
993
4
4
9912
99
8
933 9414 935
4
9218
1055 Sale 10512
8
106 Sale 106
814 Sale 813
4
10512 107 1053
4
713 Sale 71
Bid
98%
100
11378
1125
9112
9013
973
4
89%
102
118
10012
10414
Ohio Ind & Loulsv-Ref 66_1947 J J
Refunding gold 68
1947 J J
Refunding 48 Series C
1947 J J
1966 M N
General be A
May 1966 J J
General 6s B
-year 48_1956 J J
Ohio Ind & Sou 50
.
Chic L S & East let 4H8-- -1969 J D
01144 & Puget Sd 1st gu 48___1949 J J
U S Tr certifs of deposit-- ____ ____
ChM & St P gen g 4s Ser A_e1989 J J
Registered
General gold 3He ser B_e1989 I .1
Q ..1
Gen 4Hs Series C-May 1989 J J
Registered
Gen dr ref ser A 4 He._Jan 2014 A 0
Guar Tr certife of deposit
Gen ref cony eer B 5s_Jan 2014 .-FA
Guar Tr certife of deposit_
let sec es
195i 1--.i
Debenture 4)(e
1932 _I D
Bankers Tr certife of deposit ___
Debenture 45
1925.9 D
175 Mtge az Tr We of dep.._
_
1934 JJ
115-year debenture 4s
_-Farm L & Tr ctfe of der).Chic & Mo Riv Div 5a
1926 j 1
Ohio & N'weet gen g 3He
1987 MN
Q F
Registered
General 4e
1987 MN
Registered
Q F
Stpd 45 non-p Fed in tax '87 MN
Oen 4Me stpd Fed Inc tax_1987 MN
General ba stamped_ _. _1987 M N
Sinking fund es
1879-1929 A 0
A 0
Registered
Sinking fund Se
1879-1929 A 0
1879-1929 A 0
Registered
Sinking fund deb re
1933 M N
MN
Registered
1930 .1 D
10
-year secured 70 II
15
-year(secured Illi5e g-__1936 M S
let es ref g be
May 2037.9 D
Chic R I & P Ralarelt gen 4a1 gss J J
J J
Registered
Refunding gold es
1934 A 0
Registered
A 0
Oh St L & N 0 Mem Div 48_1951 J D
St L& P let cone g be____1932 A 0
Ohio St P M & 0 cons es___1930 .11 D
Cons es reduced to 3He._1930 J 13
1930 M S
Debenture be
Stamped
0h10 T H & So East let 58_1960 J D
Deo 1 1960M S
Ino gu 5e
Chlo Un Sta'n let gu 4He A_1963 .1 D
1963 J J
let 58 series B
1944 .1 D
Guaranteed g be
1963.9 J
let 6 lis series C
Chic & West Ind gang es__D1932 Q M
1952 J J
-year 48
Consol 60
1962 M S
let ref ISSie ser A
Choo Okla & Gulf cone be-1952 M N
CM H & D 2d gold 4Mo_ _1937 J J
0I St L & C let g 48_ _.Aug 1936 Q F
Aug 1936 Q F
Registered
1942 M N
Oln Lab & Nor gu 45 e
Cln S & CI eons let g 6s...-1928 J J
Cleve Cin Ch & St L gen 48-1993 J D
1931 J J
-year deb 4)45
20
1993 J 13
General be Series B
Ref & Inlet 85 series A_ -1929 J J
1941 J .1
es series C
1963 J J
Se series D
_1939 I J
Cairo Dly let gold
4fi__Cln W & M Dlv let g 4a_1991 J J
St L Div 1st coll tr g g 4a 1990 MN
M N
Registered
Syr & Col Div let g 4s___1940 M S
W WVal Div let g 48____1940 J J
0 C C & I gen eons g 6e____1934 J J
Clay Lor & W con 1st g 5a__1933 A 0
Cleve & Mahon Val g 6or_1938 I J
1935 M N
Cl & Mar let Bug 41.4e
Cleve & P gen gu 4)4e ear 13.1942 A 0
1942 J .1
Series 4148
1948 M N
Series C 3345
1950 F A
Series 13 3345
Cleve Sher Line 1st gu 4H8_1961 A 0
1972 A 0
Cleve Union Term 5He
1973 A 0
1st 8 f be ser 11
1945 J 13
Coal River Ry let go 48
Colorado di South, let g 48 1929 F A
Refunding & exten 4Sis_ _1935 M N
Col & 11 V 1st ext g 48
1948 A 0
1955 F A
Cot& Tol 1st ext 45
Conn & Passum Ely let 4s 1943 A 0
Coneol Ry deb 48
1930 F A
Non-cony 411
1954 J J
Registered
3D
Von-cony debenture 4e___1955 .1 J
Non-cone debenture 48.... _1956 J J
b Due rob. •Das May. p Due Dep.
Week's
Range or
Lae Sale
--
1198
New York Bond Record-continued-Page 3
BONDS
N.Y STOCK EXCHANGE
.
Week Ended Feb. 25.
Price
Friday.
Feb.25.
KOFtS&MRyrefg 40 1936 AO
KC&MR&Blet gu 55__1929 AO
Kansas City Solt 1st gold 32_1950 AO
Ref& Impt be
J
Apr 1950
Kansas City Term let 42_ _1960 is
Kentucky Central gold 48._1987 S i
Kentucky & Ind Term 43(5_1961 is
Stamped
1961 is
Lake Erie & West 1st g 55_1937 is
2d gold Ss
1941 J J
Lake Shr & Mich S g 332_1997 in
Registered
1997 J D
Debenture gold 45
1928 MS
25
-year gold 45
1931 MN
Registered
1931 MN
Leh Val Harbor Term 5s
1954 FA
Leh Val N Y let gu g 4345_1940 S i
Lehigh Val (Pa) CPU g 4$_2003 MN
Registered
MN
General cons 43s
2003 MN
Lehigh Val RR gen 58 series_2003 MN
Leh V Term Ry 1st gu g 5s 1941 AO
Leh & N Y lst guar gold 48._1945 M S
Lex & East lst 50-yr 52 gu_ _1965 AO
Little Miami 413
1952 MN
Long Dock consol g 65
1935 AO
Long Feld let con gold 52July1931 Q
1st consol gold 42----Ju1Y1931 Q
General gold 42
1938 ▪ D
Gold 45
1932 J D
Unified gold 4s
1949 MS
Debenture gold be
1934 in
20
-year p m deb 52
1937 MN
Guar refunding gold 42_1949 MS
Nor Sb B let con gu 5s_Oc '32 Q J
Louisiana & Ark let g 58_1927 MS
Lou & Jeff Bdge Co gu g 42_ _1945 MS
Louisville & Nashville 58_1937 MN
Unified gold 4s
1940 S i
Collateral trust gold 55_ _ _1931 MN
10
-year secured 7s
1930 MN
let refund 55(5 series A2003 *0
let & ref 58 series B
2003 AO
let & ref 45(s series
*0
N 0& M 1st gold (is
1930• J
2d gold 65
1930 is
Paducah & Mem Div 45_1946 FA
St Louis Div 2d gold 3s 1980 MS
Mob & Manta 1st g 45(e1945 MS
South By joint Monon 45_1952 S i
Atl Knoxv & Cin Div 4e1955 MN
Lousy Cm & Lex Div g 410'31 MN
Mahon Coal RR let 58
1934 ii
Manila RR (South Linea)413_1939 MN
let 4e
1959 MN
Manitoba S W Colonlsa'n Ss 1934 J D
Man GB & NW 1st 3%2_1941 is
Mb% Cent Det& Bay City 52_'31
M
Registered
QM
Mich Air Line 42
1940 is
Registered
• J
L & Mt gold 3Hs
1951 MS
let gold 35(s
1952 MN
20
-year debenture 42
1929 AO
lild of NJ 1st ext 58
1940 * 0
Milw L Sat West Imp g 52_1929 PA
Mil & Nor 1st ext 4Hs(blue)1934 in
Cons ext 45(8 (brown) 1934 J D
MII Elpar & N W let gu 42 1947 MS
Milw & State L let gu 33(5.1941 is
&Sinn & St Louis let 72
1927 in
let guar g 7s
1927 J D
let consol gold 52
1934 MN
Temp ctfa of deposit
MN
let & refunding gold 42_ _ _1949 M
Ref & ext 50-yr 58 ser A__1962 Q F
II St ParSSM con g 48 int gu'38 S i
let cons Ss
1938 S i
let C0118 Eus gu as to int_ 1938 S i
10
-year coil trust 6Hs
1931 M
let & ref 68 series A
1946 S i
25
-year 55(5
1949 MS
let Chicago Term e f 4a
1941 M N
Mississippi Central 1st 58_ _ _1949 J J
11.10 Kan & Tex-let gold 45_1990 in
Mo-K-T RR-Pr 155 ser A _ _1962
'
S
40
-year 4s series B
1962 J J
10
-year 68 series C
1932 J J
Cum adlust 59 ser A Jan_1967 AO
Nlissourl Pacific
let & refunding 58 ser A 1965 FA
1st & refunding 68 ser D 1949 FA
let & refund 68 ser E
1955 MN
General 48
1975M.'1'31
Mo Pac 3d 75 ext at 4% July 1938
.``
Mob & Mr prior lien g 52_1945 S i
S i
Mortgage gold 4s
1945
Small
1945 S i
Mobile & Ohio new gold 6s._1927 S D
let extended gold 62__Ju1y1927 Q J
General gold 42
1938 MS
Montgomery Div let g 52_1947 FA
St Louis Division Se
1927 J o
Mob & Mar 1st gu gold 42._1991 MS
Kart C 1st gu g 68
1937 ii
Si
Registered
let guar gold 5s
1937 S i
Morris & Essex let gu 334s 2000 S D
Nash,Chatt & St L let 521_1928 * 0
NFla&Slstgugas
1937 FA
Nat Ry of Mex or lien 4 Hs_ .1957 S i
July 1914 coupon off
Assent cash war rat No 3 on
Guar 70
-year f 45
1977 AO
Assent cash war rat No 3 on
Nat RR Mar prior lien 45(5-1926 ii
is
July 1914 coupon on
Assent cash war rot No 3 on.
lit consol 4s
1951 AO
AO
April 1914 coupon on
Assent cash war rat No 3 on _
New England cons 58
1945 S i
Consol guar 45
1945 S i
N J Juno RR guar let 42
1986 FA
NO&NE 1st ref&imp 430 A'52 ▪ J
New Orleans Term let 4s_ 1953 J J
NO Texas & Mar n-e Inc 52-1935 AO
1st 52 series B
1954 *0
14 53-i to series A
1954 *0
& C Bdge gen guar 45-611._1945 S i
NYB&MBIstcong52-1935 AO
WY Cent RR cony deb 62-1935 MN
MN
Registered
Week's
Range or
Last Bale
Ask Low
Bid
High
9238
923 Sale 9214
8
8 10038
1003 Sale 1003
73% Sale 73%
7312
10018 Bale 9912 10018
8914 Sale 88%
89%
8814 8812 8818 Feb'27
/
1
8518 87 854 Dec'26
90
4
8914 893 89%
10214 Sale 10214 10214
8
10012 Sale 10018 1003
8052 8112 8034 Feb'27
8018
80%
-554 iiife" 9914 99%
*
9814 Sale 98%
980
96 Dec'25
1047s ____ 105
105
9834 Sale 98%
987
8
87
88
88 88
84 Jan'27
9532 99 99
99
2
1053 106 1053 Feb'27
8
10212 10512 10212 Jan'27
905
*
90% ---- 903*
11014 111 11014 Feb'27
Jan'27
90 90
87
108% 110 109 Feb'27
1003 -___ 1003 Feb'27
4
4
98 Feb'27
9212 93 9252
92%
9414 9512 97 July'26
8918 Bale 89%
89%
4 10014
10014 Sale 993
98% 99 98%
99
8912 Sale 8912
89%
100 10012 100 Jan'27
1001 Sale 10018 10018
895s 90 901s
901s
105 ____ 10618 Feb'27
96% 9612 96%
s
968
101 10114 10118 Feb'27
10372 Sale 103% 1037
s
108 Sale 108
10812
106 10612 10612 10612
101 Sale 10014 101
103% 10512 1033 Jan'27
4
103% 10412 103% Jan'27
94 ____ 94 Jan'27
67 ____ 6738
67%
10018 102 100118 Feb'27
88 Sale 88
88
9315 94% 933
4
933
4
100 10012 100 Feb'27
10318 104 103 Dec'26
6812
683 69 8812
8
7614
7612 ____ 7614
100 10012 10012 Dec'26
85% ____ 8312 Oct'26
10112 ____ 10158 Jan'27
_ 101 Dec'26
9514 Feb'27
9514
92 Nov'26
837 ____ 79 Nov'26
86
8614 Jan'27
99 Sale 99
99
9612 9712 98
98
101
____ 10034 Jan'27
9312 98
9412 Dec'25
9512 9712 9614 Jan'27
910 94 9234 Feb'27
81% Dec'25
99
993 98%
4
10038 101 100%
58% 59 5512
52% 5412 55
20
203 21
4
14
15
14
8838 Sale 88%
9714 97% 9734
98 Sale 97%
1015 Sale 101
8
100 103 101%
87% 88% 88
96% --- 9734
We 97 96%
87% Sale 87%
1013 Sale 101%
4
85% Sale 851
2
10314 Sale 02 g
7
99% Sale 9912
Range
Since
Jan. 1,
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
Price
Friday,
Feb.25.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
No. Low High
Bid
High No.
Ask Low
27
COI1801 45 series A
93
92
3
1998 F A 91% Sale 91%
913
4
2
9912 loo1
/ Ref & impt 45(2 A"_2013 A 0 99 Sale 99
4
'
9934 37
15
Ref & impt 52 series C
72% 7412
2013 A 0 10614 Sale 106
10612 81
87
Registered
9914 1001
/
4
A0
10512 Jan'27
38
88 8914 N Y Central & Hudson River
88
8812
49
Mortgage 35(s
19971 J 81 Sale 803
s
81
1
Registered
1997 J J 7914 Sale 7912
7912
3
26
Debenture gold 4s
8812 90'g
97
1934 M N 96% Sale 9634
24 10214 10214
Registered
MN
96 Feb'27
-- 10 1001s 10012
30
-year debenture 45
34
1942 J J 9412 9514 95
95
8012 81%
Registered
93 Feb'25
8018 80t2
10
Lake Shore coil gold 35(0_1998 F A 80 Sale 80
12
80
982 995
8
21
8
Registered
1998 F A 7812 79 78% Jan'27
11
97% 98%
3
Mich Cent coil gold 3%5..1998 F A 7934 Sale 793
4
79%
5
8012
1998
7918
A 8012
3 10412 lilt; N Y RegisteredL lgt g 48_1937 F 0 95 Sale 94% 9434 5
Chic & St
A
95%
7
9812 98%
Registered
1937 A 0
9314 May'26
2
25-year debenture 45
5
8614 887
s
1931 M N 9678 97 96%
9658
84
2d 6s series A B C
39
84
1931 M N 10234 Sale 10158 103
3
97 9914
Refunding 55(e °erica A -.1974 A 0 105 10512 105
105% 21
9
10514 10618
Refunding 5348 series B _1975 J J 10514 10512 10514 10514
10212 10212 N Y Connect 1st gu 454e A 1953 F A 94% Sale 94%
3
96%
2 90
let guar 55 series B
90%
10412 10
1953 F A 104 Sale 104
1092 11014 N Y& Erie let ext gold 48_1947 M N
4
4
913 Oct'26
3d ext gold 4%5
813% 90
1933 M S 9812 914 9812 Jan'27
4th ext gold 55
10834 109
1930 A 0 10018 ---- 9838 Feb'27
5th ext gold 48
100% 100%
1928 J D 984 -- 99 Mar'26
98
N Y & Greenw L gu g 58_1946 M N 995
98
100% Feb'27
8
5
92% 94% N Y & Harlem gold 3Hs__ 2000 M N 81% 82% 8134 Jan'27
Registered
M N
80 Dec'26
15 -gra 90
30
99 1003 NY Lack & W lst & ref 5s_A973 M N 102% ---- 80 .july'25 ---4
15
First & ref 45(e
9818 99
1973 MN 1021s
10214 Jan'27 ---28
89% NYLE&Wist7sext
89
1930 MS
__
106 Feb'27
100 1003 N Y & Jersey 1st 5s
4
1932 F A 10114 10111 10114 1011* 10
10 100 1003 NY & Long Branch gene 481941 M S 9038 92 90 Dec'26 ---4
4
8955 9012 N Y & N E Bost Term 48_ _1939 A 0
91% Oct'26 ---106% 10618 N Y N H & H n-c deb 42 1947 M El 7812 81
8012 Feb'27 ---10
95% 97
Registered
June'25 ---1011s 10112
Non-cony debenture 3345_1947 M S 7218 74 74 Feb'27 -27 1031s 106
Non-cony debenture 35(5_1954 A 0 72
7312 7112
7212 11
11 10712 10812
Non-cony debenture 4s....1955 J J 80
80% 80
80
6
1 1053 1063
Non-cony debenture 4s_A956 M N 80
4
4
80% 80
8014 23
2
9934 101
Cony debenture 334s
7218 84
19563 J 7212 Sale I 716$
4
103% 1033
Cony debenture 65
lag
24
1948 1 J 10858_ Sale
103 8 103%
5
Registered
10818105
J .1
Jan'27 -237 94
8
Collateral trust tls
Sale
105
1940 A 0
26
1
6714 67%
Debenture 48
76
1957 M N 75% Sale 75
19
Harl5m It & Pt Chee let 451964 M N
1003 10012
s
718: 11178°2943:4 Jan'27
8712 85 4 N Y de Northern 1st g 59
8
3
0
0
6
s
1927 A 0 997 10_7_ 18 12 Feb'27 -93% 9514 NY0& W ref 1st a 4s_June 1992 M B 7834 Sale 78%
1
7834 14
100 10014
M S
Registered 25,000 only
Dec'26
- General 48
7812 52
1955 J D 7812 Sale 75
15 65 ifs14 NY Providence & Batton 42.1942 A 0
Dec'26 ---7312 7714 N Y dc Putnam lst con gu 45 1993 A 0 89% 90 89% Dec'26 ---N Y & It B 1st gold Ss
1927 M S 997 1003* 100 Jan'27 -N Y Susq & Watt 1st ref 52_1937 1 .1 901g Sale 90
9012 .15
7
e 74
logs 1618- 26 gold 45(s
- -4
74
1937 F A 71% s l
1
7612
13
77
General gold 55
1940 F A
-9514 9514 Terminal let gold 52
991s Jan'27
1943 M N 99%
8214 49
N Y W'olles & 13 1st ser I 4%2'46 J J 82% Bale 8178
55
3
85 * - ;
5 81
3
9802 1003
4
35 98
loos 1003
4
55E8 9614
9214 923
4
Nord Ry ext1 f Hs
/
4
1950 AO
Norfolk South let & ref A 56_1961 FA
Norfolk & South 1st gold 58_1941 MN
Norfolk & West gen gold 68_1931 MN
Improvement & ext 62_1934 FA
New River lot gold 65_ _ _ _1932 AO
N W By let cons g 48._ _1996 AO
Registered
1996 AO
Diri let lien & gong 45.1944 S i
10-yr cony. as
S
1929
Pocah C & C Joint 45-.1941 S D
North Cent gen & ref 58 A__1974 MS
North Ohio let guar g 52____1945 * 0
North Pacific prior lien 42-1997 Q
Registered
1997 @
Gen'l lien gold 32. _ _Jan 2047 Q F
Registered
Jan2047 Q F
Ref & impt 4 Hs series A__2047 S i
Registered
Si
Ref & impt 68 series B_-__2047 Si
Registered
S i
Ref & impt E5 series C -__2047 J
Ref & Impt 58 series D___2047 ./ J
Nor Par Term Co let g 62-1933 J
Nor of Calif guar g 58
1938 AO
North Wisconsin 1st as
1930 ii
Dec'26
2 100 100%
10038
3 55 57
55%
5114 55
Feb'27
1.712 23
Feb.27
15%
13
Feb'27
87
887
8
88% 36
9712 98%
1
9734
6712 98%
9
9812
101% 25 100% 102
3 10018 102
10114
89
86
7
8814
97% 97%
Jan'27
9512 97
5
96%
86% 88
8712 14
1017
2 27 101 10212
8512 87
85% 33
10312 45 10252 10318
96 100 Og & L Cham let gu 41; g__ _1048 ii
100 441
Ohio Connecting Ry 1st 48 1943 M S
9934 101
Ohio River RR let g 58
100 Bale 00
1001s 81
1936 3D
71 10612 10814
General gold 55
107% Sale 07% 108
1937 A0
69 106% 108 Oregon & Cal let guar g 58..1927 S i
107% Sale 07% 108
791s Oregon RR dr Nay con g 48_1946 J D
76
77 Sale 76%
77% 195
93 93 Ore Shore Line 1st cons g 158_1946 S i
92% ---- 93 Jan'27
Guar cons 15s
1946 J J
Guar refunding 45
100% -- 99 Sept'25
1929 S D
15; IF8 Oregon-Wash 1st dr ref 45.-1961 ii
863 -- 8612 Jan'27
4
82 82 Pacific Coast Co let g 5a__.1946 in
823 857 82 Jan'27
4
8
4
6 100% 1013 Pao RR of Mo let extl g 4s.._1938 FA
101% Bale 0014 101%
9934 100%
2d extended gold 68
101 101% 0012 Jan'27
1938 S i
93 94 Paducah & Ilia lets t 4 lie_ _1955 S i
9312 95% 93% Feb'27
10118 10112 Paris-Lyons-Med RR 6s_..1958 P A
0118 Feb'27
l00l2 10112
2 99% 100%
Sinking fund external 72_1958 MS
99%
99%
99%
9114 9114 Paris-Orleans RR s f 72
9914 --- 9114 Feb'27
1954 MS
11112 112 Paulista Railway 72
11212 1112 111%
1942 MS
Pennsylvania RR cons 246._1943 MN
0914 Dec'26
Consul gold 42
jai -- 0378 103% 2 155; 104
*
1948 MN
80% 811s
4s sterl stpd dollar-May 1 1948 MN
8012 81 81 Feb'27
5 100% 10114
Consolidated 45(5
100% Sale 0012 10012
1980 FA
1025s 10312
General 4 Si s series A....1965• D
103 10312 03% Jan'27
General 5s series B
30 Sept'24
_
1968 S D
10
-year secured 713
1812 Sale 19 ADr'25
1930 A0
20
14
15
-year secured 65(2
1714 18
1712
18
1938 P A
8712 Aug'25
Registered
P A
"2:6-- 40-year gold 52
2212 Sale 22 Feb.27
1984 MN
Pa Co gu 314s coll br A reg__1937 MS
3812 July'25
Guar 332e coil trust
24 Sept'25
P A
'if Veil; Guar 35(e trust ctfs ear 13.1941 S D
2114 liF 24
s
28
C___ _1942
28 Apr'25
Guar 3
trust ctfs D____1944• D
Guar 15 -year
1812 June'26
AO
-25
IA WI; Guar 48 series E gold 42_1931 MN
1412 1514 1412
15
1952
Peoria & Eastern let cons 42_1940 * 0
99%
100 4 1003
1
0912 100%
Income 45
8
4
April 1990 Apr.
87% 87 87 Dec'26
_- Peoria & Pekin Un let 53421_1974 FA
8312 Sale 8512 Jan'27
8512 8512 Pere Marquette 1st ser•52_1956 S i
gips 97,
97
9712 97
2
1st 45 series B
2
97
1956 S i
873 88 873
4
Phil,, Bait & Wash let g 48..1943 MN
8 871 88
4
/
4
87%
100% Sale 100% 1003
General 58 series B
4 15 100 100%
1974 P A
1003 Sale 100% 101% 10 10012 101,2 Philippine By let 30 81 48 1937 S i
4
-Yr
105% Sale 105% 1053
4
4 49 1043 105% Pine Creek registered 62-1932 S D
97
98 9634 Dec'26
1940 AO
PCC&StLgu45(sA
10034 102 101 Feb '27
Series B 4 Hs guar _
i65 4 101
/
1942 AO
1071s 108 10712 1075
5 106% 108
8
Series C 4 Hs guar
1942 MN
10614 May'26
Series D 42 guar
1945M N
1949 F A
Series E 3 He guar gold
Series F 48 guar gold
1953 .1 D
Series 4#1 guar
1957M N
96 Sale 9512
96% 109
17
91% Sale 91%
914
10018 ---- 10012 10012
10578 10614 1055 Jan'27
10812 ---- 1095 Dec'26
107 ---- 10718 Dec'26
9312 Sale 9212
93 4 45
3
9312 93% 9012 Oct'26
9312
9
93% 9354 9312
---- -- 165 Feb'27
923 9414 03 Feb'27
4
Jan'27
105% ---- 106
9612 -- 96% Feb'27
9114 Sale 9114
9112 52
9012 92 91 Feb'27
28
67 Sale 66%
67
63% 67 63% Feb'27
96% Sale 965
8
963
4 22
92% ---- 85% Feb'25
48
11334 Sale 113% 114
111% ---- 11014 Mar'26
10412 10512 104 Feb'27 _
10414 105 10414 10432 13
1093 -- 1093 Jan'27
4
4
10412 ---- 0518 Jan'27
10278 105 0258 Oct'26
83%
83%
2
9034 Dec'25
02 Feb'27 --0218 Feb'27 ---10014 22
00
10
93
9212
108 -- -08
0712 10712 33
983
4 75
98%
88
21
87%
90%
3
90%
94% Jan'27
10212 Feb'27 _
9814
8
agis Sale 9818
92% 225
9212 Sale 92
9912 122
99 Sale 9812
99
35
9814 Sale 9818
102% 11
Sale 102
102
96 Jan'27 ---9514 957 95% Feb'27 -- s
9512
1
9514 9512 9512
7
8
1023 Sale 02% 10212
4 100
69
99% Sale 993
2 1098
109% Sale 087
4 32
10632 Sale 0614 1063
4 66
34
11134 Sale 113
4 112
11112 -- 1114 Oct'26
10234 Sale 02% 1034 64
87 Oct'26
86
3
86 Sale 86
85
86 8612 Jan'27 ---84%
-. 8412 Jan'26 ---973 9812 97% Feb'27 -4
883
4
7
88% Sale 88
86% 11
863 Sale 8614
2
4318 102
44 Sale 43%
_ 10452 Feb'27 -10412
104% Sale 1041s 104% 42
89
8912 89% Feb'27 -95% 9612 9612 Feb 27 ---.
Jan'27
11012 1103 111
8
42% 43 43
9
106% -- 10634 Feb'27
1003
4
- 100% 100%
101 Sale 101
5
101
1003
4
-- 100 Dec'26 ---9552 ---- 96 Feb'27
95%
9312 Nov'26
95% --- 100% Feb'27 _
97 Jan'27
95%
83% 85
92%-102 104
101%
100 10018
9212 Sale
108 Sale
10712 108.
9858 Sale
88 Sale
9034 Sale
9034 9
Low
High
90
92
9772 9934
10514 107%
10512 10512
801e
78 2
5
9612
96
94%
"i5i,
78 4
3
793
4
7872
94 4
4
8144
79%
97
.
3
96
98 4
4
81
78 4
8
90 8
1
8012
98
96's 97
1021g 103
104% 106%
104% 10612
94% 9712
103% 10412
-Ws 18;
-1
98 s 1004
3
-135; 1 -1
-0
0;
814 814
4
Mira 1021.
108 108
10014 10112
74
8014
"fira W6934 7253
78 80
771 80
4
12
8944 721e
10512 10914
103 105
10314 10614
8012 78
8914 804
99 100
,
7
7814 791a
73
7812
997 1 6
.
- .
0
8712 91.4
723 75
4
7118 77
ggls 991
7812 83
14
9314 974
901 9314
4
10012 10112
10534 106
-9212 937
-i5r8
158
02 g
7
105
5s
9412
91%
905s
655
8
635
8
96
933*
185
98
108
96%
93
91
67%
6514
97%
113
114
lairs 108 1
- 1
10318 1004
1094 1098
5
8
.
10318 1081
---- -815 835
8
8
Mi Rif"
.10212
100 10012
924 93
/
1
107 108
107% 107%
98% 99
86% 8914
9014 93
9334 9448
102 10211
98 9818
9712 95
9812 101
9514 1014
102 102%
96 96%
9414 96
945 9512
8
102 103%
9914 101
10671 1093
4
10614 10752
111% 11212
102
103¼
66
85
-8
1r
884
9713
"
88
98
89
854 87
41% 471z
4
104 1044
1035 105
8
89 9014
95% 9
7
11012 111
4311
42
low/ loose
10112
loos, Ione
-55 96
DA fa;
07
97
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 25.
Price
Friday.
Feb.25.
Bid
Week's
Range Of
Last Bale
Ask Low
Range
Since
Jan. 1.
Mob No, Low
High
Pitts Cin Chic & St L(Concluded)
Series H 4s
1960 F A
Series I cons guar 4Hs
1963 F A
Series 455s
1964 M N
OeneralM5secriesA........19703 D
Registered
3 D
Genmtge5seerleeB
1975 A 0
Pitts & L Erie 2d g 5s.._ _Jan 1928 A 0
Pitts McK & Y 1st gu 6s--1932 J J
2nd guar 62
1934.7 J
Pitte Sh & L E lst g 58
1940 0
•
lit consol gold 58
1943.7 J
Pitte Va & Char lst 4s
1943 M N
Pitts Y & Ash let eons 58._--1927 M N
let gen 48 series A
1948 J D
lot gen 5s series B
1962 F A
Providence Secur deb 4s__ _1957 MN
Providence Term let 48
1956 1.1 S
953
4
-- 10012 Jan'27 - -- 10012 10012
10138 bale 10114 101%
4
9958 10154
10114 101% 101% 101%
5 100 1017
8
10734 108 108
1 10634 110
108
102 OeV26
1077 Sale 10734 107% 44 10684 110
100 101 10078 100%
5
997 100%
8
106 107 10578 Jan'27
105 8 1057
7
8
- - 10134 Nov'26
10334- - 102 Feb'27
10178 10312
1017 102'i
10012
10134 June'26
9234 ____ 9114 May'25
10018
10014 Dec'26
923 9314 9234
4
1 .
923
4
924 ..7-7
92;
10512 106 10618 Jan'27
- 10458 1063
8
75
1
75
72
75
8418
84% Aug'26
Reading Co gen gold 45
1997 J J
Registered
.1 J
Jersey Central coil g 411-1951 A 0
Gen & ref 4As series A _1997
.1
Richm & Deny deb 5estmpd 1927 A 0
Rich & Mack lst g 48
1948 M N
Riohm Term Ry let go 5s..--1952 J 3
Rio Grande Juno let go 5e_19393 D
Rio Grande Sou let gold 4s_..19403 J
Guaranteed (Jan 1922 coupon).1 J
Rio Grande West let gold 413_1939 J J
Mtge & coil trust 4fi A-1949 A 0
R I Ark & Louis 1st4Hs_ _ _ _1934 M
Rut
-Canada let go g 4s___ _1949 3 J
Rutland let cong 410
1941 J
St Jos & Grand Isl let g 4s_ _1947 J J
St Lawr & Adir let g 58
1996.7 J
2.1 gold 6e
1996 A 0
et L & Cairo guar g 48
19313 J
fit L Ir Mt & S gen con e 50_1931 A 0
Stamped guar 5s
1931 A 0
Unified & ref gold 48
19293 J
Registered
.7 J
Riv & G Div lst g 4s. ___1933 M N
et L M Bridge Ter gu g 5o_ _ _1930 A 0
Si L& San Fran (reorg co)481950
J
Registered
J J
Prior lien series B be
1950.7
Prior lien series C os
1928
J
Prior lien 5 h's series D _1942 J
Cum adjust ser A 63__July 1955 A 0
Income series A Sc. July 1960 Oct
St Louts & San Fr Ry gen 6s..1931 3 J
General gold ta
1931.7 J
St L Peer & N W lift eu 56-1948 .1 .1
St Louie Sou 1st gu g 48-1931 MS
SILO W 1st g 4s bond ctfo 1989 MN
2d g 4s Inc bond ctfs_Nov 1989.7 J
Consol gold 4s
1932 D
let terminal & unifying 58_1952 J J
St Paul & K C Sh L lst 4558_1941 F A
St Paul & Duluth lit 53
1931 F A
let consol gold 4s
1968.7 D
St Paul E Gr Trunk 4JO_ __ _1947 J J
St Paul Minn & Man con 48_1933 J J
let consol g 68
19383 J
Registered
J J
Si reduced to gold 430-1933
J 3
Registered
19333 J
Mont ext lit gold 4s
19373 D
Registered
J D
Pacific ext guar 4s (sterling)'403 J
It Paul Union Depot 5s____1972 J
100 Jan'27
4474 May'25
92
023 92
4
9218
9914 Sale 9838
9914
_100 100 Jan'27
i5r4 8034 8118 Feb'27
10154 .10212 Feb'27
1003 101714 100% 100%
8 718 Dec'26
7'4 12
712
6 May'25
91
01
-14 9012 Feb'27
84% Sale 84%
843
954 Sale 9512
98
8338 833 8338 Feb'27
9318 937 94 Feb'27
87% Sale 87%
881
100 _ -- 100 Feb'27
105'a - -- 10518 Dec'26
(.171
974 Sale 97
100% Sale 100% 10038
10012 Sale 1003* Sept'26
98% Sale 9814
98%
_ 93 Sept'26
94 Sale 93%
94
1004 191 10014 1001
8534 Sale 8512
86
8212 Oct'2
iakt Sale 100 10038
1013 Sale 10134 1021
4
102% Sale 10218 1021
9934 Sale 9934 1001
97% Salo 9712
981
10514 --- 1053* Jan'27
_ 10178 Feb'27
10338 10512 10514 Feb'27
1003898
974 974 Feb'27
87 Sale 864
/
1
87
81% 8218 811 Feb'27
/
4
9434 Sale 9434
94%
97
9778 97
981e
9312 Sale 9318
9338
101%
10114 Sept'26
92
92
95l -- _- 98 Jan'27
9712 9814 9814 Feb'27
107% 10814 1077 Jan'27
106
108 Aug'26
100 Sale 100
100
987 10014 9812 Aug'26
3
96
96 Feb'27
944
_ 9512 Jan'27
90% 92 92 Feb'27
105% Sale 105% 105%
S A & Ar Pass 1st gu g 4e1943 J .7
Banta Fe Pres & Phen 58___ _1942 M
flay Fla & Weet 1st g 6s
1934A 0
lot gold 58
1934 A 0
Scioto & N E ietgug4si989 hi N
Seaboard Air Line g 48
1950 A 0
Gold 4s stamped
1950 A 0
Adjustment Is
Oct 1949 F A
Refunding 4s
1959 A 0
1st & cons 613 series A
1045M S
AU & Birm 30-yr 1st g 4e_d1933 M
Seaboard All Fla 1st an 6s A.1935 F A
Seaboard & Roan 5s ext4L_1931 J
So Car & Gs let ext 5 Sis
1929 MN
B&NAlaconsgug5s
19367 A
Gen cons guar 50-yr 5s_ _ A983 A 0
So Pao cell 48(Cent Pao coil) k'49 J D
Registered
J D
20-year cony 46
June 1929 M 13
20-year cony 53
1934 J D
20-year gold 58
1944 M N
San Frau Terml 1st 4s_ 1950.• 0
A0
Registered
So Pao of Cal-Gu g 531
1937 M N
So Pee Coast let go g 4s---1937
.1
So Pao Hit let ref 4e
19553 J
89% 8934 8918
102
10212
108%
10234
102% Sale 10234
9212
924
82%
8234
8218 Sale 8174
87 Sale 8634
74 Sale 74
9834 Sale 9838
93 94 94
9734 Sale 97
100
10038
101% 1018 1014
3
104 Sale 104
104
1104
887 Sale 8878
8
8612 89 87
9834 Sale 9834
101 10178 10014
101 Sale 101
91 Sale 903
4
86
105
9512
9514
9334 sale 9312
7
12
1
8
42
3
4
22
23
52
1
173
85
2
29
140
479
.10
27
39
168
2
3
8912 16
Dec'26
Jan'27
Oct'26
4
9212
8234 10
7
8214
8712 480
7412 40
984 512
Feb'27
98 412
Jan'27
10112
2
1
104
Feb'27
89% 12
Feb'27
99
47
101% 25
1
101
91
5
Dec'26
Feb'27
Feb'27
94
77
Southern-lot cons g 58- 1994 J J 10712 Sale 10718 10812
_
104 Jan'27
Registered
J
Devel & gen 48 series A___195e A 0 87 Sale 8612
87
8
Develop & gen 6s
1950 A 0 1137 Sale 11378 114
Devel & gen 6 SO
1966 A 0 12012 Sale 120% 121
Mem Div Ist g 511
19963 J 10634 10712 10614 Feb'27
St Louis Div lit g 4e
897 9012 90% Jan'27
8
1951
Rant Tenn reorg lien g 58_1938 MS 101%
- 10018 NoV26
Mob & Ohio coil tr 4s_ _ _1938 M S 91
92 9212 Jan'27
Spokane Internet 1st
8
85%
8412 8534 853
19553 J
Sunbury & Lewiston ist 4s__1936
8
J 927 _ _ - 9212 Jan'27
Superior Short Line let be... _e1930 M 8
10012 Sept'26
_
Term Aden of St L 1st g 4)0 1939 A 0 99%- 1 98% Feb'27
98% 99 4
let cons gold fa
1944 F A 102% Sale 10238 10238
Gen refund s f g 4.8
8812
8814 8812
1953
J 88
Texarkana & Ft8 let CHIA 19607 A 104% Sale 104
10438
Tex & N 0con gold 5s
4
J 993 101 10118 Jan'27
1943
Texas & Pao let gold 5s_,,20OOJ D 105% Sale 10534 105%
La Div 13 L 1st g tei
19313 J 10014 Sale 10014 10014
Tex Pac-Mo Pac Ter 00_19134 M
1047 - -- 10434 Feb'27
8
Tol & Ohio Cent let ell 54-1935 J J 10118
10118
- 10118
Western Div let a 5e
10012 Feb'27
1935 A 0 10012 _
General gold 5s
1935 .1 I) 100 10114 10038 Feb'27
Toledo Peoria & West 4s
15 Jan'27
32
1917 J J
Tol St L & W 50-Yr g 43L _1950 A 0 89
893 90 Feb'27
4
To1WV&Oeu4401A
99 Jan'27
19313 J 99
let guar 4.4s series 8_1933 J J 99
_ _ _ 96% Dee'25
let guar 4s. series C
94 Jan'27
1942 M
934
Tor Ham & Buff 'e( g 4s.... _ _1946
9038 Feb'27
D 9074
Ulster & Del let cons g 61.._19283 D 6218 65 6214
8212
let refunding g 48
1952 A 0 4014 403 4034 Jan'27
4
Union Pacific let RR & Id at 43'47 .1
953
9512 Sale 9514
4
Registered
9414
.1 J 9414 Sale 9414
80
-year cony 44
9978
19273
9978 Sale 9978
Registered
j j
_ _ _ _ 9414 Dec'26
let lien & ref 4s__ _June 2008 M 13 93 Sale 9234
9312
let lien & ref 58
June 2008 M 8 10914 Sale 109
10914
10-yeoa perm secured 61_1928 .1
10178 Sale 10134 101781
Due hlay. e Due June. 8 Due Aug.
100
62
65
62
116
4
10
1
11
8
10
10
47
2
54
15
4
37
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
10018
N J RR & Can gen 48.---1944 M
Utah & Nor lit ext 4s
1933 33
vandal's co1:111 g 4s series A 1955 FA
Consol 45 series B
1957 MN
Vera Cruz & P let gu 4 J‘s_ _1934
July 1914 coupon on
• J
Assenting let 414s
1934
Virginia Mid 56 serial F._ -1931 MS
General 55
1938 MN
Va & Southw'n let go 5s 2003 J J
let cons 50-year fe
1958 AO
Virginian lit 55 series A_-1962 MN
Wabash lit gold 58
1939 MN
2d gold 58
1939 FA
Itef s f 5348 series A
1975 MS
Debenture B(3s registered_1939 .7.7
1954 J
lit lien 50-yr g term 4s
Det & Chi ext 1st g 5s
1941 33
Des Moines Div 1st g 4e..1939 J
Om Div let g 374e
1941 AO
Tol & Ch Div a 48
1941 M
Warren lit ref go g 314e.....2000 FA
Wash Cent let gold 41
1948 QM
Wash Term lit gu 3Sis
1945 FA
1st 40-year guar 4!
1945 FA
1199
Prize
Friday,
Feb.25.
Week's
Range or
Last Sale
Bid
Ask Low
94% ____ 9418
9718 983 97
4
93%
9212
9012
-
Rano
Macs
Jan. 1:
High No, Law
Higla
Jan'27
941s 941s
Oct.'26
Jan'27
92's 92l
Oct'26
24 Apr'28
26 Sale 25
273
4
10038 _
101 Sept'26
102 10278 10278 Jan'27
102 ____ 102
102
95
9514 94% Feb'27
103 Sale 103
10314
10318 Sale 103% 10314
1014 Sale 10112 1013
4
1044 Sale 10418 10412
8314 Feb'25
8512
8,512
104 107 104 Jan'27
8812 8
5
89 Jan'27
84'8
843 Feb'27
8
8012 ____ 9012
9914
9012
8218
8134 Feb'27
8712
87%
87%
8512 Sale 85% Feb'27
9114 Sale 914
9114
17
4
32
11
27
37
5
9234
5
10012
100
61
814
1
10212
993 9814
8
1003 W Min W & N W 1st an 56_1930 FA 99
25
4
99
West Maryland lst g 4s
1952 AO 7934 Sale 7934
8038 153
West N Y & Pa 1st g 58---1937 J J 1011310112 10112 16
-O51-2 93
g- 8814 Feb'27
Gen gold 45
1943 AO 88 84
Apr 1 1943 Nov
Income g 56
45 Feb'25
853
4
-5512 Sale" 9914 9958 17
94% 96
Western Pao lit ger A 58-1948 M
8212 83%
4
1st gold 63 series 13
1946 MS 104 Sale 10314 104
9118 94
8
24
West Shore lst 45 guar
2381 • J 867 Sale 8678
871
88
8612 86 Feb'25
8718 89
Registered
2361 J
100 100
Wheeling & Lake Erie
Wheeling Div lit gold 55.1928 J J 100 10014 101 Feb'27
971;
96
Ext'n & ImPt gold fa
1930 FA 100 Eia
ic 974 Dec'26 11
9074 r 90%
10014 10134 Refunding 41.5s series A1966 M
907
3
8754 gifts 8734 Feb'27
1949 M
RR 1st consol 48
_1942'7) 7554 77 75%
97% 'WI; Wilk & East lit go g 58_ _
6
753
4
Will & 8 F lst gold 58
1938 3D 10414 10412 104 Feb'27
Winston-Salem S B lst 48.-1960 33 8612 gyi4 864
93% 94
5
86%
100 101
Wio Cent 50-yr 1st gen 4s-.1949 3.7 8214 Sale 834
83% 25
8412 8612
Sup & Dul div & term 111 48'36 MN 91% 92% 9112 Feb'27
92 -89 Jan'27
Wor & Con East 1st 45.6E1_1943
9954 10;
INDUSTRIALS
100 10214
8912 Bale 89
10214 1024 Adams Express coil tr g 4s 1948
891
106 10678 1064 Feb'27
99 10014 Ajax Rubber let 15-yr s f 88_1936
312
31
34 4
954 9914 Alaska Gold 51 deb 68 A _ -1925
318 4
105 105%
Cony deb 6s series 13
1926
314 Jan'27
95 Sale 9412
22
10012 1017 Alpine-Montan Steel 7s__1955
951
8
_
105 10512 Am Agile Chem let 5s
103
1928 A
ioi EiLe 104 Oct'26 17
1941
97% 9718
104%
1st ref s 73513g
944 98 98 Jan'27
864 8812 Amer Beet BIM cony deb 6e-1935
102% Sale 10212 Ina
81
24
83 American Chain deb s I 6s_ _1933 A
9418 96% Am Cot Oil debenture 58_1931 MN 9534 Sale 95
12
98
10512 Feb'27
1936 33 105%
Am Dock & Impt gu 6s
827 9934 Am Mach & Fdy e 613
98 8
1939 AO 104 10i12 104
3
104
991
Am Republic Corp deb 8s 193 AO 9918 9934 9912
92
52
1011
92
Am Sm & It lit 30-yr 55 ser A '4 * 0 10118 Sale 101
98
194 * 0 10838 Sale 108
98
108% 14
lit M Os eerles B
9814 9812 Amer Sugar Ref 15-yr 68_ _ -193
' 10412 Sale 10412 105
28
S
1077 108
99
8
48
Am Telep & Teleg coll tr 45_192 .73 98% Sale 9834
944 Sale 9414
1
941
Convertible 48
193 M
994 100 9812 Feb'27
993 100%
1933 M
4
20-year cony 410
41
1031
-year coil tr Se
1946 3D 10318 Sale 103
30
103 June'2
Registered
J D
9512 96
'3 ioi ,Sale 10134 102 168
954 9512
1960
35-yr s 1 deb 55
1063
91
-year s 1534s
1943 MN 106 Sale 106
92
8 74
20
11
10514 106
1940 AO 10412 Sale 10412 105
Am Type Found deb es
16
987
Am Wat Wks & El eol tr 58_1934 * 0 9878 Sale 9814
4 1011
33
88% 91
1975• N 101 Sale 1003
Deb g 6s ser A
591
1
'3 5912 Sale 5932
Am Writ Paper s I 7-68__1939
6038 Sale 5934
10284 10214
6038 63
Temp interchangeable ctfs dep.
_
91
92% Anaconda Con Min let 84-.1953 FA 104 Bale 104
10412 142
_
10434 Dec'26 -814 83
Registered
88
8112 8314
-year cony deb Ts
1938 FA 'lois Sale 10712 108
15
8318 8812 Andes Cop Min cony deb 713.1943
10734 sale 107 10778 230
73
97 Nov'26
763 Anglo-Chilean Nitrate 7sww1945 MN
4
87's Sale 574
974 99%
88 16
Without warrants
9114 94
Antlila(Comp(Azuc) 7,4e1939 J J 964 Sale 96
9614
4
98 4 983 Ark & Mem Bridge & Ter 58_1964 31 13 10014 101 1004 Feb'27 -3
8
1004 10013 Armour & Co 1st real est 43-513'39 J 33 9212 Sale 9218
925e 47
10114 1011 Armour & Coot Del 554s_ _1943 J J 9474 Sale 944
98
95
/
4
103% 104
Associated Oil 6 Ji gold notes 1935 M S 102% Sale 1025
9
* 10258
11014 11014 Atlanta Gee L lit te
1947 J D 101 10314 995 Mar'26 -8814 9() Atlantic Fruit 7s etfs dep__ _1934 30 153
1538 Dec'26 ---4
86
87
18 Jan'27 -Stamped etre of deposit........... 17% 14
98% 9914 AtlGuif&WISSLColtr5l_l959J 3 7312 Sale 7312
744 52
10114 102 Atlantic Mg deb 58
8
1937 J J 1007 Sale 10078 10158 10
100 102
904 913 Baldw Loco Works let 56_1940 M N 102 108 10534 106341
2
4
Baragua(Comp Az) 714e1037
J 10718 108 1073
9
s
ioi;105 Barnsdall Corp 13s with warr_1940 J D 10614 Bale 10412 1073* 883
10612
J
9514 9512
Deb Os (without warrant)_1940 J D 9234 Sale 92
93 I 290
93% 9412 Belding-Hemingway fls
19363 J 96 Sale 96
9641 17
Bell Telephone of Pa 55
1948
J 10318 Sale 10318 1034 10
10678 10812
let & ref fe series C
1960 A 0 104 Sale 1037
10414 18
103% 104 Beth Steel 1st & ref 55 guar A '42 MN 100% Sale 10012 10134 15
86
8812
30-yr p m & imp of 5a____1936 J
9912 Sale 9834
9912 34
113% 1153
102 Sale 1017
s
-year 68 series A 1948 F A
Cone 30
10212 99
119% 122
Com 30 year 554s series B 1953 F A 9812 Sale 9814
994 133
1064 1063 Bing & Bing deb 610
4
1950 M 13 944 Sale 94
944
3
8934 92,2 Booth Fisheries deb S 1 611_1926 A 0 102 __
10118 Feb'27
Botany Cons Mills 614s......1934 A 0 88% 90 90
8
9012
"OF 92 Brier Hill Steel let 5)0-.1942 A 0 10318 1031 10312 10338 11
8412 85% B'way & 7th Av 1st g 5s_ _ _1943 J D 7512 76
7514
7012 2
8
9912 9212 CDs of dep stmpd June '26 lot
73 Sale 73
73
3
Brooklyn City RR 5e
9312 Sale 9318
1941
9334 43
9818 9814 Bklyn Edison Inc gen fa A_1949 J J 105 Sale 104% 105
39
10234 10274 General 65 series B
1930 J J 10334 Sale 103% 103%
3
87% 88
.2 Bklyn-Man It T eec Gs
1981 J J 9878 Sale 983
4
99 271
1033 105 Sklet 5a Co & Sub con etc! 5s'41 MN 6338 66 64 Feb'27
4
i ynQu
101% 1014
1941
.1 794 84% 7918
1
7918
105% 107% Brooklyn It Tr 1st cony g 4e.1002 J .1
8812 Aug'26
100 10012
3-yr 7% secured notes_
192I J J
13812 Nov'25
10414 10514
Ctis of deposit stamped..........
12812 Mar'25
10118 10212 Bklyn Un El 1st g 4-58
95 Sale
13
1950
100,4 100N
Stamped guar 4-5s
14
1950 F A 95 Sale 95
95
1001g 10114 BklynUo Gas lit cons g 58 1945 M N 104 Sale 19378 104
15
9
5
0
5
15
15
let lien & ref (Is seriee A1947 M N 1144 114% 11412 Feb'27
90
903
Cony deb 5145
4
1936 J J 15814
1990188 .!an 2:2
5: Feb'27
9 2 lo0.
99
99 Buff & Soso Iron f be
19323 D 92 93 92: Jan'27
5
Bush Terminal let 4s
1952 A 0 90% 9112
1.1" 94
Como' 58
16
19553 J 964 Sale
90
90% Bush Term Bldg'Sign tax-ex '60 A 0 10012 Sale
12
50
64 Cal & E Corp unit& ref 51_1937 MN 10112 10174 10134 Feb'27 -393 413 Cal Petroleum s t g 634s-1933 A 0 10312 10354 10312 Feb'27 -4
4
9478 96
963 109
Cony deb s 1 5s
1939F A 9638 Sale 9614
9414 94%
Cony deb a f 5594
8 10118 41
1938 M N ioo58 Bale 1003
99% 100
Camaguey Sue lit sfg 74_1942 A 0 9812 994 984
994 15
Cent Dist Tel lot 30-yr 58_ 1943
4
4 10234
1025
10212_
913 943* Cent Foundry let if es_May1931 3 D 964 958 9644 Jan'27 _g
4
F A
1083 110
8
14
Cent Leather 1st lien s 61_1945 J
8 102
102 Sale 1013
101% 10238
92
98
100
80
1004
100%
"ia-
274
1021* 102
.
7
102 102
94% 96
10212 103%
103 1044
100% 102
10318 104%
irfa;
104 1041s
88le 89
833* 843*
90 91
80
81as
8714 578s
85 8 85%
3
9114 924
9814 9914
7814 823
4
10112 102
88 89
-591.
4
103 10412
gels gm
36
87
99as 101
-iro; 11"
8714 88%
724 77
104 104
863 87
s
/
1
4
83 8414
89
9112
89
39
91
89
10578 107
3
312
34 314
9912 97
13
jai" 10418
95% 98
101 103
14
95 95
10512 1054
104 104
99
991
4
10012 101%
107% 1083
8
104 105
981 99
4
934 96
9812 99
1023 103%
4
101 102'i
105% 106%
10312 105
98 99
100% 10214
58% 6012
58% 80%
1037 101 4
8
3
ioifs
106
108%
-OF 16-
9434 9714
1004 100%
8172 93%
9412 95%
1021 103
4
18
18
701k Thas
1007 101%
8
106 10712
10612 108
984 10812
89 9412
98 9811
1023 104
4
102% 104%
100 102
98% 1004
101% 103
9714 100
9212 9414
IOUs 1011
4
90
92
3
1038 105
7234 794
78
73
9318 98
10314 105
102% 1044
9812 994
63 68
/
1
4
79,8 7918
94
9514
94
9512
102% 104
11354 11454
156 102
9214 92%
907 9112
8
9512 07
9914 101
101% 10214
10312 10414
061 964
4
1004 10214
98% 1004
10214 103%
96% 96%
101 102
1200
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
New York Bond Record-Continued-Page 5
Price
Friday.
Feb.25.
Range
Since
Jan. 1.
Week's
Range or
Last Sate
Bid
Ask LOW
High No.
Central Steel let g s f Ss_ _ _1941 MN 119 Sale 119
119
Cespedes Sugar Co 1st 5174s'39 MS 9914 Sale 9812
993
4 92
Chic City & Conn Rye 58Jan1927 AO
4612
1
-- 5613
Ch G L & Coke let gu g 544_1937 J J 10214 Sale 102
4
103
Chicago Rye 1st be
1927 FA 76 Sale 76
7712 33
Chile Copper cony 65 ser A _ _1932 AO 11018 Sale 11018 11012 71
Mein Gas & Elm let & ref 58'46 AO
5
1023 10214 10214
4
545 aer B due
Jan 1 1961 AO 1f ,- 54 106 1041 Jan'27
/
4
)
-1
Cities Scary Pow & Let 6s___1944 MN 10278 Sale 10112 104 -842
'3
Clearfield Bit Coal let 4e_ _1940
82 May'26
Colo F & I Co gems f 5s___ _1943 FA 9734 Sale 9731
6
973
4
Col Indus 1st & coil 5e gu___1934 FA 96 Sale 96
96
Col & 9th Av lst gu g 5s____1993 MS
10 Oct'25
Columbus Gas 1st gold be__ _1932 3' -668 - - 2 97 Feb'27
981Commercial Cable 1st g 4s_ _2397 Q, 78
1
79
79
79
Commercial Credit s I 65_1934 MN 9614 963 964 Feb'27
/
1
s
Col tr s f 54% notes
1935 J
9158 18
911 Sale 9112
/
4
Commonwealth Power 68_1947
N 10434 10514 10434 10514 12
Computing-Tab-Rec s I 6e 1941 3' 10514 Sale 105
7
10512
Conn Ry & L 1st & ref g 44e 1951 is 945s 9812 964
1
9618
Stamped guar 4441
1951 J J 96
97
9614 Feb'27
• Consolidated Cigar s f 617_1936 AO 10114 Sale 10012 1011 231
/
4
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75-1956 Si 1001 Sale 10012 10012
1
/
4
Cons Coal of Md let & ref 55_1950 SD 79 Sale 79
797
8 28
Coneol Gas(NY)deb 54s_ _1945 FA 1054 Sale 10512 1054 64
/
1
/
1
Cont Pap & Bag Mills53s._1944 FA 7612 Sale 7612
12
78
Consumers Gas of Chic gu be 1936 SD 10214 Sale 1011 10214
8
/
4
Consumers Power let be_ _1952 MN 102 Sale 10258 1023
/
1
4
4 27
Copenhagen Telep ext 6s
1950 AO 10014 101 10012 Feb'27
Corn Prod Refg 1st 25-yr sf5s'34 MN 10118 Sale 1011 10118
/
4
Crown Cork & Seal 1st 51 68..1942 FA 96
9612 96
9612 26
Crown-Willamette Pap 6s_._1951 ii 100 Sale 100
17
100
'S 99 Sale 98
Cuba Cane Sugar cony 7s_ _ _1930
9912 25
'3 10012 Sale 10012 101
Cony deben stamped 8% _1930
78
7
• Ouban Am Sugar 1st coil 88_1931 M
10818 Sale 10818 10812
23
Cuban Dom Sug 1st 748_1944 MN 9912 Sale 99
100
'S 102 Sale 10158 102
5
Cumb T & T 1st & gem 5s1937
3
Cuyamel Fruit 1st e I6s A _ _ _1940 AG 943 Sale 9412
4
943
4
14
Davison Chemical deb 6545_1931 J J 94 Sale 94
95
Deny City Tramw let eon 55 1933 AO
924 Aug'25
5
Den Gas & E L let & ref 17 f g 517'51 MN 9812 99 9812
98
/
1
4
MN 9812 98 98
4
Stamped as to Pa tax
/
1
4
/
1
4
9914
Dery Corp(D 0) 1st s f 7s_ _1942 MS 79 Sale 79
7912 21
Detroit Edison let Poll tr 58_1933 is 10134 Sale 10134 10218 12
1st dr ref 5s series A_July 1940 M
9
10212 Sale 10212 103
Gen dr ref be series A
/
1
4
1949 AO 102 Sale 10278 10318 37
1st & ref Se series B__July 1940 M
108'Sale 10758 10814
9
Gen & ref 58 ser B
10
1955 J D 103 Bale 103
103
Get United let cons g 4345...1932 ii 91
1
93 93
93
Dodge Bros deb 65
1940 MN 94 Sale 94
9438 312
Dold (Jacob) Pack let 614_1942 MN 8712 88 8712
2
874
Dominion Iron & Steel 58_1939 MS 534 54 54
2
54
Certificates of deposit
5012 Feb'27
Donner Steel let ref 75
32
1942 3 .1 9634 Sale 9612
97
Duquesne Lt 1st & coil 6s_ _ _1949
1054 Sale 10512 1053
4 22
1st coil trust 514s series 8_1949 .2
5
10518 Sale 10518 10512
East Cuba Bug 15-yr if g 740'37 MS 107 Sale 107
10714
Ed El Ill Bkn let con g 4s_.1939
'S
94 Feb'27
/
1
4
Ed Elec III let cons g 517_ _ _1995 Ji 10712 ---- 1074 Feb'27
/
1
Elea Pow Corp (Germany)648'50
9814 9812 9838
9852
Elk Horn Coal let & ref 648.1931 SD 9914 100 9914
9914
Deb 7% notes (with warr'ts'31 Jo 9512 9614 9512 Feb'27
Empire Gas & Fuel 74s_ _ _1937 MN 10838 Sale 108
109
let & ref 134s(with wan-1.0'41 A
10312 Sale 10334 10414
Equip Gas Light let con 5s_ _1932
10034 10158 101 Feb'27
Federal Light & Tr 1st 58._ _1942
9512 96 95 Feb'27
/
1
4
let liens f 5s stamped__ _ _1942
9514 Sale 95
9512
1st lien 6s stamped
1942
10312 10334 10314 1033
4
30
-year deb 6s set B
9812 Sale 9812
1954
9812
Federated Metals s 1 7s
1939 J D 89 Sale 89
89
Fiat deb 7s (with warr)
1946 Si 10212 Sale 99
10212
Without stock purch warrants..
94 Sale 92
9278
Fisk Rubber 1st s f Se
1941 24-11 11512 11534 11512 us%
Ft Smith Lt & Tr 1st g 5s_ _ _1936 MS 88 Sale 88
89
'S 10218 Sale 102
Framerie Ind & Dev 20-yr 745'42
1023
4
Francisco Sugar 1st sf 745_1942 MN 10914 Sale 10914 10912
/
1
4
French Nat Mail SS Lines 78 1949 So 97 Sale 9714
983
8
Gas & El of Berg Co cons a 551949 SD 97
/
1
4
/ 9814 102 Feb'27
1
4
Gen Asphalt cony 68
1939 AO 10934 Sale 108
1093
4
Gen Electric deb g 311s_ _ _1942 FA 102 _ _ 92 Feb'27
'3 10412 10512 105
10512
Gen Elec(Germany)714Jan 15_'45
73 f deb 64e with war
1940 JO 11412 Sale 11412 115
/
4
10112
Without warr'ts attach'd '40 JO 1011 Sale 101
/
1
Genl Petrol let s f be
1940 FA 1004 Sale 10012 101
Gen Refr 1st s I g 138 ser A_ _ _1952 FA 10212 104 103 Feb'27
Good Hope Steel & sec 7 _ 1945 A 0 103 Sale 10214 103
s
107 Sale 10634 10678
Goodrich (B F) Co let 6345.19475
Goodyear Tire & Rub let 8s..1941 MN 12034 Sale 12034 12134
/ 11012
1
4
10
-years f deb g Ss_May 1931 F A 11012 Sale 110
995s
Gotham Silk Hosiery deb 68.19365 D 9958 Sale 9912
87
Gould Coupler 1st ef 68_ _ _1940 F A 85 Sale 8414
Granby Cone M SAP con 65A'28 M N 100 102 100 Oct'26
Jan'27
100 102 101
Stamped
1928
15312
Cony deb 7e
1930 MN 150 Sale 136
994
Ot Cons El Power(Japan)7s_1944 FA 99 Sale 98
/ 10612
1
4
Great Falls Power 1st sI 55._1940 MN 10612 Sale 103
8718
8814 8718
Hackensack Water 1st 48_ _1952 J J 87
Oct'26
,
Hartford St Ry 1st 4s
- 90
1930 MS 93 4
9548
9612
Havana Elea consol g
_1952 FA 9612 97
89
Deb 54e series of 1951.._195i MS 89 Sale 89
Hershey Choc let & coil 53481940 Si 10178 Sale 10178 102
10014
Hoe(R)& Co lst6)48 ser A.1934 AO 10014 Sale 101
Holland-Amer Line 6s (flap _1947 MN 984 Sale 0714
983
8
/
1
Hudson Co Gag 1st g 5s__ _ _1940 MN 10258 Sale 024 102
/
1
/
1
4
/
1
4
Humble Oil & Refining 530_1932 Si 10212 Sale 0212 102
Illinois Bell Telephone 58_1948 SD 10358 Sale 0312 10418
Illinois Steel deb 414s
9712
1940 AG 9634 Sale 9634
'feeder Stee ICorp 5 f 75
s
1946 AO 10114 Sale 0114 1013
Intl Nat Gaa & 011 bs
N 98 9812 98 Feb'27
1936
Indiana Steel 1st 58
1952 MN 1034 Sale 0312 10312
Ingersoll-Rand let be Dee 311935
5 10014 -- 99 Dee'25
/
1
4
Inland Steel deb 5345
/
1
4
1945 MN 102 Bale 023s 1023
Inspiration Con Copper 614e.,931 MS 101 10118 0118 10114
Interboro Metrop coil 44s_ I56 AO
.
11 Apr'25
Guaranty Tr Co ctfs deP----- 13 Nov'26
CU dep stpd asstd 167 sub....... ____ _- 1012 May'25
1nterboro Rap Tram let 5s 1966
79
7858 Sale 78
79
J J 7834 Sale 7734
Stamped
10
-year Se
3214
8
1932 A 0 82 Sale 807
10
-year cony 7% notes1932 M S 9812 Sale 98149858
Int Agile Corp 1st 20-yr 5s_1932 M N 8812 Sale 8712
8812
82
Stamped extended to 1942_ M N 8118 82 82
Inter Mercan Marines f 6s....1941 A 0 99 Sale 9834
9918
/
1
/
1
4
98
International Paper bs
1947 J J 1014 Sale 97
10112 Sale 0112 102
Ref s I 68 ser A
1955M
Int Telep & Teleg Cony 54s • 946M S 1094 Sale 0934 11012
/
1
944
/
1
Dalian Public Utility ext 7s_1952 J J 9412 Sale 93
Jurgens Works6s(fiat grke)-1947 Si
Kansas City Pow & Lt Ss._ _1952 MS
Kansas Gas & Electric 6s
1952 M
Kayser (Julius) & Co let s I 744'42 FA
Keith (B F) Corp let 6s
1946 M
Kelly-Springf Tire8% notes_1931 MN
Keyetqn Telep Co let 58
1935 ii
1937 A 0
Kings County El & P g 5s
1087 A 0
Puretia. ,none. Rs
10512 Sale
1033 Sale
4
/
1
1044 Sale
10814 Bale
9814 Bale
10158 Sale
93 Sale
10312 104
1251e Sale
15
28
1
124
41
13
14
5
776
487
146
5
9
64
12
64
_
9
8
15
33
45
43
24
• 39
44
63
23
223
46
4
7
21
15
27
7
76
2
26
18
16
6
4
17
3
187
481
65
70
2
1
566
12
36
485
184
4
0512 10512
0312 10578 13
0414 105
20
0814 10812 40
3
9814
9814
99
103 204
/
1
4
9314 16
93
0312 Feb'27
12548
25
6
High
Low
1184 120
/
1
9812 100
5612
53
102 103
7434 77,2
1094 1103
/
1
4
102 10212
10438 104
/
1
4
97 104
/
1
4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 25.
Zi
Ns,
Pries
Friday,
Feb. 25.
Week's
Range or
Last Sale
4
g 7,
Mob No.
Bid
Ask Low
Kings County Else let g 46__1949 F A 82
8312 8212 Feb'27 ---Stamped guar 4e
1949 F A 81
8312 83 Feb'27 --Kings2 Aunt 6 mhting 58-1954 5 J 10318
FinCo refy Lig
__ 10312 Feb'27 ____
1954 J J 116 11714 116
11714 18
Klone2(1311)& Co 734% notes'36J D 103 10412 10412 10412
6
Kresge Found'n coil tr 62_1936 J D 1027 Sale 102
15
/ 103
1
4
8
Lackawanna;Steel 1st be A 1950 M 8 9914 Sale 9914
9934 19
Lac Gas L of St L ref&ext 757_1934 A 0 101 10214 W1
3
10214
Coll & ref 5444 series C
23
1953 F A 10412 Sale 10412 105
1
Lehigh C & Nay of 434s A 1954 J J 9814 9812 9814
9814
97l 9812 Lehigh Valley Coal let g 58_1933 J J 1014 102 10138 1011
1
/
4
/
1
let 40-yr gu int red to 4%j933 J J 961 ____ 97 Jan'27 ---9312 954
/
1
/
4
1st & ref s 1 58
1934 F A 101
5
101
__ 101
lst & ref s f be
1944 F A 9934 10012 100 Feb'27 ---"a/ 9714
-1st & ref 55
82
79
1954 F A 100
1
100
_ _ 100
1
1st & ref be
95
/ 97
1
4
1954 F A 1004 10012 10018 10018
.
Lalst & & s Fsa gu g 5....1973 NI A _9934 100 . 10012 Feb'27 ____
x Averefp r lgs
1 9 F s
4
9012 92
1043 10512
8
___ 42 4012 Feb'26 --4
1043 10512 Liggett & Myers Tobacco 73_1944 A 0 12012 Sale 12012 12034
4
9618 961s
A 0 11718 _-_- 10212 May'26 --Registered
5s
9434 9812
1951 F A 10312 Sale 10338 103
6
/
1
4
9812 1011
/
4
F A 9912 Sale 10114 Feb'27
Registered
Liquid Carbonic Corp 68-1941 F A 107 Sale 10634 11012 -56
Loew's Inc deb 65 with warr_1941 A 0 10418 Sale 104
100 101
10578 577
79
8314
Without stock pur warrants_
18
19 1 2 19914 16
17
71
19
10512 10614 Lorillard (P) Co 7.
1944 A 45 197'2 Sale
19
75
8114
A 0 --------11812 June'26 ---Registertd
12
1St;
10114 102
1951 F A 98 Sale 9718
98
102 103
F A 974 ____ 9614 Oct'27 ---Registered
9912 10012 Louisville Gam dc Elea (Ky) Si 52 M N 99 Sale 9978 100
7
/
1
4
2
Louisville Ry 1st cons bs......-1930 J .1 96
1014 103
9512
9612 9512
933 963 Lower Austrian Hydro Else Pow
4
4
1st s 1 6)15
9958 101
9312 37
1944 F A 934 Sale 9214
95 993 Manati Sugar Ist s f 745-1942 A 0 10612 Sale 10612 10738 27
4
Manhat Ry(NY)cons g 43_1990 A 0 69
9814 102
6914 92
70 6874
/
4
2d 48
10712 1081
2013 J D 61 ___- 6112
1
6112
1
99 1004 Manila Elee Ry & Lt s I 5a 1953 M 8 95 Sale 9512
9512
/
1
10012 1024 Market St Ry 7s ger A Apri11940 Q J 97 Sale 97
9712 29
944 95
Metr Ed let & ref g 65 set B_1952 F A 10814 --_- 10814 1084
4
/
1
let & ref Ss series C
9314 97
10
1953 J .7 101 Sale 10012 101
Metropolitan Power 1st 65 A1953 J D 10012 101 1054 1053
/
1
3
4
9912 Metr West Side El(Chic) 48_1938 F A 7712 7812 78 Jan'27 ---98
9814 9914 Mid-Cont Petrol let 648_1940 M El 10518 Sale 105
10518 42
Midvale Steel & cony 31581936 M S 983 Bale 9838
8
12
983
4 56
" 81
10164 1023 Milw Elm Ry&Lt ref&ext 44E7'31 J J 9814 Sale 9814
4
9814 14
102'2 1033
4
General & ref 75 A
1951 J D 993 Sale 9934
4
9934
3
lst & ref 58 13
1024 1043s
1961 J D 983 Sale 9812
4
98
/ 53
1
4
10714 108, Milwaukee Gas Light let 48_1927 M N 997 Sale 9978
2
8
3
99
/
1
4
4
1013 10314 Montana Power let 547 A
1943 J J 10134 Sale 10134 102
23
9512 Montreal Tram let & ref 544_1941 J J 9834 Sale 99 Feb'27 --93
96
94
Gen & ref if 55 series A..1955 A 0 96 ____ 9834
9578 11
_ _1939 J J 894 Sale 8914
8712 8958 Morris & Co let s
8912 36
54
48
___ 81 Dec'26 -Mortgage-Bond Co 48 set 2_1986 AO 82
4914 5012
10-25-year 55 series 3
1932 .I J 974 98 9714
9714
1
1934 5 D 9718 97
95
/ 97 Murray Body let 634e
1
4
9734
/ 9712
1
4
4
105 1064 Mutual Fuel Gas let ECU g 55_1947 MN 10112 10134 1014 Feb'27 --2
1047 1064 Mut Un Tel gtd b ext 4% 1941 M N 10134 103 10134 Jan'27 --6
6112
Nassau Elm,guar gold 4s
1951 J J 61 Sale 61
5
National Acme 1st 51 74s 1931 J 0 9912 Bale 9912 100
106 108
/
1
...1940 M N 10112 Sale 1004 101
9478 9618 Nat Dairy Prod 6% notes
5
/
1
8
106 10712 Nat Enam & Btampg 1st 55_1929 J D 1015 103 1014 Jan'27 ---/
1
4
.1
9914 Oct'26 ---9914 Nat Starch 20-year deb 50_1930 J J 993 101
97
9812 9914 National Tube let 5 f 5s_ _ _ _1952 M N 10312 103 13312 103
/
1
4
/
1
4
7
10214 Sept'26 ---MN
95
9614
Registered
1
103
- -2
1051s 19912 Newark Consol Gas cons 58_1948 .1 D iiiiEs 1631- 103
11
98 11034 New England Tel & Tel Si A 1952 1 D 104 Sale 10312 104
9658 108
9934 101
let g 41444 geries B
1981 M N 9614 Sale 9614
9534 46
/
1
9514 964 New Onl Pub Serv 1st be A 1952 A 0 954 Sale 9514
/
1
15
96
96
First & ref bs series B
1955 J D ost2 Sale 95
9614
7
4
103 .1033 N Y Air Brake let cony 65_1928 M N 10114 10164 10034 10134
8
5
8514
-year let g 48.._1951 F A 85 855 8514
9812 NY Dock 50
97
47
89
91
N Y Edison 1st & ref 0444 A.1941 A 0 11534 Sale 11514 1157
9212 10218
First lien & ref Ss B
1944 A 0 10312 Sale 10318 10312 32
914 93 NY Gas El Lt & Pow g 511_1948 J D 1063
/
1
10652 107 __I..!
4
2
9234
93 9212
115 116
/ Purchase money gold 48..1949 F A 9212 1
4
8711 90 4 NYLE&WC&RR545_1942 MN --------101 July'26
,
9812 1053 NYLE&WDock &Imp 5e1943 J J il2
10112 Jan'27 ---4
10634 10912 NY&QEIL&Plet458 1930F A 101 10118 iou2 Jan'27 ________
67 6712 Dec'26 - - -9434 10014 N Y Rye 1st R E & ref 444._1942 J
10274 1021
/
4
63 Feb'27
Certificates of deposit
8 Dec'26 --- 10614 1094
/
1
30-year adj Ins Se... Jan 1942 A 0 ____
92
91
934 8 Dec'26 -- ---Certificates of deposit
294 160
103 10512 N Y Rye Corp Inc 13e_ __Jan 1965 Apr
Ms Sale 2758
2
11312 119
/
1
4
83
/
1
4
J 8314 8334 83
Prior lien 68 series A
1965
9914 102 NY &'Rehm Gas 1st 6s.....1951 MN 10314 Sale 10314 10314
3
10012 102 NY State Rye let cons 4548-1962 MN 564 Sale 564
/
1
/
1
573
4 31
10112 10312
7734 11
lst cons 6748 series B
1962 M N 7734 Sale 77
994 10312 NY Steam let 25-yr 65 set A.1947 M N 10512 Sale 10512 106
7
44
10578 108
N Y Telep lst & gen s I 448-1939 M N 984 Sale 9878
99
/
1
1203 122
4
30-year deben s f 13e_ -Feb 1949 F A 11014 Sale 11014 11034 16
11018 1104
/
1
20-year refunding gold 68_1941 A 0 10814 Sale 10814 1083
4 63
7
9914 10018 Niagara Falls Power 1st 544_1932 J J 10138 Sale 10114 1013
8
2
8314 87
4
Ref & gen (Is
Jan 1932.. 0 10434 Sale 10412 1043
/
1
Meg Lock &0 pr lst 5s A_ _1955 A 0 10012 Sale 10012 1004 10
ioi" for No Amer Cement deb 645 A.1940 M S 91
9112 13
4
92 903
127 15312 North American Edison 65_1952 M 8 1064 Sale 10614 1065a 16
/
1
977 9912
8
Secured e f g 64s set B_ _1948 M S 10518 10512 10518 10512 12
32
97
1023 10612 Nor Ohio Trac & Light (is__ _1947 M 5 97 Sale 964
4
/
1
33
8612 8718 Nor'n States Pow 25-yr be A_1941 A 0 10012 Sale 10012 101
.
A 0
Registered
09
1056
"
5let & ref 25-yr 6a series 13_1941 A 0 io8i2 625e 1954 Be9t.235952
89
901 North W T let Id g 434501_1934 J 1 97
/
4
/ 9812 9812 Feb'27 ---1
4
10134 10212
1
/
1
94 101
Ohio Public Service 745 A..1946 A 0 11518 Sale 11518 1154
/
1
9112 983
8
1st & ref 7s series B
1947 F A 115 Sale 1144 11518 12
7
10258 103 Ohio River Edison 1st 68_ _1948 J J 10412 Sale 10618 10612
18
91
10218 10258 Old Ben Coal 1st 65
4
1944 F A 903 Sale 904
10234 10414 Ontario Power N F let 5e
1943 F A 10112 10178 101 Feb'27
1014 10114
10114
961 9814 Ontario Transmission 5e
/
4
1945 M N
4
943
4 39
/
4
1003 10234 Otis Steel let M 63 ser A_
8
1941 IA 5 941 Sale 933
/ 10014 24
1
4
98 Pacific Gas& El gen & ref 517_1942 J J 10018 Sale 99
98
10312 10412 Pae Pow & Lt Ist&ref 20-yr be'30 F A 10014 Sale 10013 10012 13
7
10134 10214 1014 10174
Pacific Tel & Tel 1st 55
1937
14
ill; 163
Ref mtge bs series A
1952 M N 102 Sale 10134 10214 12
10534 26
1014 10158 Pan-Amer P & T cony s 68_1934 M N 105 Sale 105
4
let lien cony 10-yr 78
1930 F A 1054 Sale 10434 10518
993
4 33
Pan-Am Pet Co(of Cal)cony 6540 J D 9953 Sale 9912
34
100
8
/ 997 99
1
4
J 99
Paramount-Bway 1st 5)417-1951
9134 13
77 "
fiNi Park-Lox at leasehold 61111-1903 J J 9114 Sale 911g
.
1
S 10214 10314 10214 10214
7612 7914 Pat& Passaic GA El cons 58.1949
55
4 110
804 8212 Penn-Dixie Cement fis A
_1941 se S 100 Sale 993
/
1
4
1134 113 11312 Feb'27 -- _
99 Peop Gas & C let cons g 6s 1943 A 0
97
9
/
4
/
4
8712 90
1947 M S 1011 Sale 1011 102
Refunding gold as
/
4
83 Philadelphia Co coil It Sc A.1944 F A 10358 Sale 1031 10378 21
81
7
10118
9558 9914
15-year cony deb 64s__ _ _1938 M S 101 Sale 101
6
674 9912 PhIla & Reading C & I ref 55_1973 J J 1004 101 10034 101
15
8 106
99 1023 Pierce-Arrow Mot Car deb 851943 M S 106 Sale 1055
/
1
4
4
8
10012 1005 Feb'27
109 11012 Pierce 011 deb f 8s_ _Dec 15 1931 J D
3
10274
905 9612 Pillsbury Fl Mills 20-yr (38...1943 A 0 10274 Sale 10274
8
Pleasant Val Coal let get 58_1928 J J 994 100 9912 Sept'26
1
/
1
911
/
4
104 4 10912 Pocah Con Collieries let s f 5171957 5 J 9134 Sale 914
3
/
1
/
1
103 1051 Port Arthur Can & Dk 6s A_1953 F A 10212 1054 1044 10434 10
/
4
/
1
_
1953 F A 10458 ____ 1044 Feb'27
103 4 1053
3
4
let M 6s series B
6
10112
10112 10312 Portland Eleo Pow let 6s 13_1947 M N 10114 Sale 101
6
/
1
8
9912 Portland Gen Elm let 58-.1935 J .1 1003 101 10012 1004
98
99 10512 Portland Ry let & ref 6s__ _ _1930 M N 9518 9512 95 Feb'27 _ _
9334 15
/
1
4
/
1
4
93 9312 Portland Ry L & P lst ref 55.1942 F A 93 Sale 93
N 101 Sale 10012 10112 22
10312 10312
let Ben & ref fle series B__ _1947
2
/
4
1044 PA IA 107 108 10111 10638
12414 125'
les & Won, 714a merles
'
Range
Since
Jan. 1.
Low
High
823 86
8
82
36
10112 10312
11214 11714
1007 10412
8
102 10312
9914 101
10012 10214
19414 195
0 1 8 0 14
8
8
1013 1014
8
/
1
97 97
101 104
99 1004
/
1
4
904 1004
1001 :
001
199%
0012
ii5" 12 -- 5;
2
i.a 4 10 -7
1 -- s
310114 10114
101
112
05
/
1
4
197 19
17
:: 20
9
-i1311
4
97
9954
94
10
-1A
9731
10012
96
8978 954
10412 108
6714 7114
60 83
933 ge
4
9642 9712
10512 108
/
1
4
100 101
8
1055 108
78
80
1043 10514
4
9711 99
9131s 99
994 100%
98 100
9812 100
10112 102
/
1
4
95)8 991s
9618 1003
4
8614 89
/
1
4
IA lir
9612 98
10112 10112
1014 10134
/
1
61
624
9912 102
100 102
1014 102
/
1
--- ---.
103 1041
/
1
4
4
---- 10252 103
- -103 104
9538 964
/
1
9518 9612
9614
95
10034 10234
845 85
s
/
1
4
115, 116
4
10258 104
106 1071s
924 93
lEli172 g11.;
101 10112
-ii- lii.... ___.
26l 11:17i
8312 8614
102 10314
634 69
3
82
71
115 4 1017
0014 16
.
%
985 994
5
11909 2 1105
10414 190143
1
10014 10158
90
951
4
10414 1065s
1054 10624
100 101
9512 97
/
1
4
iti:i2 fir
gal,
98
11414 116
114 11151s
10518 10618
9012 912
4
101 102
1004 10114
9334 Ms
9934 10014
994 1014
10114 102
/
1
4
1014 103
10414 1061
.
10434 105
14
9912 10014
98 1001
,
9034 931s
10214 102
/
1
4
994 101
1134 11352
1011 102
/
4
511
103 10418
/
1
4
1004 102
100 102
10434 10714
1004 103
/ /
1
1
4
10214 103
/
1
4
gus 921k
s
1043 1053
4
1043 1048
s
4
10014 102
100 101
944 97
913 94
s
10011 101le
1084 1071;
FEB. 26 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 25.
Price
Friday.
Feb.25.
Quotations of Sundry Securities
All bond prices are "end Interest" except where marked
Week's
Range or
Last Sale
04-
Bid
Ask Low
Mob NO.
Pressed Steel Car cony g be_.1933 J J 9538 Sale 95
953
4 29
Prod & Ref 818s(with warts)'31 J D 11034 111 11034 Dec'26 ---Without warrants attached_ _ _ .1 D 113
____ 11034
11034
1
F A 10514 Sale 1043
Pub Serv Corp of N J sec 65_1944
4
10514 60
Pub Seri Elec & Gas Ist53581959 A 0 1054 Sale 1054
10518
4
1964 A 0 1054 10514 10.518
let & ref 548
10518 17
Pub Serv El Pow s fist 6s.1946 A 0 10714 108 10714
10712 10
Punta Alegre Sugar deb 713_ _1037 J J 10912 11012 1093
11014 14
4
Rand Kardez 549(with warT) 31 J I 154 160 15014
'
15014
1
Without stock pur warrants_ _ _ 1vi- . 100 Sale 1004 1003
- ii
/
1
4
4 15
/
1
1937
Remington Arms 68
97 Sale 9512
37
97
Repub I AS 10-30-Yr 5881 1940 A 0 101 Sale 10012 101
11
Ref & gen 545 series A_ _ _1953 J J 100 Sale 100
1003
3 11
Rheinelbe Union 75 with war 1946 J J 120 Sale 1203
/
1
4
140
4
122
Without stk purch war'ts_1946 J J 101 Sale 101
10178 111
Rhine-Main-Danube 75 A._.1950 M S 1033 Sale 10212 1033
4
4 39
Rhine-Westphalia Elec Pow 7850 M N 1033 Sale 10314
8
10338
6
__1955 F A 97 Sale 0612
Rime Steel let s I 7e
97
6
Robbins & Myers lot f 78_ _1952 J D 65 Sale 63
65
5
Rochester Oas & El 76 ser 13_1946 M S 11 4 11112 11114 11114
7
Gen mtge 545 series C__ _1948 M S 105 10514 103
10514
3
Roch & Pitts C&IPrn 6 -1946 IVI N 90
8924 9212 Jan'27 ---Rogers-Brown Iron gerukref 75'42 Si N
48
4634
4634
2
Si N 47 Sale 47
Stamped
47
2
Range
Since
Jan. I.
Low
941., 11614
8 0
(5
____
11012 1 -1 2
-1 -11033 10754
4 100511 22
105 106
105
1063
4
0 7
10
10934: 1182
13018 165
100
9518
10018 10742
011
9/
0
984
/
1
11813 12614
991 104
/
4
102 10413
1013 105
4
933 93
4
60
65
1
11114 11214
105 10614
9212 922
461 497s
/
4
47
50
St Jos Ry Lt & Pr 1st 5s__ _1937 M N
BS Joseph Stk Yds 1st 4 4s...1930 .1 J
St L Rock Mt & P 513 stmpd_1955 J J
St Paul City Cable cons 59..1937 .1 J
San Antonio Pub Serv 1st 65_1952 J J
Saxon Pub Wks(Germany) 78'45 F A
1946 J J
Schulco Co guar 648
1946 AU
Guar of 645 issue 13
Sharon Steel Hoop let 88 ser A 41 m 8
Sheffield Farms 1st & ref 845'42 A 0
Sierra & San Fran Power 56.1949 F A
Silesia Elm Corp s I 6%s....1946 F A
Bileslau-Am Exp col tr 7s_ _ _1941
A
Simme Petrol 6% notes__ _ _1029 MN
Sinclair Cons Oil 15
-year 76_1937 Si
let l's col tr 6s C with war_1927 J D
let lien 645 series 13
1938
D
Sinclair Crude Oil 3-yr 8s A.1928 F A
Sinclair Pipe Line 158
1942 A 0
Smith (A 0)Corp let 64s.1933 M N
South Porto Rico Sugar 75_ _1941jJ
South Bell Tel & Tel 1st 8150194113 J
Southern Colo Power 68 A _ _19471,j J
frweet Bell Tel let & ref 5s_ _19541F A
Boring Val Water lot g 56
1943 M N
Standard Milling let be
1930 M N
1st & ref b 33t3
1945 M S
Stand 011 of NJ deb 58.Dee 15'46 F A
Stevens Hotel 1st 6s ser A.
..1945 J
Sugar Estates (Oriente) 713_1942 M S
Superior Oil 1st f 78
1929 F A
Syracuse Lighting let g bs_ _ _1951 J D
Tenn Coal Iron & RR gen 58.1951 J 1
Tenn Coop S, Chem deb 65. _1941 A 0
Tennessee Mee Pow let 65._ 1947 J D
Third Ave 1st ref 48
1960 J J
Ad)
lie tax-ex N Y Jan 1960 A 0
Third Ave Ry 1st g
1937 J .1
Toho Elec Pow 1st 75
1955 M S
8% gold notes _ _ _July 15 1929 J J
Tokyo Elec Light 6% notte_1928 F A
Toledo Edlson let 75
1041 80 S
Toledo Tr L & P54% notes 1930 J J
Trenton 0 & El 1st g 524._ _1940 M S
Trumbull Steel 1st a f 6s._ .1940 81 N
Twenty-third St Ry ref 58 .1962 J J
Tyrol Hydro-Elec Pow 7%e.1955 M N
96
9614 96
974 _ -.9734
/
1
8034 Sale 79
9514 ___ 9534
96
____ 10612
103 Sale 10212
997 Sale 9978
8
9912 Sale 9912
10812 Sale 10814
108 Sale 108
95 Sale 95
97 Sale 97
10012 Sale 10012
10312 Sale 10314
10114 Sale 10114
1003 Sale 100
4
/
1
4
10014 Sale 10018
10034 Sale 1001
/
4
943 Sale 943
4
8
1013 ____ 1013
8
8
10712 Sale 10713
1027 Sale 10278
8
1011 Sale 10112
/
4
10312 Sale 10312
100 1003 100
8
100.. _ 100
10034 1023 1023
4
1013 Sale 10134
4
993 Sale 9912
4
9914 Sale 9914
101 102 10114
10312 ....l023
5334... 104
10014 10(11 10012
1054 Sale 10538
/
1
66 Sale 65
/
1
4
6414 Sale 63
98
99
9818
99 Sale 983
4
9814 Sale 9818
9914 Sale 98
/
1
4
108 Sale 108
9914 9913 9914
1023 _
8
96
983 Sale 9814
8
5912 66
67
10018 101 10014
1
96
95
/ 97
1
4
,2
Feb'27 ---973 97
4
/
1
4
803
4 42
753 80
8
34
953
4
1
9514 953
4
10612 12 10512 107
/
1
4
103
56 10114 104
10014 11
9912 10112
10014 25
9912 10114
10812
7 10712 10812
1 1074 108,
108
4
0512 12
95
954
/
1
974
8
9714
97
1007
8 63
983 10112
4
10334 40 101 12 105
102
74 , 973 1023
4
4
101
129 1004 10214
1007 137
8
9214 1023
8
1007
8 34 1003 1011s
8
95
112
9214 954
/
1
1011
/
4
1 1011 10234
/
4
1071 16 107 109
/
4
1027
8
I 10212 10313
1014 17 10018 102
/
1
1034 26 1023 1037
/
1
4
8
Feb'27 ---- 100 1110
8 100 102
101
102
/
1
4
5 102 4 1033
3
4
10214 136 1013 1023
4
4
993
4 13
99 10014
991
13
984 100. t
/
1
Jan'27 --_- 100- 101,
4
Jan'27 ---- 1024 102
/
1
/
1
4
Feb'27
- 104 1053
8
10012 10 100 101 14
1057
8 29 1054 105
/
1
4
6618
63
6618 61
644 163
/
1
6214 651s
9814
12
97
9812
993
4 57
97
/ 993
1
4
4
994
9914 43
98
9914 33
081s 9912.
10812 12 107 1083
/
1
4
4
4
99
/
1
4
4
7
983 993
Feb'27
95 4 96
3
983
8 21
9712 99is
Jan'27
67
67
10012
4
9834 1013
4
Ujigawa El Pow s f 78
1945 M 8
Undergr'd of London 445_1933 J J
Income 65
1941,
Union Elec Lt A Pr(Mo)68_1932 51 S
Ref dc ext 58
1933 Si N
tin N L&P(111)Iste 548 ser A1954 J J
Union Elm, Ity (Chic) be__ _ _1945 A 0
Union 011 1st lien a 1 be
1931 J J
30-yr 6seerles A
May 1942 F A
1st lien e be series C Feb.1935 A 0
United Drug 20-yr 6e_Oct 15 1944 A 0
United Fuel Gas 1st a 6s..1936 J J
United Rye St L 1st g 45... _1934 J
United SS Co 15-yr 6s
1937 MN
United Stores Realty 20-yr Is '42 A 0
U El Rubber let & ref baser A 1047 J J
Registered
J J
10-yr 74% secured notes.1930 F A
U 13 Steel Corplcoupon Apr 1963 MN
is 10-60-yr belreolet__ Apr 1963 MN
Universal Pipe & Red 68_1936 J D
Utah Lt & Trite let S, ref bs-1944 A 0
Utah Power & Lt 1st 511
1944 F A
Utica Elec L & Plat 58......1950 J J
Utica Ciao & Elec ref &ext 58 1957 J J
Vertlentes Sugar 1st ref 76_1942 J D
Victor Fuel let s 1 be
1953 J 1
Va-Caro Chem 1st 7e
1947 J D
Stpd as to payt 40% of twin
let 78
1947
CU of deposit aastd
.._
Ctf of deposit atpd
Va Iron Coal & Coke let g Os 1949 M S
VI Ry Pow let & ref be
1934 J J
Walworth deb 632e(with war)'35 A 0
let sink fund Os series A _ _1045 A 0
Warner Sugar Refill 1st 78._1941 J 0
Warner Sugar Corp 1st 75_ .1939 .1 J
Werth Water Power B f 5s_..1939 J J
Westehes Ltir g Se stmpd gtd 1950 J D
Wert Ky Coal let 78
1044 MN
West Penn Power ser A 58_ _ _1046 M S
let Os aeries E
1963 M S
let 545 series F
1953 A 0
let eec be series
1956 J D
West Va C & C 1st 66
1950 J J
99 Sale 99
9512
96
974
/
1
. 95
10212 Sale 102
10212
10134
10212_ 10212
8214 1- 83
314
10112 1013 10112
4
10812 ____ 109
983 Sale 983
4
4
10714 Sale 107
103 Sale 1034
/
1
4
/
1
7612 77
77
9212 Sale 9112
10434 10514 105
957 Sale 95
8
/
1
4
--------9438
10612 Sale 10612
107 Sale 107
____ _ ___ 1064
/
1
8912 Sale 88
94 Sale 933
4
4
973 Sale 973
8
1027
8
_ 1023
8
_10218 10212 10218
9914 Sale 983
4
/
1
4
983 994 57
4
____ 10714
107
9912 22
Feb'27 -- -Aug'26 --10213
5
1011
/
4
4
1023
4 36
Feb'27 - --.1013
4
6
109
1
9918 31
10714 28
104
77
9212
7
105
2
9614 88
Feb'27 --- 1063
4 23
10712 140
Feb'27 -- - 90
67
31
94
9814 53
Oct'26 ---Feb'27 ---9914 35
Feb'27 ---Jan'27 ----
____ 107
107
10712
8
1074
1
___ 10718
107
107
____ 10812 Sept'26 - --9412 ____ 944 Jan'27 ---_
8
9918 Sale 992
99
/ 30
1
4
8
13
95
9418 9412 94
9514 29
95 Sale 95
1054 Sale 10312 10534 282
92
/ 191
1
4
92 Sale 9112
/
1
1023 10312 1024 Feb'27 --_ 4
3
10314
1
101
2
10112 8 7- 10112 101,
4
4
10014 1003 10014
10014
4 12
4
1003 Sale 10012 1003
105
____ 105
2
105
8 14
1003
1003 Sale 10014
8
7
80
7914
794 81
Western Electric deb be
1944 A 0
Western Union coil tr cur 58_1938 J J
Fund & real est g 448_ _ _ _1050 M N
15
-year 6Se g
1938 F A
25-year gold 5s
1951 J D
Weeehouse E & M 20-yr g 55.1946 81 S
Westphalia Un El Pow 6348_1950 J D
Wheeling Steel Corp lat 54s 19481 .I
White Sew Mach 6s(with war)'36 J J
Wickwire Sum]St I let 711_ _1935 J J
Wickwire Sp St'l Co 76 Jan 1935 81 N
Willys-Overland 6 f 634e___ _1933 hi 8
Wilson & Co 1st 25-yr 6168_1941 A 0
Registered
A 0
Winchester Arms 7 3411
1941 A 0
Toung'n Sheet & T 20-yr 64-1943 J J
.
30
102
1.011 Sale 10112
/
4
8
104 10412 10412 10434
99
2
99 Sale 99
19
11134
11114
11114 Sale
4
1013 112
10112 Sale 10114
1011 Sale 10112 1013
/
4
4 99
9812 Sale 9712
9812 82
9812 Sale 97
/
1
4
93'2 45
10012 Sale 983
4
1001/4 124
56
58 Feb'27 - -.3
58
48
47 Sale 46
10214 10
102 Sale 102
1024 Sale 102
10212 34
93 Feb'25 --- 106
16
106 Sale 106
10412 52
1043 Sale 10418
8
1201
T.
983 100
4
953 96
4
1014
1014
1013
4
83
10112
10812
9834
10612
11;;t313
2
1
10212
102
1023
4
8412
102
109
99
/
1
4
107
/
1
4
7
1,112
.1
90
9313
104 10518
/
1
4
943 9612
4
911 9438
/
4
106 1063
4
107 108
1067 1067
8
8
8714 90
9353 95
971 0914
/
4
10218
983
4
564
10714
1128
7100
573
8
10714
107 10734
10718 107,s
-94*8 14;
7
-5
9/ 9
92 100
8
1 5
4
9314 9512
911 101
/
4
784 933
4
10233 10334
02 4 102 2
3
101 12
1004
10012
10
0
0
5
102
10112
10114
10513
79
80
10118 103
1013 10514
8
9812 993
4
1114 11214
101 18 10134
101 10234
96
/ 9912
1
4
963 9S1
4
/
4
9734 100 4
3
/
1
42
N
,
22
1013 10214
4
10114 10212
_
10412 10618
1033
g1045
Standard 011 Stocks Par Bid. Ask,
Public Utilities
Per Ct. Sae(
Anglo-Amer Oil vot stock _El *201 21
/
4
American Gas & Electrie_t .72
7212
• Non-voting stock
.el *193 20
4
6% Preferred new
•9512 9612
Atlantic Refining
100 1113 11214
4
Deb 65 2014
MAN 1011 10218
/
4
Preferred
100 1 1512 11614 Amer Light & Trac com_100 232 234
Borne Scrym,er Co new_ __ _ *6512 66
Preferred
100 11312 1143
4
Buckeye Pipe Line Co-- _ _ 50 •47
48
Amer Pow & Light pref. _100 9912 993
4
Chesebrough Mfg
25 *82
8212
Deb (is 2016
NI&S 1001 10078
/
4
Continental 011 v t c
10 *207 21
8
Amer Public Util corn. 100
70
Crescent Pipe Line Co_ .50 O15
17
7% prior preferred_ _ __100 90
92
Cumberland Pipe Line_ _ _100 132 134
4% panic preferred_ _ _100 78
83
Eureka Pipe Line Co_ _100 49
50 Associated Gas & Elec pref _t *5112 5212
Galena Signal 011 corn_ _ _100 1112 12 Blackstone Val G&E com_50 595
99
Preferred old
100 52
55 Com'w'Ith Pow Corp new.-t *45
4512
P.ere:re 1 new
100 50
55
Preferred
100 92
9312
Humble Oil& Refining_ _ _25 *5818 5812 Consol Gas 6% pref
50 *5518 564
Illinois Pipe Line
100 134 13712 Elec Bond & Share Pref.100 10712 108
Imperial 011
*44
4412 Elec Bond & Share Secur-- t 72
7212
Indiana Pipe Line Co__..50 *6512 67
Lehigh Power Securities_ ...3 51712
4
*3318 334 Mississippi Riv Pow pref.100 9612 173
International Petroleum-/
1
98
National Transit Co_ _12.50 z*133 14
4
First mtge 58 1951_ __J&J 101 11124
New York Transit CO..,_100 33
34
S F g deb 7s 1935__MAN 102 103
Northern Pipe Line Co. 100 79
79, National Pow & Light pref. t *10212 10234
2
Ohio Oil
25 56018 607g North States Pow com_100 112 113
Penn Mex Fuel Co
25 *16
1714
Preferred
_100 10212 10312
Prairie Oil& Gas new_ _ _25 *5212 527B Nor Texas Elec Co com.100 35
38
Prairie Pipe Line new_ _ _100 145 146
Preferred
100 69
72
100 194 198 Ohio Pub Serv, 7% pref-100 10412 105
Solar Refining
Southern Pipe Line Co
*1712 1912 Pacific Gas & El 1st pref _100 99
South Penn 011
25 3712 3814
1st pre! new
25 *243 - 8
4 251Southwest Pa Pipe Lines.100 62 63 Power Securities corn
*5
9
Standard 011 (Callfornia)_ _ _ *5818 5812
Second preferred
*27
31
Standard Oil (Ind(ana)._ _25 O707 71
8
Coll trust Os 1949_ _ J&D 90
93
Standard Oil (K ansas) _ _.25 *171 18
/
4
Incomes June 1949_ _FAA *85
87
Standard Oil (Kentucky)_25 11918 11912 Pugz-t Sound Pow & Lt.
.100 29
30
Standard 011 (Neb)
25 *4712 4812
6% preferred
100 84
86
Standard 01101 New Jet _ _25 x387 39
8
7% preferred
100 0106 108
100 21143 11514
Preferred
8
1st & ref 53413 1949....1&D 100 101
New
*383 3914 Republic Ry & Light
4
100 123 125
Standard 011 of New York.25 *3214 3212
Preferred
100 123
100 332 335 South Cal Edison 8% pf _ _25 *36
Standard Oil(Ohio)
38
100 117 118 4 Sand 0 & E 7% pr pf _ _100 10512 106
Preferred
,
100 16
Swan & Finch
17 Tenn Dee Power let pre,7% 10514 106
100 97
Car Co
Union Tank
98 Toledo Edison 7% pref _100 10712 1084
25 *10112 102
Vacuum 011 new
8% preferred
100 11512 117
Washington Olt
Western Pow Corp pref _100 10012 102
Chic ft Stk Ld Bk Bonds
Other 011 Stocks
5345 Nov 1 1951 opt 1931_ 101 110213
112 be Nov 1 1051 opt 1931_
*1
Atlantic Lobos 011
914,1003
4
50 *2
Preferred
/ 4 ba May 1 1952 opt 1932._
1
4
9912 101
25 *9412 944 4345 Nov 1 1952 opt 1932_
Gulf 011
/
1
9814'10014
10 *2512 2534 4348 Nov 1 1952 opt 1932__
Mountain Producers
96 I 99
100 210 220 445 May 1 1963 opt 1933_
National Fuel Gas
98 100
Salt Creek Consol 011_.._lO •712
Os
Nov 1 1963 opt 1933_
9912 101
8
Salt Creek Producers_ _ _10 *303 31 4348 Nov 1 1964 opt 1934__
97 100
434s Oct 1 1965 opt 1935_
97 100
Railroad Equipments
Pac Coast of Portland,Ore
-Atlantic Coast Line 69
5.03 4.90
513 1955 opt 1935_ _ _MAN 10114 103
Equipment648
4.80 4.70
be 1954 opt 1934_ _ _MAN 10118 1024
/
1
0.02 4.90
Baltimore & Ohio (is
Sugar Stocks
Equipment 445 & 50_
4.75 4.60 Caracas Sugar
50 •
85. 5.00 4.80 Cent Aguirre Sugar corn_ _20 *102 10212
Buff Roch & Pitts equip
CanadianPacific 434e & Os_ 4.95 4.65 Fajardo Sugar
100 158 159
Central RR of N .1 65
5.00 4.90 Federal Sugar Ref com_ _100
40
Chesapeake dr Ohio Oa
5.00 4.90
Preferred
60
100 _ _
Equipment634e
4.85 4.70 Godschaux Sugar,Inc
*1
3
Equipment58
4.75 4.65
Preferred
19
100 16
Chicago Burl dr Quincy 68_ _ 5.01) 4.1111 Holly Sugar Corp COM -- t *31
34
Chicago & North West 68_ _ 5.05 4.90
Preferred
85
100 80
Equipment6 As
4.90 4.75 National Sugar Refining _100 129 131
4.83 4.65 New Niquero Sugar
Chic RI & Pac 4%s & be_
73
100 65
Equipment 65
5.15 5.00 Santa Cecilia Sug Corp of100
Colorado & Southern 66_
5.20 5.00 Savannah Sugar corn
°138 142
Delaware & Hudson 14
5.60 4.90
Preferred
100 117 120
5.00 4.75 Sugar Estates Oriente p1.100 72
Erie 434s & 68
75
Equipment 68
5.25 5.00
Tobacco Stocks
Northern 611
5.05 1.95 American Cigar corn_ _ _ _100 120 125
Great
Equipment 5s
4.85 4.70
Preferred
_
100 100
Hocking Valley 58
4.85 4.70 British-Amer Tobac ord_.£1 *24
25
-Equipment 65
Bearer
5.05 4.95
25
.el '24
Illinois Central 4348 & 5a
4.70 4.60 Imperial Tob of0 B & Irel'd *25
28
Equipment 68
5.0) 4.90 lot Cigar Machinery _ _100 124 -Equipment 7s de 634s
4.95 4.65 Johnson Tin Foil & Met..100 65
Kanawha & Michigan 138_ 5.20 5.00 MacAndrews & Forbes.,.100 40
41,
Kansas City Southern 5545. 5.10 4.85
Preferred
100 102
Louisville & Nashville Os_ _ _ 5.00 4.90 Mengel Co
32
100 28
Equipment648
4.75 4.70 Universal leaf Tob corn __t *46
48
Michigan Central 58 dr Os.. 4.95 4.75
Preferred
100 102 105
MinnSt P & SS:314348 & be 5.10 4.85 Young (J 5) Co
100 115 119
Equipment 6348 & 7s_ _ _
Preferred
5.10 4.80
100 105 109
Missouri Pacific lie A 634e_
5.20 4.90 Rubb Stks (Clere'cl euotarn)
Mobile & Ohio 55
4.90 4.70 Falls Rubber corn
*1
412
New York Central 4%e & ba 4.70 4.60
Preferred
13
25
Equipment 68
5.00 4.85 Firestone Tire & Rub com.10 *12712 129
Equipment78
4.75 4 65
6% preferred
100 104 10412
Norfolk & Western 434s___ _ 4.65 4.55
99
/
1
4
7% preferred
100 98
Northern Pacific 78
4.80 4.75 General Tire & Rub corn. _25
153
_ 4.80 4.70
Pacific Fruit Express 7e
Preferred
100 10212 11013
Pennsylvania RR eq 5a & Os 4.95 4.60 Goody'r K & R of Can p1100 1102
Plttsb & Lake Erie 64s___ _ 5.00 4.75 India Tire & Rubber new_ _t 528 - 121 4
Equipment Os
5.0) 4.80 Mason Tire & Rubber com_t *213 3
Reading Co 4 48 & 58
Preferred
4.65 4.55
20
100 17
St Louis & San Francisco be. 4.80 4.70 Miller Rubber preferred_ 100 101 102
Seaboard Air Line 5348 & 68 5.25 4.95 Mohawk Rubber
17
100
Southern Pacific Co 434/1_
4.65 4.55
Preferred
65
Equipment 78
4.75 4.65 Seiberling Tire & Rubber.,. *2212 2312
Southern Ry 434s .4 be
4.85 4.70
Preferred
100 8712 103
Equipment68
5.05 4.95
Water Bonds.
Toledo & Ohio Central Os_
5 10 4.95 Arkan Wat 1st 58'56 A AA() 9512 96
Pacific 78
Union
4.75 4.65 Birm WW let 546A'54.A&O 10412 105
Short Term Securities
let M be 1954 ser B _ _J&D 9914 100
Anaconda Cop Min 68'293&J 10214 10212 Butler Wat Co 6 f 5a '27.J&J 100
Chile R I & Pac 5s 1929_J&J 10012 1004
/
1
ba Sept 2 1931_ _ _M&S 1 9512 98
131&.1 100 10078 CityW(Chatt)5Hie54A J& D 10414 1043
5% notes 1029
/
1
4
4
412
% holes 1928_ _ _J&D 994 10018
let hi 55 1954
/
1
971
/
4
J&D 97
Federal Sug Ref 65'33.M&N 82
86 City of New Castle Water
Missouri Pacific 55 '27_ _J&J 1004 11103
8
be Dec 2 1941____J&D 1
93
95
Sloss-Sheff S & I 65'29_ F&A 10214 1023 Clinton WW 1st 5s'39_F&A 89
4
Wise Cent 534s Apr 15 1927_ • 983 10014 Com'w'th Wat 1st 54sA '47 103 104
-4
& Miscellaneous
Indus.
9313
Connellav W 5sOct2'39A&01 92
American Hardware
25 0
:83
8412 E St L & Int Wat Se '42.J&J 9512 96
Babcock A Wilcox
100 11612 11812
1st M 63 1942
J&J 101 102
Bliss(E W)Co
•2112 2212 Huntington 1st (4'54 M&S 134
60 *57
Preferred
96 2
1954 9512 - -15s
Borden Company COM-- -t 101 103 Joplin Wat 5.•
1040
Celluloid Company
100 17
19 Mid States WW 66'36 MAN 190 ---Preferred
100 65
90
69
MonmConW let 5is'56AJ&D 95
Childs Company Wei- --100 119 121
Monm V•il Wt 530 50 icti 9912 10013
'
Hercules Powder
100 176
Muncie WW 58 Oct 239 A01
Preferred
100 115 117 StJoseph Water 5s 1941A&O
International Silver pref.
-100 2118 121 BO Pitts Wat let 581060 J&J 9612 97
Lehigh Valley Coal Sales_50 *97
FAA 974 98
99
1st Si 56 1955
Phelps Dodge Corp
100 124 127 Ter H WW (3s '49 A J&D 102
0
Royal Baking Pow corn. 100 175 180
bs 1956 ser B_ _F&A 9412 - ;
let al
Preferred
100 100 102 Wichita Wat 1st 136'49_M&S
Binger Manufacturing _ _100 380 385
1st 5655 1956 aer B F&A 9412 9513.
Singer Mfg Ltd
El •5
6
Per share. t No par value. 0 Basle, 0 Purchaser also pays accrued dividend.
(New stock. !Flat price. R Last sale. a Nominal. z Ex-dividend. y Ex-righte.
Canadian quotation. a dale 01145
BOSTON STOCK EXCHANGE-Stock Record 5..
1202
B
irerPage
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 19.
Monday,
Feb.21.
*178 179
178
87
87
87
*100 101 *100
*115
___ *112
10514
105 105
5714 573
4 56
Tuesday,
Feb.22.
179
87
101
115
10514
5714
i"
;ii- 1E- "iK *125 135 *125 135
*103 ____ +103 ____
•155
*155
__
106 107 +106 1(17
*196 197 +196 197
27
26
26
27
6412 6412 65
65
*60
*60
62
62
04412 45
4412 443
4
64
6212 6212 *62
55 8 5612 507 557
3
2
a
100 100
*9912 _--135 135
133 138
•127 129
129 129
*Ill
____ *111 116
3
19
159
5412
*82
*58
314
3
19
19
8
1593 1587
4
5412 54
*82
5912 •58
314
19
16018
55
_
.`4
12
*IS- -- - 2 *1712 1812
18180
794 7912 80
*14 2
2
2
*69
7012
70
70
*214 212
214 214
: *614 612
*614 61
4712 4712
•47
48
*354 36
36
*35
91
*90
91
*90
*1412 16
•1412 16
218 21912
217 219
2818 284
2814 29
271g
*27
274 *27
14
11113
14 •z13
36
36
36
36
9158 913
4 9112 917
4
•1113 1212 *114 1212
1212
•12
1212 *12
434 44 8 4313 44
7
Stock
*96
10
*61g
86
74
am
97
•278
24 4
3
•-__
e.. _
ii
_ __
.._ *96
10
10
-101a
63
612 612
4
8612 863
86
4
74 74
74
108 10812
110
_
*97
97
4 318
318 •23 _-2512 26
26
.20
.20 •____
4 *_ . 4
97
,
i
96 ,x96
101 101 *y10034102
*211 314 *24-*8 -10
•8
10
11934 120
11912 120
__
*93
_ _ *93
4513 - 46
46 -4
618
405
8
40
40+4 40
*31) 40
•30
40
*15 4 18
3
•16 4 16
3
138
*114
138 *114
107 10812
107 107
119 119
11813 119
70
70
*6911
__
514
5
51g _- 8
53
0124 13
*1212 13
53
5312 5318 54
284 2812 2812 285
8
88 88
87
88
8012
8012 80
*280
2418 2412 244 2414
*4012 41
41
41
*6212 65
•6212 65
011212 115
115 115
2014
87
14
48
*50
*154
2014
8912
48
52
16
*1913
85
*48
•50
*1512
2012
87
49
52
16
•.05 .25 •___
.25
0
0.50
.60 *a.50
.60
74 8
3
3
7
74 73
*42
43
4212 434
1514 151
154 15 4
3
'%20 .30 1
'.20 .30
13
13
13
1318
214 214
*214 213
44.05
.20 *a.60
.80
.35 .3
.40 .40
1612 161
•154 16
*.85
1
'.85
1
236 244
*242 245
10511____ *10512 ___
_
932 912
912 10
28
3
23
2 *2
*2
1.95
14
1
..95
112 '
1
*SO
*130
1
*112 2
•158 2
.35 .35 •.35 .50
.60 .60
•.60 .70
37
3711 37
37
3
2212 2214 223
*7.22
'.05 .15
'.05 .15 1
-----*16
20
67
67 *633 67
4
912 912
912 912
212 258
212 212
112
112 +a.95
*a.95
13
*12
13
*12
1112 1112 •1112 12
1514
4 15
1414 143
2012 21
21
21
-•23
4 313 0 :415
•.30 .41) 11.8
.30 .30
'.25 .35
67
8 7'
67
s
712
1% 1%
134 1%
•.65 .75 *.70 .75
It
.
,...
1c •nx
Exchange
ClosedWashington's
Birthday
Holiday
Wednesday, Thursday,
Feb.24.
Feb.23.
Friday,
Feb.25.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. Ilt
Lowest
Railroads.
Shares
100 171 Jan 7
398 Boston & Albany
17812 179
179 179
179 179
100 83 Jan 4
496 Boston Elevated
87
88
87
88
88
87
100 99 Jan 4
35 Preferred
100 100 •I00
100 100
100 11012 Jan 4
45 1st preferred
112 1 14
-__ Ill 111
62 2d preferred
100 101 Jan 20
10512 10512
*158- 10612 10512 106
14 -100 5214 Jan 18
445 Boston & Maine
56
56
5614 56
56
56
100 56 Jan 22
Preferred
100 763 Jan 15
---------------10 Series A lst pref
4
*81
Series B 1st pref
100 125 Jan 8
____ ____
*125 135 *125 135
100 104 Feb 15
Series C 1st pref
____ ____ _ _ _ *103 _ _ _ +103
100 155 Jan 15
Series D let pref
_ ____
*155
_ +155 Iiii_ ____
105 Jan 13
--------40 Prior preferred
'106oo Iiii *we
100 196 Jan 18
61 Boston & Providence
____ __
196 196 *196 197
10 East Mass Street Ry Co__ _100 25 Feb 4
____ ____
*28
30
*27
30
100 64 Feb 8
53 1st preferred
____ ____
67
*35
67
*65
100 62 Feb 17
Preferred B
__ ___
____
*3012 62
*6012 62
100 44 Feb 25
140 Adjustment
_44
44
45
45
45
45
100 4712 Jan 13
400 Maine Central
64
6412 64
64
64 64
100 414 Jan 6
4 4,763 N TN H & Hartford
53
12 553
2 535s 5512 5412 542
30 Northern New Hampahlre_100 9212 Jan 13
60 Norwich & Worcester pref-100 127 Jan 4
__
____
*135 139 *135 139
100 122 Jan 4
70 Old Colony
129 129
129 129
129 129
Vermont & Massachusetts-100 107 Jan 6
____ ____
*111 116 *111 116
Miscellaneous.
2,375 Amer Pneumatic Service__-25
312 312
214 Jar 3
33
4 4
378 4
50 1512 Jan 12
765 Preferred
20
2012 20
19
*19
20
2
15812 1593 159 1597 15914 15914 1,713 Amer Telephone & Teleg-100 14912 Jan 3
2
No par 48 Jan 17
919 Amoskeag Mfg
554
4
4 55
547 5612 553 553
8
No par 735 Jan 10
10 Preferred
8
80
80
82
*82
__ *80
335 Atlas Plywood tr Ws
54 Jan 19
5812 5814 5814
5812 5814
584 -Atlas Tack Corp
No par
8 Jan 22
____
Beacon 011 Co corn tr ctfs____
18 Jan 31
•1712 1812 *1712 1812 ____ _ _ _ ___
--------263 Bigelow-Hartf Carpet--No par 77 Feb 17
79
78
79
80
Boston Cons Gas pref 638%100 10718 Jan 4
--- - ----250 Colthk Corp., class AT C___
2 Jan 29
*112 2
2
535 Dominion Stores, Ltd No par 67 Jan 26
74
74
7312 74
7012 71
112 Jan 26
10
*214 212
212 212 --------75 East Boston Land
34 Jan 11
Eastern Manufacturing
5
*614 612 *614 612 *512 6
--------3 0 EasternEasternSS Linea. Inc
4
25 45 Jan 4
48
48
484 50
645 Preferred
No par 35 Feb 15
35
35
35
35
353
4 35
4
100 873 Feb 17
9012 9112 9112 9112 --------105 let Preferred
Economy Grocery Stores
12 Feb 3
___ ____ _
*1412 16
*1412 16
100 217 Feb 18
930 Edison Electric Blum
220 22112 222 224
218 223
800 Federal Water Serv corn
27 4 Feb 24
3
4
28
4
2818 1,273 2734 273 28
25 Galveston-Houston Elee-100 2512 Jan 14
2712 2712 2712
*27
2712 *27
General Pub Sur Corp tom_
11+4 Jan 11
__ ___
____
*r13
14
*.r13
14
No par 353 Jan 24
950 Gilchrist Co
4
367 - 8 37
4
36
3712 363 37
1,385 Gilette Safety Razor
No par 9112 Feb 21
4 9112 92
9128 923
9134 92
25 11 Jan 10
-50 Greenfield Tap & Die
*1112 121 -------12
12
12 Jan 17
124 121 --------250 Hathaway Baking corn
12
12
No par 43 Feb 23
3
4312 4358 1 12 43 4 1.167 Hood Rubber
43
44
1nternat Cement Corp_No par
International Products_No par
____ ____ ___---- __
Preferred
100
_
__ ___ _ _ Kidder.Peab Amp A pref-100 95 Jan 10
.
iTyL- ---: , 6L- -9 4 Feb 2
3
105 Libby, McNeill & Libby__-_10
10
8 iii" - 1i012 1038 163
10
6 Jan 3
25
-38 Loew's Theatres
*614 63
612 612 -------4
__
98 Massachusetts Gas Cos___100 86 Feb 19
8614
86
87
863
4 87
100 70 Jan 3
363 Preferred
73
73
73
73
7312 73
85 Mergenthaler Linotype_No par 108 Feb 18
*10812 110
110 11012 *110 11012
50 Miss Ric Pow stpd pref_100 95 Jan 22
97 97
_--, - _-*96
98
23 Jan 4
8
10
105 National Leather
234 23
27
4
8 27
8
24 -3
5 2312 Feb 14
8 2,413 Nelson (Herman) Corp._
26
27
2612 265
2612 27
New Eng 011 Ref Co tr t-- .20 Feb 1
.20 ____
•____
.20 *____
100
34 Jan 11
Preferred tr atfs
--------100 New England Pub Serv $7 pre! 91 Jan 18
1
97 4,z5(
97
..266
97 Jan 26
14
40 Prior preferred
101 101 *y1003 102 ___- ---4
100 New Eng South Mills-No par .80 Jan 7
____ ____
314 314 *212 3
4 Jan 5
100
Preferred
___ ___
____
*8
10
10
•8
853 New Eng Telep & Teleg_100 11511 Jan 4
1193 120
4 120 120
119 120
90 Jan 5
*93
_ 493
_ _ ____ ___ __ _ No Amer Util let pf full paid__
40 Jan 6
46 114
12 46 462 --------585 let pref 50% paid
7
100 39 8 Feb 9
680 Pacific, Mills
8
403 41
8
405 403
8
4 405 41
____ _ _ Plant (Thal 131), let pref-100 20 Feb 5
____
40
*30
*30
40
10 1518 Jan 26
95 Reece Button Hole
8
154 1_55
15 4 15 4 16
3
3
16
13 Feb 10
8
4114
Reece Folding Machine-- 10
_ ___
13
14
8 *114
_
8
556 Swed-Amer Inv part pref_100 10512 Jan 5
- _108 1081 108 10812 ioi 10812
100 115 Jan 3
253 Swift & Co
11912 120
119 11913 11912 120
25 66 Jan 3
80 Torrington Co
69
4 69
7014 7014 *6912 693
5 Feb 16
5
5
5
54
54 54
1,505 Tower Manufacturing_
5 11 Jan 4
45 Union Twist Drill
1258 121,
*1212 13
*1212 13
25 50 Jan 3
8 1,821 United Shoe Mach Corp
547
54
5414 55
54
55
41
25 28 Jan 3
Preferred
*2812 285 *2812 2858 2812 2812
8
485 US & Foreign Soo let pref 1 pd 87 Feb 15
8712 88
*8712 88
88
88
79 Jan 21
-------- 480 let pref 75% paid
8114
80
80
81
,228 WaldortSys,Ine, new sh No par 2212 Jan 8
243
8
8 24
274 2712 2418 243
145 Walth Watch el B com_No par 4013 Jan 21
-------42
42
42
42
23 Preferred trust etfs
100 61 Jan 3
___- ---6211 6212 *6212 65
43 Prior preferred
100 112 Jan 10
__- ---*115 ____ 115 115
360 Walworth Company
20 17+4 Jan 1
2014 2014 2012 2012 2014 2012
3,616 Warren Broa
84
83
50 654 Jan 1
85
8814 8212 85
52 let preferred
50 44 Jan
_ _ _ - ---*48
49
*48
49
2d preferred
50 45 Jan 1
____ _--52
*50
.50
52
Will & Baumer Candle Oom--- 14 Jan 1
____ ____
*1512 16
*1512 16
Mining.
Adventure Consolidated----25 .05 Jan 1
.25
.25 +__ _
•_-- .25 *__ _
Arcadian Consolidated
25 .50 Jan 2
.60 *a.50 .60 'a.50 .60
*al*
7 8 Feb 1
5
6
4 84 2,821 Arisona Commercial
87
8 *83
8
78 8
5
793 Bingham Mines
10 30 Jan
4312 44
4312 45
43
43
2.593 Calumet & Heels
5
25 14 8 Jan
15 4 16
3
1514 155
8 1512 16
850 Carson Hill Gold
1 .10 Jan
.11 .11
.20 .20
*.20 .30
1,420 Copper Range Co
25 1212 Jan 2
1312 14
134 133
4
134 1314
2 Feb
212 212 1,510 East Butte Copper Mining_ 10
212 25
8
21
4 2'2
Franklin
25 .05 Feb 1
'
1.60 .61
1.60
1
*0.60
.90 '
200 Hancock Consolidated
25 .35 Feb 1
•.40 .75 ..45 .75 +.45 .75
50 Hardy Coal Co
1 16 Feb
153 1612 *16
4
•153 1611
4
1612
150 Helvetia
1
*.85
25 .75 Feb
1
.85 .85 *.85
1 1971: Jan
250 Island Creek Coal
235 240
237 242
235 235
8 Preferred
1 105 Feb 1
•10512 . _ +10512 _ _ _ 10514 10514
94 14
4
912 Feb 1
1018 1,8202.1, Royale Copper
1p
25
10
10
350 Keweenew Copper
14 Jan
26
218 es
218 24
*23
8
Lake Copper Co
25 .80 Jan
114
114 .*95
14 • 95
•95
.
160 La Salle Copper
*.75
1
1
.75 .80 4
25 .65 Feb 17
%75
2 Jan 4
Mason Valley Mine
6
*158 2
•158 2
*112 2
35 Mass Consolidated
25 .25 Feb 2
•.35 .75 '
1.35 .51) *.35 .50
305 Mayflower-Old Colony
25 .45 Jan 3
..50 .65
.75 .75
.65 .65 1
3718 383
35 37 Feb 18
560 Mohawk
4 39
3912 394 40
2214 2214 2212 227
5 22 Feb 5
800 New Cornelia Copper
8
2 223 228
..05 .15 '
.06 Feb 1
New Dominion Copper
._
1.05 .15
100
New River Company
0
_ '16'2 - _
100 634 Jan 19
*ail li *ail li
70 Preferred
66
66
94 91
914
914
914
914
84 Jan 5
5
375 Niplesing Mines
2116 Feb 10
10
212 2'2
212 23s
212 23
s 2,565 North BUM Mining
25 .80 Jan 18
*61.95
11 *0.95 112 *0.95
Ojibway Mining
112
1212 13
35 12 Feb 18
13
300 Old Dominion Ce
1312 1312 1312
1134 1134
11 Jan 4
115 12 '
8
475 Pd CrkPocahontasCONOPar
11134 12
15
16
25 1414 Feb 17
1514 16
875 Quincy
16
16
2212 233
4 2312 2338 1,130 St Mary's Mineral Land
21
22
25 2014 Feb 17
3 Feb 3
*23
4 314 *23
4 312 *23
Seneca Mining
4 312
.40 .40 5.30 .40 '
10 .20 Jan 8
0.30 .50
10 Shannon
1.30 .45 '
.40 .40 '
0.25 .50
500 Superior & Boston Copper- 10 .20 Jan 31
714 712
Vs Jan 3
714 74
5
8 3.941 Utah-Apex Mining
733 75
/
1 Jan 3
1
178
17
2
184 1%
13
4
13 10,550 Utah Metal & Tunnel
4
25 .51 Feb 10
.65 .75 *.65 .80
•.70 .90 •
Victoria
25 .10 Jan 30
+.95 .15 *415 .15
•.05 15
'Winona
Highest
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
183 Jan 26 159 Jan 1754 Des
94 Jan 15
77 May 854 July
101 Feb 1
89 Feb 103 Dee
116 Jan 26 11212 Dec 122
Jan
106 Jan 6
984 Jan 112
Jan
61 Feb 7
35 Mar 5812 July
6112 Jan 8
32 Apr 6112 Dec
86 Feb 5
59 Apr 86 Dec
125 Jan 8
84 Apr 130 Dec
74 Apr 110 Sept
113 Feb 4
164 Feb 4 105 Jan 165 Dec
107 Jan 25
94 Apr 10712 Dec
200 Jan 28 x17512 Mar 20712 Dec
28
293 Feb 10
4
Oct 61
Jan
5912 Apr 71
71 Jan 11
Jan
67 Jan 5
56 May 69
Jan
40
Apr 4914 Jan
4814 Jan 4
49 Sept 60 Feb
65 Jan 28
3178 Mar 4838 July
594 Feb 16
Apr 9812 Dec
81
100 Feb 17
140 Feb 15 120 Apr 132 Dee
Jan 125 Sept
129 Feb 21 111
4
993 Mar 107 Dee
116 Jan 31
5 Jan
2 Nov
4 Feb 24
18 Dec 2414 June
2112 Feb 24
4
16018 Feb 21 13912 June 1503 Feb
4812 July 71
Jan
58 Feb 11
7212 Nov 78 Feb
80 Feb 11
4
59 Feb 10
5212 Apr 633 Jan
814 Oct 1714 Jan
812 Jan 31
14', May2012 Jan
2012 Jan 3
74 Nov 9812 Jan
8612 Jan 7
10712 Jan 11 10512 Jan 10912 June
5 Jan 3
71
57 May - - Dec
74 Feb 24 312 Jan
14 Dec
33 Feb 3
4
3
7 8 Oct
34 Mar
63 Feb 14
4
44 Nov 8812 Jan
5214 Jan 31
Jan
34 Nov 45
3712 Jan 28
9214 Jan 29
9014 Oct 9912 Jan
14 Nov 26 Feb
1434 Jan 18
22912 Jan 3 z207 Jan 250 Feb
29 4 Jan 26
3
Oct
30 Jan 31
14 June 27
14 Feb 3
11 Dec 17 Jan
8
3414 Apr 405 Jan
3712 Feb 23
8812 Mar 11312 Feb
9514 Jan 11
10 May 14 Sept
12 Jan 20
1212 Feb 24
614 Feb
4814 Dec - 3- 47 Jan 3 52 May 6814 Feb
.10
Jan .30 Nov
Jan
.30 May .55
9512 Feb 3 x93 Apr 96 July
3
612 Aug 10 4 Dec
1012 Jan 6
1218 Jan
6 July
10 Jan 18
80 Apr 944 Nov
8912 Jar 5
65 Jan 704 Feb
75 Jan 25
112 Jan 21 t104 June t110 May
Jan
89 Apr 98
97 Feb 19
44 Jan
2 Aug
43 Jan 20
8
27 Feb 23
154 Jan 2912 July
Jan .95 Apt
.20 Feb 1 .20
3 July 1018 Jan
4 Jan 4
964 Feb 8
95 Sept 101 Seel
101 Jan 25
8 Feb
314 Feb 23 40 Dec
2 Dec 28 Jan
8 Feb 10
120 Feb 19 11078 Apr 1184 Feb
89 Feb 96 Feb
90 Jan 5
143 Dec 27 Feb
4
4612 Feb 23
3512 July 55 Jae
434 Jan 7
40 Mar 8814 J1211
425 Jan 3
8
1714 Aug
15 Feb
1612 Feb 10
2 Nov
118 Dec
158 Jan 11
98 May 110 Aug
110 Jan 17
Apr 11814 Dee
120 Feb 24 111
54 Mar 72 8091
7014 Feb 23
9 8 Jan 31
5
Feb
7 Jan 1512 144 Jan 24
47 Mar 5314 Aug
55 Feb 23
28 Jan 30 Jung
285 Feb 21
8
82 Nov 135 Feb
89 Jan 3
60 May 90 Apt
82 Feb 4
22+4 Ocl
Jan
17
2712 Feb 23
29 Jan 41 Dec
42 Feb 23
4818 Nov 61 Dec
Jan 31
63
115 Feb 21 101 Sept 112 Dee
2012
91
50
504
1614
Feb 2
Feb 18
Feb 16
Feb 18
Jan 22
.20 Feb 10
.89 Jan 15
1014 Jan 6
46 Feb 2
4
163 Jan 25
.21) Feb 2
1434 Jan ID
234 Jan 4
.25 Jan 22
.75 Jan 13
18 Jan 7
.85 Jan 6
248 Feb 18
106 Jan 21
114 Jan 19
8
27 Feb 4
1 Jan 17
80
2
.85
14
4114
24
.06
Jan 24
Jan 4
Jan 3
Jan 11
Jan 13
Jan 20
Feb 1
76 Feb 8
1014 Feb 2
35, Jan 5
114 Jan 26
1412 Jan 3
13 Feb 4
171 Jan 3
:
254 Jan 8
34 Jan 14
.40 Jan 12
.40 Feb 23
77 Feb 24
8
2 Feb 2
.85 Jan 11
21 Jan 17
123 May
4
44 Mar
39 Apr
42 Apr
4
103 Aug
23
69
46
47
174
Jar
Dec
Da
Feb
Jan
.05 Mar .40 July
1+8 Aug
.25 Mar
914 May 123 Jar
4
3
29 June 55 4 Jar
8
1314 June 185 Aui
Jac
.10 Dec 50
Jag
13 May 20
4 Feb
24 Oct
114 Jar
.25 Nov
114 July
.27 Dec
14 Mar 2114 Jar
2 Jac
Oct
.75
141 Mar 1994 Dec
994 Jan 106 *My
912 June 14 AUI
27 Sepl
2
Jan
.60
13 July
8
Oct
.60
24 Mal
.80 June
25 8091
8
114 Jan
.15 Dec .75 July
:
11 Jar
.40 Dec
30 Mar 46 001
1811 May 24 Auli
Jan .20 June
.05
18 Dee 25 Feb
45 July 72 Feb
5 July 1011 Dec
37 Se91
8
2 Apr
2 Nol
.50 Jan
13 Dec 20 July
Jar
1012 Mar 15
1513 May 25 July
Dec 384 Fel
25
94 Jar
2 4 Dec
3
Jai
.15 Dec .80
1
14 Ma
.20 Nov
4
434 Oct118 Fel
.25 Dec 2% Ma
.40 May .76 Fel
40 -lull
.10 Sept.
-dividend end Mats.
•315 sag mug miaow no Nelda 00 ale day. I Assessment void. b Ex-stook dividend. I New stock. I Ex-dividend. v 141-21itha. 2E1
FE113. 26 1927.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Feb. 19 to Feb. 25, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds
-
Range Since Jan. 1.
Low.
High.
AUG&WISSL 5s_1959
74% 744 $2.000 72
Jan 75
Jan
.
Chic Jct Ry & US Y 4s1940
894 89%. 1,000 894 Feb 90
Jan
55
1940
101 10134 8,000 1004 Jan 1014 Jan
East Mass Street RR
4348 series A
1948
66
69
2.000 65
Jan 69
Feb
58 series D
1948
82
824 2,100 82
Feb 85
Jan
Hood Rubber 7s
1937
103 103
5,000 103
Feb 104
Jan
K C M & 13 Inc 5s____1934
101
101
1,000 98
Jan 101
Jan
Mass Gas 448
1929
994 99%
1,000 99% Jan 1004 Jan
1931 98
4)4s
98
98
2,000 9734 Feb 984 Jan
Miss River Power 5s_ _1951
10131 1013.1 3,000 100% Feb 101% Jan
New Engl Tel & Tel 55 1932
1014 1014 2,000 1004 Jan 1014 Jan
Peoples Pr & Lt Os_ _ _1962
98
98
2,000 98
Jan 9831 Jan
So Ice Utilities (is
1946
964 9634 5.000 9634 Feb 9634 Feb
Soc Gen Petrol Ind 78_193 7
974 974 5,000 98% Jan 97% Feb
1944 100% 1004 1014 6,000 1004 Feb 102
Swift & Co 58
Jan
Western Tel & Tel 58_ A932 101% 1014 101% 8,000 1004 Jan 1014 Jan
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 19 to Feb. 25, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale pref_ _ _100
Arundel Corp new stock...
Atian Coast L(Conn)_ _ 50
Baltimore Trust Co
50
Baltimore Tube pref___100
Beneath (I), corn
*
Preferred
25
Boston Sand & GraveL 100
Cent Teresa Sugar pref._10
Century Trust
50
Ches&PotTelof Balt pf.100
Commerce Trust
100
Commercial Credit
*
Preferred
25
Preferred B
25
634% peferred
100
Consol Gas, EL & Pow_ •
64% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
Continental Trust
100
Davison Chemical
*
Eastern Roll Mill new stk_.
Fidelity & Deposit
50
Finance & Guar Co, pf _ _25
Finance Co of America_ _25
Finance Service class A_10
Class B
10
Houston Oil com v t c_100
Preferred tr ctfs
100
Hurst (J E) let pref_ _100
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Maryland Casualty Co_25
Maryland Mtge Co
•
Mercantile Trust Co_ _50
Much & Miners new__'
Monon Vail Trac pref_ _25
Mt V-W'db'y Mills v t r100
Preferred v t r
100
New Amsterd'm Cu Co _10
Penns Water & Power_100
Silica Gel Corp
*
United Porto Ric Sag con _
United Ry & Electrio___50
US Fidelity OE Guar_ _ _50
Rights
50
Wash Bait dr Annan. .50
West Md Dairy Inc pref _50
324
131
32
19234
116
20
22
22
83
1114
11434
34
242
25
163
104
94
36
214
21
10031
18
2434
80
5434
180
17
204
230
36
504
104 104
324 33
240 240
131
131
32
32
40
40
2734 274
74
74
.75 .75
19234 1924
116 116
56
56
164 20
21
22
214 22
82
8334
5134 514
1114 1114
11434 115
127 127
34
3434
242 242
27
274
25
2634
15131 155
1334 1334
10
104
1731 1731
174 1731
89
894
90
94
70
70
36
38
21
2134
21
2131
9934 1004
18
18
4023140231
414 4131
2431 244
1634 1631
79
80
54
5434
180 180
154 17
37
37
20
204
220 230
36
3734
15
15
50
51
Bonds
Charles Con Ry,CidiE 58'99 994 994 994
Consolidated Gas 58_1939 1044 1044 1044
General 4348
1954 994 9934 994
Consol G.E L&P pf 58_1965
102 102
Elkhorn Coal Corp 648_'32 994 994 994
Ga Car & Nor 1st 58_ _1929
10034 10034
Md Electric Ry 158 58_1931
9814 9834
994 9934
1952
6348
Seaboard de Roan 58._l926
1004 1004
Stand Gas Equip lst 631929 10034 10034 1004
United Porto Rican Sugar78
10031 10034
United Ry & E 4s__1949
7234 73
Income 48
1949 53
53
53
1936 794 78
Funding 5s
794
6% notes
1927 1004 1004 1004
6s, when issued_ _ _ _1949 9831 98x 99
.7 211,
,
,11
Range Since Jan. 1.
Low.
7 102
Jan
685 3131 Jan
10 230
Jan
115 12934 Feb
100 32
Feb
30 •38
Feb
5 264 Jan
25
74
Feb
100
.75 Jan
63 1 70
Jan
19 115
Jan
10 56
Jan
824 143.4 Feb
216 204 Feb
165 20
Feb
122 81
Jan
187 51
Jan
133 111
Jan
6 11334 Jan
130 126
Jan
120 34
Feb
10 242
Feb
140 27
Feb
686 234 Feb
838 1354 Jan
30 134 Feb
135
94 Jan
71 1734 Jan
20 1734 Feb
15 89
Feb
864 86
Jan
20 70
Feb
271 334 Feb
103 21
Feb
294 21
Feb
412 98
Jan
70 1731 Feb
13 400
Feb
105 40
Jan
70 24
Jan
20 164 Jan
303 7834 Jan
378 524 Jan
20 176
Jan
3,060 15
Jan
100 37
Feb
1.470 20
Jan
192 205
Feb
2,296 3134 Jan
10
834 Jan
144 50
Feb
82,000
1.000
6,000
2,000
15,000
1,000
6.000
2,000
1,000
2.000
5,000
12.000
11.000
9,900
10,000
17.000
ql nnn
984
10334
99
1014
98
994
97
9614
1004
100
1004
704
51
754
100
974
AC
High.
104
33
240
131
3631
40
2734
75
.90
198
117
5734
20
224
23
87
52
1114
1154
128
3734
250
2734
28
165
1534
104
184
18
8931
94
70
44
224
22
105
224
409
43
25
184
85
5534
185
1834
384
2034
259
38
18
52
Feb 994
Jan 1044
Jan 994
Feb1024
Jan 9934
Jan 1004
Feb9834
Jan 100
Feb10034
Jan 10031
Feb1014
Jan 734
Jan 54
Jan 7934
Jan 1004
Jan 994
V..•••••
• No par value.
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Pet
.•
an
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 19 to Feb. 25, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range Sales
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Abbots Al Dairy pref._100
Almar Stores
14
10
Alliance Insurance
American Stores
71%
Baldwin Locomotive_ _100
Bearings Co of Amer pref
-113-Bell Tel Co of Pa pref
Congoleum Co Inc
•
Consul Traction of N J_100
CurtisPub Co, pref
East Shore 0 &E 8% pf 25
Eisenlohr (Otto)
100
Fire Association new_ _ _ _10 52
100
General Asphalt
Giant Portl Cem pref_ _ _50 45
Insurance Co of N A.
...10 55
Keystone Telephone. _50
Lake Superior Corp_ _ _ _100
50 109
Lehigh Navigation
Lehigh Pow Secur com___. 17%
Lehigh Valley
so
10 24%
Lit Brothers
Minehill & Schuyl Hay._50
so 82%
Northern Central
50
North Pennsylvania_
Range Since Jan. 1.
Low.
103 103
5 103
14
144
375 13
52
5234
169 48
71% 7231
1,305 70
1964 1974
60 147
92
92
45 92
113 1134
53 11234
18% 19
75 17%
404 4034
354
117 117
so 117
26
26
6 26
1434 1434
125 1231
52
52
20 51)1
844 89
570 80%
45
45
20 34
544 554 2,414 514
434 434
4
10
14 2
500
14
109 111
1,909 107
154 17% 17.558 15%
1184 121
45 100
24% 25
775 24%
53% 54
65 534
82% 8234
12 814
82
82
11 82
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
'Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
High.
10334
174
54%
7
334
1974
92
1134
2034
42
117
2634
16
55
89
4834
55%
5
24
119%
184
125
28
54
823.4
82
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jah
Jan
Feb
Feb
1203
r rsaay
bases
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Penn Cent L dv P cum pf_ *
Pennsylvania RR
50
Pennsylvania Salt Mfg _ _50
Philadelphia Co (Pitts)_ _50
Preferred (5%)
50
Preferred (cumul 6%)_50
Phlla Electric of Pa
25
Warrants
25
Stock allotment
Phi's Insulated Wire
*
Phila Rapid Transit._ _50
Philadelphia Traction_ _ _50
Phila & Western
50
Preferred
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref___100
Stanley Co of America_ _ _.
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
United Lt& Pr com
•
Victor Talking Machine
New
6%
7%
Warwick Iron dr Steel_ _ _10
West Jersey & Sea Shore_ 50
Westmoreland Coal new_ 50
York Railways pref
50
Bonds
Amer Gas dr Elec 5s.2007
Consul Trac N J let 5s 1932
Elec & Peoples tr ctfs 48'45
Keystone Telep 1st 5s_1935
Lehi C & Nay gen 434s '24
Market St Elev 1st 48.1955
Phila Elec 1st s f 4s_ _1966
bet 5s
1966
534s
1947
54s
1953
68
1941
1972
5348
Reading ext 48
1937
Tr.,itm Pun onld Cr elf ets '40
78
484
23
63
5254
59
1534
2434
8734
9034
1334
4134
51
9934
71
93
9834
1054
107
10334
944
07
7234 73
5776 604
774 794
91
91
414 413.4
514 52
464 484
21
234
114 12
63
63
5234 - 53
58
5934
134 1534
364 37
244 2434
98
98
90
87
174
13.4
3
334
374 38
210 210
8934 9034
1274 1334
38
904
984
134
4134
51
36
Range Sines Jan. 1.
Low.
132 713.4
37,400 564
197 754
12 8734
20 404
30 494
30,600 464
36,919 204
1,517
9
10 63
235 52
242 57
1,420 114
37
3634
1,710 214
41 974
21,371 82
100
14
1,385
3
203 36
20 210
4,739 894
715 1234
High.
Jan 73
Jan 6834
Jan 794
Jan 91
Jan 414
Jan 52
Feb 54
Jan 24
Jan 12
Jan 66
Feb 5434
Jan 5936
Jan
1534
Feb 374
Jan 2434
Feb 9934
Jan 904
Feb
234
Jan
3,114
Jan 39
Feb 213
Feb 937.4
Feb
1531
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
37
91
9934
2
4234
53
3634
1,650
225
225
110
70
290
216
334
8734
97
1
40
51
344
Feb
Jan
Jan
Jan
Jan
Feb
Jan
394
9234
993.4
2
4234
57
3634
Jan
Jan
Feb
Feb
Feb
Jan
Feb
95
993.4
71
72
58
58
93
934
9834 9831
87
87
8834 8834
1044 1054
107 107
1064 10631
10734 10734
1034 1034
9434 944
13:1
07 1.4
68,100
13.000
5.000
76,000
5,000
1,000
1,000
32,400
1,000
3,000
2.000
11,000
4,000
4x400
95
62
54
93
9834
87
88
10334
107
105
107
103
944
05
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
100
76
5834
9336
100
87
894
10534
107
10754
10754
10531
944
87!.4
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Fah
* No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 19 to Feb. 25, both inclusive,
compiled from official sales lists:
WK.,
Stocks-
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co cora_ _• 314
All America Radio el A.
8
Am Fur Mart Bldg Pr-100 94
*
Amer MultigraPh com
Amer Pub Serv pref_ _100 994
Am Pub Util Co par pf _100
American Shipbuilding _100
Amer States Secur Corp A •
334
*
Class B
354
Warrants
Armour & Co(Del) pfd 100 9554
100 8536
Armour & Co pref
Common Cl A v t c_ _ _25 14
Common ci B v t c_ _ _25
734
Associated Investment Co• 374
Auburn Auto Co corn._ _25 96
Balaban & Katz v t c_ _ _25 624
Beaver Board v t c "A".10
Fret vat trust ctfs_ _100
Bendix Corp class A _ _ _.10 4434
.
Borg & Beck common _ _10 5934
Brach & Sons(E J) COM.
Bunts Bros common_ _ _ _10 184
20 234
Butler Brothers
•
Celotex Co common
Central Ill Pub Serv prof.'
Cent Ind Pow ctf of dep.100 884
Central Pub Serv (Del)... 184
Central S W UM common * 634
Preferred
• 95
Chic City & Con Ry pt sh •
534
Chic N S & Milw corn...100
Prior lien preferred _ _100
Chi Rap Tran pr pref A 100
Chicago Title & Trust.100 590
Commonwealth Edison.100 1414
Consumers Co common_ _5
Preferred
100
Continental Motors corn.' 12
25
Crane Co common
100
Preferred
Decker (Alf) & Cohn,Inc.•
100 106
Deere & Co pref
El Household UM Corp_10 124
Elec Research Lab, Inc.." 10
Empire G & F Co 7% pf 100 96
Evans& Co, Inc, el A_ _. 3334
. 5
Class B
5 3114
Fair Co(The) common_ _.• 30
Preferred
100
Foote Bros(G & M) Co_ _5 1434
General Box Corp corn...'
Preferred A
10() 4334
Gill Manufacturing Co_ _10
5
Gossard Co al W)corn _ _. 3434
.
Great Lakes D & D.__ _100 141
Greif Bros Coop'ge A corn* 3934
Hart,Schaffner & Marx 100
Hupp Mot Car Corp com 10 2234
Illinois Brick Co
25 5034
Illinois Nor ULU, pref_ _ 100
III Wire & Cable Co,corn 10 254
Kellogg Svritchb'd, com .10 1534
Kentucky UM Jt cum pf.50
KeystoneSt&Wirecom..100
Kraft Cheese Co com _ _ _25 6134
Kup'heimer dr Co(B) Inc..5
La Salle Ext Linty cora_.10
Libby. McNeill & Libby _10 103.4
McCord Radiator Mfg A.. 39
meQuay-Norris Mfg
• 19
Maytag Co, corn
•
Mer & Mfrs See Co pt pf _25 29
Middle West Utilities__ _ _• 10954
Preferred
100 10731
Prior lien preferred_ _100 1194
Midland Steel Prod cora _ _• 43
Midland Util prior lien_100 102
Preferred A
100
Morgan Lithograph corn.' 62
Mosser Leather Corp corn* 16
Nat Elec Power A part_ _ _•
Range Since Jan. I.
Low.
High.
30
324 27,700 2534 Jan 3234
8
834
100
8
Jan
10
95
94
107 94
Feb 95
100 1934 Jan 20
1934 1931
984 994
307 94
Jan 994
80
80
40 73
Ja. 82
844 85
20 794 Jan 86
334
650
334
34 Jan
434
34 34
966
34 Feb
44
7.4
4
500
54 Jan
1
944 964
209 9334 Jan 964
854 8554
880 834 .ja. 8634
14
14
175 144 Feb
16
80
73.4 8
754 Jan
9
374 384
910 364 Jan 3
834
947.4 984 8,350 684 Jan 9834
614 624
975 614 Feb 63
34 34
100
334 Feb
4
38
38
205 38
Jan 3834
4334 46
2,950 364 Jan 464
614 6,910 53
59
Jan 614
25
254
130 24
Feb 3554
184 1834
25 17
Jan 2
034
234 1,775 17
23
Jan 2334
75
75
70 70
Jan 834
90
161 8834 Jan 90
89
10 854 Jan 884
8834 884
18
184
1,130 17
Jan 184
6334 644
915 564 Jan 674
270 9334 Jan 9634
9434 95
54 6
1,250
331 Jan
6
34
34
20 333.4 Jan 364
100 100
55 99
Jan 100
103 1044
60 1024 Feb 1044
590 5954
50 590
Jan 5954
1404 142
735 138
Jan 142
7
1,365
7
634 Jan
734
6934 71
20 6954 Feb 78
12
12
50 114 Jan 134
50
50
150 60
Jan 52
117 1174
625 117
Feb 11834
350 274 Jan 28
2734 2734
1064 10834
20 106
Jan 109
1234 1434
601 11
Jan 1454
94 1034
350
9
Jan
1234
96
9631
171 934 Jan 9634
3334 3354
1.115 2834 Jan 3431
314 3234
1,250 2434 Jan 3234
29
314 15,400 254 Jan 314
105 106
85 105
Feb 107
14
14 34
330 12
Jan 1434
534 54
30
5
Jan
6
434 434
25 4334 Feb 50
53.4
5
165
5
Jan
534
34
344
525 3331 Jan 36
141 142
130 141
Feb 152
39
3934
215 384 Jan 40
111 111
SO 110
Jan 115
2134 2234
800 21
Jan 234
504 5154
1,200 49
Ja. 524
97
97
Jan 97
10 92
254 2531
340 244 Jan 254
1534 154
365 134 Jae 154
5134
51
51
J
35 51
47
Feb 50
47
53 47
5354 6234 3,130 SI
624
F
Jan 38
37
37
10 36
9
64 Jan
74 734
110
10
934 Feb 1034
104 2,695
Jan 40
135 38
39
39
Jan 21
25 17
19
19
Jan 28
20 26
2634 264
Feb 31
210 28
29
29
4,1 • 10934 Feb 1144
1093.4 112
2,8 1 10554 Jan 11354
10734 110
225 1173.4 Jan 120
1194 120
Feb 4734
41
474 1,361 41
Jan 102
107 98
1014 102
101 97
Jan 9934
973.4 98
6234 1 570 58
.
6131
Jan 63
16
Jan
25 11
16
16
200 234 F • 254
2434
24
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jab
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jam
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
1204
National Leather com_10
National Standard corn_*
North American Car corn.*
Nor West Uri!pr in pf_ _100
100
7% preferred
100
Omnibus pref A
Voting trust certlfs_ _ _ _*
Penn Gas& Elec"A"corns
Pick, Barth & Co part pt.*
Pines Winterfront A com_5
Pub Serv of Nor III corn_ _*
Pub Serv of Nor Ill com.100
100
6% preferred
Q-R-S music Co corn. _ __0
Quaker Oats Co corn
*
Preferred
100
Real Silk Hoe Mills corn 100
Reo Motor Car Co
10
Sears, Roebuck corn
*
Shaler Co class A
*
So Colo Pr Elec A com_25
Southw G&El Co 7% p1100
Sprague-Sells Corp el A30
Stewart
-Warner Speedom *
Swift & Company
100
Swift International
15
Thompson (J R) corn_ _ _25
Union Carbide & Carbon.*
United Biscuit class A.....5
United Iron Works corn_ _*
United Light & Power
Class A preferred
*
United Pap Board com_100
US Gypsum
20
Vesta Battery Corp com_10
Wahl Co common
*
Ward (Montg) & Co_ _ _ _10
Waukesha Motor Co corn _*
Williams 011 0 Mat com_*
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co corn.*
Yates Machines part pfd_*
Yellow Tr & Co Mfg B_ _10
Yellow Cab Co Inc (Chic) *
Bonds
Cent West PS con deb 6s'36
Chicago City Ry 5s_ _ _1927
Chic City & Con Rys 5s '27
Chicago Rys 55
1927
5s series A
1927
5s series B
1927
Commonw Edison 58_1943
nous GO Co s 1 g 6%s 1931
Northwestern Elev 5s_1941
Pub Serv let ref g 55_1958
Pub Serv Co of Nor Mist 8c ref mtge 5345_1962
:o..-loo or. .•-..-. -.... -•.. e- In....
•No par value.
3
34
9931
96
1335
42
13434
3931
184
47%
2134
56
2635
9734
2434
6434
120
2034
4934
113
535
3534
67%
38
15%
25%
2735
4234
9735
7835
58
Ift17/
450
234 3
3335 34
1,980
29
29
50
9931 99%
40
9535 9635
230
8234 8235
130
40
1334 1335
z20
350
2034
2034 2135
285
41
41%
640
134 13434
90
134 134
30
103 104
202
36
3934 5,500
184 185
90
10735 10734
110
47
1,300
4891
2131 2134
635
56
56
100
25
2534
100
26
2634 1,350
48
963.1 9735
2435 2434
100
64
6434
275
119 120
1,285
2034 21
1,570
4935 50
1,235
355
10934 11734
275
4134 42
5% 6% 12,850
91
16
98
35
1134
6635
38
1535
6
5134
2535
2634
4231
9134
16
9935
3534
1134
6714
38
1534
6
52
2634
2734
42%
9714
7735
5634
77
55
3634
1O2%
97%
86
9914
97%
7835
58
7735
55
37
10434
9835
86
9934
10534 105%
In.', In, 7,
101
10
256
235
390
535
10
565
100
4,800
1,300
750
1,205
Range Since Jan. 1.
Low.
235
3035
2235
9835
9434
8235
13
19
1934
41
13034
132
102
323
%
180
107
3914
20
52
25
2534
9434
2434
6234
115%
2034
47
99
393.4
235
87
16
9234
2734
831
6034
3734
14%
5
51
25
2531
4231
519,000 9735
17,000 75
34,000 5234
6,000 7435
16.000 52
9,000 35
6,000 10234
44,000 96
1,000 8434
1,000 9935
High.
434
34
30
101
100
8234
13%
21
2134
5134
136
136
105
3934
18634
10834
4834
2335
56
2535
2635
98
2634
6735
120
23
50
11734
44
631
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
F3b
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan 93
Feb
17
Jan 109
Jan 37
Jan
1334
Jan 6734
Jan 40
Feb 16%
635
Feb
Jan 53
Jan 2734
Jan 2934
Feb 4534
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan 97% Feb
Jan
Jan 79
Feb
Jan 58
Jan 7734 Feb
Feb
Jan 55
Feb
Jan 37
Feb 10434 Jan
Jan 9834 Feb
Feb
Jan 86
Jan 10034 Feb
1,000 10534 Feb 105% Jan
1 nnn
inl AZ
1....
lf19
Inn
z Es
-dividend,
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
Feb. 19 to Feb. 25, both inclusive, compiled from official
sales lists:
Stocks-
Friday
sates
Last Week's Range for
ofPrices.
Sale
iVeek.
Par. Price. Low. High. Shares,
American Trust Co
37735
Anglo & Lund P Nat Bank 228
Bancitaly Corporation..... 11234
Bank of California, N A_
_ ___ __
Bank of Italy
660
Caiamba Sugar, pref
California Copper
Calif Oregon Power, pref._ __ __ __
California Packing Corp__ _ 6831
Calif Petroleum, corn
3034
Caterpillar Tractor
2934
Cent Nat Bank of Oakland 290
__ __ __
Crocker First Nat'l Bank
East Bay Water "A" pref
9735
Emporium Corporation_ _ _ ___ _ __
Fageol Motors, pref
634
10
Federal Brandeis
90
Firemans' Fund Insurance
1235
Foster & Kleiser, corn
Great Western Power, pref 10331
Haiku Fruit & Pack (tree).
Hale Brothers Stores
Hawaiian Com'l & Sugar
__ __ _
Hawaiian Pineapple
49%
Hawaiian Sugar
4134
Home Fire & Marine Insur 30
Honolulu Cons Oil
41%
Hunt Bros Pack "A" corn. 2534
Hutchinson Sugar Plantat_
Illinois Pacific Glass "A" _
.
3334
Key System Tran, prior pt. 4774
Preferred
Langendorf Baking
1234
La Gas & Elm pref
0931
Magnin (I), corn
2634
North American Oil
4534
Oahu Sugar
3834
Olaa Sugar
934
Onomea Sugar
42
Paalhau Sugar Plantation.
Pac Light Corp,6% pref__
9831
Pacific Tel & Tel, com____ 13834
Preferred
114
Paraffine Co's, Inc, sons
13035
58
Phillips Petroleum, mos.__
FlgglyWiggly W States"A" 20
Pig'n Whistle, pref
23%
Richfield Oil
_ _ __ _
SF Sacramento RR, pref
S J Lt & Pow, prior pref.__ 108%
"B"6% preferred
Schlesinger (BF)"A" corn_
31
Shell Union Oil, corn
Sherman & Clay, 7% pref. 95
Sierra Pacific Eke, pref__
Southern Calif Gas, pref-__
Southern Pacific
95
Sperry Flour Co, pref
104
Spring Valley Water
58%
Standard 011 of California_
______
Telephone Invest't Corp
Texas Consolidated 011....
5234
Union Oil Associates
5234
Union Oil of California
Union Sugar, corn
United Bank & Trust Co
1.85
U S Petroleu.m. -. A
vol.!
..
.
,.
aa u
[Vol,. 124.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
37735 389
- 259 300
220 232
1,020 195
111
11334 16,092 8931
260 26034
100 250
649 665
2,545 528
84
10 82
84
4.40 4.40
200
4
102% 10234
35 10235
6634 6934 2,195 6534
3035 3034 2,650 3034
27
2935 17,375 2634
290 295
35 295
10 307
309% 310
235 96
9734 9835
138 36
36
36
25
5
634 635
10
1034
975
93.4
90
9035
315 90
250 1231
1231 1235
10334 104
247 10334
835
25
874 8%
3535 3535
210 3535
205 4834
4835 4834
456 49%
4934 50
210 4034
4034 4134
150 2934
2935 30
985 37%
41
4134
395 2534
2534 2534
50 1231
1334 1335
4,655 3235
33% 34
599 40
40
55
69 15
15
20
106 1234
1235 1235
150 9934
10034
9931
2631
683 2531
26
1,665 4031
4535 4634
3635
110 35
36
935 935
20
8
41
42
449 40
12
12
60 1134
153 9734
9831 99
13834 13834
55 136
111 11435
260 10635
130 13235 1,821 110%
58
59
1,250 5434
2
20
95 1935
034
16
1634
57 1534
2335 2434 6,890 2331
10
10
9 10
10834 10035
60 10635
98
15 97
9834
21% 2235
185 21
30% 3134 3,650 2834
95
15 93%
9534
92
92
10 87
15 9835
9834 9835
110 110%
220 10635
9335 95
85 9235
104 104
110 10134
5834 7,811 58
58
26
26
50 2534
.70 .73 1,300
.50
53
52
2,590 52
5335 5331 2,740 5234
30 16
1734 1734
15 149
149 149
1.85 1.90 1.800 1.6735
'IQ ,,
A 411
40 3744
Jan
Jan
Jan
Feb
Jan
Jun
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jon
High.
398
232
11434
270
665
84
5
10435
'6934
33
2931
295
310
98%
3634
7
1135
9234
1334
10434
935
3634
50
5531
42
3234
4231
2634
1335
3434
65
3134
1234
10035
2834
48
3635
934
42
12
99
139
11434
13235
59%
2034
1635
2634
14
10934
9831
23
3134
96
92
9835
112
95
104
60%
28
.95
5634
56%
19
15734
1.90
Al
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jon
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low
High. Shares
Wells Fargo Bk & Un'n Tr_
285 285
West Amer Finance, pref........
9
9
Yellow & Checker Cab__ _
9
9%
9
Zellerbach Paper 6% pref__
9531 95% 96%
Zellerbach Corporation._ __
29
30
30
* No par value.
Range Since Jan. 1.
Low,
High,
Jan 285
50 270
Jan
9
9%
50
Jan
935
9
460
100 95% Feb 98
Jan 30
3,705 28
Feb.
Jan
Jan
Feb
Feb
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange Feb. 19 to Feb. 25, both
inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Week,
Sale
of Prices.
Par, Price, Low, High. Shares.
Am Laundry Mach com_25
Preferred
100
Amer Rolling Mill corn.
.25
Preferred
100
Baldwin common
100
Burger common
Preferred
100
Buckeye
Carey (Philip) com_ _ _ _100
Campbell (J B)
Churngold Corp
*
Cincinnati Car Co
Cin Union Stock Yards_100
City Ice & Fuel
*
Cooper Corp (new). __100
New preferred
100
Dalton Add Mach com_100
Eagle-Picher Lead com _ _ 20
Early & Daniel corn
*
Formica Insulation
*
French Bros-Bauer pref.100
Gibson Art common
*
Globe Wernicke com_ _ _100
Gruen Watch corn
*
Preferred
100
Hatfield-Reliance corn.
..3
Hobart
Kahn's
"A" stock
Jaeger
Johnston Paint pref_ _.100
Kodel Radio A
Kroger corn
10
New preferred
100
McLaren Cone
*
Nash A
Paragon Refining corn_ _25
Procter & Gamble corn. _20
100
6% Preferred
Pure Oil 6% preferred...100
100
8% Preferred
Standard
*
US Can common
100
Preferred
20
U 8 Playing Card
U Sprint & Litho com_100
Whitaker Paper common.
•
116
125%
5035
110%
198
35
2235
2434
80
2631
43
110%
28%
_
44
129
113
17
7%
181
112%
41
87
5731
BanksFIfth-Th ird-Un units_ _100
100
First National
11231 11435
125% 12534
4931 5035
11034 111
198 198
13% 15
50%. 5031
46% 4634
190 190
98
98
34% 40
2134 2215
150 150
2434 24%
71% 72
10234 10231
80
80
2631 2635
48
48
2235 2235
95
95
43
43
85
85
483.4 4834
110 110%
15
15
26% 29
10031 101%
44
43
2834 28%
100 102
12
12
130 13135
113 113
1634 17
100 10035
7
731
179 183
11235 113
9735 9734
11235 1123.5
11
11
39
41
9934 9935
8534 8835
7634 76%
55
55
31234 313
344 344
Public Utilities
Cincinnati & Sub Tel___50 9431 9634 97
94
94%
100
Cin Gas & Elee
11235 11235
Cln Gas Transporta'n _ _100
91% 91%
C N ee C Lt dr Tr com__100
100 71% 7131 71%
Preferred
100 111% 111% 112
Ohio Bell Tel pref
Tractions
in Street Ry
50
2olumbus Ry Pr&Lt Dr.'s()
Railroads- --.
-.......
'^^
* No par value.
39
3834 39
looq Nog
0E0
OGO
1,679
23
6,518
140
25
214
100
190
8
1
209
1,030
10
107
35
10
595
1,210
15
3
1
316
50
5
5
50
272
29
209
100
15
30
590
10
83
32
278
1,369
52
135
30
10
5,058
10
226
2
103
Range Since Jan. 1.
Low.
110
125
44
non
isq
195
5034
44
190
96
3431
2134
140
2235
63
102
50
2631
47
22
90%
4235
85
47
10931
15
2635
99
40
2735
100
935
129
112
1634
9931
6%
177
112
97
111
11
3814
98%
8534
75
51
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
High.
11534
12534
5034
11235
198
15
6014
4731
200
9835
40
24
150
25
73
103
80
2834
48
24
95
44
89
6435
110%
18
2935
101%
44
2934
102
12
13434
114
17
101
734
19134
113
98
11235
14
41
100
8835
7834
59
Jan 320
Jan 344
15 30234
1 338
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
•
108 9034 Jan 97
Feb
119 9334 Jan 0531 Jan
Jan
3 11235 Jan 114
120 9835 Jan 9231 Jan
Jan
Jan 73
58 70
59 11031 Jan 11231 Jan
686
1
Jan
Jan 39
Jan 10034 Feb
Awl 4
3834
99%
[ 'GO
'MO, IRK
Flan
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Feb. 19 to Feb. 25, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par. Price, Low. High. Shares.
Banks.
First National Bank _ _ _100
Nat Bank of Commerce 100
State National Bank... _100
267
155
165
Street Railway.
St Louis Pub Serv corn. •
Miscellaneous.
A S Aloe common
20
Baer,Sternb& Coh 1st pf 100
Second preferred_ _ _100
Best Clymer Co
•
Boyd Welsh Shoe
*
Brown Shoe common_ _100
Chicago Ry Equip cons_ _25
EL Bruce pref
100
Ely & Walker D G corn _25
100
First preferred
Second preferred _ _.100
.
Hamilton Brown Shoe__25
Huttig S dr D common_ *
1150
Preferred
_100
Hydraul Press Brick pf.
Independent Pack Co com*
International Shoe corn..*
100
Preferred
•
Johansen Shoe
Laclede Gas Light pref _100
Mo Portland Cement__ _25
National Candy com._ _100
*
Pedigo Weber Shoe
*
Polar Wave 1 & F A
Rice Stix Dry G let pf _100
_100
Second preferred
Scruggs V-B D a corn._.25
Sheffield Steel common- •
*
Skouras Bros A
Southw Bell Tel pref___100
St Louis Car common._ AO
Stlx, Baer & Fuller corn _.•
Wagner Electric common _.
Wagner Elee Corp pref_100
Wm Waltke & Co COM- •
Mining.
267
155
165
35
41
32
97
3134
28
100
34
97
99
3734
41
32
29
97
3134
112
87
3635
28
50
15
15
85
80
30
24
100
330
53
20
7
40
40
80
35
05
12
200
60
716
130
150
30
15
40
263
110
60
121
100
175
345
20
65
311c
34
97
99
3734
41
32
20
97
31%
111
87
3835
28
wog wog loom
75
75
24
24
16335 161 16335
10835 10834 10835
30
30
120 127
123
5135
50
50
9135
85
85
30
30
30
3335 333-5 34
108 109
109
9934
99
22
22%
22
27
2735
44
44
44
117% 11631 1174
17
17
2935 30
30
2034 21
70
70
8734 67%
1:11.4 15
Low.
15 251
106 155
10 164
18% 18%
34
Range since Jan. LI
High.
Jan 267
Feb 163
Jan 165
'A
(Feb
IJan
Feb
1874 Jan
2034 Feb
32
97
99
35
40
32
2834
97
31%
111
87
36
28
100%
75
24
158
108
30
96
50
85
30
32
10535
99
2034
2535
42
11535
17
2935
1835
68
6135
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
'Jan
Feb
Jan
34
Feb
97
Feb
97
Feb
41
Jan
42
Feb
3434 IJan
30
rJan
9735 Jan
38 'Jan
112
Feb
90 i Jan
3934 lJan
30
Jan
1013,5 Jan
8174 Pan
25
Feb
16334 Feb
109
30
Feb
127
Feb
64
9134 Feb
33 IJan
34
Feb
109
Feb
9934 Feb
2234 Feb
27311 Feb
48
Jan
117%1 Feb
1834 [Jan
31% Jan
24
Jan
74
Ja
70
Fe
15
Fob
rJan
rJan
17
Jan
FEB. 26 1927.]
Bonds (Concluded)—
THE CHRONICLE
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. bow. High Week.
Street Railway Bonds
East St Louis & Sub 55 1932
StL&SubRygenhI5sC-D'23
United Railways 4s_ _..1934
45 ctfs of deposit__ _1934
90
80
76%
764
Miscellaneous Bonds—
Kinloch Long Dist 55.1929
Missouri Edison Elec 55'27
Pierce B (Income Leasehold
1936
Co) 55
1935
St Louis Cr 69
* No par value.
90
S1,000
80
6,000
1,000
76%
764 4,000
1004 1004
100 100
99
99
9931 994
Range Since Jan. 1.
Low.
864 Jan
80
Feb
7634 Jan
7634 Feb
1,00 100
1,000 100
4,000
1,000
High.
904
82
774
77
Feb
Jan
Jan
Feb
Jan look. Feb
Feb 1004 Feb
Feb 9994 Feb
99
994 Feb 1004 Feb
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange Feb. 19 to Feb. 23, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks—
Amer Vitrified Prod corn 50
Am Wind GI Mach, 0(.100
Arkansas Nat Gas. corn 100
50
Bank of Pitts, N A
25
131aw-Knox Co corn
•
Byers(AM)Co corn
100
Preferred
10
Carnegie Metals Co
Columbia Gas & Elec con,•
100
Preferred
Consolidated Ice com _ _ _50
50
Preferred
10
Devonian 011
Duquesne Light 7% 91.100
First National Bank ..100
•
Houston Gulf Gas
Jones & Laughlin St pf _100
95
Lone Star Gas
..100
Nat FireproofIng pref.
Okla Nat Gas ctfs of dep..
Peoples Say & Tr Co. _100
Pittsburgh Brew pref....50
Pittsburgh 011 & Gas__ _5
Pittsb Plate Glass com.100
Salt Creek Consol 011...l0
San Toy Mining
1
Stand PI Glass pr pref.
.100
Stand Sanitary Mfg corn 25
Tidal Osage Oil
100
Union Steel Casting corn.•
Waverly 011 class A
•
Westinghouse Air 13rake 50
West Pa fly pref
100
24
734
70
86
1154
6
119
4334
284
2134
245
87
36
155
Rights—
Columbia Gas d: Electric__
Range Since Jan. I.
Low.
24
24
100 24
744 75
3.5 7414
74 734
1.190
714
10 175
19734 1974
70
7014
155 70
604 604
40 43
10734 10734
10 1064
1234 124
200 114
8536 86
138 8394
101
101
30 9934
3
3
250
24
16
16
50 14
14
14
100 134
1154 11534
140 11534
300 305
20 305
6
611
765
6
1184 119
35 118
384 434 10.306 3731
283-4 2831
120 27
214 214
1,815 204
402 402
5 400
100 104
1034 1034
3% 334
100
34
239 245
242 239
74 74
100
734
Sc 4,500
Sc
Sc
60
60
10 60
8636 87
222 85
244 26
2,070 22
3534 36
260 324
42
200 42
42
146 155
463 134
100 100
1,420 99
234
334
1,474
High,
Jan 27
Feb 80
Jan
84
Jan 200
Jan 73
Jan 604
Jan 108
Jan
1334
Feb 9131
Jan 1014
Jan
3
Jan 20
Feb15
Feb 1164
Jan 307
Feb
734
Jan 119
Jan 4431
Jan 284
Jan 23
Feb 402
Feb
1134
Jan
334
Feb 270
Jan
8
Jan
6c
Fel
68
Jan 924
Jan 26
Jan 36
Jan 43
Jan 155
Jan 100
24 Feb
331
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jar
Jar
Bonds—
-. '^'^
.
••••• •
n''' ``.
"^^
'''' '-'"'' •'-'•
.
•
• No par value.
Note.—Sold last week and not reported: 2,174 Columbia Gas & Electric rights
at 231 5_43.
New York Curb Market.—Official transactions in the
Now York Curb Market from lob.
to I eb. 25, inclusive:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Feb. 25.
Stocks—
Indus. & Miscellaneous.
Ala tit Sou RR cow _ _ 50 1294
Preferred
50
Alpha Portland Cement • 37
Aluminum Co common_ _•
Preferred
100 102
American Arch Co
100 x105
Am Brown Buyer! El Corp
Founders shares
Amer Cigar common. Atm
Amer Cyanamid A com.20
Class II common
20
Preferred
100 874
•
34
Amer Electric° Corp v t c.
25
Class A
Amer Gas & Elec—
Corn (new ex-stk div)--• 7234
Preferred
• 90
.10 10%
American Hawaiian SS.
Amer Lt & True corn._.100 234
American Meter Co
•
American Plano, corn _ _100
Amer Pow & 1,t vet _.
9934
Amer Pub Util part pf. _100
.
American Rayon Products*
711
Amer Rolling Mill cum ..25
Amer Seating Co v t c .
• 46
Amer Superpower Corp A.
Claw 13
• 294
Partic preferred
25 2714
American Thread prof _ _ _5
31116
Amer Writ Paper v t 0_
Preferred v t c
100 2814
Anglo-Chill Nitrate Corp.
•
Arizona Power corn.....101) 23
Arnold Pr). Wks w'out warr
Assoc Gas & Elec class A _• 404
Atlantic Fruit & Sugar. .•
1
Atlas Portland Cement. •
Auburn Automobile corn.25 964
Babcock & Wilcox Co.,100 117
I3amberger(L)634% of 100 106 36
Bancltaly Corp
2' 11231
Beaver I3d Coo cl A v to. _•
Preferred
100 38
Blackstone Val (1,1cH com50
Bliss(E %V) & Co. corn._•
13lyn Shoes Inc corn ....10
714
Bohn Aluminum & Brass.
16
Borden Co coinrnon....511 11)34
Bridgeport Machine com.
5
•
Brill Corp, class A
• 44
Class B
2034
Brillo Mfg. corn
•
Class A
• 2014
-Amer Tob ord bear.£1 :24%
Brit
Ordinary registered...Cl
Brooklyn city RR
10
Budd (Edw (.1) Mfg, com.•
Buff Meg & East Pr com.• 274
Canadian Indus Alcohol._• 274
Caterpillar Tractor.
•
Celluloid Co corn
100
• 7531
Celotex Co common
7% preferred.. _ _ _ _100 90
Central Aguirre Sugar ..50 102
129
1294
37
724
102
105
130
130
37
724
102
1064
174
1244
30
33
874
34
124
174
124%
36
33
80
314
1214
400
100
50
400
1.200
350
Range Since Jan. I.
Low,
High.
124
Jan 130
121% Feb 130
37
Jan 424
704 Feb 73
101% Jan 1024
102
Feb 109
100 174
10 el 17
100 36
100 33
90 864
300
3
200 11
7034 734 13.600 684
954 96
400 951-4
1034 104
600
230 234
700 2224
97
97
50 8934
247
231
110 241
9914 100
120 974
81
20 74
82
74 9
5.000
514
504 504
100 444
4211 4)1 -4 14.4011 42%
3
1.400 274
28
2834
1.800 284
29
2934
1.900 264
274
27
1.400
34 3l)
34
1,000 10
103
4
10
600 28
284
28
100 14
14
14
125 22
2331
23
10
5
5
5
9.600 35
404 41
1.000
1
1
1 Si
100 40
434 434
625 69
98
95
60 1154
117 117
5,318) 105
1054 10611
11014 113% 3,100 854
100
3
200 38
34
,
35
100 598
9911
99
200 20
214 '22
9,100
34
714
900 13
16
Ii
900 101
1024 1014
600
44
5
5
42
454 2.400 42
1,300 20
21
20
500
74 84
734
200 20
204 204
:214 24% 3.41)0 2:34
241-4 2431
600 2331
801
54 54
5
25 29
29
29
400 2534
274 28
274 2714
200 22
28
200 2734
28
17
10 17
17
753( 7.54
50 72
90
1)0
100 87%
100 10214
950 9734
Feb
Jan
Jan
Feb
Feb
Jan
Feb
21
Jan
Jan el 2494 Feb
Feb 37% Jan
Feb 354 Jan
Feb 89
Jan
Feb
44 Jan
Feb 1334 Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jail
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feli
Feb
Feb
Jan
Jan
7434
98%
114
234
97
285
1004
82
9
50 14
464
29%
30
2834
315
104
30
164
244
5
414
134
44
118
118
1064
114
3
38
108
224
71-4
18
10894
Si
471-4
224
9%
20%
244
24%
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
J1413
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
32
Feb
28% Feb
2734 Feb
31
Jan
20
Jan
83
Jan
003.4 Jan
10231 Feb '
1205
Sales
Friday
Last IWeek's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High, Shares
Cent Leath (new) cl A vtc.* 22%
100 83
Prior pref v t c
Centrifugal Pipe Corp
1634
Chicago Nipple Mfg CIA 50
50
Class B....
Cities Service common_ _20 58%
100 914
Preferred
Preferred B
100
Preferred BB
Bankers' shares
2931
2uis
Colombian Syndicate
25
Colt's Pat Fl e Arms_
6755
Columbus El & Power__
Com'wealth Power Corp—
Common
• 45%
100 93%
Preferred
Consol Dairy Products..'
Con Gas E L & P Bait corn* 51
Consul Gas(N Y)—
New common wI• 9594
New preferred w
0234
20
Cons"! Laundries
Copeland Products Inc—
Class A with warrants..•
Cosgrove-Meehan Cl corn• 1014
Courtaulds Ltd
£1 27%
Cuban Tobacco v t c
10
Cuneo Press, corn
21
Curtiss Aeropl &131 corn.
•
Curtis Pub Co corn
•
$7 preferred
Davies (Wm), class A_ •
los
Deere & Co corn
Be Forest Radio Corp..*
84
Vot tr etre of deposit _ _ _
*
Devoe dr Reynolds el
B.llinkler Hotels Co class A
with porch warrants__ • 224
Dixon (Jos) Crucible.. 100 169
2131
Doehler Die-Casting
Dominion Stores, Ltd._ •• 743(
734
Donner Steel new corn...
• 25
Dunhill International_
731
1)urant Motors Inc
•
•
Duz Co clas.s A v t c
25
Eagle Lock Co
Elec Bond dr Share pfd.100 10734
Elec Bond & Share Secur.• 71%
Elec Invest without war... 35
734
Elec Pow & Lt, o t. war.5
Empire Pow Corp part stk* 284
• 2)91
Estey-Welte Corp class A.
734
•
Class B
Evans(ES)& Co Inc comA* 3134
5
Class B common
334
Fageol Motors Co corn. _10
100 15834
Fajardo Sugar
Fanny Farmer Candy St.* 254
6
Federal Purch Corp cl A._*
1
•
Class B
711
•
Film Inspect Mach
Firestone T & R 7% pf_100 994
Six per cent pref._ _100
Ford Motor Co of Can.100 478
• 18
Forhan Co. class A
Foundation Co—
Foreign shares, class A..• 18%
Fox Theatres el A corn...* 22%
Franklin (II H) Mfg coin.*
100
Preferred
Freed-Eisemann Radio...'
• 20
Freshman (Chas) Co
•
Fulton Sylphon Co
Gale-bus Elec. corn _ _100 28
1%
Garod Corp
6134
General Baking el A
•
634
Class B
General Electric(Germany)
Warrants
Gen'l Fireproofing corn _ __• 6451
General Ice Cream Corp. •
General Pub Serv corn._ _• 131(
Gillette Safety Razor....• 9134
• 2834
Gillican Chlpley Co
C G Spring & Bumper com• 1034
Gleasunite Prod corn_ __10 10%
• 170
Glen Alden Coal
Gobei (Adolph) Inc com_ _• 30
Goodyear T dr R corn..100 324
Grand(F&W)5 10 25e St•
•
Griffith (D W) class A...
Habishaw Cable & Wire_.•
64
Happiness Candy St el A.•
634
•
Founders shares
•
Hazeltine Corp
Hellman (Richard) Co—
Sortie pref with warrts •
Ilercules Powder. prof.100 116
Hires (Chas) Co ci A corn.•
Hobart Manufacturing....
Hood Rubber corn
•
Horn & Harden corn....'
Imperial Tub of GB & I. _ 1 26
731
Industrial Rayon class A
Insur Co of North Amer.10 55
14
Ink Concrete Ind fdrs shs 10
12634
Internet Silver. corn
Internet Utilities, class A 8
331
•
Class B
•
Jaeger Machine
-Many, new COM W I • 614
Johns
New preferred w 1. _ _100
Kroger Grocery & Bak _10
Kruskal & Kruskal Inc.. _*
Landers, Frary Sc Clark_25 92
Landover Holding Corp—
Class A stamped
1
Lehigh Coal & Naylor n _50
Lehigh Power Securities. _• 17%
Lehigh VALI Coal etfs new.. 41%
Lehigh Valley Coal Sales se 99
Libby. McNeill & Libby 10 104
Libby Owens Sheet Glass25 1384
Lit Brothers
10
Long Island Ltg. pref.
MacAnd & Forbes, corn...•
Madison so Gard Co v t c•
Mansfield Mtn dr Smelt war
Marc Wirel Tel of Lond. I
4
Marmon Motor Car coin.* 564
Massey-Harris Co. Ltd.1(10 9934
McCall Corporation
• 54%
McCord Rad & fg v t
Mead Johnson, ge Co corn .• 4334
Mengel Company
100
Mercantile Stores Co.
.100
Metrop Chain Stores.... _• 3034
Met 5 he 50c Stores pref.100
Middle West Util corn__. 109
•
7% preferred
100 106
Midland Steel Products •
1101
Range Since Jan. 1.
Low.
High.
214
8234
1614
444
3334
5834
914
8%
844
2931
2,700
2234
1,400
834
2,400
164
100
444
200
333i
5851 43,500
3,200
91%
300
84
84%
300
294
100
211, 21,600
30
30
100
200
6734 67.36
1911
73%
1631
43%
31
.5034
914
84
8194
2534
VI,
30
674
Jan
Jan
Feb
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
22%
834
18%
444
334
584
924
834
8431
29%
3'a,
30
72%
43% 4531 14,E00
93
560
9334
400
2
2
50% 5134
2,700
42%
913-4
15-4
50%
Jan
Jan
Jan
Jan
4531 Feb
934 Feb
21-4 Jan
5294 Jan
96%
94
92% 9234
21
20
9334 Feb
9134 Jan
20
Feb
97
Jan
9334 Jan
2234 Jan
1,800
5,800
3,900
500
100
300
20
200
SOO
8
1034
24%
48%
30
19
17031
114
27
70
7
74
3834
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
1134
Feb
13
Jan
2834
Feb 60
Jan 32%
Jan
2234
Jan 180
Jan 118
Jan 29
Jan 85
Feb
10 34
Jan
101-4
Jan 4034
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
223-4
172%
22
74%
74
25
10
11
110
109
725(
37
734
29 34
48%
184
3434
3234
434
164
33
2734
634
731
1004
12431
500
19
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jai
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
1894
Jar
Feb 23%
Feb 194
Jar, 80
Jan
734
Jan 23%
Jan 4231
Jan 304
Jan
334
Jan 6334
Jan
734
Feb 4094
Feb 170
Jan 64%
Feb 434
Jan
144
Feb 95
Feb 28%
Jan
1034
Feb
1234
Jar 179
Jan
30
Jan 324
Feb 67
1
Feb
Jan 20%
Jan
7
Jan
6%
13
Fe
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
200 284
30
3031
20 116
116 116
300 2131
2234 22%
700 27%
274 2836
100 434
4334 4334
275 5234
52% 544
500 26
26
26
7
84 10,200
434
775 51
5431 5534
400
13(
19-4
1 51
3,200 102
118 128%
600 28
3014 314
34 4
1,000
3
2834 283.4
25 28
61
2,600 554
63
1154 11534
325 1143.4
132 132
10 132
174 1734
100 174
92
92
10 91
Jar,
Fel
Jan
Fel
Fel
Fe
Fe
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
31
1174
2254
29
46
55
30
834
554
434
1284
3136
54
283.4
65
11731
136
184
92
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
144 1434
100 14
1114 1114
50 106
16% 17% 34.700
15
414 42
3,610 404
98
425 96
99
400 10
104 104
136 141
410 135
254 254
100 25
10714 1074
10 1074
4134 414
100 403-1
1634 17
600 164
5 90
90
90
334
1.000
3%
4
1.400 474
5634 58
1.025 66
89
994
150 52
5431 55
300 18
18
18%
40% 4334 2.700 3944
300 28%
28% 29
300 100
100 1004
100 30
304 304
25 30
33
33
900 109
109 111
108 10931 2.050 1054
600 40
42
40
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
15
121
18
46
99
1031
159%
2634
109
4134
18%
10.5
43.4
621(
9934
5634
21
43%
31
101
33%
37
114%
1134
4534
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
1031
104
27%
60
3234
2034
17734
11531
28
7134
8
734
40
1034
104
28%
60
3234
21
179
117
29
7134
9
831
40
so
170
125
25
1,100
1,200
100
300 2134
2231 2234
32() 153
169 17234
1,900 18
21
22
1,475 66
70
744
100
7%
74 734
SOO 22
23% 25
54
7% 936 21,200
300
734
755
734
25 110
110 110
500 107
10734 1079-4
6734 72% 1.5.400 67%
5.500 32%
324 35%
600
634
634 7%
100 26
2834 2834
21% 224 3.000
1734
100
744 7%
74
400 324
3134 33%
314 31%
400 294
600
334 334
334
1544 15834
410 15134
2531 2534
200 25%
100
6
6
6
75c
24 1.500 75c
2.700
631 731
431
550 99
99
9934
20 115
122 12434
240 41(1
478 495
17% 18
900 1711
1734 184
2134 22%
14
1434
79
80
44 4%
1934 204
404 413-4
28
29
14 134
604 61%
655 6%
364 384
135 140
5834 6434
42% 424
13
1331
9134 92%
2634 283.4
10
104
9
10%
170 17034
284 30
304 3231
60
614
1
1
174 1731
64 6%
6
64
1234 1234
4.100 16
3,00
21
40
14
100 79
20
34
1.30
1834
3.500 394
350 26
3,80
755
7.50
564
9,90
5%
10
3834
2 135
1,900 51
100 4031
500
1134
5,700 9194
200 284
1,000
934
1,200
9
500 166
2.300 254
5,600 2834
200 60
200 75c
100 15
800
6
3,300
6
300 1231
1206
Priday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Mohawk & Hud Pow com• 25
25
2534
27 Feb
1,600 20% Jan
First preferred
•
10231 102%
25 10131 Jan 105
Jan
Second preferred
•
9531 95%
25 94
Jan 9634 Feb
Mohawk Valley Co
•
38
38
500 37
Feb
Feb 39
Monon-W Pa Pub Ser pf_25
24
2434
100 24
Feb 2411 Feb
Moore Drop Forg class A..*
41
43
400 41
Jan
Feb 60
Motion Piet Cap Corp_ _25
20
20
100 20
Jan
Feb 21
National Baking, com___•
911 9%
974
400
9
9% Feb
Jan
Nat Elea Power, class A_' 2431 2334 2431 2,100 23% Feb 25% Feb
Nat Power &Light, pref __• 103
102 103
Jan
1.150 101
Jan 103
Nat Pub Serv corn class A.• x2134 2034 x2134 6,600 1834 Jan z21% Feb
Common,class B
•
1534 16
165£ Jan
200 14
Jan
National Standard Co_
•
3331 3331
100 3034 Jan 3411 Feb
Nelsner Bros, Inc. corn.. •
3731 37%
250 3634 Feb 3931 Jan
Nelson (Herman) Corp.. _5
2531 2631
600 23% Feb 26% Feb
Neptune Meter class A_ __• 2254 22% 22%
100 2231 Feb 2431 Feb
New Bedf Gas dc Edis Lt.25 82
82
82
100 82
Feb
Feb 82
NE Pow Assn, now corn_ •
4934 4931
100 4931 Feb 55
Jan
New Eng Telep & Teleg 100
120 120
10 115
Feb
Jan 120
New Met & Ariz Land_ __1 13
12% 1331 2,700 11% Jan 1354 Feb
New York Merchandise_ •
30
30
100 27
Feb
Jan 30
NY Telep 631% pref _ _100 11331 113% 114%
225 113% Jan 115
Jan
Niles
-Bement
-Pond, com_• 1934
1936 1935
1934 Feb
100 18% Jan
Northeast Power, corn ...• 1731
17% 1734 3,300 16% Jan
1834 Jan
Nor Ind Pub Serv 7% pref_ 105
105 105
20 105
Feb
Feb 105
Northern Ohio Power Co
11% 1331 32,100
1334
9% Jan
1354 Feb
Nor States P Corp,oom.100 11231 11154 112%
1,200 10931 Jan 113% Feb
Preferred
100
103 103
50 10014 Jan 103
Feb
Ovington Bros panic
911 9%
800
Jan
10
Feb
9
Pacific 0 & E let pref _ _ _25 2431 2454 2411
300 2431 Feb 2634 Jan
Pacific Steel Boiler
• 12
12
12
400 12
12% Jan
Jan
Parke Davis & Co
25
137 137
100 137
Jan
Feb 146
Fender(D) Grocery al B• 2611 26
2631
1,200 22
Jan 2631 Feb
Penney (J C)el A pref. _100
100% 10034
40 100
Jan
Jan 102
Penn-Ohio Edis new corn...
28
2831
300 27
Feb 28% Feb
7% prior preferred_ _100 9836 9831 9835
10 9731 Jan 100
Jan
26 preferred
8014 80%
220 8034 Jan 82
Jan
Warrants
1131 1134
113-4
1,800 10% Jan 11% Feb
Penn Ohio Secur Corp_ _ --•
831
8% 9
700
834 [Feb
1036 Jan
Pa G & E cl A part stk- •
1931 20
600 19
Jan 213£ Feb
Penn Water & Power__100 180
178% 181
270 17531 Jan 185
Feb
Peoples Drug Stores
•
31% 31%
100 29% Jan 31% Jan
Phelps
-Dodge Corp _ _ _ _ 100 --- - 119 121
40 116
Jan
Feb 131
Phi% Electric, com
25 4836 47
4834
110 4951 Feb 53
Jan
PhIllip-Morr Cons Inc coin* 1936 18% 1931
5,000 17
Jan 20% Jan
Class A
25
19% 1936
Jan
100 19% Feb 22
Pick (Albert) Barth & CoPref cl A (part pref)- •
1334 1331
600 12% Jan
1331 Feb
Piedmont Northern Ry.100
43% 44
to 40 Feb 44 Feb
Pillsbury Flour MIlls____50 67
Feb
5831 67
600 5234 Jan 67
Pitney-Bowes Postage
Meter Co
731
7
73£ Feb
•
7%
200
Jan
6
P1ttsb & Lake Erie com_50 178
178 18131 2,150 16734 Jan 18151 Feb
Pittsburgh Plate Glass_ _ _ 245
245 245
Jan
10 245
Feb 269
Porto Rican Tob corn B_ •
31
31
Jan
200 31
Feb 35
Pratt & Lambert
• 51% 51% 52
300 51
Jan 53% Jan
Procter At Gamble com_ _20 180
178 18035
210 178
Feb 19234 Jan
Puget Sound P&L.com.I00 29% 2934 305
4 1,300 2931 Feb SS% Jan
Six per cent pref
100
8454 84%
10 8336 Jan 84% Feb
Pullman Co (new corp) wi• 74
7434
74
700 74
Feb 7634 Feb
Pyrene Manufacturing__10
9
9%
500
1434 Jan
Feb
9
Rand-Kardex Bureau----• 67% 65
68
18,000 57
Jan 7231 Feb
Warrants
560
500 560
Feb
134 400
Jan 650
Realty Associates com___• 246
245 247
Feb
50 225
Jan 255
Rem Noise' Typew corn A•
3534 3531
100 34
Jan 39% Feb
Preferred
100
102 104
Feb
50 9731 Jan 105
Remington-Rand corn w 1 • 34% 3334 3434 24,900 3334 Feb 3434 Feb
First preferred
100
98% 99
Feb
200 9834 Feb 100
Reo Motor Car
10 21.31 21% 21% 2.70
Jan
Jan 23
20
Republic Motor Truck
•
4% 4%
554 Jan
50
43.4 Feb
Richmond Radiator corn..' 21% 2154 22% 1,200 2031 Feb 23% Feb
Preferred
100 47% 47% 50
1,200 46
Feb 5031 Feb
Rickenbacker Motor
• 76e
76c
134 18,200 76e
134 Feb
Fel
Rio Tinto Co Ltd ord'y_ £5 197
192 200
Feb
9 192
Feb 200
Royal Bak Powd, corn 100
179 183
Feb
50 161
Feb 194
Royal Typewriter, corn....'
50
52
2
Feb
47
Jan 52
Safety Car EItg & Ltg__100
129 129
Feb
50 125% Jan 129
Safeway Stores tom
250
247 253
51 232
Feb
Feb 257
St Regis Paper Co
43% 42
4331
700 4014 Jan 46
Jan
Schulte Real Estate Co • 16
16
17
225 1531 Jan
Jan
17
Seeman Brothers. corn__ •
27% 27%
400 27
Jan
Jan 28
Servel Corp (Del) com..-•
9%
831 931 20,800
% Jan
7% Jai
Sherwin-Wms Co com_ _ _25
47% 4831
300 44
Feb 5131 Feb
Shredded Wheat Co
• 57% 5731 58
900 56
Feb
Feb 58
Silica Gel Corp coin v t c_" 17%
1731 1735
300 1431 Jan
1831 Jan
Singer Manufacturing._100 384
380 384
120 365
Jan 38731 Feb
Singer Mfg Ltd
El
551 534
500
534 Jan
5
Jan
Snia Visconsa ord(200 lire)
Dep recta Chase Nat Bk.
9
9%
9)1 Feb
600
Jan
5
Sou Calif Edison pref B25
2434 25
200 24% Jan 25% Jan
South Colo Pow,class A25 26
26
26
100 26
Feb
Feb 26
S'eastern Pow & Lt com• 3036 2931 30% 8,100 2931 Fe
3234 Jan
Corn vot trust certifs_ _•
2831 28%
300 28
Jan
Jan 31
Participating preferred_•
70
70
100 6734 Jan 70
Feb
Warrants to pur corn stk.
834 831 1,000
834
Jan
9
831 Jan
Southw Pr & Lt 7% pf _100
105 105
100 104
Jan 105% Jan
Spalding(AG)& Bros, corn'
118 118
10 115
Feb
Feb 118
Stamford Gas & Elec- _100 436
436 443
Feb
40 436
Feb 443
Stand Comml Tobacco_ _• 2531 2431 2534 4,300 1914 Jan 25% Feb
Stand G & El 7% pref_ _100
10631 106%
25 10434 Jan 107% Feb
Stand Pow & Lt, class A25
24
24
500 22
Jan 24% Jan
Preferred
•
9811 9815
50 9831 Feb 9834 Feb
Stand Publishing el A....25
531 514
6% Jan
300
531 Jan
Stanley Co of America.....' 8834 88% 8834
100 83% Jan 90
Feb
Stern Brothers class A_
•
42
43
50 42
Feb 45
Jan
Stroock (5) & Co
• 4234 42
4235
200 4034 Jan 44
Jan
Stutz Motor Car
•
19
1934 2,000 14
2031 Feb
Jan
Swift & Co
100 119% 11834 11931
250 115% Jan 11951 Feb
Swift International
15 2034 20% 20% 1,100 20% Fe
Jan
23
Tampa Electric Co
• 58
58
58%
600 49
Jan 62% Feb
Teitz (Leonard)
31
SI
50 31
Jan 33% Feb
Warrants
100 100
3 95
Feb
Feb 115
Timken-Detroit Axle.._ _10 12% 12% 12%
000 12
Jan 12% Jan
•
Todd Shipyards Corp_
49
49
100 46% Jan 50
Jan
-Lux Day Pict Screen
Trans
8
•
Class A common
7% 8
10,900
851 Jan
634 Fe
25 10%
Trumbull Steel com
10% 11
400
9% Jan 11% Feb
10 25
25
Truscon Steel
25%
300 24
Jan 2834 Jan
178 204
Tubize Artificial Silk cl B_• 200
1,310 145
Feb
Jan 201
8% 83'
Tung Sol Lamp Wks corn •
600
9
Jan
836 Fe
• 18% 18% 18%
Class A
100 17% Jan 18% Feb
86% 86%
Union & United Tob corn.'
500 81% Jan 90
Feb
1034 12
United Biscuit, class B__-• 12
7,500
7
Jan
Feb
13
2334 2431
400 23
United Elec Coal Cos V t c•
Jan 2634 Jan
89
50 90
9031 2,100 89
United Gas Impt
Jan
Feb 93
United Light & Power A..-• 1331 1231 13% 11,300 12% Feb
1531 Jan
91%
• 91% 91
725 85
Preferred A
Feb
Jan 93
51
51
• 51
25 50% Jan 52
Preferred B
Feb
1034 10%
600 10
United Profit Sharing corn* 10%
Jan
10% Jan
21
160 20
United Ry & El Bait corn 50 ...... 21
Jan 21
Feb
54% 54%
125 51
United Shoe Mach, com_25
Jan 5431 Feb
15% 17
19,000 12% Jan
U S Distributing com__.-5 1531
Feb
17
100 86% 8511 86% 3,300 8534 Feb 9034 Jan
7% cony pref
4334 46% 2,200 29
Jan 47
US Light & Heat com10
Feb
8
og
300
10
734 Jan
Preferred
814 Feb
100 12
Jan
S Rubber Reclaiming_ .... 13% 1334 1331
1311 Feb
47
4,300 37% Jan 47% Feb
Univ Leaf Tobacco cora_ _• 46% 46
3934 40
300 29% Jan 4131 Feb
• 40
Universal Pictures
1434 1434 1,900 13% Jan 15% Feb
Utilities Pr At Lt class B .
" 14%
10
100
10
9% Feb
1054 Jan
Utility Shares Corp, corn..' 10
131
100
131
134 Feb
151
Option warrants
23,' Jan
[VOL. 124.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Warner Bros Pictures_ _ -• 29
2834 30%
Warner-Quinlan Co
• 26% 26% 26%
Wesson 0& EID com v to_• 59
57% 5934
Preferred
•
97% 9834
Western Auto Supply pref• 22
22
22
West Dairy Prod, class A.... 50% 48% 45034
ClassBv tc
18
1514 18
West Md Ry 1st pref.-100 111% 111 115
Western Power, pref___100 100% 10031 101
Westmoreland Coal
50
49
52
White Sewing Mach corn..' 21
19
21
Yates Amer Mach part pf_•
2514 2534
Yellow Taxi of New York..* 31
3034 31
prRights
Blackstone Valley 0& E_ _
931 931
Borden Co
3%
331 3%
Fiat
234
1% 234
Philadelphia Electric
3.31
3.35 354
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(votsh)_ £1 20% 20% 2034
Non-voting stock__ _£1
20
20
Borne-Scrymser Co_ __100
6514 66
Buckeye Pipe Line
50
4731 49
Chesebrough Mfg Con...25
8231 8231
Continental 011 v t c_ __ _10 20% 20% 2134
Cumberland Pipe Line..100 133
12834 133
Eureka Pipe Line
100 4931 49
4931
Galena-Signal 011 com_100 12
12
13%
New preferred
100 50
50
50
Old preferred
100
52
52
Humble Oil & RefinIng..25 58% 5734 5834
Illinois Pipe Line
100 137
134% 137
Imperial 011 (Canada)......• 4434 4331 44%
Indiana Pipe Line
50
66
67%
National Transit __ __12.50 14
1331 14
New York Transit
100
3234 33
Northern Pipe Line_ _ _100 79
79
79
Ohio 011
25 60% 6011 6131
Penn-M ex Fuel
25
17% 18
Prairie Oil & Gas
25 52% 52% 1314
Prairie Pipe Line
100 146
139 146
Solar Refining
100
195 197
South Penn 011
25
37% 38%
Southern Pipe Line
50 1731 16
1731
So'west Pa Pipe Lines ..100 62% 5834 6234
Standard 011(Indiana). _25 71
70% 7134
Standard 011 (Kansas)_ _25 18
18
1834
Standard 011(Ky)
25 11931 119 120
Standard 011(Neb)
25
49
4931
Standard 011 N J new par
paid sub receipts
3834 38%
Standard Oil(0) com__100 334
333 330
Preferred
100 118
118 118
Swan & Finch Oil Corp.._ _
16
16
16
Vacuum Oil
25 101% 10131 103
Other OH Stocks.
Amer Contr
Amer Maracaibo Co
*
Arkansas Natural Gas..
.10
Atlantic Lobos Oil, corn....'
Barnsdall Corp elk pure)]
warrants (deb rights)
Beacon 011 Co corn
•
British Amer 011 new
Cardinal Petroleum
10
Carib Syndicate
Certificates of deposit _ _ _
Consolidated Royalties....,1
Creole Syndicate
•
Crown Cent Petrol Corp....'
•
Darby Petroleum
Voting trust certificates_
Derby Oil & Refg corn.. •
Gibson Oil Corporation__1
Gilliland 011, com, v t c...•
Gulf 011 Corp of Penna25
International Petroleum...'
Interstate Nat Gas warr'ts_
Kirby Petroleum
•
Leonard Oil Develop't__25
Lion 011Refining
•
Livingston Petroleum_
•
Lone Star Gas Corp
Magdalena Syndicate......_1
Margay 011
•
Mexican Panuco Oil__ _10
Mexico 011 Corporation.10
Mountain & Gulf Oil
1
Mountain Producers_ _ _10
New Bradford Oil
5
New York 011
25
North Central Texas Oil_.•
Pandem Oil Corporation...
Pantopec Oil of Venezuela.'
Pennok 011 Corporation__'
Reiter Foster Oil Corp....'
Richfield Oil of Calif _ _25
Royal-Can 011 Syndicate...
Salt Creek Consol 011_ _ _ le
Salt Creek Producers. _ _10
Savoy Oil
5
Tidal Osage voting stock..'
Non-voting stock
•
Tide Water Associated Oil•
Preferred
100
Transcontinental 6% pref_
Venezuela Petroleum....
Wilcox (H F) Oil& Gas....'
Mining Stocks
Amer Com'l Min & Mill.....
Amer Exploration Co.._._1
Arizona Globe Copper_ _ _1
Calaveras Ccpper
1
Calumet & Jerome COP-1
Carnegie Metals
10
Comm' Copper Mines...... 1
Cortez Silver Mines
Cresson Consol GM & M..1
Divide Extension
1
Engineer Gold Mines,Ltd 5
Eureka Croesus
1
Falcon Lead Mines
1
First Thought Gold Mineel
Golden Centre Mines_ _ -5
Golden State Mining._.100
Goldfield Consolidated_ _1
Goldfield Florence
1
Hawthorne Mines, Inc..-1
Recta Mining
25c
Hollinger Cons Gold Min.5
Iron Cap Copper
10
Island Creek Coal new.....
- ..1
Kerr Lake
5
Mason Valley Mines
5
New Cornelia
5
110
534
735
634
17'34
25e
2211
2131
934
13%
900
7%
174
8
17%
2331
24c
21%
2134
9% 915
1231 14
3% 2%
1°6 10
0
135
131 214
231 33.1
1
1%
94% 9514
32% 33%
270 290
13-4
1% 131
9%
28% 26
931 29
16%
880 99c
43% 3831 4331
2
12
131 12%
2
2
2
211
20e
20o 28e
1%
134
2534
2536 26
534 5%
10
10
1236 12
123-4
8%
634 631
12
1134 12
1031 1114
10%
12%
1134 12%
250 253-4
2434 300
25o
734
731
5% 5
30% 3034 31%
534
24% 26%
25
2234
22% 21
04%
4
2
2131 0146 2215
9431
7211 7355
73%
6% 6%.
6%
29
28
29
2%
134
94%
3351
80e
Sc
131
50
12%
234
190
80
730
20
1%
60
60
60
1314
22
131
48
850
131
22%
60
800
Sc
111
50
1234
2%
180
234
60
4
50
710
20
131
60
Sc
Sc
50
1334
22
131
48
85e
114
2234
Low.
High.
Van 3331
Jan 26%
Jan 5934
Feb 9934
Feb 2531
Feb 50%
Feb 18
Jan 123
Jan 102
Feb 55
Jan 21
Feb 27
Feb 3454
Jan.
FebJan
ran
Jan
Feb
Feb.
Jan
Feb
Feb
Feb
Jan
Jan
931
354
1%
351
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
19%
19%
63
45
7634
20
106
47
1031
45%
50
5734
12331
3731
61
133i
3131
70
5934
1634
52
132
194
3734
16
5531
13731
18
11814
4631
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fe('
Feb
Jan
Jan
Feb
Jan
Jan
2,700
200
1,275
240
200
2,100
4.600
250
120
325
7,900
200
900
27%
25%
5234
97%
22
473.1
15
98
98
49
15%
2514
3051
300
9,000
1,800
1,300
400
100
100
210
100
10,500
540
200
500
10
10
6,600
350
13,500
300
3,900
405
300
2,800
400
13,500
3,050
20
1,300
600
200
25,600
1,600
1,500
600
951
4
234
3%
21% Jan
2034 Jan
69
Feb
49
Feb
823£ Feb
22% Jan
137
Jan
51
Feb
1334 Feb
5931 Jan
8034 Jan
62% Jan
140% Feb
Feb
46
69% Feb
Jan
14
Feb
36
79% Feb
6434 Feb
Jan
19
5534 Jan
Feb
148
201% IFeb
4134 Jan
2731 Feb
62311 Feb
74% Jan
2034 Jan
122% Jan
4934 Feb
1,400 3754 Jan 40% Feb
30 333
Feb 354
Jan
5 118
Jan 122
Feb
1
15
Jan
16
Jan
4,400 9534 Jan 10431 Feb
174 49,500
534 8,000
7% 1,600
100
134
7
1734
2331
260
22%
23
Range Since Jan, 1.
90c Feb
4% Jan
734 Jan
1% Jan
Jan
7% Jan
834 Feb
131 Jan
9,800
514 Jan
7
1,600 17% Feb 2034
100 2034 Jan 23%
6,000 240
Jan
26e
7,800 2131 Feb 28%
1,300 2134 Feb 26
500
834 Jan
914
13,700 13
Jan 14%
1,700
2% Feb
3
300
1131
451 Jan
900
8% Jan 11%
1,100
131 Feb
23-4
42,200
2% Jan
3%
1.100
950 Fe
131
4,000 92% Jan 98%
14,200 31% Jan 34%
118 239
Feb 290
1% Jan
500
23£
11,900
811 Jan
10%
1,800 24
Jan 2734
1,200 65c
Fe
990
7,100 37
Jan 4334
9,200
134 Jan
234
200 1211 Jan 1231
3
Jan
5,500
2
380
Fe
24,000 20o
131 Jan
200
13,4
Jan 2614
3,800 25
Jan
600
5%
5
911 Jan
11
200
2,200 1131 Jan 12%
831
2.600
6% Feb
12
2,300 1134 Jan
1,700 10311 Feb 1334
2,000 114 Feb
15%
600 2431 Feb 2734
Jan 350
2.000 210
2,200
734 Feb
8
3,400 30% Feb 32
3
300
Jan
7
3,700 21
Jan 26%
17,200 1931 Jan 23
6,200 21% Jan 2334
700 9334 Jan 9531
725 6334 Jan 73%
2,200
654 Jan
7%
2,600 28
Feb 32%
6,000
(lo
800
83c
3,000
Sc
300
131
1.000
5c
400
1231
234 2,400
300 112,000
400
214
6c
3.000
411 1,000
Sc
2.000
740
8,500
30 18,000
800
134
6o
4,000
90
2,000
5c
1,000
60 38,00
1334
20
22
10
131
10
48%
400
90c
30
134
800
2214
300
Sc
510
Sc
131
5e
12
231
70
2.1.1
Sc
4
Sc
70e
20
134
30
90
Sc
5o
12%
2034
131
47
713c
134
22%
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
613
900
7o
2
8e
1334
3
300
21111
70
5%
70
780
40
134
8e
110
13c
110
1531
22%
3
4934
950
234
24
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jar.
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Fin. 26 1927.]
Mining Stocks.
(Concluded)
THE CHRONICLE
Frtuay
Jate4
Last IVeek's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Range &race Jan. 1.
Low.
High.
100 186% 18635 187
New Jersey Zinc
280 184
Jan
Jan 193
Newmont Mining Corp 10 68% 6814 6954
700 675( Jan 69% Jan
911 934 6.200
5
931
Nipiaiing Mines
Jan
8
10% Feb
• 214 204 2134 5,100 1934 Jan 24
Noranda Mines. Ltd
Jan
10
231 2)4
1.100
North Butte
231 Feb
335 Jan
440 44e
1
1,000 44c Feb 49c
Ohio Copper
Jan
140 14e
Plymouth Lead Mines_ _1
1,000
9c
Jan
15c
Feb
12
Pond Creek Pocahontas... ------ 12
700 12
Feb
12
Feb
310 310
Red Warrior Mining
1.000 160
/
Jan 39: Feb
le
le
lc IFeb
1,000
Reorg West Divide
6c
Jan
60
60
1
Sc
San Toy Mining
4.000
50
Jan
6c
Jan
554 515 1,800
Shattuck Dean Min CorIL
54 Feb
•
6
Jan
751
735 7%
100
Silver King Coal'n Mines..5
734 Feb
811 Jan
355 355
300
So Amer Gold & Plat__ _1
311 Jan
311 Jan
2e
2c
.1
Sc 16.000
Spearhead Gold Mining.
20 Feb
4c
Jan
210 24e 18,000 16c
_1 24e
Standard Silver-Lead
Jan 27e Feb
694
611 635 6,300
1
Took-Hughes
555 Jan
651 Jan
155
14 135
200
Tonopah Belmont Devel_l
195 Feb 2 9-26 Jan
Tonopah Extension-See note (m) below.
3
3
1
100
Tonopah Mining
3
Feb
335 Jan
45e 50c
3.300 45e Feb 53c
United Eastern Mining _ _ _1 450
Jan
2315 28
8,700 2255 Jan 28
United Verde Extension.50c 28
Feb
735
755 3.300
7
6
Utah Apex
555 Jan
735 Feb
131
131 2
_1
3,300
Utah Metal& Tunnel_ __
Pis Jan
255 Feb
251
234
255
700
Wenden Copper Mining_ _1
24 Jan
355 Jan
10c
be
5,000
8e
Jan
West End Consolidated-5 10c
14c Feb
30
30
1
3c
1,000
West End Extension
30
Jan
3c
Jan
4c
4:
40
1,000
Western Utah Copper__ _ _ 1
3c
Jan
40 Feb
BondsAlabama Power 55_ __ _1956
1951 104%
65
Allied Pack deb 85-1939 684
1939
Debenture 65
1933 1054
Aluminum Co 75
Sinking fund deb 55 1952 100
2014 102
Amer G & El 68
American Power & Light
65. without warr_ -.2016 100%
Amer Roll 111111 65_ -1938 10391
1936 105%
Amer Seating 68
American Thread 68-1928
Am Writing Paper 65_1947 83%
Anaconda Cop Min 65_1929
Appalachian El Pr 55_1956 9551
Arkansas Pr & Lt 55..1956 9535
Assioclated G & El 65_1955 104%
Assoc'd Sim Hardw 655533 93
Atlantic Fruit 85
1949 194
Batavian Petr deb 4155 '42 96%
Beacon Oil 68. with warr'36 102
Beaverboard Co 8s...1933
Bell Tel of Canada 55.1955 10151
Berlin City Elea 645_1951 98
Berlin Electric 645_ _ _1928 10011
Berlin Electric 6548_._l929
Berlin Elea Elev 6555.1956 974
Boston Consol Gas 68.1947
Boston & Maine RR 6s '33 10255
Brunner Tur & En 734855
Buffalo Gent Elec 55_ _1956
Canadian Nat Rye 75_1935 11155
Carolina Pr & Lt 58_1956 101
Chile Copper 55
1947 9431
Cities Service 65
1966 102%
Cities Service 75 ser B _1966 25434
Cities Service 75, ear D 1966 132%
Cleve Elea III 55, set B 1961
Cleve Term Bldg 68_1941
Columbia Gas & El 55_1928 10035
Commander-Larabee 65 '41
9755
COn8 0 El dt P 65. ser A'49
58, series F
1965
be, series F, new__ 1965
5145, series E
1952
Consol Publishers 6515 '36 9851
Consol Textile 85
95)4
1941
Container Corp 65.
._1946
Cosg-Meehan Coal 610 '54 974
Cuba Co 6% notes_ _1929
Cuban Telephone 7145 '41 11131
Cudahy Pack deb 5451937 0795
194F
tas
Detroit City Gas 68_1947 107%
68, Series 13
1950 100
Detroit Edison deb Gs 1932
Duke-Price Pr 1st 65_1966 105
EltIngen-Schild as__ _ _1938
Else Refrigeration 68_1936 95
1933 934
'Federal Sugar 68
First Bohemian Glass Wks
1st 78 with stk pur war'57
Fisk Rubber 5155-- --1931
Florida Power & Lt 55.1954 94
Oak (Robert) Co 78..1937
Galena-Signal 011 75_ _1930 92
Gatineau Power 55-1956 964
1941 9954
65
Gen Amer Invest 55_ _1952 10031
Gen! Motor Accept 65.1037 100
General Petroleum 44_1928
Georgia & Fla RR 65_ _1946
Goodyear T & R 55..1928 98
Goodyear T&R Cal 5345'31
Grand Trunk Ry 6185_1936 10855
Great Cons Elea 6155.1950 95%
Gulf Oil of Pa 55
1937 10051
55
1947 100
Gulf States Utils 5s
1956 9555
Hamburg Else Co 75..1935
Hood Rubb 54s_Oct 15'36
75
1936
Indep Oil & Gas 63.45,1931 10354
Indiana Limestone 65_1941
Indianapolis P & L 65.1036 104
55 series A
1957 98
Internat Gt Nor 55 B_1956 99%
Internat Paper 65..._1941 97%
Int Rys Cent Am 6345.1947 92
Interstate Nat Gas 65_1935 12951
Without warrants
101
Interstate Power 55...1957
Jeddo-Ilighland Coal 6s '41 10234
Keystone Telep 518e-1955
Krupp (Fried) Ltd 75_1929 1024
Lehigh Pow Scour 68..2026 97%
Leonard Tints Inc 745 '46
With stk our warrants
110
Liu Winchester le._ _1942
Lombard Else Co 7(1_1952 95%
Long Isld Ltg Co 68_._1945
Manitoba Power 646_1951 99.4
Mansfield Min & Smelting
(Germany)7s with war'41
Without warrants
Mass Gas Cos 5585...1940 10334
McCrory Stoma 5348..1941 98
M lag Mill Mach 7s- _1956 105
Without etk pur warrants
Midwest Gas 75 A _ _ _ _1936 98
Missouri Pacific ItR 5s1927 1004
58, series
1977 10034
ossi
Doi
99)5
10434
67
55
10515
100.
10135
9915
104%
6855
58
10514
100
102%
$5.000
20.000
25,000
12.000
21.000
136.000
82.000
99%
1044
64
54
1054
100
10131
Feb
Feb
Feb
Feb
Feb
Feb
Jan
9935 Jan
104% Feb
Jan
76
66
Jan
105% Jan
1004 Feb
10334 Jan
1003.4 101 127.000
10355 104
5,000
10335 10551 173,000
101% 101% 7.000
8355 8394 31.000
10255 1024 17.000
95
9531 49.000
95% 9554 28,000
10454 10455 31,000
93
05
41.000
1855 1955 16.000
9654 9651 64.000
102 1024 46,000
9754 9755 6,000
101% 101% 29,000
9751 98 183.000
10055 10015 2,000
1004 1004 2,000
97
9791 120,000
103 103
15.000
10215 1024 6,000
8754 88
2,000
10315 10355 3.000
111 111% 20,000
10035 101
83,000
9455 9551 335,000
10255 10355 885.000
25455 2544 2.000
13251 13351 24,000
104 104
1,000
99
99
6,000
100% 100%
1.000
97
9755 34,000
10715 107% 3.000
10134 102
8.000
102 10254 17,000
10034 10651 4.000
98
9835 23,000
9551 96
21.000
98
98% 4,000
9531 9754 23,000
9635 97
15.000
11135 11151 5.000
9735 9731 35,000
09% 9955 11,000
107 1071£ 26,000
9954 10055 62,000
13495 13454 5.000
10455 105
53,000
074 9754
1.000
9335 9.5
47,000
92
934 2,000
10015
103
10155
10155
82
10151
95
94%
102%
93
18;4
963-1
101%
9715
101
973(
103%
100
9834
103
10034
8515
103
111
100
944
98%
254%
123
103%
99
10034
9515
10735
10135
10154
106%
9714
8951
9715
9315
9634
11051
9451
9715
10631
09%
133%
104%
97%
92
85
Feb
Jan
Jan
Jan
Jan
Jan
Fe
Fe
Jan
Fe
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
103% Jan
104
Feb
10511 [Feb
102
Jan
8355 Feb
1024 Feb
96% Jan
96
Jan
105
Feb
974 Jan
20
Jan
96% Jan
10315 Jan
99
Jan
10114 Jan
994 Jan
10054 Feb
10051 Feb
994 Jan
103
Feb
10231 Feb
9254 Jan
1034 Jan
11131 Jan
10134 Feb
96% Jan
10315 Feb
25415 Feb
133% Feb
105
Feb
100
Jan
1004 Jan
Jan
98
108% Jan
10255 Jan
102% Jan
10615 Jan
99
Jan
9654 Jan
9851 Jan
97% Feb
98
Jan
1115( Feb
Jan
98
9951 Feb
107% Jan
10051 Jan
13455 Feb
10555 Jan
9755 Jan
974 Jan
9315 Feb
97% 9751 49,000
9755 9734 12,000
9351 9455 112,000
1063.1 10654 2,000
92
9251 6,000
9634 96% 70,000
9955 99% 57,000
100 10051 12,000
100 10055 115,000
10151 43,000
101
98
98
9.000
19,000
9751 98
9515 9615 6.000
10815 10831 23,000
9451 96 101,000
100% 10031 17,000
38,000
100 100
9554 9555 15,000
2,000
102 102
9731 gni 23,000
103 10355 16,000
10254 10451 76,000
9755 9834 79,000
9,000
104 104
98 139,000
98
9954 49.000
99
97.000
9731 98
1.000
92
92
12855 12995 64,000
101
10155 70,000
9714 97% 15.000
10255 10251 5,000
904 9055 29.000
102% 10255 12.000
9715 9755 115,000
9751
974
9351
1044
90
9415
98%
100
100
10091
9734
97%
95
10855
93%
100
9934
9451
100%
96%
102%
101%
9715
100%
98
9751
9715
92
124
100%
97%
102
90%
99%
9554
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
109%
108
9431
10414
9955
97%
98
9454
106%
93
9755
100
100%
10054
101%
• 98
9818
974
109
97
100%
10034
06%
103
9835
104
10451
9951
1044
9814
99%
0851
92%
130
10255
97%
103
91
102%
98%
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan 114% Jan
11115 34,00 109
Feb 109
10855 3,000 108
Jan
Feb
96 481.000 94% Feb 06
7.000 1024 Jan 104% Feb
10455
Jan 100% Jan
9955 51.000 98
109 10954
9951 9951
1034 1034
98
98
105 108
965( 9651
98
98
100% 100%
100 10034
40.000
25,00
40,000
33,000
13,000
41,000
14,000
6,00
111,000
104
99
10354
98
9755
93
974
10054
loo
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
111
101%
104%
98%
10935
98
100
10014
10034
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Bonds- (Concluded)
Montecatini (Italy) 78.1937
Montgomery Ward 65_1948
Montreal L H & P58 A '51
Morris & Co 734e.._.1930
Nat Dist Prod 64a_ _ _1945
Nat Pow & Lt 65 A...2026
Nat Pub Serv 6145-.1955
1941
Nevada Cons 55
New On Tex & M RR 55'56
NY Trap Rock 1st 65.1949
Nichols & Shepard Co 6537
With stock purch warr'ts
Nor States Pow 635 %.1933
1933
614s gold notes
North Amer Edis 58 A_1957
Nor Cont't Util 6155._1942
Ohio Power 75 set A_.1951
1952
As son B
1956
445 series D
Ohio River Edison 55_1951
Okla Natural Gas 68_ _1941
Oswego 111v Pow deb 6s '31
Pennok 011 Corp (35_ _1927
Penn-Ohio Edison 65..1950
Without warrants
Penn Pow & Light 55__1952
1953
55 series D
Phila Electric 514s _ _1953
510
1947
Phila Else Pow 5355_1972
Phila Rap Transit 65._1962
Porto Rican Am Tob 65'42
Potomac Edison 55._ _1956
Pub Serv Corp NJ 5185'56
1933
Pure 011 Co 6345
Richfield 011 of Calif 651941
Salida Falls Co 5s__..1955
Saxon Pub Works 63581951
Schulte RE Co 6s.._ _ _1935
6s without com stock1935
Servel Corporation 65.1931
Shawsheen Mills 7s.__1931
Sleman & Halske 75_1935
Slemans & Halske SS
6155 with warrants_1951
Sloss-Sheff 8 & I 65-1929
Purchase money 65.1929
Solvay-Amer Invest 551942
Southeast P & L 65_ _2025
Without warrants
Sou Calif Edison 55.-1951
New
1944
5s
Southern Gas Co 6565_1935
Southwest'n P & L 65_2022
Stand Oil of NY 6545.1933
4588 when issued _ 1951
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr
75 1946 with warrants_ _ _
Sun Maid Raisin 645 1942
1939
Sun Oil 5155
Swift & Co 55 Oct 15 1932
Texas Power & Light 5s '56
Thyssen (Aug) I & S 751930
Trans-Cont'l 011 75__ _1930
1936
men & Co 6145
United El Serv (lines) 76'5F
United Industrial 648.1941
United Oil Pro d 88__ _ _1931
Unit Rys (Havana)7155'36
U S Rubber 64% notes'28
Serial 655% notes_ _1930
Serial 655% notes_ _1931
Serial 655% notes 1933
Serial 654% notes_1937
Serial 654% notes_ _1939
Serial 634% notes_ _1940
US Smelt & Ref 545-1935
United Steel Wks Burlach
Luxemburg 75
1951
US Steel Works A 65551951
With stk pur warr see A.
Without stock pur. warr
Series C
Valvoline 01165
1937
Wabash Railway 55...1976
Warner Bros Plc 6155_1928
Webster Mills 648...._1933
Western Power 534s ._1957
1930
Wisp Cent Ry 58
Foreign Government
and Municipalities
Agrlcul Mtg Ilk Rep of Col
20-year s 1 75
1947
Austria (Prey of Lower)
715s
1950
Baden (Germany) 75_1951
Bolivia (Repub) ext 75 1958
Buenos Aires(Prov)745 '47
75
1936
75
1952
78
1957
Costa Ries (Rep) 75..1951
Cundinarnarca (Dept of)
Colombia ext 75_ _1946
Danish Cons Munlc 534555
Denmark (K1ng'm) 5588'55
Os
1970
German Cons Mimic 75 '47
Hamburg (State) Ger 65'46
Hungarian Land Mtge Inst
745 series A
1961
Indus Mtge Bk of Finland
let mtge coll s f 75..1944
Medellin (Colombia) 85 '48
75
1951
Mendoza (Prov) Argentina
7155
1951
Montevideo (City) 634s '59
Mtge Bk of Chile 6%5_1961
Netherrds(King)68 B 1972
New So Wales(State)55 '57
Peru 731
1956
Prussia (Free State)64551
Rio Grande Do Sul (State)
Brazil ext 78
1966
Russian Govt 643____1919
64% certificates_ _1919
5155
1921
545 certificates_ _1921
Saxon State Mtge Inv 75'45
6145
1946
Switzer'd Govt 545_1929
1207
0414
Last Week's Range Salts
Sale
ofPrices.
for
Price. Low. High Week.
100
9954
9935
99%
10051
100
103%
9835
98 10034
9734 98%
9931 9954
10455 104%
9891 9935
99
9955
100 100%
96% 100
102% 10311
9751 9855
Range Naze Jana 1:
Low.
High.
357.000 97
Feb 1004 Feb
44.000 97% Jan 984 Jan
6.000 9935 Jan 99% Jan
4.000 10231 Jan 10431 Jan
26,000 9835 Jan 100
Jan
128,000 9855 Feb 100% Jan
31.000 9734 Jan 1014 Feb
51,000 95
Feb 10235 Jan
10,000 10235 Jan 10331 Jan
64.000 974 Feb 9831 Feb
9814 9834 9835 20,000 98
112% 11251 113
41.000 1114
10355 10355 10315
1,000 103
98
98
98 136,000 98
10015 1004 10034 10.000 100
106 106
1,000 105
9715 9751 98
22.000 97%
90
9056 40.000 894
99
9815 9934 35.000 97
101% 102% 32,000 99
102
5,000 99
9915 9934
100 100
3,000 100
119 11934 14.000 1154
9614 96% 9735 25,000 9551
9951 9954 18,000 99
100
37,000 99%
9955 100
1065110634 5,000 10651
10651 10651 3.000 106%
10331 10335 103% 27.000 102%
102
10051 102
14,000 9951
9931 99
99% 103,000 98%
9535 9534 95% 21,000 95%
1014 10195 10154 38,000 100%
103% 103% 10335 15.000 103
99
99
99
33.000 99
9854 99% 35,000 9751
9851 99% 43.000 97
9435 9415 9455 26.000 9354
86% 8651 86% 21.000 8531
87% 8534 8755 45,000 7055
10031 10035 101
7.000 10055
20,000 10151
10255 10254 103
oo
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
9834 Feb
11414 Feb
10314 Jan
98% Jan
100%
10635
99
Jan
90% Jan
99% Feb
10231 Feb
100 IJan
100
Jan
121
Jan
974 Jan
Jan
10'3
100
Feb
10651 Jan
10651 Feb
1044 Jan
102
Feb
994 Jam
97
Jan
1014 Feb
10391 Feb
99
Jan
99% Feb
9935 Jan
9535 Jan
87
Jan
89
Feb
10155 Feb
103
Jan
10554 105
10235
1024
9955 9955
Jan 10654 Feb
106% 475.000 98
103
20,000 10131 Jan 10251 Jan
10235
1.000 1024 Jan 10235 Feb
9955 45,000 994 Feb 99% Jan
98% 98
98% 98
984 98
101
101
102
103
100
10531 104%
9554 9595
9854
9851
98%
101%
103
101%
10531
95%
146,000 9654 Jan
86,000 9791 Jan
18.000 98
Jan
5.000 101
Jan
6.000 102
Jan
12,000 9991 Jan
15,000 10451 Jan
521,000 9555 Feb
0915
9935
984
100%
9955
96
102%
9951
100
9551
9755
6955
1104
102
10234
10251
102%
103
10235
103
1024
158.000
215,000
5.000
26.000
64,000
8.000
9.000
40,000
14.000
459.000
24,000
18,000
3,000
22,000
12,000
3.000
1,000
6,000
6.000
7,000
23,000
9955
9955
9855
99%
95%
9935
100
954
97
68
109%
101%
10234
103
103
10254
9955
9955
9854
100
9955
9515
10251
9955
9935
9455
9651
68
10951
10154
102
102%
10251
10231
10234
10235
102%
10154 10151 10154 46,000
10531 105%
9934
10555
1044 10454
9951 9994
10755 10755
97
98
9855 9815
9914
9955
9835
9994
99
9551
10254
9751
9951
93
9735
6051
11055
10154
102
102
102
10251
102%
10255
10191
98%
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
102% Jan
9515 Jan
10255 Jan
104% Jan
9731 Jan
105
Jan
97
Jan
9751 Feb
9834 Jan
9751 97% 81,000
9751 Feb
9935 995' 10054 10,000
10055 10015 101% 29,000
9855 9834 984 54,000
99
98% 9931 74,000
97% 9755 98% 8,000
9435 9415 96
32.000
9511 95
9554 142.000
9595 95% 9551 8,000
94
98% 9834
102
1004
1003.1
101
10031
9811 98
9934
9531
99
1021
4
100%
101
984
99% 100
9814
99
98
9735
954
9415
9534
95
148,000 9351
54,000 9754
71,000 9955
11,000 10015
62,000 9931
81,000 9555
19,00
9834
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
9951
9931
984
1604
99%
9735
10351
99%
100
9531
99
78
112
102
103
103
102%
103
103
103%
102%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
rJan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan 1035( Jan
306,000
49,000
19.000
1,000
250,000
66,000
5.000
20,000
15,000
10635
10054
106
10414
99%
108%
98
98
99
9938
98%
98%
102%
103
10111
105%
9754
110%
10054
110
105
9934
11134
itio
99
99
.
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
9751 Feb
Jan 10051 Jan
Jan 10211 Jan
Feb 99
Feb
Jan 9934 Feb
Jan 99
Feb
Feb 975,4 Feb
Jan 9655 Jan
Feb
9634 Feb
Feb 9534
Jan 994
Jan 1024
Fe
10151
Jan 102
Jan 994
Feb
Jan
Feb
Jan
Jan
Jan
Jan 10035 Feb
100% 10051 10091 38.00
9951 Jae 10151 Jan
10411 104% 10414 5.000 103
Jan 10455 Feb
9551 94
96 120,000 934 Jan 96
Feb
9814 9851 40,000 9831 Jan 9931
9255 9231 933 29,000 9214 Feb 9474
9754 9734 99
62,000 9751 Feb 9931
108% 108% 10854
2.000 10755 Jan 109
965( 96% 96% 275,000 9634 Feb 9634
100
100 10035 80,000 100
Jan 10035
9951 99% 100 266,000 9855 Jan 10055
9731
9751
1355
1355
1455
1331
101
98% 98%
101% 10155
9754
1355
134
1435
13%
10155
98%
10154
10,000 9734
5,000 1515
4,000 1355
8.000 13
1.000 13
16.000 100
22,000 9755
23.000 1013.4
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb 984 Jan
Feb
15
Jan
Feb
15
Jan
Jan
Feb
15
Feb 154 Jan
Jan 10214 Feb
Jan
Jan 100
Jan 10114 Feb
• No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
o New stock. r Ex 33 1-3% stock dividend; sold at 14831 on Jan. 3 1927 with stock
dividend on. a Option sale. I Ex rights and bonus. v Ex cash and stock dividends
to When Issued. z Ex dividend
VEX rights. z Ex stock dividend.
m Tonopah Extension sold 1,000 last week at 25c. and not reported.
1208
lurvitux.ent antl-
grout Intelligente.
-Gross from Railway- -Net from Railway- -Net after Taxes
1927.
1924.
1927.
1927.
1928.
1926.
$
8
8
$
$
$
Union Pacific
January _13,742,564 14,330,565 3,390,483 3,394.694 2,107,769 2,162,490
Western Maryland
January ___ 2,040,615 1,855,002
618,529
545,772
518,529
470,772
Wisconsin Central
January ___ 1,414,832 1,389,577
190,004
169,334
106,324
.
75,908
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of February. The table covers 3 roads and shows
8.70% increase over the same week last year.
Third Week of February.
1927.
1926.
Increase. Decrease
$
$
Buffalo Rochester & Pittsburgh_
389,401
364.508
Canadian Pacific
3,216,000 2,911,000
Western Maryland
463,399
465,554
$
24,893
305.000
Total (3 roads)
Net increase(8.70%)
329,893
327.738
4,068,800 3.741,062
$
*After rents.
Total Net
Income.
2,155
Minneapolis St Paul&SS Marie
2.155
New York Ontario & Western
In the table which follows we also complete our summary
of the earnings for the second week of February:
Second Week of February.
1927.
1926.
Previously reported (2 roads)__ - 3,658,999 3,464,508
Canadian National
4.830,154 4,494,412
Duluth South Shore & Atlantic_
89.105
101,340
Georgia& Florida
37.200
36.500
Mineral Range
6,273
6.328
Minneapolis & St Louis
313.803
317,822
Mobile & Ohio
336.077
395,452
Nevada-California-Oregon
5,401
3,627
St Louis Southwestern
466,400
522,248
Southern Ry System
3.824,059 4,063,074
Texas & Pacific
715,032
692,220
Western Maryland
475.514
465,554
St Louis Southwestern
Western Maryland
Increase. Decrease.
Wisconsin Central
194,491
335,742
12,235
Fired
Charges.
Jan'27 *144,091
'25 *131,548
Jan '27'
0-177,151
'26 *-195,332
Jan'27 *398,641
'28 *403,552
Jan '27 *508.132
'25 *481.022
.
Jan'27 '-17,802
1
'26 *-44,878
424,378
425,934
116,144
116,893
233.4.59
236.402
254,826
250,597
194,518
159,863
Balance.
-280,287
-294,386
-293.295
-312.225
163,182
187,150
253,308
210,452
--212,120
--204,741
•Includes other income.
700
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.chargesland surplus reported this week:
55
4,019
59,375
1,774
55,848
239,015
--Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Total (13 roads)
$
$
14,758,017 14,563,085 565,479 370.547
$
Net increase(1.33%)
194,932
Florida Po & Lt Co Klan'27 1,354,061
571,708
12 mos end Jan,31 '27._ 13,250,039
4,936.868
In the following we show the weekly earnings for a number
Balance,
Fixed
Gross
Net after
SurIlus.
of weeks past:
Charges.
Earnings.
Taxes.
Companies.
$
Bangor Hydro
58.883
Jan '27
29,896
170.285
88,779
Week.
Current
Previous
Increase or
Electric Co
54,165
'26
156,600
27,701
81,866
Year.
Year.
Decrease.
%
690,355
12 mos ended Jan 31 '27 1,745,799
342,861
952,216
513,161
'26 1,599.128
318.755
831,916
$
$
$
441,741
Jan '27'
3,847,761 *1,086,937
645.196
-184,639 0.82 Blclyn Manhattan
1st week Oct. 114 roads)____ 22.080,405 22.265,044
Transit System
383,533
'26 3,678,317 *1.025.284
641,751
+194.271 0.91
2d week Oct. 14 roads)---- 21.459.391 21.265.115
7 mos ended Jan 31 '27 27.177,700 *8,295.113 4,542.490 3,752,623
3d week Oct., 14 roads)___ 22.217,535 21.114.400 +1.103.135 5.22
'28 26,142,270 *7,936,635 4.558,578 3.378,057
4th week Oct. 14 roads)__-- 30,638.424 29.041.065 +1.597.359 5.50
lit week Nov. 14 roads)--- 21,446.173 19.753.529 +1.692.644 8.57 Carolina Power &
Dec'26
111,000
353,164
762,594 *464,164
2d week Nov. 14 roads)____ 21,112.807 20.154.637
+967.369 4.79
Light Co
'25
99,844
235,041
671.992 *334.885
3d week Nov. 15 roads)____ 23.484.291 23.144.554
+33,737 0.14
12 mos ended Dec 31 '26 8,176,683 *4,247,562 1,267,914 2,979,628
4th week Nov.(14 roads)_ _ _ _ 26.404.625 24.637.411 +1,767.214 7.17
'25 6,957,656 *3,260,832 1,174.482 2,086,350
lit week Dec. (14 roads)____ 18.005.738 19.492,721 -1,486.983 7.63 Central Maine Pow Jan '27
179,519
146,173
486,319
c225.692
2d week Dec. (14 roads)._ _ 17.928.230 19.351.698 -1,423.467 7.35
189,899
121,658
Co System
'26
450.493
c211,557
3d week Dec. (13 roads)____ 16.002.555 17.628.110 -1,625.555 9.22
1996,525 1,192,428
12 mos ended Jan 31 '27 5.186.281 c2,188,952
4th week Dec. (11 roads)____ 13.420.049 14,314,930
-894.881 6.25
'26 4.921.470 c2,103.114 11,061,871 1,041,242
1st seek Jan. ii 1 e.nos,____ 1 s.0 .1 .,!os 12.886.210
+165,168 I 28
Jan '27 4,647,910 2.258,400
2d week Jan. (13 roads).- 14.583,490 13.746,043
1294,828 2.14 Commonwealth
'26 4,371,753 2,152,966
Pow Corp & Subs
3d week Jan. (13 roatis)____ 14,070.737 14.195.271
124.5:14 0.87
12 mos ended Jan 31 '27 49,473.700 22,913,175 12,160,862 10,752,313
4th week Jan. (13 roads)____ 19.730.700 19.198.456
532.244 2.77
'26 44.708.222 19,662,431 11,224,025 8,438,406
let week Feb. (13 roads)--- 14,230.561 14,180.984
+49.577 0.35
2d week Feb. (13 roads)--- 14.758.017 14,563.085
+194.932 1.33 Consumers Pow Co Jan '27 2,270.875 1,121,437
'26 2,100,582 1,080.604
4-922.728 8.70
4.068.800 8 741 n69
3d week Feb.( 3 roads)____
12 mos ended Jan 31 '27 24,305,770 11,805.632 2,603.306 9.202.325
'26 20,997,098 9,777,374 2,482.080 7,295,294
We also give the following comparisons of the monthly
229,868
301.253
71.385
Dec'27
646,485
totals of railroad earnings, both gross and net (the net before Federal Light &
232,779
71.210
161,569
'26
570.394
Traction Co
826,520
12 mos ended Dec 31 '27 6,623.587 2.627.570 1,800,950
the deduction of taxes), both being very comprehensive.
749,349
'26 5,888.708 2,203.636 1.454.287
They include all the Class A roads in the country, with a total Interboro Rapid
Jan '27 5.634,218 2.242.120 1,539.756 5702,364
8527.903
'26 5,310,941 2,097.239 1.569,336
Transit Co
mileage each month as stated in the footnote to the table.
7 mos ending Jan 31 '27 35,810.185 12,305,377 10.759.503 61.545.874
'26 35,478.631 13,277.645 10,759,390 62,518,255
53.718
73,841
816.934 *127.559
Market Street By Jan '27
Gross Earnings.
Net Earnings.
56,189
Month
k98,263
5154.452
291,681
Jan '27
New York
Increase Of
Increase or
5121.430
k87,159
34,271
247.690
Dock Co
'26
Decrease.
1926.
1925.
Decrease.
1926.
1925.
297.868
Jan '27 1.081.079
Northern Ohio
300,038
'26 1,072,998
Power Co
$
772,461
12 mos ended Jan 31 '27 12,048,922 3,104.221 2,331,760
+946.994
Jan -- 480.062,657 484.022.695 -3,960,038 102,270.877 101.323.883
907,884
'26 11,568,324 3,108,624 2,200,740
Feb. 459.227.310 454,198,055 +5.029,255 99,480.650 99,518.658
-38,008
100,865
039,972
745,548 *140,837
Jan '27
March 528.905.183 485.238,559 +43.808,624 133,642,754 109.081,102 +24.561,652 Penn Coal &
18,599
*61.994
643.395
660,503
Coke Corp
'26
+11.784,296
May.ApriL 498,448.309 472.829,820 +25.818,489 114,885,151 102,920.855
222,455
217,463
439.918
Jan '27 1,076.972
518.467,480 487.952,182 +28.515.298 128.581.588 112,904,074 +15.677.492 Portland Electric
235.823
207.342
443.165
June 538.758.797 506.124,762 +32.634.035 149.492.478 130.920,896 +18.571.582
Power Co
'26 1.022,738
July__ 555,471.278 521,596.191 +33.875.085 161.070.612 139,844,801 +21.435,011
12 mos ended Jan 31 '27 11.817,801 4,605,545 2.496,846 2,108,699
Aug 577.791.746 553,933,904 +23.857.842 179.416.017 166.426.264 +12.989.753
26 11, 96.469 4.491,771 2.486.591 2.005.180.
Sept__ 588.945.933 564.756,924 +24,192,009 191,933,148 176.936.230 +14.996.918 Public Service
Jan '27 10.322.888 *c2.982,504 1.573,236 1,409.268
Oct __ 804,052.017 586.008,436 +18.043.581 193,990,813 180.629,394 +13.381.419
Corp of N J
'26 9,441,067 *c.3,040,459 1,401,796 1,638,663
Nov__ 559.935.895 531,199.485 +28.736,430 158,197,446 148,132,228 + 10.065,218
12 mos ended Jan 31 '27107,185,031*c30,675.566 18,200,056 12.475,512
Dec 525,411.572 522,487.600 +2.943,972 119,237.349 134,504,698 -15,287.349
'26 95.561,9354%17,928.141 17.025,318 10,902,823
523.357
Jan '27 1.042,626
Note.
-Percentage of Increase or decrease in net for above mon he has been Tennessee Elec514,843
UM Power Co
'26 1,066.777
1925
-Nov., 12.77% inc.; Dec., 3.69% Inc. 1928-Jan.. 0.93% Inc. Feb., 0.04%
12 mos ended Jan 31 '27 11,885,410 5.493.810 62,243.981 3,249.829
dec.; March,22.50% Inc.; April, 11.43% Inc.: May, 13.89% Inc.; June 14.18% Inc.:
'26 11,638.805 5.146.381 62.248.952 2,897,430
•
July, 15.35% Inc.: Aug. 7.86% Inc.: Sept.. 8.48% Inc.; Oct., 7.35% Inc.
304,310
34,041
338,351
In November the length of road covered was 236,726 miles in 1925, against 235,917 Washington
560.611
Jan '27
277,905
48,318
326,223
537,987
:
Water Power Co
'26
mike In 1924 in December. 238,959 miles, against 238.057 miles: in January 1926.
236,944 miles, against 238,599 miles In 1925: in February. 238.839 miles, against
238,529 miles:In March,238.774 miles, against 238,500 miles;in April.236.518 miles.
'Includes other income. c After depreciation. 1 Includes guaranteed
against 236,526 miles: In May, 238,833 miles. against 236.858 miles; In June. 238,510 dividends on stock of subsidiary companies. b After rentals. .1 Before
miles, against 236,243 miles: In July, 236,885 miles. against 235,348 miles ;In August, taxes. k Includes taxes. g Includes depreciation. p Includes dividends
238,759 miles, against 236,092 miles: in September, 236,779 miles, against 235,977 on Nashville By. & Light Co. preferred stock not owned by Tennessee
miles; In October. 238,654 miles, against 238.898 miles.
Electric Co.
22,812
9,960
Companies.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
FINANCIAL_REPORTS
-The following is an index to all
Annual, &c., Reports.
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
,
including Jan. 29 1927.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
-Gross from Railway- -Net from Railway- -Net after Taxrs1927.
19326.
1926.
1927.
1927.
1926.
$
$
Buffalo & Susquehanna
137,412
January _
11,825
95.875
-9,006
-8.906
-8,675
Chesapeake & Ohio
January _ _10,891,147 10,224.281
*2,717,166 *2,299,621
Erie System9.218.991 8.054,777
January
*23709 *-204,218
Illinois Central SystemJanuary _ _15,058.068 15,394,173
2,250,980 2,627,800
Kansas City Southern
1,670.968 1,796.757
523.157
504,721
397,802
630,525
January
Oklahoma & Gulf
Kansas
251,523 -147,474
37.421
51,793 -149.833
December_ _ 210.328
258,887 -393,604
151,786
From Jan L 2.554.325 2,518.478 -260,781
Minneapolis St Paul & S S Marie
250,995
252,667
98,573
104.162
January ..._ 1,838,809 1,913,795
Monongahela Connecting
38,162
237,120
65,137
59,624
30.349
January _ _- 179,157
New York Ontario & Western
-112.513 -145,388 -162,522
480.736
195.486
January ___ 772.336
Page.
Steam Roads915
Buffalo Ruch. & Pitts. By. Co
1081
Chesapeake & Ohio Ry
Chic. Indianapolis & Loulsv. Ry.Co.1062
787
Chicago Milwaukee & St. Paul Ry
Duluth South Shore & Atlantic Ry_ 918
788
Gulf Mobile & Northern RR
Huntington & Broad Top Mountain1062
RR. & Coal Co
917
International Rye. of Central Amer. 917
Norfolk Southern RR
789
Norfolk & Western Ry
1062, 1060
Northern Pacific Ry
641
Seaboard Air Line Ry
782, 841
Southern Ry
1064
Reading Company
Wheeling & Lake Erie RR
683.368
7.913,130 8.776.955 1.689,1421,057.245 1,242,912
January
Public Utilities1
784
American Light & Traction Co
-St Louts Southwestern
641
500,253
514,064
403,006
410,635 American Super Power Cora
2,070,201 2.220,549
January
Water Works & Elec. Co.,
American
Southern Pacific
,
641. 789
January -22,072,135 22,002,359 4,121,337 3,618,825 2,473.188 2,030,824 h,.. Inc
I
Public Utilities (Continued)- Page.
Annapolis & Chesapeake Bay Pr. Co. 918
Ashland (Ky.) Home Telephone Co.1064
Associated Gas & Electric Co--919, 1064
1065
Brooklyn City RR
919
Brooklyn Edison Co., Inc
642
Central Illinois Light Co
789, 919
Central Maine Power Co
Chicago North Shore & Milw. Bit. 106$
790
Cincinnati Street Ry
642, 1065
Cities Service Co
Columbia Gas& Elec. Corp.(& Pub.) 920
790, 1065
Community Pr. & Lt. Co
Consolidated Gas, Electric Light &
790
Power Co. of Baltlmore
643
Consumers Power Co
Lt. Co-1065
Cumberland County Pr. &
915
Detrolt Edison Co
Eastern Gas & Elec. Securities Corp_1065
Eastern Massachusetts Street Ry__ 790
(&
Engineers Pub.Service Co. Subs.) 920
FEB. 26 192'1.]
THE CHRONICLE
Page. Industrials (Continues"—
blic
Page.
ZurmountUtilities (Concludegl)—Co- 920 (E. I.) du Pont de Nemours & Co., 638
Park (Phila.) Transit
790
Florida Public Service Co
784,
643 Educational Pictures, Inc
General Gas & Electric Corp
929
783, 809 Endicott
-Johnson Corp
General Public Service Co
654, 787
644 Eureka Pipe Line Co
Genesee Valley Gas Co
797
644 Eureka Vacuum Cleaner Co- __SU, 1073
Grand Rapids Ry
Greenfield (Maas.) El. Lt.& Pr. Co. 791 (E. 8.) Evans & Co., Inc
929
644 Everett Mills
Hartford City Gas Light Co
1073
791 Fairbanks Co.(& Subs.)
Hartford Electric Light Co
929
791, 920 Fairbanks, Morse & Co
Illinois Bell Telephone Co
929
644 Famous Players-Lasky Corp
Illinois Power Co
1073
791 Fanny Farmer Candy Shops, Inc
Illinois Power & Light Corp
930
644 Fashion Park, Inc
Illinois Water Service Co
1073
Fidelity-Phenix Fire Insurance Co.. 654
Indianapolis Crawfordsville & Dan920 First Bohemian Glass Works,Ltd_ _ _1073
ville Electric Ry
920 First Investment Co. of New Ramp_ 655
Indianapolis Street Railway Co
International Power Securities Corp. 645 First National Pictures, Inc
1074
920 Follansbee Brothers Co
International Utilities Corp
1074
920 Ford Motor Co
Interstate Power Corp.(Del.)
797
921 Forhan Co
Laurentide Power Co.. Ltd
930
791 Freeport Texas Co
Lexington Utilities Co
1075
Lincoln (Neb.) Telep. & Teleg. Co_ _1066 Gabriel Snubber Mtg. Co
798
Loa Angeles Gas& Electric Corp.... 921 General Baking Corp
798
791 General Cigar Co., Inc
Market Street Ry
798
Milwaukee Electric Ry.& Lt. Co- —1066 General Fireproofing Co
798
921 General Motors Acceptance Corp.,
Minneapolis Gas Light Co
1066
Mohawk Valley Co
798, 1075
General Motors Corp
Montreal Light, Heat & Power Con1075
646 General Outdoor Advertising Co_ _
solidated
931
646 General Railway Signal Co
Narragansett Co
799
647 General Tire & Rubber Co
National Public Service Co
931
786 Giant Portland Cement Co
New England Tel. & Tel. Co
1078
Gillette Safety Razor Co
New Orleans Public Service Co.,
914
647, 921 Goodyear Tire & Rubber Co
Inc
914
921 (H. W.) Goesard Co
New York State Rya
799, 655
1067 Gould Coupler Co
Corp
New York Steam
932
647 Greenfield Tap & Die Corp
Niagara Falls Power Co
932
647 Gulf States Steel Co
Niagara Share Corp
655
1067 Hamilton-Brown Shoe Co
North American Co
1076
647 Hamilton Woolen Co
North American Edison Co
855
791 (MA.)Hanna Co
North Continent Utilities Corp
1076
Northern Ohio Power Co
648 Harbison-Walker Refractories Co_._1076
Northern Ohio Power & Light Co
792 Harmony MIlls
1077
Northwestern Public Service Co...- 922 Hart, Schaffner & Marx
915
Ohio Edison Co
648 Hawaiian Pineapple Co.,Ltd
1077
Oklahoma Natural GM Corp
792 (George W.) Heime Co., Inc
1077
Pacific Gas & Electric Co
922 Hendler Creamery Co., Inc
932
Pennsylvania Water & Power Co_ _ _ _ 782 Hercules Powder Co
799, 932
Philadelphia Rapid Transit Co
792 Howes Bros. Co
656
Public Service Corp. of New Jersey 648 Howe Sound Co
932
Rhode Island Public Service Co
792 (J. L.) Hudson Co
799
Rochester Gas et Electric Corp
793 Hudson Motor Car Co
783
Silesia Electric Corp
1068 Hupp Motor Car Corp
1077
South Carolina Power Co
649 Illinois Brick Co
800
Southern Indiana Gas & El. Co
649 Independent 011 & Gas Co
800
Southern New England Telep. Co_ _ 923 Indiana Pipe Line Co
.
1077
Southern New England Telephone &
Inland Steel Co
656
Telegraph Co
793 International Cement Corp
932
Standard Power & Light Corp.1068, 793 International Salt Co
656
Tennessee Electric Power CO
650 Jaeger Machine Co
1077
Terre Haute Indianapolis & Eastern
Jewel Tea Co.,Inc
1077
Traction Co
923 (Mead) Johnson & Co
656
Terre HaIto Traction & Light Co
923 (S. S.) Kresge Co
800,657
Third Ave. Ry
650 (S. H.) Kress Co
800
Tide Water Power Co
650 Landers, Frary & Clark
933
Toledo Edison Co
923 Lima Locomotive Works, Inc
933
United Electric Light Co.(Masai__ 924 Lindsay Light Co
800
United Gas Improvement Co924, 794 Loew's, Inc
933
United Rys. & Elec. Co. of Belt
794 Lord & Taylor(N.Y.City)
801
Utility Shares Corp.(Del.)
650 (P.) Lorillard Co
933, 1078
Washington Gas Light Co
1068 Louisiana Oil Refining Corp
1078
Washington Ry.& Electric Co
794 Lyman Mills
933
Washington Water Power Co
1068 McCall Corp
1078
West Penn Electric Co
1068 (C.R.) McCormick Lumber Co.(Dell 801
Western United Gas & Electric Co 1068 McCrory Stores Corp
657
Wisconsin Public Service Corp
1068 Manati Sugar Co
786
Industrials—
Mathieson Alkali Works. Inc
1078
Abitibi Fibre Co., Ltd
924 Metro-Goldwyn Pictures Corp
1078
Acme Steel Co
651 Metropolitan Chain Stores. Inc
1078
Air Reduction Co
1069 "Montecatini" Societa General per
Alaska Juneau Gold Mining Co
651
l'Industrial Mineraria ed Agricola
Alaska Packers Association
651
(Italy)
Allergen Corp
1069 Montgomery Ward & Co.,Inc
658
Allerton New York Corp
794 Mullins Body Corp
734
Allis-Chalmers Mfg. Co., Inc
924 Murray Corp.of America
658
Aluminum Co. of Ameriea
924 Nash Motors Co
787
American Chicle Co
925, 794 National Licorice Co
American Colortype Co.(N. J.)....1069 National Mtge. Co. of California... 934
801
American Express Co
794 National Tile Co
659
American Home Products Corp.._.1069 Neisner Bros., Inc
1079
American Metal Co., Ltd
1069 New Bedford Storage Warehouse Co.1079
American Republics Corp
794, 925 New Jersey Zino Co
1079
American Snuff Co
1069 New York Merchandise Co.. Inc_ _ _1079
.
Anglo American Corp. of South
Northern Pipe Line Co
Africa, Ltd
1070 Nunally Co
802, 934
Arkwright (Cotton Cloth) Mills— 925 Otis Elevator Co
659
Arlington Mills
651 Pacific Mills, Lawrence, Maas
802
Atlantic Gulf & W.Indies EIS. Lines 651 Page& Shaw Inc
Atlas Powder Co
784 Pan-American Petroleum Co. (of 802
Auburn Automobile Co
926
California)
934
Bagley-Clifford Corp
651 Parke, Davis & Co
Baldwin Co
926, 795 Pennsylvania Coal & Coke Corp.(& 934
(L.) Bamberger & Co
1070
Subsidiaries)
Bates Mfg. Co
926 Pennsylvania-Dixie Cement Corp. 659
Bayuk Cigars, Inc
1070
802, 934
Belding-Corticelli, Ltd
795 Pittsburgh Terminal Coal Corp. (&
Belding Hemingway Co
Subsidiaries)
1070
1079
Bethlehem Steel Corp
T37 Pratt dr Lambert. Inc
802
(H. C.) Bohack Co., Inc
652 Pressed Steel Car Co
803
Booth Mfg. Co
1071 pro-phy-lac-tic Brush Co
935
(&
(J. G.) Brill Co. Subs.)
928, 1071 Purity Bakeries Corp.(& Subs.)- _ - _ 783
Butler Bros
795, 652 Quissctt Mills
1080
Butte Copper & Zinc Co
796 Rand-Kardex Bureau, Inc
935
By-Products Coke Corp
796, 926 Remington-Rand, Inc
1080
California Petroleum Corp
927 Renfrew Mfg. Co
935
Calumet & Hecia Cons. Copper Co_ _1071 Republic Iron & Steel Co
913, 940
Canada Cement Co., Ltd
927 Rome(N. Y.) Co. Inc
803
(.1.1.) Case Threshing Machine Co_ _1071 St. Louis Refrigerating &
Cold
Caterpillar Tractor Co.(dr Subs.)_..1071
Storage Co
Certain-teed Products Corp-927. 1071 St. Louis Rocky Mt.& Pacific Co 1081
803
Cespodes Sugar Co
927 Sayre & Fisher Brick Co
1081
Chesapeake Mtge. Co. of Md
927 Sears, Roebuck dr Co
638
Chicago Fuse Mfg. Co
1072 Shaler Co
804
653 Sharon Steel Hoop Co
Chicago Pneumatic Tool Co
1081
Childs Co., N. Y
1072 Sharpe & Dohme. Inc
804
928 Sharp Mfg. Co
City Dairy Co.. Ltd
915 Shawinigan Water & Power Co _...1081
Cluett, Peabody & Co., Inc
.
Coca-Cola Bottling Corp.(Del.)_...i072 Shubert Theatre Corp.(& Subs.)-...1061
804
Coca-Cola Co
796 South West Public Service Co
Commercial Investment Trust Corp_ 928 Southern New England Ice Co
804
Commercial Solvents Corp
928 Southern Pipe Line Co
805
Consolidated Cigar Corp.(& subs.)_1072 Southern Stores Corp
1082
Continental Baking Corp.(& subs.). 783 Southern Surety Co
936
Continental Can Co.. Inc
914 South West Pennsylvania Pipe Linea 805
Continental Insurance Co
853 Standard Publishing Co
805
Continental Motors Corp
783 Standard Sanitary Mfg. Co
1082
796, 928 Stewart-Warner Speedometer Corp_1082
CotY, Inc
Creamery Package Mfg. Co
796 Sun Maid Raisin Growers Ass'n
937
Cumberland Pipe Line Co
653, 796 Superior Oil Corp
(J. Frank) Darling Co. (Del.)--653, 929 Superior Steel Corp
805
Deere & Co
854 Symington Co
937
Detroit & Cleveland Nay. Co
797 Telautograph Corp
1082
.654, 929 Texas Gulf Sulphur Co
Devoe & Raynolds Co., Inc...
783
Dodge Bros., Inc
654, 784 ThatchelMfg. Co
1082
Eastern Manufacturing Co
1072 Thilmany Pulp & Paper Co
805
1209
Industrials (Contlnued)—
Page.
Industrials (Coscluded)—
Fate
Tobacco Products Corp
806, 937 United States Steel Corp
638
Universal Pictures Co
Transue & Williams Steel Forging
807
Corp
661 Vick Chemical Co
807
Trumbull Steel Co
937, 1083 Virginia Iron, Coal & Coke Co
661
Underwood Typewriter Co.,Inc.938, 1083 Wahl Co
807,939
Union Storage Co
1083 Waldorf System, Inc
1088
United Iron Works, Inc
938 Ward Baking Corp.(& Subs.)_807, egg
Western Tablet & Stationery Corp-1084
United States Bond & Mortgage
Corp
938 Westinghouse Electric & Mfg. Co 661
United States Envelope Co
1083 White Eagle Oil& Refining Co_661, 1060
Wolverine Portland Cement Co_ _ 1084
United States Hoffman Machinery
661, 806 (F. W.) Woolworth Co
Corp
786
(Wm.) Wrigley Jr., Co
U. S. Realty & Improvement Co.
681, 1084
938, 1083 Yellow Cab Corp. of Minnesota_ _ _ _1084
Delaware Lackawanna & Western RR.
(Preliminary Report for Year Ended Dec. 31 1926.)
The company has issued a preliminary statement of earnings and statistics for the year 1926, which compares with
previous years as follows:
STATISTICS OF OPERATION.
1926.
1924.
1925.
1923.
Earn, per fght. train mile
$9 54
$8 95
$950
$999
$2 71
$2 70
td 90
Earn,per pass. train mile
$2 61
722.82
686.15
Avge. train load (tons)__
723.91
754.54
Rev. fght. carried (tons) 29,167,538 26.397,447 28.139,260 29,574.608
Net revenue ton mile_ _4,964,587.769 4587676.567 4809172,405 4852525,642
1.32c.
1.30c.
Avge. rev, per ton mile_
1.31c.
1.32c.
Passengers carried
28,905,226 29,237,690 28.918,623 29,231,693
Pass. carried one mile_ _666,554.898 670,929.835 660,825,635 667.289,802
2.00c.
2.06c.
2.03c.
Rate per pass. per mile
2.13c.
STATEMENT OF OPERATIONS FOR CALENDAR YEARS.
1926.
1924.
1925.
1923.
$22.711,502 $17,757.554 $23.576,425 $25.151,010
42,456,050 42,091.064 39,874,878 39,085.364
13,338.081 13,628,673 13.600.454 14,185.914
920,428.789,391
959,786
1.983.339
1,843,871
1.642.370
1,834,068
2,253,455
2.302,113
2,259.422
2.183,334
3,613,730
3.365,153
3,478.925
3,396.778
1,628,270
1,515,652
1.489,685
1.611,115
Revenues—
Coal
Merchandise freight
Passenger
Mail
Express
Milk
Other revenue
Incidental revenue
$88.804,745 283.635,056 $86.727.184 $88,236.974
Total
Expenses—
$8,581.206 $8,331.770 17,745.720 $7.663.064
Maint. of way & struc
Maint. of equipment— 16,342.981 17.262,144 18.699.630 21.239.075
1,406.168
1,495,111
1.584,662
Traffic expenses
1,308.121
Transportation expenses 33,095,084 32.707,387 34,091,817 36,750,177
671,604
Miscellaneous operations
686.781
656.537
681.739
1,989,772
2,109,124
1,924.510
General expenses
1.853.903
Cr.67.179
Transportation Invest._ Cr.22,349
Cr.38.473
Cr.28.224
$62,377.489 $62,390,610 $64,485,909 ;69.467,853
Total expenses
Net revenue from oper--$26,427,256 $21,244,447 $22,241,275 018.769.120
6,832.653
Railway tax accruals_ _ _ 7,671,404
6,900.102
5.995.698
9.772
9,500
Uncollectible ry. revs.—
12,510
22.253
Operating income----$18.746.352 $14,402,022 $15.328,663 012.751.170
Additional Income—
$143.803
$145,592
Joint facility rent income $136,829
$139.070
448,729
388.174
451.707
Hire of equip.—Cr. bal852.759
Income from unfunded
367,855
151,963
securities & accounts_
229.447
83.967
294.039
298,715
rent income-Nfiscell.
267.213
281,084
93,934
63,716
63.854
64,766
Misc. non-op. pbys. prop
1.608,662
524.882
505.566
Dividend inoome
571,665
4,017,898
4,050,105
Income from funded secs 4,298,836
3,973.793
30,577
50,075
Miscellaneous income.-11,081
4,755
Income from sinking and
4,310
4,310
1.972
1.468
other reserve funds..
5.389
5,197
11,265
16,143
Inc. from lease of road
Dr.164
Earnings coal departm't
418
Dr-37.295 Cr.831.409
Sundry add'ns & deduc_
$24.975.714 $21,010,552 $21.029.006 $19.072,466
Gross income
Deductions—
Rentals of leased road..106.993.306 36.143.557 $5,967.749 $5,714,374
389,966
348.156
1
348.284
Rental New York piers.!
5.856
5.856
5,856
Int. from funded debt
5.856
38.377
40.978
63,351
122,814
Int. on unfunded debt
11.821,754 11.821,754 11,821,754 10,132,932
Dividends declared
914,876
569.808
692,196
Additions & betterments
503,136
$5,399,251
Balance, surplus
Shares of common stock
outstanding (par $50). 1,745,540
Earn. per sh.on common
110.26
$1.693,564 $2.277.306 $2.245.069
1,745540
$e.27
1,745.540
$8.41
1.745,540
$7.32
GENERAL BALANCE SHEET DECEMBER 31.
1926.
1926.
1925.
1925.
Liabilities-$
$
Assets—
Invest. In road_ 49,688,349 48.889,932 Common stock_ 87,277,000 87,277,000
do in equip't 58,057,678 53,632,208 Prem. on capital
stock
70,720
Impts. on leased
70,720
320,000
railway prop'y 16,806,789 16,391,264 Fund. dt. unmet
320,000
Misc. phys. prop 2,247,280 2,279,792 Non-negot. debt
to attn. cos__
15,684
Inv.In attit. cos.:
170,061
9,559,690
9,557,540 Loans & bills pay
Stocks
3,000,000
2,418,270 2,370,333 Traffic & car serBonds
vice bal. pay_ 2,069,460 2,085,351
3,824,710 3,824,710
Notes
Advances.... 2,160,782 2,127,639 Audited accts.&
wages payable 4,539,058 4,594,687
Other investls:
1,251,404 M lac. accta. pay.
1,249,644
Stocks
11,558
10,760
95,624,228 103,790,673 Int. mat'd unpd.
Bonds
3,258
3,138
682,540
699,938 Divs.mat'd unpd
Notes
20,015
15,115
Advances.... 10,645,633 6,681.448 Unmet. diva.dee 4,222,055 4.222,055
3,908,092 3,153,118 Unmat.rents ace 1,412,387
Cash
1,405,641
Other curr. Habil
Demand loans &
193.605
176.587
3,000,000
Def'd
deposits
66,989
66,610
Tax liability _ _ 3,906,251 3,234,748
Loans and bills
727
receivable__ -549 Ins., &c.,res'ves
556,546
634,558
Traffic,&c., bal. 1,224,804
1,215,381 Oper. reserves..
62.652
36,628
Net bal,rec.from
Accr. deprec'n—
970,807
936,584
agta.& conduc
equipment_ _ 29,794,805 28.818,714
1,719,778 0th. unadj.cred. 1,604,430 1.694,138
Misc. accts. rec. 2.005,397
Materials & supp 3,832,624 4,297,274 Addlis to prop.
134,271
Deferred assets_
133,309
thro.inc.&sur. 6,706.179 5,894.838
Unadjusted deb. 4,190,399 4,433,471 Profit and loss_ _129,328,074 123,706.988
272,232.712 267,386.344
Total
—V. 124. P. 788.
Total
272,232,712 267.886,344
Postum Cereal Co., Inc.
(Annual Report—Year Ended Dec. 31 1926.)
President C. M. Chester Jr. reports in brief:
The scope of the company's operations has been materially augmented
by the acquisition on March 31 of all the outstanding capital stock of
Igleheart Brothere, Inc., Evansville. Ind., and as of Oct. 31 of all the outstanding capital stock of Minute Tapioca Co.. Inc.. Orange, Mass.
The business of Igleheart Brothers. Inc., was established in 18,56, and
that company has lolls held an enviable reputation in the food industry
because of the high standard of its products, the principal one of which is
Swans Down Cake Flour.
The business of Minute Tapioca Co., Inc., was founded in 1894, and its
principalproduct, Minute Tapioca,Is the unquestioned leader in the tapioca
Held. This company and its products likewise enjoy the highest reputation.
1210
THE CHRONICLE
In addition to its output of Swans Down Cake Flour and other package
products,Igleheart Brothers,Inc., has a flour milling business of substantial
volume. It has proved mutually advantageous to obtain raw materials
for the making of Post's Bran Flakes at Battle Creek from the Evansville mills.
On Sept. 1 the selling organizations of the separate companies were consolidated into a single group with headquartres at New York. Immediately upon acquisition of Minute Tapioca Co., Inc., steps were takeh to
unite its selling organization with the group.
It will be noted that the company's profits for the year equal $7 71 per
share on 1,467,365 shares outstanding Dec. 31. This compares with corresponding earnings in 1925 of $10,135,885, equivalent to 26 90 per share.
Combined earnings of all constituent companies for the full year 1926 were
equivalent to $8 07 per share on the shares outstanding Dec. 31. The
advance in earnings reflected in these figures was due in part to increase in
sales and in part to the inauguration'during the year of various economies
incident to the consolidation of the constituent companies.
The results for 1926 convince the management that the acquisition of
Jell-O, Swans Down Cake Flour and Minute Tapioca has been eminently
justified.
The income account and balance sheet for the year 1926
are given in the advertising pages of to-day's issue. The
income statement for the fourth quarter of 1926 is given
under "General Investment News" on a subsequent page.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
y1925.
z1926.
Sales to customers
246,896.275 $27.386,919 224,247.940 $22,205,410
ofsales & expenses 33,837,190 22,062,809 19,555,863 18,923,948
x Cost
399,996
586,720
639,948
Prov. for income taxes
1,741.642
Net profit
Previous surplus
111.317,443 $4,684,162 $4.105,357
1,799,831
3,810,047
6,093.030
$2,881,466
1,403,338
$17,410,473 $8,494,209 25.905,189 24,284,804
Total surplus
Good-will of subsid. cos.
2,642,024
written off
Adj.of Fed. tax prior yrs Cr.212,919
Prem.on pref.stock pur31,522
183,970
711,355
chased for retire't, &c.
357.200
325,875
93,767
Divs.on pref. stock(8%)
on corn. stock_ - _ _ 6.734,705(24)1596.057(24)1585,296(24)1096.250
Divs,
1.000.000
do stock (100%)Surplus at Dec. 31--- 28,246,663 $6,093,030 $3,810,048 $1,799,832
Shares of common out400,000
400,000
1.370.000
standing (no par)____ 1,467,365
16 31
29 45
23 28
27 71
Earns, per sh. on corn...,
x Including all manufacturing, selling, administrative and general exbut before providing for income taxes.
penses (less miscellaneous income),
y Not including results of the Jell-O Co., Inc., which was acquired on
Dec. 31 1925. z Not including profits prior to date of acquisition of sub.
cos. acquired during the year.
Combined Statement of Profit and Loss for Year Ending Dec. 31 1926.
(Including profits prior to date of acquisition of subsidiary companies
acquired during the year
Combined profits and income for the year after deducting manufacturing, distributing, selling, administrative and general
expenses (less misc.Income),but before providing for inc. tax _213,685,310
1,832,061
Provision for income taxes
111,853.249
Combined net profit for the year
28 07
Earnings per share on outstanding stock
CONSOLIDATED BALANCE SHEET DECEMBER 31.
b1925.
1926.
1926.
b1925.
Assets
Common stock-s7,941,143 5,925.805
Land. bldgs.. ma1,566,273 1,566.273
chlnery, &c___ _x6,251,217 4,743,880 Initial surplus__
595,264
Accounts payable_ 407,033
y Trade marks, pat141,316
1 Accrued accounts_ 217,211
emits & good-will
1
Reserve for Income
Inventories
5,590,874 4,450,206
1,800,400 1,311,020
taxes
Customers' accts.,
less reserve
2,057,430 1,384,716 Reserve for contln300.000
gentles
Misc.accts. receiv. 273,563
213,073
Employ, pay. on
Due from officers
subs. to cap.stk. 131.231
12,243
and employees__
10,724
Current surplus.-- 8.246,662 6,093.030
U. S. Govt. overassess. of taxes. 263,423
194,233
125,047
Loans dr notes rec_
419,816
Marketable securs. 1,782,068
800,000
Call loans
750.000
Cash
1,818,903 2,711,228
Inv. In cam, stock 531,207
64,349
74,308
Other investments
991,082 Total (each side)-20,369,953 15,933.308
Deferred charges__ 789.670
x After deducting 24.689.638 reserve for depreciation. y The trade
marks, patents and good-will carried upon the books at a substantial
amount are, for the purpose of the published accounts, taken at the value
of $1. a 1.467,365 shares of no par value in 1926 and 1,370.000 shares in
1925. b Giving effect to the acquisition of the Je11-0 Co., Inc., and sub-V. 124, p. 802.
sidiary company at that date.
St. Louis-San Francisco Ry. (Incl. Subsidiary Lines).
(Condensed Report-Year Ended Dec. 31 1926.)
The joint remarks of Chairman E. N. Brown and President J. M. Kum, Feb. 19, in substance follow:
-During the year there were authentiSecurities Issued, Sold or Pledged.
cated $2,127.100 prior lien mtge. 5% gold bonds, series B, in partial reimbursement of the company's treasury for capital expenditures made between Jan. 1 and Dec. 31 1925. All these bonds are held in the company's
treasury.
Under date of Feb. 15 1926 the company entered into an agreement
constituting St. Louis
-San Francisco equip. trust, series BB, providing for
the issue of 27,800,000 equip. trust ctfs. bearing interest at the rate of
% per annum, payable semi-annually, and maturing serially from
Feb. 15 1927 to Feb. 15 1941. The notes were sold at 97% of their face
amount and interest, and the proceeds were placed in special deposits and
used toward payment for 75% of the cost (the company paying the balance
in cash) of the following equipment: 10 mountain type locomotives, 15
mikado type locomotives, 14 passenger coaches. 500 55
-ton gondola cars.
-ton automobile cars and 2400 50
1.000 50
-ton box cars.
Under a trust agreement dated Feb. 1 1926 the company issued 25.000,000
-year 5% secured gold notes, due Feb. 1 1928, with interest payable semi2
annually. The notes were sold at 9934% of their face amount and the proceeds were applied toward the purchase of 183,333 shares of common stock
of Chicago Rock Island & Pacific Ry., which stock was pledged with Guaranty Trust Co. of New York as trustee under the said trust agreement.
The company pledged no securities of its own issue during the year.
Securities Purchased and Paid.
-During the year the company acquired
the remaining $14,000 1st mtge.5% bonds of Kansas City Clinton & Springfield By. which matured Oct. 1 1925,and now owns the entire issue ($3.274.000) of those bonds. Company also acquired $4.000 additional collateral
trust mtge. of 1887 bonds of St. Louis & San Francisco By., leaving only
$14,000 outstanding, and $83,000 additional Southwestern Division 1st
mtge. gold bonds of St. Louis & San Francisco RR., which were called for
redemption Oct. 1 1925. At the close of the year all of the Southwestern
Division bonds had been presented and paid except 23,000, for which funds
were deposited with the trustee, who executed a release and discharge of
the mortgage.
Equipm ent trust obligations in the principal amount of $1,354,000
matured in the course of the year, all but $4.000 of which were presented
and paid.
-Dividends were paid during 1926 in quarterly instalments at
Dividends.
the rate of6% on the pref.stock and 7% on the common stock. Dividends
were declared in advance for the year 1927 on the pref. stock. A quarterly
dividend of 1 4% on the common stock was declared payable Jan. 1 1927
to holders of record Dec. 15 1926.
-The amount charged to capital account during
Additions and Betterments.
of roadway and structures, for
the year for additions to and betterments
and for improvements to
Purchase and construction of new equipment,
[vol.. 124.
existing equipment, was $15,462,750, including the cost of equipment
financed under equipment trust, series BB,referred to above, and expenditures chargeable to capital account for rehabilitation of the line from Pensacola, Fla., to Kimbrough, Ala., and branches (147.81 miles), and docks
at Pensacola acquired during 1925.
New equipment was built in the company's shops during the year consisting of 950 freight cars, 1 passenger motor car and 2 baggage cars, and
in addition 5,909 freight cars and 73 passenger cars were given heavy
repairs. Equipment retired during the year comprised 1,856 freight cars.
32 locomotives, 15 passenger cars and 129 work cars, entailing a charge to
operating expenses of $928,003.
Construction of a line from Aberdeen, Miss., to Kimbrough. Ala., approximately 150 miles, to connect with the line of the Muscle Shoals Birmingham & Pensacola RR., is the most important project planned for the
year 1927. Completion of this line will provide a Gulf outlet at Pensacola, Fla.
Maintenance.
-The expenditures made by the company during the year
for maintenance brought about a further improvement in the physical
condition of its properties.
At the close of the year there were 106 engines out of service for repairs,
or 11% of the total owned, establishing a new low record. The number of
freight cars out ofservice for repairs was 2,097, or 5.57% of the total owned.
Traffic and Industrial Develmment.-A total of 426 new industries were
located on the line during 1926, consisting of 18 compresses and gins.
8 canning factories, 2 grain elevators, 72 material and coal yards..43 warehouses, 22 oil well supply houses, 18 oil refineries and loading racks. 101
oil distributing plants. 13 wholesale produce houses. 1 rock crusher. 4
creameries, 29 miscellaneous manufacturing plants and 95 miscellaneous
industries.
Agricultural development in the territory contiguous to the company's
lines showed a continued healthy growth during the year. There was a
substantial increase in tonnage of fruits, vegetables, poultry and dairy
products over the previous year. and there was a considerable increase in
acreage planted in grapes, peaches and potatoes which should result in
increased tonnage in the future.
The decrease in passenger traffic was due to more active competition by
automobile busses and similar conveyances plying between points of comparatively short distance, induced by the vastly improved highways.
-Freight
Results of Operation and Economies Effected During the Year.
earnings for the year increased,$884,318, but total operating revenues decreased $309.320, due to the falling off in passenger business. Despite the
decrease in gross revenues, there was an increase of $916,471 in net operating
income, due principally to economies in operation resulting in reduced
transportation costs.
Revenue freight loaded on line and received from connections decreased
14,228 cars, or 1.43%, compared with the previous year. Average earnings per car during 1926 were approximately $72.
Gross tons per train mile for July 1926 were 1,466; net tons per train
mile were 623. establishing new high records.
Company had a net credit of 21,666.196 for per diem on freight cars
interchanged during the year, as compared with a net credit of $765,526
for the year 1925. After providing for payments for mileage of tank
refrigerator and other private line cars, there remained a net charge to hire
of equipment for 1926 of $80,247, compared with $1.121.423 for 1925 and
2439,322 for 1924. Payments for mileage of private line cars decreased
236,843, compared with 1925. but decreased $323,278 compared with 1924.
From this comparison the Muscle Shoals Birmingham 8: Pensacola RR.'s
figures have been excluded because of the abnormal per diem charges resuiting from the reconstruction of that line under progress during the year.
Pounds of fuel consumed per 1,000 gross ton miles were 176 in 1926
compared with 187 in 1925.
Taxes.
-Taxes paid by the company have increased from 1896,958 in
1907 to 24.842,388 in 1926, or an Increase of 440%. Company's mileage
increased during the same period about 10%. Out of every dollar earned
the company paid out In taxes in 1907 about 2yi cents, in 1926 about 5
cents. The increase in taxes paid for the year 1926 over the year 1907
is quivalent to a dividend of 6.65% on the entire capital stock of the co.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1925.
1926.
Total operating revenue_294,406,054 $94,715.375 290,509,139 $89,633,152
Railway oper. expenses- 65,921,909 65,928,946 64,092,011 65.934.620
Net oper. revenue_ _ _ _528,484.144 $28,786,428 $26,417,127 $23,698,532
4,631,330
4,289,337
5,093,124
4,842,388
Taxes
755,313.
712.907
1.371,199
403,182
Other operating charges_
Operating income_ _ _ _223,238,575 $22,322,105 $21,072,890 $18,653,881
451,827
611.063
516,209
403,974
Other income
Gross income
Deductions
$23,642.550 $22,838,314 $21,683,954 $19,105,708
766,241
671,579
574,158
603,690
Bal.for bond int., &c..$23.038,860 $22,264,156 521,012,374 518,339,467
Interest on
Fixed charges
$10,950,957 $10,559,076 110,439.740 510,039,232
2,427,656 •
2,432.112
2,432,207
Cum,adjustm't bonds 2,432,207
2,109,720
2,110,320
2,110,320
Income bonds
2,110,320
Preferred dividend.._ --(670)419.918 (6)420.932(135)104,628
(5%)2489140
Common dividend_ _ _(7%)3,431,973
Balance ofincome__ $3,693,483 $4,252,480 25,925,574 $3.762,859
504,470
504.470
Shs. com.stk. outst'di504,470
504.770
$632
$11 05
Earnings per share
513 36
$14 12
GENERAL BALANCE SHEET DEC 31 (INCL. SUBSIDIARY LINES).
1925.
1926.
1926.
1925.
8
LO3M1ISfesAssets$
5
Common stock -x50,447,026 50,447,026
Inv.In r'd & eq.:
7,557,500
Road
314,754,785 314,188,927 Preferred stock_ x7,557,500
Equipment_._ 95,518,308 85,401,275 Equip. tr. oblig_ 20.786,000 14,340.000
Mtge.bds.out'g_201,253,765 201.318,265
Sink.fds.-Cash
128,753
555
3,026,000
Coll, trust bonds 3.022,000
Deposited in lieu
Inc. mtge. bonds
of mortgaged
outstanding- 80,153,223 80,159.473
13.933
property sold.
8,827
757.464 Coll, trust notes 5,000.000
Misc.phys.prop.
675.441
488,961 Traffic & car serInv.In affil. cos_
429,137
988,741
vice bal. pay- 1,490.948
172,500
Other investm'ts 10,649,057
8,637.032 Audited mots &
Cash
8,472,181
wages payable 8,248,904 8,345,283
Time drafts and
328,463
397,189
4.000,000 Misc. WU.pay.
deposits
54,335 Int. mat'd unpd. 3,981,588 3,983,209
Special deposits_
80,674
35,281
23,279
4,911 Dive. mat'd unp.
Loans & bills rec.
Funded debt maTraffic & car ser9,000
tured unpaid_
101,000
1,446,296
vice bal. reel° 1,938,923
Unmet. Int. accr 3,474,485 3,273,028
Net bal. rec.from
851,278 Unmatured rents
628.390
agts.&cond'rs.
583
583
accrued
Misc. accts. rec. 2,170,857 2,182,063
608,221
508,418
5,512,641 Other curr.liabil.
Material & supp. 5,283.578
105,321
62,511
2,464 Deferred Hahn's,
4,919
Int. & dive. rec.
904 Tax liability.... 3,242,570 2,799.240
Rents receivable
515,404
605,592
158,762 Insurance res've
139,050
Other curr.assets
643,306
689,700
356.313 Accr. depr.,road
339.849
Deferred assets_
Acct. depr., eq'y 27.098,161 24,943,842
Rents, &c., paid
3,000,387
50,081 0th. unad. cred 2.407,336
60,942
In advance_ -4,483,182 4,009,072
(*h.unadJ.debit 2,387,704 2,444.160 Approp'd Burp.- 20,594,147 18,131,911
Profit and loss
Total
443,521,177 426,653,051
443,521,177 426.653,051
Total
x Capital stock outstanding at Dec. 31 1926 includes 2168,400 common
-V.124, p. 1063.
and $524,700 preferred held by reorganization managers.
The Studebaker Corp., South Bend, Ind.
-Year Ended Dec. 31 1926.)
(16th Annual Report
President A. R. Erskine, Feb. 14, wrote in substance:
-Total net sales amounted to $141,536,652, a decrease of 12.3%
Results.
net
from the previous year, and net profits derived therefrom, with other
amounted to $14,income, after depreciation reserves but before taxes,Reserves for United
849,899, a decrease of 22% from the previous year.
profits to
States and Canadian income taxes of $1,807.780 reduced the net
513,042,119, a decrease of 21.5% from the previous year. The regular
dividends of $5 on the common stock and 7% on the preferred stock.
THE CHRONICLE
FEB. 26 1927.]
amounting to $9,917,325, were paid during the year. The balance of net
profits, $3,124.794, was transferred to surplus account.
Net profits were at the rate of 9.2% per dollar of sales, as compared with
10.3% last year; and $6 67 per share on the 1,875,000 shares of common
stock outstanding.
The extraordinary expenses incurred in moving the manufacturing and
engineering departments from Detroit to South Bend,including the expenses
of plant rearrangement resulting therefrom, and for the production of the
Erskine Six and the expense of the European showing of said car, were
charged against the profits of the last quarter.
Engineering expenditures for engines, chassis, bodies, development an
test work for the Erskine Six, and other disbursements were charged to
Reserve for future contingencies account.
The decline in our sales and profits of 1926. as compared with 1925. was
due to a greater demand for cars of lower price than ours and to a slump
in our sales of open models. We more than held our position in sales of
the President and other Big Six models, while our Custom Sedans and
Victories have broken all of our sales records for these types of vehicles.
With these jobs and the Erskine Six in four models, priced below $1,000,
-our Diamond Jubilee Year-in fine shape to make a record.
we enter 1927
-Preferred stock amounting to $485,000 was
Reduction in Pref. Stock.
purchased and retired.
-There were a number of noteworthy events last year
Noteworthy Events.
which deserve mention, as follows:
(1) We built and equipped a modern engineering and research building
and laboratory at South Bend at a cost of $434,330. This equipment is
unsurpassed in the industry.
(2) We purchased 800 acres of land 12 miles west of South Bend and
constructed thereon a proving ground for the testing of Studebaker and
competing cars and devices of all kinds, at a cost of $617,376.
(3) We moved from Detroit to South Bend,in Nov., the entire engineering department and the Vice-President in charge of manufacturing, with
his staff, which for the first time, brought together in one city all of the
executive offices and officials. This move will greatly increase efficiency
and promote economy.
(4) We completed the designing and testing of the Erskine Six and exhibited cars in European automobile shows at Paris, London, Edinburgh,
Brussels, the Hague and elsewhere. The cars were most favorably received
which
and a btg business seems assured for this model which, of course, is an
in Jan.
additional to the Studebaker line. The car went into
1927, at Plant Ten, Detroit, which was previously occupied by the body
engineering department.
(5) We constructed at South Bend a storage building 500x1,008 ft.,
with a capacity for storing 4.500 cars.
-The investment in plants and property now stands
Plants & Property.
at $61,827,734 after deducting $11,500,013 depreciation credits and $6,475,452 sales and demolitions in 16 years. Gross expenditures for plant
expansions and betterments made during the eight year post-war period
amounted to $58,544,025 or 81.4% of the total gross plant investment
and $8.782.859 was deducted for depreciation during this period.
-At the end of the year there was outCapital Stock & Stockholders.
standing $7,500.000 of 7% cumulative preferred stock, after purchase and
retirement of $485.000 during the year. and 1,875,000 shares of no par
common stock. On Dec. 31 1926. there were 950 preferred and 18.747
common shareholders, as compared with 1.011 and 14,121 respectively the
previous year. The corporation was holding in its name 4.181 shares of
common for the account of 1,258 or 6.5% of its employees who are paying
for it under the stock purchase plan.
-The average number of employees was
Employees & Co-Operative Plan.
21.191 as compared with 21,977 last year. Under the co-operative plans,
which reward employees for continuous, loyal service and prompt attendance, 16.825 or 79.4% of said employees received dividends on wages:
10.415 or 59.4% factory employees of two years' service or more, received
vacations of one week with pay; dependents of 11 deceased employees of
five years' service or more received $500 insurance payments; and 91 old
employees honorably retired after 20 years or more of service drew pensions
at the rate of 25% of their average annual earnings for the last five years
of service, with a minimum of $30 per month. A group insurance plan
was adopted Jan. 30 1926, and 76.5% of employees are carrying it at their
own expense.
-The following is a list of the active subsidiary
Subsidiary Companies.
companies of the corporation whose accounts are merged in this report.
The Studebaker Corp. of America, South Bend, Ind. The Studebaker
Corp. of Canada, Ltd. Walkerville, Ont.
,
Outlook for 1927. -While it now seems doubtful whether the automobile
industry will show an increase this year. we feel that Studebaker is quite
likely to do so because of its improved position. We believe 1927 will
prove to be the most prosperous year in our history. On Feb. 16 Studebaker will celebrate its 75th anniversary.
CONSOL IDA TED INCOME ACCOUNT YEARS ENDED DEC. 31
1924.
1923.
1925.
1926.
145,167
134,664
110.240
111.315
Number of cars sold_ _ _ _
Net sales
$141.536.652 8161362.945 8135406.055 $166153.683
Cost of manufacturing,
selling & gen. expense.125,528,712 141,030.380 118,624.654 144.704.834
1,794,802
1,392.809
1.520,438
Depreciation
1,141.045
•
Net earnings
$14.487,502 818,537,763 $15.388,592 $20,307.805
Interest received less int.
362,398
491.480
369,835
606,936
paid
Net profits before deducting income taxes.$14,849.900 $19,029,243 $15,758,426 $20.914,741
Income taxes in U. S. &
2.409,720
1.984,557
1.807.781
2.572,518
Canada
Net profits for the 3rear$13.042.119 816,619,523 $13,773,869 $18,342,223
542,325
579,338
595.000
638.750
Preferred diva. (7%)
N8)9.375,000(85 25)9843750(84)7500,000($10)7500000
Common diva
Surplus
Surplus Jan. 1
$3.124.794 86,196,435 85,678,869 $10,203,473
33,409,038 30,212,603 19,673.734 10,237.190
$36,533.833 $36.409,038 825,352,602 520.440.662
M
Transferred to special
405,000
405,000
surplus account
361.929
Loss on bldgs. demolished
Transferred to reserve for
3.000,000
future contingencies...
Olt
aSurplus acct. Dec.31a$36533,833 a$33409.038 524,947,603 $19.673.734
a Includes special surp of 86,075,000 85,670.000 85,265.000 $4,860.000
Com. abs. outstanding
1,875,000
1.875.000
x750.000
(no par)
1,875,000
$8 55
37 03
823 60
Earns, per share on com.
$6 67
x Shares of $100 par value.
SHEET DEC. 31.
CONSOLIDATED BALANCE
1926.
1925.
1925.
1926.
$
Assets$
Plant& proper...a61,827.734 58,766.314 7% pref.stock.- b7.500.000 7,985,000
14,649,465 11,635,695 Common stock.. c75,000,000 75,000,000
Cash
Accounts payable 5,412,501 6,137.849
Sight drafts out476,493
494,907
standing
3,837,633 1,970,628 Dep.on sales con.
Sundry creditors &
Live.,incl. stock
reaerves, incl.
331,775
held for empl. 1,207,095
seer. pay-rolls_ 2,569,880 3.729,715
Notes & acctsree 5,762,025 8.463.963
21,581,409 29,182,376 Res. for U. S. &
Inventories...
Can. inc. taxes 1,826,982 2,457,388
Deferred charges
510,666
558,694
Reserve for future
Capstk.& adva.
contingencies._ 1,221,490 3,000,000
614to Clt. H.Co__ 1,357,874 1,488,175
36.533,833 33,409,038
dSurplus
Trade name, good19,807,277 19,807,277
will,&e
Total
130,541,178132,213,897
Total
130,541,178132,213,897
aTiant and property at South Bend, Ind., Detroit, Mich., Walkerville,
plus additions during the
Out., and at branc.hes, Jan. 11926. 867,477,592:
year, less realizations, 84,417,668; less total reserve for depreciation. $10,067,526. b Pref. stock. 7% cumul., authorized 150,000 shares of $100
each, $15.000,000, whereof issued $13,500.000; less retired under provision
of charter, $6,000,000. c Represented by 1,875,000 shares of no par value.
d Includes special surplus of so,o75,000 in 1926 and $5,670,000 in 1925.
-V. 124. p. 122.
1211
General Motors Corporation.
-Year Ended Dec. 31 1926.)
(Financial Statement
CONDENSED CONSOLIDATED INC3ME ACCOUNT FOR CALENDAR YEARS
1924.
1925.
1926.
1923.
$
Not available
1058,153,338 734,592.592
Net sales
Exist.Incident to oper.& inv.Incl.
depr.of real est.,plants & equIp.835.271,837 602,634,584
Profit from over. & Inv'ts, after
all exp. incident thereto, but
before depr. of real est., plants
243,141,475 149,296,499 71,802,425 91.698,666
and equipment
Prov. for deprec. of real estate,
20,259.974 17,236,507 16,078,549 15,055,703
plants and equipment_
222,881,501 132,059,993 55,723,876 76,642.963
.
Net profits
Less provision for:
8,274,099 3,969,227
785,616 1.906,495
Employees' bonus
Amt.due Managers Sec. Co.._ 8,274,099 4,633,535 1,140,190 1,876,119
Empl.savings & Investment fd. 3,461,992 2.355,524 1,991,990 1,980,583
Special payment to employees
32,984
17,190
under stock subscription _ _ _ _
101.984
304,644
343.902
357,867
Int. on notes payable
Provision for U. S. and foreign
25,834,939 13,912,000 5,727,000 8,135,000
Income taxes
176,698,743 107,070,532 45,735,179 62.386,899
Net Income
G. M. Corp. propor. of net M0..176,085.144 106,484,756 45,330,888 62,067,526
7% preferred stock dividends....._ 7.352,291 7,315,222 4,743.607
135,541
611,381
116,928
971,117
6% preferred stock dividends_ _ _ _
189,229 1,917,650 3.648,093
176,069
6% debenture stock dividends_ _ _
2.268,162
7% debenture stock dividends
Amount earned on common stock.168,439,857 98,844,765 38,058,251 55,180,155
Amount earned per share of com.
*619.15
*$7.37
.12.67
.520.48
stock outstanding
* Adding General Motors Corp. equity In the undivided profits of subsidiary
companies and including Fisher Body Corp., prior to June 30 1926 (after which
time the earnings are consolidated), the amount earned per share of common stock
outstanding Is $21.80 in 1926, $21 in 1925, $8.59 in 1924 and $3.15 in 1923.
SURPLUS ACCOUNT YEAR ENDED DEC. 31.
1924.
$925.
1923.
1926.
$
119,020,473 82.110,929 120,699,300 89,936,863
Surplus forward
168,439,857 98,844,764 38,058.251 55.180,155
Surplus for year 88 above
Deductsurplus capitalized in eonneeded with the Issuance of new
51,615,990
common stock
Addition arising thru adj. of holdingsin Fisher Body Corp., prior
to the acquisition of minority
Interest, to the net asset value
thereof as at June 30 1926.... 27,727,439
Addition arising from excess over
over $10 per share of no par
value common stock Issued for
354,306
employees' bonus
Addition arising thru acquisition
of the bal. of the com. cap. stk.
ef Fisher Body Corp. not already owned (minority int.)
for which there was paid 638,401 ghg. of original issue and
and 26.319 ohs. out of treasury
of Gen. Motors Corp.corn.stk_ 23,084,542
Cap. surp. arising thru exchange
of 6% deb. and 6% pref. stock
107,100
272,075 6.931.920
for 7% preferred stock
.
This amt. tmnsf. to res. for sdry.
107,100
272,075 6,931,920
contIng. by order of directors
338,272,312 180,955,694 107,141,560 145,471,326
Total surplus
Cash diva, paid on common stock.103,930,993 61,935,221 25,030,631 24,772,026
stock (50%)
145,000,000
do
Surplus at end of period
-V. 124, p. 1075.
89,341.318 119,020,473 82,110,929 120,699,300
Consolidated t...as Company of New York.
(Statement Presented at Annual Meeting Feb. 21 1927.)
At the annual meeting Feb. 21 President George B.
Cortelyou stated in substance:
-The following is a combined statement of the assets
Combined Statement.
and liabilities of the Consolidated Gas Co. and Its affiliated gas and electric
'companies as of Dec. 31 1926, together with a combined statement of the
revenues and expenses of those companies for the calendar year 1926, with
all inter-company items eliminated. To these statements have been
added a combined surplus account and a combined summary of financial
transactions for that year.vao
-Attention is directed to the evidence presented by
Financial Condition.
the balance sheet confirming the strength and stability of the company's
financial condition. This is attributable.not only to the fact that much
of this company's capital stock was issued in earlier years at substantial
premiums, but also to the conservative policy which for many years has
governed the matter of dividend distribution, as well as the accumulation,
out of earnings which were within the limits of a reasonable return upon the
value of the property, of substantial but prudent reserves as safeguards
against uninsurable hazards and vicissitudes. The investment of these
resources in gas and electric properties gives assurance of the company's
ability to maintain at least its present earning capacity.
It will be observed from the combined balance sheet showing the assets
and liabilities that the total amount of the capital stock of the affiliated
companies In the hands of the public amounts to less than 31 of 1% of the
total of their capital stocks outstanding.
Affiliated companies Are as follows: Astoria Light. Heat & Power Co.:
New Amsterdam Gas Co.,East River Gas Co.of Long Island City, Central
Union Gas Co., Northern Union Gas Co., Standard Gas Light Co. of the
City of New York, New York & Queens Gas Co. New York Edison Co.,
Yonkers Electric Light & Power Co., Edison Light & Power Installation
Co., Consolidated Telegraph & Electrical Subway Co.. United Electric
Light & Power Co. Brush Electric Illuminating Co. of New York, New
York & Queens Electric Light & Power Co. Bronx Gas & Electric Co.,
Westchester Lighting Co. Northern Westchester
Lighting Co., PeeksIdll
Lighting & RR. Co., National Coke & Coal Co., Municipal Lighting Co.,
Inc., Tarrytown Terminal Corp.
-There was outstanding at the end of the year 1926 the
Capital changes.
full amount of authorized capital stock, consisting of 3,600,000 shares of
common stock (without par value) held by approximately 27.000 stockholders, and 300,000 shares of cumulative participating preferred stock of
an aggregate par value of $15,000.000, owned by approximately 33.000
stockholders, making a total of 60,000 stockholders. These stockholders
reside in practically every State of the Union and in many foreign countries.
They represent virtually every business and profession and every social
and economic station in life.
Quarterly dividends were maintained during the year on both classes of
stock, the rate on the common being $5 per share per annum and on the
cumulative participating preferred 7% per annum.
Capital Expenditures.
-The aggregate gross capital expenditures of the
company and its affiliated gas and electric companies, for land, plant and
quipment, during the year 1926, amounted to $88,559,223.
Credits to capital account, due to the retirements of plant and equipment
from service and the sale of real estate, aggregated 811.532,006. leaving a
net increase in the investment in land, plant and equipnwilnt. for the year
of 877.027.217.
The Tax Burden.
-As in previous years. one of the largest single factors
entering into the cost, and hence reflected in the selling price, of gas and
electric service in the City of New York and in Westchester County, is the
volume of the taxes assessed by Federal. State, county and municipal
authorities.
The taxes charged as a part of the operating costs of the Consolidated
and so collected by
Gas Co. and its affiliated gas and electric companies,
1212
THE CHRONICLE
these companies from their customers for the aid and benefit of the taxing
authorities, totaled $16,168.453 during 1926. as compared with $15,071,270
during the year 1925. The burden thus imposed and reflected in the
companies' rates amounted to nearly 15% of the total operating costs of
the gas and electric business. The tax-collecting function thus added
11.13 cents per 1,000 Cu. ft., on the average, to the required rate for gas,
and more than 35 of a cent per kilowatt hour,on the average, to the required
rate for electric energy, throughout the territory served by the company
and its affiliated gas and electric companies.
Transportation.
-All of the affiliated gas and electric companies, with
the exception of the National Coke & Coal Co., are now completely motorized.
The automobile reconditioning shop, which was placed in operation during
the spring of 1925, has rendered prompt and efficient service to all the
affiliated companies during the year. It has proved to be a very useful
facility; and the standardization of motor vehicles has been a large factor
in decreasing costs of maintaining the vehicles in proper condition. The
affiliated companies now own and operate nearly 1,200 cars and trucks, the
total mileage of which, for the year 1926, was 7,773,744. All of the motor
equipment is repaired, overhauled and painted at this shop.
AFFILIATED GAS COMPANIES.
Gas Rate Litigation.
-The company and all its affiliated gas companies
within the city of New York commenced suits in the U. S. District Court
immediately after the passage by the Legislature, on June 2 1923, of the
statute reducing the rate from $1 15 to $1 per 1,000 Cu. ft. (which had been
fixed by the P. S. Commission after an extended investigation and hearing)
and prescribing a practically impossible heating standard of not less than
650 B. T. U.,instead of the average of not less than 507 B. T. U. authorized
by the Commission's order of 1922.
After extended hearings, final decrees were obtained in the suits brought
by the New York & Queens Gas Co., The Bronx Gas & Electric Co. and
the Consolidated Gas Co., adjudging the statute unconstitutional and void
as to those companies. Appeals were taken to the U. S. Supreme Court
by the Attorney-General of the State of New York, but the P. S. Commission did not appeal in any of the cases. Its refusal to appeal was expressly
commended by the Supreme Court, in its opinion in the Consolidated
Gas case.
The appeals in the cases of the New York & Queens Gas Co. and The
Bronx Gas & Electric Co. were dismissed by the Supreme Court. upon the
Attorney-General's failure to prosecute. The appeal in the Consolidated
Gas Co, case was argued before the U. S. Supreme Court on Oct. 18 and
19 1926, and the decision of the Court, unanimously affirming the decree
of the District Court, was announced on Nov. 29 1926 (V. 123. p. 2896).
an unusually short interval elapsing between the oral argument and the
rendering of the decision.
By a stipulation entered into between the parties to the litigation, the
suits brought by the other subsidiary gas companies were also terminated
on Jan. 31 1927 by the entries of final decrees identical in form and substance with the decree in the Consolidated Gas Co. case.
This is the third time that the New York Legislature has forced the
New York City gas companies into the courts for relief from confiscatory
legislation, on the last occasion in utter disregard of the orders of its P. S.
Commission then in force, with which the companies had duly complied.
The legal principles which have been established by the courts for the
protection of public utilities have now become so well defined and are so
generally known that there is reason to expect less legislative interference
in the future.
-An interminable proceeding, of great imporCondemnation Proceedings.
tance to the Consolidated Gas Co., has just been brought to a long deferred
conclusion. This proceeding was instituted in 1913 by the city, to condemn the former water-gas plant of the Consolidated Gas Co., between
West 44th and 46th St. and the North River. A decision of the Appellate
Division of the N. Y. Supreme Court. rendered on Dec. 31 1926, from
which no appeal has yet been taken, reversed an order of the Special Term
of the Supreme Court, which had denied the application made by the
company, to have affirmed the award of $2,266,656, made by the Commissioners in Condemnation in favor of the company. This decision finally
fixed that amount as the award, which carries interest at 6% per annum
from Aug. 1 1913. the date when title to the property condemned vested
in the City of New York.
Building Construction.
-Early in the year title was acquired to the forme
Academy of Music property, located at the northeast corner of 14th Street"
and Irving Place. Plans have been developed and contract placed for the
erection on this site of a substantial addition to the General Office Building.
It will cover the full plot, comprising 122 feet 6 inches on Irving Place and
204 feet on 14th Street. The completed building will be 18 stories high with
a tower rising 8 stories above that, at the corner of 14th St.and Irving Place.
The extension will have a gross area of 446,336 square feet and will accommodate the various departments of the affiliated companies, which
now occupy rented space, and will provide a reserve for anticipated growth.
On Amsterdam Avenue between 65th and 66th Streets a 6
-story and basement shop and storage building is being erected. This building will take
the place of the structures located on the property west of West End Avenue
which has been sold, and will provide space for several years to come for
the growth of the various departments at this location. The present building is so designed that it can be extended to a 10'story building when required.
A plot of ground at the corner of Broadway and Seventh Ave., Long
Island City has been purchased by the East River Gas Co., and a modern
office building approximately 100 feet square is now in course of construction. It will be occupied jointly with the New York & Queens Electric
Light & Power Co.
There has been purchased by the East River Gas Co. a plot of land at
Pearce Avenue between Seventh and Eighth Avenues, Long Island City,
comprising an area of 200 by 240 feet, with modern buildings, suitable for
the use of the Customers' Service and Street Main departments, both of
which are growing at a rate corresponding with the growth in the numbers
of gas customers in Long Island City.
Gas Plant Extension.
-Preliminary operation of the Hunt's Point Station
began on Nov. 24 1926. with the charging of the ovens in the "B" Battery,
15 months after breaking ground for the first foundation on Aug. 24 1925.
The unit consists of 2 batteries of Koppers Becker type by-product coke
ovens (74 ovens in all), with the necessary by-product recovery and gas
purification apparatus. It has a daily carbonizing capacity of 1,750 net
tons of coal and will produce 20 million cubic feet of gas per day; with a byproduct yield of 1.300 tons of coke, 35,000 pounds of sulphate of ammonia
and 17,500 gallons oi coal tar. The land acquired is of sufficient area to
provide for additional installations of coke-ovens and auxiliary water-gas
apparatus of a manufacturing capacity totaling 120 million cubic feet per
day: and the present unit has been designed to readily permit on extension
of 50% in carbonizing capacity at a moderate expenditure.
The gas manufactured at this station has been made fully available for
general distribution by equipping the gas transfer system with two pumping stations, one located at the Astoria Station and the other at the Hunt's
Point Station. Both of these stations are equipped with motor driven
centrifugal gas-boosters.
The gas storage capacity of the system companies has been increased
by the erection at the Hunt's Point Station of a holder of the new waterless type, having a capacity of 15.000,060 cubic feet: and of holders ofsimilar
design at the East 21st St. and West 44th St. stations, with a capacity of
5,250,000 cubic feet and 7.000.000 cubic feet, respectively.
Development of Gas Utilization.
-During the year great strides have been
made in the development of new appliances for gas utilization.
The gas-fired refrigerator has been finally developed during the year to
a point where we feel justified in offering it to our customers. Orders have
been placed with the manufacturer for early delivery and the interest which
has already been manifested in the sample units received augurs well for
a demand for these unique appliances on the part of the public.
The past year witnessed the construction of the first cork-insulated house
In New York. It was equipped with a gas-fired boiler for heating and a gas
water-heater and gas outlets were provided for refrigeration and cooking.
It is stated that cork insulation reduces the cost of heating buildings by
approximately 40%. This is a further step in promoting the use of gas for
house heating. The total number of house-heating installations now on
our lines is over 550. of which 76 were installed during the year 1926.
-During the year, the Consolidated and its
Commercial Departments.
Affiliated gas companies installed 277,975 gas-appliances, an increase of
17,229 appliances, or 6.61% •
ImeThe Domestic Division sold 154,038 gas-ranges, which were formerly
rented to customers. 47,313 enameled ranges, 22.764 heating-appliances and
4,561 water-heaters, or a total of 228,676 major domestic gas-appliances.
More than 31,000 small auxiliary appliances were sold during the year, an
inerease of 32%.
During the year, 54 gas-appliance inspectors made nearly 80,000 inspections of equipment, installed in hotels and restaurants, in order to insure
[Vol.. 124.
satisfactory service to these customers, and keep them informed of the latest
and improved types of gas-appliance equipment. It is estimated that,
approximately, 15% of the total sales of gas during 1926, was for gas supplied to hotel and restaurant customers.
The Industrial Division installed 4,540 industrial gas-appliances during
the year 1926, which included 343 gas steam-fired boilers for house-heating
and other purposes. More than 9% of the gas sales in 1926 was for industrial
purposes, a substantial increase over the year 1925.
Affiliated Electric Companies.
Complaint Concerning Electric Rates.
-The proceeding instituted by the
City of New York, in August 1923, against the New York Edison Co.,
complaining of the rates charged by that company, has necessitated an
enormous amount of labor and a very great expense, in the preparation
and presentation of the facts to the Commission. The hearings are now
nearing a close, but thus far, no affirmative evidence has been submitted
in support of the complaint made on behalf of the city.
Construction.
-On Nov. 4 1926 a 40,000 kilovolt-ampere frequency
changer set, converting from 11,000 volts, 25 cycles, to 26.400 volts 60
cycles or vice versa, began operation at the new East River generating
station of the New York Edison @o.; and on Nov. 23 the station was officially placed in service by the starting of the first 60,000 kilowatt steamturbine unit by Her Majesty, Queen Marie of Roumania. The new station
is connected to the Waterside stations by four 11.000 volt. 25 cycle ties.
to the Hell Gate Station by three 26.400 volt, 60 cycle ties, and to the
Brooklyn Edison Co.'s system by three 26,400 volt 60 cycle ties. It is
expected that the second 60,000 kilowatt steam-turbine unit will be placed
in service within the next thirty days.
The principal item of construction at the generating stations of the United
Electric Light & Power Co. was the erection of a building at 134th St. and
Locust Ave., adjoining Hell Gate Station, to house the terminals and
testing equipment of the new 132,000 volt, underground transmission line
to Westchester County, which line it is expected will be placed in operation
In the early spring.
There has been purchased for installation in the Hell Gate Station, a
turbo-generator unit having a capacity of 160.000 kilowatts. This unit is
more Man twice as large as any turbo-generator unit now in existence, and
will have a capacity of 9,000 kilowatts more than the total of the Sherman
Creek Generating Station. It Is expected to be in operation during July
1928, increasing the capacity of the Hell Gate Station to 445,000 kilowatts.
Transmission.
-The 132,000 volt underground transmission line, which
was mentioned in preceding annual report as being in process of installation
by the United Electric Light & Power Co. in conjunction with the New
York Edison Co. Is approaching completion, and it is expected will be
ready for service this spring. One-half of this cable was purchased from
'
the Pirelli Company,of Milan,Italy,and one-halffrom the General Electric
Co. The line connects the Hell Gate Station of the United Company with
the Dunwoodie Substation of the Yonkers Electric Light & Power Co. a
distance of approximately 12 miles. The line will have a capacity of 91.000
'
kilovolt-amperes, and is being installed to meet the growing needs of the
Bronx and Westchester County.
The converting capacity of the 60 cycle alternating current system of the
New York Edison Co. in the Borough of the Bronx has been increased
during the year by the addition of two 6,000 kilo-volt-amperes transformer
banks, one in each of the 140th St. and Hunt's Point substations.
On Oct. 13, there was placed in service a new alternating current substation at 172d St. and Boston Post Road, the Bronx, which is unique in this
company's distribution system in that it contains no step-down transformers.
Power is received from 2 generating stations over standard 13,200 volt
transmission feeders, and is distributed at the same voltage over smaller
distribution feeders, each made up of 3 single conductor 150,000 circular
mills cables. This system reduces the substation cost by eliminating transformers and transformation losses, and reduces distribution costs and losses
because of the higher distribution voltage. The new method of distribution
by the interlacing of distribution feeders will make it possible, in case of the
loss of one substation, to carry the entire load on the remaining substations.
On April 1, the United Company placed in service a 13,200 volt circuit
supplying part of the load on a low voltage multiple alternating current
network. This Lathe first recorded case where parallel circuits of different
voltages have been used simultaneously to supply nets ork distribution.
-During the year, contracts were secured by
Commercial Departments.
New York Edison Co. to supply 362 large buildings recently constructed
In the Borough of Manhattan, with installations aggregating 120,790 kilowatts, as compared with 303 new building installations of 85,836 kilowatts
capacity in 1925. The average capacity of the installations connected was
343 kilowatts last year, compared with 283 kilowatts in 1925 and 230 kilowatts in 1924. 37 isolated plants were shut down, adding a connected load
to the system of 8,902 kilowatts, nearly double the capacity of the plants
closed in 1925. Breakdown contracts to the number of 69, for service to
private plants, with a total of 2.975 kilowatts, were secured, and arrangements made to substitute electricity for 73 steam or hydraulic elevators,
with an aggregate capacity of 1,861 horsepower.
Eighty-nine contracts were secured for permanent general power business,
including the displacement of engines, with an aggregate capacity of 7,100
horsepower, as compared with contracts for 2.460 horsepower in 1925.
The refrigeration canvass resulted in securing 202 contracts totaling 1,575
horsepower. For building construction service 1,177 contracts were
secured with a total capacity of 115,664 horsepower.
The total number of customers of the New York Edison Co., in the
Borough of the Bronx, is now 256,167, showing a net gain of 36,322, or
163i% during the year. Thirteen low tension and five high tension contracts were secured, with an aggregate capacity of 2.766 kilowatts,and 8,438
kilowatts, respectively, and included 12 isolated plants with a capacity of
697 kilowatts, which were displaced during the year.
During the year, a contract for the supply of service at 13,200 volts to
the Holland Vehicular Tunnel was entered into jointly by the United Company and the Public Service Electric & Gas Co. of New Jersey, with the
New York State and the New Jersey Interstate Bridge and Tunnel Commissions. It is expected that service will.be supplied during the summer
of 1927.
-The past year has witNew York & Queens Electric Light & Power Co.
nessed the continued growth of the population and the expansoin of industrial activities in the Borough of Queens. It is estimated that the population is now nearly one million, while no less than 100 industries chose the
Borough of Queens as their industrial headquarters during the year. Over
40,000 new customers were added to the company's lines, an increase of
20% over that of the preceding year. The increasing number of apartment dwellings erected emphasizes the change from a suburban to an urban
character of that borough. This change has been so marked in communities like Jackson Heights and Flushing, that it has become necessary to
provide extensive underground systems of distribution, to place the service
in these and other localities on the most approved modern basis.
Activity in industrial lines resulted in the securing of contracts for
26,000 h.p.„ while a steady influx of population required an increasing
amount of power for water supply.
Much attention was given during the year to a new rate structure, which
would permit a reduction in the rate charged to the general public. Announcement of such reduction has recently been made, to tae effect on
March 1 1927.
-Early in 1926, the Peekskill Lighting
Affiliated Westchester Companies.
& RR. arranged for the sale of its street railway and motor-bus franchises
and properties within the Village of Peekskill and surrounding territory.
Conditions were not favorable for continued operation of the street railway
lines, and there was frequent litigation to prevent motor-bus competition
by private operators. The transportation service furnished by the Peekskill Lighting and Railroad Co. had been unprofitable and troublesome, for
a number of years. Since this sale to the Peekskill Motor Bus Corp., no
company of the Consolidated Gas Co.system is now engaged as a common
carrier of persons or property.
The three Westchester companies continue to grew and keep pace with the
ever increasing needs of the people of Westchester County. Completed in
December 1924. the Scarsdale high-pressure gas distribution system supplied
at Its outset 875 customers. This number has grown to 1,502. Five miles
of 8
-inch and 10
-inch high-pressure mains have been installed to connect
this system with the Saw Mill River Holder Station and provide a duplicate
as well as additional supply. There have been laid 53 miles of additional
mains in various parts of the county.
Electric lighting rates of the Westchester Companies were voluntarilY
reduced 1 cent per kilowatt hour, effective March. 1 1926.
-The company has had a very active year
Bronx Gas & Electric Co.
extending its gas and electric lines in new sections of its territory, having
added over 18 miles of gas-mains and 8 miles of electric lines to its distribution system. Ground was broken and construction started on a general .
service building and garage, to house transportation, stores, engineering,
construction and service departments for both gas and electric operations.
This building will be completed early this spring.
FEB. 261927.]
THE CHRONICLE
1213
Sales of Gas & Electricity.
-The sales of the Consolidated Gas Co. and its
affiliated gas companies for the year 1926 amounted to 44,987,936,400 Cu. gross earnings. The company reports, in addition to the
ft., an increase over 1925 of 3,215.695.300 Cu.ft.. or 7.70%. The affiliated acquisition of Baton Rouge Electric Co., net
increases in
electric companies sold 2.064.288,993 kilowatt hours of electric current.
an increase over 1925 of 235,496.392 kilowatt hours, or 12.88%. The plant of its subsidiaries totaling $15,077,000 and the reBronx Gas & Electric Co. obtained the greatest percentage of increased gas investment of $3,391,455 of earnings in the properties.
sales, being 24.39% over 1925. The same company also obtained the
The subsidiaries serve a population of 1,176,100 and have total generating
greatest percentage of increased electric sales. being 30.4'4% over 1925.
capacity of 259,800 kw. with output
Meters.
-The total number of gas-meters of the Consolidate° Gas Co.and the year the Virginia subsidiary has in 1926 of 637.474,000 kw.h. During
extended its transmission lines into a
its affiliated companies in use at the end of 1926. was 1.065,159. The
section of northeastern North Carolina doubling the area served
total number of electric meters of the affiliated companies in use at the end large has co-ordinated
and
its transportation service by obtaining new and
of 1926, was 1.213.503.
The Eastern Texas Electric Co. has completed the
The municipal street lamps on the lines of the Consolidated Gas Co.and favorable franchises. 25,000
initial installation of
its affiliated gas and electric companies, on Dec. 31 1926. consisted of 3.225 lines into a large portion of kva. in a new power station and extended its
southern Louisiana. The increased earnings
-lamps. 49 electric arc
incandescent gas
-lamps and 92,229 electric incandes- of the El Paso, Savannah and Key West
properties also reflect the healthy
cent lamps, a total of 95,503 street lamps.
All of these gas and electric properties have been maintained in excellent growth of industry in the territories served.
The total number of stockholders is 8,800 an increase of 35% in the,
repair and at the highest point of operating efficiency, at a cost of $13,853.months.
078 for repairs and $9,147.953 for renewals, or a total cost of 122.701.032: last 10
thus insuring a uniformly satisfactory quality of gas and electricity and their
The income account for the calendar year 1926, together
economical production and distribution.
COMBINED EARNINGS STATEMENT (INCLUDING SUBSIDIARY AND
AFFILIATED COMPANIES)
-CALENDAR YEARS.
1926.
1925.
1924.
1923.
Gas sales (Cu. ft.) __ _44,987,936,400 41.772,241,100 41,612,084,400 41.448.991.500
Electr. sold (k.w.h.) 2,064,288,993 1,828,792,601 1,661.106,123 1,543.732,692
a Gross earnings_ __ $153,799,528 8139,737,632 8126,459,961
$123,741,998
b Oper. & non-over.
expense
105.938,645
97,984,009
90,963,272
87.933,228
Net earnings
$47,860,883
$41,754,623
835.496,689
535,808,770
Int. on funded and
Unfunded debt_ _ _
12,193,990
.
10,855,717
7,521.772
7.555,521
Surplus earnings_ _ $35,666.893
$30,898,906
$27,974,917
$28,253,250
Common div. (35)
18,000,000
18,000,000
17,933,442
14,883,785
Preferred div.(7%).
1,050,241
1,050,267
1,001.970
508,153
Divs, paid on atilt.
k co.'s stock
44,315
50,653
40,681
47,813
Balance carried to
P surplus account. 816,572,337
$11,797,986
$4,998,823
812.813,499
Shares common stock
outsttig.(no par)
3,600,000
3,600.000
3,600.000
3,562,804
Earned per share__ _
89.60
$8.26
$7.48
$7.77
a Including miscellaneous operating and non-operating revenue. b
Including
retirement expense and taxes.
-The Dollar Gas Law having been decided by the U. S.
Note.
Supreme Court
on Nov. 29 1926 to be confiscatory in the cases of the Consolidated Gas
Co.
and including by stipulation its affiliated gas companies in the Boroughs of N.Y.
of Manhattan and the Bronx and in Long Island City, the figures
shown above for the
year 1925 have been amended from those previously reported for
that
include the net revenue from sales of gas by those companies during the year, to
year 1925
at rates in excess of $1 per thousand cubic feet. which was
temporarily carried In
"suspense account," amounting to $4.702,773.
COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR
1926.
Credit balance Dec. 31 1925
8121,366.741
Balance of earnings carried to surplus account
16,572,337
Gassales suspense for the period June 2 1923 to Dec.311925,transferred
to surplus account
x 12,902,556
Total
$150,841,634
Miscellaneous items (net credit)
247,706
m's
Credit balance Dec. 31 1926
$151,089,340
x Includes interest during construction capitalized at $1,444,604.
COMBINED SUMMARY OF FINANCIAL TRANSACTIONS FOR THE
in
•
CALENDAR YEAR 1926.
Resources
Cash on hand Dec. 31 1925
510,504,935
Balance of earnings carried to surplus account
16,572.337
Reserved for retirements (unappropriated)
, 463,017
Reserve for insurance
233,051
Unfunded debt
60,049,972
Miscellaneous items (net credit)
1,692,311
Variations in current assets and liabilities
2,221,705
Total
$91,737,328
Appropriation of Resources
Invested In land, plant and equipment (net)
877,027.217
Invested in miscellaneous securities
289,833
Invested in other companies
1147,100
Appropriations for contingency reserve
3,773,252
Total
$81,237,401
Cash balance Dec. 31 1926
$10,499,927
. x Including it1 shares i l,werogenmlg
.
gtngElAt ne!. stocIof Peekskill
sre & Rt.Cc.Fequird
I25m
)0rgultabi;
Gas Light Co. P. M. mtge. retired, $78,000; total, 8147,100.
COMBINED BALANCE SHEET DECEMBER 31.
lConsolidated Gas Co. of New York and Affiliated Gas and Electric
Cos.]
Assets1926.
1925.
Inc. or Dec.
$
$
$
Land, plant and equipment
678.416,014 601,388,798 +77,027,217
Investments
6,898,151
6.608.318
+289,833
Cash
10,499,927 10,504,935
-5,008
Accounts receivable
21,551,373 19,288,183 +2,263,189
Deferred charges
4,492,619
5.621,089 -1,128,471
Materials and supplies
18,369,051 17,632,296
+736.760
Total
740,227,138 661,043.619 +79,183,520
Liabilities
Common stock
a217,999,236 217.999,236
Preferred stock
b15,000,000 15,000,000
Stock of affiliated companies
c969,421
1,013,521
-44,100
Funded debt
200,394,790 200,497,790
-103,000
Unfunded debt
d70,346.345 10,296,374 +60.049.972
Accounts payable & accrued charges
23,773,381 19,680.198 +4,093,183
Reserve for insurance
3,563.664
3,330,614
+233,051
Reserve for retirement
5,848,010
5,384.992
4463.018
Reserve for contingencies
e51.242,950 55.016,202 -3,773,252
Gassales suspense
f
11,457,952 -11,457,952
Surplus
151.089,340 121,366.741 +29.722.600
Total
740,227,138 661,043,619 +79,183,520
r a 3,600,000 shame no par value. b 300,000 shares, par $50 each. c 6.62844
shares, par 8100 each, and 6,131 shares of no par value. d Includes consumers'
deposits of $7,797,370; disputed taxes of 52,870.054; real estate mortgage of 5178,800,
and bank loans and other loans of 259.500.000. e During the year 1926 53,575,000
of contingency reserve were transferred to reserve for retirement and 8198.252 to
surplus. f Transferred to surplus account in accordance with the decision of the
U.S.Supreme Court on Nov. 29 1926.-V. 124, p. 1065.
Engineers Public Service Co., Inc.
(2d Annual Report-Year Ended Dec. 31 1926.)
r Large increases in consolidated gross and net earnings
are shown by company in its annual report for 1926, issued
to stockholders Feb. 25. Gross earnings were $26,627,687,
an increase of $3,518,750 over the figures in the previous
annual report and balance available for reserves and the
778,938 outstanding shares of Engineers common stock
increased 25.9%.to $3,183,879. The report gives several
detail analyses,, including capitalization totaling $4 92 per
$1 of gross, maintenance expenditures amounting to 9% of
gross, and reserves and surplus equaling 72% of annual
with a map of the properties is given in the advertising pages
of to-day's issue. The balance sheet was given in V. 124,
p. 920.
The Fleischmann Company.
(Annual Report-Year Ended Dec. 31 1926.)
The income account and balance sheet for the year 1926,
together with extracts from the remarks to stockholders of
Pres. Joseph Wilshire, are given in the advertising pages of
to-day's issue.
CONSOLIDATED INCOME AND PROFIT & LOSS ACCOUNT
-YEARS
ENDED DECEMBER 31.
1926.
1925.
1924.
1923.
Net sales
162.951.699 $56.645,813 $46,442,692 $41,232.7213
Deduct cost of sales__ _n0,750,516 20.820.924 17,258.161 15,197,708
Gross profit
$42,201,183 235,824,889 $29,184,531 126,035.075
Deduct selling, adm.and
general expenses
*21.832.466 20,587,306 18,575,475 16,863.156
Net profit
$20,368.717 $15 237.583 110,609.056 $9.171,919
ther inc. credits_ 1,013,411
Add
823.698
840,633
796.434
Gross income
$21,382,128 $16,061.281 111.449.689 $9,968,353
-income charges
Deduct
.217,128
.179.208
.229.615
.171.518
Fed'l & Canadian tax_ 2,700•,422
1,959,968
1.376,849
1.166,269
Net income
218,464,578 $13,922,105 19.843.233 18.630,566
Profit and loss credits
139,975
176,944
18.627
147.785
Gross surplus
$18.604.553 214,099,049 $9,861.860 $8.778.351
Deduct Profit & Loss Clips.Prem.on pref.stock pur.
$861
$1,547
$8.300
$110,956
Gen, ins, fund set aside_
126.424
131,224
• 300.858
211,083
Adj. of prop. valuesadd'i amort'n of war
time facilities
90.880
Misc. profit & loss chges.
681,141
138,049
64,383
115,202
Total profit & loss chgs $808,425
$270,822
$464,420
$438,141
Net surplus before divs_217.796.128 $13,828,227 $9,397.440 18.340.210
-Preferred divs_
Deduct
73,929
74.274
76.679
82,743
Common dividends_ _ _ 11.250.000
7,500.000
6,000.000
4.875.000
Surplus for the year.. $6,472,199 $6,253.955 $3,320,761
x Add other credits
438.480
surp, beginning of year. 33,014.474 26,322,040 23,429.029
$3,382.467
20,046,563
Surplus at end of year-$39.486,673 $33.014,474 $26.749.791 $23.429.029
Shares of corn. outstand'g
(no par)
4,500.000
4.500.000
1.500.000 1.500.000
Earned per share on corn.
$4.09
$3.08
$6.51
Excess of book value over cost of capital stock of American Diamalt
Co. and Canadian Dittman Co., which became fully owned during 1925.
• Depreciation has ben charged off on plants and personal property
under these headings, aggregating $2 519 660.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
Fleischmann Co. and Subsidiary Companies.
1926.
1925.
1926.
1925.
LiabilitiesAssets$
5
Mtg. plants & eq't.25.327,903 24,496,080 Preferred stock_ _ b1.229,500 1.234,800
Other real estate - 3.048,937 2.945,168 Common stock___c7.500,000 7,500.000
Turn., tixtures,&c. 5,289,656 4,710,116 Surplus
39.486.673 33.014,474
3,763,322 3.639.635 General insurance
Patents
Prepd. tax.,Ins.,&c 431,363
384,840
fund account _ 22,295,033 2,173,128
Gen. haus. Fund
Current Malls
7,038
Accounts payable_ 1.468.669 1,265,841
U.S.ctfs. of indebt
853,098 Accr. Int., Payroll
U. S. Liberty bds. 883,736
1,367,160 1,285,196
Other bonds
taxes(other than
27,673
27,236
Accrued Interest-.
Fed. & Can'n) &
9,427
expen.. ses
7,597 Acer Fed.
Cash
248,661
220,901
Inrestment Secs.
I taxes 2,845,731 2,164,604
5,795,549 3,424.197 Accr. Can't] taxes_
Bonds
98.494
65.267
Reserres14,408
17,908
Stocks
158,865
176,121 Depreen plants &
Real estate mtges_
Policy of life inane27,781
t
25,682 Deeqpruloptmhe.nreal
12,821,696 11,194,484
Current Assets
est. 297,141
230,871
6,627.899 4,996.282 Depr.fur.,fixt.,&c 2,856,293 2,419,582
Cash
U.S.treasury etre. 6.041,400 1,239,013 Arnett. cost of pats 650,649
367.849
U. S. Liberty bds_ 2,742,792 3,855,542 Uncollectible sects
and loans
Notes & coll, loans
485,490
424,592
147,532 Miscell. reserves.. 303.860
103,784
receivable
366.234
Accta. receivable._ 3,856,871 3,837.247
148,241
Accrued interest__
Inventories at cost 6,914,084 (L477.635
9 5
6.3
x
$5.69
72,587,889 62.642,628
Total
Total
72,587,889 62,642,628
a Appropriated surplus set aside to meet conting•ncies. b Authorized
and issued. 30,000 shares of $100 each; in treasury, 17,705 shares: outstanding, 12,295 shares. c Authorized and outstanding. 4.500,000 shares at
declared value of 17,500,000.
-At Dec. 31 1926 company and its subsidiary companies had conNote.
tingent liabilities of $944.162 as guarantor of notes, of which 2869,162 represents a loan of the Guaranty Trust Co., New York, on balances due from
employees on common stock purchases, under which the stock is held as.
collateral.
-V. 124, p. 1074.
Peoples Gas Light & Coke Co. of Chicago.
(Annual Report
-Year Ended Dec. 31 1926.)
Pres. Samuel Insull, Chicago, Feb. I said in substance:
Results.
-In 1926 operating revenues increased 12,065.644 over 1925.
Dividends declared increased $239.828 due to the issuance of additional
capital stock. After meeting the increased dividend requirements the
amount carried to surplus was larger in 1926 than in 1925 although taxes
increased $378.553 over 1925.
Gas Sales.
-Company's total sales of gas in 1926 were 35.687. 6 .59
83 2
Cu.ft., an increase of 9.81% over 1925.
The la'gest one hour send-out of gas in the history of the company
occurred on Thanksgiving Day, Nov. 25 1926 from 11 o-clock to 12 o'clock
a. in. The gas send-out for this hour was 13,306.000 cubic feet. A new
maximum one day send-out of 137.147,000 cu. ft. was established on Dec.
14 1926. The send-out for each month of 1926 was higher than the corresponding month of any previous year.
Sales of gas for industrial purposes amounted to 4,476.935.000 cu. ft.
In 1926. The increase in sa1.38 for strictly manufacturing purposes was
,
736,888.000 cu.ft an increase of 19.7 over 1925.
1214
TAP, C11-RrINTOT
Automatic water heater installations byNcompany in 1926 were 130%
greater than in 1925. House heating gas sales during the year show an
increase of 70% over 1925. Refrigeration by gas and the use of gas for
the incineration of household wastes have made satisfactory progress
during the year.
Cooking continues as the leading use for the company's product. The
activities of the Home Service Department which conducts an educational
campaign in the proper use of gas in the home were enlarged during the
year by the establishment of additional home service stations in growing
communities
Contracts were entered into in 1926 for the sale of gas for large volume
cooking and baking in hotels under construction which will add materially
to the output of gas.
-The new 15,000,000 cu.foot waterless
Additions to Plant and Equipment.
gas holder and distribution station at Kedzie and North Shore Avenues
was placed in operation May 29 1926.
A 24-inch gas main was laid between the 110th St. station and the 96th
St. Station in order to facilitate the handling of the coke oven gas in that
district.
-inch main
During 1927 the 96th St. station will be connected by a 48
-inch main now extending from 71st St. and Hamlin Ave. to
with the 48
the North Shore holder at Kedzie and North Shore Avenues. This work
-inch main.
will require the construction of approximately 1154 miles of 48
-inch main
Upon its completion the company will have in operation a 48
surrounding the city of Chicago from the 96th Street station on the southeast to the North Shore holder on the north, enabling the company to transmit gas in large volume from the 96th St. station or the Crawford. Ave.station to any part of the city.
During the year 1926 almost 76 miles of gas mains were laid and 14,064
gas service pipes were installed. The net gain for the year in meters set
was 34,008, making a total of858,405 meters in service on Dec.31 1926 .
Capital Stock.
-The stockholders at the annual meeting on Feb. 23 1926
increased the authorized capital stock from $50,000,000 to $60,000,000.
On August 23 1926 the stockholders were given the right to subscribe
to additional capital stock to an amount equal to 10% of the outstanding
capital stock. Subscriptions were received for 41,593 shares; 38,193
shares, representing 90% of the total, were subscribed and paid for in
cash and 3,400 shares were subscribed for on the four and ten payment
basis: the balance of 757 shares unsubscribed for by the stockholders were
sold in the open market and netted the company $94,782 or at the rate
of $125 20 per share; 39,238 shares of the additional stock had been fully
paid for an were issued and outstanding as of Dec. 31 1026, making the
total outstanding capital stock of the company as of that date $46,273,800.
The proceeds of the sale of the additional capital stock were used for construction and to provide additional working capital.
-On Dec. 31 1926, the company had 9,239
Number of Stockholders.
registered stockholder, of whom 4,602 were residents of Chicago and 1,037
were residents of Illinois outside of Chicago. Of the total number of
stockholders 61% were residents of Illinois. The total number of stockholders increased 6% during 1926.
-Judge Oscar M. Toreson, In the Circuit Court of Cook
Refund Suit.
County, on July 8 1926, rendered a decision in favor of the city of Chicago
on the legal questions involved in the Agreed Case submitted to him in the
so-called refund suit: which is the litigation resulting from the 70c. gas
ordinance of 1911. The company immediately appealed to the Supreme
Court of Illinois which now has the case under advisement.
RESULTS FOR CALENDAR YEARS (COMPANY ONLY).
1923.
Statistics1924.
1926.
1925.
Gas made(1,000 cp.
- 13,797,101 11,994.751 19,836.121 16,169.836
23,538,038 21.811.703 13,527,200 15.130,507
Gas bought
" " " 35,687,864 32,500,781 31,621,306 29,791,111
Gas sold
Income from gas
333.920,196 $31,854,552 $31,329,895 $30,615,188
895,181
1,163,128
Income from sources_ _ _ _
932,897
1,114,631
Total income
$34,853,092 $32,969.183 $32,493,023 $31,510.368
Deduct Expenses
$404,567
Steam material
$232,940
$229,246
8414,976
do
cts. per M
(1.69 cts.) (1.91 cts.) (2.09 cts.) (2.50 cts.)
3,175,156
Fuel(gas making)
1,886,139
1,775,959 3,327,797
do
cts. per M (13.67 cts.) (14.81 cts.) (16.77 Os.) (19.63 cts.)
2.041,652
Oil
1,928,572
1.629,377
2,554.574
do
cts. per M (13.98 cts.) (13.58 cts.) (12.87 cts.) (2.63 cts.)
76,012
Purifying material
38,209
35,871
83,312
109,099
Station supplies
72,937
79,125
114,685
577,045
Manufacturing labor.....
356.434
370,528
673,465
do
cts. per M_ _ (2.58 cts.) (3.09 cts.) (3.39 cts.) (3.57 cts.)
408,956
Maintenance and repairs
219,674
238,331
380,644
167,212
Superintendence
124,301
119,209
144.664
214,442
Engineering department
72,651
68.622
156,527
5.171,401
Gas bought
7,424,684
4,791,809
7.582,460
Gas, prod. at exp. sta'n_
2,596
Cost of gas in holder
Dr.329
Dr.812
stock adjust
Cr.5.278
Dr.394
Debit for residual prod
Cr.196,595 Cr.205,811 Cr.291,135 Cr.191.399
Cost of gas
$12,310,105 $11.767,873 $12,354,727 $12,154,470
do
cts. per M (32.98 cts.) (34.81 cts.) (37.02 cts.) (38.83 cts.)
Transm.& distrib. exps_ $2,212,520 $2,249,563 $2,471,619 $2,188,723
1,746,100
1,824.792
Commercial expense_ _ _ _ 1,958,936
1,826,107
438,813
571,488
New business expenses_ _
635,493
Gen'i & misc. expense.. 3.158: 80
4
2,846,884
2,714.150 2,699,890
1,232,020
1,297,679
1,321.033
Depredation
1,427.079
293,338
314,532
154,485
Contingent
339.781
2,289,238
Taxes
2,778,553
2.400.000 2,259,324
223,926
152.062
153,929
Uncollectible bills
163,160
Rentfor leased plant and
1,104.942
1,131,317
1,259,464
equipment
1,296,012
Int. on Ogden Gas Co.
300,000
300,000
300,000
300.000
bonds
204.637
204,637
204,637
Amortized rents
204,637
41,122
96,100
104,812
Miscell. deductions
104,056
[VOL. 124.
BALANCE SHEET DEC. 31 (COMPANY ONLY).
1926.
1926.
1925.
AssetsLiabilities-$
$
Real estate,
Capital stock_ __ 46,273,800
311,200
Plant. &c_ _ _ .114,759,758 112,122,731 Subscribed
Materials
1,202,165 1,254,246 Underlying prior
Ace'ts receivable 2,730,953 2,182,027 lien bonds_ _ _ 23,911,000
Notes receivable
21,667
28,500 Ref. mtge. bds_ 20,554,000
Matured funded
Gen.& ref. bds_ 1,712,000
d't int. depos_
5,750,000
346,190
308,610 6% gold notes
740,726
Deferred charges 5,329,813 5,758,839 Gas bill deposits
Invests in affil.
Acc'ts payable__ 1,075,934
cos
5,411,525 4,337,398 Taxes accrued._ 3,085,331
598,649
Miscell. invests_ 3,070,010 3,770,080 Bond int. accr'd
Int. & divs. rec_
41,517
62,417 Retir., &c., res. 18,586,144
925,476
Subscr. to cap.
Div. declared__
346,190
stock
2111,242
92,236 Matured interest
39,470
Cash
7,945,373 3,878.384 Sundrie I
33,677
Sinking fund_ __
12,009
12,009 Deferred credits
Reserve funds... 2,692,187 2,435,811 Surplus
21,072,748
Sundry deposits
& advances._ 1,236,937
711,040
1925.
42,027,100
214,200
23.911,000
20,554,000
1,712,000
5,750,000
565,042
987,014
2,661,335
598,194
16,861,383
840,542
308,610
34.305
27,299
19,902,306
146,016,345 136,954,329
Total
145,016.345 136,954,329
Total
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
1925.
1926.
1926.
1925.
$
Assets$
Liabilities$
$
Prop., plant and
Capital stock_ _ _ 46,273,800 42,027,100
214,200
311,200
equipment_ _ _128,301,808 125,921,768 Subscribed
Misc. investm'ts a6,837,420 7,275.323 Funded debt, 63,927,000 63,927,000
Reserve funds__ 2,692,187 2,435,811 Purch. contracts
957,000
Cash
600,000
8,379,870 4,195,836
payable
537,194
388,333
Notes receivable
45,431
49,550 Notes payable
.964,549
929,466
Acc'ts receivable 4,435,166 3,821,470 Acc'ts payable._
1.40,542
Int. & divs. rec.
925,476
96,093
76,088 Divs. declared
Mat'ls & suppl_ 1,895,854 1,975,239 Matured bond
310,035
Matured bond
lot,
565,042
int. deposits._
48,11
350,490
7.
5 31
310,035 Consumers' de-.
p2,718,549
Sundry advances
3,136,801
Taxes accrued
649,070
and deposits._ 1,236,937
645,691
711,040 Interest accrued
35,599
Subscribers to
40,270
Sdry. curr. Ilab_
capital stock_
216,242
92,237 Retirement res_ 15,525,464 14,593,076
Prepayments_ _ _
192,463
124,226 Ins,fund reserve
1,118,509
Unamort. debt
1,265,252
(invested)
disc, and exp_
690,500
797,988 Provident fund
Unamort. rents_ 3,839,717 4,044,354
res. (invested) 1,426,935 1,317.302
Misc. def. debits
1,122,703 Miscell. reserves 2,031,133 1,572,775
985,081
41,423
Deferred credits
56,212
Total (ea. side)_160,195,239 152,953,668 Surplus
;1,585,906 20,599,787
a Includes securities of the parent and subsidiary corporations amount
ing to $44,471,900.
The Peoples Gas Light & Coke Co. has guaranteed as to principaLand
interest the following bonds:
(I) Chicago .5z Illinois Western RR. 6% general gold bonds,
I
due July 1 1947
$196,333
(2) Chicago By-Product Coke Co. 1st & ref. mtge. 5% gold
bonds, due Dec. 1 1976
13.000,000
The interest on the above issues has not become a charge against the
Peoples Gas Light & Coke Co.
-V. 124, p. 648.
Baldwin Locomotive Works.
(16th Annual Report
-Year Ended Dec. 31 1926.)
President S. M. Vauclain says in brief:
Throughout the year the works were enabled to operate at approximately 40% capacity. The foreign business improved greatly.
4
The transfer of equipment and operations to Eddystone has progressed
satisfactorily.
It is expected to operate during 1927 on a 50% capacity basis.
ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS. CAL. YEAR.
1926.
1925.
1923.
1924.
Gross sales
$47,891,669 327,876.064 326,080,3523102,762,075
Cost
44.080,416 30,235,689 26,437,172 92.577,320
Mfg. profit
Other income
$3,811,253loss$2359625 loss$356,820 310,184,758
2,912,844
3,857,661
3,373,262
3,256,255
Gross profit
37,668,914 81,013.637 82.899.435 313.097.599'
1.166,077
Deduct 0th. exp., &c__ _ 1,176,492
817,073
979,408
Profit
86.492,422
Res. for depr. & adj_
Res,for tax & removls_ _
455,000
Deferred profits
153.515
$196,564 81,920,027 $11,931,521
600,000'
600,000
4,400,000'
415,058
Net profit
$5,883,907
$196,564
Div. on pref. stk.(7%)_ y1,400,000 y1,400,000
Div. on corn. stk. (7%).. y1,400,000 y1,400,000
31.320,027 36,516.464
y1,400.000 x2,800,000'
y1,400,000 x2,800,000
Surplus
$3,083,907df$2,603,436df$1,479,973
Sur. brought forward__..15.763,833 18,367,269 19,847,242
3916:464
18,930,778
Total p.& I. surplus- -318,847,740 $15.763,833 $18,367,269 819,847.242
Shares of common stock
200.001)
200,000
outstanding (par $100)
200,000
200.000
Nil
$18.58
Earn. per oh. on common
Nil
$22.42
year 1924, in addition
x Includes $1,400,000 special dividend reserve for
to regular dividend. y Being dividend for the following year transferred
from dividend reserve.
Cost of gas delivered
-Report is subject to revision to meet any changes in interpretation
Note.
to consumers
$27,024,435 825.384.326 $25,532,381 324,917,220
do
cts. per M_ (75.72 cts.) (78.10 cts.) (80.75 cts.) (83.64 cts.) of Federal tax laws, regulations or rulings.
2.357.850
2,643,433
Interest on funded debt_ 2,702,850
2,702,850
BALDIVIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
36,785
Int. on unfunded debt_ _
41,860
29,484
16,562
1926.
1925.
1925.
1926.
•
Total cost of gas deliv1 Liabilities5
$
$
Assets$
ered to consumers_ -$29,743,847 328,116,660 $28,217,675 327,311,854 Real estate, maPreferred stock._ _20,000,000 20,000,000
(91.68 cts.)
do
cts. per M.... (83.34 cts.) (86.51 cts.) (89.24 cts.)
chinery, &c_ _ _y32.178,912 29,375,015 Common stock__ _20,000,000 '20,000,000
10,000,000 10,000,000
Stand.St.Wks.Co_ 7,041,501 7,041,501 Bonded debt
Net income
418,578 Accounts payable_ 2,604,864 3,371,202
35.109,245 84,852.523 $44.275,348 $4,198,514 Chicago plants.. _. 449,785
Previous surplus
19,902,306 18,657,711 17,231,680 16.073.796 Other real estate__
5,880
5,880 Bills payable
2,000,000
5,958,475 8,037,935 Savings funds, &c_ 1,602,338 1,659,848
Inventories
Total
$25,011,551 823,510,234 $21,507,028 $20,272,310 Accts. receivable... 8,405.126 8,798,475 Accr. int. on bonds
83,334
83,334
56.880 Bills receivable.... 2.256,435 2,862,051 Interest receivable
Sundry debits
480.303
389,256
• 58,067
Dividends
(8%)3.458,500(8)3,218,672(75.1)2791250(754)2983750 For'n Govt. see_ _ _x7,200,043 15,588,049 In advance. &e_ 189,413
286,856
di
Miscell. securities. 4,373,598 3,030,868 Res. for removals
Balance
$21,072,748 $19,902,306 $18.657.711 $17,231,680 Cash
1,983,941 1,520,536
8,295,945 2,263,293 and taxes
Shs. cap. stk outst'g (par
.1
158,622 Reserve for de116,434
Deferred charges
385,000 let mtge, bond
462.738
385.000
$100)
420,271
ferred profits.... 1,446,603 3,011,223
$10.90
Earned per share
$11.04
2,800,000 2,800,009
$11.54
$11.10
3,276,100 2,925,575 Res. for dive
sinking fund
18,847,740 15.763,833
Surplus
CONSOLIDATED INCOME ACCOUNT YEARS ENDED DEC. 31 (INCL.
SUBSIDIARY COMPANIES).
79,558,233 80,505,832
Total
79,558,233 80,505,832
Total
1925.
1926.
x Includes: Republic of Poland 5% bonds, $2,920,000; Rumanian Treasrevenues
$38,888,960 836,824,567
Operating
ury 7% notes, $574.265: Argentine State Ry. notes, $607,850; Mexican
Cost of production, distribution and general oper$1,389,814; Chinese Government (Kinhan Ry.),
25.505,464 24,291.541 Government Ry. notes, Colombia (notes), 3223,114. y Land and builderating expense _ - -,-,
1,464,101 $1,485.000: Republic of
1,500.649
_Rent of leased plant ---------machinery and fixtures, $14,848,526.
1,403.486 ings, $17,330,386;
1,529,576
Retirement expense
177,550 CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. STANDARD
188,571
Uncollectible bills
2,463,645
2,842,872
WHEEL WORKS CO.).
Taxes
1925.
1926.
1925.
1926.
87,321,829 $7,024,244
Net operating income
Liabilities
$
Assets1.533,276
1,376,931
Other income
40,000,000 40,000,000
Plant, equip., &c_42,227,268 39,430,595 Capital stock
11,400,000 11,438,000
Bonded debt
$8,698,759 $8.557,520 Investments, real
Total income
424,458 Current liabilities_ 4,851,342 7,780,174
455,665
estate, &c
317.139
218,565
Other deductions
370,191
272,747
3,233.101 Current wets__ .38.375,403 42,137,927 Interest
3,239.670
Interest on funded debt
158,622 Surp. & reserves. 28,126,781 25,526,812
116,434
3,218,672 Deferred charges__
3,458,500
Dividends
3,476,100 2,963,575
Sinking fund
$1.782,024 $1,788.608
Balance to surplus
84,650,870 85,115,177
Total
84,650,870 85,115,177
Total
$11.91
$11.32
Earnediper share
1,
FEB. 26 1927.j
THE CHRONICLE
Standard Steel Works Co. Balance Sheet Dec. 31.
1925.
1926.
1926.
AssetsLiabilities$
$
•
$
Plant, equip., &c.10,048,356 10,055,580 Capital stock
6,000,000
1,975,187 1,774,591 1st mtge. bonds__ 1,400,000
Inventories
Accts. receivable
648,830
897,970 Bills payable
5,191
5,907 Accounts payable_ 1,383,816
Bills receivable_ __
47,841
2,841 Saving funds
Marketable secure.
171,743
120,150
46,993 Res, for taxes_. __ 597,933
Cash
200,000
38,000 Surplus
Sinking fund
3,492,065
Total
13,045,556 12,821,882
-V. 124, P. 238.
Total
13,045,556 12,821,882
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
1925.
$
6,000,000
1,438,000
1,000,000
767,640
152,520
487,933
2,975,789
1215
ties of Chesapeake & Hocking Ry. 117 I. C. 0. 338, we authorized the
Hocking company to issue not exceeding $70,000 of common capital stock.
and not exceeding $12.500,000 of promissory notes, and granted permission to the C. & 0. to acquire control of the Hocking company by purchase of capital stock. Pursuant to such authority the Hocking company
has issued its capital stock, all of which, excepting 7 directors' shares, has
been acquired by and is now owned by the C. & 0.
The C. & 0. proposes to lease the railroad of the Hocking company for
the term of one year, and thereafter, subject to the right of either party
to terminate the lease at any time after one year by giving 60 days' notice
to the other party. The lessee agrees to maintain and operate the railroad,
to keep the properties insured to the extent like properties are usually
Insured by railroad companies, to pay all expenses, claims, and obligations
arising from the operation of the railroad, and at the expiration or termination of the lease to return the properties to the lessor in a proper state of
repair. The lessee covenants to pay as rental a sum sufficient to enable the
lessor to maintain its corporate organization: all taxes and assessments
which, during the term, may be lawfully levied or assessed against the
demised premises, or any part thereof, or against the lessor in respect
thereof; and such sum as will enable the lessor to pay the successive installments of interest accruing during the term upon all bonds, notes, or
other obligations or evidences of indebtedness which may from time to
time be issued, incurred, or assumed by the lessor, with the consent of the
lessee, or secured by a mortgage or other lien, subject to which, any additions, extensions or betterments may be made to the demised premises
by the lessee at the cost of the lessor.
At the beginning of operation the fixed annual rental payment will
amount to $750,000, being 6% on the $12.500,000 of notes to be issued for
construction purposes, plus the taxes and assessments. Should the construction expenditures be financed permanently at a lower rate than 6%
then the rental would be reduced accordingly. It is expected that the line
will be ready for operation by Sept. 16 1927. The rental provisions of the
lease are to become effective on the day the line is turned over to the C.& 0.
for operation. It is estimated that control of the Hocking company and its
railroad by the C. & 0. will enable the latter to effect an annual saving of
approximately $1,000,000, in addition to the economies that will result
from eliminating the necessity for a separate executive and operating
organization for the Hocking company. This estimate does not include
any saving which araexpected to result from moving traffic over the new
line, which must now move by less economical routes.
The stockholders' protective committee of the C. & 0. asks that the
application be granted, but urges that our order be so conditioned as to
prevent the termination of the lease by either of the parties thereto except
with our prior consent. The order to be entered herein will be so conditioned.
Commissioner Eastman dissents.
Conduttors and Trainmen in Western Territory Demand Wage Increases
Proportionate to Those Granted to Employees in East and Southeast.
-New
York "Times" Feb. 25, 13• 33.
Seaboard Air Line Ry. Objects to Wage Increase-Withdraws from South-Will in Future Deal Directly with its Own Men.
eastern Railway Group.
-New York 'Thnes" Feb. 22, p. 29.
Repair of Freight Cars -Freight cars in need of repair on Feb. 1 totaled
136,847, or 5.9% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 7.178 cars over the number reported on Jan. 15,
at which time there were 129,669. or 5.6%. It was, however, a decrease
of 21,313 cam, compared with the same date last year. Freight cars in
need of heavy repair on Feb. 1 totaled 94,837. or 4.1%, an increase of 221
compared with Jan. 15, while freight cars in need of light repair totaled
42,010, or 1.8 7 an increase of 6.957 compared with Jan. 15.
,
Locomotive Repairs -Class I railroads on Feb. 1 had 9,256 locomotives
in need of repairs, or 14.9% of the number on line, according to reports
tiled by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 115 compared with the number in
need of repair on Jan. 15, at which time there were 9,371, or 15.1%. Of
the total number of locomotives in need of repair on Feb. 1,4,773, or 7.7%,
were in need of classified repairs, a decrease of 224 compared with Jan. 15.
while 4,483, or 7.2% were in need of running repairs, an increase of 109
compared with the number in need of such repairs on Jan. 15. Serviceable
locomotives in storage on Feb. 1 totaled 4,666 compared with 4,600 on
Jan. 15.
Car Surplus.
-Class I railroads on Feb. 15 had 259.556 surplus freight
Lease of Island Creek RR.
ears in good repair and immediately available for service, the Car Service
-S. C. Commission on Feb. 5 approved the acquisition by the
The I.
Division of the American Railway Association has announced. This was company of control of the railroad of the Island Creek RR. by lease.
an increase of 1,789 cars compared with Feb. 8, at which time there were
The report of the Commission says:
257,767 cars. Surplus coal cars on Feb. 15 totaled 68,373, an increase of
The railroad of the Island Creek comprises about 15 miles of main line
3,655 cars within approximately a week, while surplus box cars totaled and branches located entirely in Logan County, W. Va. Its chief tonnage
140,957, a decrease of 2,695 for the same period. Reports also showed consists of bituminous coal from extensive mines along the railroad. By
26,615 surplus stock cars, an increase of 786 over the number reported on our order entered April 6 1926 we authorized the applicant to acquire conFeb. 8, while surplus refrigerator cars totaled 12,528, an increa.se of 82 trol of the Island Creek by purchase of capital stock. On May 6 1926
within the same period.
the applicant acquired the entire capital stock of that company, the railroad
Matters Covered in "Chronicle" Feb. 19.-(a) Revenue freight loading of which it was then operating under a 20
-year lease dated April 5 1912,
still ahead of previous years because of heavy coal shipments, p. 979.
and it now desired to continue control and operation thereof under a new
(b) Rate a return earned by railroads during the calendar year 1926, lease to be effective from May 6 1926.
p. 1004.
By the terms of the lease dated April 5 1912, the applicant is required to
maintain the leased railroad, to pay the taxes and insurance thereon, and
Atlanta (Ga.) Terminal Co.
-Final Valuation.
to pay as annual rental a sum equal to 5% of the cost of the property deThe I.-S. C. Commission has placed a final valuation of $2,926,315 on mised and 6% of the cost of any additional main line or sidings needed for
the owned and used property of the company, as of June 30 I918.
line leased. Under
-V. 123, development of coal territory naturally tributary to thethe former one, the
P. 1870.
the provisions of the new lease, which is to supersede
applicant is to maintain the leased property in as good condition as at
Baltimore & Ohio RR.
present, to pay all taxes and assessments levied against It. to perform
-Preliminary Earnings.
towards the public all obligations due it respecting the demised property,
Calendar Years1926.
1925.
1924.
1923.
and to pay a nominal rental of $1 a year. The new lease is for the term of
Gross
$252,361,830$237,546,940$224,318,794$255,594.435 one year and thereafter, subject to the right of either party thereto to
Expenses
186,306,274 179.099,597 172,752,632 199,323,962 terminate it upon 30 days notice. The term of the lease is in conformity
Taxes, &c
12,077,163 10,118,319
9,651,159
9,965,415 with the practice of the applicant respecting leases of companies which it
applicant has
Operating income_ -$53.978.393 $48,329,024 $41,915,003 $46,305.058 controls entirely by stock ownership. Under its terms the the price paid
the option of purchasing the leased property for $1,500.000,
Equip. rents, &c
3,173,056
5,294,937
3.830.680
4,171,929 by it for the stock of the Island Creek, plus the cost of certain additions,
improvements.
Net oper. income_
$50,805,337 $43,034,087 $38,084,323 $42,133,129 betterments and estimates that as compared with independent operation
The applicant
Other income
7,094,482 6,489,977
5,657,291
6,032,520 the saving thus to be effected would amount to $164,000 a year. This
paid under the lease of April 5
the annual
Total income
$57,899,819 $49,524,064 $43,741,614 $48,165,649 figure, however, includes$62.830 for rental
the year 1925.
Int., rent, &c
29,405,525 28,730,4556 27.421.924 25,743,614 1912, which is given as dissents in this case also.
-V. 124. p. 1061.
Commissioner Eastman
Net income
$28,494,294 $20,793,508 $16,319,690 $22,422.035
-Abandonment of Operation of
Chicago & Alton RR.
Pref. dive. (4%)
2,354,528
2,354.527 2.354,527
2,354,527
Common dividends
9,116,725
7,597,270
7,597,337 3,798,570 the Rutlan Toluca & Northern RR.
-S. C. Commission on reb. 12 issued a certificate authorizing
The I.
Surplus
$17,023,041 $10,841,711 $6,367,826 $16,268,938 the Chicago & Alton RR. and William W. Wheelock and William G. Bleed.
Shs. corn, stock outst'd'g 1,519,453
1,519,433
1,519.434
1,519,454 its receivers, to abandon operation, under lease, of the Rutland Toluca
Earned per share
$17 20
$12 14.
$9 85
$13 21 & Northern RR.
-V. 124, p. 1061.
The report of the Commission says in part:
-year lease,
"The C. & A. controls the R. T. & N.'s railroad under a 999
Boston & Maine RR.
-Bonds.
and has operated it as a part of the Alton System. The receivers contend
Relative to Fitchburg RR. bonds which mature March 1 1927: Such that the R. T. & N.'s line has been operated throughout at a serious loss,
bonds of this issue as were not deposited under the plan and agreement that the System is not financially able to carry this burden, and that
of reorganization dated Sept. 1 1925 and new ST bonds taken in exchange the value of the line as a feeder is slight. Transportation of coal from
are to be paid at maturity at the office of the Treasurer of the Boston & mines in Southern Illinois to the Chicago Milwaukee & St. Paul at GranMaine RR., Lechmere Square. East Cambridge, Mass.
-V. 124, 10. 230. ville had been depended upon for traffic, and the R. T. & N.'s track was
105: V. 123, p. 3315.
rebuilt for it, but since the Chicago Milwaukee & St. Paul acquired the
Chicago Terre Haute & Southeastern, the R. T. & N.'s principal function
Boyne City Gaylord & Alpena RR.
-Final Value.
as an intermediate carrier has ceased to exist.
The I.
-S. C. Commission has placed a final valuation of $1,706.50.) on
"The capital stock of the R. T. & N. is owned by the C. & A. and is
the property of the company as of June 30 1918.-V. 122, P. 1022.
pledged under the latter's general mortgage securing $16,834,000 of 6%
bonds which mature in 1932. The C. & A. is guarantor of $225.000'
Buffalo Creek & Ganley RR.
-Final Valuation.
outstanding 4% bonds of the R. T. & N., bUt the receivers do not intend
The I.-S. C. Commission has placed a final valuation of $910,697 on the to ratify this guaranty. The investment in road and equipment is given
owned and used property of the company,as of June 30 1918.--V. 122,p.477. as $330,660. The applicants state that the bondholders have refused
to take over the railroad and that the C. & A. is under no obligation,
--Final Valuation.
Bullfrog Goldfield RR.
under the lease, to continue its operation.
The I.
-S. C. Commission has placed a final valuation of $1.463,276 on
"Recourse to the courts will probably be necessary for the proper deterthe owned and used property of the company, as of June 30 1915.-V. 113. mination of the legal questions which may arise between the lessee and
p. 1052.
lessor of this property and its bondholders. We have considered as
essential factors in reaching our finding the value and magnitude of the
Butte Anaconda & Pacific RR.
-Tenders.
carrier's service, the financial results of its operation,
character and
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until extent of the population and industries served, and the the
probable effect of
March 11 receive bids for the sale to it of 1st mtge. 5% 30
-year s. f. gold abandonment upon both the general community and the Alton System.
bonds dated Feb. 1 1914 to an amount sufficient to absorb $46,424, at prices It appears that the R. T. & N. performs a comparatively small transnot exceeding 105 and int.-V. 123, p.978.
portation service, at a considerable loss to the system of which it is a
part: that this system should be relieved of the burden of such loss. The
Cache Valley RR.
-Abandonment of Line.
local population and its farming and livestock industries are, with the
The I.
-S. C. Commission on Feb. 12 issued a certificate authorizing the exception of those lying between Porterfield and Price Valley, and generally
company to abandon, as to inter-State and foreign commerce. its line of centring on Magnolia, served or capable of being served by rail lines other
railroad extending from a connection with the St. Louis
-San Francisco Ry. than that of the R. T. & N. The Magnolia section
without highat Sedgwick. in a northeasterly direction to Light, a distance of approxi- ways leading to several stations on other lines at no is not distances, and
great
mately 9.6 miles, in Lawrence and Greene counties, Ark.
there is prospect of additional and improved State roads. The probable
Inconvenience to be suffered by the
whole
Central RR. of New Jersey.
-Taxes Exceed Dividends.
- ficiently serious to warrant continued communities as arailroad is not suffor purely
operation of the
Railroads operating in the State of New Jersey paid State taxes during local reasons, under all the circumstances shown. Its value as a con1926 of $16,717,105. according to official report, of which $3,970,682 was necting or bridge line, in view of the numerous points of interchange in
paid by the above company. Dividends paid by the Central during the this part of the State, can not be considered important."
year aggregated $3,292,416.-V. 124, p. 1061.
Earnings for Calendar Years (1926 Preliminary).
Chesapeake & Hocking Ry.-Lease Approved.
1925.
1924.
1926.
Gross income
See Chesapeake & Ohio By.
S31.474,824 $31,077,084 $30,854,030,
123, P. 2514.
Expenses, taxes, &c
25,452,173 24,717,990 25,141.376
Chesapeake & Ohio Ry.-Lease of Ches. & Hocking Ry.Operating income
$6,022,651 $6,359,094 $5,712,654
The I.
-S. C. Commission on Feb. 5 conditionally authorized the acqui1.811.223
1,317,861
2.036,248
sition by the Chesapeake & Ohio Ry. of control, by lease, of the railroad of Equipment, rents, &c
the Chesapeake & Hocking Railway Co.
Net operating income
$3,986,403 $4,547,871 $4,394,793
The report of the Commission says in substance:
Other income
*642,869212,293
188,148
In Construction by Chesapeake & Hocking By., 117 I. O. C. 129, we
authorized the Hocking company to build a line or railroad from Gregg to
Total income
$4,174,551 $4,760,164 $3,751,924
Valley Crossing. O., upon the condition, among others, that the C. & 0., Interest, rents, &c
4,787,166.
4,718,881
4,673,313
within 30 days from the date of the certificate issued in that proceeding,
• hould file its application to authority to acquire control, by lease, of the
Deficit
$498,762 sur$41,283 $1,035,242
railroad proposed to be onstructed by the Flockinr company. In Securi- -V. 123. p. 1758.
THE CHRONICLE
1216
(VOL. 124.
-Stock InDelaware Lackawanna & Western RR.
Chicago Milwaukee & St. Paul Ry.-Additional Assets
-The stockholders on Feb. 23 increased the authorcreased.
Created for Stockholders under Reorganization.
Additional assets amounting to $7,000.000 will be created for stock- ized capital stock (par $50)from $87,277,000 to $87,407,500.
holders of the company under the reorganization plan now awaiting The additional stock is to be exchanged share for share for
-S. C. Commission, according to a survey to be pubapproval by the I.
the capital stock of the Lackawanna & Montrose RR., of
lished by Frazier Jelke & Co.
"The receivership and reorganization," it is stated, "will cost the stock- which the D. L. & W. already owns all but two shares.
holders approximately $3.000.000 out of the $70.000.000 cash assessment
of which $60,000,000 will be returned in new bonds while $7,000,000 will V. 124, p. 788.
be new money into the property."
East Tennessee & Western North Carolina RR.
Indications of recovery of the road appear in the $8.000,000 reduction
of fixed charges under reorganization and the increase in freight volume Final Valuation.
tons last year, through economic
from 34.000,000 tons in 1921 to 10.000.000
Improvement in the Pacific Northwest.
In the event that Congress decides to fund the $55.000,000 Government loan," it is pointed out. "stockholders of the St. Paul may benefit
further through reduction in the cash assessment. Although the first
$25,000.000 of the Government loans matures March 1. Congress has yet
to act on the proposal for funding these loans.
"A decided trend toward Improvement in the revenue stluation confronting the carriers in the Northwest is apparent despite failure of the
-S. C. Commission to heed the plea of these roads for an adjustment
I.
of freight rates in their favor.
"While agricultural products have decreased in volume, lumber and
manufactured products have shown a corresponding increase. Since
the falling off in shipment of farm products is attributed to the recent
agricultural depression, the net result is expected to be an upward swing
in freight volume in the Northwest during the next few years.
"Definite signs are at hand that show the Northwest is emerging from
depression which has gripped it while other sections were enjoying prosperity
-V. 124, p. 916.
following the post-war deflation period."
Chicago & North Western Ry.-Preliminary Earnings.
1923.
-S. C. Commission has placed a final valuation of $1.613,600 on
The I.
the property of the company, as of June 30 1916.-V. 118. p. 2572.
Florida East Coast Ry.-Preliminary Earnings.
1923.
1924.
1925.
1926.
Calendar YearsGross
529.427,460 $29.132,738 520,106,910 $16,023,998
Net after taxes
7,436,748 7,687,340 5.511,453 3,896,030
Net oper. income
5,167,479 5,337,049 4.411.515 3,165,911
Total income
5.905,519 5.976,472 5,929,049 4.371.632
Surplus after charges--- 2,753,949 3,840,370 3,517,492 2,757,673
125,000
375,000
Shs. corn, stock outat'd'g
375.000
375,000
$2206
$938
Earned per share
742
810 24
-V. 122, p. 3207.
Healdton & Santa Fe Ry.-Bonds.-
The I.
-S. C. Commission on Feb 3 authorized the company to issue
a first mortgage 6% bond in the principal amount of 31.100.000, to be
delivered to the Atchison Topeka & Santa Fe Ky. in satisfaction of an
equal amount of indebtedness.
-Final Valuation.
Galveston Wharf Co.
1924,
1925.
1926.
.2705149.454,584$160,425465
$154.335,724$148.538
Gross earnings
Expenses, taxes, &c____129.906,277 125,677,153 129.885.487 141.784.940
97:
$1S141 2g8
$2111Alig
Equip, rents,
Net oper. income_ _522.295.139 $21,108.750 $16,784,051 $15,8437375
2.705,403 2.316,246 3.437,327 4.536.206
Other income
-S. C. Commission has placed a final valuation of $13,635,000 on
The I.
the total owned and used property of the company, as of June 30 1917.
-V. 123, p. 708.
525.000,542 $23,424,996 $20.221.378 $20,379,581
12,580,701 12.640.418 12,550,054 11.642,113
$12.419,841 $10,784,578 $7,671,324 $8,737,468
Net income
1.567,650
1.567.650 1.567.650
Preferred dividends---- 1.567.650
6.243,250 5.806,100 5,806.100 5.806.100
Common dividends
An appeal in the valuation case in which the Federal Court of Kansas
-S. C. Commission valuing
City set aside and vacated an order of the I.
the carrier at $49.000,000 will be taken to the U. S. Supreme Court for
review it was announced at the Department of Justice Feb. 23. The
Attorney-General, however, has taken no steps in the case and will not
do so until the appeal Is forwarded to Washington by the U. S. District
-V. 124. p. 108.
Attorney at Kansas City.
.
$13122 z
Total Income
Interest, rents, &c
Great Northern Ry.-Directorship Approved.
The I.
-S. C. Commission recently approved application of Vincent Astor
to hold the position of director of this road, while at the same time holding
a similar position on the Illinois Central RR.
-V.124. p. 917. 788.
Kansas City Southern Ry.-VaNatioq C
5297.574 $1.363.718
$4.608,941 53.410.828
Surplus
1,451,563
1,451,563
1.451.563
Shs. COM. Stk. outst'd'g- 1.567,408
-New Terminal Opened-Earnings.
Lehigh Valley RR.
$4 94
$4 21
34
92
56
$6
Earned per share
A new passenger, freight and express terminal at Easton, Pa.. was opened
-V. 124. p. 1062.
on Feb. 19 by this company. Confronted by the problem of
for service
its tracks
providing a rapidly growing city with adequate facilities but
Chicago St Paul Minneapolis & Omaha Ry.-Prelimi- on a viaduct and with a high hill on one side and a river on withother, the
the
nary Earnings.
company's engineers built a street level terminal directly under the rail1923.
1924.
1925,
road's main line. The new station is of brick and concrete of attractive
1926.
Calendar YearsGross
$26,433,019 $26,850,133 $27,915,736 $28.363,234 design, supplemented by a covered island platform 1.000 feet long and 28
-V. 124, p. 502, 231.
22,559,822 23,052,041 23,818,835 25,126,852 feet wide, with a passenger track on either side.
Expenses, taxes, &c
1923.
1924.
1925,
1926.
Calendar Years- .
Operating income_-_ $3,873,197 53,798.092 $4,096,901 $3,236,382 Gross earnings
580.453,150 574.430,573 376,374.805 575,935,154
207,466 Expenses, taxes, &c
687,912
576.474
693.108
Equipment rents, &c
66,650.545 61,935,594 64,983,257 69,362.033
Net oper. income_ -- $3,180,089 53,221,618 53,408,989 $3,028.916
237,705
251,062
188,331
Other income
199,733
Gross income
53,379.822 83.409,949 $3,660,051 $3,266,621
2,642,448
Interest, rents, &c
2,570,080 2.596,784 2,623,143
Net income
Preferred dividends-- Common dividends
$809.742
562,965
$813,165 $1,036,908
562,965
562,965
$624,173
788.151
463,917
Net operating income313,802,605 $12,494.979 $11,391,548 86,573.121
2,492,232 3,257,958 9,583,293
3,164,021
Other income
516,966.626 514,987,211 $14,649,506 $16,156.414
Total income
6.945.513 6,940,648 7,297.469 7,569.802
Interest, rents, &c
$10,021.113 88,046.563 $7,352,037 $88,586.612
Net income
10,630
10,630
10,630
10,630
Preferred dividends- _4,235,119
6.050,170 4,235,119 4.235,119
Common dividends
$473,943 def$627,895
53.960,313 83400,814 53.106.288 $4.340,863
Surplus
Shs. common stock out1,210,034
1,210,034
1,210.034
1.210.034
standing (par $50)
$7.09
86.07
$8.27
$644
Earn, per sh. on common
The General Mortgage 5% bonds maturing March 1 1927 will be paid -V. 124. p. 502.
on or after that date upon presentation of bonds at the office of the AsAve., N. Y. City,
sistant Treasurer of the Pennsylvania RR., 380 Seventh
-Estimated Expenditures.
Long Island RR.
or at the office of the Treasurer of the Pennsylvania RR.,Broad Street Staexpenditures totaling more than $57,000,000 for improvements
tion, Philadelphia, Pa.. or at the office of the Treasurer of the Pennsylvania onEstimated Island RR. during the next 5 years were presented at the
the Long
98,
-V.
Ohio & Detroit RR.. 425 Pennsylvania Station, Pittsburgh, Pa.
hearing held Feb. 3 on the company's application for increased commu•
D. 522.
tation rates. George Le Boutillier, Vice-President, summarized his esti-year period (1927-1931) as follows:
mates for the 5
--Listing.
Erie Railroad.
The New York Stock Exchange has authorized the listing of $39,254.200 Mandatory expenditures imposed upon the railroad by Federal,
$32,400,000
State or municipal authority
(total issue $253,000,000) additional common stock, par $100 per share,
-year convertible bonds, Expenditures to improve service and provide for increased trafon official notice of issuance on conversion of4% 50
17,150,000
fic, road
series D,due April 11953, making a total amount of common stock applied
13.550,000
Expenditures for new equipment
for to date $152.254.200.
These three items total $63,100,000. but $5,880,000 of this amount is
The 539,254,200 ofcommon stock is required to provide for the conversion
-year convertible bonds. series 13, due April 1 1953, chargeable to operating expenses, making the net capital expenditures
519.627.100 4% 50
of
road's share
convertible at the option of the holder into common stock at $50 per share 557.220,000. The largest mandatory expenditure is for the
of the expense of eliminating grade crossings, that item amounting to
at any time after April 1 1918 and before Oct. 1 1927.
$18,250,000.
Financial Statements for Stated Periods,
Mr. Le Boutillier estimated that for the years 1927-1931 freight business
Year Ended 11 Mos.End, Year Ended would increase 24%,commutation business 50% and other passenger traffic
Dec. 31 '26. Nov. 30'26. Dec. 31 '25. 24%. Net railway operating income In 1931 would be $6,746.000 at present
Operating revenues-Freightrevenue.$89,012.090 $82,019,677 $82,267,198 rates. With the 20% increase in commutation rates it would be $9,180,000.
-Passenger revenue
12,309,532 11,269.236 13.019.668
to $117,000,000, which latter
Adding the $57,000,000 of new
614,024 figure is the company's investment capital
557,413
590,962
Mail revenue
as shown by the road and equipment
Express revenue
2,886,653 2,616,710 2,840,439 account, gives a total of $174,000.000. According to Mr. Le Boutillier,
3.971,479 4,066.727 the net railway operating income in 1931 would be, at present rates, only
All other transportation revenue--- 4.321,531
1.457.739 3.87% on the investment, which is about 1% less than the company earned
1,332.870
Incidental revenue
1,461,566
13,616 in 1925 and 1926, and that with the ,20% increase in commutation rates
7,933
Joint facility revenues
8.317
It would be 5.27%.
Total operating revenues
$110.574,0185101.759,4558104.252,180
It is also announced that the company will place within a short time
Oper. exp.-Maint, of way SC struc-_$12,618,689 $11.827.283 $11,881,985 orders for 117 steel coaches and 10 combination baggage and passenger
Maintenance of equipment
28.491.109 26,091.613 25,954,684 cars, to cost about 52.114.158. In addition, the company will put in service
Traffic
1,629,899„105 this year 114 new steel passenger cars now under construction, costing
1,780,30
Transportation
43.531.959 39,684,224 41,184.345 $2,902,286. By the end of 1927 every passenger carrying car operated in
599,521 both steam and electric service is expected to be a steel construction,
558.499
Miscellaneous operations
612.051
General
3,468,513 3.161,413 3.489,754 making the Long Island RR. the first class 1 road in the United States to
113.035 retire all wooden cars. -V. 123, p. 1994.
111.032
Transportation for investment--Cr.
116.375
Surplus
-V. 124. P. 788.
$246,777
$250,200
Cleveland Akron & Columbus Ry.-To Pay Bonds.
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Operating income
Equipment rents
Joint facility rents
Net railway operating income
Non-operating income
Gross income
-Rent for leased roads
Deduct
Interest on funded debt
Other deductions
Net income
income applied to sinkingfunds
Balance
Earnings Per Share
Netincome, before sinking funds
Necessary for 4% on preferred stocks
Remainder for common stock
Per share of co-onion stock
-V. 124. P. 017. 788-
590.386,251 $82.841,903 $84,757,361
$20,187.766 $18,917,551 $10,494,819
34450.582 54,193,121 $4,042,067
43,825
41.670
44.651
$15.792.532 514,682.759 515.408.923
241,988 dr. 33.220
332,372
426,365
361.764
402,839
$16.527.744 $15,286,483 815.802.068
6,587.285 5,154.681
521.873.768 520.956.749
2,139,702 2,366,689
9.323,424 10,325,619
1.535,133
1.437,938
$8.972.703 $6,729.306
1.248,197
1.146,215
-Right of CommerceComLos Angeles 8c Salt Lake RR.
-The right of the
mission to Value Railroad Property Upheld.
L-S. C. Commission under the authority of Congress to
value railroad property was sustained by the U. S.Supreme
Court Feb. 21 in the case of the Los Angeles & Salt Lake RR.
The full text of the decision is given under "Current Events
-V. 123, p. 204.
and Discussions" on a preceding page.
-Lease.
Marion & Eastern RR.
-V. 123. p. 1380.
See Missouri Pacific RR. below.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Budget.
The 1927 budget as announced by A. E. Wallace, Vice-President and
General Manager, calls for the expenditure of more than $3,000.000 this
year. The major items include $1.500.000 for expansion and improvement
of right of way and equipment, 5525.000 for enlargement of the yards at
Schiller Park. near Chicago. and $500,000 for new rails on 52 miles in the
-V. 122. p. 3451.
Chicago district.
87.724.505 85.582.391
-Lease of Marion & Eastern RR.
Missouri Pacific RR.
Year 1926. Year 1925.
The I.
-S. C. Commission on Feb. 12 authorized the acquisition by the
510,113,393 56.729.306
2,556,176 2.556,176 company of control by lease, of the railroad of the Marion & Eastern RR.
The Missouri Pacific owns all of the Marion's capital stock except qualify67,557.217 54.173.130 ing shares held by directors. the
Missouri Pacific is to have full and exUnder the lease now proposed
$3.71
$6.72
clusive control of the Marion's properties, with the right at its own cost.
FEB. 26 1927.]
TRE CHRONICLE
and without claim over or against the Marion, to make changes in
tion or elevation of the Marion's roadbed and such other changes inthe local
the
of betterment and improvement as it may deem expedient. It agrees to way
pay
therefor (a) interest on all outstanding bonds of the Marion, which as
of
Oct. 31 1926 amounted to $380,300:(b) all taxes and assessments levied or
Imposed on the leased premises, and (c) all expenses of operating and maintaining the Marion's properties.
-V. 124, p. 788.
Nashville Chattanooga & St. Louis Ry.-Earnings.-
Calendar YearsGross
Expenses, taxes, &c
1926.
1925.
1924.
1923.
$24,023,878 $24,000,050 $23,601,646 824,801,7
87
20,071,530 19,949,208 20,136,543 22,159,618
Operating income-- - $3,952,348 $4,050,842 $3,465,103 $2,642,16
9
Equip, rents, &c
Cr65.807 Dr113,037
Dr31,336 Cr419.802
Net oper.income
$4,018,155 $3,937,805 $3,433,767 $3,061,971
Other income
287,640
406,607
290.207
337,482
Total income
$4,305,795 $4,344,412 $3,723.974 $3,399.45
3
Interest, rents, &c
1,794.537
1,815.370
1.768,465
1,770,648
Net income
$2,511,258 $2,529,042 $1,955,509 $1,628,80
5
Dividends(7%)
1,120,000
1,120,000
1,120,000 1,120,000
Surplus
$1,391,258 $1,409,042
$835,509
$508,805
Earned per share on 160,000 shs. capital stock
(par $100)
$15 70
$15 81
$1222
$10 18
-v. 122, p. 2485.
Rutland Toluca & Northern RR.
-Lease Canceled.
-
See Chicago & Alton RR. above.
-V. 117. P. 1778.
St. Joseph & Grand Island Ry.-Tentative Valuatio
n.
The I.
-S. C. Commission has placed a tentative valuation of
on the property of the company as of June 30 1919.-V.113,p. $7,646,7$4
1675.
Seaboard Air Line Ry.-Bonds Offered.
-Dillon,
& Co. and Ladenburg, Thalmann & Co. are offering atRead
3
98%
and int. (from March 1 1927) $5,000,000 1st & consol.
mtge. 6% gold bonds, series A. Dated Sept. 1 1915; due
Sept. 1 1945.
1217
companies are to refund Penna. and Conn, personal
exceeding 4 mills per annum each, the Md. securitiesproperty taxes not
tax not exceeding
43 mills per annum and the Mass, income tax not exceeding
annum, if application be made within six months after payment. 6% per
Bankers
Trust Co., corporate trustee.
-Seaboard Air Line Ry. agrees that application will
Listing.
be made
in due course to list these bonds on the New York Stock Exchange
,
-Seaboard Air Line By., which owns the entire
Lease.
outstanding
capital stocks (except directors' qualifying shares) of the three
mortgagor
companies (see below) has leased the properties of the
mortgago
panies for a period of 99 years from Nov. 15 1925 at a minimum r comannual
net rental equal to annual interest on all the bonds outstanding
under the
mortgage. The lease agreements provide, among other
Seaboard Air Line Ry. will maintain the leased properties. things, that
Security.
-The series B bonds, in the opinion of counsel, will
be the
joint and several obligations of Seaboard-All Florida By..
& Northern RR. and East & West Coast Ry. and will be Florida Western
secured, equally
and ratably with $25,000,000 outstanding 6% series A bonds and
additional
bonds which may be issued as indicated below, by direct
liens on a total of approximately 463 miles of railway of first mortgage
the mortgagor
companies, of which approximately 60 miles are still under
construction.
Such bonds will be further secured by the pledge of
In the leases of such properties. The series A bonds the lessors' interest
and
(and bonds ef other series to which such security may be series B bonds
extended) will
also be secured by the pledge of the entire capital stocks of the
three mortgagor companies.
Bonds in addition to these series B bonds and the $25,000,0
00
bonds now outstanding (and to an additional $1,000,000 series series A
which may be issued) are issuable under the mortgage in one A bonds
series in principal amount not to exceed the reasonable cost of or more
extensions, betterments and additional properties subjected or additions.
to
jected to the mortgage as a first lien thereon; all as more fully be subprovided
and defined in the mortgage.
Mortgaged Properties.
-The lines of Florida Western & Northern
RR.
are operated as a part of the main line of the Seaboard Air Line By.
to West Palm Beach, and in connection with the west coast linesSystem
of the
System they form the only through line of railroad across the
peninsula
of Florida.
Seaboard-All Florida Ry. has built an extension, now in operation
, of
the main line of the Seaboard Air Line By. System from West Palm
to Miami and other east coast points and is building an extensionBeach
from
Miami to Florida City. The extension to Miami forms an
integral part
of the main line of the Seaboard Air Line By. System, thus making
it
the only railroad system operating through trains over its own rails
from
Richmond to Miami and other points on the lower oast coast of
Florida.
On the west coast Seaboard-All Florida By. has built a line, also
in
operation, from Ft. Ogden on the main line of the Seaboard Air
System through Ft. Myers to Estero and is building an extension Line Ry.
to
East & West Coast By. extending from Arcadia to Manatee, La Belle.
connects.
two of the west coast main lines.
-Seaboard Air Line By. will accept the series B bonds
Purpose.
to be
presently outstanding from Florida Western & Northern RR.,
mortgagors, at par, in payment of certain advances made by it one of the
to
Western & Northern RR. for expenditures made for construction Florida
additions and betterments to the line of the latter comapny. The and for
from the sale by Seaboard Air Line Ry. of these $2,000,000 series proceeds
B bonds
are to be applied toward the reimbursement of its treasury for said advances.
Issuance.
-Subject to approval by the I.
-S. C. Commission.
-V, 122.
P. 880.
-Company has agreed to make application
Listing.
in due course to
list these bonds on the New York Stock Exchange.
Data from Letter of Pres. S. Davies Warfieid, Baltimor
e Feb. 18.
System.
-The Seaboard Air Line By. System consists
of :
of owned and leased railroad directly operated by Seaboard 4.260 miles
Air Line By.
In addition, approximately 290 miles belonging to
subsidiary companies
are separately operated. The lines of the System extend
from Richmond,
Va., through parts of North and South Carolina,
Florida, with lines reaching substantially all of Georgia, Alabama, and
the important cities of
the South Atlantic seaboard, including the capitals
of six Southern States,
and such important ports as Norfolk, Va.;
Wilmington, No.Caro.; Charleston, So. Caro.; Savannah, Ga.; Jacksonville
and Tampa, Fla. The territory traversed by the Seaboard
sections of the South, including theSystem is one of the most productive
citrus fruit
and tobacco distrkts and also many importan and vegetable areas, cotton
t manufacturing sections.
Since the extension of the main line of the
Southern Ry.-Bonds.Palm Beach (P...1m Beach) and Miami, Fla., Seaboard System to West
The I.
-S. C. Commission on Feb. 7 authorized the company to
operating through trains over its own railsit is the only railway system
issue
from
and other points on the lower east coast of Florida. Richmond to Miami issue of 83,363,000 of 1st consol. mtge.5% gold bonds; to be sold at not less
than par and int. No arrangements have been made for the
The Seaboard Air Line By. System has the only through
sale of the
line of railroad bonds.
-V. 124, p. 782.
across the State of Florida to West Palm Beach,
Miami, and other lower
east coast points. Washington, D. C. is reached
Stockton Terminal & Eastern RR.
over the lines of the
-Final Valuation.
Richmond Fredericksburg & Potomac R R., in which
-S. C. Commission has placed a final valuation of
The I.
Seaboard Air Line
By. has an interest.
owned and used property of the company as of June 30$222,297 on the
Security.
-The 1st & consol. mtge. bonds are a direct obligation
1916.-V. 123.
p. 3179.
of corn
pany and are secured by a direct first mortgage
lien on approximately
442 miles of railroad, including the through
Waycross & Southern RR.
-Final Valuation.
low-grade main line of 258
miles from Hamlet, No. Caro., to Savannah
via Charleston. First &
-S. C. Commission has placed a final valuation of$188,900
The I.
consol. mtge. bonds are further secured
on the
including not less than $56,510,000 ref. by pledge of certain securities, owned and used property of the company,as of June 301918.-V. 123.p.578.
mtge.
The effect of covenants made by the company is bonds of the company.
York Harbor & Beach RR.
that no additional bonds
-Abandonment of Line.
(other than 1st & consol. mtge. bonds) secured by
The I.
-S. C. Commission on Feb. 12 issued a certificate authorizing
lien on any of the company's property now directly any existing mortgage
the
except additional ref. mtge. bonds, which by the owned, may be issued company to abandon, as to inter-State and foreign commerce, its line of
provisions of the 1st & railroad which extends from Kittery Junction, in the town of Kittery,
consol. mortgage are required to be pledged thereunder.
northeasterly about 11 miles to York Beach, station in the town
of York,
Funded DebtAuthorized.
and lies wholly within York County, Me.
Outstanding.
-V. 115, 11. 1733.
Pledged.
Underlying bonds
(closed)
$32,636,000
$5,849.000
1st mtge. bonds
(closed)
12,775,000
27,000,000
Ref. mtge. bonds
$125,000,000
19,350.000
56,510,000
1st & consol. mtge. bonds
PUBLIC UTILITIES.
300,000,000
50.747,500
20,878.500
Notes to U.S. Government_
16,453.900
Adj. mtge. bonds
All America Cables, Inc.
-To Merge With the Inter25,000,000
25.000,000
In addition the company has outstanding certain
-A plan to merge the
mitments as to funded debt of subsidiary companies guaranties and com- national Telephone & Telegraph Corp.
.
All America Cables, Inc., with the International Telephone
Results of Operations Years Ended Dec.
31.
& Telegraph Co. was formally announced on Feb. 24 in a
Railway
Railway
Total Inc.
x Fixed
Operating
Operating
joint statement by W. Emlen Roosevelt, Chairman of the
Applic. to
Interest
Revenues.
Expenses.
Interest.
former company,and Sosthenes Behn, President of the latter.
1923
$52,249,110 $40,342,259 $8,367.625 Charges.
$6,095,245
1924
53,384,173 41,387,634
The joint statement said in part:
9,933.490
6,601,413
1925
62,864,710 46,733,363
5
The International Telephone & Telegraph Corp. has authorized an offer
6.850,385
1926
67,024.854 49.253,001 10,935,546
12.358,64
7,604,868 to issue its stock in exchange for ell America stock at the rate of 4 shares
x Exclusive of interest on the adj. mtge. (income)
bonds ($25,000,000 of International stock for 3 shares of All America stock, and the
outstanding).
board of
directors of AU America Cables, Inc.. have recommended the
Mortgage Provisions.
-The total amount of 1st & consol. mtge.
acceptance
bonds of such offer.
of all series authorized is $300,000,000. All 1st & consol.
The offer contemplates that All America stock shall be deposited
issued to date are designated as series A bonds. Additiona mtge. bonds
with a
l 1st
mtge. bonds are issuable as series A bonds or bonds of other & consol. Committee nominated by the directors of All American Cables. Inc., under
series. As a deposit agreement authorizing the transfer of the deposited stock to
more fully provided therein, the first and consolidated mortgage
the
reserves International when in order. Depositors are to receive certificates of
bonds for refunding practically the entire mortgage debt
deposit
Air Line Ry., except the adj. mtge. bonds. The remaining of Seaboard J. P. Morgan & Co. are to be the depositaries of the Committee, and the
1st & consol. certificates will be registered by the Central Union Trust Co.
mtge. bonds are reserved for betterments and improvements,
as registrar.
additions, Further details of the offer will be comunicated in a circular presently
acquisitions and extensions, the acquisition
to be
other companies, the refunding or payment of stocks and bonds of certain Issued by each of the corporations to its stockholders.
of obligations secured by liens
The consummation of the transaction will require a
on after-acquired property and the acquisition or retirement of
deposit under
obligations; all as more fully provided in the first and consolidat equipment agreement of an amount of stock deemed sufficient by the International the
for
Purpose.
-The proceeds of these 85,000,000 series: A bonds ed mortgage. its purposes.
will
The successful operations heretofore of each of these
to reimburse the company's treasury for expenditures made for be used
improve- field of electrical communications will be materially corporations in the
ments, acquisitions, betterments, additions and extensions
furthered by the
to
of the company and its subsidiaries and for the acquisitio the properties affiliation proposed. The present members of the Board of All American
n or retirement Cables have been requested to continue as such,and
of equipment obligations.
certain of such directors
will be elected to the board of International. John L.
Issuance.
-Subject to approval by the I.
-S. C. Commission,
and the other officers and staff of All America Cables Merrill, as President.
are to continue in its
Seaboard Takes Issue with the Management of the
management. Representatives of
Negotia- board of All America Cables in due International will be elected to the
tions and Settlement of the Wage Increase Given in tile
course.
-V. 124. p. 789.
South-
eastern Group by the Group Committee Representing the
Railroads
and the Board of Mediation-Has Withdrawn front the
Southeastern Group.
-See under"Current Events and Discussions"
on a preceding page.
-V. 124, p. 641.
Seaboard-All Florida Ry.-Bonds Offered.
-Dillon, Read
& Co. and Ladenburg, Thalmann & Co., New York,
offering at 973 and int. (from Feb. 1 1927), to yield are
4
over
6.30%, $2,000,000 1st mtge. 6% gold bonds,. series
B.
Unconditionally guaranteed as to principal and
interest by
endorsement by Seaboard Air Line Ry.
Dated Aug. 1 1926. due Aug. 1 1935. To be presently
not to exceed $2,451,000 of series B bonds, in addition to outstanding,
of series A bonds issued in 1925. Interest payable F. & A. s25,000,000
without deduction for Federal normal income tax not exceeding
Principal and int. payable at office of Dillon, Road & 2% per annum.
Co New York,
or at such other office or agency in New York as may
be designated.
Denom. $1,000 and $500 c* & r*. Red. as a whole
date on 60 days' notice at 103 and int, on or before Aug.only, on any int.
after at 100 and int. plus a premium of X of 1% for 1 1928 and thereelapse between the redemption date and Aug. 2 1935.each full year to
The mortgagor
Alum Rock Gas Co.
-New Control.
-
Control of the stock of this company, which
was
acquired by the Pennsylvania Gas & Electric Corp. closely held, has been
unofficially reported to be $976.000. or approximaThe consideration was
tely $244 a share.
V. 123. p. 3317.
American Cities Co.
-Stricken
The New York Stock Exchange on Feb. Off List.
23 struck from its trading list the
6% cumul. pref. stock.
-V. 115. p. 758.
Androscoggin & Kennebec Ry.-Annual Report.
-
Calendar Years1926.
Gross earnings
$1,004.546
Operating expenses
682,120
Taxes
45,380
Interest
69,911
lst preferred dividends_ _
105.192
25 preferred dividends_
Depreciation
87,500
Balance, surplus
$14.443
-V. 123. IL 1630.
1924.
1923.
1925.
$998.152 $1,055.633 $1,165,131
739.088
686.131
826.043
48.366
54.964
43,683
72.238
72,259
72,295
88.110
88,110
88,110
85,410
85.419
88,000
88.000
88.000
$19,953 defS65,517 def$49.655
Associated Gas & Electric Co.
-Preferred Dividends
Payable in Cash or in Stock (at Option of Holder).-
1
1218
[vol.. 124.
THE CHRONICLE
-During 1926 the company purchased the physical
Properties Acquired.
The directors have declared the following quarterly dividends: dividend properties of the West Salem Ice & Light Co., the Noble Electric Light &
-873c. per share plus the extra
Strewn Electric
Original Series Preferred Stock.
to holders of Power Co., the Cambria Light. Heat & Power Co., theElectric Co., the
of 12%c. heretofore declared. or $1 in all payable on April 1
Light Co., the Alvin Grain & Electric Co., the Rossville
Power Co., the
record Feb. 28.
share, payable April 1 New Holland Light & Power Co., the Cobden Light & Electric Light
-$1 75 per
$7 Dividend Series Preferred Stock.
Liberty Electric Co., Paloma Electric Light Co., Menden
to holders of record Feb. 28.
dividends, & Power Co., the Sadorus Light & Power Co., the Farina Electric Light
Provision was also made for stock dividends, in lieu of the cash share of Co., Anchor Electric Light Co., Inc.: the electric utilities in Vergennes,
for each
of
at the rate of 2.7-100ths of a share of class "A" stock
each share Fisher, Belleflower and Littleton; the municipal electric properties
original series, and 4.72-100ths of a share of class "A" stock for per share Grayville, Clay City, Brookport, Cypress, Creel Springs, Divernon,
$40 50
of $7 dividend series preferred stock held. On the basis ofper share for the Middletown, Sibley and Kinmundy: the Mattoon municipal street lighting
for the class "A" stock this is at the annual rate of $4 37 preferred stock. system, and the electric distribution system of Ashland. Electric service
original series and $7 64 per share for the $7 dividend series make full shares was also furnished during the year to 31 other communities heretofore not
Stockholders may also purchase or sell sufficient scrip to
class "A" enjoying such service.
at the rate of $1 above or below, respectively, the sale price of
The company also purchased during the year the ice manufacturing
Marion
stock.
124, p. property and ice business of the Glenridge Ice & Coal Co., the Ice
Co..
[Distributions of like amount were made on Dec. 31 last.I-V.
County Coal Co., the Centralia Ice & Cold Storage Co., the Home
Storage
1064.
the Illinois Ice & Cold Storage Co., the Herrin Ice & ColdBottling Co..
Co.,
Co., the Christopher Ice &
Benton Ice Cream & Bottling
Bell Telephone Co. (of Penna.).-Annual Report.
Zeigler Ice Sr Bottling Co., the Lawrenceville Ice & Cold Storage Co., the
1923.
1924.
1925.
1926.
Calendar Years$41,145.358 Chrisman Ice & Fuel Co. and the ice business at Virden.
$56,340,022 $50.630,200 $46,531.023
utility prop
Operating revenue
The company was recently authorized to acquire the public 124, p. 1065
39.729.151 36,563,079 35,437,310 32,352,776 erties of the Perry Light & Power Co. in Pike County, Ill.
:
-V
Oper. expenses
1,424,407
1,642,486
2,449,250
2,774,054
Taxes & uncollectibles
-Initial Dividend on Series
Chicago Rapid Transit Co.
Operating income_ __ _$13.836,818 $11,617,871 $9,451,226 $7,368,175
1.609,892
1,671,990
1,987,505
Non-oper. revenue (net) 1.941,324
"B" Prior Preferred Stock.
The directors have declared an initial monthly dividend of 60 cents per
$15,778,143 $13,605,376 $11.123,217 $8,978.067 share on the
Gross income
prior preferred stock, series "B," thereby placing that stock
3,704,396
4,602.101
5.318,417
6,393.557
two addiInterest charges, &c_
on a $7 20 annual dividend basis. The directors also declaredpref. stock
1,035.949
1,282,341
Preferred dividends_..__ 1,300,813
4,800,000 tional monthly dividends of 60 cents per share on the series "B"
6,400,000 5,200,000
6,400.000
Common diva paid_
each on the prior preferred stock,
and 3regular monthly dividends of65 cents
holders of
350,000
Other deductions
.
series "A." Dividends are payable April 1, May 1 and June 1 to 3036.
-V.123, p.
$473,671 record March 15. April 19 and May 17, respectively.
$285,167
$604.619
$1,333,773
Balance, surplus
Shares of common stock
600.000
-A. B. Leach & Co.,
800,000
800.000
-Bonds Sold.
800.000
Cities Service Co.
outstanding (par $100)
$8.79
$6.86
$8.75
$10.10
Earned per sh. on com
Inc.; Federal Securities Corp.; Pearsons-Taft Co. and Henry
Balance Sheet Dec. 31.
%
L. Doherty & Co. have sold at 913 and int. $15,000,000
1925.
1926.
1925.
1926.
ref. 5% gold debenture bonds. Heldring & Pierson, The
$
Liabilities$
$
AssetsCommon stock_ 80,000,000 80,000,000 Hague, have reserved for distribution in Europe $1,000,000
Teleph. plant &
equipment_ _221,641,214 207,365,488 Preferred stock_ 20,000,000 20,000.000
of this issue. '
7,059,944 Prema. on cantInvest.securities 7,493,844
S.)
95,237
• 95,237
tal stock
Dated March 11927; due Jan. 11968. Principal and Interest (M.&
Adv. to system's
95,739,500 95,704,500 payable in New York and Chicago: interest payable also in San Francisco.
corporations__ 10,755,000 11.745,000 Funded debt
3,496,850 3,982,781 Denom. $1.000. $500 and $100 c*. Callable all or part, on any int, date.
402,145
352,530 Acc'ts payable
Miseell.1nvest
at
on 30 days' notice, at 103 on or before March 1 1962, and thereafter
Cash & deposits 3,031,299 2,743,610 Accr. Habil. not
5,259,283 4,654,239 1% less each year, or part thereof, to and incl. Morch 1 1965, and thereafter
due
28,000
7,592
Bills receivable..
empl.
tax. Conn. 4 mills tax, Mass.
at 100 plus int. in each case. Penn. 4 mills
Acc'ts receivable 5,217,530 15,718,630 Liabll. for
•
benefit fund_ _ 2,500,000 2,150,000 income tax on the int, up to 6%, Maryland 44 mills securities tax, and
709,885 1,206,794
Mat'l & supplies
89,037 Calif. tax up to 4 mills refundable on application to the company within
212,510
444 0th. def. credits
919
Accr.ine.not due
income
734,421 Reserve for accr.
918,187
Sink,fund assets
60 days. Interest payable without deduction for normal Federal
depreciation 34,720,217 33,164,020 tax not exceeding 2%. Chatham Phenix National Bank & Trust Co..
730,908
Prepayments_ _ _ 1,018,529
for amort.of
Res.
Unamort'd debt
365,451 New York, trustee.
325,648
disc. & exp_ __ 3.129,935 3.191,517 intangible cap.
Data from Letter of Henry L. Doherty, President of the Company.
145,497 Corporate sum_ 12,188,853 10,818,617
211,818
Other def. debits
-Owns directly or indirectly a majority of the common stock
Company.
254,537,898 251.022,782 of each of more than 60 public utilities comprising a large and successful
Total
254,537.898 251,022,782
Total
natural gas, heat.
1926, system of electric light and power, manufactured and than 40 companies
Note.
-The Bell Telephone Co. of Pennsylvania was, as of Dec. 31
water, ice and street railway companies, and of more
guarantor for principal and interest in respect of Lehigh Telephone Co. representing an important system of oil production, transportation, reFace value
first and ref. mtge. 5% gold bonds. Series A, due July 11949.
fining and marketing.
operating in
outstanding Dec. 31 1926, $2.638,700.-V. 124, IL 919.
The public utility properties comprise a diversified group
Dominion of Canada, serving a population of more
-Sales.
17 States and
Buffalo Niagara & Eastern Power Corp. an increase of than 3,000.000the over 600 communities, including such important cities
in
Sales of energy during 1926 total 4,088,528,083 k.w.h.,
City and St. Joseph.
as Toledo and Sandusky, O.; Denver, Colo.; Kansas
and numerous
410,244,864 k.w.h. over 1925.-V. 123, p. 2895.
Mo.; Kansas City and Topeka, Kan.: Danbury, Conn., 700,000 h.p.
having an Installed capacity of over
- others. These companies,
-Preliminary Earnings.
California Oregon Power Co.
of electric energy for
1925.
sold in 1926 more than 1.307,000,000 kilowatt hours cubic feet of manu1926.
12 Mos. Ended Dec. 31distributed in excess of 72 billion
$2,502,003 $2,178,762 light and power, and gas.
Gross earnings
1,337,110 factured and natural
1,430.403
daily producNet earnings, before depreciation
The principal oil subsidiaries had during 1926 an average average daily
1927 an
-V. 124, p. 233.
tion of 33,000 barrels of crude oil, and during Jan.
operate 7 refineries
own and
production in excess of
Canadian Western Natural Gas Lt., Ht. & Power Co. and about 1.000 miles 46.000 barrels. They oil properties are located in
of oil pipe lines. The
Year End. 15 Mos.End. -Year End. Sept. 30Kansas. Oklahoma and
what is commonly called the Mid-Continent field in principally in Kansas,
1923.
1924.
'25.
Dec. 31 '26. Dec. 31
Period$875,443 Texas, and the natural gas business is conducted
$918,597
$1,220,493 $1,590,923
Sales ofgas
10.958 Oklahoma and Missouri.
8,973
13,907
10,526
Interest
-Company will enter into an agreement that at least $15.000.000
Purpose.
13,938
24,165
11.986
57,091
and(or) debenture bonds
Profit on exchange. &c
total principal amount ot convertible debentures hands of the public as
$900,339 of the company issued and outstanding in the
$951,735
win effect a
$1,283,110 $1,616,816
Total income
Jan. 31 1927. shall be retired during 1927. This financing company's
669,837
637.079
723,422
675,221
Expenses, &c
increasing the
545,969 material reduction in interest charges without
302,277
389,080
140,432
Deprec. & depletion_ _ _ _
funded debt.
31
20,136
12,223
Prov. for Dom.inc. tax_
-Consolidated net earnings for the 12 months ended Jan.
Earnings.
8,561
29,262
Preferred dividends_ __ _
the company's funded debt.
1927. applicable to reserves and to interest on times the maximum annual
240,000
Common dividends
were $25,688,080, equal to more than 12%
company's funded indebtedness.
$12,377 def$315.467 interest charges of $1,983,886 on the giving effect to present financing.
$475.613
$186,274
Balance. hurplus
including these debenture bonds, after
-V. 122, p. 1024.
for the 8 calendar years 1919 to 1926. incl., averaged
Such net earnings
in no year during this
-Brown more than 9 times the above interest charges, and interest charges. The
Cape & Vineyard Electric Co.-Pref. Stock Sold.
period were they less than 6% times the above
were about equally
Sr Co., Boston, have sold at 99 and div. $200,000 earnings applicable to the company from subsidiaries calendar year 1926.
Brothers
for the
divided between public utility and oil operations these debenture bonds are
additional 6% cumul. pref. stock.
Fund.
-The agreement under whichequivalent to $375,000 per
Sinking
Capitalization (Upon Completion of This Financing).
provide for a sinking fund
$750,000 to be issued will $93,750 quarterly beginning March 1. 1928. and for
6% cumulative preferred stock (par $100)
operating
750,000 annum.increase thereof as additional refunding 5% gold debenture bonds
Common stock (par $25)
refunding
and power to ratable
used for the retirement of exceeding 5%
Companu.-Supplies without competition electric light
par
not
The are issued. Such fund is to be
12 towns and 68 communities on Cape Cod and Martha's Vineyard. com- gold debenture bonds, by purchase. if obtainable at must be cancelled.
so purchased.
to Chatham and
territory served extends from the Cape Cod Canal
and accrued interest. All such bonds,
so applied at the end
prises the most populous section of the Cape. The number of customers Any quarterly sinking fund amounts which are not
served by the company has grown from 5,889 in 1923 to 10,874 in 1926 and of any quarter revert to the treasury of the company. by preferred and
followed
each year has shown an increasing demand for electricity.
-The funded debt of company is 1927, of $193.400,000 on
Equity.
Jan.
common stocks of a par value, as of paid. 31
Earnings Year Ended December 31.
These stocks on Feb. 15 1927
1926.
which cash dividends of 6% are being
1925.
1924.
1923.
value in excess of $300,000,000.
Gross income
$336,850 $387,873 $436,531 $520,032 had an aggregate market
92,254 139,803 Capitalization Outstanding as of Jan. 31 1927 (after Completion of Present
84,968
Net inc. avail. for deprec. & divs_
68,581
45.000
Financing),
Annual dividend requirements of preferred stock outstanding__ _
$15.000,000
For the year ended Dec. 31 1926, net earnings after charges and taxes but
debenture bonds (this issue) debentures- 18,902,246
before depreciation amounted to $139,803. This is equivalent to 3.11 Refunding 5% gold
bonds and convertible gold
103.064,750
times the total annual dividend requirements of the preferred stock and after Ref.6% gold debenture
preferred stock 6%
Cumulative
9,913,144
deducting depreciation is equivalent to 2.15 times such div. requirements.
stock 6%
80.467.696
financial direction are supervised by Cumulative preference
Management.
-Management and
Common stock
-V. 123, p. 2773.
the J. G. White Management Corp.
outstanding with the public $236,959,264
The subsidiary companies had
as
-Transfer Agent. bonds, $70,786.646 preferred stocks and $5.160.122 common stocks
Central Arkansas Ry. & Light Corp.
The American Exchange Irving Trust Co. has been appointed transfer of Jan. 31 1927.
of the subsidiaries of Cities Service
-The management
Management.
agent and dividend disbursing agent of the above corporation's preferred
and control of the respective boards
Co. Is supervised (under the direction L. Doherty & Co.
-V. 122. p. 1168.
-V. 124. p. 1065.
stock.
Henry
of directors of the companies) by
-Annual Report.
Central Illinois Public Service Co.
1924.
1926.
1925.
Calendar Years$12,704.609 $11.591,262 $8,862,901
Gross earnings
6.166.101
7.938.292
Oper. expenses & taxes_ - 8,536,269
Operating income-Other income
x1923.
$8.057,238
5.478.267
$4,168,340 $3.652,969 $2,696.800 $2,578,971
133.115
39.469
39,067
35,356
$4.207,809 33.688.326 $2,735,867 12,712.086
Gross income
1,314,013
2,055,762
1,298,390
1.997,503
Interest charges. &e469,925
660,366
898,574
-- - 1.058.844
Preferred dividends524,132
929.203
648,465
752,417
•Common dividends
716
11.404
credits_
Miscellaneous
$404.016
$163.999
$40.548
$140,050
Balance, surplus
Corn. shs. outstg. at end
97,880
142.447
181,005
119,760
of year (no par)
$9.47
$6.04
Earnings per cam.share_ present corporation$5.57formed $6.68
was
in Illinois through
Sept. 1 1923 the
x On
Central Illinois Public Service Co. and the Middle
the consolidation of the earnings and expenses for 1923 are those of the
West Power Co. The
Service Co. and its subsidiaries for the first
former Central Illinois Public
corporation and its subsidiaries for
eight months and of the consolidated
four months of 1923.
the last
-Annual Report.
Cleveland (Electric) Railway.
1923.
1924.
Calendar Years
Gross earnings
Net earnings
Other income
Int. and taxes
Obsolete property
Int. fund deduct
Balance, deficit
V. 123, P. 2137
.
1925.
1926.
118,002.060 $17.214,528 $17,313,548 $16,342,104
2,018,380
3,052,068
2,498.002
2,688,636
Cr.155.1.21 Cr.164,654 Cr.146,666 Cr.152,208
3,100,606
3,302,212
3,462,654
3,228,326
217.141
136.868
$103,478 $1,147.159
$799.998
$520,938
Ry.-Tentative Valuation.
Coal Belt Electric
valuation of $420,000 on
The L-S. C. Conunission has placed a tentativeof June 30 1918.--V. 123.
as
the owned and used property of the company,
D. 2896.
-Prelim. Earnings.
Coast Valleys Gas 8c Electric Co.
1925.
1926.
12 Mos. Ended Dec. 31Gross earnings
Net earnings before depreciation
-V. 123, p. 2137.
$1,260,220 $1,057,925
381,449
454,008
FEB. 26 1927.]
THE CHRONICLE
(&'
Subs.)
Corn monwealth Power Corp.'
-Earnings.
-is earnings of this corporation and subsidiaries for January 1927 were
$4.647,909 and net earnings were $2,258,400, surpassing the previous
high record made in Dec. 1926 by increases of $8,248 and $8,379.
"spectively2
For the 12 months ended Jan. 311927. earnings applicable to dividends
and retirement reserve amounted to $10,752,313,an amount equal to $29 23
per share on the outstanding 367,799 shares of preferred stock and $6 92
per share on the 1.235,090 shares of eommon stock outstanding Jan. 31
1927. After provision for retirement reserve, earnings were equivalent to
120 01 per share on the preferred and $4 18 per share on the common as
compared with $14 45 and $2 53, respectively for the same period last
year, based on the same number of shares now outstanding.
January sales of electricity were 128,f07,350 k.h. and of gas 527,667,900
Cu. ft.
-increases of 3.939.679 k.w.h. and 43,975,800 cu. ft., respectively
over Jan. 1926. For the year ended Jan. 31 1927 sales of electricity
amounted to 1,433,474,413 k.w.h. and of gas 5,983.634,400 cu.ft.
-increases
of 9.72% and 11.57% respectively over sales for 12 months ended Jan. 31
1926.-V. 124, p. 505.
Consolidated Gas Co. of N. Y.
-Refinancing Plan Ap-The stockholders on Feb. 21 approved the plan to
proved.
increase the authorized common stock from 3,600,000 shares
to 4,320,000 shares and to create an issue of 3,000,000 shares
of new no par value preferred stock, as outlined in the
"Chronicle" of Jan. 29, page 643.
The Committee on Securities of the New York Stock Exchange has ruled
that the common stock shall not be quoted ex-rights to subscribe to additional common and new preferred stock on Feb. 25 and not until further
tnotice.-V. 124, p. 1065.
Denver & Interurban RR.
--Sold.
This road, which operates an electric service from Denver to nearby
northwestern points, was sold Feb. 17 at auction for $88,850. The sale
was at the instigation of the Guaranty Trust Co. of New York, trustee under
-V. 124, p. 371.
the first mortgage bonds.
""•••••
Diamond State Telephone Co.
-Earnings.
-
1926.
1925.
Cal. YearsCal. Years1926.
Tele over rev.-- - -$1,457,241 $1,346,592 Prof. dividends_ _ _
29,946
944,606
Tel. oper. exp___
897,399 Corn, dividends (8%)200,000
8,700
Uncoil. oper. revs_
4,200 Other approprlaTaxes assignable to
tIons of income_
25,000
operations
129,181
108,678
Total over. income $374,693
Net non-oper. Inc_
14,702
Total gross lee_ _ $389,396
Rent&
27,572
Interest
1,672
-V. 122, p. 1039.
$336,319
4,941
Balance for eorporate surplus 5105,206
She. of soca out$341,260 stdg. (par $1.00)
25,000
27,653 Earn, per share on
18.833 common
$13.21
Fall River Electric Light Co.
-Trust Agreement.
-
1925.
12,229
190.000
5,000
$87,545
25,000
$11.30
1219
"Taking a broad view of the situation, we think the just and equal rights
of Class B stockholders under the certificate of incorporation have not been
infringed, and that the acts of the directors objected to were performed
In good faith. in the exercise of their best Judgment, and for what they believed to be the advantage of the corporation and all its stockholders.
"There is one point made by the complainants in the lower Court that
has not been considered, and need not be, because it was practically abandoned in this Court. Reference is here made to the contention that allowing Class A commor stockholders to use dividends in buying other Class A
stock at $25 a share amounted to a declaration of a dividend to them over
and above the preference which the certificate of incorporation allows as
against the Class B common. The argument is that to the extent of the
amount the "A" stockholders could receive for the stock purchased, over
and above the $25 a share they gave, they received a dividend in addition
to the $1 50 a year which alone they were entitled to receive before the "B"
stockholders were paid a dividend of Si 50 a year on their stock.
"The Chancellor said: 'The obvious answer to that contention is that,
while to be sure a profit can thus be made and the Class A stockholder
obtains more than his dividend of $1 50 a year, the additional sum is not
taken out of the earnings of the company. It is derived from the man to
whom the stock is sold on the market.'
"The aecree of the Chancellor will be affirmen."-V. 124, p. 643.
Havana Electric Ry.-March 1 Bond Interest.
Speyer & Co. has notified holders of interim receipts representing Havana
Electric By. 25
-year 544% gold debentures that the interest due March 1
1927 on these debentures will be paid on and after that date at their office,
24 & 26 Pine St., N. Y. City, upon presentation of the interim receipts for
the endorsement thereon of such payment.
-V. 124, P. 791.
Interborough Rapid Transit Co.
-Earnings.-Month of January-- -7 Mos.End. Jan.311927.
1926.
1927.
1926.
Gross rev.,allsources_ _ _ $5,634,218 $5,310,941 $35,810,185 $35,478,631
Exp, for oper. & maintaining property
3,091,645
2,927,265 21,484,101 20,325,357
Taxes payable to city,
State & U. 9
300,452
286,436
2.020,707
1.875,628
Available for charges_ $2,242,120 $2,097,239 312,305,377 313,277,645
Rentals payable city for
original subways
i221,100
221,750
1,546,545
1.548,457
Rentals payable as int.
on Manhattan Ry.bds
150,687
150,687 1,054.807
1.054,807
Miscellaneous rentals__ _
24,467
22,605
1174,824
166.400
Int. pay. for use of borrowed money&sink.
fund requirements:
Int. on I. R. T. 1st
mortgage 5s
675,428
672,839
4,720.699
4.709,403
Int. on I. R. T. 7%
196,481
secured notes
198,494
1,380,425
1.388,120
Int. on I. R. T. 6%
-year notes
10
45,689
45,094
318,818
301,213
16,225
Int. on equip. tr. ctfs_
22,913
139,600
181,659
Sink,fund on I. R. T.
201,543
1st mtge. bonds_ _ _ _
224,202
1,368,439
1.332,742
9,348
Other items
9.540
63,769
68.165
Dividend rentals:
7% on Manhattan Ry.
stock not assenting
25,395
to "plan of readj."_
19,392
177,764
135,742
5% on assenting Man231,861
236,149
hattan By.stock.. _
1,623,026
1.653,041
The directors in a circular to shareholders state that they have approved
a trust agreement under which stockholders may deposit their stock. The
agreement is to run until Dec. 31 1931. subject to extension to Dec. 31
1936. In the agreement the three trustees are authorized either to sell
all, but not less than all, the deposited common stock at not less than $60
a share, or to sell ail of the deposited stock at such price as may be approved
by three-fourths of the deposited stock. The company has $5,229,175 of
Balance, surplus
$445,108
$272,362 def$254,916
$729,471
$25 par value common stock outstanding.
The circular further states: "The directors feel that the trend in public -V. 124, P. 645.
utilities indicates that shareholders should protect themselves against the
International Power Co., Ltd.
-Results for 1926possibility that control of the company might pass without each shareholder
Paving an opportunity to secure for his holdings an adequate price. Such Acquisition.
President I. W. Killam says in substance: "This company was inprices, available to all, cannot be assured at present, inasmuch as purchasers
are free to obtain majority control by acquiring scattered holdings, and dis- corporated and organized in Canada for the purpose of acquiring as a
holding or operating company the ownership or control of operating electric
regarding the minority stock not sold."
Simeon B. Chase, Frederick 0. Dodge and James E. Osborn have con- light, power and public utility undertakings in Central and South America,
the West Indies and elsewhere. The present paid-up capital, distributed
sented to act as trustees without compensation.
Shares may be deposited with the B. M. C. Durfee Trust Co. in Fall among about 2,000 shareholders, is 34,000.000 cum. 7% 1st pref. shares
$100
River or Boston Safe Deposit & Trust Co. in Boston, Mass.
-V. 123, P• of $100 each. $2,000,000 6% 2d pref. shares ofshareseach (convertible
of no par value.
into four common shares), and 100,000 common
2653.
The company now controls through stock ownership the following comnr.
Florida Public Service Co.
panies: (1) Venezuela Power Co., Ltd., which owns the electric light
-New Power Plant,
This company, a subsidiary of the General Gas & Electric Corp., has and power business in Maracaibo and Barquisirneto, Venezuela, with a
acquired property at Avon l'ark, in the south central part of Florida, and combined population of 150,000: (2) San Salvador Electric Light Co.,
about 25 miles south of Lake Wales. as the site for a new steam generating which owns the electric light and power business in the City of San Salpower station, the initial capacity of which will be 12.500 k.w. The station vador and suburbs, Salvador, with a combined population of approximately
is to be patterned after the recently completed power plant of the Florida 130,000: (3) Bolivian Power Co., Ltd., which owns the electric light.
company located 150 miles north of Lake Monroe.
power, telephone and tramway business in La Paz, Bolivia, with a popula-V. 124, p. 790. 371.
tion of 110,000: (4) Demerara Electric Co., Ltd., which owns the electric
business in Georgetown, British Guiana,
Fort Smith Light & Traction Co.
-Preliminary Earns, light,apower and street railway Newfoundland Light & Power Co., Ltd.,
with population of 65,000: (5)
12 Mos. Ended Dec. 311926.
1925.
which owns the electrc light and street railway business In St. John's,
Gross earnings
$1.409,951 $1,262,722 Newfoundland, with a population of approximately 40,000. These comNet earnings before depreciation
367,453
343,327 panies serve a combined population of about 500.000 and carry on their
-V. 120, p. 3314.
business under favorable franchises from the respective governmental
or municipal authorities.
General Gas & Electric Corp.
-Regular Dividends.
Since these companies have been brought under the control of the InterRegular quarterly dividends on the following stocks of this
corporation national Power Co. its directors have initiated an active and energetic
have been declared, payable April 1 to holders of record Mar. 15, said divi- campaign of development with a view of increasing the business and
dends being for the quarter ending Mar. 31 1927: $2 per share on
earnings of the various plants. Considerable sums have been expended
cumul. pref. stock, Class A: $1 75 per share on the $7 cumul. pref. the $8 in capital improvements and extensions during the past year, including
stock,
Class "A"; 31 75 per share on the cumul..pref. stock, Class "13," and the installation of a large new steam power plant in Maracaibo, Venezuela,
37;4c. per share on the common stock, Class 'A."
a hydro-electric plant in Barquisimeto, Venezuela, and increasing the
Secretary 0. Clement Swenson says: Holders of common stock Class capacity of the hydro-electric power plants in St. John's, Newfoundland,
"A" are given the right to subscribe to additional shares of common stock, and La Paz, Bolivia.
the extent of the dividends payable to them
Class "A." at $25 per share to
The gross earnings of the companies above mentioned for the calendar
on April 11927. The Equitable Trust Co. of New York. transfer agents, year 1926 were approximately $2,125,681, and net earnings after deducting
will deliver to each of the holders of common stock. Class "A," entitled to operating expenses S1,009,431, which, after providing for fixed charges
the dividend payable April 1 1927, common stock, Class "A," or scrip and amounts applicable to outstanding minority shares of these
certificates therefor, equivalent in amount, taken at $25 per share, to the leaves a surplus of $492.000 applicable to replacement and other companies
reserves of
number of dollars of dividends to which each stockholder would be
subsidiary companies and dividends on the outstanding first preferred
unless advised by the stockholder on or before Mar.21 1927 that he entitled, stock of the International Power Co., Ltd. By
does
exercise the right of subscription to which he is entitled and requests not maintaining the plants in good operating efficiency continuing the policy of
and providing extensions
the
payment of the dividend in cash."
and additions when necessary to meet the needs of the growing populations
Court Decision on Dividends on Class "A" Common Stock.
which these companies serve, there can be little doubt that the profits will
Increase considerably year by year. The officials of the various companies
The Delaware State Supreme Court on Feb. 23 affirmed the decree
Chancery Court which refused a preliminary injunction to enjoin theof the have made a very careful computation of the profits which the companies
com- will earn during the current year, and they estimate the increase
pany front allowing the holders of Class A common stock to receive
for this
additional year at $300.000.
shares of Class A common at the rate of $25 a share to the extent of
their
The attention of the directors was directed to Porto Rico Rys. Co.,owing
dividends.
The decree also denied an injunction to enjoin the company from issuing to thefact that ills situated within the field ofoperation of the International
Power Co., Ltd., and after giving the matter very
to Class A stockholders additional shares of such stock at less than the
fair the directors have come to the conclusion that it iscareful consideration,
sales value unless there shall have been paid or set apart to the holders
desirable and in the
Class B common, during any calendar year, dividends at the rate of $1 of mutual interests of the shareholders of the International Power Co., Ltd..
a share per year, and unless such additional shares are issued to holders 50 and of the Porto Rico Rys. Co., Ltd., that the International company
of
the Class B comm.ou upon the same terms as they are issued to holders of should acquire control of the Porto Rico company. (See latter in V. 124,
P. 1067).-V. 124, p. 1066.
the Class A stock.
The injunction was sought by Bedell & Co. of New York. The latter
International Railway, Buffalo.
-Annual Report.
hold both Class A and Class B stock in the corporation.
Calendar Years1926.
The Court's opinion reads in part as follows:
1923.
1925.
1924.
$10,650,372 $10,695,695 $10,276,330 $9,795.186
"There is nothing in the evidence which indicates that the directors aid Operating revenue
Operation and taxes_ _ _ 9.193,277
not believe the policy they proposed to pursue would be for the hest
9,293,906
9,509.345
9,408.103
interest
of the corporation and all its stockholders. The evidence, which is
necesOperating income_ _
sarily opinion evidence for the most part, strongly supports such belief
$766,985
$501,280
- Non-operating income__ $1,457,095 $1,287.592
there is nothi ig to the contrary.
46,226
44,721
49,799
48,094
"And the evidence also shows that the effect of the policy favored
by
Gross income
the dIren3rs and opposed by the complainant so far as carried out, was
$813,210
$546,001
$1.506,894 51,335,686
Income deductions
profitable to the corporation. It enabled the company to raise
1.573.240
1,458,284
1.546,041 e1,479.724
amount of ino.tev, which was raquire4 to develop the business, bya large
Net deficit
largo blocks of Class A stock at fair :price and at small expense setting
$666,513 b1.027,238
sur.$48.610
$210.355
without
imposiag a ty fixed charges on the corporation.
a $87,106 credited to fixed charges, being the amount contributed by
"The Chancellor found as a fact that it was :to subscription privilege I. R. C. stockholders
of interest on underlying bonds held
attached to Class A stock, together with the announced policy of the com- by voting trustees. bthrough return operation for the year 1923 represents
This loss from
pany, that o table,1 the directors to sell enough stock at a fair price to
-V. 124. p. 236.
meet strike costs.
the financial requirements of the corporation.
International Telephone & Telegraph Corp.
-Pro"Basing our judgment on the evidence in the case, we reach the
clusion as the Chancellor in regard to the beneficial effect of same con- posed Consolidation.
-See all America Cables, Inc., above.
defendant's
policy on the corporation.
V. 123, p. 3319.
1220
THE CHRONICLE
[VOL. 124.
for the Mass, income tax not exceeding 6% per annum on the interest
-New President.
Lawrence Gas & Electric Co.
received on such bonds.
Fred II. Sargent, formerly Vice-President, was recently elected PresiIssuance.
- Data from-Authorized by the Ohio P. U. Commission. the Company.
dent, succeeding Irwin McD. Garfield, who was elected Chairman.
Letter of Frank A. Knapp, President of
V. 123, p. 3320.
Company.
-A consolidation of the following companies under Knapp
management: Bellevue Home Telephone Co., Local Telephone Co., Wood
-Acquisition.
Long Island Water Corp.
County Telephone Co., Galion Telephone Co., Oberlin Telephone Co..
The Baldwin (L. I.) Water Co. has been merged with the above company. New Ottawa County Telephone Co.. Crestline Local Telephone Co..
-V. 123, p. 1113.
Medina Telephone Co.
The system comprises 23,691 telephones, furnishing without competition,
- and under franchises, which are satisfactory, local and long distance tele-Preliminary Earnings.
Louisville Gas & Electric Co.
1925.
1926.
12 Mos. Ended Dec. 31to 32 cities and towns in 15 counties of Northern Ohio. In
899 phone service
;
$8,654,575 $7,903
Gross earnings
addition to local exchange service, the company maintains a privately
4,092,031 owned toll system of 659 miles and also affords its subscribers national
4,370,310
Net earnings before depreciation
-V. 124, p. 111.
service outside its own territory through a joint operating agreement with
Ohio and the American Telephone & Telegraph
the
-Bonds So!d.-Otis & Co., Co. Bell Telephone Co. of 17.996 miles of exchange aerial wire, 55,870 feet
Milwaukee Gas Light Co.
The system includes
aerial cable.
Marshall Field, Glore, Ward 8c Co., Lehman Borthers and of underground conduit and 342.027 feet of exchangedepreciation of the
reproductive value
-The
Valuation.
Redmond & Co., have sold at 93i and int. to yield combined propertiespresent company as fixed by less P. U. Commission of
the
of the
series, Ohio on Feb. 16 1927 was $3,206,100. The present sound value of the
about 4.85% $11,500,000 1st mtge. gold bonds 4
property as determined by Gustav Hirsh, telephone appraisal engineer.
due 1967.
was $3,434,718.
Dated March 11927; due March 1 1967. Principal and int. (M. & S.)
Earnings of Companies Now Forming the Northern Ohio Telephone Co.
1926.
payable at Union Trust Co. of Pittsburgh, trustee, and in New York City.
1925.
1924.
Calendar YearsDenom. c* $1,000 and r* $1,000. 55,000 and authorized multiples. Interest Gross earnings (including other income)
9620,400 $655,868 5700,547
payable without deduction for any normal Federal income tax now or here- Oper. exp.. maint. & taxes assignable to opec
382,553 413.035 420,929
after deductible at the source not in excess of 2% per annum. Company will
refund Penn. 4 mills tax and any Mass. income tax not to exceed 6% per
Net avail, for int., deprec. & Fed. taxes_$237,847 $242,832 $279,617
$66,000
annum. Red. at any time in whole or in part by lot on 60 days' notice up Bond interest
to and incl. March 1 1937, at 107% and int.; thereafter up to and incl.
The net earnings as indicated above have averaged $253,433 per annum,
March 11947. at 105 and int.; thereafter up to and incl. March 1 1966, at equivalent to 3.8 times interest requirements on the bonds to be presently
102% and int.; and at 100 and Mt, thereafter prior to maturity.
outstanding.
-Authorized by the Wisconsin Railroad Commission.
Issuance.
-Proceeds will provide cash necessary to effect the consolidaPurpose.
Data From Letter of Pres. R. B. Brown, Milwaukee, Wis., Feb. 21. tion and for additional working capital.
Authorized. Outstanding.
Capitalizationin Wisconsin in 18.52. Does all the gas business in
Company-Organized
$1,200,000
a
First mortgage 5%% gold bonds
Milwaukee, Wis., having a present estimated population of 517,000.
815,800
$2,000.000
Company's property includes 2 plants with an aggregate daily manu- 7% cumulative preferred stock ($100 par)
1,382.900
2,000.000
and 5 holders with an aggregate Common stock ($100 par)
facturing capacity of 23.000,000 Cu.ft. ofgas
a The issuance of additional bonds is limited by the provisions of the mtge.
capacity of 16.400.000 Cu. ft. The distribution system includes 723 miles
Sinking Fund.
-While any of the bonds of series" A" are outstanding, the
of mains and 133,412 meters, in addition to which company supply gas for
each year from
distribution through 117 miles of mains and 10.939 meters to 10,782 company will pay to the trustee on or before Feb. 1 in
of the aggreFeb.
customers of other gas companies owned by the American Light & Traction gate 111)28 to and incl. Feb. 1 1942, an amount equal to 1% from Feb. 1
principal amount of series"A" bonds theretofore issued and
a favorable contract for delivery to it of large
Co. Company also has
1943 to and incl. Feb. 1 1956 an amount equal to 2% of the aggregate
quantities of coke oven gas.
principal amount of series"A" bonds theretofore issued, to be applied to the
Capitalization Outstanding (Upon Completion of This Financing).
purchase or call of bonds at not exceeding the then current redemption
$11,500,000 price and accrued interest.
bonds 4%% series, due 1967 (this issue)
1st mtge. gold
2,000.000
Preferred stock 7% cumulative (par $100)
(Company has been authorized by the Ohio P. U. Commission to
7,500,000 acquire 8 Ohio telephone companies for a total of $2,236,100. The comCommon stock (par $50)
Security-From and after May 1 1927. this issue of bonds will constitute panies to be acquired and the authorized sales price follow: Bellevue Home
the company's only funded debt and will be secured by a first mortgage on Telephone Co., $251,700; Wood County Telephone Co., $269.000; Galion
all physical properties, rights, and franchises of the company, now or Telephone Co., $283.500; Oberlin Telephone Co., $206.600; Ottawa Telehereafter owned, except the company's general office plant in Milwaukee phone Co.. $753,900; 'Crestline Local Telephone Co., $116,200; Medina
and the tar plant in North Milwaukee upon the satisfaction and release on Telephone Co., $265,100; Local Telephone Co., $1,060.100.1
said date, May 1 1927, of the company's outstanding mortgage securing
-year 4% gold bonds maturing on that date;
-Preliminary Earnings.
Northern States Power Co.
$9,097,000 of 1st mtge. 25
funds for the payment of the principal and interest of said bonds maturing
1925.
1926.
12 Months Ended Dec. 31on May 1 1927, will be deposited with Central Union Trust Co. of Now York Gross earnings
$28.270,716 526.386.687
prior to the issuance of the bonds due March 1 1967.
14,125,292 12,397,596
Net earnings, before depreciation
The above earnings include all properties now in system for full periods.
Income Account 12 Months Period Ended Dec. 31.
-V.124, p. 236.
1926.
1925.
Gross earnings
$5,084,905 $5,544,513
-Preliminary Earnings.
Oklahoma Gas 8c Electric Co.
3,254,973
3,023,108
Operating expenses, maintenance & taxes
1925.
1926.
12 Months Ended Dec. 31$11,118,601 $10,145.087
Net available for int. & depreciation
$2,061.796 $2,289,540 Gross earnings
3,612,012
4,074.514
$517,500 Net earnings before depreciation
Annual interest requirements of this issue
Net earnings for the 12 months ended Dec. 31 1926, were equivalent to
The above earnings include all properties now in system for full periods.
4.42 times annual interest requirements of these bonds.
V. 124, p. 922.
-Proceeds will be used to refund $9,097,000 1st mtge. 4% gold
Purpose.
-Acquisition.
Pennsylvania Gas & Electric Corp.
bonds, due May 11927. to reimburse the company for additions and better-V. 124, p. 792.
See Alum Rock Gas Co. above.
ments already made and for the company's estimated 1927 requirements
for capital purposes.
-Stock to Employees.
Peoples Gas Light & Coke Co.
-American Light & Traction Co., owns more than 97% of
Management.
The stockholuers on Feb. 23 approved the reservation for and sale to
the outstanding common stock.
employees of 10,000 shares of capital stock heretofore authorized at not less
-Listing.
Montana Power Co.
than $100 a share. See V. 124, p. 648, 1067.
The New York Stock Exchange has authorized the listing of $1,500.000
Peoples Light & Power Corp.-Subsid. Co. Acquisition.
additional (authorized $75.000,000) let & ref. mtge. 5% sinking fund
The Bisbee-Noe° Water Co.. serving a population of 18,000 with water
gold bonds, series A, due July 1 1943, making the total amount applied
In the famous mining district in southern Arizona, has been sold by W. C.
for 527,985,000.-V. 124. p. 236.
Reed, controlling the property, to W.B. Foshay Co.of Minneapolis, Minn..
Mountain States Power Co.-Prelintinary Earnings.
it was announced on Feb. 19.
1925.
12 Months Ended Dec. 311926.
During 1926 underground ore discoveries placed this district in the lead
$3,302,972 $3,251,569 of copper-producing properties of the United States. Gas and electric
Gross earnings
1,185.662 properties in Globe. Miami, and other towns In Arizona where there are
1.236,213
Net earnings before depreciation
The above earnings include all properties now in system for full periods. other large copper companies, are controlled and managed by the Peoples
-V. 123, p. 2900.
Arizona Gas & Electric Corp., a Foshay property. The Bisbee-Naco purcorporation.
- chase has been consolidated with the Arizona
-Increase-Mountain States Telephone & Telegraph Co.
Amt. %
1925.
1926.
12 Mos. Ended Dec. 31-S. C. Commission on Feb. 14 issued a certificate approving the
The I.
Gross earnings
$1,686,964 51,563,358 $123,605 7.9
,
3
li erl Gr
d
e
a nv of a tr =Te gyo.. Ities of /1 la
crpardian tlp al
a
a
n vipiul
ter ctti
92,360 11.0
840,461
932,821
een, mental in- Oper. admin. exp. & taxes
Individually,
competent, doing business as the Green River Valley Telephone Co. On
Inc. available for int. deprec.,
Nov. 8 1926 the Mountain company contracted to purchase the telephone
$754,142 $722.897 $331,245 4.3
amoritzation and dividends
properties of the vendors for $5,000.-V. 123, p. 3320.
For comparative purposes the company has adjusted figures prior to
-V. 124, P. 1067.
Its acquisition to present actual conditions.
-Earnings.
National Power & Light Co.
Company's preliminary annual report for 1926 shows earnings applicable
-Preliminary Earnings.
Philadelphia Company.
to common stock of $4,450,861, equal to $1 75 per share, as compared with
1925.
1926.
12 Months Ended Dec. 31$1 42 per share earned for the calendar year 1925. These are the earnings
$64,615.971 $62,000,591
for the year Gross earnings
after the deduction of depreciation aggregating $2,837,921
26.544,178 25.181.940
Net earnings before depreciation
1926 and $2,529,494 for the year 1925.
Gross earnings of subsidiaries for 1926 aggregated $33.544,895, an increase -V. 123, p. 2655.
of 13% for the year, and net earnings aggregated $13,463,453, an increase
-To Pay Notes.
Pittsfield Coal Gas Co.
of 17%.
The $300.000 5% gold notes due Mar. 1 will be paid off at office of Mar.
Company's balance sheet at Dec. 31 1926 shows current assets of $10,Mass. In connection with this payment
983,316 and current liabilities of $.562.932. Surplus at Dec. 31 1926 was chants' National Bank, Boston,
the company may issue its one-year paper -V. 121. p. 979.
$3,131,655.-V. 123. p. 1634.
New York State Rys.-Fare Increase.
-
The New York P. S. Commission recently authorized the company to
establish a higher rate of fare on its lines in Syracuse, N. Y., effective
Feb. 10. The new rate is 10 tickets for 75 cents and single cash fare of 10
cents. The previous fare was 7 cents.
-V.124, P. 921.
New York Telephone Co.
-Tenders.
The Guaranty Trust
140 Broadway, N. Y. City, as trustee, will
Co..
-years. f. 6% gold debenture bonds, due
receive bids for the sale to it of 30
Feb. 1 1949, to an amount sufficient to exhaust $288,346. at prices not exceeding 110 and int.-V. 124, P. 921, 112.
-Listing.
Niagara Lockport & Ontario Power Co.
The New York Stock Exchange has authorized the listing of $3,750,000
additional 1st mtge. & ref. 5% geld bonds, series A, dated April 1 1925,
due April 1 1955, making the total amount applied for $18,750,000.V. 123, p. 3320.
-Bonds
Northern Ohio Telephone Co., Bellevue, 0.
-R.F. De Voe & Co., Inc., and the Chicago Trust Co.
Sold.
-year
have sold at par and int. $1,200,000 1st mtge. 30
A
sinking fund 51 % gold bonds, series "A".
Date Feb. 11927; due Feb. 11957. Principal and int.(F. & A.) payable
at Guardian Trust Co.. Cleveland. 0., trustee, or at Bankers Trust Co.,
New York. Denom. $1,a00 and $500 c*. Red. all or part on any int.
date on not less than 30 days notice, at 105 on or before Feb. 1 1937, at 104
thereafter and on or before Feb. 1 1942, at 103 thereafter and on or before
Feb. 1 1947, at 102 thereafter and on or before Feb. 1 1952. and after
Feb. 1 1952 and prior to Feb. 1 1957 at 101, plus int. in each case. Interest
payable without deduction for Federal income tax not in excess of 2%.
Company agrees to reimburse the holders of these bonds if requested within
personal
60 days after payment for the following legally assessed exceedingproperty
4 mills.
taxes: By Penna. not exceeding 4 mills, by Conn. not
by Maryland not exceeding 43.6 mills, bY Mich• not exceeding 5 mills, or
-Offer to Stockholders.
Pittsfield (Mass.) Electric Co.
The Western Massachusetts Companies, recently formed to acquire the
stock of the Turners' Falls Power & Electric Co., is offering 7 shares of its
own stock for each share of Pittsfield Electric Co. stock. It IS stated that
over 51% of Pittsfield stock has been deposited for exchange under this
plan. See also V. 124, p. 648.
-Control Sought.
Porto Rico Rye. Co., Ltd.
-V. 124, p. 1067.
See International Power Co.. Ltd., above.
-Plans Extension to Its
Public Service Production Co.
Newark Terminal Building.
Plans are now being drawn by this company contemplating an extension
-story tower
to Public Service Terminal Bldg., Newark, N. J., including a 15
at the corner of East Park and Pine Streets.
will embrace altogether 121,530 square feet
The extension contemplated
Public
of space and will afford increased office facilities for the variousstarted
Service companies. The work of construction, it is expected, will be
this spring and will be finished the latter part of 1928.
Two extensions were made to the building in 1924 when 7 additional
stories were added to the two existing once on I'ine St. and the frame building
-story
on the corner of North Canal and Pine Streets was replaced by a 9
building.
-V. 121. p. 2877.
PublicService Transportation
New Buses.
-Orders 212
Corp.
This company, which is controlled by the Public Service Corp. of New
new motor
Jersey. has placed with manufacturers orders for a total of 212 125 will be
buses to meet in part its 1927 requirements. Of this number,
obsolesused to replace buses to be retired from service because of wear or into the
scene% 47 will be for use on new routes or lines and 40 will be put The 40
chartered bus service, in which the company Is now specializing.
buses ordered for charter bus service will boof the gas mechanical type, while
the rest will be of the gas electric type.
FEB. 26 1927.]
THE CHRONICLE
1221
Added to those already in service, this order for new equipment will of 2%. Denom. a* $1,000, $500 and $100. and r* $1.000 or other
bring the total of new buses purchased or ordered by the company since it !zed amounts. Red. all or part at any time upon 30 days notice at autnorthe folbegan active operation late in 1923, up to 953, made up of 567 gas
-electric lowing prices and int.: on or before Jan. 31 1932. at 105; after Jan. 31 1932
and 386 gas mechanical buses. During the same period some 675 other buses but on or before Jan. 31 1937, at 103; after Jan. 31 1937 but on or before
have been reconstructed and rehabilitated.
Jan. 31 1942. at 10234: after Jan. 31 1942 but on or before Jan. 31 1947, at
Of the buses just ordered 147 will be Meeks, built by the Mack Inter- 102; after Jan. 31 1947 but on or before Jan. 311952. at 101; after Jan. 31
national Motor Trusk Corp. and 65 will be A. C. F.'s, built by the American 1952 but on or before Jan. 31 1956 at 10035: after Jan. 31 1956 at 100.
-V. 122, p. 3084.
Car & Foundry Co.
Penn. and Conn. 4 mills taxes and Mass. 6% income tax on int. refunded.
Central Trust Co. of Illinois and Aksel K. Bodholdt, Chicago, trustees.
-To Issue Stock.
Salem (Mass.) Gas Light Co.
Listed on the Chicago Stock Exchange.
early this month petitioned the Massachusetts Department
The company
Data from Letter of Earl R. Ernsberger, President of Company.
of Public Utilities for authority to issue, at $31 25 per share, 12,953 addiCompany.-Incorp. in Delaware. Owns and operates public utility
tional shares of capital stock, par $25. The proceeds are to be used to
pay for additions and extensions to the company's plant and property. properties supplying electric light and power, gas and ice service, at retail,
to a centralized group of 56 communities in southwestern Oklahoma, and
-V. 123. p. 2521.
including the cities and towns of Altus. Chickasha, Duncan, Elk City and
-Preliminary Earns Lawton. Electric light and power are furnished to 53 communities, gas to
San Diego Cons. Gas & Electric Co.
1926.
7, ice to 9 and in addition the company supplies electricity at wholesale to
12 Mos. Ended Dec. 311925.
Gross earnings
$5.753.392 $5.381,701 13 other communities in adjacent territory. The population served, di2,602,461
Net earnings, before depreciation
2,260,767 rectly and indirectly, is estimated to exceed 150.000, and more than 86%
of the gross operating revenues are derived from electric light and power
-V. 122. p. 3211.
and gas.
-Bonds Offered.
Sedalia (Mo.) Water Co.
-Putnam &
The central electric power stations of the company have a total installed
are interconnected with the various comStorer, Inc., Boston, are offering at par and int. $950,000 capacity of 15,260 kilowatts andof high-voltage
munities served by 662 miles
'transmission lines. The
1st mtge.5% gold bonds due Feb. 1 1947.
largest steam turbine electric power plant is located at Lawton. It is a
int. payable at Harris Trust & Savings Bank. Chicago, modern station, the last unit of 5,000 kilowatts being placed in operation In
Principal and
and at Harris, Forbes & Co., Inc., Boston. Denom. $500 and $1,000. 1926. Natural gas purchased under favorable contracts from producing
Red. before Feb. 1 1937 at 105 and int.. and thereafter at various decreasing companies is distributed through 164 miles of mains and the ice plants
premiums. Authorized. 52.000.000. the unissued portion of which may the company have a total daily capacity of 240 tons. At present companyof
is
only be issued under proper safeguards for two-thirds of capital expenditures. serving more than 17,794 electric and 10.913 gas customers.
&c.,and then only if net earnings, as defined, are at the rate of at least twice
Earnings of Company as Now Constituted for Calendar Year 1926.
interest charges on all 1st mtge. bonds outstanding and to be outstanding. Normal Federal income tax not exceeding 2% paid by the corporation, Gross earnings, including other income
$2,172.208
as well as certain State income taxes of not exceeding certain amounts. Operating expenses, including maintenance and taxes
1.442.496
Harris Trust & Swings Bank. trustee, St. Louis Union Trust Co., co
Net earnings
$729.712
trustee.
Annual int. requirements on total funded debt (this issue)
-Approved by the Missouri Public Service Commission.
Issuance.
$325,000
Net earnings for the year 1926 were about 2j times the above annual
Cornpany.-Servie Sedalia, with a population exceeding 25.000, under
satisfactory franchises. Since 1887 the water properties have been pri- interest requirement.
vately owned. The property has been valued by the Missouri P. S. Com- Capitalization Outstanding With Public (After This Financing).
mission for rate-making purposes at $1.269,000 on June 301926.since which Preferred stock, cumulative $6 (no par)
01,832,734
Common stock. Class A (par 5100)
date substantial capital additions have been made.
376,800
Earnings for 1927, as most conservatively estimated, are $101.643: Common stock, Class B (no par)
b3,525,266
available for bond interest requirements of $52,250, or practically twice the First mtge.5% gold bonds, Series A, due Feb. 1 1957 (this issue) 6.500,000.
shares.
b 77,473 shares.
a 20,610
requirements, whereas the company states such earnings, based upon the
-Proceeds will be used for the retirement of all bonds on the comPurpose.
volume of business done last year, to be at a substantially greater rate per
annum at the present time, exclusive of any considerations of any new busi- pany's property, for the acquisition of property, for partially reimbursing
the treasury for expenditures made on account of additions and improveness.
Capitalization consists of $250,000 outstanding preferred 7% stock and ments to the properties, and for other corporate purposes.
-Company is controlled through the Central & South west
Management.
of 11,850 shares of no par value common stock. Bonded debt outstanding
consists of $950,000 1st mtge. 5
Utilities Co. by the Middle West Utilities Co.
(this issue).
Securities to Be Retired.
-Simultaneously with this financing the following
Southeastern Power & Light Co.
securities will be retired:
-Electric Output.
Month of JanuaryRetirement Retirement
1927.
1926.
Output(kw.h.)
IssueOutstanding. Price.
Date.
185,952,685 159,369.716 Southwestern Light & Power
Co. 1st M.
-V. 124, p. 113.
coll. lien 6% bonds, due Mar. 1 1937- $3,100,000
105
Mar. 1 1927
Southern Bell Telephone & Telegraph Co.-Acquisi'n. Duncan Electric & Ice Co. 1st M. 5s,
The L-S. C. Commission on Feb. 12 issued a certificate approving the
due Aug. 15 1930
31,500
105
Mar. 1 1927
acquisition by the company of the properties of the Lenoir Electric Co. Lawton Ice Co. 1st M. Gs, due June 1
1927 to 1929
7,500
On Oct. 14 1926 the Bell company contracted to purchase all of the physical
100
xJune 1 1927
and tangible telephone properties of the Lenoir company for $60,000 in Chickasha Gas & Elec. Co. 1st M. 6s,
Duo Mar. 1 1927 and 1928 '"cash. An appraisal made by engineers of the Bell company finds the re39,000
100
Mar. 1 1927
production cost new of the properties, loss depreciation, to be $49,294. Chickasha Gas & El. Co. 1st & ref. mtge.
343,000
5s, due Jan. 1 1934
-V. 124, p. 508.
105 :July 1 1927
Chickasha Gas & El. Co. pref. stock.6%
250.000
100
Mar. 1 1927
a Release of mortgages to be obtained as of Mar. 1 1927.
Southern California Gas Co.
-Stock Change Authorized.
The company has been authorized by the California RR. Commission
-The balance of proceeds to be derived from sale of the 1st mtge.5%
Note.
to exchange its outstanding common and preferred stock of a par value gold bonds, Series A, other than that required for retirement purposes, will
of $100 per share for new stock of a par value of $25 per share, in the be used to reimburse the company in part for expenditures made for addiratio of four shares of $25 stock for each share of $100 stock outstanding. tions and betterments to the properties, for the purchase of additional propThe company now has 56.000,000 of common stock and $4,000,000 of erties and for other corporate purposes.
preferred stock outstanding or subscribed for.
-The value of the company's property, not includValuation of Property.
The Commission also authorized the company to issue and sell at
ing allowance for going concern value, as determined by Sanderson & Porter.
less than $24 per share 40.000 shares of its series A preferred stock (par not Engineers, is stated to be 511.071.245 as of Feb. 1 1927, or the equivalent
$25),
and to use not exceeding St per share for expenses of selling same, and of approximately $5 10 of value per $1 of gross earnings. The total funded
to use the proceeds from the sale of such stock to finance additions and debt of $6,500,000 to be outstanding will also be less than 59% of the value
betterments and reimburse its treasury on account of earnings expended of the property.
-V. 124, p. 1068.
for construction purposes.
-V. 123, p. 2392.
Southern Colorado Power Co.
-Preliminary Earnings.
-
12 Mos. Ended Dec. 31,1926.
1925.
Gross earnings
$2,433,340 $2,372,871
Net earnings, before depreciation
1.075.132
1,002,466
The above earnings include all properties now in system for full periods.
-V. 124, p. 508.
Southern Counties Gas Co. of Calif.
-Report.
Calendar Years1926.
1925.
1924.
1923.
Gas earnings
$5,985,415 135,214,281 $5,204,081 $5,710.445
Miscellaneous income...1
1 188,919
59,438
94,422
Total income
$5,985,415 $5,403,201 $5.263,519 $5.804.867
Operating expenses
3,431,552
3,272.707
3.084,968
3,888.020
Taxes,incl. Fed. taxes
600.700
473,510
536.409
520.457
Depredation
666.426
481,202
380,170
350,610
Bond & miscell. int.,&c677,295
560,099
597.332
548,437
Amort. of bond discount
and expense
99,930
Preferred diva. (8
171,261
153,165
100.000
99.182
Common diva.(14%)..
210,000
210.000
210.000
210.000
Balance, surplus
$128,250
$252,518
$354,639
$188,161
Profit and loss surplus_ _ $1,808,720 $1,639,854 $1.387,335 $1,212,402
Shs. of corn, outstanding
(par $100)
15,000
15,000
15.000
15,000
Earn. per sh.on common
$22.55
$30.83
$37.64
$26.54
Condensed Balance Sheet Dec. 31.
1925.
1926.
1926.
1925.
AssetsLiabilities-$
$
$
Plant dc property.18,183,293 17,187,278 Common stock_ _ - 1,500,000 1 $
,500,000
Stores
397.917 Preferred stock... 2,500,000 2,482,254
429,899
Accts. A notes rec. 735,357
444,612 Funded debt
10.943,400 8,745.200
Cash
919,120
286,086 Consumers' depos. 1,223,962 1,087,499
Deferred charges._ 729,405
742,278 Bills & accts. pay. 1,027,033 1,918,531
Reserves
1,973,958 1,664,833
Tot.(each slde)_20,977,074 19.038,171 Surplus
1,808,720 1,639,854
-V. 123. p. 712.
Standard Gas 8c Electric Co.(& Subs.).
-Earnings.
-
12 Mos. Ended Dec. 31Gross earnings
Net earnings, before depredation
_v. 124, p. 923.
1926.
1925.
1147,147,8295139.155.938
61,866,046 57.374.811
Tide Water Power Co.
-Bonds Called.
All of the outstanding 15
-year 7% sinking fund gold debenture bonds.
due Oct. 1 1937, have been called for payment April 1 next at 110 and
nterest at the Cleveland Trust Co., trust, Cleveland,0.-V.124. p.650.1
Turners Falls Power & Electric Co.
-Earnings.
-
Calendar YearsNet sales
Operating expenses
1926.
1925.
1924.
1923.
$2,791,407 52,689.405 52,200,677 52,193,812
1,335,112
1,244.211
1,006.271
1,187.768
Net operating profit__ $1,456,296 $1,445,194 51,194,406 $1.006,044
Other income
75,745
72,652
37,374
51,667
Total earnings
51,532,040 $1,517,846 $1.231,780 $1,057,711
Interest
$191,453
$160.304
$203,790
$158,502
Federal income tax
78,620
85.016
x67.563
49,000
Dividends
807,411
704,134
580,643
579,695
Balance, surplus
$485,705
$537,243
$379,784
$270,515
Profit & loss sur. Dec.31 $806,444
$776.013
$524,376
$352,340
Shares of common outstanding (par $100)
100,000
100,000
100,000
96.366
Earns, per an. on corn_ _
93
$12
$1241
$060
$882
x Including franchise tax amounting to $19,163.
Balance Sheet December 31.
1926.
1925.
1926.
1925.
Assets$
$
LtabtlUtes$
Plant and equip_ _14,886,412 14,309,678 Common stock_10,099,300
10,063,760
Cash
185,402
170,279 Prem,on corn. stk.
1,624
1,624
Accts.receivable._ 281.265
251,620 Mortgage bonds__ 3,000,000 3,000,000
Notes receivable
294,483
133,900 Notes payable._ _. 990,000
895.000
Supplies
129,831
133,003 Accounts payable.
30,001
49,638
Other assets
269.417
643,946 Federal inc. taxes_
85,015
78,620
Advanced expense
29,238
50,248 Other accruals_ _ _
Southern Public Utilities Co., Charlotte, No. Car.
.
31.282
38,097
Res.for prop.retlr_ x975,000
800,000
By a majority of 638 votes in a special election the Board of
Other reserves_ _ _ _
19,979
17,322
ers of North NVilkosboro, No. Car., has been empowered to Commission- Total (each alde).16,056.046
sell the
15,702,674 Surplus806,444
776,012
nicipally owned electric distribution system and franchise. Within muthe
x During 1926
past few months the towns of Mount Airy, Elkin, Kernersville, Stoneville, vision $447,785reserve for property retirements was increased by proof
out of profit and loss, and there was charged to the reWingate, Marshville, Madison and North Wilkesboro, No. Car., have voted
serve for property retirements $272,785 for retirements of plant and equipto sell their power plants to the above company.
-V. 121, p. 2754.
ment, leaving a balance of $975,000 in the reserve on Dec. 31 1926.V. 124, p. 923.
Southwestern Gas & Electric Co.
-Bonds Called.
All of the outstanding gen.
bonds, Nov. 1922 series, have
Union Electric Light & Power Co., Unionville, Conn.
been called for redemption Maymtge. gold
and int, at the Central
1 next at 105
Co., Chicago. In.
-Earnings-Stock Increased, &c.
Arrangements have bean made whereby the holders of any of the
Calendar Years1926.
1925.
may present the same for payment at any time prior to May 1 1927 bonds
at the Revenue from sales, electric current
$165.239
$152.330
office of the trust company and receive 105 and tat. to the date of presentsLess: Expenses (including provision for deprec4-101.196
98.205
lion -V. 124, p. 649, 508.
Taxes
15,623
12.252
Southwestern Light 8c Power Co.
-Bonds Offered.
-Hill,
Joiner & Co., Inc., Halsey, Stuart & Co., Inc., Kelley, Drayton & Converse and Emery, Peck & Rockwood are offering
at 97 and int., yielding about 5.20%, $6,500,000 1st mtge.
5% gold bonds, Series A.
Dated Fob. 11927' due Feb. 1 1957. Interest payable F. & A. in
New
York or Chicago, without deduction for Federal income
taxes not in excess
Net operating income, electric division
Other income (water power division plus interest
and profit on merchandise sales)
$48.419
39,031
30,288
Gross corporate income
Less: Interest paid
$87.450
1,910
$72,161
4,586
185.540
$67.575
Balance available for dividends, reserves and
surplus
$41,873
1222
[VOL. 124.
THE CHRONICLE
The stockholders in Jan. 1927 authorized an increase in the capital stock
from $600,000 to $1,000,000, par $100. Of the additional stock, 3,000
shares were offered at par to stockholders of record Jan. 18 on a basis of
one new share for each 4 shares then owned. Rights expired Feb. 15.
The purpose of the issue was to reimburse the treasury for capital expenditures made and also to provide for contemplated extensions of lines.
During 1926 the company acquired the New Hartford Electric Co. The
total output of electrical current for 1926 was 4,408.183 k.w.h., as compared
with 4,022,405 k.w.h. the previous year and 3,620,066 k. w. h. in 1924.
The company in 1926 generated 2,820.393 k.w.h. and purchased 1.587,800
k.w.h.
The company's capital was increased $100,000 during the _past year and
-V. 123. 11• 208.
$50.000 first mortgage 6% gold bonds were paid off.
tion of property, for additions to its property and for other corporate purposes.
-Company has arranged under a favorable
Management and Supervision.
contract for the management of its subsidiary and controlled companies by
-V. 123,
the firm of J. G. Wray & Co. of Chicago, telephone engineers.
P. 1998.
Utilities Power & Light Corp.
-Dividends.
The directors have declared the regular quarterly dividend of 50c. per
share on the Class A stock, payable April 1 to holders of record Mar. 7.
Holders have the right and option to accept in lieu of their cash dividend
additional Class A stock at the rate of 1-40th of a share for each share of
Class A stock outstanding of record on Mar. 7.
The directors also declared the regular quarterly dividend of 25c. per share
-Div. on the Class B stock, payable April 1 to holders of record Mar. 7. On
Underground Electric Rys. Co. of London, Ltd.
on this issue in addiJan. 3
According to advices received from London the company has declared tion tolast an extra dividend of 41c. per share was paid of Class B stock, or
Holders
a dividend of 1%% on its ordinary shares of el par value. See also V. 124. voting the usual quarterly of 25c. per share.
such stock, have the right and option
trust certificates representing
P. 113.
to accept in lieu of their cash dividend voting trust certificates for additional
Class B stock at the rate of
Union Electric Light & Power Co., St. Louis, Mo.- standing of record Mar. 7. 1-40th of a share for each share of Class B stock
1925.
1926.
Calendar YearsUnless by the close of business Mar.7 the stockholder advises the corpora518.585,641 $18,674,743 tion that he desires his dividend in cash, the corporation will send to him.
Gross earnings
9,434,889 8,858,265 on April 1 the additional stock (or scrip for fractional shares) to which he is
Operating expenses
1,727.930
1,942,711
Taxes
-V. 124, p. 509.
1,333,764 entitled.
1,321.092
Interest charges
630,000
866.427
-Listing.
Preferred dividends
Virginia Electric & Power Co.
The New York Stock Exchange has authorized the listing of 104.870
$5,020,522 $4,122,785 shares 7% cumulative preferred stock (par $100), and temporary certificates
Balance
for 27,796 shares of 6% cumul. pref. stock (par $100).
Condensed Balance Sheet Dec. 31.
1925.
1926.
1925.
Consolidated Income Statement 12 Months Ending Dec. 31.
1926.
$
8
Liabilities-$
Assets8
1926.
1925.
Prop'y & plant___48.154,210 45,008,913 Preferred stock_ _ _12,996,300 9,000,000 Operating revenue
$14,362,067 $12,624,136
Capital expends__ 6,112,350 3,145,298 Common stock_ _ _19,500,000 13,000,000 Operating expenses & taxes, incl. Federal taxes
57,216.667 $6,017.778
25.369,000 25,369,000 Maintenance & depreciation
Funded debt
Stocks & bonds of
3.583,280
,
3,408.163
369,670
Accounts payable_ 320,488
14,760,7451
Other cos
330,594
337,270
384,573 Rentals
627,119J 6,361,465 Sundry curr Ilablls. 461,645
Sundry invest'ts
3,451,009
Inter-co. accounts
892,972
1,368,345
Cash
53,231,524 $2,860,917
Operating income
29,521 Due to MM. cos__ 752,215
7,200
Notes receivable
74,722
225.013
Other income
Accts.receivable_ _ 1,801,945 1,783,411 Accrued liabilities_ 1,992,208 1,235,149
55,401
923,853 Oper. accounts..__
Marls & supplies_ 981,873
$3,306,248 53,085.930
Totalincome
Due from MM.cos. 4,228,549 9,110,408 Retirement res___ 8,923,5521 9,232,360 Interest on funded debt
1,106,391
1,173.418
61,861 Other reserves____ 1,095,877!
Oper. accounts
55,107
25.960
Other interest
6,822,168 6,085,764 Amortization of discount & expense
37.068 Surplus
53,264
Prepaid accounts.
77.989
86,930
828,158
Bond & note dlact. 737,851
$2,019.938 $1,846,442
Net income
78.833,453 68.182,925 Surplus Jan. 1
Total
78,833,453 68,182.925
Total
4.495.261
4.924.858
-V. 123, p. 2521.
319,578
35,771
Miscellaneous credits
-Rate Held Up.
United Rys. Co. of St. Louis.
The Missouri P. S. Commission recently suspended for 120 days from
Feb. 7 the new schedule of rates filed by the company for the city awl
county of St. Louis. Mo. The new schedule proposed to increase the cas
-V.124
fare rate for adults from 7 to 8 cents with two tickets for 15 cents.
p. 114.
-Notes
United Railways & Electric Co. of Baltimore.
-Alex. Brown & Sons, Baltimore, are offering $2,Offered.
-year 6% gold notes at 995i and int., to yield about
500,000 3
6.28%.
Dated March 1 1927: due March 1 1930. Interest payable M.& S. without deduction for any Federal normal income tax up to 2% per annum.
Prin. and int. payable at banking house of Alex. Brown & Sons, Baltimore.
Denom. $1,000 and $500 c*. Red. at any time on 30 days' notice at 100
and int. Safe Deposit & Trust Co. of Baltimore, trustee.
Data from Letter of C. D. Emmons, President of the Company.
Company.
-Does the entire street railway business and controls practically all the local bus business in and around Baltimore City, operating a
trackage of about 415 miles and a total of approximately 1,250 cars and
serving a population of about 850.000. Company's street franchises are,
with minor exceptions, unlimited as to time.
Earnings for Calendar Years.
itEarns. Before In:. on Fixed Int. Times Amt. Avail. for
Year.
Depreciation. Bearing Obliga'ns. Earned. Divs.,Sur.& Dep.
51;769095:335969
2.10
$2,137,051
1922
$4.495,927
2.20
2.093,415
1923
4,615,585
1,790,631
2.19
2.093,415
1924
4,579.550
1,811,671
2.20
2.093,415
1925
4,605,089
x1,845,840
2.23
2,093.415
19267
4,669.854
x Earnings after all operating expenses, taxes and rentals but before
depreciation. Depreciation for the five years averaged about $824,000
per annum. y Estimated figures. subject to year-end adjustments. z Dividends of $818.448 per annum have been paid on the common stock during
the past 13 years with the exception of about 3Ii years following the war.
Purpose.
-Proceeds of the sale of these notes, together with cash supplied
by the company, will be used to redeem the company's 6% notes maturing
Aug. 1 1927.
Listing.-Application will be made to list these notes at the Baltimore
-V. 124. p. 794.
Stock Exchange.
-Bonds Offered.
United Telephone Co., Chicago.
Wm. L. Ross & Co., Chicago; Merrill, Oldham & Co., Inc.,
Boston; Whitaker & Co., St. Louis, and Paul C. Dodge &
Co., Inc., Chicago, are offering at 993/i and int. $1,400,000
1st mtge. collateral series A 6% gold bonds.
Dated Feb. 1 1927; due Feb. 11947. Denom. $1,000, $500 and $100 c*.
Principal and int. payable at New York and Chicago. Interest payable
F.& A. without deduction for the Federal income tax up to but not exceeding 2% per annum. Company agrees to reimburse the holders of Series A
bonds, if requested, within 60 days after payment for the Penn. and Conn.
4 mills and Maryland 4% mills taxes and for the Mass, income tax on the
int, not exceeding 6% of such interest per annum. Red. at any time on
30 days notice at 105 and hit. less RI of 1% for each year of expired life,
but at not less than 101 and int. National Bank of the Republic of Chicago,
trustee.
Data from Letter of D. A. Belden, President of the Company.
Capitalization (Upon Completion of Present Financing).
1st mtge.coll. ser. A 6% gold bonds due Feb.1 1947(this issue)_ $1,400,000
550,000
5% gold notes
1st prof. stock, no par value(auth.30,000 shs.),$7 div. series__ - 2,500 shs.
Partic. pref. stock, no par value (auth. 20,000shs.), $7 div. series 2,750 shs.
Common stock, no par value (auth. 35,000 shares)
nies
pashs.
22
-A. Delaware corporation. Through its operating companies
Company.
furnishes, without competition, telephone service principally to important
areas in the States of Ohio, Indiana, Michigan and Iowa. The telephone
lines of these companies interconnect with those of the Bell and independent
companies serving adjacent territories, and subscribers of the United Telephone Co. system are thereby furntshed with nation-wide services. In all,
the system includes approximately 21 500 telephone stations.
-The indenture limits the initial issue to an amount not exceeding
Issue.
the principal amount of first mortgage bonds of subsidiary companies deposited as security for this issue and constituting the entire initial issues of
such bonds. Control of subsidiary companies is assured by deposit of a
majority of their voting stocks. The initial issue of series A bonds is limited
is part. The
to $2.000,000. of which the present offering iof $1.400,000 first mortgage
remaining $600,000 are issuable against subsidiary companies'
bonds secured by present properties when consolidated net earnings are not
depreciation,
the annual bond interest
less than 23 times depreciation. Additional charges beforeor
bonds of this
subsequent
and 1% times after
series may be issued subject to the restrictions summarized in the accompanying letter.
-The present depreciated value of the property of the company
Property.
by J. G. Wray & Co. at $3,087,274.
system has been appraised recently earnings of the company system for the
.-The consolidated net
Earnings
times the annual interest
12 months ending Dec. 31 1926 were over 2.6over
1.9 times after depredepreciation and
charge on these bonds, before
ciation.
together with the proceeds of the
-The proceeds of these bonds,
Purpose.
2,500 shares 1st pref. stock, $7 dividend
sale of 5550,000 5% gold notes,
preferred stock, $7 dividend series,
series, and 2,750 shares participating the company created in the acquisiretire indebtedness of
will be used to
$6,980,569 $6,661,281
Total
654,613
715.522
Dividends-Preferred stock
1.254,787
717.018
Common stock
80,,,J1
60,000
Subsidiary companies
79,170
Uncollectible bills, inventory adjustments, &c_
Adj. on account of liquidation of subsidiary cos__ _
175,254
193,928
204,629
Miscellaneous
$44,581.076 $4,924,858
Surplus Dec. 31
$18.16
x$16.31
Earnings per share preferred stock
x Earnings per share on all preferred stock outstanding Dec. 31 1926,
incl. 20,976 shares $8 pref. stock issued in Dec. 1926.-V. 124, p. 924.
-Acquires Control of PittsWestern Massachusetts Cos.
field Electric Co.
-V. 124, p. 924.
see Pittsfield Electric Co. above.
-Preliminary Earns.
Western States Gas & Electric Co.
12 Mos. Ended Dec. 31Gross earnings
Net earnings, before depreciation
-V. 122, p. 3456.
1926.
1925.
53.407,593 53,240.057
1,650,986
1,804.570
Western United Gas & Electric Co. (& Subs.).
Consolidated Balance Sheet as at Dec. 31 1926 (Prior to Audit).
Liabilities
Assets634% cum. pref. stock__ $6,988,700
Property, plant & equip1.000,000
$39,730,257 Common stock
ment, &c
1st M.gold bonds, 1955.. 24.300.000
Unamort. debt. disct. &
1,050,000
2,419,574 Notes payable
expense
833,039
14,320 Accounts payable
Investments
23,863 Accr. int., taxes,
Special deposits
642,444
&c..-Cash
809.945 Consumers' deposits &
unredeemed tickets__
153,924
Accts. & notes rec
1,141,144
1,951,474
Materials and supplies_
918,373 Adv.from affil. cos
Prepayment accounts_ _ _
10,004 Depreciation reserve--- 1,791,872
Other deferred items_ _ _ _
12,568 Other reserves
453,704
Surplus
5,914,892
Total
Total
$45.080,048
The income account was given in V. 124, v.1068.
$45.080.048
-Acquisition.
Wisconsin Power & Light Co.
Vice-President Neff has announced the purchase of the Trenton Power &
Light Co., a rural utility with property in the vicinity of Fox Lake, Wis.
The Trenton company owned several miles offarm line and serves a number
...
of ural custotHrs.
71y. 124, p. 650.$3
--...--.--.
-
York Utilities Co.
-Income Statement.
1928.
$202,323
211,352
1925.
$182,278
176,188
Net revenue
Non-operating income
def$9,029
63
$6,092
244
Gross Income
Coupon interest
T xes_
Other
def$8,967
40,705
4.585
176
6
0 3
46 3 5
$ ,70
a
7,285
12
Net deficit
Surplus from previous year
Profit and loss, adj
554.433
def23,807
Cr67
541.668
18,598
Dr741
$78,174
$23,807
12 Mos. Ended Dec. 31Operating revenue
Operating expenses
Total deficit
-V.124, P. 650.
INDUSTRIAL AND MISCELLANEOUS
-On Feb. 23 the following companies advanced
Refined Sugar Prices.
prices 15 pts. to 6.20c. per lb.: American, Federal and McCahan. On
Feb. 24 Federal quoted 6.05c., while Arbuckle advanced price 5 pts. from
5.95c. to 6c. per lb.
-Old
Yellow Taxi Cab Co. Cuts Rate 5 Cents Per tfile, Effective Feb. 19.
rate was 15c. for first 1-5 mile and 5 cents for each 1-5 mile thereafter.
New rate is 15c. for first Y.; mile and 5 cents for each 34 mile thereafter
New York 'Times" Feb. 19, p. 25.
Social
of Manville-Jenckes Co. at Woonsocket, R. I. Closes Down
-"Sun" Feb.21.p.3.
Because Operatives Refuse Change in Working Hours.
American Woolen Co. Opens Men's Wear Fancy Worsteds for Fall 1927
.-A few increases in price, varying from 231
at Practically Unchanged Prices
to 5 cents over spring lines, are quoted. An average reduction of around
72-3% is shown in certain fancy and semi-staple weaves. New York
PSI
"Times" Feb. 22. P. 33. SO
American Window GlassTCo. Announces Reductions Averaging_6,0 on
.-"Wall St.
Flat Window Glass in Carload Lots Effective until Mar. 17
Journal" Feb. 25.
to close
Matters Covered in "Chronicle" Feb. 19.-(a) Torrington Co.enlarged,
-Torrington (Conn.) facilities to be
Manchester, N. H., plant
Bethlehem Steel Corp. forces scrap reduction, p. 983. (c)
p. 982. (b)
-54,000,000 frozen assets
Hare k Chase, Inc., affairs watched by bankers
in auto finance paper cause of firm's difficulties, p. 991. (d) Bid of $11,holdings of New York Produce Exchange rejected, p. 992.
000,000 for realty
FEB. 26 1927.]
THE CHRONICLE
(e) Creditors of McCown & Co. unanimously accept Fidelity-Philadelphia
Trust Co. as trustee, p. 992. (f) E. W. Clark & Co.(Philadelphia) ninety
years old, p. 993. (g) Trust companies in New York and elsewhere, p. 971975.
Allerton Corporation.
-Bonds Offered.
-A banking group
consisting of Parsly Bros. & Co., Philadelphia, Brokaw &
Co., Chicago, J. A. Ritchie & Co., Inc., New York and
Banks Huntly & Co., Los Angeles, are offering at 973
%
'
,
and int., to yield over 6.25% $2,000,000 6% sinking fund
convertible gold debentures. This offering of debentures
will constitute the only funded debt of the corporation, which
has net tangible assets of over $3,300 for each $1,000 debenture. The debentures will be convertible into class A common
stock of the corporation, having a present book value of over
$64 a share. Further data in connection with this issue was
given in V. 124, p. 1069.
Outstanding Notes Called for Payment.
-
All of the outstanding 5% cony. Gold notes. dated Feb. 1 1925 have been
called for redemption June 15 at 101 and bit, at the New York Trust Co..
trustee, 100 Broadway, N. Y. City.
Holders of the above notes who may desire to redeem the same prior to
the redemption date may obtain payment therefor at 101 and int, to the
date of surrender upon presentation of their notes, with all unmatured
coupons attached thereto, at the trust company. See also V. 124, p. 1069.
Aluminum Co. of America.
-Bonds Called.
-
All of the outstanding 12-year 7% s. f. debenture gold bonds, dated Oct.
1 1921, have been called for payment April 1 next at 105 and int. at the
Bankers Trust Co.. 16 Wall St.. N.Y. City.
-V.124. p. 924.
Amalgamated Laundries, Inc.
-Definitive Bonds Ready.
Throckmorton & Co. announce that definitive 10
-year s. f.
% gold
bonds are now ready for delivery at the Seaboard National Bank of the
City of New York. (For offering see V. 123. p. 1508.)-V. 124. p. 925.
1223
of officers and directors friendly to Mr. Cullinan at the annual meeting.
At the annual meeting James H. Durbin and H. C. McCarty were
elected directors. succeeding T. P. Lee and L. F. Jordan, Other directors
were re-elected. At meeting of directors John Walsh was elected V.-Pres.,
succeeding L. F. Jordan. Other officers were re-elected.
This action leaves the J. S. Cullinan interests in full control. Counsel
for the Lea faction indicated that the election of directors may be contested in Wilmington Chancery Court because the common stock of
American Republics Corp., which had been exchanged three shares for
two shares of Galena Signal Oil preferred, was voted at the meeting.-.
V. 124, p. 925.
Anglo-American Corp. of So. Africa, Ltd.
-Output.
-
The following are the results of operations for Jan. 1927:
Tons
Total Yield Estimated
Estimated
Crushed. (Ozs. Fine.)
Value.
Profit.
Brakpan Mines, Ltd.._
87,000
32.891
£139,206
£60.864
Spring Mines, Ltd
70,200
31,037
£131,431
E64,014
West Springs. Ltd_ _ _
48,500
17,768
£75,179
£30,201
-V. 124, p. 1070, 651.
Associated Simmons Hardware Co.
-To Show Profit.
-
Treasurer Leslie H. Thompson states that although the final audited
figures for the year are not yet available, preliminary figures indicate that
the company will show a profit after all interest and depreciation. It is
also announced that there will be a very substantial reduction in bank
loans as compared to Dec. 31 1925, and the ratio of quick assets to current
liabilities will be over 6 to 1.-V. 122. p. 2656.
Auburn (Ind.) Automobile Co.
-Output.
-
Month of JanuaryProduction
124. p. 926, 651.
-V.
1927.
1.250
1926'.
834
Auto-Knitter Hosiery Co.
-Stricken Off List.
-
The New York Stock Exchange struck from its trading list on Feb. 23
the no par capital stock of the above company. This action was taken
because of the failure of the companies to maintain transfer agents In New
York.
-V.124. p. 926.
Baltimore Tube Co.
-Annual Report.
-
American Can Co.
-Annual Report.
Calendar Years
1926.
1925.
1924.
1923.
Calendar Years1926.
Operating profit
$108.200
1925.
8156.975
1924.
$145,482
$327.734
1923.
Net earnings
$18,436.382 $21,423,903 $15,906,756 $15,423,202 Depreciation
126,123
173,492
169,574
168,998
Deduct
Amort.of def'd chge., ekc
5.211
11.019
14,360
9,360
Depreciation
$2,000.000 $2.000.000 $2,000,000 $2.000,000
Int. on deben. bonds_
Balance, deficit
33,867
523,134
127.536
138.452 sur$149.376
414,825
440,108
Res.for Federal taxes__2.700,000 3.000.000 2,150.000 2,000.000 -V. 122. p. 2502.
(7a)2,886.331 (7)2.886,331
Prof. dividends
2,886,331
2,886.331
Belding Heminway Co.
Common dividend--_-( )4,947,996 ($8)3.298.664($7)2886,331(86)2473998
-Balance Sheet Dec. 31 1926.
Assets.
Balance, surplus
$5,902,055 $10.205,041 $5,569,269 $5,622,765 Fixed assets
• :$2,483,109 Preferred stock
$109,300
Previous surplus
53,345.092 43,140.050 37,570,780 31.948.016 Good will
1,053,856 Common stock
71,507,200
Stock div. on com (50%) 20.616,650
1,747,172 6% gold notes
Cash
4,900,000
Accts. & notes rec. (lees res.) 1,727,518 Accts. payable and accrued
Profit & loss
$38,630,497 $53,345,092 $43.140,050 $37.570,780 Inventories
6,785,236 (Incl. Federal tax payable)
236,165
Shs. corn. stk. outst d'g
834,260 Earned surplus
Investments
2,788,436
(par $25)
2,473,998
x412.333
x412,333
319,949 Capital surplus
x412,333 Deferred charges
5,410,000
Earned per share
$4 38
$32 75
$20 50
$19 64
x Par value $100 per share. On Feb. 9 1926 par value of common stock
$14,951,100 Total
Total
$14,951,100
was changed from $100 par to $25 par, stock holders receiving 6 shares of
x After deducting $2,282,014 reserve for depreciation. y Represented by
new common stock of $25 par in exchange for each $100 share.
value.
41,5,032 shares of no par
Comparative Balance Sheet Dec. 31.
The income account was published in V. 124. p. 1070.
1926.
1925.
1926.
1925.
(Sidney) Blumenthal & Co., Inc.(& Subs.).
Assets$
Liabilities-Report.
$
--$
Plants, real est.,
Preferred stock_ 41,233,300 41,233,300
1926.
Calendar Years1925.
1924.
1923.
&c.. Incl. new
Common stock_ 61,849,950 41,233,300 Net income
$398,636
$324,601 loss$562.328 81,449.915
construction _110,150,098 103,189,718 Accts.& bills pay 6,953,516 7,317,537 Depreciation reserve_.254,621
281,506
281.247
279,410
Other investmls
848,871
372,170 Res, for employ.
35,024
32.217
Prov. for doubtful accts39,444
26.702
Investments for
annuity fund_
795,581
519,312 Interest charges, &c-- _ 184,679
220,216
employees'anRes. for Fed. tax 2,700,000 3,000,000 Federal tax reserve
82.074
nuity fund_ _
857,969
561,397 Pref. diva. pay.
721,583
721,583 Inventory written off_
651,177
U.S. Gov.secur. 5.020,757 5,028,906 Corn, dive. pay_ 1,236,999 1,752,415
Cash
10.842,365 15,270,325 Contingent fds.:10.323,700 9.880.509
$75,687
Net loss
$860,515
$883.029 er$1,061.730
Accts. & bills roe 9,628,551 8.426,490 Surplus
38,630,497 53.345,092
Consolidated Balance Sheet Dec. 31.
Mans & prod._ 27.096,513 26,154,043
1926.
1925.
1926.
1925.
Liabilities$
Assets
Total
164.445,126 159,003,048 Total
$
164,445,126 159,003.048
x Consists of insurance reserve, 14 095.854; Federal tax reserve,$1,197.- Land & buildings_ 1,994,017 2,034,123 Preferred stock _ _ _y2,649,020 2.408.200
Machinery & equip 2,770,311 2,885,420 Common stock_ _.:4,171,194 4,421,194
185: inventory reserve, $4.059,731; miscellaneous reserve. $970.930.53,738
Furn. & fixtures_
1,772,500 1,782,500
V. 124, p. 114.
68.116 Funded debt
Pats.,good-will,&c.
1 Notes payable
1
1,600.000 1,800.000
American Car & Foundry Co.
465.298
407,146 Accts. payable... 370,147
Cash
-Equipment Orders.
432,726
Accrued liabilities.
See Public Service Transportation Co. under "Public Utilities" above. Note and trade
10,350
10,987
acceptances rec.
7,091
5,581 Surplus
-V.124, p. 925.
z40,923
129,496
76,143
56,848
Lite ins. policies
American Express Co.
-Balance Sheet Dec. 31.Accts.receivable.- 1,806,083 1,311.699
3,133,646 3,895,505
Inventories
1926.
1925.
1926.
1925.
28,668
54,439
Investments
Assets$
Liabilities$
5
$
41,400
Pfd. stk. for empl_
15,200
Real prop & equip. 6,370,973 6.352,082 Capital
418.000.000318,000,000 Deferred charges._ 237.738
261,025 Total (each alde)10.614.134 10.985,103
Cash
3,822,094 6,828,417 Reserves
1,900,888 1,602,962
Demand loans
Represented by 218.212 shares of no par value. y Available for pref.
1,750,000 4,500,000 Dividends pay
x
270,000
270,000
4,082,573 5,805,939 Due to banks, &c. 8,561,810 6,843,202 dividends and sinking fund and to increase stated capital. z 24.082 shares
Due from banks
Working funds... 1,569,385 1.875,138 Tray. checks & Cr.
par $100, stated at preference value of $110 per share.
-V.123, p. 2659.
letters
U. S. Securities.- 5,350.229 4,338,736
26.474,940 26,253,989
Other investments 36,990,109 27.245,600 Money ords, drafts
Bolivian Petroleum Co. (Nev.).-Stock Offered.
-Curtis
115,855 &c
114,856
Advances
7,669.733 7,341,477
Acpts.& letrs of or. 1,338,616 1,783,897 Accpta.& letrs.of Cr 1.311,925 1,446,630 & Sanger, New York are offering at $3 50 per share 200,000
Bank guarantees- 5,435,098 5,457,490 Accounts payable_ 247,452
shares capital stock of no par value. The stock is offered as
548.200
Accr.int.& acts.rec 1,596,270 1,410,264 Other liabilities_ _ 329.244
.
201,535 a speculation.
258,438 Surplus
186.622
Other assets
3,840.833 3,463,861
Transfer agent Bankers Trust Co. New York. Registrar Americin
Total
68,606,825 65,971,856
Total
68,606.825 65,971,856 Exchange Irving Trust Co. New York.
Camtalization.-Autherized 1.000.000 shares; proposed to be presently
xRepresented by 180,000 shares of no par value.
issued and outstanding, 905.000 shares (no par value).
The usual comparative income account was given in V. 124, p. 794.
Data From Letter of Reginald H. Johnson, President of Bolivian
American Laundry Machinery Co.
-Earnings.
Petroleum Corp.
Calendar Years
Properties.
-Bolivian Petroleum Corp. organized in Delaware owns
1925?
Net aft all charges & taxes
after
$44.806;809 $5.100.713 concessions on approximately 3,125,000 acres of prospective oil lands in
the
Profit & loss surplus
$16,073,338 $13,801.832 Lake Titicaca District in theItepublic of Bolivia. Pursuant to an
agreement
Shares of common outstanding (par $25)
478.759
360.000 between Bolivian Petroleum Grp. and the Atlantic Refining Co. Bolivian
Earns, per share on common
$9 75
$13 79 Petroleum Co. is being organized in Nevada for the purpose of acquiring onehalf of the capital stock of Bolivian Petroleum Corp., the other half of
General Balance Sheet, Dec. 31, 1926.
which will be owned by the Atlantic Refining Co.
Asseu.
Liabilities.
Atlantic Refining Company Contract.
-The Atlantic Refining Co. has
Permanent assets
x$5,013,336 Preferred stock
$1,929,500 contracted with Bolivian Petroleum Corp.
Patents. &c
(the
2.500,000 Common stock
11,968,975 elected half by the Atlantic Refining Co. and directors of which will be
Cash
half by Bolivian Petroleum
1,013,362 Accounts payable
401.190 Co.) to explore the concessions of Bolivian
Notes receivable
Petroleum Corp. and to provide
10,187,074 Accrued accounts
57,192 Bolivian Petroleum Co. with all exploration
Accounts receivable
reports. At the completion of
Customers' deposits
, ,
59,455 the Atlantic Refining Co.'s
explorations it may then exercise its rights to
Empl. subscrip. for stock-- 1,592.946 Reserve for Federal taxes
carry these concessions into exploitation
Investments
payable In 1927
133,812
733000 Joint venture with Bolivian Petroleum in which case it may be done as a
Inventories
3,150.091 Surplus
16.073,339 Atlantic Refining Co., but entirely Co. as an equal participant with the
under the
Deferred charges
management.
92,432
understood that the Atlantic Refining Co. willlatter's preliminary It is
Interest In foreign co's
start its
459,928
geoloOther assets
Total (each side)
2,117,086
$31,222,651 gical survey during the month of Feb. 1927.
Purpose of Issue.
-The net proceeds from the sale
shares will
x After $1.861,853 for depreciation.
-V. 124, p. 1069.
furnish the company with funds which may be used in of these
joining the Atlantic
Refining Co. in the development of acreage selected for exploitation and
American Piano Co.
-23/% Stock Dividend.
The directors have declared a 2%% stock dividend in addition to the for other corporate purposes.
.-W. E. Allaun, Wichita Falls, Texas, Seth G. Brady. Sec.;
Directors
usual quarterly cash dividend of 2A % ($2 50 per share) on the common Arthur C. Gwynn°,
stock. pgyable April 1 to holders of record March 15. Like amounts (Storey, Thorndike (Jenks, Gwynne & Co.); Reginald B. Johnson. Pres.
Palmer and Dodge); H. D. Montgomery. (Curtis &
were paid on Jan. 2 last. Previously cash dividends at the rate of jS Sanger), J.
B. Shearer (J. B. Shearer & Co.), Maxwell Stevenson, Viceper annum were paid on the common stock.
-V. 123, P. 2781.
Pres. & Treas.. James E. Whitney, Vice-p,., R. S. Wile, New York.
AmericanRepublics Corp.
-Court Denies Injunction.
-
Borden
Co.
-Additional Stock to be Offered Shareholders.
The Appellate Division of the New York Supreme Court denied Feb. 21
stockholders
the application for an injunction restraining the corporation from carrying onThe before April of record March 9 will be given the right to subscribe
or
6 for $3.154,500 additional capital stock (par $50) at
out the action of its directors to permit stockholders of the Galena Signal
Oil Co. to exchange two shares of its preferred stocr for tnree shares of $60 per share, to the extent of 10% of their holdings. Payment should be
made
common stock of the American Republics Corp. The suit was brought N. Y.in New York funds to the Seaboard National Bank, 115 Broadway,
City.
by minority stockholders on the ground that the exchange of stock had April 6 1927,Subscribers may pay the full amount of their subscriptions on
at which time they will be credited with interest at the rate
been vated through the influence of Pres. Joseph S. Cullinan because
he and his family are large holders of Galena Signal Oil stock and that of6% per annum to Dec.6 1927, viz: $2 44 per share, making the net payment
he needed additional American Republics shares to insure the re-election may,on April 6 1927. $57 56 per share. Payment for shares subscribed for
at the option of the subscriber, be made in four installments of $15
1224
[VoL. 124.
THE CHRONICLE
each per share before the close of business on April 6,June 6,Oct.6 and Dec.
6. Interest at the rate of 6% per annum, amounting to $1 22 per share.
will be allowed on the first three installment payments from their respective
due dates to Dec. 6 1927. when it will be paid by crediting the amount on
the final installment payment.
Certificates for new stock will be issued on or after Dec.6 1927. and said
stock will participate in dividends declared or payable after said date.
President Arthur W. Milburn, Feb. 9, said in part:
The authorized capital stock is 550.000,000. consisting of 1.000,000
shares, par $50 each. Of this authorized capital stock there have been issued
and are now outstanding 630,896 shares of the aggregate par value of $31.544,800. leaving 369.101 shares of the aggregate par value of 518,455.200
available for issuance from time to time in the discretion of the directors.
The directors are of the opinion that the best interest of the company and
the stockholders will be served by issuing additional shares of the capital
stock during 1927.
Accordingly, it has been decided that the company should pursue the
course which was so successfully adopted in 1924. 1925 and 1926,and that
the company's own stockholders should be given the first opportunity of
furnishing the required funds on advantageous terms. The board has therefore decided to offer not exceeding 53.154,500 of the capital stock (1. e..
63.090 shares) to the stockholders pro rata in proportion to their respective
-V. 121. p. 926.
stockholdings.
the interest requirements on these notes. Childs Co.also agrees to purchase
on demand at the maturity of this issue the pledged capital stock of Boos
Bros Cafeteria Ca. for $1.400,000; such agreement to be enforceable by
the trustee, under the provisions of the trust indenture, for the benefit
of the holders of these notes.
Capitalization Outstanding on Completion of This Financing (ofDin.Flail. Co.)
$1,199,250
Real estate mortgages
1,400,000
Four-year 5% notes (this issue)
250,000
Preferred stock *
750.000
Common stock'
*Over 99% of which is owned by Childs Co.
-Years Ended Dec. 31.
Consolidated Statement of Earnings
The Dining Hall Co. and Boos Bros. Cafeteria Co.
1924.
1925.
1926.
Gross sales
57,509.961 57,199.495 $7,200,316
Net oper. profits before deproc.,avail.
746.195
597,420
for interest and Federal taxes
909.170
Annual interest requirements on these notes. $70,000.
Childs Co. (N. Y.).
-Revised Gross Sales.
The company announces that amended gross sales of meals during
January 1927 totaled $2,537.424, compared with 52.120.353 in the same
month of 1926, an increase of 19%. The company had previously announced
time figures
sales of $2,214,487
-Dividends on New Stock for January of the for the month, but since that Los Angeles,of $322,937
British-American Oil Co.
which was
Boos Bros. Cafeteria Co. of
Rate of 80c. per Annum.
by Childs Co. as of Jan. I last, have been received, making the
acquired
to be Inaugurated at the
share will
it is announced that dividends at an annual rate of 80c. perthe rate of total for the month $2,537.424.
Consolidated Balance Sheet December 31.
be inaugurated on the no par value capital stock. This is at
[Including Childs' Dining Hall Co. and Childs Co. of Providence.]
53 20 per share on the old stock of 525 par value, which was recently split
upon a basis of four new shares for one of old. Dividends on the $25 par
1925.
1926.
1926.
1925.
the
stock were paid at the rate of $2 50 per annum, and in addition,
$
Assets$
Liabilities$
$
company on Jan. 2 last paid an extra of 50c. per share.
Meal).& plants..a12,336.403 12,281,249 Preferred stock__ _ 5.000,000 5.000.000
would probably be Real estate
It was also announced that an issue of new stock
b9,850.576 8,496,882 Common stock___c9.307,378 9,049,057
made before July 1 next.
20.647
Real estate cos.:
33,650
Fractional scrip _ __
A. L. Ellsworth has been elected President. succeeding S. R. Parsons,
1,200
1,200
Capital stock_
1,760,440
687,918 Sub. co. minor.stk.
-V. 124, p. 239.
who has been elected chairman.
Mtges., notes &
Real est. mtges. &
accounts
gr'd rent leases_ 4,062,684 3,424,750
941,769 1,677,092
-Interim Div.
Tobacco Co., Ltd.
British-American
Leaseholds, good-year 6% notes__ 2,000,000 2,000,000
5
The directors on Feb. 22 decided to pay an interim dividend of 10d.
will, &c
3,915,909 3,916,297 Sub, real est. cos.'
per share free of British income tax on ordinary shares as of March 11 1927 Cash
22.660
35,757
859,196 1,150,082
accounts
amount was
to holders of record March 3. An interim dividend of like
25,000
Govt.& State bda_ 487,340
487,340 Notes payable... _
. 220,000
-V. 124. p. 104.
paid on these shares on Jan. 17 last.
Other securities...
15,330
14,475 Ace ts payable and
acced liabilities. 1,696,691 1,451,048
- Mice,, receivable. 35,000
Dividend.
-Initial
Buffalo General Laundries Corp.
315,040
Notes & acc'ts rm. 132,186
70,875 Reserve for taxes.. 431,585
The directors have declared an initial dividend of 75 cents per share on Accr. mtge.Int. rec
282,213
438
Deferred credits.. 201,018
the outstanding $2 25 cumul. partic. pref. stock, no par value, payable to Mdse.Inventories_ 464,223
395,348 Res've for contIng_ 1,000,000 1,000,000
stockholders of record March 20. This distribution covers the tour months' Deferred charges__ 1,163,546 1,138,439 Special reserve_ _ _d 1,940,080 1,785.574
1926 to April 11927. See also V. 123, p. 2905.
period from Dec. I
6,032.334 5.938.808
Surplus
-Earnings.
(A. M.) Byers Co.
Quarters Ended Dec. 31Net earnings after deprec., Federal taxes, 6.:c
Other income
1J25.
1926.
5313,029 5422,857
30.274
23.912
Total income
Interest and amortization
$336,341 $453,131
88,728
37,562
Net income
Common shares outstanding (no par)
Earnings per share
-V. 124, p. 927.
$°99,379 $364,403
150.000
151.583
52 26
51 18
-New Vice-President.
Celotex Co.
William Johnston, formerly of the New York "World," has been elected
123,
Vice-President in charge of public relations, effective March
p. 3041.
-Plan Operative.
Central Leather Co.
Kuhn,Loeb & Co.and the Bankers Trust Co., managers of the reorganization of the company, announce that the plan for readjustment of the
share capital of the company has been declared operative. The announcement further says:
"More than 85% of the preferred stock and more than 77% of the
common stock of the company has been deposited under the plan and
agreement. It is contemplated that a meeting of stockholders will be
called in the near future for the purpose of authorizing the necessary corporate action to give effect to the plan. Stockholders who have not yet
-V. 124. p. 512.
deposited their stock are urged to do so promptly."
-Tenders.
Chesebrough Building (Co.).
a l.uiold
The Central Union Trust Co.. 80 Broadway, N. Y. City. wilf g itil
-year 6%
March 22 receive bids for the sale to it of 1st mtge. 25
1923. to an amount sufficient to exhaust $25,000.
loan ctfs., dated Oct. 1
at prices not exceeding 105 and int.-V. 123. p. 1118.
Ch -vy Chase Dairy (Wise Brothers), Washington,
-Y. E. Booker & Co., Washington,
D. C.-Pref. Stock Sold.
D. C., have sold at 100 and div. $300,000 7% cumul. pref.
stock.
Total
31,962,356 30.315,997
31,962,356 30.315,997. Total
a After deducting $5,888,915 for depreciation. b After deducting
$349,973 for depreciation on buildings. c Represents 346,825 shares of no
par value. d Invested in real estate, first mortgage on real estate, Government and other bonds and cash on deposit.
Note.
-Contingent liability on guaranty of mortgage bonds of subsidiary
real estate companies, $450,000.
The income account was published in V. 124, p. 1072.
Commercial Solvents Corp.-Bal. Sheet Dec. 31.1925.
1925.
1926.
Liabilities1926.
Assets$1,000.000
Land, mach., dm_ _33,512.553 $2,362,785 Preferred stock.
1 Common stock _ _ _x4,370,543 1,968,472
1
Good-will & pats-2,422,900
2,128,784 3,168.783 634% gold notes_
Cash
86,241
419,496 ACCttl. & loans pay. 108,479
Accts. received, &c 350,287
59,960
960,560 Dividends payable 217,722
1,420,026
Inventories
189,148
50,067
20,120 Accrued accounts_
13,454
Investments
172,629
140,843 Fed, tax reserve. 354.666
Contract rights, &c
241,884 Earned surplus_ _ _ 2,517,542 1,415,114
Deferred charges__ 193.916
$7,619,019 $7,314,463
Total
$7.619,019 $7,314,463
Total
x Represented by 108.861 shares of no par value class B stock in 1926
class A stock in 1925.
and 47,064 shares class B stock and 39,960 shares
A comparative income account was published in V. 124. p. 928.
-Earnings.
Congress Cigar Co., Inc.
Calendar YearsGross sales
Cost, selling, general, admin., dzc., expenses
1926.
1925.
$19,090,070 $17,566,204
16,548,474 15,414,347
Net profit
Other income
52,541,596 $2,151,857
40,297
Total income
Depreciation
Interest
Provision for Federal taxes
Common cash dividends
$2,541,596 52,192,154
50,841
64,439
160.103
249,460
336,480
787,500
81.353,176 $1,731,750
Balance, surplus
350.000
35...000
Shares of capital stock outstanding
Exempt from present normal Federal income and District of Columbia Earnings per share on capital stock (no par)
$4.95
$6.12
-M. (first div. payable June 1
personal property taxes. Divs. payable Q.
div. date upon 30 days' notice at 107 and -V. 124, p. 796.
1927). Red. all or part on any
div. Non-voting unless 4 quarterly divs. are In arrears. Transfer agent,
-Annual Report.
Consolidated Distributors, Inc.
American Security & Trust Co.; registrar, Riggs National Bank.
(Including operations of Times Square Auto Supply Co., Inc.)
Capitalization to Be Authorized and Outstanding.
1925.
1926.
$300,000
Calendar Years7% cumulative preferred (this issue)
51,749.769 $1,685.616
350,000 Sales
Common stock (par value $100)
1.537,079
1,649,882
History and Business -Wise Bros. have been engaged in supplying milk, Cost of sales dr expense
cream and other dairy products to Washington families for more than 40
599,906
5148.537
Operating profit
business has developed from selling to a few
years, during which time the
12,833
207.007
families the milk produced on two farms until to-day It supplies over 13,000 Other income
customers daily with the product of 200 farms.
$112,740
$355,544
effect to econoTotal income
Earnings.
-The net earnings shown below are after giving
26,510
11,987
mies resulting from this financing and eliminating certain non-recurring Other deductions
15,000
50,000
expenses. Deductions have been made for adqeuate depreciation and local Reserves
taxes, but not for Federal income taxes.
$71,229
5293,557
1928.
Net profit
1925.
1924.
1923.
395,251
267.629
Gross sales
51.321,827 31,45%460 31,539,435 $1,754,698 Shares of cap. stk. outstanding (no par)
50 19
91 09
60.762 Earn, per share on capital stock
57,427
Net earnings
68,199
29.066
It Is estimated that as a result of economies effected through this financBalance Sheet Dec. 31.
ing, net earnings for the current year will be in excess of $75,000, or more
Liabilities1926.
1925.
1925.
1926.
Assetsthan 334 times interest requirements on this issue.
$1,000 Cap. stk. & sur_ _x$3,164,500 $2,736,080
$1,000
-Proceeds from the sale of this preferred stock will be used to Investment,
Purpose.
195,924 Notes&trade accep 177,048
99,815
194,826
retire $150,000 of common stock, to cancel all existing mortgages on the Furn., fixt.& autos 523,000
142,785
523,000 Accounts payable_ 116.638
Leaseholds
property and to provide additional working capital.
417
2,917
1.477,000 1.477,000 Accrued accounts_
Good will
Listing -Application will be made to list this stock on the Washington Cash
15.000
50.000
51,605 Res. for taxes, dm_
27,212
Stock Exchange.
2,493
1.853
Notes receivable
51,046
36,891
-Notes Offered.-Laird, Bissell Acc'ts receivable- 1,013,615 632.217
Child's Dining Hall Co.
Merchandise
5,007
5,853
& Meeds and Tucker, Anthony & Co. are offering at 99 and Dep. on leases, &c.
Total (each side)S3,473,603 $3,031,591'
92.405
Prep.& clef. exps._ 192,353
int. to yield about 5.28%, $1,400,000 4-year 5% notes.
x Represented by 395,251 shares of no par value.
Dated March 1 1927: due March 1 1931. Denom. $1.0000. Interest
director, succeeding Frederick Lamson.
Leon Foulion has been elected a
New York, trustee, without depayable M. & S. at Empire Trust
123, p. 2524.
not
Co.,
duction for Federal income tax any exceeding 2%. Penna. 4-mills tax V.
time on 30 days' notice at 101 and
refunded. Red., all or part, at
-Initial Div. on Prior Pref, Stk.
Consumers Co., Chicago.
10034 and
int. on or before March 11920: at ann int. int. on or before Sept. 1 1930:
The directors have declared an initial quarterly dividend of 114 % on
thereafter to maturity at 100
and
prior preferred stock, payable April 1 to holders of record March 31.William Childs, President of Childs Co.
Data from Letter of
-A subsidiary of Childs Co. Operates 15 V. 122, p. 1317.
Childs' Dining Hail Co.
Haven, Philadelphia, Baltimore and
-Listing.-restaurants located in Boston, Now
'Continental Can Co., Inc.
Dining Hall company is acquiring the entire outstanding
Pittsburgh. The
Cafeteria Co., formed in 1906, which operates
The New York Stock Exchange has authorized the listing on or after
capital stock of Boos Bros In the City of Los Angeles, Calif., and one Feb. 24 of 7.596 additional shares (authorized 750,000 shares) common
seven restaurants, six being
stock no par value, on official notice of Lssuanco and payment in full making
on Catalina Island. will be the direct obligation of Childs' Dining Hall the total amount applied for 507.596 shares.
-Notes
Security.
The issuance of the 7,596 shares was authorized by the directors Jan. 12
pledge with the trustee of the entire outstanding
Co. and will be secured by Cdfeteria Ctoh
.
1927, authorizing the issuance of 3.411 of such shares in part payment for
capital stock of Boos Bros.
at while any of these notes arc all the outstanding capital stock of the Seattle Can Co., and the issuance
Guaranly.-Childs Co. guarantees
n
dividends on the Boos Bros. Cafeteria Co. of 4,185 of such shares in payment for all the outstanding capital stock of
outstanding, the semi-annualcollected by' the trustee, shall at least equal the G. N. Easton Can Co.
-V. 124, p. 914.
capital stock, which may be
FEB. 26 1927.]
THE CHRONICLE
Craddock-Terry Co., Lynchburg, Va.-Prefe red Stock.
In order to provide additional capital to meet the growing demands of
the company's business (its sales in 1926 having reached a volume of about
$20,000,000. an increase of about $2,500,000 over the sales oftheprevious
year) the company offered $500,000 Class C preferred stock to stockholders
at par ($100 per share) and int. at 6% from Jan. 11927. as the stock will
be issued as of and participate in the earnings of the company from that
date. This is a portion a an authorized Issue of $2,500,000 of Class C
preferred stock, of which $948,100 has been previously sold and was outstanding as of Dec. 311926. Rights expired Feb. 21.
The average net earnings of the company for the five years 1922 to
inclusive, after deducting taxes and reserves for depreciation, have 1926
been
about 314 times the amount which will be required to pay dividends on all
outstanding preferred stock after this offering of $500,000. Taking the
Company's last balance sheet statement as of Dec. 31 1926 as a basis ,and
after giving effect to the proceeds of this issue, the net invested capital ex-.
ceeds the outstanding preferred stock of all issues by something over 35,600.000. When the present offering of preferred stock is included, the net invested capital will equal $250 per share of the outstanding preferred stock
and the net quick assets will equal more than $150 per share.
The company's operations include its Lynchburg plants; its Baltimore
branch; its Western department, operated as McElroy-Sloan Shoe Co.,
St. Louis, Mo.; its Northwestern department, operated as the Harsh &
Chapline Shoe Co., Milwaukee, Wis.; and consists of 5 wholesale distributing houses, 10 shoe factories and a tannery.
-V. 124, p. 928.
Dravo Contracting Co. of Pittsburgh, Pa.
-Equipment
Trusts Offered.
-The Bank of Pittsburgh N. A. is offering at
100 and div. $77,000 serial 5
equip. trust certificates,
series D,issued under the Philadelphia plan.
Dated Feb. 11927. due annually Aug. 1 1928-1932. Dividend warrants
payable F. & A. Denom. $1.000. Red. on any int. date upon 4 weeks'
notice as a whole at 102 and div. Principal and div. warrants payable at
Bank of Pittsburgh N. A., Pittsburgh, Pa., trustee, without deduction
for the normal Federal income tax up to 2%-Penn. 4 mill tax refunded.
Guaranteed unconditionally. jointly and severally, as to payment of
principal and dividends, by endorsement of the Dravo Contracting Co.
and the Ohio River Gravel Co.
Security.
-These certificates, issued under the Philadelphia plan, whereby
title to the equipment remains vested in the trustee until all certificates
have been paid, will be secured by one new steel hull sand and gravel dredge.
ladder type. equipped with buckets of two cubic foot capacity, being built
by the Dravo Contracting Co. of Pittsburgh. Pa., for the Ohio River
Gravel Co. of Parkersburg, W. Va. The contract price of this equipment
is $104,7 8. These equipment trust certificates are issued for approximately
73% of the cost price.
-V. 123, p. 331.
Dominion Foundries & Steel Ltd.-Ea-nings.-
Calendar YearsProfit from operations
Crown Cork & Seal Co.
-President Against Plan.
Interest paid, accrued, &c
In connection with the article in our issue of Feb. 19, Pres. Donald M. Depreciation
Liddell says: "In the first _paragraph, where my name is incorrectly Discount and bond expense written off
spelled Lyden, please note that I am not in favor of recapitalization, Taxes
neither are Messrs. Walter W. Avell, Grafflin Cook nor Gates D. Fahnestock. We four are distinctly opposed to this move." See V. 124, p. 1072.
Balance, surplus
-V.113. p. 1476.
Cushman'
s Sons,Inc.
-Listing.--
1225
1926.
$151,512
40.728
107,647
2,000
1925.
$54,839
44,287
7.625
2,000
374
$1,137
$553
•
The New York Stock Exchange has authorized the listing on or after
Duncan Hotels Corp.
-Notes Offered.-First Illinois Co.,
March 1 of 1.503 shares additional of $8 cumulative dividend roreferred
stock, without par value (auth. 40.000 shares) on official notice of issuance Chicago, and Link, Pe• ter & Co., Grand Rapids, are offering
In payment of the dividend upon its common stock, making the total at 99M and int., to yield over 5.60%, $600,000
one-year
amount applied for to date, 34,063 shares of $8 cumulative dividend pref. mortgage lien 5%
gold notes.
stock.
Dated Dec. 11926,due Dec. 1 1927. Prin. and int. payable at Standard
On Jan. 17 1927, the directors declared a dividend of $3 per share on the
common stock of the company (in addition to the $1 cash dividend per Trust & Savings Bank, Chicago, trustee. Denom. $1,000 and $500 c*.
share on such common stock) of which amount $1 50 shall be payable Callable all or part at any time prior to maturity on 30 days' notice at 101
on March)to holders of record ofcommon stock Feb. 15, and the remaining and int. Company agrees to pay interest without deduction of the normal
$1 50 per share shall be payable on Sept. 1 to holders of record of such Federal income tax up to 2%.
common stock, Aug. 15 1927, such dividend of $3 per share to be payable
Data from Letter of H.S. Duncan, President of the Corporation.
in the $8 cumulative dividend preferred stock of the company at
Corporation.
-Will own or control through subsidiary companies a chain
of$100 per share for such preferred stock, to be issued at the rate a valuation
of one share of such $8 cumulative dividend preferred stock for of3-200ths of hotels located in New York, Michigan, Illinois, Maryland and Alabama.
each
amount of such dividend so payable. The amount of common $1 50 The corporation will own in fee or control through stock ownership the
of the
stock operation of the following hotels: (a) Continental Hotel, N. Y.
outstanding at the close of business on Feb. 15 1927, was
100,240 shares. (b) Wolverine Hotel, Detroit; (c) Bankhead Hotel, Birmingham, City:
Ala.;
Results for Calendar Years.
(d) Deer Park Hotel, Deer Park, Md. (owned in fee by Duncan Hotels
Corp. and leased to independent operator), and (e) Illinois Hotel, Aurora,
1926.
1925.
1924.
1923.
Bread & cake sales(net) $13,007.i02 $10,266,870 $8,212,901
Ill. (the stock of the corporation which upon completion will lease and
$7,220.657 operate the Illinois Hotel will also be owned
Baking & admin. exps__ 11,435,356
by the Duncan Hotels Corp.
9.013,058
6,841.869
6,094,578
Interest
The Deer Park Hotel property
42,197
26.015
18,257
15,942 pendent operator at a net annual is owned in fee and is leased to an inderental of $44,450. The other properties.
Operating profit
operated by the subsidiary companies are under satisfactory
$1.529,548 $1,227,797 $1.352.775 $1.110.137 now being
Other income
subsidiaries.
199,305
47.966
53,320
57,264 leases to such
-As of Oct. 31 1926 the average annual net earnings before
Earnings.
Total income
$1,728,853 $1,275,763 $1,406,095 $1,167,401 depreciation from the Wolverine Hotel alone have been in excess of $41, 00
9
Depreciation
a year since 1924, vthich together with
391,515
329,293
322,046
293,270 Continental Hotel for a period of 9 years average annual net earnings of the
Federal taxes
and 10
181,283
117.147
133,164
106,551 and the rental to be derived from the existing months ended Oct.31 1926.
Preferred dividends..--Deer
393,189
313.100
311,275
270.862 combined annual net earnings, before depreciation,Park Hotel lease show
Common dividends
300,720
287,822
285,720
101.510 than 3.65 times the annual interest charges on these of $109.714, or morenotes.
-Secured by the pledge with the trustee of all of the outstanding
Surplus
Security.
$462,146
$228.400
$353,890
$395.207
Profit & loss surplus_ _ _ _ $2,868,252 $2.406,106
except directors' qualifying shares, of the companies now in operation
$2,177,706 $1,809,964 stock, that in the case of one company whereof
Shares com. stock outexcept
approximately 64% of its
standing (no par).__ _
outstanding stock will be pledged. The notes will
100.240
100.240
95,240
95,240 mortgage lien on the Deer Park Hotel properties. be further secured by a
Earned per share
$7.61
$5.15
$6.71
$4.79
-Proceeds will be used to retire a mortgage on the Deer
-V. 124. P. 513.
Purpose.
Park
property and for other corporate purposes.
(R. J.) Darnell, Inc., Darnell, La.
-Bonds Offered.
Commerce Securities Co., Memphis, Tenn., is offering at
100 and int. $300,000 1st mtge. gold bonds.
Dated Feb. 1 1927; due serially 150,000 each Feb. 11929-1931.
cipal and int. (F. & A.) payable at Bank of Commerce & Trust Co., PrinMemphis, trustee. Callable on any int. date at 102 and int. Denom.
$500
and $1.000.
Valuation of Mortgaged Properties.
30.850,000 feet hardwood stumpage 0 $15 per M
$462,750
Mill. mill site, camp houses and equipment
250.000
17,800 acres of land 0 $5 per acre
89,000
Railroad tracks and right-of-way
75,000
Total
$876,750
Security.
-Bonds are secured by a closed first mortgage
on propersy
located in West Carroll Parish, La., reported to have a
conservative valuation of $876,750. The timber was cruised by a competent
and
pendent appraiser at slightly in excess of 30.850.000 feet. and the indeland it
very conservatively valued at $5 per sere. The other property
mortgaged
Is shown at less than actual cost.
-Owns and operates a thoroughly modern mill at
Company.
Darnell.
built in the latter part of 1922. A logging railroad runs from the plant La.,
into
this timber and the stumpage can be cut, transported to the mill and manufactured into lumber at a minimum cost. Company is one of the
and most successful of the lumber companies in Memphis, its net oldest
worth
oeing reported to be approximately $1.000,000.
(W. S.) Dickey Clay Mfg. Co. (Del.).
-Bonds Offered.
[Tanis Trust & Savings Bank, Foreman Trust & Savings
Bank, Chicago, and Commerce Trust Cci., Kansas City,
do., recently offered at prices ranging from 100 and interest
Lo 101.50 and interest, to yield from 5% to 6% according to
naturity, $800,000 additional 1st mtge. 6% gold bonds,
miles "A," due serially 1928 to 1940. (See original offering
in V. 121, p. 205).
Eastern Rolling Mill Co.
-Extra Dividend.
-
The directors have declare" a quarterly aivieend of 37%e. a share and
an extra dividena of 123c. a share on the common stock, both payable
April 1 to holders of recora Marcia 15. Like amounts were paid in the previous four quarters, while on Jan. 2 1926 an extra dividend of 50c. a share
was paid.
-V. 123. p. 3190.
Economic Investment Trust, Ltd.
-Stock Offered.
Cochran, Hay & Co., Ltd., Toronto, are offering at $52 50
per share $1,250,000 convertible common stock (par $50).
The common stock is to be fully paid and non-assessable. Dividends
declared and payable will be paid by check payable at par at any branch as
of
the Trust's bankers in Canada. Yukon territory excepted. The present
issue of 25,000 shares is convertible into preferred stock at the option of
the holder on the basis of 1 1-20 shares of $100 par value 53i% cumulative
redeemable preferred stock for 2 shares of common stock in amounts
of
not less than 40 shares of the common stock and even multiples thereof.
The conversion privilege will expire on Dec. 31 1929 and if exercised must
be effected on June 30 or Dec. 31 in any year up to and including Dec.
31 1929.
Capitalization
Authorized.
Issued.
Common stock ($50 par)
$2,500,000
Preferred stock-5;i% cumulative redeemable__ _ 2,500,000 $1,250,000
•The preferred stock has been created to make provision for conversions
of common stock, when, as and if the conversion privilege is exercised
by common stock shareholders.
-Has been incorp. under the Companies Act.
Company.
Canada, to
carry on a business similar in character to that of investment trust
companies in Great Britain. The business of the Trust is not to be confused
in any way with the usual functions of the loan and trust companies
in
Canada. The primary purpose of the Trust is to afford safety of
investment
combined with maximum earning power through the broad
of its resources in all classes of investments, such as bonds ofdiversification
governments,
municipalities and corporations, and the preferred and
financial, public utility and industrial corporations andcommon stocks of
loans secured by
such obligations and investments.
Proper investigation will be made before the
for the Trust's account. Not more than 5% of purchase of investments
the combined share and
loan capital of the Trust may be invested in the stock
one company. Government or public authority, except and bonds of any
bonds, and obligations of the Dominion of Canada and the Government of
Assets & Earnings.
-It is intended that the assets of the Great Britain.
Trust will consist
entirely of cash and investments. Its earnings will
interest and dividends received from these holdings be derived from the
and will be available
for dividends on the Trust's common stock.
Company.
-With headquarters at Kansas City, Mo., has the
reductive capacity of vitrified salt-glazed sanitary sewer pipe and greatest
ommodities in this or any other country. The properties nowkindred
owned
oclude 21 manufacturing plants of the most improved type, advantageous
ly
acated, as regards raw materials and markets, in Missouri, Kansas,
Illinois,
owa, Alabama, Tennessee, Georgia, California and Texas.
Earnings Statement of the Consolidated Properties.
Calekdar Years1924.
1923.
1925.
1926.
et earns after Fed.taxes $1,157,228
$870,513
$791,363
Edwards Manufacturing Co.
$821,465
-Balance Sheet Dec. 31.nnual bond interest
• Assets1926.
1925.
charges(incl. thisissue)
LiabitUtes1925.
1926.
318.000 Real est. & mach_S2,396,137 $2,345,590 Capital stock
$1,100,000 $1,100,000
Investments
2,325
2,325 Accounts payable_
Balance available for dividends and surplus
80,167
8,514
$503,465 Accounts receiv
302,828
454,824 Notes payable_ _ _ _ 695,000 1,125,000
Purpose of Issue.
-Proceeds of this issue will be used to reimburse, the Cash
54,954
67,493 Depreciation res
mammy, in part, for the acquisition of new plants in California and Iowa Interest
883,964
839,685
prepaid
11,465
14,572 Interest accrued.ad for extensions and additions to the property.
-V. 121. p. 205.
168
Insurance prepaid_
34,431
37,262 Surplus
105,9071 1.408,567
Inventory
1,023,422 1,603,464 Profit and loss
(W. L.) Douglas Shoe Co -Balance Sheet Dec. 31.1,061,603)
Taxes unexpired
29,426
28,057
Assets1926.
Liabtlfaes1925.
1926.
1925.
lant dr fixtures ._ $389,438 $359,102 Preferred stock.. $3.800.000 83,800.000
Total
83.854,988 $4,553,587
$3,834,988 $4,553,587
Total
933,036
933,034 Common stock... 1,540,000 1,540,000
Company reports a net loss
u3h
939,150
899,611 Accounts payable..
85,196
60,709 1926, after depreciation and of $175,962 for the 6 months ending Dec. 31
istomers' accts.
marking down inventories to market values.
Reserve for taxes.
This compares with a net loss of $14,907 the
317,546
& notes receiv
period
232.677 contingencies,
of $43,095 in the first 6 months of 1926.-V.samep. 716. of 1925 and a loss
aterlals & suer.- 300,890
553,970
123.
&c
66,605
151,814
ir .goods-res've 201.455
350,687 surplus
620,424
620,424
Electric Auto-Lite Co.
-Earnings, &C.
stores_ 2,120,175 1,969,997
do
As a result of property expansion and largely increased manufacturing
Iii.0th. cos. own..
50,000
facilities, February sales of the company will be larger than for any previous
'easury stock _
54,589
month in the company's history, according to Pres. C.0.Miniger, who says:
113,398
'epald expense
mdry assets_ _ 692,550
873,779 Total (each side)_36,112,225 $6,172,947 "February will show greater business than both December and November
last year and from present orders and prospective business, our schedules_
V. 122, p. 2659.
and March will equal the final quarter of 1926."
1226
THE CHRONICLE
[VOL. 124.
the Fox Film ?.ealty Corp., a wholly owned
Profits of the company for the first quarter of 1927. according to estimates I property is owned in fee by Corp. This latter corp. the lessee, together
Film
will equal those of the first half of 1926 when company reported earnings subsidiary of the Foxoccupies the building in its entirety.
with its subsidiaries,
250,000
of 81,201,877 before Federal taxes equal to ever $4 a share on the to retire
be secured by a first (closed) mortgage on the
Security.
shares of stock. In view of this showing the company is expectedcompany real estate-Bonds will
and fixed equipment owned in fee. The office building and
all outstanding bank debt during the first half of 1927. Since the bank fixed equipment, subject to the mortgage, have recently been appraised at
has no bonds or preferred stock, all earnings after paysaent of
111,853,474 by independent engineers, and the land has been valued at
debt will be applicable to the common stock.
Bosch Magneto 51,150,000 and 51.092,000 by two independent appraisers. On the basis
15 In 1926 the starting and lighting division of the American Bosch company of the lower appraisals, these bonds represent less than a 58% loan.
was purclaased and the machinery employed by the
Co.
has agreed to lease the property to be covered
Lease.
-Fox Film
was moved from Springfield to a new addition erected at the Auto-Lite by the mortgage for Corp.
a period at least 3 years beyond the maturity of the
company's plant at Toledo. This acquisition has given the Auto-Lite bonds, at an annual net rental to the lessor of $300,000, the lessee to pay
manufacturing facilities and substantial new in
company largely increased
addition as rental, all the taxes, assessments, insurance, maintenance
-V. 123, p. 2267.
contracts.
and operating cost on account of said building. The maximum annual
charges for principal and interest on these bonds will be 5152,235. As
Corp.-Earnings.Exchange Buffet
additional security for these Bonds, the Fox Film Realty Corp. will assign
-Quer. End. Jan. 31--9 Mos. End. Jan, 31- the lease to the trustee and pledge it under the mortgage.
1926.
1927.
1926.
1927.
Period
Sinking Fund.
-Mortgage will provide for a sinking fund, beginning
$387.154
$417,804
$148,920
$178,055
Halsey, Stuart &
Gross profit
72,315 July 1 1927 and ending July 1 1941, to operate through $51,000 principal
69,523
22,760
24.487
Depreciation
CO.. Inc., to retire bonds semi-annually at the rate of
37.168
55.038
15.771
28.752
Federal taxes
amount per annum.
281,250
281.250
93.750
93,750
Dividends
Fox film Corp. and its subsidiaries, including the Fox Film 'Realty Corp.,
and his associates, men
def$3,579 lessor, are controlled and managed by William Fox
$11.993
$16.639
$31,066
Balance, surplus
of long experience in the motion picture business, and their activities
Shares of cap. stk. out250,000 embrace all phases of the industry.
250.000
250.000
250.000
standing (no par)
$114
$117
-Equip. Trusts
$044
$050
Earn, per share on corn..
General American Tank Car Corp.
-V. 123. p. 2783.
Offered.
-Chatham Phenix National Bank & Trust Co.,
-Rights to New York is offering $1,200,000 5% equip. trust certificates
Financial 8c Industrial Securities Corp.
Stockholders.
series D 'at prices to yield from 4% to 4.73%, according to
The corporation, which on Jan. 31 1927, showed total assets of $45.016.- maturity. Issued under the Philadelphia plan.
has announced through Ralph Jonas,
financing,
205, including proceeds of
$12,Chairman of the directors, financing plans totalling approximately stock
500,000 and involving subscription rights to both holders of preferred
and of class A common stock of the corporation.
Holders of preferred stock of record Feb. 18. in advance of an offering to
the common stockholders, are receiving the right to subscribe pro rata
of 7% cumul.
according to their holdings, for units consisting of 1 share common stock
pref. stock (par $100). I exchange warrant and Si share of
pref. Each share of
of no par value, at $123 50 per unit, plus div. on the
pref. stock at present outstanding, entitles the holder to purchase 2-3 of a
unit; inasmuch as the units will not be issued in fractions, subscription
higher
Warrants resulting in fractional units will be increased to the next
whole number of units. These subscription rights must be exercised and
of the Manufacturers Trust
payment made at the Investment Department
Co., 141 Broadway, New York, prior to noon. March 5, after which date the
warrants will be void. Manufacturers Trust Co. and Redmond & Co. are
the syndicate managers.
Class A common stockholders of record Feb. 18 are being notified in
advance of an offering to the general public, of their right to subscribe to
the preferred shares, exchange warrants and common shares not purchased
by the preferred stockholueas or their assignees on the same basis as the
privilege extended to the preferred stockholders and at the same price of
$123 50 per unit. This subscription privilege of the common stockholders
may be limited In the discretion of the syndicate managers to 25,000 units
($2,500,000 preferred) and is subject to the prior rights of the preferred
stockholders. Unites subscribed for by the class A common stockholders
are to be paid for in full before 2 p. m. March 11.
According to the statement the corporation has enjoyed a remarkable
growth since its incorporation in Jan. 1926. It acquired shares of stock in a
number of important financial institutions and from certain predecessor
syndicate interests which had been active for many years in the buying and
selling of investment securities. Although the corporation, according to its
charter, is permitted to invest in securities of diversified character, the
wincipal investments are in the shares of banking and insurance companies.
The corporation has issued a balance sheet as of Jan. 31 1927. attesting to
the corporation's progress since organization. This balance sheet shows no
liabilities, and after giving effect to this financing, the assets side shows
S12,112.115 in cash, $5,930.000 in secured demand notes. $15.538.246 in
banks and trust company and insurance company stocks and $11,435,351
in other securities. These comprise a total of $45.016,266. of which $25,000.000 Is represented by a like amount of preferred stock now outstanding,
and $20,016.205 is represented by 1.209,063 shares of common stock of
no par value. This figure does not include appreciation of several million
dollars in the market prices of securities owned.
Total assets applicable to the preferred stock outstanding and to be issued
under this plan amount to $180 per share of the preferred. Earnings in 1926.
without including the appreciation in market price of securities held, were
$4.444,471, or over 2.5 times dividend requirements on the total authorized
Issue of preferred stock (525,000.000). These earnings do not give effect to
introduced
the increased income from the employment of additional capital During the
through the sale of this issue of $10,000,000 of preferred stock.
the corporation reported earnings over 14% on
year ending Jan. 31 1927,
the average capital employed.
With reference to the exchange warrants included in the subscription
units made available to the stockholders, it is stated that any of the outstanding preferred shares, whether presently or previously issesd, but in
no event more than 100.000 shares, when accompanied by an et na' number
of exchange warrants may be exchanged at the option of the holt or for common shares on the basis of $100 per share of preferred stock and $40 Per share
of common stock (2 2-9 shares of common stock in exchange for 1 preferred
share), if exchange is made on or before Feb. 28 1928. If the exchange is
of
made after that date and before Feb. 28 1929, it will be on the basis $50
per share of common stock (2 shares).
On Jan. 1 1927, in addition to the regular dividend on the preferred, an
initial quarterly dividend of 50 cents per share was paid on the common
-V. 123,
stock, together with an extra dividend of 25 cents per share.
p. 3326.
Dated Feb. 15 1927. Due serially in semi-annual installments from
Aug. 15 1927 to and including Feb. 15 1930. Divs. payable F. & A.
without deduction for the normal Federal income tax not exceeding 2%.
Denom. $5,000 c5.
Principal and dividends payable at Chatham
Phenix National Bank & Trust Co., New York, trustee. Red. at 100 a hrl
div. on any div. date on 30 days' notice. Certificates so to be redeem , d
and prepaid shall be such proportion to each maturity outstanding at the
date of redemption as the number of certificates of each maturity then
outstanding bears to the whole number of certificates of maturities then
outstanding, and shall be the lowest serial numbers of each maturity.
-As security for these certificates there is vested in the trustee
Security.
title, without encumbrance, to 700 now steel underframe tank cars of
approximately 10.000 gallons capacity each, conservatively valued at
51.505.000. Total par value of these certificates, therefore, represents less
than 80% ofsuch value. This equipment is leased to the General American
Tank Car Corp. of W. Va. at a rental sufficient to pay the par value of
these certificates and the dividend warrants and other charges as they
come due. Payment of the certificates and dividend warrants, in accordance with their terms, is guaranteed by the General American Tank Car
Corp. of W. Va. by endorsement.
-General American Tank Car Corp. of W. Va. is the only
Corporation.
subsidiary of the General American Tank Car Corp. of New York, all of
its capital stock being owned by the latter company. The West Virginia
corporation owns the entire issued stocks of Its 6 subsidiaries, and consequently controls all of their physical assets and operations.
-Earnings of the General American Tank Car Corp. of West
Earnings.
Virginia, after depreciation, available for dividend charges on equipment
trust certificates were as follows:
1923.
1924.
1925.
1926.
Calendar YearsNet prof. before charges_ x$2.841.182 $2,660.561 $3,210,454 82,794,873
Div. charges on equip.
551,617
727,256
656.605
519,783
trust certificates
x December estimated.
-The corporation has no mortgage indebtedness. On
Capitalization.
completion of this financing there will be outstanding 613.229,000 equipment trust certificates. These certificates are followed by $8,103,700
7% cumulative preferred stock and 303,570 shares of common stock, having
a market value,'based on current quotations, of approximately $23,622,000.
The Cities Service Tank Line Co. has just placed an order with the
above corporation for tho construction of 50 gasoline tank cars each having
a capacity of about 10,000 gallons. These cars will be used by the Crew
Levick Co. at Philadelphia to take care of dditional requirements for the
-V. 124, p. 1075.
local distribution of gasoline.
-Listing.
General Motors Corp.
The New York Stock Exchange has authorized the listing of $25,000,000
additional 7% cumulative preferred stock, making the total amount
applied for $134,916.000 (authorized 5500,000,000).-V. 124, p. 1075.
-Orders.
General Railway Signal Co.
The company announces that it has received important oraers from the
Chicago Burlington & Quincy and from the Denver & Rio Grande Western
railroaas for their automatic electric block signal requirements for la7.
The company also announces that it has received a contract from the
Alabama Great Southern RR. for train control installations en the line
from Chattanooga, Tenn., to Meridian, Miss., and another similar order
from the New Orleans & Northeastern RR. on the line from Meridian to
-V. 124, p 931.
New Orleans.
-Annual Report.
Globe & Rutgers Fire Insurance Co.
The statement of the company covering 1926 business shows net surplus
to policyholders as of Jan. 1 1927 of 529,110,576, which compares with
to
$27.661,944 reported as of Jan. 11926. Assets gained from 567.922.097
mort$71.740.997, and as of Jan. 1 1927 were made up as follows: Bonds at.d
$518.200; Government, city, railroad
gages, 5149.425; U. S. Liberty bonds.
and other bonds and stocks, $59.564.973; cash in banks and office. 52.434.965: premiums in course of collection, 58,827.462; interest accrued,$111.020,
-Director.
Works, Ltd.
First Bohemian Glass
and reinsutance recoverable on paid losses. $134,952. of $20.265,573, as
Alfred 0. Corbin, a partner of F. J. Lisman & Co., has been elected a
As of Dec. 31 1925 the compaay reported reservesincrease for 1926 of
-V. 124, p. 1073.
director.
compared with $21,162,600 at the end of last year, an on Dec. 31 1926,
company had a surplus of $25.610.576
Association.-Organ'd. $897.027. The$24.161.944, a gain of 51.448,632 for the year.
First Foreign Equipment Trust
compared with
and reserve for
A permanent organization to engage in foreign railroad equipment trust
Under liabilities, tax reserves are carried at $1.005.000
comes into being with
financing along the lines adopted in this country
which figures are not included in surplus to policydepreciation
the announcement by Freeman & Co. of the formation of the above com- holders. If 85.000.000. were so included, the total surplus available for
these figures
pany. Ernest L. Nye, of Freeman & Co.. will head the new organization.
be $35.115.576. V• 124. 15• 799.
details of which will be made public at an early date. The primary duty of policyholders would
-May Issue
the new Association, it is said, will be to examine carefully into the status
Craton 8c Knight Corp. nautof tining Bonds. on0ebte bi000
to the laws of foreign
an issue
.
7
h or znding bank i f 8l, r aaa
of equipment trust securities abroad in relation
The stockholders will vote March 2
governments under whose jurisdiction such financing may be arranged.
for the purpose
08
.. 0
s 22. p. 28 g
Si%12 -year mt.e.bonds
-1926 Earnings.
First National Stores, Inc.
The corporation reports for the year ended Dec. 31 1926 a net profit of
-V.124. P• 655.
$1,835,860 after taxes and ad charges.
-Balance
(F. & W.) Grand 5-10-25-Cent Stores, Inc.
- Sheet Dec. 31.-Dividend Increased.
Foote Bros. Gear & Machine Co.
1925.
1926.
Liabilities1925.
The directors have declared four quarterly dividends of 30c. a share on
the comMon stock, and four regular quarterly dividends of $1 75 a share on
the preferred stock. This action places the common stock on a $1 20 a
year basis, compared with $1 a share in 1926. The dividends are payable.
on April 1, July 1. Oct. 1 and Jan. 1 1928 to holders of record on March 19.
June 20, Sept. 30 and Dec. 20. respectively.
The directorate has been reduced from six to five.by the resignation of
-V. 120.
J. T. Kerwin. F. P. Callaghan has been elected a Vice-President.
1334.
--Bonds Offered.
Fox Office Building, N. Y. City.
Halsey, Stuart & Co. Inc. are offering at 100 and int.
81,700,000 1st mtge. 6% sinking fund gold bonds.,
Dated Jan. 1 1927; due Jan. 1 1942. Int. payable J. & J. at office of
Halsey, Stuart & Co. Inc., In New York and Chicago,, without deduction
'
for the Federal normal income tax, not in excess of 2% per annum. Oenom.
51.000. 8500 and $100 c*. Red. all or part at any time on 4 weeks' notice
at following prices and int.; on or prior to Jan. 1 1930 at 103%; thereafter
to and incl. Jan. 1 1933 at 1023- %; thereafter to and incl. Jan. 1 1936 at
102%; thereafter to and incl. Jan. 1 1939 at 101 Fi %; thereafter to and
incl. Jan. 1 1941 at 101%; and thereafter to maturity at par. Conn. and
Penn. personal property taxes not in excess of 4 mills, Maryland securities
taxes not in excess of 4 ti mills per dollor per annum, and Mass. income
tax on int, not exceeding 6% of such interest per annum. refunded.
Data from Letter of Saul E. Rogers, Pres. of Fox Film Realty Corp.
-The Fox Office Building is lecated and has an entire block
Building.
'frontage on 10th Ave. between 55th and 56th Ste., N. Y. City. The
1926.
Assetscony. pref.
,
Nern., ixt. in r 6,
Fuon iest.. do-..-81.664,258 61,385,239 Cum.
.
51.150.000 $1,
500.000
mk
Common stock_ .._ y500,000
oc on
W. Grand Heid161,298
Accts. payable.. 153,11e
72,650
x102,394
g Cor
150, 4
00
00
24,789
4.0
185,824 Tenants' deposits_
193,187
Leaseholds
93 144
200:000 •
81,043
157.538 Misc. Habil.& steer
143,460
Cash
70,000
94,000
5,460 Res.for Fed. tax._
Govt. bondsU.8.
Notes payable.._
42,360
_
d en
Life
p
rane e
1,878.302 1,291,552
3
8
7 621
8 :387 Surplus
36 969
60..003
3 1,451.9°7 1.377.608
D ve t tam empl.,t
Inu enromee
156.708
Deterred charges_ 188.715
63,881.252 $3,470,034
Total
63,881.252 $3,470,034
Total
The subsidiaries own real estate
x Contingent liability on mortgages. mortgages aggregating $563,763,
valued at 8666.157 which is subject toCent Stores. Inc., is contingently
upon which the F. & W. Grand 510-25 -V. 124. p.931.
liable. y No par. 100.000 shares Issued.
-To Be Recapitalized.
Co. (Mass.).
(W. T.) Grantannounced a reorganisation plan that calls for
the
This company has
A company of
redemption on April 1 of the 8%, preferred stock at 110. 5'0.000 no par
Del. moo. 10 and capitalized at
the same name organized in
shares to acquire the common stock of
shares will issue 450.000 of theseIs held by those active in its management.
the present company. all of which
of record of Feb. 15
Holders of preferred stock of the original company
company in the
may exchange their holdings for common stock of the new
FEB. 261927.]
THE CHRONICLE
ratio of 2% shares of new common stock for each share of preferred stock
held. The common stock set a.slcie for but not used in the exchange for
the preferred stock may be offered to the public. It is planned to begin
dividend payments at the rate of $1 per annum on the new common stock
on July 1.
Officers of the new company will be: Chairman, W.T. Grant; President.
C. E. Freeman; Vice-President & Treasurer. F. A. Powdrell; Vice-President
& Secretary, B. A. Rowe: Vice-Presidents, E. L. Dow and L. H. Crawford.
The board will include the aforementioned and J. E. Bliss, H. S. Davis,
B. A. Kaufman and Max Radt.
In year ended Jan. 31 1927 sales were in excess of $36.000.000 and profits
were the largest in its history, the company states.
During the past year stores were opened in Nashua, N. H.: Marlboro,
Mass.: Quincy, Ill.; Kingston, N. Y.; Portsmouth. O.: New Haven, Conn.:
Clinton. Ia.: Gary, Ind.; Fitchburg, Mass.; Lawrence, Mass.: Fond du Lac,
Wis.; Manchester, N. H.; Gardner. Mass.; Holyoke, Mass.; Salem. Mass.;
Richmond, Va.; Rochester, N. Y.: North Adams. Mass.: Shreveport. La.:
Freeport, L. I.; Weymouth. Mass.; Thomaston, Conn.; Wallingford,
Conn.; Milford, Conn.; Rockville, Conn.; Winsted, Conn.: New Milford,
Conn.: Southington, Conn.: Naugatuck. Conn.: South Manchester. Conn.;
Thompsonville, Conn.; Danielson, Conn.: North Attleboro, Mass.: Palmer
Maas., and Ware, Mass. Locations now under lease for opening during
1927 include: Rome, N. Y.; Ybor City. Tampa. Fla.; Wichita Falls, Tex.;
Huntington, L. I.; Newport, R. I.; Torrington, Conn.; Upharns Corner,
Boston, Mass.; Framingham, Mass.; Flushing, L. I.; Waltham, Maas.;
-V. 124, p. 932. 379.
Mansfield. 0.. and Hoboken, N. J.
-Earnings.
Great Lakes Dredge & Dock Co.
Calendar YearsNet operating profit
Other income
1926.
1925.
41.165,264 $1,587,268
182.783
185,309
1227
-May Pay Dividend Arrears.
Indian Refining Co., Inc.
The following information has been received by the "Chronicle" from
an authoritative source:
Tentative plans are being considered looking to the elimination of back
dividends due on the 22,964 shares of 7% pref. stock. As of Mar. 15
dividend accumulations will equal $36 75 a share. The method of retiring
back dividends has not been definitely decided but it is likely to take the
form of a security to pay off accumulations. Consideration of such a
plan is being given at this time because operating affairs have been so rearranged in the past few years under the new management that the company
has again been placed on a real earning basis.
Earnings for 1926 are expected to show a balance of better than 111 a
share on the 785.068 shares of common stock after allowing 7% on the pre[erred stock, which would contrast with 24 cents a common share in 1925.
Last year's profits were more than sufficient to pay off all the preferred
dividends but with business expanding on a profitable basis it is regarded
as better judgment to retain surplus earnings for needs of the business.
The company was revamped from an operating standpoint by the disposing of isolated service stations and centring market activities to the region
adjacent to its Lawrenceville. Ill., refinery, which could best be served under
competitive conditions.
After centralizing on markets the company's management revamped the
refinery by spending more than $3,280,000 for modernizing the plant.
With the new facilities in operation the plant handles 11.000 barrels daily
and gasoline yield has jumped from 33% to 17% a barrel of crude; the
more economical operation and central markets resulted in a substantial
gain in profits, permitting reduction In short-term borrowings made to pay
for new plant facilities. Since October 1926 the company has been obtaining 55% yield of gasoline.
-V. 123, p. 2003.
Indiana Limestone Co.
-Receives Large Contract.
-
President A. E. Dickinson announced the closing of a contract for supplying the stone for the New York Life Insurance Co. building of New York.
Estimated cost of the building is $20,000.000. "It is the largest single
contract ever let in stone." said Mr. Dickinson. "The amount requied
eqnir
w ou
for the 34
-story building is 450.000 Cu. ft.. or 1.000 car loads, which redwould
Net income
$472,268
$836,893 make a solid train 6 miles long." The building will occupy the entire
tx
u
Madison Square
It will rise
. t lock fortilde
?
Shares of capital stock outstanding (par $100)___..
69.015
69.015 Map I roni th e sier
ipeak Y M
ed b of the
Earnings per share on capital stock
$16 84
$22 13
Pres. Dickinson further states: "As an Indication of the future trend
x Net ;profit after depreciation of physical property of $330,922 in 1926
of building, we have recently closed contracts for 1.500.000 cu ft. of building
and $325.506 in 1925.
stone. The projects include, besides the New York Life Building. the
Balance Sheet Dec. 31
Cleveland Union Terminals Tower Building. the State Office Building,
1926.
1925.
1926.
1925.
Charleston, W. Va.. the Indiana War Memorial. Provident Mutual Life
AssetsLtabillties$
Insurance Building, Philadelphia; the Cook County Criminal Courts and
Plant, tools, equipCapital stock
6,901,500 6,901,500 Jail Building, the Rockefeller church. New York. and the Consolidated
4,884,177 3,873.638 Accts. payable, &e 307.215
ment, &c
284,013 Gas Co. Building, New York. For the Interior of St. John the Divine,
Investment secure. 120.734
120.734 Reserve for Fed'!.
also of New York. we will provide 325.000 cu. ft. of stone."
-V. 124.
3.014,660 3,416,014
U. S. securities
&e.. taxes
215,768
275.000
Cash
910,701 1,089,985 Surplus
3,437,553 2,965,286 P. 515.
Notes rec. & seer.
Industrial Acceptance Corp.
-Volume of Financing.
Interest
10,000
12,177
According to President Arthur J. Mortis, the volume of financing handled
Accts receivable_ 1,575,976 1,645,493
for Studebaker by the corporation during 1926 amounted to approximately
Inventories
250,027
180.917
$85,000,000. whereas as recently as 1919 the volume was only $10.000.000.
•Other eurr. assets..
54,113
41,446
sight for 1927. he expressed the opinion that the
Deterred assets....41.648
45,415 Total(each side)__10,882,037 10.425.799 Based on the demand in show further substantial expantion.
volume this year would
-V. 124 p. 514.
In discussing the experience of his corporation in the foreign field. Mr.
Morris said: 'Our operations at present extend to continental Europe.
Gulf States Steel Co.
-Dividends.
Great Britain. Brazil. the Argentine and Australia, with offices. respecThe directors have declared the regular quarterly cash dividend of 13cf% tively. in Brussels. London, Buenos Aires, Sao Paulo and Sydney.
In
on the common stock, payable April 1 to holders of record March 15.
addition, we serve Studebaker at many points in Africa. the west coast of
On the 7% preferred stock, the directors declared the full dividend for South America, the West Indies and Central America. The conservatism
the current year. Quarterly payments of lg% each will be distributed on which we have always maintained in our domestic operations has influenced
April 1. July 1, Oct.? 1927. and Jan. 3 1928. to holders of record March 15. us to go slowly with our foreign development. In fact, pending longer
June 15, Sept. 15 and Dec. 15 1927, respectively.
-V.124. p. 655.
experience with foreign operations, all of our European credits have been
Insured.
Hartman Corp.
-Plans Two Additional Retail Stores.
- "Our experience to date, covering the financing of Studebaker sales in
The corporation announces that It has perfected plans for two additional various foreign countries over the last two years, has proved
retail stores in Chicago. This will give the company 13 stores in Chicago encouraging. Our loss in foreign operations has actually been lessdistinctly
than
and a total of 18, including the stores outside of Chicago. One of the new extremely negligible loss we have experienced in our operations In the
the
stores is already operating at 3210-14 Lawrence Ave.. this being the former United States and Canada."
-V. 123. p. 3043.
location of one of the three stores of the Humboldt Furniture Co., whose
assets were recently purchased by the Hartman company. The other now
Industrial Equipment Corp. of America.
-Status.
store will be located at the southwest corner of 26th St. and Hamlin Ave.,
This company, acting principally as vendor in refrigerator car trusts,
on a piece of ground just purchased for that purpose. A modern furnitur
reported trusts outstanding on approximately 2,000 refrigerator cars having
store building will be erected immediately and will be ready for occupancy
a total valuation of about $4.000.000.-V. 119. p. 295.
In the early summer.
-V. 124. p. 932.
Gross income
Federal taxes
Sundry deductions
DIvide
fnds (10%)
$1,348.047 $1.772,577
185,000
245.000
630
534
690,150
690.150
ILLec
Hawaiian Commercial & Sugar Co. (Calif.).
This company has ben dissolved, effective on Feb. 21. and its business,
assets, &c., have been taken over by the Hawaiian Commercial & Sugar
Co. Ltd., organized last November in Hawaii. The 400,000 shares of
capital stock
of the new corporation, its only capital liability, have been
listed on the San Francisco Stock & Bond Exchange. Dividends will
be at the same rate as formerly paid on stock of the old company, or at
the rate of 25c. a month. See also V. 124, p. 242.
Hawaiian Commercial & Sugar Co., Ltd., Hawaii.
See Hawaiian Commercial & Sugar Co. of Calif. above.
Hocking Valley Products Co.
-Depositary.
-
Empire Trust Co., New York, has been appointed depositary under a
bondholders' agreement dated Feb. 15. respecting the 50
-year 5% sinking
fund gold bonds, dated Jan. 1 1911, and maturing Jan. 1 1961. The
bondholders' protective committee consists of James B. Taylor and P. J.
Goodhart. Nelson Palmer Is Secretary of the committee.
-V.120. p. 1211.
Imperial Tobacco Co.(of Great Britain & Ireland).
-
Ann. Rcpt. Oct. 31 Yrs.-1925-26.
1924-25.
1923-24.
1922-23.
Net after deprec., &c..-- 58.968.355 £8,884,990 £8,369.061 £7.474,637
Pensions
250.000
250.000
250.000
200,000
To general reserves
500,000
500.000
500.000
479.039
Dividends onPref. A shares
272 759
272.759
%)
272.759
272.759
Pref. B shares 6%)
315.628
315.628
315.628
315.628
Pref. C shares (10%)_
263.822
263.822
263.822
263,822
Ordinary shares
7.188,407
7.188.407
6,739.132
5.990.340
Ord. dive.- Regular._
(15%)
(1654%)
(18
(15%)
Extra
(7h
(7Si%)
(7)'4%1
(5%)
Surplus for year
£94,374
£177.740
1527.720 def £46.901
-V. 124. p. 800.
Independent Oil & Gas Co.
-Bond Issue.
-
The stockholders of record March 1 will be given the right to subscribe
on or before March 21 to $6,500,000 12-year 6% convertible debentures at
99 and interest. The stockholders will be entitled to subscribe for the
debentures at the rate of $13 of debentures for each share of stock held of
record March 1 1927.
The new bonds will be convertible into stock at $35 a share until March 15
1928, and thereafter Stan advance of $1 50 a share yearly to March 151939.
The debentures will be callable at option of company as a whole or in
blocks of $500.000 or multiples thereof, on thirty days' prior notice, at par
and interest plus 4% premium up to and including March 15 1931, the
premium decreasing thereafter
of 1% yearly.
Beginning March 15 1928. an each year thereafter, the company will
provide as a sinking fund either debentures of the issue or sufficient case
to retire debentures as follows: 1928. $383.000: 1929. $406.000: 1930.
1430.000; 1931, $457.000; 1932, $485.000; 1933, $515.000: 1934, $547,000;
1935. $581.000; 1936. $616,000: 1937, $655.000; and 1928, $696.000.
The purpose of the issue is to retire existing indebtedness and carry on a
°grain of developing recently acquired properties.
-V. 124. P. 800.
Independent Paper Mills, Inc.
-Transfer Agent.
The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent of 10,000 shares of preferred stock. 10.000 shares of common
c.lass "A" stock. and 10.000 shares class "B" stock.
Indian Motocycle Co.
-Acquisition.
-
The company has acquired all the inttent rights, merchandise, tools and
equipment of the Michigan Motors Co. of Detroit, Mich., for the manufacture of the four-cylinder "Ace" motorcycle. The machinery will be
moved to the Sprignfield (Mass.) plant of the Indian Motocycle Co. The
latter company has heretofore produced only one and two cylinder machines,
and the manufacture of the tour-cylinder "Ace" will make an important
addition to its line.
-V. 24, p. 1076.
(W. F.) Ingham, Kansas City, Mo.-Bonds Offered.
Baker, Fentress & Co., Chicago, are offering at prices
ranging from 100 and int. to 100K and int. according to
maturity, 8600,000 1st mtge. 6% sinking fund gold bonds.
The direct personal obligation of W. F. Ingham of Kansas
City, Mo.
Dated January 1 1927: due serially each January and July from
Jan. 1 1929 to Jan. 1936. Principal and in (J. & J.) payable at New
England National Bank & Trust Co. in Kansas City, or at office of Baker,
Chicago. Callable, all or part, on 30 days' notice on any
Fentress &
100
hit,date atCo..and int. plus a premium of si of 1% for each year or part
thereof intervening between date of redemption and date of maturity, but
In no event over 2%. Donom. $5.000. $1.000. $500 and $100 c•. New
England National Bank & Trust Co. in Kansas City, Kansas City. Mo.,
and Calvin Fentress, Chicago, trustees. The maker of these bonds has
agreed to pay to such holders of coupons as may so request in writing at
the time of presentation thereof an amcunt equal to 2% of such coupons,
I. e.. the equivalent of 2% normal tax.
Security -Bonds are the direct personal obligation of W. F. Ingham and
are specifically secured by closed let mtge. on approximately 522.248.000
feet of timber (valued by independent experts at $1,493,562). lahicb has
been contracted to Campbell River Mills. Ltd., of White Rock, British
Columbia, for 31.250.000. or over twice the total amount of this issue of
bonds. Since the payments to be made for this timber exceed in amount
and anticipate in maturity the due dates of the bonds, the latter should
be sea-liquidating.
-Organized in 1921. Is an experienced logging and lumber
Company.
manufacturing company whose present capital stock,surplus and undivided
profits of $695.969 have been accumulated in part through similar contracts for other portions of this same timber body. Harold W. HunterPres., and Frank G. Fox. V.-Pres., who direct and control
and who have property aside from their interest in Campbellthe company
River Mills,
Ltd., personally guarantee and secure the performance of that contract
by Campbell River Mills. Ltd., and both the contract and the
guaranty
have been assigned to the trustees under the mortgage securing these bonds.
The mortgaged timber is exceptional in quality and location and is conexperienced timbermen the equal of any In British Columbia,
sidered by
averaging from 7 to 12 sixteen-foot logs to the tree and running approximately 48% select red cedar and 49% mature growth fir of a quality which
T avm
wiIlhe erogapproximately 50% clears.
average
age will also cover approximately 15 miles of main line
logging
railroad extending from booming ;trounce; on the Fraser River into this
timber. Approximately $200.000 of the proceeds of this Issue is segregated for the construction of this road, the cost of which is to be added to
the purchase price of the timber acquired by Campbell River Mills, Ltd.
Inspiration Consolidated Copper Co.
-Smaller Dividend.
-The directors have declared a quarterly dividend of
25 cents per share oil the outstanding capital stock, par $20,
payable April 4 to holders of record Mar. 17. This compares with quarterly dividends of 50 cents per share paid from
July 1925 to Jan. 1927, inclusive.
-V. 122, p. 2200.
International Business Machines Corp.
-Larger Quarterly Dividend.
-The dircetors have declared a quarterly dividend of $1 per share on the capital stock, no par value, payable April 11 to holders of record Mar. 23. Since April 10
1923 quarterly distributions of 75 cents per share had been
made, and in addition the company on Jan. 10 last paid an
extra dividend of 25 cents per share.
-V. 123, P. 2910.
THE CHRONICLE
1228
-Annual Report.
International Salt Co.
1923.
1924.
1925.
Calendar Years1926.
$759,928 $1,088,548
$939,299
Total income
$834,496
37.545
35,770
47,835
45.313
Adm.&logal exp.,tax.,&c
393,634
355,339
315,495
281.000
Bond interest, &c
7,626
4,860
843
Applie. to minor.interest
(6%)364,627 (6)364,628 (6)364,628 (7)425,399
Dividends
Balance, surplus
Shares of capital stock
outstanding (par $100)
Earnings per share
-V. 124, p. 656.
$142,712
$206,481
def$3,435
$231,970
60.771
$8 35
60,771
$940
60,771
$594
60,771
$10 98
International Securities
Sheet Nov. 30 1926.
-Balance
Trust of A mer ca.
Liabilities.
Resources.
Cum. pref. stock (par $100). 39,594.100
Inv. at cost (market value
820,862,384 Common class A (no par),
522,108,372)
1,782,237 226,466% issued, 10,538I4
Cash in banks
3,415,090
472,262 subscribed
Accrued int. & current items
Common class B (no par).
Subscriptions to capital shares
2,222,220
2,261,251 600,000 subscribed
(since collected)
97,775 Secured 6% serial gold bonds 6,000,000
Bond discount (unamortized)
Secured 5% serial gold bonds 2,000,000
470,915
Current liabil. & accr. taxes_
478,589
Accrued int. & dividends_ _
1,294,996
Surplus and reserves
$25,475,910
$25,475,910 Total
Total
The Trust reports that gross income on the average capital funds of
the trust during the year was at the annual rate of more than 14%. It
Is further stated that bond interest was earned more than five times during
the year ended Nov. 30 1926 and that preferred share dividends were
earned more than 43.4 times during the same period. Earnings on common
shares, before reserves, were more than 454 times the dividends on the
class A common and after reserves more than three times. The current
dividends on the class A common shares are at the annual rate of $1 80.
-V. 124. p. 800.
Intertype
-Annual Report.
Corp.
Calendar YearsProfits
Depreciation
Reserve.for taxes
1st pref. dividends (8%)
2d pref. dividends(6%)
Common dividends
1st pref. stk. red. appro..
Diset.on 7% deb. notes_
1923.
1924.
1925.
1926.
8730.529 $1,185,165 $1,217,653 81,317.383
209,192
.
.
.
142.000
160,000
185,000
108,000
85,152
86,470
91,146
92,880
1,370
321
318
316
154,885
271,511
298,643
298,683
30,000
30,000
30,000
30,000
61,875
$694,783
$402,973
$452,826
$83,667
Balance, surplus
Shares of common out181.031
199,133
199.141
199,141
standing (no par)
$4.86
$3.85
83.92
$2.07
Earns per share on com_
a stock dividend of 10% on the common stock Nov.
The company paid
17 1924. A. stock dividend of like amount was paid in 1922.
Balance Sheet Dec. 31.
1925.
1926.
LiabilitiesAssets1925.
1926.
Mach. & equip_ _ _ 113612,328 $519,115 First pref. stock__$1,150,800 $1,179,700
5,270
5,270
907,944 Second pref. stock
924.687
Cash
Notes & accts. rec_ 4,063,890 3,933,013 Common stock__ „b1,649,730 1,649,730
118,000 7% deb. notes__ __ 632.000
____.,__
Deb. notes purch_
205,863
1,804,627 2,008,853 Accounts payable_ 122.486
Inventories
23.608
23,034
1 Dividends payable
1
Patents & patt'ns_
21.648
18,521 Part. pay. by empl. 22,446
27,313
Deferred charges
10,427
39,894
Adv.pay.machaold
486,194
Res. for taxes. &c. 578,205
Prov, for retire. of
229,948
1st pref. stock__ • 257,254
2,951,726 2,943,059
Total (each side).17,432,845 $7.505.447 Surplus
Represented by
a After deducting depreciation of $1,721,422. b
-V. 124, p. 242.
199,141 shares of no par value.
-Bonds Offered.
Interstate Zinc & Lead Co., New York.
-Taylor, Ewart & Co. Inc., and West & Co. are offering
at 100 and int. $1,000,000 5-year 7% sinking fund gold
debentures, series A (with bonus of capital stock).
Dated Jan. 11927; due Jan. 11932. Int. payable J. & J. in New York
and Kansas City without deduction for any Federal income tax up to 2%.
Denom. $1,000 and $500 c*. Red. all or part on 40 days' notice on any
int. date at 105 and int. on or before Jan. 11928, the redemption premium
decreasing by 1% in each year thereafter. Company agrees to refund, on
timely and appropriate application, all State and District of Columbia
taxes, except succession and inheritance taxes, not exceeding 6 mills per
annum. Commerce Trust Co.. Kansas City. Mo., trustee.
-Each 81.000 debenture will carry a certificate
Stock Bonus Certificates.
entitling the debenture holder to receive, without additional cost, 10 shares
of the no par value capital stock of the company, together with any dividends which may be paid thereon prior to distribution if debentures are
presented with certificates attached. $500 debentures will carry certificates
entitling debenture holders to 5 shares in like manner. This stock will be
distributed before Jan. 1 1928. the delivery date to be determined by the
trustee and the bankers.
Data from Letter of R. M. Atwater Jr., President of the Company,
Company.-Incorp. in Delaware. Engaged in the production of highgrade zinc and lead ores in the Tri-State District. Company is a consolidation of Cherokee Lead & Zinc Co. Meteor Lead & Zinc o. Hutcheon
C'
'
Management Corp. and the Oklahoma Woodchuck mine. Operations
Include mining and crushing of the ore-bearing rock and the separation
of the zinc and lead ores by standard concentration and flotation processes.
Ores in this field are especially adapted to this type of treatment and yield
a concentrate assaying approximately 60% metal for zinc and 80% metal
for lead ores.
The concentrates are sold at the mines for prompt payment, thus putting
the business on a cash basis and eliminating selling expense as well as large
Inventories and receivables.
The Tri-State District, as the area centering about Joplin,Mo.,is generally
known,is the most Important source of zinc and one of the more Important
sources of lead in the world. The mineralized area includes parts of southwestern Missouri, southeastern Kansas and northeastern Oklahoma, by
far the greater part of the present production being obtained from about
40 square miles in Oklahoma and Kansas. The district has been mined
for about 70 years, at first for lead alone but since 1870 for zinc as well.
The ore is found at shallow depths usually not more than 300 feet underground. For the past 40 years this district has been of outstanding importance in the world's zinc production, furnishing in 1925 over two-thirds
of the output of the United States and more than one-third of the total
for the world.
Company, or its wholly owned subsidiaries, own or control through lease
the mineral rights on over 500 acres of land In the Tri-State field. At
present 4 mines fully equipped with mills are in operation with an aggregate
productive capacity of 2,500 tons of conceecntrates monthly. Alterations
and improvements are planned which, together with new construction, will
Increase materially the aggregate capacity.
Authorized. Outstanding.
Capitalization'82.500,000 $1,000.000
Sinking fund gold debentures
500.000shs. 427.500shs.
Capital stock (no par value)
Combined Sales and Earnings of the Constituent Companies and Properties.
1925.
1926.
Years Ended Oct. 31$1,341,568 81,057.293
Net sales (after royalties)
602,798
921,045
Operating expenses
$454,495
$420.523
Net for interest and reserves*
* Reserves include depreciation, depletion and Federal taxes.
For the year ended Oct. 31 1926, net earnings were $420,523, or at the
rate of6 tImes the maximum annual Interest requirement of the total funded
debt to be presently outstanding.
Sinking l'und.-Indenture will provide for the payment to the trustee for
a sinking fund on these debentures of $7 50 per ton of zinc concentrate and
mined and sold by the company,
820 per ton of lead concentrate be sufficient to retire 20% of theuntil in
largest
any one year such payments shall
(VOL. 124.
amount of debentures which, at any one time, shall have been outstanding.
These tonnage payments will be made monthly, first payment to be made
March 20 1927. and will be applied to purchase or call and retirement of
these debentures. Should such tonnage payment in any year be insufficient
to retire the 20% as stated above, the deficiency shall be provided out of
available net earnings of the company, before any dividends may be paid
on its capital stock. In addition to the tonnage sinking fund, it will be
provided that an amount based on the net earnings of the company, as
defined in the indenture, shall be applied as an additional sinking fund
for the retirement of these debentures.
-Proceeds will be used to reimburse the company's treasury,
Purpose.
In part, for the cost of properties acquired, for additional mills and equipment, to provide additional working capital, and for other corp. purposes.
-ft. M.Atwater Jr.(Pres.); C.F.Dike(V.-Pres.& Gen. Mgr.),
Directors.
E. H. Gibb, J. P. Heffernan. L. E. Whicher (Treas.).
-Dividend Ruling-Production.
Island Creek Coal Co.
The Committee on Securities of the New York Stock Exchange on
Feb. 19 ruled that the common stock of the Island Creek Coal Co. be not
6
ann2
quoted ex the 400% stock dividend on Feb. 24 and not until further notice.
Dec. 1926.
Jan. 1927.
Month of
about453,000
589,822
Coal produced (tons)
approx.550,000
-V. 124, p. 1077, 800.
Kaufmann Department Stores, Inc.-Pref. Stk. Reduced
The stockholders on Feb. 21 voted to decrease the authorized pref. stock
from $1,425.060 to $1,350,000, par $100. See V. 124, p. 1077.
-New Officers.
Kelsey Wheel Co.
George W. Kennedy has been elected President & Gen. Mgr.
-V. 123,
Bert Morley has been elected Vice-President in charge of sales.
P. 1256.
-Bonds Offered.
(George F.) Koppin Co., Detroit.
Joel zAockard & Co. Detroit, are offering at 100 and int.
$200,000 1st mtge. 6;4%% sinking fund gold bonds.
Dated Dec. 15 1926; due Dec. 15 1936. Principal and int. (J. & D.)
payable at Fidelity Trust Co., Detroit, trustee. Denom.$1,000 and $500c5
Income exempt from normal Federal income tax not exceedirg 2%. Callable
as a whole or by lot at 102 and int, on any int. date. Auth., *500.000.
Company.
-A Michigan corporation, with offces at 1308 Broadway,
Detroit. All of the capital stock, with the exception of the qualifying
shares, Is owned by George F. Koppin personally. Mr. Koppin has been
engaged in the real estate business in Detroit for many years.
Security.
-Secured by a 1st mtge. on 679 lots in Halfwa* Homes Sub
divisions I and II, and 60 acres of land now being subdivided and known
as Halfway Homes Subdivision No. IV, all located in Macomb County.
Mich., on the Nine Mile Road between Gratiot aid Mack Avenues. In
addition to these properties, there are included under this mortgage 11
houses and lots, part of which are located in these subdivisions, and part
in the city of Detroit. Of this property, the 11 houses, 242 unimproved
lots and a 10 acre plot, welch is part of Subdivision No. I, have been sold
on land contracts. The lead contracts on property which has been sold
and which may bo sold in the future have been, or will be, assigned to and
deposited with the trustee, and title to this property is held by the trustee.
Subdivisions No. I and 11 are being supplied with water, sewer, sidewalks,
electric lights and improved streets, and Subdivisior No. IV w,11 be improved within the near future. These bonds are personally guaranteed
by George F. Koppin.
Property coven d by this mortgage has been appraised by L. E. Fitts of'
the Fidelity Trust Co. at $626,920.
-Gross yearly collections on present outstanding land conCollections.
tracts average approximately $43,000. All collections are made by the
George F. Koppin Co., subject to the terms of the trust mortgage being
properly complied with. At any time such collections are not made in the
manner specified by the trust mortgage the trustee has the right to make
such collections.
-Second
Koehring Co., Milwaukee, Wis.-Notes Sold.
Ward Securities Co., Milwaukee, has sold $1,000,000 serial
6% gold notes at prices ranging from 100 and int. to 1003Z
and int., according to maturity.
Dated Jan. 1 1927; maturing Jan. 1 1928 to Jan, 11937. Int. payable
J.& J. at Second Ward Sa vings Bank, Milwaukee,and principal at National
Bank of Commerce, Milwaukee, trustee. Denom. 81,000 and $500, and
$1000. Red., all or part, on any int. date on 3 days' notice at par
pais a premium of 3.1 of 1% for each year or fraction thereof between the
nidemption date and the date of maturity of the notes redeemed. Authorized, $1,500,000.
-The business of company began in 1906 as a partnership
Company.
composed of William J. Koehring, Philip A. Koehring, and Richard Kiel.
It was incorporated in 1907 in Wisconsin, the three partners becoming
the principal officers. They will continue in this capacity after this
financing. Company manufactures a broad line of concrete mixers,
paving mixers, gasoline power shovels, drag lines, and cranes. These
products are widely distributed; in 1926 machines were shipped to 48
States and 12 foreign countries. They are used in widely varied types of
building construction, road work, excavation, and industrial plants.
The business has grown rapidly and consistently, net sales having increased
from $686,642 in 1917 to over $5,000,000 in 1926.
-The business has earned a profit in each year since its organizaEarnings.
tion. Net sales, available for interest, Federal and State income taxes.
follows:
saie
and depreciation, are
Profits.
Sales.
Profits.
$599,074
$5 109,432
$502,811 1925
33.097,019
1922
642,151
5,176,580
417,457 1926
3,675,627
480,858
4,149,294
9
1192243
such earnings for this period Is $528,470, or over 8.8
The average of
times the maximum interest of $60,000 on these notes. Earnings for
1926 were over 10.7 times such interest.
to finance
-Proceeds will be used for working capital needed
Purpose.
a larger volume of business.
-Bonds Offered.
Lakewood-Pratt Apartments, Chicago.
serial gold bonds
-An issue of $700,000 1st mtge. 6
is being offered at prices to yield from 6.08% to 6.50%,
according to maturity, by Greenebaum Sons Investment
Co., Chicago.
23.4 to 12 years. Denom.
Dated Feb. 1 1927: maturing semi-annually, 2% Federal normal income
F. & A.
$100, 11500. and $1,000. Int. payable of principal amount paid by borrower
taxes up to five mills
tax and any State
Principal and interest payable at offices of Greenebaum Sons Investment
Co. Chicago.
very
Litkewood-Pratt Apartments, upon completion, will comprise a
buildings of this type in Rogers
attractive addition to the many hisii,srado
building will be nine stories high. The structure will contain
Park. The
a total of 102 apartments. estimates place the annual income from the
Earnings.-CeuserVative
$146,040; operating expenses (inproperty as follows: Gross income, income, $94,940. This estimated
cluding 10% vacancies), $51,100; net
charges on the
income is 2.08 times maximum yearly interest principal. The
net annual
by serial payments of
entire issue, reduced semi-annually
part of the security for the first
entire earnings of the property comprise
mortgage bondholders.
-The bonds are a direct obligation of
Ownership and Personal Guarantee. Corp., which is headed by starry J.
Building
the Twelve Sixty Three Pratt
Myerson.
•
-Votes Down Segregation
Lehigh Coal & Navigation Co.
of its Properties.
held Feb. 23, 344,394 shares were voted against a
meeting
At the annual
for a special meeting of stockresolution offered by a stockholder caningof managers approves the recent
holders to consider segregation if the be
the resolution 3.288 shares were voted.
report of the Committee. For entire board of managers were re-elected.
President S. D:Warriner and the
Washburn of Perkins, Malone Az
The resolution was offered by Watson Diamond D. Co., Inc.. a securities
Washburn, N. Y., who represented the
company with office in Virginia.
investment
from Samuel S.
Another feature of the annual meeting was a letter read to review the
Walker, originally one of the members of the Committee
company. He recommended segregation of the rail
capital assets of the
FEB. 261927.]
THE CHRONICLE
roads of the company, redemption of the bonded debt at 105 and distribu-V. 124, p. 657.
tion of the balance in cash to the stockholders.
-Report for
Lehn & Fink Products Co. (& Subs.).
Calendar Year 1926.
et profit after selling, administration & general expense
ederal taxes
Dividends on minority interest in Lysol, Inc
Management stock dividend
Common stock dividend
V
$1,665,441
224.835
2,163
56,250
795.000
$587,194
Balance, surplus
$526
Earned per share on 265.000 common shares outstanding
Consolidated Balance Sheet Dee.$31.
Liabilities1926.
1925.
1925.
1926.
AssetsCapital assets_ _ _031,144,937 31,178.485 Accounts payable,
512,127
accrued interest,
231,437
Cash
taxes, &c
3249,492 3170,71 7
:
U. S. bonds, &c.,
c203,273 1,257,214
193,599 Reserves
marketable sees_
274,487 Int. of minority
Accts. ree., less res. 345,007
29,114
stockholders in
42,883
Sundry debtors...
584,866
capital & surp.
498,937
Inventories
of Lysol, Inc.__
26,047
27,690
Trademarks,trade
6,214,421 6,214,421 Capital & surplus_d8.864,969 7,796,775
names, &c
214,362
305,936
Lysol, Inc
Cap. stk. of Prod.
1
1
Realization Corp
49,293 Total (each stde)_38,864,424 39,250,754
80,865
Deferred charges._
a Land, buildings, machinery and equipment, automobiles, &c., less
reserve for depreciation. $1,619.937; less real estate mortgage 534% due
1931. $475,000. b Investments in and advances to foreign operating companies, at book value. c Against liabilities under guarantee of $1.142,580
liquidation certificates and notes of Products Realization Corp., and for
other contingencies. d Represented by 265,000 shares of common stock
and 150,000 shares of management stock, of no par value: Initial capital
and surplus Dec. 31 1926, $7,613.243: general surplus. $770,726.
-Under contract which may require payment of
Contingent Liability.
$25,000 per annum for eight (originally ten) years in connection with
-V. 124, p. 243.
trade mark.
Pebeco
-Earns.
Leonard, Fitzpatrick & Mueller Stores Co.
1229
-Orders Running Ahead of Previous
Mack Trucks, Inc.
Quarter-Outlook Favorable.
Officials of the company report a marked increase in truck and bus business during the past several weeks. Incoming orders for the month of
February are said to be running approximately 30% higher than the preceding three months.
The sale of six-cylinder Mack buses is reported as being very satisfactory.
Traction companies are showing a great deal of interest in this type of
equipment for use under operating conditions where the four-cylinder type
is not advisable. One order for 20 buses of the six-cylinder gas-electric
type has Just been placed by the Capitol District Transportation Co. of
Albany, this supplementing an order received last year for 27 vehicles of
the same type.
The company looks forward to a steadily increasing amount of business
from city and State governments for all types of equipment and has Just
-ton tractors to the City of Chicago. One order
completed delivery of 80 10
for 10 trucks has just been received from the City of Los Angeles. Other
cities operating large fleets of Mack trucks are New York, Newark. Boston,
Havana, Cuba and Buenos Aires, S. A.
Within the past 48 hours repeat orders have been received from the
following fleet owners: 17 trucks from the Standard Oil Co. of Indiana. 30
trucks from the Druecker & Koestner Sand & Gravel Co. of Milwaukee.
5 trucks from the American Telephone & Telegraph Co. of Chicago. 6
trucks from the Michigan Transportation Co. of Detroit, and 6 trucks from
the Van Cartage Co. of Detroit.
The company's business in foreign fields is going along at a good rate
and showing consistent improvement. Appreciation of quality by Mack
operators in foreign countries is bringing in considerable repeat and new
business. The Government of Bogota has just ordered 13 trucks, and bus
operations in Montevideo ann other South American cities are spreading
rapialy. The Russian field is also showing considerable activity.
The fact that orders are coming in from company branches in all parts of
the country at a good rate indicates that business is not spotty, and this,
added to the fact that all orders are being taken under the recently established credit rulings, forecasts favorable results.
See also Public Service Transport'n Co. under "Public Utilities" above.
Results for Calendar Years (Incl. Sub. Cos.).
1923.
1924.
1925.
1926.
$69,032,203 $68,912,183 $46,622,622 $43,866.958
Sales
$11,852,412 $12,129,540 $8,146,186 $8,897,620
Net profit
1,050,000
935,000
1,550,000
1,384,700
Federal tax reserve
843,955
990,913
1. 226,053
1,615,259
Depreciation
764,533
764,533
5764,533
First pref. divs. (7%).__1 1,136,617
373.219
373,219
373.219
Second pref. diva.(7%)-46)3.977,286(86) 056,629($6)1698,653($01415,540
Common
1,122,065
dividends-Com,stock div.(50%)-
The company (and its predecessor) for the year ended Dec. 31 1926
reports net profits of $384,708, after all charges and taxes. This was
equal to $4 49 a share earned on the 74,000 shares of common stock outstanding after regular preferred dividends requirement. Inasmuch as the
preferred stock has been outstanding only since July 1 last, preferred
dividends paid amounted to $26.000, leaving a balance of $358,708, or
$3,738,550 $5,037,041 $3,383.868 $4,450.373
Balance, surplus
$4 84 a share actually earned for the common stock last year. In 1925
283.109
283.109
611.515
net profits of $321,293 were equal to $3 63 a share earned on the common Shs.et com.outst'g(no par) 713,434
$20.71
$13.62
$17.95
$10.81
stock.
Earns, per sh. on com
Total sales for 1926 aggregated $5,400,000. against $4,527,726 in 1925. -V. 123, p. 2528.
gain of $872,624 being equal to 19%. The company at the close of
the
-J. H. Brooks
-Bonds Offered.
Meco Realty Co. (Pa.).
the year was operating ten stores, two having been added to the chain
during the closing months of the year. Current plans call for the addition & Co., New York, are offering at 99 and int. $1,800,000 1st
of several stores during 1927.
The company's balance sheet on Dec. 31 1926 shows current assets of (closed) mtge. sinking fund 63'% gold bonds. int. (F. & A.)
Dated Feb. 15 1927: due Feb. 15 1947. Principal and
$1,119,709, against current liabilities of $167,172. leaving working capital
Denom.
of $952.537. Cash on hand amounted to $334,519. Inventory was payable at Bankers Trust Co., New York, trustee. 60 days' $1.000. $500
notice
date, upon
valued at $742,691, while accounts receivable amounted to $42,499.- and $100 O. Red. all or part on any int. during second 5 years and at 105
at 103
and int, during first 5 years, 104 and int.
V. 124, P. 933.
and int. thereafter. Interest payable without deduction of normal
--Sale.
Lion Collars & Shirts, Inc.
Federal income tax not in excess of 2%; Penn. personal property tax, not
The bondholders' protective committee advises the holders of the bonds in excess of 4 mills per annum, refundable.
that at the foreclosure sale held on Feb. 5 1927 the committee was the only Data From Letter of M. E. Comerford, President of the Company.
bidder and purchased the mortgage and unmortgage property for a total
Company.-Chartervd in Pennsylvania and is acquiring certain theatres,
purchase price of $130,000. After payment of expenses of the foreclosure buildings and properties in Olyphant, Throop, Dunmore. Duryea, Wilkes•
and receivership, this will, with the other moneys available for distribution Barre, Bloomsburg, Sunbury, Northumberland and Dickson City, Pa.
from former sales of mortgaged properties result in the final distribution Most of the properties are leased to the Comerford Theatres. Inc., whica
to non-depositing bondholders of about 20% of the principal of their bonds. operates a very successful motion picture and theatrical business.
The committee have certain negotiations on for a resale of the properties
-Bonds will be secured by a direct closed first mortgage on all
Security.
on a basis which they hope will be to the advantage of the non-depositing the properties being acquired. These properties have been appraised by
bondholders. Ih the meantime the business is being kept up and the prop- American Appraisal Co. at $3,300,000. These figures do not include cost
erties maintained, so if no sale is had the properties can be liquidated to of furniture, organs, pianos, or carpets. The total bond issue is less than
-V.123.p.3193. 557p of the appraised sound value.
the best ad vantage of the bondholders who have deposited.
Barnings._Average net earnings for the past 3 years. before depreciation
-Liquidation.
Low Moor Iron Co.
and Federal income talus, of the properties to be covered by the mortgage,
The following published statement has been pronounced "substantially have been 3 times the required bond interest on this issue.
correct" for the "Chronicle":
-Proceeds will be used in retiring all mortgages now outstanding
Purpose.
The company is to be liquidated and the three blast furnaces, two at
these properties and for other corporate purposes.
Low Moor and one at Covington. Va., together with ore properties in against
-Indenture provides for a sinking fund of $90,000 per
Sinking Fund.
that locality, are being offered for sale. The company was organized in annum payable to the turstee in quarterly installments commencing Alay
1873 and was active during the war period when a battery of 100 beehive 15 1927, to be used for the reduction of this issue either by purchase of bonds
coke ovens was installed at Low Moor. One of the stacks there remained Is the open market up to the redemption price or, if not so purchasable, for
active until January 1925. Company has an office at 14 Wall St.. New redemption by lot at such price. All bonds so acquired to be cancelled
York. Frank Lyman is President.
-V. 120. p. 2822.
The sinking fund will retire substantially all of these bonds by maturity.
-Company and the Comerford Theatres, Inc.,are under the
Management.
McCrory Stores Corp.
-Sales, &c.
management of M. E. Comerford who has been identified with this line of
Month of January1927.
1926.
1925.
1924.
business for many years.
$2,275,364 $2,157,446 $1,702,841 $1,352.208
Sales
-Balance Sheet Dec.31.
The Guaranty Trust Co. of New York has been appointed transfer
Metropolitan Chain Stores, Inc.
agent for the new issue of 50,000 shares of cony. 6% cum. pref. stock.
[Including Metropolitan Stores, Ltd.]
(See V. 124, p. 243.)
1926.
1925.
1926.
1925.
1926.
1925.
Calendar YearsLiabilities-Assets$33,596,853 $29,593,209 Fixed assets
Sales
2,152,958 1,794,714 7% conv.Ist ptstk. 1,200,000 1,200,000
Cost of sales, selling & gen. exp., insurance, sal555.000
1
7% conv.2d pfatk. 555,000
30,373.367 x27.2J4,523 Good-will
aries, rents, &c., less miscell. income
430,089
,
'
359,77 Accounts payable_ 508,111
308.102
Cash
400,000
22,136 Notes payable_
30,450
accts. rec.
$3,223,487 $2.298.685 Notes &receivable_
Profit from operations
91,485
72,526
19,064 Commissions pay.
7,108
Claims
459.325
Interest charges
2,119,229 1.633,112 Accr. tax., lot..
Inventories
373,250
Sees
Provision for Federal taxes
&c., payable...
56,411
307,035
440,327
37,692
202.129
206.498 Other assets exp.
on preferred stock
Dividends
22,376 Res. for Fed. 45
541.875
164.645 Organization
Dividends on common stock (in cash)
Canadian taxes_
75,578
74,723
24,050
Def. inc. (rents)._
15.000
$1,646,908 $1,927,642
Balance,surplus
Com.stk.equity__ 2,148,395 1,772,331
3,532,964
1.631,551
Previous surplus
180,440
510,240
Dividends on common stock (in stock)
Total
5,058,174 4,158,216
5,058,174 4,158,216
Total
Dr.669,763
Charges to surplus due to retirements, &c
The income account was given in V. 124, p. 1078.
Profit on sale of leasehold
Cr.484,011
$4,329,668 $3,532,964
Profit and loss surplus
y455.772
Shares common stock outstanding (no par)
450.654
$4 80
Earned per share
$4 64
x Including Federal income tax provision. y Comprising common and
class B stock.
Comparative Balance Sheet December 31.
1926.
1925,
1926.
1925.
8
LiabilitiesAssets$
$
$
Preferred stock.-- 5,000,000 2,917,500
Real est., leaseh..
300
turn. tixt., Jec_519,444,465 14,881,175 Corn.stock (old)_ 300
5,267,380 4,443.478 Corn. stock (new)b13,290,280 13,085,240
Inventories
318,325 15-yr. 55 gold deb_ 6,000,000
Invest. in MM.co.
115,869 Mtge. & purchase
Empl. stk. subscr_ 127,181
money oblig____ 649,917
516,750
Sundry dt., less roe 172,323
197,991
do due after yr. 3,437,077 4,043.267
136,000
Liberty bonds_ _ __ 136,000
836,886
Life Insur. policies
4,439 Accts. payable,&c. 949.577
5,410
29,000
43,108
Cash_
3,884,71$
827,280 Deposits of empl__
435,000
Prepaid items_ __ _ 1,056,595
481,457 Federal tax reserve 408,250
4,329,669 3.532,963
Good-will
4,000,000 4,000,000 Surplus
34,094,068 25,411,014
Total
Total
34,094.068 25,411,014
a After depreciation of $2,279.332. b Represented by 376,709 shares
of common and 79.063 shares of class 13 stock, both of no par value.
-As of Dec. 31 1926 there were outstanding stock purchase warNote.
rants entitling the holders to trurchase 2.813% shares of class 13 Common
-V. 124. p 657.
stock on or before Dec. 31 1930 at $40 per share.
-Acquires Factory.
(J. F.) McElwain (Shoe) Co.
The company has bought the Brackett Shoe Co. factory at Nashua
Junction, N. Is. The plant contains 80,000 sq. ft. and has been idle for
over a year. It will be used to manufacture sole leather and other supplies
for the McElwain factories in Manchester and in Nashua. Work on installing new equipment will be started within a month. The McElwain
company makes medium-priced men's and boys' shoes, which are sold in
-V. 118, p. 1020.
the company's chain of stores.
Michigan Theatre Building (Detroit Metropolitan
-Bonds Offered.
-Union Trust Co.; Wm.
Corp.), Detroit.
L. Davis & Co.; National Bank of Commerce;Fidelity Trsut
Co.; Benjamin Dansard & Co.; Livingston & Co., Detroit,
and A.E. Kusterer & Co., Grand Rapids, Mich., are offering
at 100 and int. $2,000,000 (closed) 1st mtge. leasehold0 %
6
,
sinking fund gold bonds.
Dated Feb. 11927:due Feb.1 1942. Principal and int. payable(F.& A.)
at Fidelity Trust Co., Detroit, trustee. Denom. $1.000 and $500 C.
Red. on any int. date all or part at 102 and int. Interest payable without
deduction for normal Federal income tax not in excess of 2%. Penn.
-mills tax, Conn. 4-mills tax, Mass. 6% income tax, and Maryland 4354
mills tax refunded.
The bonds of this issue are secured by a first mortgage on the leasehold
estate located in the heart of the business district of Detroit, bounded by
Bagley and Grand River Avenues, Clifford and Middle Streets, being the
entire block, and containing in all a ground area of 57,937 sq. ft. Located
on 40,296 sq. ft. of this land area, at the corner of Clifford Street and
Bagley Avenue, is the new Michigan Theatre building recently completed,
and now ready for occupancy.
The building is 13 stories in height and is of a design to permit of the
construction of 5 additional stories. The building contains a theatre with
over 4,000 seats, which is one of the finest moving picture theatres in the
United States. It Is leased to Balaban & Katz(a Michigan corp.),for $250,000 per annum for 50 years. The balance of the building contains offices,
shops and stores with 124,350 sq. ft. of net rentable area.
The land as above described has been leased to the Detroit Metropolitan
Corp. for 99 years at an annual rental of $247.500 for the period ending
Feb. 1932, and thereafter at the annual rate of $272,500.
Income from the lease of the theatre to Balaban & Katz for $250,000 per
year nearly meets the annual charge for ground rental as above defined.
Therefore, practically all of the Income from the rentable area of the building
will be applicable to the payment of taxes, operating costs and interest
1230
THE CHRONICLE
[VoL. 124.
All mortgages securing these certificates are guaranteed as to principal
charges on this isue of bonds. It is estimated the net earnings of the building
will exceed an amount equal to 1A times the interest charges on this bond and interest by the Maryland Casualty Co., Baltimore.
Four-fold security as follows: (1) The obligation of the original maker
issue.
Bonds of this issue are unconditionally guaranteed interest and principal of the mortgage note; (2) a 1st mtge. on the property which must be imby the Detroit Properties Corp.. whose net worth as shown by their financial proved and owned in fee simple, against which the amount loaned is only
from 50% or less to not in excess of 60% (in a few cases) of the conservative
statement, is in excess of $2,500,060.
appraised value made by independent and expert real estate appraisers for
the company; (3) the direct obligation of the company, unconditionally
Midland Steel Products Co.
-Annual Report.
guaranteed principal and interest by Maryland Mortgage Co.; (4) the
1923.
Calendar Years1924.
1925.
1926.
Operating profit
$2,764,292 $4,326.452 $2,968,899 $1,791.527 unconditional guarantee of the principal and interest of each and every
54.978 mortgage by the Maryland Casualty Co., with total resources of more than
Other income
128,203
182,522
$40,300,000 and with capital and surplus of over 511,100,000.-V. 122,
Total
52,044,814 $4,454,654 $2,968,899 $1,846,505 P. 893.
287.827
245,429
Interest, disc., &c
505.062
243,329
National Biscuit Co.
-New Subsidiary.
272,347
Employees' prof. searing
394,959
270,349
362,283
The National Bread Co., a subsidiary, was formed early this month
373.642
Depreciation
404,860
419.525
110,000 to take over the bread and hand-cake business of the parent company.
270,000
Federal taxes (est.)
425.000
265,000
The company has 7 bread bakeries located in Albany, Syracuse and Buffalo,
916.994
Preferred dividends__
915.411
1.160.702
N. Y., Cincinnati and Cleveland, 0., Indianapolis, Ind., and Pittsburgh,
122-3%
Rate
11%
12%
Pa. The President of the new subsidiary will be E.Y. Crossmore.-V.124.
250.000
Common dividends
266.000
297,500
$5.32
$5.00
Rate
P. 500.
$5.95
Balance, surplus
Shares of common outstanding (no par).
Earn. per sh. on common
$290,410 $1,543,362
$640,487 51.086,395
50.000
50.000
$36.19
$11.76
Balance Sheet Dec. 31.
1925.
1926.
LiabilitiesAssets
3
Land, mach.,&c... 5,199.173 5,329,111 Preferred stock_ _ _
Good-will&patents 1,675.000 1,675.000 Common stock _ x_
Cash
64,046
92,968 Mortgage bonds_ _
Govt. securities_
4,857,785 3,833,655 Accounts payable_
Notes & accts. rec. y919,843 1,209.909 Accrued accounts_
Inventories
972.520 1,433,964 Reserves
Other assets
206,101
348,517 Capital surplus_ _ _
198,015 Profit & loss surp_
Deferred charges
189.557
50,090
$17.81
50.000
$10.05
1925.
1926.
$
3
9,693,000 9,554.300
5,000
5,000
201,600
672,445
437,188
505,611
346,816
200,000
241,721
69,030
135,307
3,224,995 2,913,153
-Consolidation.
National Cloak & Suit Co.
Goldman. Sachs & Co. announce that negotiations have been completed
for the merger of the National Cloak & Suit Co. and Bellas, Hess lk Co.
It is understood that H. B. Hess will head the consolidated company
-V.124, 1:). 1078.
National Fireproofilng6. -Annual Report.92 Co.
Calendar Years1924.
1923.
1925.
Net earnings after all
'charges and taxes..,... $813.804
$971,338 $1,066.289
$813,091
Deprec. & depletion- -299.591
301.425
303.388
293.938
Preferred dividends_ _(7%)553.035(53j)414,776 (6)474,030 (4)316,020
Balance, surplus
$197.717
$448,844
def$33,169
594.927
Profit and loss,surplus... $2,005,290 $2,013,919 $2,028,927 $1.831,210
Shares of common out89,226
89,226
standing (par $50)
89,226
89.226
14,084,026 14,121,139 Earn, per share on
14,084,026 14,121.139
Total
Total
$2.22
$5.03
com_
Nil
$1.06
x Represented by 50.000 no par shares, declared value. y After deductBalance Sheet Dec. 31.
accounts and allowing $147,508 allowance for doubtful notes, discounts,
1925.
1926.
ances. .-V. 123. p. 3045.
1926.
1925.
Assets$
Liabilities
Moline Implement Co.
-Annual Report.
Property & equipPreferred stock.._ 7,900,500 7,900,500
1925.
ment
11,439,567 11,207,181 Common stock_ __ 4,461,300 4,461,300
Calendar Years1926.
763,000
4,461,300 4,461,300 1st mtge. bonds... 838,000
$1.364,714 $1,249,894 Good-will
Gross income from sales
4,900
54.497 Investment in asLyle Clay Co. 1st fis
Other income
sociated cos. _
102,501
116,376 Mtge. payable on
15,000
clay lands
26,250
4,900
Total income
$1,364,714 $1,304.391 Sink, fund for bds_
400,000
992,068 Mortgage notes.._
29,129
34,954 Notes payable_ --. 600,000
Expenses and charges
980,909
550,726
1,223,654 1,243,782 Accounts payable_ 619,274
($6)179,183(510)300000 Inventories
Dividend paid
Notes & accts. rec.
Bond int. accrued_
12,716
10,633
57,385
(less reserve) _ _ 937,374
871,351 Fed. income tax.$12.322
75,300
Surplus Dec. 31
$204,622
Divs.(led. & pay_ 128,259
138,258
Shares of capital stock outstanding (no par)
30.000 Notes & accts. rec.
30,000
from assoc. cos_ 170.048
176,623 Due associated cos.
19,760
34,390
Earnings per share on capital tock
$10 41
$12 79
25,254
26,353 Reserve for deprec. 2,362,826 2,112,901
The capital stock was all owned by and in the treasury of the Moline Misc. bonds & stks
292,134 Res. for ins. on
432,008
Plow Co., Inc., until Dec. 15 1925. when It was distributed to the individual Cash
rolling stock
36,961
30,041
entitled thereto. A dividend of $300.000 was paid Sept. 30 1925 to the Deferred charges
403
Surplus
then owners of all the stock.
2,005,290 2,013.919
Balance Sheet December 31.
18,857.795 18.464,997
Total
Total
18,857,795 18.464.997
Assets1926.
1925.
1925.
Liabilities1926.
PPt prop.(less res.) $460,330 $464.260 Accounts payable_ 297,150 2140.888 -V. 123. p. 1258.
Cash
153,874
255,955 Accrued expenses
National Mortgage Co. of Calif.
-Preferred Stock to ParColl, loans and
115,347
and charges_ __ _ 195,584
ceptp'l pan'
499,011
99,203 Capital stock_ _ _ _a$2,968,741 $2,968,741 ticipate in Dividends.
The stockholders will vote March 1 on amending the articles of incor216,944
12,322
Notes & accts. rec.,
Surplus
corporation of the corporation so to provide that the holders of the preless reserve
96,294
418,915
ferred stock shall be entitled to additional participation in the net profits
Inven.(less res.) _ _ 2,121,520 1,970,187
of said corporation in accordance with the following schedule:
Prepaid expenses_
32,397
25,278
Pref. Stock After Common Stock
After Common Stock
• Treasury stock_
Pref. Stock
23,626
Will be entitled to Receives a Div. of Will be Entitled to
Receives a Div. of
Miseell. assets_ _ _ _
91,367
$2 50 per share •
50 . per share
Sundry accr. inc.
6A %
3,500 Total (each side).$3,478,419 $3,237,299
834%
7%
3.00 per share
$1.00 per share
9
a Represented by 30,000 shares of no par value.
-Y.122, p. 1037.
4.00 per share
1.50 per share
734%
934%
2.00 per share
8%
5.00 per share
Moline Plow Co., Inc.
10
-Liquidation Completed.
Holders of receipts representing debenture bonds and first preferred stock -V. 124, li• 801, 658.
participations are in receipt of a letter from the trustees in liquidation,stat-Status.
National Steel Car Lines Co.
ing that the liquidation of the assets has been completed and the Chancery
The company reports that it has outstanding at present car trust issues
Court of Richmond, Va. has approved the report of the trustees. The
Court has ordered the payment of a final dividend in cash of 1.49% of the covering 11,270 tank cars having an original total valuation exceeding
aggregate face value of the debenture,
bond and first preferred stock partici- $18,000,000. The company specializes as vendor in car trusts covering
the leasing of cars. -V. 120, 9. 2411.
pations of "Moline Plow Co. Trust.'
Cash dividends heretofore paid in liquidation have amounted to 17%,
-Acquisition of Refinery.
National Sugar Refining Co.
6% and 3%, respectively, of the aggregate face value of the first preferred
-V. 124. p. 516.
See Warner Sugar Corp. below.
stock and debenture bond participations of "Moline Plow Co. Trust deposited. On payment of the final dividend of 1.49%, total cash dividends
Newton Steel Co.(Ohio).
-New Director.
received will amount to 27.49%. There has also been a pro rata distribution
A. E. Adams, President of the First National Bank of Youngstown,
in kind of the 30.000 shares of stock of the Moline Implement Co., or the
-V. 121, p. 3014.
to dispose has been elected a director.
equivalent in cash, at the rate of $50 a share, to those who elected
of such stocc.
New York Canners, Inc.
-Defers Preferred Dividend.
Holders of99.8% of debenture bonds and first preferred stock represented
The directors on Feb. 19 voted to defer the quarterly dividend of $1 50
by trust participating certificates, have deposited their participations and
per share usually paid on the $6 cumul. pref. stock on March 1. See
share in the distribution.
-V. 122, p. 2664.
Montgomery Ward & Co., Inc.
-Par of Common Changed. also V. 124. p. 1079.
New York Postal Service Station (New York Postal
The stockholders on Feb. 25 ratified the proposal to change the par value
of the common stock from $10 to no par. The stockholders also voted to
-An issue of
-Bonds Offered.
eliminate the 42,498 shares of preferred stock num the authorized capital. Service Station, Inc.).
$2,100,000 1st mtge.5%% sinking fund gold bonds is being
Compare V. 124, p. 658, 801.
Montreal Cottons, Ltd.
-Annual Report.
Calendar YearsProfits
Other income
1926.
$396.469
96.689
1925.
$4446,330
63,627
1924.
$275,631
176,403
Total income
$452,034
$493,158
$509,957
Bond interest
28,909
30.003
29,954
Other charges
5,974
3,371
987
Preferred divs. (7%) -210,000
210,000
210,000
Common diva.(6%)..
180.000
180,000
180,000
Bal., sur, before taxes
$26,057
$89.016
$70,878
Shares of common outstanding (par $100)._
30.000
30,000
30,000
Earns. per sh. on com___
$8 97
$836
$687
Balance Sheet December 31.
Assets1926.
Liabilities1926.
1925.
Land, buildings &
Common stock... 3,000,000
machinery
$4,828,125 $4,779,969 Preferred stock_ __ 3,000,000
Cash
28,853
70,332 Bonds
583,026
Accounts recelv_ -- 859,690
875,388 Accounts payable_ 918,046
Stock manufact'd
Bond reserve
416,973
and in process_ 1,927,597 2,338,143 Res've for pensions
61,378
2,030
Unexpired incur.
5,460 Surplus
886,619
745,000
Loans & invest- 1,219,749
88,866,043 $8,814,293
Total
-V.122, p. 1180.
Total
1923.
$405,113
130,438
$535,551
30,003
52,707
210.000
180,000
$62,841
30,000
$809
1925.
$3,000,000
3,000,000
602,981
915,699
18,761
62,000
1,214,851
$8,866,043 $8,814,293
Mortgage Co. of Maryland, Inc.
-Bond Certificates Of-Robert Garrett & Sons, Baltimore, are offering at
fered.
,
100 and int. guaranteed 1st mtge. 536% trust gold certificates, series No. 5. Dated Feb. 1 1927, with maturities
5, 10 and 15 years. and $100 c*.
Principal and int. payable at
Denom. of $1,000, $500
Mercantile Trust & Deposit Co. of Baltimore, trustee, or at Chase National
Bank, New York. Red., all or part, at any time upon 30 days' notice at
100 and int, to date of redemption, plus an amount equal to 34 of 1% of
the par value thereof for each year or a fraction of a year unexpired subsequent to the redemption date and before the due date, not exceeding,
however, 102%. Company agrees to refund State, county and city personalty tax up to A of 1% in whatever State held, and also to pay interest
without deduction of the normal Federal income tax up to 2%.
offered at 100 and int. by P. W. Chapman & Co., Inc.,
New York.
Dated Feb. 1 1927, due Aug. 1 1937. Prin. and int. (F. & A.) payable
at Anglo-South American Trust Co., New York, trustee. Denom. $1,000
and $500 c*. Red. as a whole. upon 30 nays' notice, on any int. nate to
ana incl. Feb. 1 1929 at 103 anoint.;to ana incl. Feb. 1 1930 at 102 anoint.;
to anti incl. Feb. 1 1931 at 101 and int., thereafter at 100 and int. Red.
in part by lot upon 30 days' notice on any int. payment date to and incl.
Feb. 1 1932 at 103 and int.: to and incl. Feb. 1 1934 at 102 and mt., thereafter at 101 and int. Int. payable without deduction for that portion of
Federal income tax not in excess of 1 A %. Refund of certain Calif., Conn.,
Iowa, Kansas. Kentucky, Maryland, Mass., Mich., New Hampshire,
Penn. and Virginia taxes, upon timely and proper appl.cat-on, as provided
in the mortgage.
Building.
-The New York Postal Service Station will be located at 527-551
West 33d St. and 528-556 West 34th St. in the uptown business district
of the Borough of Manhattan. New York City. The building will be 3
stories and basement in height, of reinforced concrete and structural steel
fireproof construction, Will cover the entire plot area with a frontage on two
streets, and will contain a rentable area of approximately 200,000 sq. ft.
It will house motor vehicles employed in the transportation of mail and
will provide accommodations for other branches of the postal service.
Construction will be in accordance with U. S. Government specifications
and under Government inspection.
-The United States Government has contracted to lease the
Earnings.
entire building for postal service station purposes, for a period of 10 years
from the date of completion, at an annual rental of 5197,960.
The annual net income available for interest, after payment,of taxes,
insurance and other expenses, has been independently estimated to be in
excess of $156.000.
The trustee will collect the rentals from the United States Government
and will reserve from such rentals amounts sufficient to cover the interest
and sinking fund requirements.
-The mortgage will provide for semi-annual sinking fund
Sinking Fund.
payments beginning Aug. 1 1927. Tho operation of this sinking fund,
purchase in the open market or by redemption, is calculated to
through
reduce this issue to $1.615.000 at maturity.
-At the expiration of the 10
Contract Provisions.
-year lease now under
contract, the Post Office Department has the option of renewing the lease
-year period at an annual rental of $218,400.
for an additional 10
The contract gives the Post Office Department the option to purchase
the property at the end of three years from the date of completion for $2.650,000: at the end of five years for $2,550.000: at the end of 10 years for
$2,450.000, and, in the event the renewal privilege is exercised, the option
to purchase at the end of 15 years for $2,450,000, and at the end of 20 years
FEB. 26 1927.]
THE
CHRONICLE
for $2,450.000. The mortgage securing these bonds will provide that, if
the Post Office Department exercises its option to purchase the property
before the maturity date of this issue, all of the bonds outstanding shall be
retired at the then call price.
-Annual Report.
New York Transit Co.
1926.
1924.
1925.
Calendar Years1923.
$106,069
$243,792
$186.418
Net income
$238,732
(23•1%)112.500 (3)150.000 (2)100,000(73 )375.000
Dividends
Balance, sur. or def.._ def$6,434 sur$93,792 sur$86,418 def$136,268
Shares of capital stock
50.000
50,000
50,000
outstanding (par $100)
50,000
$212
Earns. per sh.on cap.stk.
84 87
$373
$477
Balance Sheet December 31.
Liabilities1925.
1926.
1926.
Assets1925.
65,000,000 85,000,000
Pipe line plant_ -..$6.652,493 $6,972,229 Capital stock
72,772 xAccts. payable
53,433
Material & suppl's
740,569
838,818
Deprec'n reserve 2,342,083 2,343,096
Cash, other invest.
& accts. receiv__ 2,720,298 2,486,920 Profit and loss_ _ _ _ 1,343,572 1,350,007
$9,426,224 $9,531,921
Total
Total
89,426,224 59,511,921
x Accounts poayable, including reserves for taxes, fire insurance and
-V.123, p. 722.
annuities and death benefits.
-Bonds Offered.
New York United Hotels, Inc.
-
-V. 120, p. 3323.
See The Roosevelt below.
(The) Nineteen Hundred Washer Co., Inc.
-Stock
-Maynard H. Murch & Co., Cleveland and H. W.
Offered.
Detroit are offering at $25 per share 83,592
Noble & Co.,
shares class A common stock (no par value).
-Application will be made to list this stock on the Cleveland
Listing.
Stock Exchange.
The holders of class A common stock shall be entitled to receive cumulalative cash dividends thereon at the annual rate of $2 per share, payable
Q.
-F. in preference to dividends on the shares of class B common stock.
In any year after dividends aggregating $2 per share have been paid on
Class B common stock (which dividends are not cumulative) any additional
dividends shall be paid equally upon the shares of both class A and class B
stock. Class A common stock is callable upon 40 days' notice, either in
whole or in part at $30 per share, plus dividends. If called for red., class
A common stock is convertible share for share into class B common stock.
at any time within the 30 day period following notice of the call of stock.
Holders of class A and class B stock shall have equal rights per share in
voting power. Class A common stock is entitled to $25 per share in the
event of liquidation in preference to any distribution to class B common
stock, but no voluntary liquidation can be effected without the consent of
two-thirds of each class of stock.
Transfer agents and registrars, the Guardian Trust Co., Cleveland and
First National Bank, Binghamton, N. Y.
CapitalizationAuthorized. Outstanding.
Class A common stock (no par value)
83,592 shs. 83,592 shs.
Class B common stock (no par value)
*208,980 shs. 125.388 shs.
* 83.592 shares reserved for conversion of class A common stock.
Data from Letter of T. W. Behan, President of Company.
Company -Organised in New York. A consolidation of Nineteen Hundred Washer Co. and Binghamton Washing Machine Corp. Is engaged
.
In the manufacture of electroc household washing machines and ironers.
Started in 1898, it is one of the oldest washing machine concerns in the
United States and has manufactured and distributed over 1,000,000 washers
of various types, including hand, water power, gas and electric machines.
Company started the manufacture of electric washers in 1906 and the
"1900 Cataract" for years has been one of the leading machines. In 1925
the company started production of the "Whirlpool" for which there has
been a large demand. For years the company has been a large national
advertiser and up to the present time approximately $2,500,000 have
been spent in advertising its products. In 1926 the company produced
approximately 60.000 electric washing machines and is a leader in the
industry.
The propertV is located in Binghamton, N. Y. Company has ample
room for expansion. The land, buildings, machinery and equipment are
carried on the books of the company as of Dec. 31 1926 at $350,363.
Earnings.
-The business was started in 1898 with a cash investment of
$18,000. No other capital has been put into the business excepting the
proceeds of a $500,000 preferred stock issue which has been retired out
of earnings. The earning record of the business has been a consistent one
since its inception, with the exception of the year 1921 when a loss was
shown. Sales and net earnings for 1925 and 1926 have been as follows:
Calendar Years1926.
1925.
Sales
$4.353,427 $2,512,419
Net after depreciation and Federal taxes
680.692
262,540
The average net earnings for the two year period are equivalent to
$5 64 per share and for 1926 are equivalent to $8 14 per share on the class
A common stock and to $3 25 per share on the class A and class B
common
stocks to be outstanding.
Dividend Policy.
-It is planned to place the class A common stock now
being offered on a $2 annual dividend basis payable quarterly, the first
payment to be made May 15 1927.
Condensed Balance Sheet Dec. 31 1926 (after Financing and Merger.)
AssetsLiabilities
$351,341 Accounts payable
Cash
$81.798
Call loans & accrued int-- 200.726 Accrued taxes, comm.,acc. 166,985
92,088 Federal tax 1926 (est.)
Notes & trade accept. rec_
Accounts receivable, &c..- 542,006 Pref. stock (called for red.) 107.135
51,040
369,201 Res, for advertising, &c__
Inventories
34,685
15,689 Capital stock
Other assets
696,600
350,363 Surplus
Land, bldgs., mach,
891,984
53,912
Patents and good-will- _ _ _
54,902
Deferred charges
Total
$2,030,228
Total
$2,030,228
Ohio Leather Co.
-Annual Report
-New Chairman.
-
Calendar Years1926.
Net earnings after est. Fed. taxes_
-loss$52.402
Preferred dividends
15.972
1925.
$77,238
63,888
1924.
$128.890
79.706
Balance, surplus
xdef$68,374
$13.350
$49,184
x Before inventory adjustment and reserve of $25,257.
First preferred stock dividend in arrears Dec. 31 1926 amounted to
, 121..and second preferred stock dividends in arrears amounted to
4
11
Balance Sheet Dec. 31.
AssetsLiabilities1926.
1926.
1925.
1925.
Plant & equip., &c.
First pref. stock__ $798,600 $798,600
lees deprec
$904,148 $938,262 Second pref. stock 790,800
790,800
Cash
41,291 a Common stock__ 677,609
44,195
677,609
U. B. Treas. notes
Acc'ts pay. & accr.
& sec. Interest._ 660,597
158,931
accounts
356,500
91,379
Acc'ts & notes rec.,
10-yr. 6% notes.- 800,000 1,200,000
less discount... 357,256
7.500
264,844 Conrg'cies reserve
41,490
Inventory
1,281,813 2,116,527 Liability ins. res..
22,015
13,729
Prepaid expense.2,144
23,735
17,754 Conting. cred. res.
10.000
Fed. tax res
Total (each side)$3,271,745 53.735,178 Balance
13,g7,0
71
1022?
a Consisting of 48.657 shares of no par value.
0. H. Booth was recently elected Chairman to succeed the late M. I •
Arms.
-V. 124. p. 121.
Oregon-Washington Bridge Co.
-Earnings for Calendar
Year 1926.
Total cash receipts ___________________________
Operating expenses,inclUding insurance Etna local _________
Interest on $291.000 first mortgage 7s
Interest on $75.000 debenture (Ilis
$75,352
21.774
20,370
4.875
Balance available for reduction of funded debt
-V.124. p. 245.
$28,333
1231
-Bonds Called.
O'Gara Coal Co.
Fifty-five (855.000) 1st mtge. 5% 50
-year sinking fund gold bonds
dated Sept. 1 1905 have been called for payment Mar. 1 at 105 and int.
at the Equitable Trust Co., trustee, 37 Wall St., N. Y. City.
-V. 122, p.
1181.
-Ann. Meeting Date.Pacific Mills Lawrence, Mass.
The stockholders fast week voted to change the date of the annual meeting
from the third Tuesday in February to the third Tuesday in March.
-Y.
124. p. 1079, 802.
Pacific Oil Co.
-1926 Dividends.
-Henry W. de Forest,
Chairman of the executive committee, in a letter (dated
Feb. 16) to the stockholders, says:
In order to aid the company's stockholders in the breparation of their
Federal income tax returns, the followinjinformation is given. The advice
to stockholders concerning the distributions received in the year ended
Dec. 31 1926, accords with a ruling received by the company's counsel
from the Commissioner of Internal Revenue.
These distributions were as follows: (1) A cash dividend of $1 50 per
share, payable on Jan. 20 1926 to holders of record Dec. 15 1925: (2) a
distribution of$3 in cash and two-fifths of a share of stock of the Associated
Oil Co. for each share of this company's stock, made March 6 1926 to
holders of record Jan.28 1926:(3) a distribution of one share of stock of the
Standard Oil Co. of California for each share of this company's stock,
made May 10 1926, to holders of record March 29 1926.
The dividend of 91 50 per share on Jan. 2() 1926, was paid out of accumulated surplus, and is subject to surtax as a current dividend.
At the close of business on March 5 1926, the total net. undistributed
earnings of the company amounted to approximately $6 30 per share.
All these earnings were included in the distribution to stockholders made
on March 6 1926. The distribution made on the date last mentioned,
consisting of $3 in cash and two-fifths of a share of Associated Oil Co.
stock for each share of this company's stock is subject to surtax as a current
dividend to the extent of such sum of $6 30 per share, and the remainder
of this distribution should be regarded as a return of capital, and is not
subject to tax, unless the value of such remainder exceeded the cost basis
of this company's stock to the stockholder. Such remainder will, however,
reduce the cost basis of the stock of this company for the purpose of determining gain or loss from its sale or other disposition. If the value of such
remainder exceeded the cost basis of this company's stock to the stockholder.
such excess is subject to tax. As indicative of the market value of Associated Oil Co. stock, Blair & Co. were offering, at the time of this distribution, $58 50 per share for it.
The distribution of Standard 011 Co. of California stock on May 10 1926.
was made in pursuance of a plan ofreorganization, and, therefore, no taxable
gain to this company's stockholders results from its receipt. Should,
-however, the Standard Oil Co. of California stock be sold, or otherwise
disposed of, by any stockholder of this company, for an amount in excess
of the cost basis of this company's stock, to such stockholder, then the
-V. 123. p. 78.
excess would be taxable.
-To Increase Capital-Stock Div.
Paraffine Cos., Inc.
The stockholders will vote Mar. 15 (a) on increasing the authorized common stock (no par value) from 200,000 shares to 500,000 shares; and (b) on
approving the issuance of two new common shares in exchange for each
conunon share held and the distribution of a 20% stock dividend to common
stockholders. It is announced that a $3 annual dividend rate will be maintained on the new stock. The present common stock pays $6 annually in
dividends.
Balance Sheet December 31.
1925.
1926.
1925,
1926.
Liabilities$
$
Assets8
8
Capital assets-- 8,094,133 7,830,824 Preferred stock
5,907,900
Current assets-- 8,414,215 6,689,637 Common stock_ x5,551,847
y36,081
355.194 1st mtge. bonds._ 2,914,500 3,395,000
409,100
Investments
516,171 Comm.stk.Install. 1,579,688
453,944
Deferred charges
Current liabilities_ 988,899
905,585
Reserves, &c
212,576
114,332
Total (each side)_17,371,393 15,391,825 Surplus
6,123.883 5,032,927
Represented by 162,122 shares no par value. y Represented by 93.222
x
shares no par value (of which 601li shares were sold for cash) -V.124.p.383
(David) Pender Grocery Co.
-Earningsfor Cal. Years.
1926.
1925.
1924.
$10,721,805 $8,412.313 $6,394,824
Net sales
336,405
188,019
Net profit before Fed. & State taxes..
208,513
292.391
161.712
Net after taxes
179,124
105,000
Class "A" dividends
Balance, surplus
$187,391
$161.712
$179,124
e7,391 represents earnings of about $3 07 per share on
The balance of $j
the 61,000 class "B common shares (no par) outstanding.
The balance sheet as of Dec. 31 last shows current assets of $1,569,464
and current liabilities of $408,514, an excess of assets over liabilities of
$1,160,950, or a ratio of more than 3.8 to 1.
During the year 81 new stores were added, of which 30 were opened in
North Carolina and 51 in Virginia. Included in the latter are 21 stores
formerly operated by the Tyree Grocery Co., Inc., in Richmond, which
were acquired by the Ponder company last May.
-V 124, p. 934.
.
-Capital Stock Readjusted.(J. C.) Penney Co. Inc.
The stockholders have vot7ed to reduce the number of authorized shares
of classified common stock, par $100, from 100,000 shares to 50,000 shares
to change the name "class A preferred stock" to preferred stock, to increase
the number of authorized shares of 6% preferred stock, par $100, from
150,000 shares to 300,000 shares, and to make dividends thereon after
June 30 payable quarterly instead of semi-annually.
-V.124. p. 802. 246.
Penn-Federal Corp.-Pref. Stock Offered.-Wells, Deane
& Singer, Inc., Glover & MacGregor, S. M. Vockel & Co.
and Gordon St Co., Pittsburgh, are offering at 100 (with
adjustment of divs. from April 1 1927)$1,000,000 7% cumul.
pref. (a. & d.) stock. Each original purchaser of preferred
stock will receive with each share of preferred one share of
common and in addition will be entitled at the time of such
purchase to buy one additional share of common stock at
$5 per share for each share of preferred so purchased.
Callable on any div. date
until April 1 1931 as a whole or in part upon
30 days' notice at $107 50 per share and div.; thereafter at $105 per share
and div. Divs. payable Q.
-J. Annual sinking fund of2% of the authorized
issue to purchase stock if obtainable at not to exceed $101 per share, payable
semi-annually beginning July 11929. Free of the present Penn.4 mill tax.
Transfer agent. Commonwealth Trust Co. of Pittsburgh.
Registrar.
Fidelity Title & Trust Co. Pittsburgh, Pa.
Listing.
-Application will be
made to list both preferred and common
stock on the Pittsburgh Stock Exchange.
CapitalizationsiA uthorio .
,0 0 oozed
0
1st
mtge.fee & leasehold 6% bonds_$1
81, ta700 g
° .01
000
(closed)Cumulative preferred stock (this issue)
1.000,000
1,000.000
Common stock (without par value)
375,000 Wis.
375,000 shs.
Corporation.
-Is owned by Loew's, Inc., and United Artists Theatre
Circuit, Inc. Corporation will own and operate a modern motion picture
theatre and office building located at the corner of Penn Ave. and Federal
St. Pittsburgh. This theatre will have a seating capacity of about 3,500
people and will be enabled to exhibit as "pre-release" or "first" runs,
pictures distributed by the United Artists Corp. and productions of MetroGoldwyn Mayer.
These "pre-release" or "first" run pictures will, except in unusual cases,
be exhibited in this theatre on a percentage basis: i.e., box office receipts
will be first applied to the cost of operating the theatre, including an investment return equivalent to 7% dividends on this preferred stock for the
period such pictures ..re shown before any rental payment is made for said
pictures. This dividend is, therefore additionally assured by what is in
effect an operating charge, with a priority right during the period of such
exnibit, to the box office receipts before payment of film rental.
Earnings -It is estimated by David Bernstein. Treasurer of Loew's. Inc.,
that this theatre will show earnings available for preferred dividends of
approximately 8450.000 per annum, which is in excess of 13.4 times such
dividend requirements. On the basis of this estimate, earnings on the total
authorized common stock will be in excess of 91 per share.
1232
THE CHRONICLE
[vol.. 124.
Management.
-The board of directors will consist of representatives of
Loew's, Inc., and United Artists Theatre Circuit, Inc. On the basis of
present schedulea costs, both companies will have a substantial investment
in this property represented by common stock.-V. 122, p. 225.
140,676, being $6 11 per share on the 350,000 shares of the capital stock
of that company all of one class, or a total of approximately b1.222,000
,
attributable to the 200,000 shares of that company's stock now owned
by your company.
Through the interest of your company in Congress Cigar Co. and through
Pennok Oil Corporation.
-Dividend Rate Decreased.
arrangements to manufacture hand-made cigars in the United States the
The directors have declared a quarterly dividend of 25c. per share,payable effects of the Porto Rican strike situation are being overcome and normal
March 25 to holders of record March 15. Quarterly distributions of 50c. production for the year 1927 may be expected.
per share were made from December 1925 to December 1926, inclusive.
In addition to this the directors of Congress Cigar Co. recently increased
V. 123, p. 2531.
the dividend rate from $3 per share to $4 per share, which will provide
your company, from that source alone, with an income at the rate of
Philadelphia & Camden Ferry Co.
-Distribution of $10 $800,000 annually (subject to possible increase) free from corporation
income tax.
per Share on Account of Capital Authorized.
It is the purpose
The directors on Feb. 21 authorized a cash payment to the stockholders stock in July of this of the directors to commence dividends on the class A
year.
of $10 per share, representing the reduction in the total amount of capital
Income Account for Calendar Years.
stock and in the par value per share approved by the stockholders on
Feb. 18 last. Payment will be made on and after March 15, to holders
1924.
1926.
1923.
1925.
of record March 8, upon presentation of the stock certificates for indorse- Gross profit on Sales.... $1,032,173 $1,334,730 $1,201,390 $1,457,998
ment at the office of the Secretary at Broad St. Station, Phila., Pa. See General expenses, &c___
1,069.028
854.860
877,575
979,219
also V. 124, 1079, 802.
Operating profit
$132,362
1478,779
8177,313
$457,155
Dec. 31.- Other income
Philadelphia Insulated Wire Co.-Bal. Sheet
151,319
227,035
157,661
155,945
Assets1925.
1925.
1926.
1926.
Total income
$283,681
1634,724
Plant & property_ x$893,850 $951,620 Capital account
$404,348
$614,816
263,757
333,414
241,528
297,686
Cash
(25,000 shares)
.51,393,642 $1,393,642 Interest, taxes, &c
239,495
138,002
Notes & scent ree_
27,553
27,476
201,205 Res.inc.&prof.tax_
169,152
Net profits
$19,924
$301,310
$162,820
$317,130
Inventories
50,000
62,500
337,544 Dividends declared
287,648
Liberty bonds and
2,213 Cap.stk. (par $100) out3,990
Accrued wages_ _
standing end of year.,. 86,315,550 $6,315,550 $6,310.250 16.283,150
8,115
Interest accrued_ 177,219
6,696
75,922 Bonus payable__
$0.32
$4.79
82.58
$5.02
Due fr. U.S.Treas_
5,097 Earnings per share
1,730
Accounts payable_
1,140
Prepaid ins.& tax_
222,427
4,754 Surplus account... 275,615
3,147
Consolidated Balance Sheet Dec. 31.
Assets-1926.
1926.
1925.
1925.
LiabilitiesTotal
Total
$1,771,649 $1,709,046 Land, buildings
$1,771,649 $1.709,046
$6,315,550 $6,315,550
Capital stock
x After depreciation of $137.176.-V. 123, p. 3194.
machinery, Stc__ $1,904,011 $1,798,792 Scrip
6,993
6,953
Inventory
3,515,442 3,291,068 8% sinking fund
Phoenix Hosiery Co., Milwaukee.
Accts.& notes ree_ 1,686,928 1,643,764
-Annual Report.
1,573.000
bonds
Cash
Calendar Years1923
300,368
1926.
1925.
801.458 Notes payable..._ 1,900,000
1924.
Net income
386,231
87,901
126,137
$2,221,111 $2,170,173
$480,722 81,008,991 Investments
348,508 Accounts payable_
Dep. on Congress
Interest paid
Accrued interest,
66,456
102,640
167,694
Cigar purchases_ 500,000
102,010
Federal and State taxes_
71,260
415,033
415,593
42,800
taxes, &c
717,269
Depreciation for year_..
93,197 Good-will, &c__ __ 1,500,000 1,500,000 Deprec'n reserve__ 759,331
93,197
93,197
93.197
53,124
647,168
Divs. on 7% pref. stock_
308,875 Deferred charges__
104,497 Surplus
705,069
282,382
305,893
294,460
Surplus
Previous surplus
81,364,042 $1,264,283
5,144,975
3.870,402
Total surplus
86,509,017
Unused portion res've for
contingencies (Cr.)_
Add.Fed,tax prior years
39.874
Res. for comp.insurance
prior years
91,189
Profit on redemption of
preferred stock (Cr.)
1,471
$5,134,685
$128,862
3,982,511
$606,819
3,314,911
$3,853.649 $3,921,830
53,669
Total
$9,846,104 19.488,087
Total
$9,846,104 $9,488,087
Daniel Paley and Jacob Paley were recently elected directors to repre
sent the Congress Cigar Co. interests.
-V. 124, p. 659, 384.
•
Postum Cereal Co., Inc.(& Subs.).
-Earnings.
-
[Including Operations of Iglehart Bros., Inc., from Date of Acquisition,
March 211926. and Minute Tapioca Co., Inc., Since Nov. 1 1926.1
Quarters EndedDec. 31 '26. Sept. 30'26. June 30'26. Mar.31 '26.
Sales to customers
$10.839,459 $11,886,449 112.718,478 111.451,888
8,466,281
9,276,486
7,860,028
7,012 All exp.less misc.income 8,234,395
10,291
16,753
Income taxes
324,468
461,960
469,675
485,539
Profit and loss surplus $6,481.803 $5,144,975 $3,870,402 $3,982,511
Netprofit
$2,280,596 82.958,208 12,972.317 $3,106,321
Corn.shs. outst. (par $5)
175.000
175.000
175,000
175,000
Earns, per share on com_
Net profits for the year ending Dec. 31 1926 (see under "Annual Reports"
$3.46
Nil
$7.79
$7.22
on a preceding liage) amounted to $11,317,442, which equals $7 71 per
Consolidated Balance Sheet Dec. 31.
share on 1.467.365 shares of no par common stock outstanding. This
1925.
1926.
1925.
1926.
compares with $10.135.885 combined earnings of constituent companies for
Assets$
Liabilities
corresponding period 1925, equivalent to $6 90 on the same number ofshares.
Land, buildings,
7% cum. pf. stk__ 3,454.900 3,629,100 (Iglehart Brothers, Inc., acquired at March 31 1926, included only for
mach.& equIp__x4.906,822 4,720,838 7% cum.2d p1.stk. 500.000
500,000 second, third and fourth quarters 1926 and 1325; Minute Tapioca Co.,
Cash
875,000 Inc., included only for November and December 1926 and 1925.)-V.
2,045,437
731,550 Common stock_ _ _
875,000
124.
Customers' accts.
Fier. bds.(since pd.) 110,000
and notes rec_ _ _ 2,554,595 2,577,897 Notes payable_
310,000 p. 802.
Other accts, and
98,090
Trade accept. pay.
Pressed Steel Car Co.
-Balance Sheet Dec. 31.
notes receivable_
725,078
47,963
58,245 Accts. Payable,&e. 646,554
[Including constituent, subsidiary owned or controlled co.]
Cash value of life
502,076
Bank acceptances_ 621,451
insur. policy _ _ 216,605
1926.
1926.
1925.
1925.
24,320
171,524 Res. for pref. diva_
23,076
AssetsLiabilities
Adv.on mach. per.
565,256
20,000
Res. for taxes__ 715,059
Common stock__ _12,571,250 12,571,250
Inventory
628,054 Plant, equipment,
4,155,294 4,612,724 Say. ctfs. & depos_ 624,479
&a
x38,724,872 36,820,497 Preferred stock__ 15,000,000 12,500,000
Prepaid expenses_
90,352
83,427 Surplus
6,481,803 5,144,975
Securities & stocks
Mortgages
Sundry investm'ts
195,296
195,296
15,254
45,744
owned
2,237,346 3.064,345 5% bonds, 1933._ 6,000,000 6,000,000
' 1,031,033 1,039,677 Iii. car. & eq. bds_ 411,000
411,000
Total
14,052.321 13,001,950
14,052,321 13,001,950 Cash
Total
x After deducting $2,637,155 for reserve for depreciation.
, Secured loans_ _ _ _ 2,300,000 3,900,000 Eq.gold notes _ _ _ 877,000 1,096,000
-V.122,P.1038
Notes receivable 2,685 027 2,300,589 Accounts payable_ 4.734.097 4,119,230
Accts.receivable 3,793,229 6,726,433 Pay-rolls current__ 266,375
308,866
Piggly Wiggly Western States Co.
-Sales.
Inventories
6,116,576 4,776.657 Unclaim.wages,&e.
42,738
40,832
Period Ended Jan.31- 1927
-Month--1926. 1927-12 Mos.-1926.
Prepaid expenses
875,000
456,074
626,929 Res.for pref. dive_
Sales
8598,514 $8.468.839 $6,633,741
$.
471,052
808,174
I Res. for conting__ 812,929
The company at Jan. 31 1927 operated 122 retail grocery stores, against
Working cap., stir.
66 on Jan. 311926.-V. 123. p. 3047.
Total (each side)_57,344,157 59,345,127
and profits
16,433,474 20,419.480
x Includes
Porto Rico American Tobacco Co.
-To Increase Cap- franchises on$38,749,138 for plant, land, bidgs. & equip. Jan. 1 1926;
Jan. 1 1626. $1.: additions and betterments during 1926,
italization-Voting Rights to Be Given Class B Stock-To $269,446; less $293,713 for depredation, obsolescence, &c., char,,ed off at
close of year.
Inaugurate Dividends on Class A Stock-Annual Report.
-V. 124, p. 803.
The class A common stockholders will vote March 10 on increasing the
Pullman Co.
-Listing.
authorized class A common stock. par $100,from 100,000 shares to 150.000
The New York Stock Exchange has authorized the listing of interchangeshares, and the authorized class B common stock (no par value) from
able certificates of deposit for $135,000.000 capital stock on official notice
shares to 150,000 sham.
100,000
of issuance in exchange for outstanding capital stock. The certificates of
The stockholders will further vote on amending the cer- deposit are issued in furtherance of a plan to exchange shares of the company
for shares of stock of a new corporation, which will have not less than
tificate of incorporation so as to read in substance as follows: 3.375,000 shares of capital stock of no par value, on the basis of one share
Each share of said class A common stock shall be entitled to one vote and of Pullman Co. for 2 shares of stock of the new corporation.
-V. 124.
each share of class B common stock (at present non-voting) shall be entitled p.934.
to one vote.
-Listing-Registrar.
The class A common stock shall be entitled (as and from Feb. 1 1927,
Remington Typewriter Co.
as respects the 99,998% shares thereof heretofore issued) to a cum. div. at
The New York Stock Exchange has authorized the listing of certificates
the rate of $7 per share per annum, payable before any dividend is paid of deposit issued by National City Bank, New York, depositary, under a
on the class B common stock. After payment of a dividend equal to $7 plan and agreement, dated Feb. 14 1927, between Remington Rand, Inc.,
per share on the class II common stock during the same calendar year, the depositary, and certain stockholders of the company, and of other
any further dividends paid in that year shall be paid ratably to the holders companies, as outlined in V. 124, p. 1080.
of the class A common stock and the class 13 common stock, share and share
The American Exchange Irving Trust Co. has been appointed registrar
alike.
of certificates of deposit for first preferred, 2d preferred and common stock
Upon dissolution of the corporation, or upon final distribution of its of the above company, deposited under recent plan.
-V. 124. p. 1080.
assets, and after the payment of its debts, there shall be paid to the holders
of class A common stock $100 and divs., if the assets, including surplus
-To Issue New Pref. Stock.
Richmond Radiator Co.
and accumulated profits, are sufficient. If the assets are more than sufThe stockholders will vote March 25 on approving a plan to exchange
ficient for such payment, all remaining thereafter shall be distributed the existing preferred stock on the basis of 1 X shares of new 7% cumul.
ratably among the holders of the two classes of common stock share and preferred stock of $50 par value and 1-10 of a share of common stock, for
share alike.
each share of
stock now held. The new preferred stock may be
Directors may issue any authorized and unissued class A common stock retired at $55 preferredcarry the right of exchange for common stock, share
and will
or class B common stock or both at such times, respectively, and for such for share.
purposes as in its discretion may seem best and in accordance with law,
Pres. W.G. Langford stated that the proposed change in capitalization
and upon issuance of class A common stock the holders of class B common was "due to the uncertainty In the rate of dividend on the preferred stock
stock shall not have any preferential right to receive or subscribe for the and the consequent fluctuations in market values, and that directors oesame.
Roved that a fixed yearly rate would be advantageous to both the preferred
The corporation may issue and may sell class B common stock from and common holders."
time to time for such consideration as from time to time may be fixed
(The total authorized capital stock (after above changes) shall consist
by the directors.
of 75,000 convertible preferred shares, par $50 each and 75,000 common
shares of
President L. Toro, Feb. 18, in a letter to the class A com- shares without par value. No fractional be issued such par value preferred
and, for the purpose of
and of the no par common stock will
mon stockholders, says in substance:
avoiding the same and to effectuate the exchange, the company will buy or
for recommending that voting right be given to class B stock sell such fractions of the no par preferred stock at the rate of $45 per share
The reason
-V. 1 3.
is to make it eligible for listing on the New York Stock Exchange. Appli- and of the no par common stock at the rate of $25 per share.;
cation to so list it has been granted by the Exchange subject to your ap- p. 3333.
proval of the proposed amendment giving it voting power.
(New York United Hotels, Inc.).
(The) Roosevelt
It is not the purpose of the management to offer any additional stock to
-Bond & Goodwin, Inc., E. H. Rollins &
the stockholders for subscription at the present time. The reason for asking Bonds Offered.
this authorized increase in the capital stock is to provide stock to take care Sons, and Kelley, Drayton & Converse are offering at 99
of possible future expansion as the recent offering of class A stock and class
6%
B stock in conection with the acquisition of a controlling interest in and int., to yield over 6.05%, $5,500,000 20-year
Congress Cigar Co., Inc., has exhausted the entire amount of the authorized sinking fund gold debentures (with detachable common
remaining authorized class B stock is quite inadequate
class A stock and the
stock A subscnption warrants).
to take care of any appreciable future growth.
Dated Feb. 1 1927, due Feb. 1 1947. Denom. $1,000 and 8500 c*.
The net earnings of the company for the year ended Dec. 31 1926, after
Porto Rican and Federal income taxes Int. payable F. & A. without deduction for any taxes, present or future,
interest charges, depreciation and
in excess
$162.819 (see below). The strike of the cigar makers in Porto Rico except succession or inheritance taxes and Federal income taxesmeasured
were
normally
Penn. and Conn.4 mills taxes and Mass, tax
the
for.the last 5 months of the year, which earnings arethe best months in of 2% per annum. excess of 6% per annum, refundable. Prin. and int.
of
company. The by income, not in
the cigar business, materially affected the
Callable all or
Congress Cigar Co., however, had net earnings for the year 1926 of $2.- payable at Central Union Trust Co., New York, trustee.
FEB. 26 1927.]
THE CHRONICLE
part by lot, at any time on 30 days' notice, at 105 on or before Feb. 1 1932:
thereafter and on or before Feb. 1 1937 at 104: thereafter and on or before
Feb. 1 1942 at 103:thereafter and on or before Feb. 1 1945 at 102;thereafter
and before maturity at 101' in each case with accrued interest.
Subscription Warrants.
-Each $1,000 debenture will bear a detachable
warrant carrying the right to subscribe on or before Feb. 1 1932 for 10
shares of common stock A, or such smaller number as the bearer from time
to time shall elect, at prices as follows: 2 shares at $40 per share. 2 shares
at $45 per share, 2 shares at $50 per share, 2 shares at $55 per share and
2 shares at $60 per share: rights to subscribe under warrants terminate
upon redemption of all the debentures; all as provided in the indenture.
Data from Letter of Frederick W. Rockwell, Pres. of New York
United Hotels, Inc.
New York United Hotels, Inc., constructed and operates The Roosevelt,
located in the Grand Central zone, N. V.City, occupying the block bounded
by East 45th St., Madison Ave., East 46th St. and Vanderbilt Ave.,
diagonally opposite the Grand Central Terminal, with which it has direct
underground connection. The hotel building has 21 stories, is of reinforced
steel fireproof construction, and contains 1,070 guest rooms. A large
portion of the ground floor is rented as store and office space, which provides
a substantial source of revenue. Construction and equipment cost, exclusive of carrying charges during construction, was in excess of $9,600,000.
-Company's leasehold interest in the land and building was
Valuation.
appraised as of Feb. 10 1927 by Brown, Wheelock, Harris, Vought & Co.,
Inc., at $9,500,000 without deducting a principal sum of $2,730.000 repre
senting the unamortized portion of $3,000,000 advanced by the lessor and
applied in the construction of the building, to be repaid in annual installments with interest as part of the rent under the lease. In addition.
Collins. Barth & Co. public accountants have valued the good-will of
the company's business at 52 500 000.
Earnings-The hotel was opened on Sept. 22 1924 and showed an
operating profit from the start. For the 12 months ended Dec. 31 1926
net earnings available for interest, depreciation and Federal taxes amounted
to $1,038,255, or more than 3 times maximum annual interest charges of
8330,000, and more than 234 times annual combined interest and sinking
fund charges of $408 300 on this issue.
Lease & Prior Mortgage -The lease from New York State Realty &
Terminal Co., lessee of New York Central RR. and the the New York
& Harlem RR. under which the company holds the property. expires
Sept. 1 1943 With right of renewal to 1964 and a conditional right to a
second renewal to 1985. as provided in the lease. The lease provides for
payment of annual ground rental amounting to $280,000. plus certain taxes
and charges together with amounts sufficient to amortize by Oct.
and pay interest on, a principal sum of $2,730,000 representing 1 1943,
amortized balance of the advance mentioned above. The lease is the ussubject
to a mortgage placed by the lessor on the premises which was outstanding
as of Jan. 31 1927, in principal amount of $2,500,000, of which the
payment is due Oct. 1 1934. This mortgage is not an obligation of last
the
company.
CapitalizationAuthorized.
Outstanding.
20
-year 6% sinking fund gold debentures_ _55,500,000
$5,500,000
7% cumulative preferred stock (par $100)-- 4,200,000
4,200,000
Corn. stk. A (no par value, identical with
corn. stk. B except having no voting
power), 55,000 abs. to be reserved, to the
extent required, against the warrants_ __ _
82,500 abs.
None
Common stock B (no par value)
65,000 shs.
65,000 abs.
Upon the issue of the debentures, provision will be made for the
retiremt
of the presentfunded debt ofthe company in principal amount
of$4,792,500
by deposit of the full redemption price thereof.
Sinking Fund -Indenture will provide for combined semi-annual
sinking
fund and interest payments to be made on Aug. 1 and
Feb. 1 in each year
beginning Aug. 11927. of $204.150, of
for payment of interest on outstandingwhich sum the amount not required
debentures is to be applied
purchase or redemption of debentures, and such sum is calculated to the
to retire
over 50% of the issue by maturity.
the trustee in lieu of sinking fund payments, may deliver debentures to
and credit will
account thereof against subsequent sinking fund payments, be given on
as provided
in the indenture.
Purpose.
-Proceeds are to housed to retire the present outstanding funded
debt of the company.
-V. 117, p. 2552
St. Mary's Mineral Land Co.
-Annual Report.
Receipts for 1126 totaled 93360.732 and expenses $377.982.
Cash on
hand Dec. 31 1926 was 517,086.-V. 124, p. 936: V. 123,
p. 1124: V. 122.
p. 2205.
St. Stanislaus Seminary, FlorisTant Mo.-Notes Offered.
-Federal Commerce Trust Co., St. Louis, is offering
at 100 and int. $250,000 1st mt e. real estate serial 5%
gold notes.
. 1233
Scovill Mfg. Co.
-Annual Report.
Calendar Years
Gross profits from sales
Other income
$5,926,898
$4,114,695 $2,649,631
664,849
671.227
566,105
Total income
Expend.for maint. and repairs
Provision for depreciation
Miscellaneous charges
Federal taxes. &c
$6,591,747 $4,785,922 $3,216.036
1.802,334
784;636
783,703
719,794
176,797
428,803
244,755
848,279
950.271
697,515
Net income
Previous surplus
Miscellaneous credit adjustment_
$2,979,701 $2,623,145 51,553.971
9,246,396
7,250,392 10,133,413
12,042
51,355
357.007
Total surplus
Elimination of sub. cos. good-will
Cash dividends
Stock dividend
$12,238,139 $9.924,893 $12,044,392
574,968
147,498
2,655,000
y531,000 x4,794,000
4,425.000
Profit and loss surplus Dec. 31_ _ _ _ $4,583,170 $9,246,396 $7,250,392
Shares of cap. stk. outstdg.(par $25)_
885,000
z177,000
z177.000
Earn, per share on capital stock
$13.37
$14.82
x Includes 52.124,000 divid nds declared and payable in 1925. y$8.78
Payable Jan. 1 1926. z Consists of shares of $100 par value.
Balance Sheet Dec. 31.
1926.
1925.
1926.
1925.
AssetsLiabilities$
$
Land, Buildings &
Capital stock
22,125,000 17,700,000
machinery_ _ _ _x12,905,655 13,188,183 Reserves
6,259.531 6,338.734
Cash & call loans__ 3,564,042 3,441.260 5-yr. 5% notes__ _
77,500
110,600
U. S. Govt. secs__ 2,636,585 4,084,566 Mtges. payable
30,000
Other mktble, sec_ 3,652,177 2,185,117 Acets payable_ _ _ _ 503,643
240,446
Accts & notes ree_ 2,680,554 2,689,312 Divs. declared__ _ 531,000
531,000
Mdse. inventories_ 8.129.478 8,095.651 Accr. wages & salStocks in oth. cos_
34,086
64,228
aries
136,738
149,204
Deposits with mut.
Other liabilities_ _ _
6,123
5,942
Insurance cos.-131,276
127,897 Surplus
4,583,170 9,246,396
Mtge. notes & otc.
investments168,265
160,631
Equities In
272.974
real est. contr'ts 282,333
Deferred charges__
68.255
12,504
Total (each side)34,252,706 34,322,322
x After deducting $17,202,259 reserve for depreciation and replacements
-V.123. p. 3334.
Shaler Co., Waupun, Wis.-Listing.The Chicago Stock Exchange has authorized the listing of 50.000 shares
class A without par value. See also V. 124, p. 804.
Simms Petroleum Co.
-Dividend Rate Increased.
-
The directors have declared a quarterly dividend of 373.5c. a share on the
outstanding capital stock, par $10, payable April 1 to holders of record
Previously the company paid semi-annual dividends of 50c. a
share, the last distribution at this rate having been made on Jan. 3 last.Mar2 ,1p 26
Vleh 5
. 3 :
Sinclair Consolidated Oil Corp.
-New Director.Ellsha Walker. of Blair & Co., Inc., has resigned as a director of Sinclair
Consolidated Oil Corp.. and has been succeeded by Harry Bronner, also
of Blair & Co.. Inc.
-V. 123. D. 1772.
Southern Stores Corp. (Fla.).
-Initial Dividend.
-
The directors have declared an initial dividend of 50c. a share on the
class A participating stock, payable April 1 to holders of record March 28.
See also V. 124, p. 1082.
Standard Oil Co. of Kentucky.
-Extra Dividend.
-The
directors on Feb. 23 declared an extra dividend of 50 cents
per share in addition to the regular quarterly dividend of
$1 per share on the outstanding capital stock, par $25, both
payable March 31 to holders of record March 15. Record
of dividends paid since 1915 follows:
Cash Dividends
'15. '16. '17. '18. '19. '20. '21. '22. '23-'26.
Regular (per cent)
16 16 14 12 12 12 12 x20 16 Yrir.
Extra (per cent.)
4 2
x20
x Also paid stock dividends of 33 1-3% in April and 66 23-% in Dec.
1922.-V. 122. p. 3355.
Dated Dec. 1 1926: due serially Dec. 1 1931-1941. Principal
Standard Oil Co. of Nebraska.
and Int.
-Balance Sheet Dec.31.(J. & D.) payable at Federal Commerce Trust
Denom. $100, $500 and $1,000 c*. Red. on JuneCo., St. Louis. trustee.
Assets1926.
1925.
1926.
1925.
any interest date on 60 days notice at 102 and int.1 1927, or thereafter on Plant (less depr'n) $2,932,249 $2,643,231 Capital stock
84,559,850 $3,012,400
Payment of principal Merchandise
and interest unconditionally guaranteed by the
1,050,840
999,746 Accounts payable_ 498,911
465,337
Missouri Province of the Cash
Society of Jesus.
963,574
877,506 Reserve for Federal
These notes are the joint and several obligations
Accts. receivable
328,155
392,771
taxes & annuities 167,129
154,135
nary a Missouri corporation, and Missouri provinceof St. Stanislaus Semi- Investments
1,989,088 2,031,054 Surplus
2,040,017 3,312,438
Educational Institute,
a Mfssouri corporation, with principal °frees at St. Louis, Mo.
The Missouri Province Educational Institute is the corporate
Total
$7,263,907 $6,944,309
Total
$7,263,907 $6,944,309
namef the -V. 123, p. 2532.
Society of Jesus in the Middle West, and it was through this
religious
organization that 5 universities, 11 colleges and 16 high schools have
been
Stanley Co. of America.
from time to time established. All of these educational institutions
-20% Stock Div.
-Rights.
are
The directors have declared a 20% stock dividend, payable to stockentirely controlled by the Missouri Province Educational Institute.
holders of record April 9. The regular quarterly dividend of 75c. a share
was also declared, payable April 1 to holders of record March 5.
Safety Cable Co.
-Listing.
-The stockholders of record March 5 will be given the right to subscribe
The New York Stock Exchange has authorized the listing of not
ing 36,998 additional shares of capital stock, without par value, on exceed- to one new share of no par value capital stock at $65 a share for each 5 shares
official
notice of issuance in exchange for property of American Insulated Wire & held.- V. 124. p. 937.
Cable Co. and of Brenner-Mervis Co., or on official notice of issuance
and
(Frederick) Stearns & Co.(& Subs.).
payment in full, making the total amount applied for 200,000 shares
-Earnings.
of
capital stock.
Calendar Years1926.
1925.
1924.
Pursuant to resolutions of directors passed on Jan. 14 and Feb. 7,shares Profits after provision for income taxes $532,447
$557,633
$475.933
not exceeding 36,998 shares were authorized to be issued for the
After deducting all dividends paid on pref. and no par value stocks, the
acquisition of certain of the assets, including good-will, of American Insulated
company had a balance of $122.638. which was transferred to the
surplus
& Cable Co. and of Brenner-Mervis Co., as well as for sale for cash. Wire account.
-V. 123, p. 217.
Under an agreement entered into by Safety Cable Co. and
Insulated Wire & Cable Co. dated Jan. 12. certain of the assets ofAmerican
Symington Co.
-Defers Div. on Class A Stock.
the latter
are to be turned over to the former in exchange partly for
The directors on Feb. 24 decided to defer payment of the quarterly
divfor shares of Safety Cable Co., the amount of cash and cash and partly dend of 50 cents per share usually due
numlcor of
April 1 on the
shares to be based on a valuation which shall be the averagethe(a)
shares of no par value $2 cumul. class A stock. Thisoutstanding 200,000
of
rate had been paid
assets less liabilities which latter are to be assumed by Safety Cable value of since April 1 1925.-V. 124, p.
937.
Co., and
(b) the earnings value.
An agreement dated Jan. 12 has been made by Safety Cable
Texon Oil & Land Co.
-To Receive Dividend.
Co.
Brenner-Mervis Co. similar to the agreement above referred to except and
The directors of the Big Lake Oil Co. have
that
earnings value is not considered, the basis for valuation being calculated or $700.000. of which the Plymouth Oil Co.declared a dividend of 17.3i%.
will receive $525.000 and the
from cost of assets.
Texon Oil & Land Co. $175,000. payable March 7
to holders of record
Any part of the 36,998 shares remaining after providing for the require- March 2. (See also V. 124. p. 247.)
ments heretofore described may be sold for cash, the proceeds to be used
The Group No. 1 Oil Corp. declared a
in
retiring obligations of American Insulated Wire & Cable Co. and of Bran- April 26 to holders of record March 25. dividend of $750 a share, payable
The Texon Oil & Land Co. owns
ner-Mervis Co., which obligations are to be assumed by Safety Cable Co.- a 63% stock interest in Group No.1 Oil
Corp.
-V. 123, p. 854.
was made on the stock ofthe latter company on A distribution oflike amount
-V.124, p.247.
Jan.25 last.
Scheiwe Coal & Ice Co.
-Bond Offering Withdrawn.
-
Benjamin Dansard & Co. Detroit, have informed us that the issue of
$200,000 1st mtge. 6% sinking fund gold bonds noted in the "Chronicle"
of Dec. 11 as having been offered by them has been withdrawn.
See
V. 123, 13• 3048.
Schulco Co., Inc.
-Engraved Bonds Ready.
-
Lehman Brothers and Redmond & Co. announce to holders of temporary
guaranteed 635% mortgage bonds, series B, due Oct. 11946, that engraved
bonds of this issue are ready for delivery in exchange for the temporary
bonds now outstanding. The exchange will be made upon presentation
of the temporary bonds at the Central Union Trust Co. (For offering
see V. 123. p. 1887.1-V. 123, p. 2789.
Shaffer Oil & Refining Co.(& Subs.).
-Earnings.
-
12 Mos. Ended Dec. 311926.
1925.
Gross earnings
$21.910,697 $15.297,880
Operating expenses, maintenance & taxes
15.865,122 10.869.474
Net earnings before provision for retirements and
depreciation
$6.045,575 $4,428,406
-V. 124. P. 518
.
Tide Water Associated Oil Co.
-New Directors.-
EliEha Walker, of Blair & Co. and Halstead
Securities Corp., have been elected directors. G. Freeman. of the Chase
-V. 124. P. 808
.
Tide Water Oil Co.
-New Director.
Henry S. Sturgis has been elected
FrancLs D. Bartow.resigmed.-V. a director to fill the unexpired term of
124, p. 247.
315 W. 86th St. Apartments (315 West 86th Street
Realty Co., Inc.), N. Y. City.
-An issue
-Bonds Offered.
of $850,000 6% 1st mtge. serial gold bonds is being offered
at par and int. by American Bond & Mortgage Co., Inc.
Dated Jan. 11 1927;
serially, January 1929-37. Callable at 10134
and Int. Int. payable due& J. Individual trustee, Charles C. Moore.
J.
Principal and int. payable at offices of American Bond & Mortgage Co.,
Inc. Corporate trustee, Chatham Phenix National Bank & Trust Co.
of New York. Denom. $1.000. $500, UM. Commencing Feb. 1 1928.
on the int. and Aug. 1 1928 on the principal, 315 West 86th Street Realty
Co., Inc., agrees to pay mouthy to American Bond & Mortgage Co.. Inc..
1234
[Vou 124.
THE CHRONICLE
f.ir account of bondholders, one-sixth of the int. and principal payments
payable at the end of each six months, except that the monthly payments
be made on Aug. 1 1936 and on the first of each month thereafter, shall
be in the same amount as the respective montW payments for the six
months period preceding Aug. 1 1936. Normal Federal income tax up
to 2% on the anual interest paid when claimed. Penna. Conn. and Vt.
-mills tax, Mass., N. H. income tax up
-mills tax, Mich. and D. of C. 5
4
to 6% of the interest, refundable.
Securitib-Secured by a direct closed first mortgage on the land owned
-story pent-house and basement, fireproof housekeeping
in fee and the 15
apartment building to be erected. The property is located at 313-321
incl.. West 86th St.. N. Y. City, and has a frontage of 87 ft. on 86th St.
by 100 ft. 8)i in. deep.
The building will be 15 stories penthouse and basement in height of
steel frame fireproof construction and will contain approximately 91
housekeeping apartments of 2. 3. 4 and 5 rooms each. The first floor
will have an attractive lobby, a number of doctor's apartments and suites
of 1. 3 and 5 rooms each. On each of the upper floors there will be two
-room apartments.
-room apartments and two 2
-room apartments, two 3
4
-Net annual income after deducting operating expenses,
Earnings.
taxes, insurance and 10% allowance for vacancies, it is estimated, should
be approximately $105.578. which is over twice the heaviest annual interest
requirements on this entire bond issue and considerably in excess of the
amount necessary to meet all annual interest and principal payments.
$21 a share on the stock. The company, it is further stated, is in a strong
cash position and calls were made recently for tenders for a substantial
amount of the outstanding preferred stock in anticipation of sinking fund
-V.124, p. 938.
operations.
-Secures Lease in Panama.
United Fruit Co.
The "Journal of Commerce" in a dispatch from Panama City says:
The Panaman National Assembly has approved the contract between
the Panama Government and the United Fruit Co., by which the latter
-year concession on 16,000 hectares (49,520 acres) of land
is to acquire a 40
in the Tonosi Valley of Los Santos Province for planting bananas. The
investment, it is said, will total $12,000.000.
The company agrees to build a modern port at Tonosi for accommodating
ocean liners. There will be concrete wharves, 70 kilometers (43 miles) of
standard railway, the Tonosi River will be bridged and the town will be
built up for housing the employees. It also plans an oil storage tank
system for fuel and an extensiv e irrigation project, including the damming
of the river.
The company estimates that it will be possible to grow and ship 4.000.000
,
-V.124. p. 933 619.
stems of bananas to the United States annually.
-Annual Report.United Profit-Sharing Corporation.
Calendar Years
Net profit
Preferred dividends_
Common dividends
1926.
63
1466 8
$379:89
1925.
$39 .992
19,814
245.616
1924.
$339,799
12,337
245.722
1923.
$496,980
245,722
-Omits Dividends.
Tower Mfg. Corp., Boston.
232,010
The directors on Feb. 19 voted to omit the quarterly dividend usually
$251,258
581.740
common stock, par $5. Since
$131.562
Balance, surplus
$122,816
due at this time on the outstanding $485,300
478,833
533,507
481,062
Previous surplus
563,924
April 1 last year quarterly dividends of 373i cents per share had been paid.
The directors state: "Radio business in general for the past three months.
$730.091
fiscal
5615.247
$612,624
Total surplus
$686,740
has been unexpectedly disappoir ting. Net profits for the current
(25)102,385 (25)102.385
year to date (beginnin; June 1 1926) are approximately $90,000, compared Stock div.(preferred)_
94.209
31,800
48,700
49.800
with $177,000 for the corresponding period of previous year. The com- Federal taxes accrued- _ _
pany is in sound financial condition, with $170,000 cash on hand net quick
$533,506
$481,062
8563,924
Profit & loss surplus__ $636,941
of over $400,000,low inventories and practically no accounts payable.'
assets
Shares of common out-.V. 123. p. 467.
x409.538
x409.538
standing (no par)____
-Balance Earns, per sh. on corn.,. 214.938 x409,538
$0 98
$0 72
$0 80
81 42
Transue & Williams Steel Forging Corp.
x Consists of shares of $1 par value.
Sheet Dec. 31.Balance Sheet December 31.
1925.
1926.
Liabilities1925.
1926.
Assets1925.
1926.
1925.
1926.
x$550,000 $550,000
Capital stock
Property & plant
$
8
319,204
Liabilities-Assets$
$
(after deprec'n)_$1,115,967 $1,018,981 Accounts payable_ 105,518
198,390
16,921 Furniture & fist__
12,450 Preferred stock... 198,820
10,649
26,113
Accr. taxes. &c_
44,315
56,335
Cash
409.538
Common stock_ _ _ y429,870
50,000 Cash
245,156
183,370
534,504 Divs. payable_
89.872
Notes& accts. rec.
174
174
1,590,263 1,510,280 Cap. distrib. bal..
Investments
689,016 Prov. for est. Fed.
540,127
Invty. at lowest
162,341
143,089 Accounts payable_ 149,208
134,760
Inventories
taxes & reserve.
26,579
22,403
Other assets
61,390
150,207
24,196 Unexpired insur
429 Divs. payable..._
426
11,083
for contingencies
157,387
Prepaid exp. &c._ 197,051
321,193 a Prov. accounts_ _23,705,200 23,390,328
Securities owned._ 1,253.297 1,349,638 Capital surplus_ _ _ 2,450,000 2,450.000 Accts. receivable_ _ 281,146
563,924
636,941
410,098 Coupon accounts_23,069,804 22,553,457 Surplus
Profit & loss sum. 132,339
53,275,053 $3,820,419
Total
$3,275,053 13,820,419
Total
x Represented by 100,000 shares o no par value.
income account was published in V. 124. p. 661.
A comparative
-Tenders.
Trinity Buildings Corp. of New York.
March 2
The Guaranty Trust Co.. 140 Broadway, N. Y. City, will until loan cer% s. I% gold
-year
receive bids for the sale to it of 1st mtge. 20
absorb $50,328 at
tificates, due June 1 1939, to an amount sufficient to
-V. 123, p. 991.
prices not exceeding 103 and interest.
-Lane,
-Notes Offered.
Truax-Traer Coal Co. (Del.).
Piper & Jaffray, Inc., and Kalman & Co. are offering at
prices ranging from 63/b to 7%, according to maturity,
$400,000 coll. trust 63.- % serial gold notes (with stock
purchase warrants).
$1,000.
Dated Feb. 1 1927; due serially Feb. 1 1929-1933. Denom.
Principal and interest (F. & A.) payable in United States gold coin, at
office of Minnesota Loan & Trust Co.. Minneapolis, trustee. Interest
payable without deduction for normal Federal income tax up to 2%•
Red. all or part upon 30 days' notice at 100 and int., plus a premium of
)6% for each year or fraction thereof between the date of redemption and
'
date of maturity.
Data from Letter of E. M. Truax, President of the Company.
Company is acquiring the established mines and properties of the Truax
Coal Co. near Columbus, N. D., together with a two-thirds interest in the
railroad operated for the service of the mines, and is also acquiring under
lease a large coal acreage near Velva, N. D.. which it expects to develop
at this time to an annual production capacity of 300,000 tons. Upon
development of this additional capacity, the company will be the largest
producer of coal in North Dakota. These properties are to be operated
by the strip mining method. The coal contained in these properties is
above the average for lignite coal in quality and the mines are well located
with reference to markets and transportation.
-Will be secured by pledge of the total outstanding $500,000
Security.
1st mtge. 7% sinking fund gold bonds of the company., which bonds are
,
to be secured by a first mortgage upon all physical assets of the company
now owned or hereafter acquired, including lands, coal in the ground,
structures and equipment, and all leases and leasehold estates.
Based upon the appraisal of Ford, Bacon & Davis, Inc., Engineers, the
properties near Columbus now to be owned by the company had, on Dec.
31 1926, a depreciated value of $561,577. In addition to which there will
be reserve by the company,to be expended for equipment and improvements
near Wive, the sum of $350.000: the total of appraised value and cash
to be reserved thus amounting to $911,577. If less than $350.000 is actually expended for the purpose for which reserved, any balance remaining
will be used to retire pledged bonds. The proceeds from bond so retired.
or from pledged bonds, retired by the sinking fund to be provided for, will
be paid to the trustee under the indenture securing these notes. Truax
-The properties near Columbus, being acquired from the
Earnings.
Coal Co.. have been profitably operated for many years, the books of that
company showing that it has not failed to make a profit in any year during
exthe past 18years. Net earnings of such properties, after deductingnon
penses including depletion, rentals and royalties, and eliminating
recurring items, for the 5 fiscal years ending May 31 1927 (last 5 months
estimated), combined with a proportionate share of the net earnings of
Truax, Whittier & Truax Ry.*(based upon the interest therein being acquired) for the 5 fiscal years ended Dec. 31 1926, available for interest.
depreciation and income taxes, were at an average rate of $160,411 per
annum,the combined net earnings for the last year of the respective periods
being $176,554.
Based upon the above ..-year average and the expected annual production
at Velva, it is estimated that net earnings of the company available for
interest, depreciat.on and income taxes will be at the rate of more than
$279,700 per annum.
The maximum annual requirement for interest on these notes is $26,000,
and the highest amount required in any year for interest and maturing
principal is 8113,000.
-A sinking fund at the rate of 12% cents for each ton of
Sinking Fund.
-coal shipped (with a minimum annual payment equal to 4% of the largest
amount of the bonds thertofore issued) will be used to retire by purchase
fund gold bonds of the company,
or redemption the 1st mtge. 7% sinking and pledged as security for these
of which $500.000 are now to be issued
notes.
-Each note will have attached, upon original
Stock Purchase Warrants.
purchase, prior
entitling the
Issue, a non-detachable warrant to redemption holder to redeemed before
thereof if
such note, or prior
to maturity of
company in the ratio
maturity, full paid shares of common stock of the purchased on or before
note, at $15 per share if
of 10 shares for each $1,000 thereafter, at that price phis $2 20 per share
Feb. 1 1929, or, if purchased
purchase.
year or fraction thereof between Feb. 1 1929 and date of
for each
-New Director.
Trumbull Steel Co., Youngstown,0.
of the General Fireproofing Co., has been
25,270,420 24,786,055
Total
25,270,420 24,786,055
Total
• x For contingent liability on coupons, taxes, fixture depreciation, &C.
-V.123, p. 2668.
shares, no par value.
y 214,938
-Special Meeting.
United States Distributing Corp.
The stockholders will hold a special meeting on March 16 to follow
the annual meeting in Richmond, Va. The purpose of the special meeting
will be to vote on the proposed amendment of the certificate of incorporation
to conform with a technical point raised by the Virginia Corporation
520).
Commission in reference to the recapitalization plan (V. 124. p. which
The amendment sets forth that any of the present preferred stock
voluntarily
Is not converted into the present common stock or is notbasis of proexchanged for new preferred and new common stock on the
posed under the recapitalization plan shall remain outstanding, and that
authorized
a sufficient amount of the present common shares shall remain stock.
to take care of conversion rights of any of the current preferred
President Harry M. Taylor stated that the proposed recapitalization
plan has met with the approval of more than two-thirds of both preferred
and common stockholders, but that final action has been postponed until
March 16. The stock transfer book will be closed on March 9.-V. 124,
p. 1083.
-Balance Sheet Jan. 1.United States Envelope Co.
1926.
1927.
1927.
$
$
Liabilities$
$
AssetsPlant investment_ 8,217,036 7,898,723 Preferred stock__ 4,000,000
Common stock_ _ .. 1,750,000
patTrade-marks,
153,644 lst mtge. bonds_ __ 1,050,000
eats dr good-will 134,019
Stock in proc., &c. 2,554,489 2,662,633 Acets payable_ _ _ _ 409,056
Accts.& bills rec._ 1,491,383 1,535.847 Bond St note coil6,350
Dons, &c
506,106
874,934
Cash
5.890 Reserve for deprec.
6,350
Cash with trustee_
on plant invest. 3,029,438
12,480
12.480
Misc. investments
85,025 Reserve for taxes_ 150,600
80,327
Prepaid charges__
2,976,266
Surplus
Tot.(each side)_13,371.111 12.860.247
The usual income account table was given in V. 124. p. 1083.
4,000,000
1,750,000
1,150,000
492,731
5,890
2,797,753
160,000
2,503,873
-Gross Sales.
United States Stores Corporation.
Dec.31 '26.
Week End.-Jan.29'27. Jan.22'27. Jan.15'27.
$641,133
39
storm saop.
Gro esin les.. $64.9
1:15
$622 5 0
41 31
0
(140. , 4
1,147
-V.124,p.661.
Jan.8'27.
$664,376
1.147
5595,066
1.146
-Annual Report.United Verde Extension Mining Co. 1924.
1923.
1925.
1926.
$6.445,033
64
$6,330,753 $6,706,7 56.308,624
329,198
314,867
280.897
304,527
$6,623,491 $6.774,231
$6,635.280 $6,987,544
Total income
3,006,837
3,294,019
2,984,072
Mining, &c., expendit's_ 2,784,132
663,757
470,577
652.139
620,665
Other expenses
2,852,316
3,006.384
2.974.913
Res.for depl'n & deprec_ 2.980,169
b2,362.500 e2,625,000 d3,675,000
a3,150,000
Dividends
$2,899,686 81,986,080 $2,772,489 $3,423,679
Balance, deficit
Shares of capital stock
1,050,000
1,050,000
1,050,000
outstand'g par 80.50) 1.050,000
$024
SO 14
8036
$024
Earns.per eh.on cap.stk.
a $3;
x Of which $2,755,948 paid out of reserve fund for depletion.
b $2 25; c $2 50; d $3 50.
Comparative Balance Sheet December 31.
1925.
1926.
1925.
1926.
9
$
Liabilities$
AssetsS
525,000
525.000
Capital stock
Mining prop_ _..110,693,669 13,087,489
925,784 1,080,090
Mach., equip.,&c. y912,513 1,478,878 Accts. payable,&c.
144,238
2,443,953 1,810,391 Insurance reserve.
Investments
353.572 Sum. fr. ore dev.z20,533,346 23,289,294
385,033
Land, rancinsoic
185.749
Accts.& notes rec_ 168.547
265,435
285,787
Inventory
749,777 1,144.507
Cash
U. S. securities... 4,241,044 4.474,887
.21,984,130 25,044,622
Due on ore sold,&c. 2,103,807 2,243,714 Total (each side)
After depreciation
a After depreciation and depletion of $24,184,810. y distributed during
reserve of $5.075,890. z After deducting $2,755,948
funds.
1926 out of depletion reserve
1926.
Jan. 1927. Dec. 1926. Nov. 1926. Oct.
Month of3,803,688
3,354,004
3,173.480
Copper output (lbs.)- --- 3,405.972
-V. 124, p. 387.
Calendar YearsGross revenue
Other income
-Annual Report.
Vesta Battery Corporation.
1925.
1926.
Calendar Years11.974.678 $1,557,457 81,616463
Net sales
1,272,205
President
1,242,484
1,338,072
W. H. Foster, succeeding W. H. B. Ward.
Cost of sales
-V. 124, p. 1083, 937.
282,484
266.781
408,682
elected a director,
Operating expenses
Cr.27,349
Cr.21,078
Cr.26,008
-Stock.
income
48,179
Artificial Silk Co. of America. and change in mice, Other charges
46,182
Tubize
70,360
Other
subject to prior sale
16.641
&hello Brothers are offering, stock, Class B, voting trust certificates Federal income tax
25,594
RON
the common
17,164
▪ limited amount of offering does not constitute new financing on the part Preferred dividends
at $175 a share. The
$15,450
$3.008
$149,768
company.
Balance, surplus
of the
is stated, were the largest in the history
30.000
30.000
30,000
January sales of the company, it
earnings, according to the bankers, are Shares of corn. outst'd'g (par 510)$0 51
80 10
$499
of the organization, and current
years have averaged Earns, per share on common
share. Earnings for the past five
estimated at $25 a
FEB. 26
1927.]
THE CHRONICLE
Consolidated Balance Sheet December 31.
Assets1926.
1925.
1926.
Plant, machinery.
7% pref. stock___ $219,600
trucks, &c
x$240,084 $284,287 Common stock... y300,000
Trade acceptances
87,249
Notes payable..
75.000
Leasehold
96,788 Accounts payable_ 128,937
Investments
17,500
63,000 Accrued wages,
Cash
39,388
38,907
taxes & Insur___
35,408
Notes & accts. rec_ 355,164
234,287 Surplus
286,060
Inventories
289.580
171,301
Deferred charges
34,083
26,988
1235
(Wm.) Whitman Co., Inc.
-Annual Report.
-
1925.
President William Whitman Jr., in the annual report
for 1926,says in part:
$272,400
"The earnings of the company
300,000 Federal taxes, were 1.776 times for the past year, after providing for
the pref. stock dividend requirement, as
compared with 1.77 for the year previous.
84,725
"During the year the Textile Specialty Co., a former affiliated
company,
has been liquidated and
19,407 been applied toward thedissolved and the proceeds of its capital stock have
retirement of pref. stock, which has been reduced
217,003 from $6,000,000 to $5,500,00
0. The business of the Textile Specialty Co.
is now carried on as a department of your company."
Balance Sheet December 31.
Total
$1,043,005 $893,535
Total
$1,043,005 $893,535
[Including Acadia Mills, Monomac 2pinning Co.,
Katama Mills, Mary
After deducting $357,362 for depreciation. y Common
stock repre- Louise Mills, Tallapoosa Mills, Whitman Building Trust.]
sented by 30.000 shares, par $10.-V. 123, P. 856.
1926.
1925.
1926.
1925.
Assets$
LiabilitiesIS
Vulcan Detinning Co.
-2% Back Dividend.
$
$
Plant & mach'y__.
The directors have declared a dividend of 2% on the preferred stock on Real est. & equip- 8,485,587 11,313,941 Preferred stock___ 5,500,000 8,000,000
369,775
375,459 Common stock___12,500,000 12,500,000
account of accumulations in addition to the regular quarterly dividends
of Cash
753,319 1,180,301 Stock of subsid's__ 1,107,312 1,078,800
181% on the preferred and preferred A stock, all payable April 20
Sundry credits for
of record April 14. Like amounts were paid in the previous fiveto holders Loans to banks on
call
quarters.
2,275,000 1.250,000
mdse. purch__ _ _ 310.895
-V. 123, p. 3054.
440,952
Accts.& notesrec.,
Monthly balance
less reserve
4,935,709 5,539,940 due consignors__ 492,243
Waldorf System, Inc.
-Dividend Rate Increased.
843,883
Inventories
2,177,137 3,292,424 Notes pay.affil.cos
The directors have declared a quarterly dividend of 373 cents
50,000
624,745
per
Inc. & prof. taxes_
on the outstanding common stock, no par value, payable April 1 to share Inv. in stocks of'
125,217
associated cos 7.896.914 6,335,873 Accr.exp.. tax.,&e. 211,943
holders
of record March 19. This compares with quarterly distributions of
32,353
29,624
3131 Misc. stks. & bds_ 184.335
171,835 Res. for depr., &a. 2,508,438
cents per share made from July 2 1923 to Jan.3 1927,incl.-V. 124.
p. 1083. Misc. adv., &c
55,563
54,416 Res.for disc., &c_
68,499
61,438
Deferred charges.- 123,011
Walworth Co.
150,530 Cap'l surplus(Wm.
-Dividend Rate Increased.
Treasury stock. _ _
84,970
126,537
Whitman Co.)
The directors have declared a quarterly dividend
3.080.084
share on
the common stock, no par value, payable March 15of 30c. per of
do stk. of subs_
842,506
to holders
record
March 5. From June 15 1926 to Dec. 15 1926, incl., quarterly
Profit & loss(Wm.
dividends
of 25c. per share were paid on the common stock (compare V. 122,
Whitman Co___14.421,638 4,309,590
p. 3098)
do stk. of subs.
Consolidated Income Account (Incl. Subsidiari
74,455
es).
Quarter EndedDec. 31 '26. Sept. 30 '26. June 30'26. Mar.31
Total
27,201,321 29,791,255 Total
27,201,321 29,791,255
'26.
Net sales
$7,263,131 $7,693,758 $7,434,478 $6,922,857
Contingent liabilities on endorsements for Arlington Mills: Notes
payable:
Other income
201,822
96,255
109,952
114.654 $6,015.00);customers' notes and trade acceptances,$48, 17.-V.124.p.388.
Total income
$7,464,952 $7,790,013 $7,544,430 $7,037.511
Yellow Taxi Corp., New York City.
Expenses, taxes, &c_ _ - 6.717,527
-New Directors.
7,173,489
7.102,924
6,787,012
Lee B. Morey, Carroll J. Sinnott and John F. McMahon
Interest •
189.751
have been
197,600
215,429
197,528 elected directors.
Depredation
156,542
155,360
167,038
214,801
The regular quarterly dividend of $1 25 per share has
able April 1 to holders of record March 15 (compare been declared payNet profit
$401,133
V. 123, p. 2407).
$263,564
$59.039 def$161,829 V. 123, p. 2791.
Earns, per sh. on com
$1 26
$080
$0 12
Nil
Consolidated Earnings Year Ended Dec. 31 1926.
(J. S.) Young Co., Baltimore.
Net sales
-A nual Report.
$29,314,224
Calendar YearsOther income
1926.
1925.
1924.
1923.
525,954 xNet profit
$254,556
$276,825
$305,880
$344,925
Preferred dividends(7%)
Total income
70,000
70,000
70.000
70,000
$29,840,178 Common diva.(1O%)__.
Expenses, taxes, Stc
149,960
149,948
149,940
149,923
27,795,340
Interest
815,534
Balance, surplus
Depreciation
131,2
4
$56,877
$85.940
$125,002
667,396 Previous surplus
785,539
699,599
574,597
Net profit
$561,908 P.& L.surp. Dec.31-_- $877,013
Earnings per share on 300 000 no par shares
$842,416
$785,539
$699,599
41 58 Shares of common outx After allowing for dividends on the 6%
pref. stock and pref. divs. of
standing (par $100)-sub. cos.
15.000
-V. 123, p. 2407.
15,000
15,000
15,000
Earn, per sh. on common
$12.30
$13.79
$15.73
$18.33
x After deducting estimated Federal taxes.
Warner Bros. Hollywood Theatre (Corp.)., Los
-V. 122, p. 1191.
Angeles, Calif.
-Bonds Offered.
-S. W. Straus & Co., Inc.,
are offering $800,000 1st mtge. leasehold 63'% serial coupon
gold bonds at par and interest.
CURRENT NOTICE.
-On Feb. 11 C. II. Henderson, President of the Financial
Dated Nov. 1 1926; due serially 3 to 15 years.
Advertisers
$100 c*. Interest payable M.& N. Callable atDenom.$1,000. $500 and Association and Assistant Vice-President of the Union
103
Trust Co., Cleveland,
5 years, and at 102 and int. thereafter; bonds and and int. for the first Ohio, spoke before the
Boston members of the Association. Following
coupons payable at
offices of S. W. Straits & Co. United States Federal
income tax, 2%, this talk, "Gus" went to Pittsburgh to address a meeting
paid by borrower.
of the members
Security Under Mortgage.
-Bonds are secured by a closed first mortgage there. This method of keeping in touch with members in various centres
on the 99
-year leasehold estate in the land and the building to be erected Is part of his administration policy. Dale Graham,
Advertising Manager
and its furniture, furnishings and equipment.
Mississippi Valley'Trust Co., St. Louis. was the principal
The land on which this building is to be erected
speaker before
ft. on the north side of Hollywood Boulevard andfronts approximately 196 a meeting of the Chicago members of the Financial Advertisers Associatio
approxWiately 223 ft. on
n
the east side of Wilcox Avenue, being the northeast corner
of that street on Feb. 15 1927. His subject was "Peaches and Lemons from the Garden
intersection. This land is held under a 99
-year leasehokl dated
1925. The building is to be a theatre, office and store building June I of Financial Advertising." Following Mr. Graham, five Chicagoans gave
of steel talks of two minutes each on the same subject.
frame and reinforced concrete full fireproof construct
ion having exterior
surfaced in cement plaster and cast stone trim. The
-Announcement Is made of the formation of the Guy
theatre unit is to
A. Thomas Co.
contain 1,647 auditorium seats and 1,095 balcony seats,
a total of 2,742 with offices at 26 Broadway, New York; Chicago, Minneapol
seats. The first floor will contain a large circular
is and Buffalo.
promenade auditorium, The company will originate
fully equipped stage,scenery deck, emergency hospital,
and underwrite investment securities and
and administrative
offices. Eight private dressing rooms
operate industrial properties. Mr. Thomas was for many
years genera
deck. A public foyer with rest rooms will be located above the scenery
of the balcony. In the basement, thisadjoining will be located midway sales director of the Washburn-Crosby Co., in which he is still financially
theatre unit of
contain a large lounge with public rest rooms adjoining the building will interested. He is also Vice-President and Treasurer of the National
Tea Clo..
check room, a large and fully equipped projection room , children's room, of Delaware, which operates stores outside of Illinois.
for
With Mr. Thomas
tions, two large troupe dressing rooms and one private preview exhibi- will be associated as
officers and directors Louis Davis, Jr., W. S.
dressing room,
musicians quarters, storage rooms, &c.
Prayer.
M. H. Boutelle, H. G. Tipton. G. B. Dahberg and E. N.
The office and store unit of this building will be 4 stories
Best.
high,
the street corner with store frontages of 120 ft. on Hollywoo occupying
-The Union Tiust Co., Chicago, has just issued the fifth
d Boulevard
edition of its
and 150 ft. on Wilcox Ave., and will be constructed to carry
stories on both street frontages. This portion of the building 6 additional "Radio Index and Log" in response to widespread demand. The folder
will contain lists almost 200 of the principal stations in
approximately 21,500 sq. ft. of rentable floor space. The
the United States. The wave
fourth floor will lengths and kilocycles
contain a fully equipped broadcasting room of 3,000 sq. ft. area.
of all stations are given, and three columns are
proValuation.
-The property has an appraised value of $1482.392.
vided for recording dial readings of the various stations which
are classified
Earnings.
-Estimated net annual earnings $107,511. Greatest
annual interest and serial principal requirements $74,355 leavingcombined according to call letters and wave length channels. In addition, the "Log"
a surplus provides space for recording features which
of earnings of $33_„156.
the radio fan may wish to tune
Warner Bros. Hollywood Theatre Corp. will have a cash
investment in in on weekly. The Union Trust Co. will be pleased to furnish copies of
this proporty in excess of $500,000.
these folders on request as long as the supply lasts.
Lease.
-The theatre unit of this building has been leased for a term
•
of
20 years from Nov. 1 1926, to Warner Bros. Pictures, Inc., at a net
-The Colorado Title & Trust Co., Colorado
Springs, announce the
rental
to Warner Bros. Hollywood Theatre Corp. of $10,000 per
month and resignation of John F. Gallagher as manager of their bond
totalling $2,400,000 for the period of the lease. This lease
department
trustee under this bond issue for the further protection of is assigned to the They also announce that arrangements have been made with the investmen
the bondholde
t
Guaranty.
-Payment of principal and interest of these bonds shall rs. firm of Hazlehurst, Flannigan & Co. to oecupy the premises
be over their bond departmen
and take
unconditionally guaranteed by Warner Bros. Pictures, Inc.
t. I
41111
-Alexander Gordon, formerly the residentx
Warner Sugar Corp.
-Sale of Plant Approved.
The sale of the plant of this corporation at Edgewater,
87WiddeChas formed the firm of Alexander artner of Brandon Gordon
Gordon general....
& Co.with offices
National Sugar Refining Co. was approved Feb. 21 by the N. J., to the at 1803 Middle St.,
U. S.
Portland7Me., to eonduct a
Court of Appeals, which held that the purchase would not violate Circuit
blisine-gin
the con- municipal and utility bonds, legal for the New
sent decree signed in 1922 by the National company.
England market.
-V. 124. p. 521.
en
-II. J. Barneson & Co., members of the
New York Stock Exchaim
Western Tablet & Stationery Corp.
-Acquisition:
San Francisco Stock
This company,it is announced,proposes to acquire the Hopper Paper Co., chang e,nave opened and Bond Exchange and the Los Angeles Stock Exoffices in the Barneson Building,
South Richmond, Va. See also V. 124, p. 1084
256
San Francisco. to conduct a general
brokerage business. Monti°me
White Eagle Oil & Refining Co.-Sales.r78t.
4
PP -Lit is
-announced that Davis McDade &
Menth of January
Co. of 208 South La Salle St.,
1926.
Chicrr has changed its
Station sales (gallons)
6,0 3,600
1827
9
.
5,219,000 Lon tafr. forrV• ice-1 name to Davis71ngstaff & Co. Ral h S.
-V. 124, p. 1060.
7,rresident oraorrell & Co.,
,air- My A. homaa
Ie ected new ViMall'i•eildents of-the
Williamsport (Pa.) Wire Rope Co.
firm.11
wer
-New Control.
6 --Lebentharebn:, 120 BroadwaT
"
The company has been reorganized, following the purchase of
- 7New'YOITZ lipeeirdistS IT=PIT
a large
interest [of the late Joseph Cochran] by a syndicate headed
by Robert munidnal beids, announce that EdwirciHennefeld-tias become associaM
Gilmore, Edgar Munson, Logan Cunningham and C. M. Ballard.
The witErhem„in theTrrrales,deartment.
control of this company passes into the hands of old employees
, who will
introduce new capital and expand the manufacturing and
Ludwig & Co. 25 Broad St. New York. have prepared
marketing facilan
ities of the organization. Robert Gilmore continues as President
analysis Of -the7Chic1F T:tTenfa
lte & Southeastern Sty. 5% income
officers are: Edgar Munson, Vice-President and Treasurer; Logan . Other
ham, Vice-President and Secretary, and C. M. Ballard, Vice Cunning- bonds, due 1960.
-President
and General Sales Manager. A new factory, 200 x 450 ft., is now
-F. Donald Arrowsnutn nes been made assistant general sales manage'r
being
planned and construction work will begin soon. ("Iron Age.")
-V. 115, of the-bend department o the Bankers TrirstiCo.. New York.
1. 193.
3
-._meteod young: Weir•&'Co7Ltdf-Toronto, Canada.
is now
Willys-Overland Co.
-Retail Sales Figures.
representea in Newnrork by W.
R.! Jarvis at. 5 Nassau St.
Since the price reduction was announced a short time ago by this
-De Wolf & Co.. Inc., announce the removal of their Chicago offices
retail sales of Whippets in less than two score important cities of company,
the country.
On Feb. 15 had reached a total of $6,735,000. This figure
to the One ..Zunared ;West Monroe Building.
the sale of Willys-Knight sixes in the same cities registers a combinediwith
total retail sales 'Mr-Alpheus M. Geer has
volume for both lines of $10,121,000.-V. 124, p. 1084.
become associatedivrith-the'salesidepartment of
Yeager, Young &co., Inc.
[VoL. 124.
THE CHRONICLE
1236
The Commercial Markets and the Crops
-COFFEE-GRAIN-PROVISIONS
COTTON-SUGAR
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Feb. 25 1927.
COFFEE on the spot was quiet with Rio 7s, 143.e. and
%
Santos 4s, 173 to 18c. at one time. Santos offers on the
19th inst. for prompt shipment included Bourbon 5-6s at
15.90e. to 16.10c.; 4s at 16.35 to 16.60c.; 3-4s at 17.90c.
and Rio 7s at 14.30c. Santos Bourbon new crop for Novempart
part 3s
ber-December and January shipment were
and 5s were 163'c. At one time cost and freight offerings
from Brazil were higher, but no sales were reported above
16.45c. for Bourbon 4s. For prompt shipment from Santos
they included Bourbon 3s at 18 to 18.45c.• 3-4s at 17.10 to
173c.;3-5s at 16% to 17c.; 4-5s at 104 to 17c.;5s at 16.30c.;
4
5-6s at 16.200.- part Bourloon of flat bean 3-5s at 16% to
17c.; 6s at 16qc.• Santos peaberry 4-5s at 1634 to 16.65c.;
'
Rio 7s at 15.150.; Victoria 7-8s at 14c.; Santos 4s for MarchAprilshipment at 163/2c.; Bourbon 4s for April-June at 163c.;
part Bourbon 4s for April-June at 16.20c.; part Bourbon 3-5s
for September-December at 16.05c.; 4s for NovemberJanuary at 1534c. Spots were quiet at 18c. for Santos 4s
/
and 1458c. for Rio 7s.
On the 23d inst. offers included Santos Bourbon 3s at
18 to 18.45c.; 3-4s at 17.10 to 173c.; 3-5s at 16% to 17c.;
4-5s at 163/ to 17c.; 5s at 16.30c.; 5-6s at 16.20e.; part
Bourbon or flat bean 3-5s at 163 to 17c.; 6s at 1634c.;
Santos peaberry 4-5s at 163' to 16.65c.; Rio 7s at 15.15c.;
Victoria 7-8s at 14c.; Santos 4s for March-April shipment
163'c. On the 24th inst. prompt shipment from Santos
4
included Bourbon 3-4s at 183 to 183c.; 3-5s at 16.55 to
16.80c.; part Bourbon or flat bean 2-3s at 163c.; 3-5s at
2s at
163j to 163/804 6s at 16% to 16%c.; Santos peaberry here
183,c.; 4s at 1634c.; 4-58 at 16%c.; Rio 3-5s colory were
at 15.80c.; 7s at 14.60c. and Victoria 7-8s at 14c. to 143'e.;
Bourbon 4s were reported sold at 16.55c. Spot demand
4
was better and Rio 7s were quoted at 143 e. and Santos 45
4
at 173 to 18c. Milds were steadier, especially on Bogota.
4
Fair to Good Cucuta 173 to 203'c.; Bucaramanga, natural,
24 to 25c.; washed, 23 to 233/2c.; Honda, 23 to 2334e.;
Mexican, washed, 273/ to 28c.; Mandheling, 363 to 39c.;
Java, 34 to 35c.; Robusta, washed, 173c.; Mocha, 263/ to
2734c. Harrar, 26 to 263/2c. Mild coffees are said to have
been much firmer since Monday. Vague reports are afloat
about the Defense Committee restricting receipts. Any
continued encouragement from Brazil would bring about
another rally. There is no sharp demand but the selling is
slackening. About 20,000 bags may be tendered during the
month. It is not likely that they will all come out during
the first notice days. To-day there was a moderate demand.
Santos 4s, 17.85 to 18c. Rio 7s, 14.75c. Cost and freight
offers showed little change.
Futures rallied 13 to 19 points on the 19th inst. on covering of shorts. The "futures" sales on the 19th inst. were
only 26,000 bags but the tone was undoubtedly firmer due
to covering and some outside buying on the theory that
coffee is cheap. Rio 7s are 5 cents lower than a year ago
and 2 cents under cocoa. Cost and freight prices were
firmer. Brazil was offering less freely. Pressure from producing sources plainly had its effect at times. But invisible
supplies, as distinguished from supplies in primary markets,
have been reduced it is believed to a minimum. The
supply and demand situation is to that extent better. This
may tell later on. Others pointed out that despite the fact
that there are only about 16,000 b gs of Rios and Bahias
afloat, coffee was not a popular purchase. Rallies did not
hold. Yet it is conceded that after long selling the long
interest acquired at high.prices is not large. Rumors come
from Brazil that the Defense Committee are about to come
to the aid of coffee prices. Undoubtedly, t ntil it does,
confidence will be lacking. Nevertheless some feel that the
time cannot be far distant when the statistical position of
Rio coffee will assert itself with 16,000 bags afloat, stocks
of these grades are very small here and in the country, and
a rally is due. To some, however, it looked as though the
Defense Committee had decided that it is best to allow
the market to shift for itself within certain limits in the hope
that prices will reach a stabilized level and buyers will then
feel sufficiently confident to cover requirements in excess
of hand-to-mouth needs. This some declare is a logical
deduction from the aloofness of the Institute and pending
some action on its part the opinion of not a few is that prices
will drift to lower levels. To-day futures dropped 9 to 12
points with sales of 42,500 bags. Santos was irregular ending
175 reis lower to 50 reis higher. Speculation was sluggish.
450 reis
higher, but
Rio opened 200 to 250 reisprice. Finalwith March a rise
prices show
under the final February
on covering of shorts.
for the week of 45 points largely
at 600,000 bags. To some the immediate tendency of prices
at one time seemed to be toward slightly Tower levels, but
owing to the estimated decrease of 800,000 tons in the
production in Cuba and Czechoslovakia, two of the world's
chief exporting countries, declines, it is suggested, may be
slight, compared with a later rise when consumption begins
to make noticeable inroads into stocks. On the 23d inst.
sales here suddenly lose to about 215,000 bags at 3 3-16c.
with English and Continental markets much more active.
United States refiners, it wa§ said, bought all sugars for
shipment north of Hatteras at 3 3-16c. c. & f. for Cubas
and the equivalent delivered price of 4.96e. for Porto Ricos
after sales of Porto Ricos at 4.980. delivered or 3. 5-32c.
c. & f. European markets, largely American. They set
the pace. If they continue to buy freely American refiners
will have to keep step or be left behind. Holland and
Marseilles have been buying at 15s.3d. President Machado's
trip to Washington has been postponed on account of illness.
Futures on the 23d inst. advanced 2 to 6 points with sales
of 74,500 tons. The market got its filip from increased
European buying of the actual raw sugar. Refined was
more active at 5.95 to 6.20c. On the 24th inst. 21,000 bags
of Cuba sold at 3 3-16c. c. & f. but buyers were less eager
after the previous day's big buying. There are sharp complaints here that new crop Cuban sugar is arriving here in
much larger bags than the law permits; it is regarded as a
subterfuge to get around the restriction decree. The Cuban
authorities have been notified. Futures declined 5 to 7
points. No Mardi notices appeared then or before that;
65,000 tons sold. Liquidation was more general owing to
the pause in the spot market.
Receipts at Cuban ports for the week were 203,050 tons,
against 189,556 in the previous week, 181,554 last year and
218,080 two years ago; exports, 94,411, against 95,392 in
previous week, 106,203 last year and 143,122 two years ago;
stock,606,037, against 497,398 in previous week,578,215 last
year and 530,996 two years ago; centrals grinding, 173,
against 173 in previous week, 174 last year and 177 two years
ago. Of the exports, United States Atlantic ports received
31,605 tons, New Orleans 19,530 tons, Galveston 4,557 tons,
Savannah 6,989 tons,Europe 24,052 tons, Canada 3,143 tons,
Hongkong 2,857 tons and New Zealand 1,678 tons. Havana
cabled: "Rain is wanted in Cuba," Sustaining factors in
"futures" have been the absence of pressure on the part of
Cuban producers and the buying of the distant months by
outside intereg,ts; also there was a good Euorpean inquiry for
Cuban raws under the market, and recent heavy withdrawals
of refined against old contracts indicate that distributors'
stocks have fallen off sharply. Despite the prospective increase in beet sugar production this year, some believe that
there will be a close adjustment between supply and demand
and that adherence to the long side is advisable. As some
regard it, price unsettlements will be only temporary and soon
prices will turn upward. Cuba is making sugar rapidly, it is
true, but it is pointed out that this really means that the
grinding period will come to a close all the earlier as mills
reach their quotas. The Sugar Advisory Board extended the
time allowed haciendados and colonos to reach their quotas
to Feb. 19 at 5 p. m.
It is pointed out that the differential between raws and
refined is now below 100 points. That is a far from satisIt remains to be seen how
factory margin for refiners.
long this situation will continue. A better demand for refined was reported at one time and with more seasonable
weather that is expected to expand further. Stocks in distributors' hands are small. Some advised the purchases
at 5.95e. basis. Buying on delayed contract at 6c. seems to
some a good idea. There was a marked diversity of opinion
as to the probable course of the market, at least until completion of tenders and liquidation in March. To-day futures closed unchanged to 4 points higher with sales of 62,800
tons. Spot raws were offered at 3 3-16c. with trade light;
3,000 prompt Cuba sold at 3 3-16c. Refined was quiet at
6 to 6.20c. London was dull and weaker; Peru sold at 15s.
23.d. to 15s. 3d. Licht cabled that the acreage in Europe
will be larger, but the weather is not. good for field work.
Final prices show a rise for the week of 1 to 8 points.
3.3240
Spot unofficial 3July
MMarch
3.14@3.i5 September _3.4140
ay
3.20
December_ - _3.310 , -12
3.1103
_ 'January
LARD on the spot was higher early in the week. Prime
Western, 13.05 to 13.15c.; refined Continent, 13%c.; South
America, 143c.; Brazil, 153.c. To-day on the spot trade
was quiet with prime Western 13.10c., refined continent
Futures
,
13%c., South America 143ge., Brazil, 153/sc.steadiness
were firmer at one time owing to light offerings,
dull.
of hog prices and covering of shorts. Ribs were
518,000, against
11.98 Last week hog receipts at the West were
13.351September
Spot'unofficial_ _- 14%1May
11.61 523,000 for the same week last year. On the 24th inst.
12.601December
14.081Jt11Y
March
d oil steady
Cuban raws were quiet late last week futures advanced 3 to 8 points with cottonsee
-Prompt
SUGAR.
unchanged to
operators wanted 3 3-32c. c. & f, and hogs 10c. higher. To-day futures ended
8
at 33/e. with rumors that
supply in store was put 2 points lower. There was not much trading. Nor were
for large blocks of store sugar. The
FEB. 26 1927.]
THE CHRONICLE
1237
offerings large. Some hedge selling was noticed. Cottonseed oil being rather easier acted as a drag on lard. Hogs
were steady, however, and the receipts moderate; the ending
was in some cases 10c. higher. Western receipts to-day were
78,000, against 74,000 last year. Cottonseed oil ended 4
to 5 points off. Final prices on lard show a decline for the
week of 5 to 8 points.
at 40.20c.; September at 40.90c., and October at 41.30e.
Outside prices: Smoked sheets, spot, February and March,
383 to 39c.- April-June, 3934 to 40c.; July-September,
%
'
40% to 41c.• October-December, 3420. First latex crepe,
3934 to 39c.; clean, thin brown crepe, 3534 to 353 c.;
4
specky brown crepe, 3534c.; No. 2 amber, 36%c.• No. 4
amber,35%c.; Rolled brown,3134 to 31%0.;Paras,Caucho
'
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Ball-Upper, 25 to 26c.• Up-River fine, spot, 30 to 3034c.;
Wed. Thurs.
Mon.
Tues.
Sat.
Fri.
'
coarse, 24 to 2434c.; Island fine, 26 to 2634c. In London
12.27
Holi- 12.30
March delivery__ --cts_12.45
12.37
12.37
12.65
day 12.52
12.47
May delivery
12.60
on the 21st inst. rubber opened steady and Ad. higher on
12.60
12.85
12.67
July delivery
12.75
12.82
12.80
spot and nearby deliveries but reacted and closed unchanged
PORK quiet; mess, $36 50; family, $39 50 to $41 50; on these positions and Ad. net lower on futures. The
fat-back pork, $30 to $33; ribs, Chicago, cash 16c. basis, official average price was fixed at the close of business at
40 to 60 pounds average. Beef steady; mess, $19 to $21; 18.896d., an increase of .094d. in one week. Spot and
packet, $19 to $21; family, $21 to $22; extra India mess, February were 1931 to 193 0.; March, 1931 to 193 d.;
4
/
$34 to $36; No. 1 canned corned beef, $2 50; No. 2, $4 25; April-June,19% to 193 d.;July-September,2030.to 2034d.
4
6 pounds, South America, $12 75. Cut meats steady; The London stock was 56,962 tons, against 56,939 last week,
pickled hams, 10 to 20 pounds, 213 to 2334c.; pickled clear 53,662 last month and 9,118 last year. Singapore on Feb.
%
%
/
bellies, 6 to 12 pounds, 213 to 2330.; bellies, clear, dry 21, spot and February, 183 d.; March, 19d.; April-June,
4
salted, boxed, 18 to 20 pounds, 18c.; 14 to 16 pounds, 173/8e. 19%d•
Butter, 46 to 54c. Cheese, 22 to 28c. Eggs, medium to
On the 23d inst., with London higher, tire output larger
extras, 2134 to 2834c.
and the statement in the House of Commons on Tuesday that
-Linseed has been in better demand ani steadier. as long as trade conditions remained satisfactory no steps
OILS.
Leading producers quoted 10.4e. for raw oil in carlots, would be taken to modify or suspend restriction legislation m
cooperage basis, and 9.6e. in tanks and 11.2e. for 5 barrels Ceylon and Malaya, prices here advanced 100 points on
or more. Paint makers are more inclined to buy ahead. February and 10 to 50 points on other months. Shorts in
Generally the outlook is brighter. Cocoanut, barrels, spot, February were severely squeezed. That month ran out at
10 to 103.1e. Manila, coast, tanks, 84c.;spot, tanks,83 e. noon on the 23d. In London on the 23d inst. another bullish
/
Corn, crude, tanks, plant, low acid, 83 0. Chinawood, factor was the agreement to advance tire prices 30% by the
/
New York, drums, spot, 183..(c.; February, 18e.; Pacific Dunlop and Michelin interests. Here on the Exchange
Coast, tanks, spot, 17e. Olive Den., nominal. Soya bean, February was 39e. March 38.70c., May 39.800., July
coast, tanks, 934e.; blown, barrels, 14c. Lard, prime, 15c.; 40.60c., September 41c. and October 41.60c. Outside prices:
extra strained winter, New York, 133 e. Cod, domestic, Ribbed smoked spot, February and March, 39 to 3931c.;
4
3
nominal; Newfoundland, 63 to 64c. Cottonseed oil sales April-June, 39% to 40c.; July-September, 40% to 41c.;
to-day, including switches, 15,600 barrels P. Crude S. E., October-December,423/2c.; first latex crepe,3934c. to 39%c.;
834c. bid. Prices closed as follows:
4
clean thin brown crepe, 353 to 360.; pocky brown crepe,
Spot
9.751
iMay
9.90 - --1August _._1O.1810.22 3534e.; No. 2 amber, 36%c.; Paras, gaucho Ball-U per,
March
9.78
_ June
9.950 9.98 September 10.22010.24
231% to
April
9.829.90 July
10.09010.08 October-- 9.95010.10 253/2 to 26c.; up-river, fine spot, 31 to 3134c.; coarse,
Island fine, 26 to 26340. In London on the
the
PETROLETTM.-A rise in the output of crude oil caused 24c.; average price for the current quarter to date 23d put
was
lower prices for petroleum and gasoline. Cuts of 15 to 39c. official
and February closed
193
in Mid-Continent crude on the 22d inst. were followed by at 18.937d. Spot %d.; April-June, at to Ad. to 1934d.;
JulyMarch at 1934 195
193/s
a reduction of 15e. in six grades of Pennsylvania crude the September at to to 20%d. In Singapore on20d., andprices
the 23rd
2034
following day. And gasoline prices in Chicago and Texas
declined 34 to %d.; spot-February, 1834cl.;
wholesale markets were easier. The Standard Oil Co. of April-June, 1934d.; ex godown Singapore. March, 18 Md.;
New York announced a cut of lc. a gallon in Rochester.
On the 24th inst. 727 tons sold here with prices closing
Lower prices were announced in other important sections, unchanged to 20 points off. Premiums on Summer months
including Ohio, Wyoming, and New Mexico fields. The were 80 to 120 points. Outside trade was dull. March on
Standard company of Ohio reduced Illinois, Prince to Lima, that day ended here at 38.50e. and April at 39c. Spot
Indiana, Plymouth, Wooster and Western Kentucky grades and February smoked, 39 to 3931c.; Upriver Para, 293 to
%
20 cents a barrel. Elk Basin, Grass Creek light and Lane 3034c. London on the 24th ended Ad. lower on futures;
Creek in Wyoming and Artesia in New Mexico were lowered
and March, 193 to 1934d.; April-June, 1934 to 19%d.
%
25c. Other reductions of 15 to 23c. were reported. Lower spot
Singapore, Ad. up; February, 183 0.; March, 183/sd.; April/
prices were also reported in Canada where Canadian crude June, 1934d, ex-godown Singapore. To-day prices adwas cut 20e. to $2 40 and Oil Spring, $2 48. New York vanced 10 to 20 points in some eases; March,
38.70c.;
refined export prices: Gasoline,cases,cargo lots, U.S. Motor April, 39c.; May, 39.80c.; July, 40.70e. London advanced
specification, deodorized, 27.40c.; bulk, refinery, 12 C.; kero8
Ad.; spot and March, 1934d.; April-June,
sene, cargo lots, S. W.cases, 18.65c.; bulk 41-43, 9c.; W. W. steamers are due to arrive from Singapore with 193/d. Four
large cargoes:
150 deg.,cases, 20.15e.; bulk 43-45,934c. Gas oil, Bayonne,
tank cars, 28-34 deg., 6c:; 36-40 deg., 631c. Furnace oil, The spot market here was quiet. Sheets were offered
bulk, refinery, 73/2e.; kerosene, tank wagon to store, 17c.; at 39%c•
-Common have declined. Central Americans
HIDES.
bulk W. W. del. New York, cars, 1034c.; refinery, 43-45
gravity, 9310.; prime white 41-43 del. tanks, 10c.; refinery, are said to have sold at 2031 to 2034c. and Savanillas quoted
90.; motor gasoline, garages (steel bbls.), Up-State, New at 20c.; Santa Martas, 210.; interior hides, 24 to 2434c.
England, 22e.; single cars, delivered, New York, 18c.; River Plate frigorifico more active. Russia bought the most.
naphtha, V.M.P., deodorized in steel bbls., 210. Crude oil Recent sales included 4,000 Armour Santa Ana steers at
production in the Seminole area of Oklahoma reached a new $40 25, or 1834c.; 12,000 Swift Montevideo steers at $40 75,
4
high record of 305,784 bbls. in the 24 hours ended at 7 a• m•, or 183 c., and 8,000 Swift La Plata steers at $3834, or
Friday. Bulk gasoline was easier in the Gulf with leading 17 15-16c. c. & f. City packer hides were very quiet.
refiners quoting United States Motor at 93 0. For 64-66 Spready, 15c.; steers, 143/c.; bulls, 14c.• Colorados, 1334c.
4
'
gravity 375 end point, 1134c. was asked. Locally U. S. New York City calfskins, 5-7s, $1 85; 7-8s, $1 85; 9-12s,
Motor was offered at 12c. refinery and 13e. in tank cars, $2 2634.
-Sugar tonnage was in fair deOCEAN FREIGHTS.
delivered to the trade. Kerosene was quiet. Bunker oil
firm at $1 75 at refineries. Diesel oil firm at $2 50. Gas mand. In a single day 50 to 60 loads of grain were booked.
oil was quiet.
Grain tonnage was little more plentiful. Full cargo° rates
Elk Basin
Oklahoma, Kansas and Texas
$1.75 were steady. Later there was more demand from Russia.
28
$1.30 Big Muddy
-28.9
1.62 Sugar business was large.
1.51 Lance Creek
32-32.9
• 1.75
52 and above
2.31 Homer 35-35.9
Louisiana and ArkansasCaddo
32
Below 28 deg
-32.9
35-35.9
32-32.9
38 and above
38-38.9
Pennsylvania
$2.95 Eureka
$3.25 Buckeye
$3.10
Corning
3.25 Illinois
1.95 Bradford
I.0u
Cabell
'richton 40-40.9
2.01 (
1.90 Lima
2.10
Wooster
1.78 Plymouth
2.01 Indiana
1.43
Rock Creek
1.9 1 Ilaynesville.33 deg.
1.62 Princeton
Smackover,27 deg.
2.6 Gulf Coastal "A"- 1.40
Canadian
Corsicana heavy
1.25 De Soto 44
-44.9
RUBBER was dull on the 21st inst. despite a larger auto
production and the fact that the decrease in the London stock
last week was negligible, i.e., 23 tons. London sold.. Prices
even declined here as well as in London. Singapore is above
the parity of London. January showed the first increase
.
after six months of steady losses in automobile production.
The total was 234,130 passenger cars and trucks, compared
with 165,822 cars and trucks for December and 302,741 ears
and trucks for January last year. But reduced exports,
.
increased auto-production and practically a halt in the
increase in London stocks went for nothing on the 21st.
But it is true that recently average prices had gained. Some
think it will go well above the 21d. level for this quarter.
At the Exchange here prices on the 21st closed as follows:
February at 38e.; March at 38.40e.; May at 39.50e.; July
CHARTERS included: Grain, 28,000 qrs., 10%,from West St. John to
Mediterranean. at 213ic., Feb. 25
-Mar. 10; from Columbia River or Puget
Sound to United Kinom-Continent, 37s., April 1-20; lumber from Grays
Harbor to New York. $14, Feb.
-March; sugar from Cuba to United Kingdom-Continent, 24s., Mar. 15-31; from Santo Domingo to United Kingdom-Bordeaux-Hamburg range, 24s. 64., Feb. 25 or
10; from Cuba to
United Kingdom-Continent, 24s. 64., Feb. 28 to Mar. 15; Cuba to ContiMar.
nent. 255.; Liverpool to Greenock, 25s. 64.;
26s., Feb. 25 to Mar.5
Cuba to Continent, 25s.: to London, 25s. 64., Mar.10-25; coal from HampLondon,
ton Roads to St. John, $1 15, end of March. Time charter, 997 tons net,
round trip, $2 20: 587 tons net, round trip. $1 25; 1,091 tons net, delivery
Boston, round trip, $2 10. Tankers: 2.620 tons net, March. Datum to
Copenhagen. 37s. 6d., lubricating gas oil; 3,381 tons net. April
-May. three
consecutives, Black Sea to United Kingdom-Continent, 37s. 94.: sugar from
Santo Domingo to Havre-Antwerp-Amsterdam-Rotterdam, 23s.. Mar. 110; Cuba to United Kingdom-Continent,
_24s.,last half March;same,23s.6d.
Mar. 15-26: Santo Domingo to United Kingdom-Continent, 35s., Mar. 1025; same, 24s. 64., Mar. 5-20; Cuba-Santo Domingo to United KingdomContinent, 24s.. Mar.5-20.
COAL.
-Some expect Western miners to strike on April 1;
that means Illinois and Indiana bituminous miners. Prices,
however, have been weak at New York and Hampton Roads.
The Florida conference, it seems, merely brought out the
difference in results and the present status of producers
operating under the wage scale. Here the view of experienced people is that there is a good reason to believe the
final solution of the problem will be in district settlements.
Later in the week prices were a little steadier and ever
slightly higher. Good bituminous gas and smokeless coal.
screenings were 10e. higher. Navy standard bituminouE,
1238
piers,$5 35;supplementary,$4 80 to $4 90. Egg,company,
$8 75 to $9 25; stove, $9 25 to $9 50. Coke,furnace,$3 25.
TOBACCO.
-There is a fair demand and prices are firm
with supplies far from burdensome. Indeed, in some cases
they are rather small than otherwise. The trend of quotations
under the circumstances is upward. It is true that Pennsylvania tobacco still rather lags behind other descriptions
in the matter of business, but in an awakening market it
may do better later on. Wisconsin binders, 25 to 30c.;
Northern, 40 to 45c.; Southern,35 to 40c.• New York State,
'
seconds, 450.; Ohio, Gebhardt, binders, 22 to 24e.; Little
Dutch, 21 to 22c.; Zimmer Spanish, 30c.; Havana first
Remedios, 85e.; second Remedios, 70c.; Pennsylvania broad
leaf filler,10e.; broadleaf binders,15 to 200.; Porto Rico,75c.
to $1 10; Connecticut, top leaf, 21c.; No. 1 seconds, 1925
crop, 65c.; 1924 crop, 34 to 400.; seed fillers, 20,3.;' medium
wrappers, 650.; dark wrappers, 1925 crop, 40c.; 1924 crop,
28e.; light wrappers, $1 25. Richmond, Va., wired that
tobacco farmers in Virginia, North and South Carolina and
Georgia see great danger to the trade in over-production
this year. The opinion is expressed that numbers of Southern
cotton farmers, discouraged as the result of the drop of prices
for this crop, would raise tobacco, with a consequent decline
in value.
COPPER has been very irregular. Sales were made at
as low as 13c. but 133/gc. was believed to be the real market
level. Some producers reported business good, while
others found trade quiet. Copper Exporters, Inc., on the
23d inst. advanced prices 73/i points to 13.45e, c.i.f. European
ports. Standard in London on the 23d inst. advanced 2s.
6d. to £55 2s. 6d. and futures rose 7s. 6d. to £55 17s. 6d.;
sales 100 tons spot and 2,400 tons futures; electrolytic was
unchanged at £61 15s. for spot and £62 5s. for futures.
Later prices were firm at the 13%e. basis, with a moderate
business. On the 24th inst. spot standard rose 7s. 6d. at
London to £55 12s. 6d.; futures up 5s. to £56 2s. 6d.; sales,
400 spot and 1,400 futures; electrolytic up 5s to £62 for spot
and £62 for futures.
TIN has been active. Straits tin sold at69U to 693/ge.for
spot and February,69 to 693.e. for March,68 to 683e. for
April, 67 to 663e. for May and 66Yie. for June Spot
standard in London on the 23d inst. declined 15s. to £307
15s.; futures rose 10s. to £299; sales, 100 tons spot and 650
futures. Spot Straits tin declined 15s. to £319 15s.; Eastern
o. i. f., £307 10s. Later trade was brisk at an advance.
Straits sold at 67.70c. to 67.75c.for May,69.75c.for March,
68.75e. for April and 70/e. for spot. Spot standard in
London on the 24th inst. advanced £3 10s. to £311 5s.; futures up X2 10s. to £301 10s.; sales, 100 spot and 550 futures.
Spot Straits advanced £4 10s. to £324 5s.; Eastern C. 1. f.
London up £4 5s. to £311 15s. on sales of 150 tons.
LEAD was easier early in the week. The demand, while
still reported good, has latterly fallen off somewhat. The
American company was still quoting 7.40e. New York. In
the East St. Louis district 7.30e. was done. In London on
the 23d inst. prices were unchanged at £27 17s. 6d. for spot,
while futures were is. 3d. lower at £28 3s. 9d.; sales, 100 tons
spot and 1,200 tons futures. Later, with London up, New
York was firm with a good demand. The American Smelting Company still quoted 7.40e. New York. East St. Louis,
7.30 to 7.32c. Spot in London on the 24th inst. advanced
3s. 9d. to £28 is. 3d. and futures rose 5s. to £28 8s. 9d.;
sales, 150 spot and 90b futures.
ZINC has latterly been rather easier in sympthy with
a lower London market. In the East St. Louis section the
prevailing price seemed to be 6.823/ge. with 6.80e. done in
some cases. Yet there is a better feeling. Lead ore prices
have advanced and production has been reduced. In London
on the 23d inst. prices declined 2s. 6d. to £30 5s. for spot
and £30 10s. for futures. Later trade was dull and prices
not over steady at 6.823/g c. East St. Louis with rumors of
6.80c. accepted. London on the 24th advanced 7s. 6d. to
£30 12s. 6d. for spot and £30 17s. 6d.for futures; salest 1,700
futures. January production of zinc by the principal
countries of the world was 124,500 short tons, including
4,000 tons estimated for non-reporting countries. This
compares with 122,100 tons in December.
STEEL has been in better demand for early delivery in
many cases, with operations on the basis of 80 to 85%, with
the Steel Corporation at about 87 to 88%. Finished steel
is selling well in some sections, but admittedly at irregular
prices. It does not appear that price cutting has ceased.
Inquiries involve, it is said, nearly 50,000 tons of structural
steel. Oil pipe lines have been good buyers. Sales have
been made for a 65 mile gas line in Louisiana and two others
call for 60 to 78 miles. Bands, hoops and small strips
are steadier and some quote 2.10e. Pittsburgh. Tin plate
was quoted at $5 50 and this price is not eased so frequently
as it was a short time ago. Rolled steel is reported steadier
at Pittsburgh and new sales are said to be larger. Operations are at 80 to 85%. Hot rolled strips sold for second
quarter delivery at 2c. for wide and 2.15c. to 2.200. for
narrow. Sheets for the next quarter are on the basis of
2.85e. for black, 3.750. for galvanized and 2.15c. to 2.20e.
for blue annealed. Full fmished automobile sheets are
steady at 4.150. At Birmingham some are doing a better
business than in January. • Later Pittsburgh wired that
single carloads of merchant bars are obtainable at 1.90o.
Bands and hoops at 2.20c. to 2.30c., strips at 1.90 to 2e.
Of scrap 20,000 tons of blast furnace borings and turnings
[VOL. 124.
THE CHRONICLE
sold at $11. Heavy melting scrap is 25c. lower; quoted now
at $16. Cast iron pipe was reported active.
PIG IRON has .been rather steadier with no change in
the composite price. That is something new. Last week,
it is said, 100,000 tons were sold in this country, including
65,000 tons in Cleveland. In the Philadelphia district 30,000
tons of basic are said to have been sold. Coke has been
advancing and the lowest quotation is now said to be $3 50,
a rise of 75c. in a few weeks. Some have been trying
to have shipments on contracts deferred and to buy spot
iron to better advantage, but most producers will not allow
any modification of contracts. Eastern Pennslyvania is
quoted at $20 50 to $21; Buffalo, $17 to $18; Virginia, $21
to $22; Birmingham, $18 to $19; Chicago, $20 to $20 50;
Valley,$18; Cleveland, delivered,$19 to $19 50; basic Valley,
$17 50 to $18. At Birmingham prices are reported to be
steady. The surplus stock is being slowly reduced. Despite
the drop in quotations on old material, pig iron quotations
are described as firm. Pig iron duties have been increased
50%. The increase is 373'c. It is now $1 123/g, against
750. before. It will not keep out foreign iron. Later in
the week Buffalo iron sold, it was stated, at $16 50 for a
large lot to Massachusetts.
WOOL has been steady with a moderate business. It was
mostly in fine and half-blood 58s and 60s fleece and territory,
with sales also of %
3 -blood 56s and lower grades. Business
is restricted by the slowness of trade in goods. Mills,
therefore, buy cautiously. In Boston territory wool sold at
a top price of $1 14, scoured basis. An organization selling
wool on consignment is reported to have sold fine and fine
medium territory at $1 08 for average grade and $1 10 for
choice. Half-blood territory sold at $1 03, scoured basis.
In other cases small amounts sold at $1. Three-eighths
blood and quarter-blood territory wool sold in fair amounts;
three-eights-blood sold at 90 to 92 cents and the quarterblood at 78 to 80 cents. White B supers were quoted at
86 to 90c.,scoured basis, and stained B at 80 to 830. Montevideo wools sold, it is said, at firmer prices; 58-60s were
quoted at 42 to 43e. Cables from South America pointed to
a rise. For carpet wool manufacturers it is said bid 46e.
for Aleppo wool c. & f., clean basis, spot or for prompt shipment. They do not care to buy for future delivery. Retail
trade in carpets, including domestic rugs, is reported fair.
New East prices were firm irith China in the throes of war.
Hsining for prompt shipment was offered at 473/ge. Mills
bid 45e.
Domestic fleece, unwashed, fine delaine, 45 to 46c.; 34-blood, 45 to
,
4534c.; %-blood. 44 to 45c.; 1i-blood, 44 to 4434c.; Territory, clean basis,
fine staple. $1 08 to $I 12; fine, medium French combing. $1 to Si 05;
fine, fine medium clothing. 92 to 97c.; 14-b1ood staple, 98c. to $1 08; 4
blood, 87 to 92c.; 3i-b1ood, 77 to 82c.; Texas, clean basis, fine 12 months,
05 to Si 10; fine 8 months, 95c. to $1; fall, 80 to 85c.; pulled, scoured
SI
basis, A super,90 to 93c.; B.super,80 to 85c.;0super,70 to 75c.; domestic
mohair, best combing, 67 to 72c.; Australian, clean basis, in bond, 64-70s,
combing, Si to Si 05; 64-70s. clothing, 90 to 95c.; 64s, combing, 95c. to El.
At Wellington, N. Z., on the 18th inst. sales closed with
prices very firm, especially on crossbreds. Offerings 27,000
bales; sales 26,500 bales. Prices closed:
day
Average perinea, 17 to 21Md. against 1634 to 173.6d. on the same
last year and 24 to 2634d. two years ago; crossbreds, 56-585, 1534 to 18d..
against 14 to 17;4d. on the same day last year and 283i to 29d. two years
ago; 50-56s. 15 to 1834d., against 1334 to 15Ud. last year and 20 to 2234d.
two years ago; 48-50s, 14 ®17d. against 12 ®153id. last year, and 1985
last
,
24i4d. two years ago; 46-485, 123-4 to 153(d., against 1134 to 15
year and 18 to 24d. two Tears ago; 44-46s, Ilq to 15d., against 11 to 14 Yid.
against 11
last year and 1634 to 22 d. two years ago; 40-44s, 11 to i3d..
to 13d. last year and 164 to 20d. two years ago; 36-40s, 1034 to 12d.
against 1034 to 1230. last year and 1530. to 18d. two years ago.
In Liverpool on Feb. 23 about 1,125 bales of Plate wools
were offered and a good demand; prices, 5 to 73/g.% higher
than at the January sales; 1,129 bales of Peruvians were
also offered but did not sell well; prices unchanged. Lima
wools were 5% higher. At Melbourne on the 24th inst.
selection indifferent; little of use in America. Super,
64-70s. of the finer type sold in a small way at $1 05 and
super 64s. at 99e. In Sydney good wools plentiful; prices
were fairly steady. Good to choice 64-70s. cost the equivalent of $1 03 to $1 09, clean basis, in bond at Boston, while
super 64s. cost 95e. to $1 clean, in bond here. Super, 60-64s.
sold for 89e. to 920. and super 56-58s. averaged about 85c.
COTTON
Friday Night, Feb. 25 1927.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
210,193 bales, against 206,770 bales last week and 228,441
bales the previous week, making the total receipts since the
1st of August 1926 10,503,063 bales, against 7,874,332 bales
for the same period of 1925-26, showing an increase since
Aug. 1 1926 of 2,628,731 bales.
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts at735
5.754 8,043 20.124 1,806 10,611 5,286 47,073
Galveston
5,286
Texas City
5,325 13,498 9,520 6,545 6,599 6,518 48,005
Houston •
5,772 13,400 10.544 9,809 15,250 6,309 61,084
New Orleans
777 1,186 1,002 4,476
308
991
212
Mobile
40
40
Pensacola
4.802 4,777 4,230 20,437
4,481
2,147
Savannah
4,057 1,959 1.637 10,046
1,363 1,030
Charleston
576 2,910
621
287
386
390
650
Wilmington
2,005 1,454 1,284 8,053
1,259 2,051
Norfolk
430
430
New York
834
723
111
Boston
------ 1,271 1,271
Baltimore-------------------------248
100
iiA
Philadelphia
28,988 210,193
Totals this week 22,593 44,314 40,882 30,236 43,180 .
_
•Houston statistics are no longer compiled on an interior oasis.
on a port basis. We are changing accordingly.
FEB. 26 1927.]
THE CHRONICLE
The following table shows the week's total receipts, the
total since Aug. 1 1926 and stocks to-night, compared with
last year:
1926-27.
Receipts to
Feb. 25.
Galveston
Texas City
Houston*
Port Arthur, Ji-c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &cNew York
Boston
Baltimore
Philadelphia
1925-26.
This Since Aug This Since Aug
Week. 11926. Week. 1 1925.
Stock.
1927.
47,073 2.819,426 30,472 2,694,428 615.906
5,286 141.712
10
18,094
55.891
48,005 3.371,011 25,547 1,398,090 907,815
61,084 1,950,927 39,480 1,934,008 637.006
4,476 324,298 3.362 196,042
47.134
40
12,776
15,470
617
12,961
610
20,437 888,922 9,133 746,107
83,813
400
10,046 438,075 4,713 252,538
68.197
2,910 102,729 3,189 105,391
18.326
8,053 350.681 3,050 402,895 121,616
279
430
25.873
50
37,401 218,725
834
18,946 1,274
20.194
1,279
1.271
52,633
232
30,807
1.605
248
4,158
9,605
5,239
1926.
588,006
14,275
483.600
19,446
578
73,775
1239
On Shipboard. Not Cleared for
-
Feb.25 at
-
Great
GerOther Coast.
Britain. France. many. Foreign wise.
Galveston _ _ _ _ 11,400
New Orleans.. 3.611
Savannah
Charleston- _
Mobile
7,000
Norfolk
Other ports*_ _ 6,000
8,900 10,000 57,800
6,746 9,218 24.286
1,000 2.000
-
3:666
5,000
6,000 22,000
7,500
229
300
1,634
75
400
1,000
Total.
Leaving
Stock.
95,600 520,306
44,090 592,916
3,300 , 80,513
1,634
66,563
10,075
37,059
400 121.216
40.000 1.169,490
Total 1927
28,011 21,646 27,218 107.086 11.138 195,099
Total 1926
31,154 19.393 23,312 51.861 7,211 132.931 2,588,063
1,317.652
Total 1925
42.440 23,837 25.730 64,234 11.676 167.917 1.120,505
* Estimated.
Speculation in cotton for future delivery has been more
active at rising prices. The advance was due partly to the
remarkable activity in Liverpool; where daily sales of the
34.231
132.492 actual cotton were 12,000 to 18,000 bales. The latter total
was registered for two days in succession. Liverpool, it seems
39,522 owes considerable low grade cotton to
India which it sold
2,598
1.126 some time ago. The cotton will be shipped from Liverpool
6,756 and also from this siade. Whether the total
involves 250,000
9.111.193 10503063 120.512 7R74329 789 1R9 1 Ann AAR bales, as some conjecture, is for
time to determine. All that
* Houston statistics are no longer compiled on an interior basis, but only seems certain is that important sales have
been made to that
on a port basis. We are changing accordingly.
quarter of the globe. The American will take the place of
In order that comparison may be made with other years, East Indian cotton. American is
relatively cheaper and also
we give below the totals at leading ports for six seasons:
better in quality. Moreover futures in Liverpool have been
Receipts at
- 1926-27. 1925-26. 1924-25. 1923-24. 19?2-23. 1921-22. advancing. London and the Continent have been buying
and there has been a good deal of calling by mills. This
47,073
Galveston_ _
30,472
56.627
20,701
25,105
39.194 took the hedge selling and liquidation as a rule very easily.
Houston, &c*
48,005
25,547
32,644
9,249
24,129
472 On this side the spot sales
61,084
New Orleans_
39,480
29,838
have been large, though some
21,738
26,376
17,563
Mobile
4,476
3,362
4,245
1,382
135
2,673 slackening was reported towards the close of the week.
Savannah._
20,437
9,133
13,596
7,600
8,108
13,734 Manchester has had a good trade
Brunswick
in piece goods with India
Charleston_ - _
10,046 • 4,713
6,420
2.464
3,034
533 and the margin of profit is said to have improved. Its trade
Wilmington _ _
2,910
3,189
2,175
550
2,422
759 in yarn has also been promising. On this
Norfolk
8,053
3,050
side of the water,
10,057
4,038
2,894
6,795
N'port N.,&c_
there has been a widely extended demand for washed goods
All others
8,109
1,566
3,816
1,616 ' 4,123
4,544 in many varieties. Other cotton goods have been
firm, if
Total this wk_ 210.193 120,512 159,418
69,338
96,226
86.817 less active than in January. Exports of raw cotton have
continued to show an increase above the total at this time
Since Aug. 1... 10503063 7,874,332 7.759,349 5,690.345 4.861,070
4,199,933
•Houston statistics are no longer compiled on an
last year. The mills have been calling here .to some exteat.
on a port basis. We are changing accordingly. interior basis but only And one outstanding feature of the
week was the notices
The exports for the week ending this evening reach a total which were issued on the 23rd inst. They capped the
of 194,693 bales, of which 50,353 were to Great Britain, climax. They amounted to some 155,000 bales and were
7,140 to France,40,768 to Germany,8,086 to Italy,
to promptly stopped. The striking thing was that
Russia, 48,048 to Japan and China, and 40,298 to other discount under May was reduced from 25 points March
to 15.
destinations. In the corresponding week last year total Large spot houses and some Japanese interests stopped the
exports were 118,254 bales. For the season to date aggre- notices promptly. Spot people have been buying March and
gate exports have been 7,347,711 bales, against 5,776,099 selling May and July. This is supposed to have been a
bales in the same period of the previous season. Below are transfer of hedges from the near position to the more distant.
the exports for the week and for the season.
The discounts on low grades in Texas have been reduced.
There was a steady demand for the better descriptions of the
Exported to
lower grades. It is difficult to get superior qualities in large
Week Ended
Feb. 25 1927.
lots. The desired quantity has to be made up of very small
Great
GerJapan&
Exports from
- Britain. France. many. Italy. Russia. China. Other. Total.
quantities gathered here and there. The Continent has been
Galveston
10,221
3,905 1,994
22,144 30,975 69,239 buying July here for some weeks past in small lots. The
Houston
3,543 3,729
2,442
2,213 11,927 aggregate makes a very respectable total. Liverpool has
Texas City
2,028
2,028 bought here to some extent. Not only have
New Orleans_.- _ 21,018 1,201 2,192
Liverpool prices
10,127 5,762 40.300
Mobile
1,945
1,945 been advancing, but those at Alexandria have also risen.
sacola
40
40 It is said that the Shanghai strike has
vannah
fr
been called off.
11,259
5.276
16,535
Charleston
1,850
5,624
3,000
10,474 Prices here have edged up toward the high point reached on
Wilmington
5,087
5.087 Feb. 9th. On the 24th inst. March over-passed
Norfolk
5,350
that level by
1.300
308 6,967
New York
474
10,245
250
200 11,169 5 points, when it touched 14.05c. The outside public at one
Philadelphia._ _ _
110
110 time bought to some extent here. The cotton situation
Los Angeles_-_ - 3,615 2,100 1,703 2,100
is
4,645
800 14,963 attracting
San Francisco_ _ _
300
attention. The supposition is that if prices con753
1.356
2,409
Seattle
• 1,500
1.500 tinue to advance there may be a revival of outside
speculaTotal
50,353 7,140 40,788 8,086
48,048 40,298 194,693 tion for a rise. Cheap money is said to be helping to sustain
cotton prices by enabling merchants to carry cotton all the
37,185 10,275 19,193 8,105
Total 1926
30,378 13,118 118,254 more easily.
34,293
Moreover New York is called the
Total 1925
449 51.025 12.545
10,830 8.660 117,802
cotton market in the world. Some 50,000 bales itcheapest
appears
From
Exported to
will be added to the certificated stock here which late in
AUV.1111,014,
week reached 159,987 bales. But this had no effect the
GerFeb. 25 1927. Great
Japan&
on
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
March. On the contrary, as already indicated, its discount
Total.
Galveston__ 498,388 307,908 472,662 177,170 37,817 332,386 335,257 2.161,588 under May was reduced.
Houston
454,903 310,774 461,017 176,016 77,450 188,586 138,797 1,80753
On the other hand, the technical position has been weakTexas City__
41,510
41,510
New Orleans. 397,244 120.016 209,694 133,109 17,506 300,834 102.262 1,280,665 ened by recent heavy covering. The shorts have been
Mobile
67,645 4,365 73,936 1,000
15,699 2,353 164,998 intimidated by the striking news from Liverpool
and the
Jacksonville.
341
341 strength of the spot situation there, not
Pensacola._ _
to mention the
5,292
4,144
' 340
9,776
Savannah.... 211,157
100 403,579 4.600
65,522 28,112 713,070 ease with which the big notices were handled here
on the
Charleston..
54,126
497 247,268
26,638 15,755 344,284 23d inst. On Thursday there
was a reaction in New York
Wilmington _
35,647 24,350
10,000
69.997
Norfolk
97,677 12,990
75,512
8,550 4,406 199,135 and Liverpool, as well as New Orleans. Profit-taking
was
N'port News
279
100
379 the word of order. Liverpool lost most of its
New York. _
31,534 23,194 57,921 19,143
early
1,003 131.274 264,074
New York ended at a small net decline, that is, 3 advance.
Boston
1,978
475
2.405
4,858
to 5 points.
Baltimore....
400
3,115
142
3,857 The weather in the .main was better. It is true
Philadelphia.
that there
601
210
7
4,507
5,325 were some heavy rains in
Los Angeles_
North Carolina and Georgia, but
41,235 12,005 35,471 2,981
11,418 1,647 104,757
San Diego_
4,1 6
for the most part temperatures were mild, in some cases in
4,016
SanFrancisco
1,458
78,047
320 3,882 1,254
516
85,477 the upper 60's. In Texas the
Seattle
dry weather has been favor81,461
200
81,661
Porad, Ore_
600
600 able and plowing has been resumed. There is no denying
that in the northwestern section of the belt, especially
1 895,451 782.504 2105011 553,018 132,773 1111023 787,931 7,347,711
Total
in Oklahoma, the soil is still too wet for working and the
Tot. 1925-26. 1,743,479 691,808 1362947 453,011 103,773 797,089 823,992 5,776,099 usual farm
operations are much behind an average season.
199.91•9AL,9K 9 Inn nnit 701 Mg 1179427 175 ROR 77.345692.72
8 589.1616.817 IRA
Still there was some cotton picking in areas where conNOTE.
-Exports to Canada.
-It has never been our practice to include In the
ditions favored it and a little cotton was planted in the
above tables reports of cotton shipments o Canada, the reason being that v rtually
all
the cotton destined to the Dominion comes overland and it is impossible to get returns extreme south
of Texas. Recently some private reports
concerning the same from week to week, while reports from the customs districts
the Canadian border are always very slow Incoming to hand. In view, however,on said that cotton was up in some cases in that section.
of
In
the numerous Inquiries we are receiving regarding the matter, we will say that for the any case the
Government weekly report says that much
month of January the exports to the Dominion the present season have been
29,012 land is ready
bales. In the corresponding month of the preceding season the exporta were
for the coming crop in the extreme southbales. For the six months ended Jan. 311927, there were 152,990 bales 31,127 western belt.
exported
Moreover, many believe that at current
as against 147,402 bales for the corresponding six months of 1926.
prices there
In addition to above exports, our telegrams to-night also if indeed anywill be no marked reduction in the acreage,
give us the following amounts of cotton on shipboard, not viction is thatat all. As the case stands, the general conthe average reduction will not he,more than
.
cleared, at the ports named:
10%. In the far Southwest present prices, it_ isibeheved,
54.178
[voL. 124.
THE CHRONICLE
1240
make cotton raising profitable, whatever may be said about
the region to the east of the Mississippi River. And of
late there has been more hedge selling. Japanese interest
have done some of it. Co-operative associations are supposed to have sold to a certain extent. This, it is surmised,
is their policy on rising markets. There is no general outside speculation in cotton. The daily fluctuations are too
small. Some reaction in stocks had a certain sentimental
effect on Thursday. The South, New Orleans and local
interests sold. If spot houses bought March, they sold
May and July. Memphis reported spot business rather
less active. And finally there has been the McNary-Haugen
bill. Everybody expected it would be vetoed, just as has
happened, but everybody expected some reaction in prices
as the result.
To-day prices declined slightly at first on the announcement of the veto by President Coolidge of the McNaryHaugen bill. It led to more or less liquidation and some
short selling. Later on the mood of the market changed.
People came to see that the veto would mean a better chance
for a reduction in the acreage. Liverpool's spot sales were
spot
18,000 bales for the third consecutive day. American here.
markets advanced. Contracts became rather scarce for
Shorts covered. There was some noticeable buying for
long account. Prices ended about 12 points net higher
the day. For the week there is a net rise of 5 to 11 points.
for
Spot cotton ended at 14.30c. for middling an advance
the week of 10 points.
grades,
The following averages of the differences between markets
figured from the Feb. 24 quotations of the ten differas
designated by the Secretary of Agriculture, are the New
ences from middling established for deliveries in the
York market on Mar. 3:1 39 on *Middling "Yellow" stained
3.39 off
Middling fair
1 15 on
Strict good middling
91 on
Good middling
.65 on
Strict middling
Basis
Middling
1.00 off
Strict low middling
2.19 off
Low middling
3 44 off
*Strict good ordinary
4 57 off
*Good ordinary
mid."yellow" tinged. 08 off
sm..i good
Good middling "yellow" tinged .70 off
Strict middling "yellow" tinged...1.11 off
2.19 off
*Middling "yellow" tinged
*Strict low mid."yellow" tingerL3 47 off
*Low middling "yellow" tinged_ _4 82 off
Good middling "yellow" statned.2.10 off
Strict mid. yellow stained...A 63 off
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.
*Good middling "blue" stained-2.05 off
1,3
Strict middling "blue" stained-2. IS
8.69 oil
*Middling "blue" stained
23 on
Good middling spotted
.05 off
Strict middling spotted
.98 off
Middling spotted
*Strict low middling spotted_ .2.14 off
3.44 off
*Low middling spotted
-1.37
Good mid, light yellow stained-1.83 off
off
mid,light yellow stained
*Strict
*Middling light yellow stained-283 off
.76 off
Good middling "gray"
1.15 off
*Strict middling "gray"
1 88 off
*Middling "gray"
• Not deliverable on future contracts
The official quotation for middling upland cotton in the
New York market each day for the past week has been: Fri.
Tues. Wed. Thurs,
Sat. Mon.
Feb. 19 to Feb. 25Middling upland
14.10
14.00
14.25 14.20 14.30
Feb. 25Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
853,000
4.000
108,000
151,000
14,000
61,000
40.000
2.000
7.000
92.000
622,000
284.000
16.000
101,000
72,000
2.5 0.000
Total European stocks
109.000
India cotton afloat for Europe
American cotton afloat for Europe 589.000
il,&c.,afloat for Europe 103,000
Egypt,Braz
42 .000
Stock in Alexandria, Egypt
646,000
Stock in Bombay, India
a
2,783,162
ports
Stock in U. S.
Stock in U. S. interior towns_ -1,-79.1 4
5.087
U. S. exports to-day
1924.
733.000
1,000
119,000
980,000 1,082.000
4.000
301,000 238.000
226.000 220,000
11,000
4.000
88,000
90.000
36,000
46.000
2,000
20,000
5.000
174,000
1.487,000
1.103.000
1925.
948,000
2,000
132.000
1926.
888,000
1927.
bales_1,313,000
687,000 604,000 387,000
1,667.000 1,686.000 1,240.000
163,000 145,000 304.000
311.000 478,000 304.000
73,000
87,000
105.000
309,000 215,000 225,000
771.000 612,000 848,000
1,450,583 1,288,422 794,994
1.866.224 1,130,368 789,313
5,901
3,100
8.533.443 6,642.807 5.644.890 4.584.208
Total visible supply
as follows:
Of the above, totals of American and other descriptions are
American
bales_ 999,000 610,000 777.000 492.000
Liverpool stock
90,000
71,000 110,000
,
Manchester stock000
1.053,000 621.000 541.000 309.000
Continental stock
311,000 478.000 301,000
58 .000
American afloat for Europe
2,783,162 1,450,583 1.288.422 794,994
IL S. port stocks
4
1;279.10 1,866,224 1,130.368 789,313
U. S. interior stocks
5,901
3,100
5,037
U. S. exports to-day
4,929,807 4,327,890 2,785,208
6,860,443
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, Stc., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
314.000
22,000
.,0.000
10 .000
103.000
42 .000
646,000
17,000
2,000
22,000
21.000
63,000
66.000
163,000 145,000
87.000
105,000
309,000215,000
771,000 612,000
278.000
241.000
1,000
29,000
78,000
304,000
73,000
225,000
848,000
1.673,000 1,713,000 1.317,000 1,799,000
6,860,443 4.929,807 4,327.890 2,785,208
8.533.443 6,642.807 5,644.890 4,584.208
Total visible supply
7.77d. 10.33d. 13.94d. 17.188.
Middling uplands. Liverpool_ _ _
25.35c, 29.20c,
19.90c.
York- 14.30c.
Middling uplands, New
15.60d. 18.80d. 37.15d. 21.20d,
Egypt, good Sake!, Liverpool..
20.75d. 24.000
rough good, Liverpool- 11.500. 21.000. 12.25d. 15.000
Peruvian,
'
8.90d.
6.9 d.
Broach, fine, Liverpool
9.30d. 13.00d. 15.90d:
7.40d.
TInnevelly. good, Liverpool
Total East India, Scc
Total American
Continental imports for past week have been 187,000 bales.
NEW YORK QUOTATIONS FOR 32 YEARS. on
The above figures for 1927 show a decrease from last
at New York
over 1926, an
The quotations for middling upland
week of 81,264 bales, a gain of 1,890,636 an
increase of
Feb. 25 for each of the past 32 years have been as follows:
of 2,838,553 bales over 1925, and
10.05c. i crease
14.10c. 1903
26.35c. 1911
14.30c. 1919
1927
8.75c. 3,949,235 bales over 1924.
14.45c. 1902
31.95c. 1910
20.10c. 1918
1926
9.25c.
9.65c. 1901
16.45c. 1909
25.35c, 1917
1925
9.19c.
-that is,
11.35c. 1900
11.30c. 1908
29.45c. 1916
AT THE INTERIOR TOWNS the movement
1924
6.50c.
11.35c. 1899
ts for
8.35c. 1907
29.75c. 1915
1923
6.25c. the receipts for the week and since Aug. 1, the shipmen
10.80c. 1898
13.00c. 1906
1914
18.80c.
1922
7.25c.
7.75c. 1897
stock to-night, and the same items for the
12.50c. 1905
12.20c. 1913
1921
7.88c the week and the
detail
14.10c.11896
10.40c. j1904
40.10c. 1912
1920
corresponding periods of the previous year, is set out in
-The highest, lowest and closing prices at below:
FUTURES.
New York for the past week have been as follows:
movement to Feb. 26 1926.
Movement to Feb. 25 1927.
Friday,
Saturday,
Feb. 19.
Monday,
Feb. 21.
Tuesday, Wednesday, Thursday,
Feb. 24.
Feb. 23,
Feb. 22.
Feb. 25.
Feb.
-Range., 13.85-13.85
Closing_ 13.78
March
13.75-13.98 13.86-14.05 13.84-14.0:
Range... 13.77-13.86 13.66-13.75
13.92-13.94 13.89-13.90 14.00-11.0:
Closing_ 13.78-13.79 13.68-13.70
April
-Range.,
14.09 -13.9714.0013.80Closing_ 13.90May14.02-14.18 13.97-14.1(
14.00-14.13
Range__ 14.00-14.08 13.92-13.99
14.08-14.09 14.04-14.05 14.17-14.17
Closing_ 14.01-14.02 13.93-13.04
June
Range_
14.18 ---- 14.14 ---- 14.26
14.03- ,
Closing_ 14.11July
14.22-14.33 14.21-14.38 4.16-14.31
Range.. 14.22-14.29 14.13-14.20
14.24-14.25 14.35-14.31
14.29Closing_ 14.22-14.23 14.14-14.15
HOLIDAY
AugustRange_ 14.46 14.3514.4014.25Closing_ 14.33Sept.
-14.59-14.59 14.50-14.50
Range...
14.57 14.4614.5014.36Closing_ 14.43October
14.44-14.55 14.43-14.60 4.39-14.61
Range __ 14.43-14.50 14.37-14.43
14.50-14.52 14.46-14.48 4.58-14.61
Closing_ 14.45-14.47 14.38-14.39
Nov.
Range._
14.68 14.5514:5914.46Closing_ 14.54-
•
Towns.
Ship- Stocks
Receipts.
meats. Feb.
.
Week. Season. Week. 25.
Receipts.
Week. Season.
Ship- Stocks
ments. Feb.
Week. 26.
789 85,505 1,252 7,764
Ala.,Birming'm 2,587 86.923 2.659 13,125
128 6,351
23 21,119
616 11.636
37 24,073
Eufaula
942 93,740 1,844 22,720
1,685 116,333 2,593 _42.220
Montgomery
85,594 1,027 21,163
481
955 91,897 1,858 32,901
Selma
1,601 92,243 1,527 35,048
Ark., Helena_ 1,392 88,116 2,799 33,116 2,725 216,877 4,361 63,084
Little Rock- 1,773 194,098 3,456 56,260 2,048 166,749 3,675 65,408
3,087 171.873 3,151 53,615
Pine Bluff
83 2,287
7,871
6
97 3,517
8,732
16
Ga., Albany
575 12,997
450 25,954
500 22,716
1,000 46,041
Athens
185,262 4,599 51,806
4,904 74,900 2,523 315,152 7.328 95,927
3,497 233,607
Atlanta
4,060
Augusta _ __ _ 8,002 319,735 6,630104,500 1,361
71,861 1,924 5,447
581 3,461
372 43,953
Columbus
2,290 23,038
3,340 9.426 1,005 62,920 1,050 14,420
1,778 90,890
Macon
184 49,126
750 27,359
498 48,769
Rome
1.905 170,647 2,678 24,392
159,839 3,996 56,678
La., Shreveport 1.025
321 7,876
43,819
301
212 0.030
177 40,895
Miss.,Columbua
69,044 5,639 205,756 3,139 75,146
3,675 168.632 6,545 71,847 3,000 206,098 2,000 66,896
Clarksdale
5,794
2,788 171,805
Greenwood
725 16,447
710 11.894 2,453 63,312
273 50,414
Meridian
967 13,883
367 50,231
921 9.353
67 37.084
Natchez
751 17,984
760 51.570
1,457 15.880
66 33,090
Vicksburg.
191 16,796
183 52.024
358 43,838 2,994 20,211 12,670 561,001 12,520 15,753
Yazoo City
11,714 8.952
Mo., St. Louts_ 11.950 449.767 1,044 22,575 2,969 53,959 1,147 19,128
N.C.,Greensb'ro 2,058 34,277
209 12,378
15,936
298
192 8,500
97 17,805
Raleigh
13,479 1,626 133,605 3,059 17,614
5.449 179.947 5.806 13,919 4,604 176.387 4,594 18,605
Okla., Altus
5,189 163,217 5,020 19,684 1,215 160,749 1,604 27,682
Chickasha
3,195 154,156 4.428 87.242 7,880 239.124 3,630 63,862
Oklahoma_
6,011
Dec.3.C.,Greenville 11,002 258,978
._- 3,705
4,912
4.60-14.71
._ ..
14.62-14.75 14.61-14.76
___ 3,251
7,773
Range- _ 14.62-14.68 14.54-14.59
___
Greenwood
14.65-14.66 14.7744.71
14.6860,104267,545 38.303 1,546,500 38,053294,487
14.63-14.65 14.55Closing_
746
47
3,310
Tenn.,Memphis 56,276 1,714,220
31
1,344
148
6,120
175
Jan.
963
125
Nashville
213 82,875
14.68-14.79 14 68-14.80 4.65-14.8:
584 1,452
Range__ 14.65-14.69 14.58-14.65
678 74,176
280 4.137
14.82 -- rexas, Abilene_
5,633
72
14.68 14.7314.60670 6,678
Closing_ 14.69434 25.715
904
118
Brenham
11,866
90
183 3,154
142 33,085
Austin
1,247 144,675 2,393 19,316
Range of future, prices at New York for week ending
2,107 171.536 4,351 48,837 45,9824,375,266 05.490682,272
Dallas
•
*
693 3,598
Houston__ - 172 110,847
Feb. 26 1927 and since trading began on each option:
339 1,533
109 54.848
Paris
48 1,610
112 25,308
571 3.466
187 59,756
San Antonio_
Range Since Beg nning of Option.
Week.
998 86,943 1,584 12,847
Range for
2,104 14,894
1,825 112,26
Option /fir
Fort Worth
6224
19 13.85 Feb. 19 11.95 Dec. 3 1926 18,10 Dec. 1 1926
......,se nal A 752/4 :137159.8411279194 151.354 10089 422 178.035186
Feb. 1927__ 13.85 Feb. 21 14.05 Feb. 24 11.80 Dec. 4 1926 18.50 Sept. 8 1926 ..-...
basis, but onl:
Mar. 1927._ 13.66 Feb.
compiled
12.60 Oct. 22 1926 16.10 July 6 1920
statistics are no longeraccordinglon an interior
* Houston
April 1927
y.
14.18 Feb. 24 12.02 Dec. 4 1926 18.65 Sept. 8 1920 on a port basis. We are changing
May 1927.. 13.92 Feb. 21
12.92 Oct. 27 1926 16.00 Sept.23 1926
stocks have de
June1927
The above total shows that the interior
14.38 Feb. 24 12.25 Dec. 4 1926 18.51 Sept. 2 1926
July 1927_ 14.13 Feb. 21
and are to-night
13.03 Jan. 4 1927 14.44 Feb. 7 1927
creased during the week 25,386 bales
Aug. 1927
14.59 Feb. 23 12.00 Dec. 4 1926 14.59 Feb. 23 1927
last year. Th(
Sept. 1927 14.50 Feb. 24 14.60 Feb. 24 12.46 Dec. 4 1926 14.63 Feb. 14 1927 587,030 bales less than at the same time
less than th'
Oct. 1927._ 14.37 Feb. 21
12.75 Dec. 6 1926 14.09 Jan. 13 1927
receipts at all towns have been 15,393 bales
Nov. 1927
-.6
14.78 F73 2 13.36 Jan. 3 1927 14.80 Feb. 9 1927
Dec. 1927 14.54 Feb. 21
Feb. 2 1927 14.83 Feb. 961927 same week last year.
F `N 25 14.13
Jan, 1928- 14.58 Feb. 2114.82
FEB. 26 1927.1
THE CHRONICLE
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
1241
been unfavorable for farm work, and the usual farm operations are much behind an average season. In the southwest
portion of the belt dryer weather prevailed and some plowing has been accomplished.
Mobile, Ala.
-Farm work is progressing nicely in the uplands, but in the low lands the soil is still too wet.
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
1 day 0.12 in.
1 day 0.01 in.
dry
1 day 2.01 in.
1 day 0.71 in.
2 days 2.98 in.
3 days 1.12 in.
? days 0.69 in.
7 days 3.21 in.
Galveston, Texas
Abilene
Spot. Contr'ct Total. Brownsville
Corpus Christi
Saturday__ - Quiet, 10 pts. dec.... Steady
Dallas
Monday --- Quiet, 10 pts. dec__ Steady
900
900 Delrio
Tuesday --HOLI DAY
PalestineWednesday_ Steady, 25 pts. adv_ Steady
San Antonio
Thursday -- Steady, 5 pts. deo_ Steady
2.140
2,140 Taylor
Friday
Steady, 10 pts. adv_ Very Steady_
New Orleans
3,500
3,500 Shrevepor
t
Total for wk
6.540
6,540 Mobile,Ala
Since Aug. 1
359,007 374,200733.207 Savannah, Ga
Charleston, S.C
OVERLAND MOVEMENT FOR THE WEEK AND Charlotte, N. C
Spot Market
Closed.
SALES.
Thermometer
high 73 low 34 mean 54
high 78 low 32 mean 55
high 88 low 40 mean 64
high 80 low 40 mean 60
high 74 low 26 mean 50
high __ low 38 mean _ _
high 80 low 28 mean 54
high 88 low 32 mean 55
high __ low 28 mean _ _
high __ low __ mean 61
high 81 low 32 mean 57
high 80 low 38 mean 59
high Si low 39 mean 60
high 73 low 43 mean 58
high 74 low 32 mean 50
SINCE AUG. 1.
-We give below a statement showing the
The following statement we have also
overland movement for the week and since Aug. 1, as made graph, showing the height of rivers at thereceived by telepoints named at
up from telegraphic reports Friday night. The results for 8 a. m. of the dates given:
the week and since Aug. 1 in the last two years are as follows:
Feb. 25 1927. Feb. 26 1926.
Feb. 25ShippedVia St. Louis
Via Mounds, Sze
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1926-27---Since
Week. Aug. 1.
11,714 456,983
8,350 254.500
706
16,348
1,255
40,529
4,707 178,668
27,993 409,400
Total gross overland
54,725 1,356,428
Deduct Shipments
Overland to N. Y.Boston, &e..- 2,783
93,503
Bewteen interior towns
598
16,689
Inland, &c., from South
26,983 617,009
Total to be deducted
30,364 727,201
Leaving total net overland'_ ---24,361 629,227
•Including movement by rail to Canada.
----1925-26---• Since
Week. Aug. 1.
12.520 557,763
7,450 241.222
792
34,756
1,088
48,949
4,415 155,931
8,733 315.120
34.998 1,353.741
1,556
550
24.342
98.543
16,889
566,956
26.448
582,388
8,550
771,353
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Feet.
18.5
31.9
28.9
17.7
49.4
Feet.
8.9
2.6
16.5
13.7
28.3
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Ends 1926. 1925. 1924.
Stocks at Interior Towns.
1925. I 1925.
Receiptsfrom Plantations
1926. 1925, I 1924.
Nov.
16__ 470,442 311.3841370.024 1.456,381 1.784,34511.645,601 511,728 418,287429,283
Dec.
3-- 482.959396.27 370.752 1.490,161 1,836,5251,583,956 516.739 448,4551409,106
451,0 330. 333 8211,528,55 1.902.018 1,565.764 189,478
17.. 400.731 351,485330.647 1,552.303 1,924.002 1.558.371 424.479 396.043315.636
173,469223
23._ 339,577224,398 232,346 1.561,460 2,000,037 1,577,997 145,931. 299.671/2 ,262
51.964
30._ 323.796 213.2 306,967 1,562,861 2.034.905.1.614,460 325.197 247,9711246,118
-----1925-26
Jan. 1927. 1926. 1925. 1927.
5. 1927. 1926. I 1925.
7- 238,809 151,454 234,091 1.529,304 2.023.364 1,474,156 105,257 160.09(8198,591
Since
Week.
14._ 264.749178.73 231,584 1,609,833 1,999,6931.441,041 184.22 155.091 198,469
Aug. 1.
21__ 296,254203,160 201,602 1,487,991 1,979,161/1,383.628 274,40: 182.628144.187
120,512 7,874,332
28._ 258,938/171,155200,37 1,467.429 1,966,7831,306,792 238,380 158,778
8.550
771.353
123.537
110.000 2,660,000 Feb.
4__ 235,1981173.2271179.899 1,404.18 1.930.287 1,248,011 171,958136,731 121.118
228,4411148,354 204,982 1.350.179 1,912.997 1.199.953 174,431
11_.
239,062 11.305.685
18_ _ 206.770148.404 167,066 1,305,5R0 1,893,776 1,170.855 162,171 131.064 156,924
*26,825 1.710.802
137,968
25_ _ 210,193120.512 159,418 1,279.194 1,866,224 1.130,368 181,807 128,456 118,931
93,687
702,398
The above statement
1924.
The foregoing shows the week's net overland
this year has been 24,361 bales, against 8,550 movement
bales for
the week last year, and that for the season
aggregate net overland exhibits a decrease fromto date the
a year ago
of 142,126 bales.
-----1926-27----In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Feb. 25
210,193 10,503.063
Net overland to Feb. 25
24,361
629,227
Southern consumption to Feb. 25-111,000 3,053,000
Total marketed
345,554 14,185,290
Interior stocks in excess
748,859
Excess of Southern mill takings*25.386
over consumption to Jan. 30__ - ____
663,972
Came into sight during week--320,168
212,237
Total in sight Feb. 25
15,598,121
13.718,885
North. spinn's's takings to Feb. 25 15,826 1,377,757
37,480 1.429.906
*Decrease.
shows: (1) That the total receipts
from the plantations since Aug.1 1926 are 11,046,956 bales:
in 1925 were 9,513,514 bales, and in 1924 were 8,693,920
bales. (2) That although the receipts at the outports the
past week were 210,193 bales, the actual movement from
plantations was 184,807 bales, stocks at interior towns
Movement into sight in previous years:
Weekhaving decreased 25,386 bales during the week. Last year
Bales.
Since Since Aug. 1Bales.
1925
-Feb. 28
212.927 1924-25
12,671,361 receipts from the plantations for the week were 93,687
1924
-Feb. 29
143,359 1923-24
9.742,011 bales and for 1925 they were 118,231 bales.
1923
-Mar. 1
107,557 1922-23
9,287,461
WORLD SUPPLY AND TAKINGS OF COTTON.
QUOTATIONS FOR MIDDLING COTTO
N AT
OTHER MARKETS.
1920-'27.
-Below are the closing quotations
1925-26.
Cotton Takings.
for middling cotton at Southern and other
Week and Season.
principal cotton
Week.
Season.
Week.
Season.
markets for each day of the week:
Closing Quo aticms for Middling Cotton on
Week Ended
Feb. 25.
Saturday. Monday. Tuesday Wed'day.
Thursd'y. Friday.
Galveston
13.70
13.70
13.90
13.90
14.00
New Orleans_ - - 13.78
13.78
13.97
13.89
14.06
Mobile
13.15
13.05
13.40
13.40
13.80
Savannah
13.64
13.55
13.81
13.85
14.08
Norfolk
13.75
13.75
HOLI- 13.88
13.88
14.00
Baltimore
14.10
14.00
DAY 14.00
14.00
14.00
Augusta
13.44
13.56
13.56
13.69
Memphis
13.25
13.26
13.25
13.25
13.25
Houston
13.75
13.70
13.90
13.90
14.05
Little Rock- 13.20
13.35
13.40
13.40
13.50
Dallas
12.90
12.95
13.15
13.15
13.25
Fort Worth
12.90
13.50
13.15
13.25
NEW ORLEANS CONTRACT MARKET.
-The
quotations for leading contracts in the New Orleans closing
cotton
market for the past week have been as follows:
Saturday,
Feb. 19.
Monday,
Feb. 21.
Tuesday, Wednesday, Thursday,
Feb. 22. Feb. 23. Feb. 24.
Friday,
Feb. 25.
Visible supply Feb. 18
8,617,707
6,730.304
Visible supply Aug. 1
3,646,413
American in sight to Feb. 25.__ 320.168 15,598,121 212,237 2,342,887
Bombay receipts to Feb. 24_ __. 111,000 1,823,000 141.000 13,718.885
2,088,000
Other India ship't,s to Feb. 24...
7,000
237,000
20,000
376,000
Alexandria receipts to Feb. 23__
24,000 1,228,400
40,000 1,288,200
supply to Feb. 23
Other
12,000
500,000
10,000
545,000
Total supply
9,091,875 23,032,934 7,153,541 20,358,972
Deduct
Visible supply Feb. 25
8,533,443 8,533,443 6.642,807 6,642.807
Total takings to Feb.250
558,432 14,499,491 510.734 13,716,165
Of which American
368,432 10.976,091 331,734 9,831,965
Of which other
190,000 3,523,400 179,000 3,884,200
•Embraces receipts in Europe from Brazil, Smyrna, West Indies,
&c.
a This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 3,053000 bales in 1926-27, and 2,660,000 bales
takings not being available-and the aggregate amounts taken in 1925-26by Northern
and foreign spinners, 11,446,491 bales in 1926-27, and
1925-26, of which 7,923,091 bales and 7,171,965 bales 11,056,165 bales in
American.
INDIA COTTON MOVEMENT FROM ALL
The receipts of India cotton at Bombay and thePORTS.
from all India ports for the week and for the shipments
season from
Aug. 1, as cabled, for three years, have been as follows:
February _
March_... 13.77-13.78 13.71-13.73
13.96-13.97 13.8914.05-14.06
April
1926-27.
1925 26.
1924-25.
February 24.
May
13.97-13.99 13.90-13.93
14.10-14.13 14.03-14.04 14.16-14.18
Receipts at
June
Since
Since .
Since
July
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
14.15-14.17 14.08-14.11
14.27 ---- 14.19 ---- 14.32
Augtuit
HOLIDAY
Bombay
September
111,000 1,823,000 141,000 2,088,000 148,000 1,805.000
October _ 14.32-14.33 14.23-14.25
.
14.41-14.42 14.33-14.34 14.45-14.46
November
For the Week.
Since August 1.
December_ 14.45Exports.
14.3714.54-14.56 14.47 bid 14.58January
14.50 bid 14.42 bid
Great ! Conti-!
14.59 bid 14.51 bid 14.61 bid
Japan&
Conti- Japan dt
Tone
Britain. nest. I China. Total.1 Britain. nest.
China. Total.
(r
iai I
I
Spot
Steady
Steady
Steady
Steady
Steady
Options... Barely et'y Steady
Bombay
Steady
Steady
1
Firm
1926-27-- 1,000 17.0001 62,000 80,000
5,000! 185,000 789,000 979,000
1925-26._ 4,0001 10,000, 82,000 96,000
ACTIVITY IN THE COTTON SPINNING INDUSTRY
301.000 968,000 1,297,000
3,000I 17,0001 11,000 31,000 28,000 246.000 919,000 1.195,000
FOR JANUARY.
30.000
-Persons interested in this report will
India
it in our Department headed "Indications of Business find
1926-27..
1926-27.- -,-- 7,0001
4
7,000 23,000 9 :000
237,000
3 0 000
Ac1925-26.. 4,000i 16.000;
tivity" on earlier pages.
376,000
1924-25._ 9,000, 18,000,
I 205,000
27,00
6
" 63:0On 172,000
00
3
WEATHER REPORTS BY TELEGRAPH.
-Reports to Total allus by telegraph this evening denote that the weather during
1926-27_ 1,0001 24,0001 62,000 87,000 28.000 399,000 789,0001,216,000
1925-26... 8.000 26,000 82,000
the week in the northwestern portion of the cotton belt has
94.000 611,000 968,000 1,673,000
1924-15.... 12,000 35.000 11,000 116,000 63,000 418,000 919,000 1,400.000
58,000
[Vol.. 124.
THE CHRONICLE
1242
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
30,000 bales. Exports from all India ports record a decrease
of 29,000 bales during the week, and since Aug. 1 show a
decrease of 457,000 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.
1926-27.
1926-26.
1924-25.
120,000
6,132.009
Alexandria. Egypt,
February 23.
200,000
6,426,520
110,000
6,600.617
SAN PEDRO-To Havre-Feb. 13-Indiana, 2,100
-Indiana, 800
To Antwerp-Feb. 13
To Genoa-Feb. 13-Lerne, 2,100
To Bremen-Feb. 19-Witram, 1,703
-Silver Larch, 100
To China-Feb. 6
-President
-Silver Larch, 2,900__ _Feb. 15
To Japan-Feb. 6
-President Hayes, 231
Cleveland, 1,414__ _Feb. 22
-Pacific Shipper, 200
To Manchester-Feb. 22
-Pacific Shipper, 420; Glamorganshire,
To Liverpool-Feb. 22
2,995
Bremen-Feb. 25-Yselhaven, 4,500
WILMGINTON-To
To Hamburg-Feb. 25-Hselhaven, 587
-President Grant, 700
PORT TOWNSEND-To Japan-Feb. 14
ToChina-Feb. 14-President Grant, 800
-Craftsman, 200
-To Liverpool-Feb. 15
TEXAS CITY
-Craftsman, 1,828
To Manchester-Feb. 15
PENSACOLA-To Rotterdam-Feb. 24-Antinous, 40
This Since
This Since
This Since
Week.Aug. 1. Week. Aug. 1. Week. Aug. 1.
10,000 154,545 6,000 138,689 5,250 156,344
To Liverpool
113,972 6,250 136,269 7,000 177,039
To Manchester, &c
Continent and India.. 5.000 228,517 3,500225,424 8,250 264,896
To
600 105,702 8,750 106,067
74,428
To America
Exports (bales)-
15.000571,462 16.350 606,084 29,250 704.346
Total exports
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs. were
Note.
This statement shows that the receipts for the week ending Feb.23
120.000 cantars and the foreign shipments 15,000 bales.
4,545
200
3,415
4,500
587
700
800
200
1,828
40
194,693
Total
Receipts (cantors)
This week
Since Aug. 1
Bales.
2,100
800
2,100
1,703
100
-Current rates for cotton from
COTTON FREIGHT.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
Hies Stand.
Density. and.
Liverpool .40o. .55o.
Manchester.40o. .550.
Antwerp .450. .60o.
.623.40. .67340.
Ghent
.850.
.500.
Havre
Rotterdam .600. .75o.
.500. .660
Genoa
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High StandDensity, and
.50o. .60o. Shanghai
.75o. Bombay
.60o.
.80o. .76o. Bremen
.750. Hamburg
.80e.
.50c. .65c. Piraeus
.650. .80c. Saionica
Venice
.40c. .55c
.67510. .82%0.
High SandDensity. and.
.700. .85o.
.75o. .90o.
.500. .65o.
.1500. .650.
.850. 1.000.
.850. 1.00o.
.600. .750.
-By cable from Liverpool we have the folLIVERPOOL.
-Our report received by lowing statement of the week's sales, stocks, &a., at that port:
MANCHESTER MARKET.
in
Feb. 4. Feb. 11. Feb. 18. Feb. 25.
cable to-night from Manchester states that the market
94,000
68,000
46,000
62,000
of the
both yarns and cloth is firm. Demand for both yarn and Sales which week
64,000
50,000
41,000
28,000
American
Of
3,000
2,000
3,000
3.000
cloth is good. We give prices to-day below and leave those Actual exports
740000 72,000 72,000 70,000
..
Forwarded
for previous weeks of this and last year for comparison:
1,310,000 1,321,000 1,313,000 1,313,000
Total stocks
1925-26.
1926-27.
32s Cop
Twist.
32s Cop
Twist.
834 Lb..Skirt- Cotton
.
ings, Common Arida °
Uprds
to Finest.
d. e. d.
d.
s. d. d.
d. e. d.
1.234@i3st 12 0 012 2 6.92 17 01834 14 3
6.42 issogiam 14 2
12 €01335 12 0 012 2
6.46 16341818 14 1
11,(013 11 6 012 0
8.82 16 @1734 14 0
11 7 012 1
11%013
6.81 16 017;4 14 1
11341813 11 7 ®12 1
6.89 1631017X 14 3
1144012m 11 6 (012 0
d.
Nov.
Dee.
11 6
11 7
12
12 1
.012 0
012 1
Q12 2
012 3
113(181334 12 1
12 Q13;4 12 2
12H Q 14 12 3
123.5014X 12 4
(012 3
012 4
(012 6
(7412 8
11%0125i
11)4013
113(15i3
12 0013
Feb.
11_
834 Lbs.Shirt- Cotton
lags, Common Middrg
UFFds
to Finest.
6.98 1634@1734 14 3
7.16 16% ®17m 14 8
7.30 175401834 14 4
7.26 1834017% 14 4
7.47 163401734 14 0
7.89 183401734 14 0
7.76 163401751 14 0
7.77 16 a 734 14
s. d
014 6
d.
10.74
(414 6
Q17
014 4
014 6
014 5
10.42
10.17
9.81
9.92
9.27
0014 5
Q14 5
Q14 6
Q14 6
10.54
10.84
10.76
10.63
®14 4
®14 3
@14 3
014 3
10.80
10.52
10.57
10.33
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 194,693 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
987,000
107,000
81,000
258,000
193,000
Of which American
Total imports
Of which American
Amount afloat
Of which American
999,000
102,000
70,000
215,000
153,000
994,000
62,000
48,000
268,000
194,000
999,000
89,000
63,000
277,000
186,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, 1 A fair
business
12:15
doing,
P.M.
Good
demand,
Good
demand,
Spot.
Mid.Upi'ds
Active.
7.74
7.72
7.61
12,000
14,000
18,000
7.78
Active.
7.84
18,000
Friday,
Good
demand.
7.77
18,000
8.000
Steady Steady,un- Q't but st'y Steady Steady, unQuiet
FlaUlts.
to 3 pts clanged to
to 3 pta
Market J 2 to 5 pts.5 to 8 ins. changed to 1 decline. 2advance. 2 Pts. dec.
decline. 2 pts.adv.
opened I decline.
Quiet Very ste'dy Q't but st'y Barely st'y Steady,
Quiet
Market, I
to 7 pts. to 9 pts unch'ged to to 3 pts.
4
1 1 to 4 pts. 7 to 13 pts. 4advance. 7 advance. 3 pts. adv. 2 decline.
decline,
decline,
P.M.
Sales
Prices of futures at Liverpool for each day are given below:
To V
0 COW
caotpaw.w.
oo.oc4cm.5.-00..4,..m
.m.,poc.omt...c.
nr-entsnic-c-nr.
7.174-2.4.4-4"
1
Bales.
Fri.
Thurs.
Wed.
Tues.
Mon.
Set.
461
18--Caronia, 431; Regina, 30_ _
-To
NEW YORK
Feb. 19
n, 3,661___Feb. 21To Bremen-Feb. 1 -.George Was
12.4 1234 1234 4:00 1234 4:00 12541 4:00 1234 4:0( 1234 4:00
10,195
to
-Republic, 5, 95
23
Berlin, 739---Feb.
200
p. m.p. m.p. m p. m.p. m.p. m p. m.p. m p. m.p. m p. m.p. m.
Feb. 25.
-Feb. 15-Moreas, 200
To Piraeus
13
-Mercian, 13
To Manchester-Feb. 18
d.
d.
d.
d. d. d.
d. d.
50
d.
50
-Egypt Maru,
To Hamburg-Feb. 23
__ __ 7.39 7.41 7.42 7.49 7.45 7.42 7.42
50 February
_ _
-Clara,50
To Venice-Feb.23
__ __ 7.45 7.46 7.47 7.53 7.48 7.44 7.45
March
24-Recca, 200
-Feb.
To Naples
__ 7.51 7.52 7.53 7.59 7.54 7.50 7.51
20
3, 0
2 0 April
-Editor, 3,200
-To Japan-Feb. 17
NEW ORLEANS
--_ 7.59 7.60 7.61 7.67 7.62 7.58 7.59
6,927 May
-Editor,6,927
To China-Feb.17
--__ 7.63 7.84 7.6 7.71 7.66 7.627.63
546 June
-West Chetac,546
-Feb. 19
To Oporto
_ -_. 7.69 7.70 7.72 7.77 7.72 7.68 7.69
1,300 July
--Cadiz, 1,300
To Barcelona-.eb. 19
_ __ 7.71 7.72 7.74 7.79 7.74 7.70 7.71
1,201 August
__
-Michigan, 1.201
To Havre-Feb. 19
100 September_ _ _ _ _ _
- -_ 7.73 7.74 7.75 7.80 7.75 7.71 7.73
To Cartagena-Fcb. 19-Heredia, 100
-_ 7.74 7.75 7.76 7.81 7.76 7.73 7.74
October
-Feb. 19-Saramacca, 300_ -Feb. 23-TurriBarrios
To Port
7.77 7.78 7.79 7.84 7.79 7.75 7.76
500 November.
.
alba 200
-- -- 7.79 7.80, . 7.80 7.81 7.78 7.79
December
-West Caddoa, 4,002_ __Feb. 23To Liverpool-Feb. 19
16,407 January
._ 7.82 7.83,' 7.84 7.89 7.84 7.80 7.81
__
Gladiator, 12,405
_ 7.53 7.841 7.85 7.90 7.85 7.81 7.82
February 1928_ __ __
-West Caddoa, 2,783__ -Feb. 23To Manchester-Feb. 19
• 4,611
Gladiator, 1,828
100
To Oslo-Feb. 21-Topeka, 100
900
To Gothenburg-Feb. 21-Topeka, 900
BREADSTUFFS
To Antwerp-Feb. 21-Jacques Cartier, 950
19
60
2, 52
To Bremen-Feb. 21-Tripp. 2.192
Rotterdam-Feb. 21-Tripp, 462---Feb. 23-Spaarndam, 1,366
To
Friday Night, Feb. 25 1927.
904
2,442
HOUSTON-To Genoa-Feb.18-Momrosa,2,442
-Trade conditions do not as a rule deviate from
FLOUR.
1,400
-Feb. 23-Middleham Castle, 1,400
To Ghent
1.387173 week to week. It is idle to expect new or striking features.
To Barcelona-Feb.19-Aldecoa,813
To Liverpool-Feb.23-Niceta de Larrinaga, 1,377
2,166 The demand is only moderate at best, where it is not actually
de Larrinaga, 2,166
To Manchester-Feb. 23-Niceto
mouth method of buying
-Jacques Cartier, 2,196_ _Feb. 23-MidTo Havre-Feb. 24
3,729 small. Having tried the hand to
dleham Castle, 1.533
GALVESTON-To Barcelona-Feb. 16-0gontz, 537.- _Feb. 19- 5,480 for several years, buyers have come to regard it as the best
Aldecoa, 4,943
25,495 method, knowing as they do that prompt deliveries by the
To Bombay-Feb. 18-Glentworth. 25,495
1,994
To Genoa-Feb. 18-Monrosa, 1.994
are certain. Prices have been mostly
To Japan-Feb. 18-Frogner, 9,650; La Plata Marti, 7,719--- 18,369 railroads of to-day
-Editor,
Feb. 19
steady. The export business has been negligible. Compe9,050
To Liverpool-Feb.18-Craftsman. 9,050
1,171
To Manchester-Feb, 18-Craftsman, 1,171
tition, it is said, from Argentina and Australia puts an effec-Editor, 3,775
To China-Feb. 19
:87
30
3 7 5 tual check on American and Canadian sales to foreign buyers.
To Bremen-Feb. 22- Saccarappa, 3,805
100
-Feb, 22-Saccarappa. 100
To Hamburg
Flour in the United Kingdom was reported as very dull.
-Feb. 21-Manchester Importer.
-To Manchester
NORFOLK
2,425
1,050rHoitie, 1,376
Best Canadian patents wero down 6d. per sack of 280 lbs.
-Bell-Feb. 24
To Liverpool-Feb. 21-Rexmore, 2,363.
2,934 and Australian patents are also 6d. lower.
flower, 571
308
To Rotterdam-Feb. 21-Westerner, 308
1,3(10
-Sangamon, 1.300
-Feb. 23
WHEAT dropped M to Me. on the 19th inst. on light
To Genoa
11.259
-To Bremen-Feb. 19-Berwindmoor. 11,259
SAVANNAH
-Belfast Marti, 576
trading, pending the action of the President on the McNaryTo China-Feb. 19
50
4,77
6
0
a Maru.
liquidation with good snows was
To Japan-Feb. 21-'fsuyam 21-San 4.700
-Feb.
Francisco Marti,3,000- 3,000 Haugen bill. Scattered
Japan
CHARLESTON-To
Ad1,800
-Feb. 23-Sundance, 1,600
To Liverpool -Feb. 23-Sundance. 250
apparent. Last week's returns to the Grain Futures
250
To Manchester
.
moor, 4,475 -Feb. 24- Fluor
showed a total of only 91,882,000 bushels of
ministration
To Bremen-Feb. 23-Berwind
---ar, 850-5.325 futures, against 263,203,000 bushels last year in the same
Iamburg-299
occurred in parts of Kansas and Ne-------------------- 1.2i9
Spar, 54n,
1,249 week. Good snows
-To Liverpool-Feb. 19-Dakaria
MOBILE
there is a
696
19-'°".Dakarian, 696
200 braska, including the western sections, where
To Manchester-Feb.
19-Glamorganshire, 200
-To Liverpool-Feb.
SAN FRANCISCO-Feb. 19
-Pacific Shipper, 100
deficiency of moisture. Export demand at the seaboard
To Manchester
1B
To iremen-17. -Silver Pine, 256; President Cleveland,
was light. Small amounts of domestic hard winters were
an-Feb.
To Japan-Feb. 19
:
15
1.323
_
-----------in sympathy with
_ra
Wit _ n2.-753_
110 sold. Liverpool closed M to Md. higher
6- 71ficenC, 110
PHILAÔELPHIA To Havre
--
FEB. 261927.]
THE CHRONICLE
firmer Argentine prices. Buenos Aires ended Me. lower
with March $1 25 and May $1 28 on that day. Later
prices declined % to %c. But it met buying orders on the
1
way down. They served as a cushion. World's shipments
were much smaller than in the last two weeks. The quantity
on passage increased 800,000 bushels, with the total 71,240,000 bushels, but to the United Kingdom there was a decrease
of 1,750,000 bushels and this amounted to 13,568,000
bushels. The world's shipments were smaller. The United
States visible supply rather unexpectedly increased last week
626,000 bushels, against a decrease in the same week last
year of 1,010,000 bushels. The total is now 55,980,000
bushels, against 41,821,000 a year ago. Export sales on the
21st inst. were estimated at 300,000 to 500,000 bushels,
including both American winter and Manitoba. Exports
of wheat and flour up to Feb. 5 from the United States were
161,600,000 bushels, against 67,200,000 bushels in the same
time last year. Winter wheat advices were quite favorable,
with the weather good all over the belt. No great pressure
to sell cash wheat was apparent, but offerings were rather
large for all that. Receipts at the Southwest were smaller,
but milling demand fell off with the flour trade light. Mills
at Chicago bid 3c. under May for No.2 hard. Medium and
low grades were dull except at large discounts. Wheat
needs a better cash and export demand and an increased
flour trade to offset hedging sales which wear on the price.
On the 23d inst. prices declined in sympathy with lower
prices for corn and disappointing cables. Selling was scattered, but there was no particular pressure. Yet at the
decline a good demand was reported; influenced partly, it is
said, by a better export business, both for hard winters and
Manitobas. Mills reporting to the Millers' National Federation on Dec. 31 held wheat and flour equal to 92,000,000
bushels wheat and had total flour sales on their books equal
to 94,000,000 bushels. A Minneapolis message said this
accounted for the small buying of cash wheat in that market.
Elevator interests have been picking up the cash grain and
hedging by sales of May. On the 24th inst. prices fell
owing to a drop in corn. Later Winnipeg's firmness and
export sales of 750,000 bushels turned the tide and prices
rallied. The Canadian crop, it is suggested, may have been
overestimated. Mills bought freely in the Southwest, even
though flour there was dull. Some private estimates of
farm reserves are expected on the 28th.
To-day prices closed generally M to 'Ne. higher. Trading
was large. The Farm Relief bill had been discounted. No
heavy offerings followed the action at Washington. In
fact there was a rully from the low of the day of 13 to 23e.
4
It was said, too, that the rules in the matter of reporting individual trades would be rescinded except in cases of patent
manipulation. This of itself caused heavy buying. It may
have been due partly to the protest of Mr. Arthur Cutten
earlier in the week. The East bought as well as the West.
Mild weather prevailed at the West. A change to cold
weather might cause damage. World's shipments this week
are likely to be large. North American clearances appear to
be about 5,500,000 bushels. The world's total may appro'ximate 16,500,000 bushels. The world's visible supply of
wheat is stated at 380,000,000 bushels, a gain within a month
of 2,500,000 bushels. Final prices show a decline for the
week of X to lc.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_144
1431.( Holt- 142% 142% 143
138H 138
day 137% 136g 137%
,CLOSING PRICES AT NEW YORK FOR WHEAT IN
BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery
cts_1443 143g Hot. 143
1433. 143%
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_1491 148% Hol. 148X 147% 1483j
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs.
May delivery in elevator
0.3_1404 1411 Holl- 139% 1393 Fri.
1394
July delivery in elevator
134
133
day 133% 132% 133%
September delivery in elevator_ —131
181
130% 130
1303
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery in elevator
cts_1393 138g Hot!- 138% 138% 139g
July delivery in elevator
137
1364 day 136% 136% 137%
October delivery in elevator
127g 1273i
127( 127% 128(
May delivery
July delivery
INDIAN CORN reacted slightly and then made a small
net advance late last week. Much of the trading was in
changing from May to July. That is, longs sold May and
took July at about 43/2e. premium on July. Cash firms
sold July and bought May. Country offerings were small.
But not much buying was done by the East. Bad roads
were feared because of coming rains and warmer weather.
Good hard roads are not expected for some little time.
1243
Buenos Aires on the 19th inst. ended X to 4c. with March
8
6232c. and May 6332o. In Chicago they think corn is a
sphinx. Fluctuations are small and unsuggestive. Trade
is slow. Daily technical conditions rule. The stocks of
corn in Chicago are good and seem unlikely to decrease.
The movement from the country is not large, but the cash
demand is poor. Yet total supply in this country is below
the average in size. This may tell in time on prices. Washington wired that President Coolidge has signed the measure
authorizing the expenditure of $10,000,000 to fight the
corn borer in Western States. Later prices fell X to /
8 tc.
on scattered liquidation and the difference between May
and July widened. The United States visible supply increased last week 812,000 bushels, against 961,000 last year.
The total is now 43,471,000 bushels, against 32,141,000
last year. The country offerings were small, but consignments easily filled the demand. Shipping demand was
poor. The country offered May, June and July shipments.
Stocks are so large as to hamper an advance. On the
23d inst. prices declined sharply, i. e., 2 to 25 c. Liquida%
tion was general. Stop loss orders were caught. The movementfrom the country has been larger than expected. Sentiment is bearish. On the 24th inst. long selling partly on
stop orders depressed prices. But under 75c. for May
buying orders were encountered and prices rallied. Shorts
covered freely. Cash markets were weak later. To-day
prices closed 13 to 2o. higher. That meant an advance of
4
23/2 to 3c. from the low of the day. Buying was general.
Much of it was for long account. Shorts covered. Offerings
were small. Cash demand was somewhat better. Country
offerings increased noticeably on the rise. Receipts were
rather large. The long interest increased. The veto of the
Farm Bill proved to have been discounted. Final prices
show a decline for the week of
to 1 Mo.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 91g 90( Ho!. 88% 87% 903
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 79
May delrvery in elevator
783 Hot!- 75% 75% 77
83% 82'% day 803 803i 82h
July delivery in elevator
September delivery in elevator _
85% 851i
8334 83g 85
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts_ 49X 49
May delivery
Ho!. 47% 47
484
Oats advanced M to Xo. on the 19th inst. with local
buying and not much pressure to sell. Switching between
May and July at a difference of %o. was something of a
feature. Commission houses sold moderately. The trading lacked striking features. Prices fell Xc. later with the
cash demand small and disappointing. The weakness in
corn was also a factor. The American visible supply last
week decreased 459,000 bushels, but in the same week last
year it fell off 1,216,000 bushels. The total now is 44,353,000 bushels, against 60,279,000 a year ago. On the
23d inst. prices declined owing to a disappointing cash demand and scattered liquidation. Lower prices for corn was
also a depressing factor. At Chicago prices closed 13/2 to
19/2c. lower and at New York 19/gc. lower. On the 24th
inst. weakness in corn caused a decline but prices rallied
later with those for corn. Lower prices, it is believed, will
cut down receipts and increase consumption. To-day
prices ended 1 to 1%c. higher following corn upward. Commission houses bought freely. The veto of the farm bill
caused selling. That strengthened the technical position.
Receipts were moderate. Cash demand was fair. Final
prices show a decline for the week of M to 4c.
8
DAILY CLOSING PRICES OF OATS IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
cts. 54
54
Ho!. 52
52
53
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
45p 45% Hot!- 44
43X 44%
July delivery in elevator
46 4 46
September delivery in elevator.-- 44H 445 day 4434 44g 453.
433 43g 443(
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG'
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 58X 583( Hot!- 573‘ 573.1 573(
July delivery in elevator
56% 563' day 553i 55g 55%
October delivery in elevator
50% 5035 51
51% 51%
RYE advanced on the 19th inst. with a renewal of export
demand,though the sales were only 55,000 bushels. Chicago
sold 100,000 bushels to the East, against sales, it is said, to
Europe. Prices later declined M to 15.40. as export demand
was lacking. Much to the surprise of many, the visible supply, despite recent export sales, increased last week 421,000
bushels, against 175,000 in the same week last year. The
total is now 13,776,000 bushels, against 13,965,000 a year
ago. That was a damper. On the 23d inst. prices ended
A
9/2 to 3 c. lower. Yet there was no pressure to sell. A
1244
[VoL. 124.
THE CHRONICLE
The visible supply of grain, comprising the stocks in
good many buying orders were said to be under the market.
Export sales were estimated at about 200,000 bushels, granary at principal pcints of accumulation at lake and
largely to the Continent. On the 24th inst. prices fell M to seaboard ports Saturday, Feb. 19, were as follows:
"Mc. but rallied later with reports of export business. To-day
GRAIN STOCKS.
to 13c. higher after some early weakness.
prices closed
Barley.
Rye.
Oats.
Wheat.
Corn.
There was a fair export demand. Sales were estimated at
bush.
United
bush,
bush.
bush,
bush.
150,000 bushels. Commission houses bought on quite a lib- New York States104,000
568,000
664,000
659,000
80,000
eral scale. Shorts covered freely. Rye sympathized with Boston
6,000
29,000
4,000
the strength in other grain. But the foreign demand was an Philailelphla
64,000
86,000
185,000
374,000
26,000
independent source of strength. The veto of the Farm Relief Baltimore
6,000
194,000
95,000
1,155,000
153,000
134,000
125,000
682,000
313,000
bill had been discounted in rye as well as in other grain. Final New Orleans
70,000
Galveston
44,000
1,170,000
prices show a decline for the week of X, to 13c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHIGAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts-10734 10634 Holt- 10534 10534 10634
day 10334 10334 10434
104
July delivery in elevator
105
9834 98% 9934
September delivery in elevator
9934 9934
Closing quotations were as follows:
GRAIN.
Wheat, New York.
Oats, New York
53
No. 2 white
No. 2 red f.o.b
14834
51 ©5134
No. 3 white
No. 1 Northern
1 €5
Rye, New York
No. 2 hard winter,f.o.b_ _ _ _1 54
11634
No. 2 f.o.b
Corn, New York
No.2 yellow
90% Barley, New York
Malting as to quality__ __87©89
No. 3 yellow
85%
FLOUR.
$6 40©$9 75
Spring patents
$7 15(j$7 40 Rye flour patents
534
6 7584 7 10 Seminola No. 2, poundClears, first spring
3 00© 3 05
Soft winter straights_ -- 615@640 Oats goods
20084 205
Hard winter straights -- 700@740 Corn flour
Hard winter patents -_- 7 4084 7 80 Barley goods
375
Coarse
6 65
5 90
Hard winter clears
Fancy pearl Nos. 2. 3
9 65
8 80
Fancy Minn. patents700
and 4
9 65
City mills
8 95
All the statements below regarding the movements of grain
7--are prepared
-receipts, exports, visible supply, &c.
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.
Fort Worth
Buffalo
"
afloat
Toledo
afloat
Detroit
Chicago
"
afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
63,000
3,000
1,686,000
202,000 1,430,000
146,000
311,000
3,464,000 3,097,000 3,734,000
838,000
2,107,000
3,000
5,000
322,000
2,126,000
212,000
680,000
141,000
14,000
140,000
291.000
15,000
188,000
2,681,000 21,655,000 6,556,000 1,283,000
1,037,000
94,000
516,000
89,000 1,848,000 2,029,000
255,000
427,000
844,000
471,000
8,072,000
7,651,000 6,240,000
16,000
393,000
10,248,000 1,595,000 14,310,000 3,732,000 2.479,000
13,000
1,000
411,000
470,000
272,000
77.000
5,000
516,000
2,590,000 2,218,000
11,000
162,000
10,718.000 4,499,000
835,000
3,160,000
35,000
25,000
30,000
833,000
973,000
4,000
12,000
592,000
492,000
749,000
694,000
462,000
40,003
71,000
2,473,000 2,897,000 2,139,000
85,000
107,000
Total Feb. 19 1927_ -55,980,000 43,471,000 44.353,000 13,776,000 3,829,000
Total Feb. 12 i927_...._55.354,000 42,659,000 44,812,000 13,355,000 3,858,000
Total Feb. 20 1926_41,821,000 32,141,000 60,279,000 13,965,000 6,425,000
Note.
-Bonded grain not Included above: Oats, New York, 4,000 bushels; Buffalo,
126,000; Duluth, 26,000; total, 156.000 bushels, against 1,429,000 bushels In 1926.
Barley, New York, 1,014,000 bushels; Baltimore, 231,000; Buffalo, 239,000; Duluth,
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at48,000; Fairport, afloat, 122,000; total, 1,654,000 bushels, against 2,019,000 bushels
65
bbls.1961bs.bush.60 lbs.bush.56 lbs.bush.32 lbs. bush.4815s.bush.561 . in 1926. Wheal, New York, 1,408.000 bushels; Boston, 533,000; Philadelphia,'
42,000 1,448,000; Baltimore, 1,243,000: Buffalo, 3,237,000: Buffalo afloat. 314,000: Duluth
190,000
827,000
366,000 2,489,000
275,000
Chicago
112,000 271,000; Toledo, 607,000: Fairport. 314,000; Erie afloat, 314,000; total, 9,689,000
221,000
306,000
441,000
1,536,111
Minneapolis_
548,000 bushels, against 12,684,000 bushels In 1926.
27,000
6,000
635,000
Duluth
58,000
Canadian
164,000
201.000
229.001
55,000
30.000
Milwaukee_
376,000 1,271,000
2,384,000
1,771,000
Montreal
191,111
3,000
263,000
Toledo
223,000
17,000 Ft. William tic Pt. Arthur_38,223,000
2,996,000 2,126,000 4,260,000
12,000
57,000
56,000
Detroit
121,000
102,000
7,792,000
" afloat
150,000
667,000
74,000
Indianapolis_
44,000 Other Canadian
615,000
396,000
2,753,000
7,459,000
3,000
406,000
224,000
145,001
508,000
St. Louis._ _ _
28,000
134,000
785.000
73,000
15,000
Peoria
8,133,000 3,019,000 6,248,000
Total Feb. 19 1927_ _55,245,000
303,000
56,000
1,487,001
Kansas City_
8,166,000 2,971,000 6.022,000
Total Feb. 12 1927_.54.246.000
430,000
168.000
246,000
Omaha
.
150,000 10,975,000 1,961,000 8,545,000
Total Feb. 20 1926__57,839,000
157,000
16,000
124,000
St. Joseph_
9,000
10,000
377,000
Wichita
Summary
15,111
55,980,000 43,471,000 44,353,000 13,776,000 3,829,000
73,000
20,000
Sioux City..
American
8,133,000 3,019,000 6,248,000
55,245,000
Canadian
821,000
636,000
523,000 5,757,000 6,087,000 2,503,000
Total wk. '27
291,000
600,000
Same wk. '26
436,001 5.042,000 7,591,000 2,970,000
Total Feb. 19 1927_ _ _111,225,000 43.471,000 52,486,000 16,795,000 10,077,000
295,000
937,000
481,000 4,281,000 4,279,000 2,428,000
Total Feb. 12 1927_109,600,000 42,659,000 52,978,000 16,326,000 9.880,000
Same wit. '25
Total Feb. 20 1926._ 99,660,000 32,291,000 71,254,000 15,926,000 14,970,000
Since Aug.113,772,000245,999,000139.972.000 93,804,000 11,778,000 22,085,000
1926
The world's shipments of wheat and corn, as furnished by
13,337,000252,819,0i I 147,134,000 157,353,000 57,463,000 18,161,000
1925
inn 0147 0001970040 40 047 00049.254.000 Broomhall to the New York Produce Exchange, for the week
14 070 nnn 411 750
1024
Total receipts of flour and grain at the seaboard ports for ending Friday, Feb. 18, and since July 1 1926 and 1925,
are shown in the following:
the week ended Saturday, Feb. 19, follow:
Receipts atNew York__ _
Philadelphia__
Baltimore_ _
Norfolk
New Orleans *
Galveston_ _
Montreal _ _ _ _
St. John, NB.
Boston
Flour.
j
Wheat.
Oats.
Corn.
Barley.
Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
462,00
118,000
83,000
230,000 1,145,000
30,000
11,000
347,000
56,0001
9,00
79,000
40,000
25,000;-478,000
7,000
1,000
21,000
145,000
77,000
66,000
351,000
8,000
37.000
65.000
8.000
31,000!
239,000
19,000
420,000
24,000,
1,000
17,000
1,000
84,000
26,000,
459,000 2,967,000
Total wk. '27
Since Jan.1'27 3,060,000 36,399,000
334,000
1,650,000
Rye.
1926-27
36,000
26,000
20,000
14.000
2,000
98.000
719,000
282,000
2,615,000 7,891,000 1,778.000
150,000
393,000
667,000
203,000
Week 1926 _
490,000 2,024,000
Since Jan.1'26 3,614,000 23,595,000 4,872,000 4.570.000 4,179.000 1,008.000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Corn.
Wheat.
Bushels.
Week
Feb. 18.
Since
July 1.
1925-26.
Since
July 1.
1926 27.
Week
Feb. 18.
Since
July 1.
1926-26.
a
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
177,000 2,759,000 7.600.000
North Amer_ 6,427,000336,237,051 261,846,000
544,000 20,444,000 19,265,000
35,988,000 18,184,000
Black Sea__
576,000
Argentina_ _ _ 6,248,000 42,940,111 46,405,000 5,024,000 163,200,000 104,020,000
Australia _ _ 3,664,000 38,688,000 44,431,000
India
4,416,000 5,768,000
85,000 1,982,000 33,850,000
0th. countr's
480,III
560,000 16,985,111
Total
17.475.000475,254,000377,114,000I 5,830,000 188,385,00f 164.735,000
-The
GRAIN HARVEST IN THE SOVIET UNION.
first complete report on the grain harvest of the Soviet Union
The exports from the several seaboard ports for the week of last fall has been received by the Soviet Union Informaending Saturday, Feb. 19, are shown in the annexed tion Bureau at Washington from the Central Statistical
statement:
Administration, Moscow. The gross grain crop is placed
at 74,.385,000 metric tons, compared with 69,658,000 metric
Barley.
Rye.
Oats.
Corn,
Exports fromWheat.
Flour.
tons in 1925, an increase of 7%. The wheat harvest of
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
22,052,000 metric tons (about 807 million bushels) was an
1,565,790
New York
34,680
52,708
40.485 137,613 560,722 increase
.
of 14% over 1925.'
Boston
48,000
18,000
53,000
Philadelphia
Other grains, thousands of metric tons: Rye 22,811;
32,000
173,000
51,000
100,000
45,000
1,000
2,000
Baltimore
barley, 5,669; oats, 13,125; buckwheat, 1,826; millet, 3,013;
1,000
7,000
Norfolk
corn, 3,705; minor grains and beans, 2,184.
126,000 166.000
22,000
24,000
24,000
New Orleans
50,000 The cotton crop was between 750,000 and 760,000 bales, as
192,000
3,000
Galveston
420,000
239,000
24,000
19,000
St. John, N. B
compared with upwards of 900,000 bales in 1925.
1,000
Hallfax
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
FEB. 22.
The destination of these exports for the week and since issued by the Department of Agriculture, indicating the inJuly 1 1926 is as below:
fluence of the weather for the week ended Feb. 22, follows:
Total week 1927._ 2,624,790
Rama arfak 192&_._ 2.213,089
208,680
312.000
Flour.
Exportsfor Week
and Since
July 1 to-
Week
Feb. 19
1927.
Since
July 1
1926.
155,708
210.384
83,485
336.997
Wheat.
Week
Feb. 19
1927.
Since
July 1
1926.
206,613
25 730
Corn.
Week
Feb. 19
1927.
Bushels.
Bushels,
Bushels,
Barrels. Barrels.
838,404 75.478,398
77,680
United Kingdom_ 35,554 2,952,870 1,772,386 128,806.455
60,000
87.844 4,225,154
Continent
13,000 3,882,467
16,000
365,980
5,000
So. dr Cent. Amer_
1,000
20,000
55,000
431,000
5,000
West Indies
Brit.No.Am.Cols.
1,180,350
461.545
Other countries_ __ 22,310
8,436,549 2,624,790 209,367,670 208,680
155,706
Total 1927
210384 7.470,075 2,213.089 162,933,946 312,000
IN14A11091%
953,722
044.325
Since
July 1
1926.
Bushels.
749,858
292,050
1,258,000
996,000
3,295,808
9,246,211
Storms continued rather active during the week. At the beginning of
the period a marked low pressure area covered the northwestern quarter
of the country, attended by warm weather and precipitation over the far
West. An offshoot of this depression moved rapidly eastward over the
-17th and another drifted more slowly to the SouthLake region on the 16
eastern states, and on the morning of the 19th a storm of considerable
energy was central over the south Atlantic coast; this moved northeastward, attended by widespread rain over the South, with some heavy falls in
the south Atlantic area, and rain or snow fell over most Central and Northern States east of the Mississippi River.
Early in the week there was a general rise in temperature over the interior valleys, but by the 18th much colder weather had overspread that
to
area and the Southwest, with the line of freezing extending nearlyadthe west Gulf coast. The cold wave became much less severe in its
vance, however, and only moderately low temperatures were experienced
in the East, while, at the same time, warmer weather overspread the
Northwest.
FEB. 26 1927.]
THE CHRONICLE
Chart I shows that, despite the cold weather in the Northwest early in
the week, the period as a whole was warmer than normal
everywhere. The weekly mean temperatures were slightly practically
locally in the extreme Northeast and at a few points in the subnormal
area, but elsewhere they were above the seasonal average, and west Gulf
markedly
so over the greater part of the country, being from 8 to 11 deg. warmer than
normal over most of the western hall, and from 4 to 8 deg.
the East. In Atlantic coast districts, freezing did not extend over much of
farther south
than eastern Virginia, but in the Gulf area the freezing line reached the
central portions of Alabama and Mississippi, while in Texas it advanced
well to the southern portion of the State. In the interior, sub-zero weather
was reported to the central Great Plains. but in the East there were
no
below-zero temperatures at first-order stations.
Chart II shows that heavy to excessive rains occurred throughout the
Pacific Coast States, and heavy falls were reported from the Great Basin.
Over the area between the Mississippi River and Rocky Mountains, precipitation was generally light, with many stations receiving inappreciable
amounts. In Atlantic States it was generally moderate to heavy, with
some excessive falls in the more Southeastern districts and further generous amounts in the interior south Atlantic area. There was some heavy
snowfalls in middle and north Atlantic sections.
While there was some interruption to farm work in the Southeastern
States by rainfall, the additional moisture was beneficial and the soil is
now generally in good condition. Plowing and other preparation for the
planting of spring crops progressed as the weather permitted, but,
the
same time, fruit trees continued to advance prematurely, although atcool
a
period was favorable in causing some retardation. In fact, vegetation is
prematurely advanced throughout the South, with some early fruit trees
blooming as far north as Tennessee.
In the Southwest the generally drier weather was favorable in Texas
where plowing was resumed, but in the northwestern Cotton Belt, particularly in Oklahoma, the soil continued too wet for working and the usual
farm operations are much behind an average season. There was still
some cotton picking in that area, while a little cotton was planted in extreme southern Texas, with much land ready for this crop in the extreme
southeastern Cotton Belt. Frost caused some injury to tender vegetation
in Texas and probably slight damage to early fruit in parts of the Southeast, but otherwise practically no harm from this cause occurred.
In the lower Missouri Valley the warmer and drier weather was favorable and some plowing and disking were accomplished, but otherwise in
the interior valley States the soil was generally too wet for working. West
of the Rocky Mountains generous precipitation in most sections was beneficial, except that damage resulted from heavy, rains and slides in the
far
Southwest, particularly in parts of southern California.
SMALL GRAINS.—Over the major portion of the Winter Wheat Belt,
fields were bare of snow during most of the week, although there
was a
good covering in the upper Ohio Valley districts and over the
Atlantic
area. Some unfavorable thawing and freezing conditionsmiddlereported
were
in the northwestern portion of the belt and some heaving in parts of
the
Ohio Valley. but these were not widespread, and the wheat crop
apparently in satisfactory condition in most sections. In the continues
lower Missouri Valley, fields are greening up and they are furnishing pasturage
in
parts of Kansas. although continuing bare in the northwestern
portion of
that State. In southwestern districts the progress
the increased moisture in the Southeast has been of wheat is good, and
very beneficial to all
cereal crops in that section.
1245
that the latter are being sold and shipped in excess of
duction, while demand for finished fabrics continues proon a
liberal scale. In view of this increase in business, it is expected that if orders during the next thirty days are as
numerous as they have been since the beginning of
the
year, there will be a distinct shortage and a scramble on
the part of buyers to provide for second quarter requirements. Even now, some of the manufacturers are said to
have run out of certain lower grades, while the finer ones
are wanted in excess of the ability of mills to supply them.
As to silk goods, although the total volume of sales was
below par, a further expansion in demand was noted. This
was particularly true of printed lines, crepes, metallic effects, sheer taffetas and some of the staples. Prices for
the raw material were about 25 cents above the low levels.
of the season and evidently factors were coming to realize
that if they wait much longer for lower prices based on the
primary market, they will probably lose much business.
Besides this, stocks have been materially reduced, which
has resulted in factors taking a more optimistic view of the
situation than for some time past. In regard to the floor
covering division, nearly all of the selling agencies have
been highly pleased with the volume of business during the
current month. The market has displayed a firm undertone,
mills have maintained their list prices and jobbers and retailers have been purchasing larger quantities. It is expected that the current volume of sales will continue
throughout the month of March.
DOMESTIC COTTON GOODS.—Markets for domestic
cotton goods maintained a firm undertone during the week.
A feature was the active demand for wash goods of all
kinds from all sections of the country, and repeat orders,
especially from the South, suggesting an early start at retailing in that section. Among the more popular items have
been printed cottons, rayon mixtures, tissues, swisses and
ginghams. Orders have been so large that it was believed
in the event of the current persistent demand being mainThe Weather Bureau also furnishes the following resume tained a shortage will develop soon, due to the lack of mill
preparation. As to gingham, business has been steadily
of the conditions in the different States:
Vircrinia.—Richmond: Warm first of week; cooler latter part, with improving and was currently claimed to be much better than
generous rains. Mostly favorable for farm work,
at close
retarded development of fruit buds. Considerable while cooler planting for some time past. Printed fabrics were selling much more
progress in
freely, especially as the current style trend is toward white
potatoes on the Eastern Shore.
North Carolina.—Raleigh: Temperatures abnormally high until Fri- grounds with tiny bright colors and
novelties in black and
day; decided drop to normal or slightly below thereafter, with rather
heavy rain over most of State Saturday and Sunday. Lower tempera- white. Demand for sheers has become increasingly active
tures latter part of week favorable in checking fruit buds, which are
too and it is expected that these will be a leading fabric for
far advanced Pastures improved. Wheat and oats rather too far advanced. Rye, lettuce and cabbage doing well. Planting potatoes, beets Spring and Summer wear. Orders have been particularly
and carrots.
large for such cloths as dimities, batists, etc. The current
South Carolina.—Columbia: Beneficial rains on 18th and 19th
soil generally fine for plowing, which progressed favorably except and season's lines of these goods are the most attractive ever
too
wet in northwest. Mild weather developed peach buds about two weeks offered to the trade and it was held that their unusual
earlier than normal, but condition generally not yet dangerous. Pears.
plums and strawberries blooming rather freely. Winter cereals, truck beauty and coloring was in a large way responsible for the
and tobacco and tomato sets improved. Potato planting continues.
attention they have been receiving. In the gray goods diviGeorgta.—Atlanta: Beneficial rains in coast districts, but plowing
bring delayed by frequency of rains elsewhere. Heavy frost Monday to sion prices have been firmer and not a few constructions
southern limit of State. with probably very moderate damage to peaches are expected to be advanced shortly in view of
their inand truck. Though below freezing in northern division, weather not sufcreasing scarcity and the premiums they command for early
ficiently cold to damage cereals, which are growing
Tobacco
in beds well advanced. Bedding sweet potatoes and rapidly. seed
delivery. The outlook for price advances is particularly
sowing
cane
under way.
held probable for denims, which have been stronger and
Florida.—Jacksonville: Light frost in west and interior of
Showers fore part and moderate to heavy rains Friday extreme north. tending higher followitrr the receipt of large orders.
It is
improved soil throughout section and benefited melons, earlyand Saturday
b
beds, oats, potatoes, other truck and ranges. Citrus groves corn, tobacco said that mills are well sold up and that constant requests
show
improvement; leafing where defoliated, and much bloom in some marked for prompt shipment indicate a broad consumption.
districts,
Print
Tomato planting continued in central. Satsuma groves in
Potato planting continued. Much land ready for corn and west budding. cloths 28-inch 64 x 64's construction are quoted at 51
4c, and
Alabama.—Montgomery: Temperature decidedly below cotton.
-inch 68 x 72's
normal Sunday 27-inch 64 x 60's at 4%c. Gray goods in the 39
and Monday, with freezing in central and north; remainder
-inch 80 x 80's at be.
seasonably warm. General, locally heavy rains middle of of week un- construction are quoted at 7%c, and 39
week. Farm
progressed slowly. Oats growing well. Planting
'work
WOOLEN GOODS.—On Monday this week the American
potatoes becoming
general; sweet potatoes being bedded in south. Pastures
improving and Woolen Co. opened their men's fancy woolens and
truck doing well in south. Peaches, pears and plums blooming
worsteds
in nearly
all sections; possibly damaged somewhat in north by freeze.
Satsuma for Fall at prices approximating those recently established
trees budding.
mississippi.—Vicksburg: Frequent light rains in
the staple fabrics. For the most part the new prices
extreme north, with on
generally excessive rains elsewhere. Relatively cool Saturday to
were on a par with those prevailing for the Spring season
otherwise unseasonably warm. Vegetation generally advancedMonday;
beyond and while none was lower, some showed increases from 2
average seasonal development. Farm work fair progress to
/
1
2
Thursday.
Pastures and truck good progress.
to 5 cents. The new offerings included worsted mixtures
Louisiana.—New Orleans: Mid weather continued, except cold
wave and fancy woolen and worsted sultings and top
middle of week, but no freezing and no crop damage
coatings.
rainfall Friday delayed drying soil for plowing and reported. Moderate The general market was favorably
impressed by the new
up. Some corn planted on high land. Strawberriesplanting. Potatoes
beginning to ripen levels. The showings were well attended
and appearing on market. Cane doing well; flooding rains of
and the firmer
previous appearance
week beneficial to cane, drowning borers.
of the market has been an encouraging feature.
Texas.—Houston: Cold wave middle of week and frost
nearly to coast, Other producers have been following fast
with some damage to tender vegetation. Light
with their lines
field work and plowing resumed. Some corn and rainfall favorable for and it was held possible that practically
cotton planted in exall of the principal
treme south. Progress and condition of wheat, oats, pastures,
truck, and lines will be shown by the end of the month. In the
strawberries good. Truck shipments continue large.
women's
Oklahoma—Oklahoma City: Early part of week
wear division one of the leading independents showed its
followed by cold wave, with rain turning to snow. unseasonably warm,
in preparation of ground for spring planting accountFarmers far behind lines of Fall dress goods. This was the first one to get under
inclement
and wet soli. Some oats sown and potato planting begun. Still weather way, and the others are not expected
to follow before the
picking
a little cotton. Winter grains satisfactory progress and generally
good first week of March. Prices were reported to be on a par
condition. Pastures fair.
Arkansas.—Little Rock: Favorable for farm work, except in
with Spr.ng levels, indicating a steady to firm trend in
north
where rain, snow, sleet, and frozen ground interfered. Wheat,
meadows, and pastures good. Peaches blooming in south; someoats, rye, values.
freeze; buds pink in north. Sowing oats, and planting potatoes andkilled by
FOREIGN DRY GOODS.—Strength of primary markets
gardens.
Radishes ready for market in two weeks.
Tennessee.—Nashville: Unusually high temperatures first half of week was an encouraging feature in the linen market. However,
hastened budding of fruit trees and seine early varieties blooming. Growth price advances of 5% in
Czecho-Slovakia and other Conof all vegetation stopped by freezes second half, but no damage apparent
to tinental markets and 2 to 3% in Irish and Scotch
fruit. Winter grains and pastures continue in good to excellent
condition.
Ground too wet for plowing.
markets have not as yet found reflection in domesKentucky.—Louisville; Temperatures high first half; below normal last
tic markets. This has been due to the fact that importers
half. • Growth and budding checked by freezes. Precipitation moderate
to
heavy; largely snow in central and east. Some tobacco beds sown.
Condi- have considerable orders placed at the old levels, while
tion of rye and early wheat good to excellent; late wheat fair.
Soil too wet furthermore domestic competition has been keen enough to
to plow.
force the maintenance of current prices. Nevertheless it is
claimed that it is only a question of time before the higher
COTTON
primary costs wil be reflected here. In the meantime, most
New York, Friday Night, Feb. 25, 1927.
houses are said to have been transacting a larger business
Textile markets have continued firm and active during since
the first of the year than they did for the correspondthe current week. One of the most interesting develop- ing period
of 1926. Little change has been noted in the burments was the price advances of from 5 to 10 cents per lap
market, as buying has continued light. Lightweights
pound for various grades of rayon yarns. It was claimed are
quoted at 6.40c, and heavies at 8.70c.
tate
[VoL. 124.
THE CHRONICLE
1246
and Titg
partmnx
-Y.
MUNICIPAL BOND SALES IN JANUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of January, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 820 of
the "Chronicle" of Feb. 5. Since then several belated
January returns have been received, changing the total
for the month to $171,072,218. The number of municipalities issuing bonds in January was 338 and the number of
separate issues 471.
Rate, Maturity. Amount. Price. Basis.
Name.
Page.
4.98
1928-196731,085.000 100.41
952--Abilene, Tex.(6 issues).-5
672-Ack1ey Ind. S. D. No. 1,
129.000
434 1931-1946
Iowa
2.000 101.23 5.35
1927-1931
6
539--Ada, Ohio
24,000 101.51
952--Agricola S. D., Calif
.6;
27,000 101.52 4
1927-1935
5
672._ Alien County. Ohio
1096--Amherst, Neb
64 106.000
4r9500
4 1E1
V 4
673„Ashland, Ky
5,000 103.10 4.93
1928-1932
6
673-Ashville, Ohio
r465,000 101.08 --534
539_ _Astoria, Ore
r126,000 101.31 ---821-Astoria, Ore.(2 issues).--5A
821--Avon-by-the-Sea, N. J.
5.00
1928-1963 136,000 100
5
(3 issues)
539-Avoyelles Par. Rd. That.
35,000 100.002 5.49
534 1927-1946
No. 5, La
22,994 100.37 4.85
1927-1931
5
-Barberton, Ohio
92
1928-1937 180,000 102.67 4.51
5
952-Barberton, Ohio
5,000 100.20 5.48
534 1930-1942
Minn
539-Barnum,
70,000
260-Barrington,Ill
4g 41932-1946 r13.000
1097 Bayard. Neb
4A 1928-1961 340.000 102.87 4.25
673_ _Bayonne, N.J
6,161 100.29 4.92
1928-1932
5
539_ _Bay village, Ohio
3,507
5
1928-1932
673--Bay Village, Ohio
8,250
5
952„Bazine, Kan
539-_Beaufort Graded S. D.,
100,000 106.11
5
No. Caro
4.09
41 1928-1952 500.000 101.51
673-Beaver County,Pa
34,000 102.02 4.21
434 1928-1944
821--Beaver S. D.,Pa
261:I.-Bellingham, Wash. (10
32,200
Issues)
26.000 102.10 4.54
401_ _Belleville S. D., N. J.... _4g 1929-1954
401-Belleville S. D., N. J......-4% 1929-1967 137.000 102.84 4.53
84.000 102.30 4.53
401-Belleville S. D., N.J._.434 1929-1957
40,000 102.19 4.73
1928-1947
673-Beverly Village S. 1).. 0-5
-Boyd Co. S. D. No. 5.
673
4.50
25,000 100
1928-1947
4
Nob
4.75
/321-Breckenridge, Ky
434 1932-1957 250,000 100
1930-1957 150,000 103.719 4.21
-Brentwood, Pa
539
43
42,000 103.30 4.20
1932-1952
401-Briarcliff Manor,N.Y.--4
5
25,000 103.44 4.51
1931-1940
673--Brightwaters, N. Y
5
255,000 100.56
540-Bristol, Va
N. Y
4.35 1928-1941
540--Brookhaven,
42,000 100.06 4.34
673-Brooklyn Heights,Ohio--535
5.96
673--Broward County, Fla- _ --5A 1935-1949 400,000 95
673_ _Buffalo, N. Y.(4 issues)
-4h 1928-1957 5,260,000 102.19 4.00
534 1928-1952
35,000 106.26 4.85
953.-Burton, Ohio
434 1928-1937
80,000 100.11
401--/3utler County, Kan
5 41937-1948
11,000 100.45 4.94
540-Butte, Neb
,
4J
1007-Butte S. D., Neb
25,000 98.42
1931-1935 400,000 103.47 Y.5§
260-Canton,Ohio5
20,106 101.08 4.67
1928-1932
260-Canton, Ohio (4 issues)--5
6
1931-1946
67& Carbondale, Okla
35.000
401-Carroliton S. D., Ohio--..5
1927-1949 145,000 103.03 4.64
540-Carson County,Tex
5J4 1927-1956 300,000 100.27 5.47
5.25
401-_Cass County, Minn
534 1930-1942 100,000 100
4
260__Cedar Rapids, Iowa
1937-1940 110,000 102.495 4.24
6.00
6
4,950 100
1927-1931
401--Centerburg, Ohio
434 1928-1956 170.000 100.60
673--Center Line. Mich
5 41930-1934
1097--Ohadron, Neb
19,000
5 41931-1946
401-Chadron, Iv.,
28,000
1927-1946 300,000 103.67 4.53
401--Charleston Co., So. Caro-5
4
540-Chicago, Ill
1928-1946 5,456,000 99.33 4.08
i§ 1928-1931
540C1awson, Mich
28,5001100.50
1942
540-Clalsson, Mich
21,0001
50.000 100.102
401_ _Clearwater County,Idaho5
6.00
6
60.000 100
402- _Clyde,Tex.(2 issues)_
673 ..Coastal Highway Com434 1931-1939 1,000,000 101.169 4.57
mission, So. Caro
6.00
100,000 100
673_ _Cochran Co.S. D.,Tex_ _6
1929-1944 175,000
673- _Coconins County,Ariz_ _ -5
434 1930-1937 621,000 101.58 4.21
402__Columbus, Ohio
434 1929-1937 460,000 101.70 4.16
821_ _Cdumous. Ohio
402- _Cook Co. Forest Preserve
4
19284947 1,000,000 99.157 4.10
Dist., 111
534 1-25 years r25,000
674--Corinth, Miss
10J7__Cornell S. D. No. 48,
41936
5
9.500 100
No. Dak
402--Covingtcm. KY
434 1933-1965 r217,000
29,943
674_ _Cowley County, Kan__
"
i . 1946
1097__Crookston, Neb
r5,000
821_ _Crowell. Tex
r56,000
534
402-Curry County,Ore
100.000
674-Cuyahoga Co.,O.(21884_4A 1927-1936 498,592 100.63 4.36
674--Cuyahoga County, Ohio-434 1927-1936
64.545 100.44 4.40
674-Cuyahoga Co.,0.(2188.)-434 1927-1935
15,269 100.04 4.49
821--Dade City, Fla
40,000 y97.09 6.39
6
1929-1945
402- _Dade Co.Spec.Tax S. D.
No. 3. Fla
6
1929-1953 500,000 102.38 5.75
402-Dade Co. Spec.Tax S. D.
No. 4, Fla
6
1929-1952 240,000 99.34 6.07
-Dade Co. Spec. Tax S. D.
402
5.85
No. 4, Fla
6
1929-1953 150,000 101.41
-Dade Co. Spec. Tax S. D.
402
6
No. 5, Fla
1929-1956 100.000 104.17 5.62
402--Dade Co. Spec. Tax S.D.
6
No. 6, Fla
30,000 101.13 --402-Dade Co. Spec. Tax S. D.
6
50,000 96.52 6.38
1929-1953
No. 13, Fla
402--Dade Co. Spec. Tax S. D.
6
85,000 97.70 No. 13, Fla.
402..-Davison County, Tenn_ -434 1927-1956 1,000,000 101.376 4.39
1027-1956 270,000 101.95 4.34
540- _Dearborn, Mich
111 1928-1937
6,000 103.05 4.86
-De Graff, Ohio
953
6
1930-1965
50,000
674--De halb, Tex
434 1928-1957 11505.0001 102,299 4.23
-Detroit, Mich
402
1957
434
3,000,0001
402-Detroit, Mich
10,000
402_ _Dolores Co.S.D.1, Colo.5 41937-1947
4
1928-1942
9,500 100.29 4.71
, N. Y
674-East Aurora
1928-1937
-5
6,500 100.21 ---953- _East Stanwood, Wash__
_Eddy Co. S. D. No. 10,
40225,000 102.40 5.33
534 1932-1936
N.Max
1930-1947
40,000 100
---953_ _Edgar Township, Ill--- 4A
120,000
953_ _Edgewood, Pa
1928-1953 300,000
402_ _EI8egundoll.S.D.,Ca11f-5 A 19284957 2,315,000 103.27 4.65
102.073 4.04
261__Erie Co.,N.Y.(A 188.)...4
28,750 102.04 4.58
5
1927-1936
7,(AI__
540-Escambla Co. Spec. Tax
50,000 94
6
S. D., Fla
17,062 101.50 4:68
1928-1937
5
540--Euclid, Ohio
90.000 101
4.94
Ore
1098--Eugene,
9,830 105.91
4.74
540-Fairport, Ohio
8 PAM
Rate.
Name.
Page.
5
261_ _Farmville, Va
Hills, Pa
434
540- _Forest
540--Forest S. D.205, Wash--5
674-Forsyth, Mo
822_ _Fort Dodge,Iowa
412
403- _Fort Lauderdale, Fla__ _6
540.-Fort Lauderdale, Fla.
6
(7 issues)
540-Fort Lauderdale, Fla_ _ --6
403--Fort Thomas, Ky
454
540_ _FortWayneSch.City,Ind.4 A
4
403_ Framingham Mass
261_ _Franklin County. Ohio...434
541-Franklin County, Ohio-4
541- _Franklin County. Ohio--4
541-Franklin Twp.Ruz.. S.D.
Ohio
'6
1098_ _Gallatin Co.S.D.No.44,
Mont
822_ _Galveston, Tex.(2 iss.)-5
674-_Gardner, Mass
434
674-Garfield, N. J
So. Caro_
674- _Garnett S.
D.,Ohio
674- _Garrettsville,
5
674.-George Ind. S. D. Iowa-434
403- _Georgetown, So. Caro_ --534
6
822__Gibson, No. Caro
822_ _Gila County. Ariz.(31as.)
822_ _Gordon, Tex
534
534
541_ _Grainton,Neb
541__Grandview Heights Ex4x
o
larted Village S. D.,
5
Maturity. Amount. Price. Basis.
30,000
-1947
80,000 100.15 4.24
1956
5.00
8,000 100
15.000
17,000 101.97 ---1942-1946
150,000
1,240,000 95.01 6.48
1946
1935-1954 150,000 95.01 ---5-20 years 100,000 101.86 ---1928-1942 880,000 102.34 4.16
1928-1942 450.000 100.632 3.99
4.50
13,552 100.91
1928-1936
23,700 101.19 4.48
1928-1937
12,600 101.15 4.49
1928-1937
1927-1931
4,150 100.25
5.85
1927-1954
13,500
550,000 100.07
325.000 101.67
212,000
4.99
---_
)
28;888 MI
1765
1927-1956
1927-1934
1933-1936
1927-1936
1931-1937
r18,000 100.68
50,000
22,000 100
327,000
50.000 100
8,500
---6.00
5.75
1927-1950 148,400 101.87 4.53
541_ _Greenburgh, Greenville
Water Dist. N. Y__4.20 1931-1947 200,000 100.22 4.18
---541_ _Greenwood Co., So. Caro4A 1930-1937 500,000
541-Grosse Pointe Tvrp. Rural
Agric. S. D. No. 1,
957
1
700,000 101.22 4.19
t
Mich
100.000
541_ _Hackensack, Minn
_ 1930-1955 10.5,000 101.61
822_•_Hamb1en County,
4
Tenn.._541_ -Hamilton County, Ohio_ _434 1928-1937 186,004 100.78 - :54
37,000
541-Haskell, Tex.(2 Lssues).
50,000
5
1251_ _Hastings, Neb
33,000
434
125 I __Hastings, Neb
403_ _Hempstead & North
Hempstead Cent. H.S.
76.600 101.139 4.20
434 1928-1932
D. No.2, N. Y
19.000 106.02 4.24
1928-1047
5
954--Highlands, N. J
4.24
18,000 105.81
1928-1946
5
954-Highlands, N. J
1929-1937 610.000 100.30 4.94
541- _Hillsborough Co., Fla__ _5
822_ _HlllsboroughCo.Spec.Rd.
1928-1955 1,350,000 96.16 6.38
&Bdge.Dist.No.5,Fla.6
6.00
6
4.411 100
1927-1931
403-_Holgate, Ohio
403--Hood River Co. S. D.
89.000 100.43 4.68
434 1932-1939
No. 3, Ore
37,041 100.129 4.48
434 1928-1933
541- _Hornell, N.J
434 1927-1936 r45,000
541--Horton, Kan
8,000
-years
10
675--Huntington, Utah (3188.).5
60,000 103.58 4.09
434 1929-1948
675-Indianapolis. Ind
55,000 100.56 4.94
1928-1955
5
403--Interlaken. N. J
36,925 107.22 4.73
534 1928-1952
822-Ironton, Ohio
300,000 102.91 4.30
1931
5
675_ _Jacksonville, Fla_
434 1928-1955 140,000 99.31 4.56
541.-Janesvllle, *is
132,000
541_ _Jasper Co., Miss.(2 iss.).
262_ _Jefferson County, Ala---434 1950-1955 600,000 100.18 4.49
4.25
60,000 100
822_ _Jefferson Co. S. D., Wis-4A 1931-1936
675-Jefferson Rural 8. 13.
28,000 100.19 4.73
'434 1928-1941
Ohio
75,000 101.70 4.87
1928-1957
5
675-Jennings, La
5.00
1,000 100
1928-1937
5
541--Jerry City, Ohio
954--Jim Wells County. Tex--534 1930-1953 312,000 103.065 5.18
1928-1957 500.000 100.69 4.18
541-Johnstown S. D., Pa_.434
6.51
1930-1940 125,000 95
6
541_ _Kelsey City, Fla
106.900
434
541_ _Kingman, Kan
25,000
410-20 yrs.
822--Klowa Co. S. D.3, Co1o_4
4.44
1929-1943 251,0001100.02
822- _Kittitas County; Wash_ _4
74.0001
1944-1946
541- _Hittites County, Wash_ _4
1928-1937 157.000 101.72 4.15
822- _Lafayette,Ind.(2 issues)_ 4
6.00
12,000 100
403_ _Lake Arthur, N. Mex---6 41946-1956
55,000 97.10 ---6
403- Lake Jonita, Fla
822-Lamar & Delta Cos.Levee
6.00
210,000 100
30 years
Impt. Dist. No.2,Tex-6
3.840
1928-1937
5
1099...Lancaster, Ohio
50.000 100.05 4.40
434 41947-1957
Pa
675-Lancaster Twp.,
541-.Lane Co. Rural H. S. 13.
26.000
434
No.1.Kan
r9.000
822.-. LarimerCo.S.D.49,Colo.
541_ _Lawrence. Kan84,000
• 28.000 101.56
262_ _Lewiston, Pa
lil
ZOO
24,000 100
542_ _Leavenworth Co., Kan-4
1928-1937 125,000 98.66 6.29
675_ _Leesburg, Fla
6
8.500 100.88 4.68
1928-1932
5
675- Leicester, N. Y
954-_Lewiston Ind.S.D.No.1,
4.50
434 41937-1947 275,000 100
Idaho
:
40,000 109 1i 5.99
1929-1959
542_ _Liberty, No.Caro
6
500,000 100.14
403_ _Lincoln S. D. Neb
4341-40-years
262._Livonia Union Free S. D.
100.76 4.44
6
434 1928-1966 17g :8 88 100
No.9, N.Y
542__Logan County, W.Va_
30.000
675- Lombard, Ill
100.219 5.23
404_ _Long Beach, N.Y
100.09 5.96
404. Long Beach, N.Y
1,500.000 100.10 3.99
1965
675_ Louisville, By
4
263 .Lower Penn's Neck Twp.
,
41 148 103.58 4.95
S. D.N J
534 1028-1942 141 :
1928-1064
823_ -Lugo S. D.. Calif
5
28,000
1936
5
1099_ _McCook, Neb
11,000
1935
534
1099_ _McCook, Neb
r9,000
5 41944-1946
1009_ McCook, Neb
---7.000
1936
534
1099-McCook. Neb
404 _ _McIntosh Special Tax
5.50
30,000 100
534 1928-1950
S. D. No. 2, Fla
1931-1947 200.000
5
675_ _McKenzie, Tenn
85,000
675__McKenzie Co., No. Dak-5341932-1946 r25,000 102.23
101.41
5
404_ _McMinnville, Ore
6
- :96
1929-1942 127,000 100.01
823_ _Macomb County, Mich_ _6
434 1-5 100,000 102.005 4.24
542_ _Macomb, Ill
50,744 102.17 4.53
1928.i936
675-Madison County, Ohio_ _5
404_ _Madison Par.S. D.No.2.
1927-1940 100.000
5
La
1928-1936 209,097 102.37
(5
823-Mahoning Co.,0. las.) 5
Sewer Dist.
404_ _Mamaroneck
4.21
434 1952-1976 150,000 100.719 5.35
.1.N.Y
23.400 100.74
534 1028.1937
404-Mansfield, Ohio
6.00
19274928 100,000 100
6
404- _Margate City, N.J
10,000 102.02
19284957
6
404_ _Marion, Fla
7.000
6
675.Marks, Miss
4
42.000 106.86 --111
1928-1946
955- _Medina Co., Ohio (21s5.).534
.47,678
.5
676__Meigs County. Ohio
--10,000
1947
-6
Tenn
676_ _Melgs County.
1099__Memoken S. D. No. 33.
_-14,000 100
41946
5
No. Dak
1937-1934 1,200,000
5
404„Mlami, Fla
4.000.000 97
5
542_ _Miami, Fla
6
- 718
1930-1056 5,145,000 98
(6 issuaq)_ _ -5
823- _Miami, Fla.
---1928-1932 300.000
676- _Miami Beach. Fla.(5 iss.)6
--434 1929-1937 2,030.000 100.78 --676_ _Michigan (State of)
6,000
955._Middle Weiser Iv. 13., Iaa
r12,000
434
823_ _Milliken, Colo
47.1;
434 1937-1946 1,200.000 103.58 W18
676_ _Milwaukee,
5.00
1928-1934 852.000 100
5
542_ _Minneapolis, Minn
4.00
1934-1952 2,448,000 100
4
542_ Minneapolis. Minn
(3158)4 K 1928-1947 1,131.056 100.92 4.11
676 _ _M inneapolls. Minn.
102.94 4.75
85,000
1928.1967
404-Mission Ind. S. D.,Tex.-5
7
831 18M188? 68:288
FEB. 26 1927.]
THE CHRONICLE
1247
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis.
676_ _Mocksville, No.Caro_ _ _5 X 1930-1961
25,000 102.92 5.51
543_ _Talco Ind. S. D.. Texas
13,000
955_Monroe, No. Caro
5
1930-1964 200,000
825_ -Tampa, Fla
414 1928-1938 326,000 100
-Monterey Park,Calif_..5
4.75
404
1937-1951
90,000
825_ _Tampa, Fla
5
1941-1960 100,000 103.75 4.73
404.._Monterey Park,Calif_ _ -4I 1937-1951
90,000
825_ _Taylor Co. Board of Pub404-Montezuma Co. S. D.
lic Inst., Fla
6
45.000
No. 29, Colo
5
5,000
543--Teaneck, Twp., N.J_ __ A
1928-1937 266,000 100.45 4.66
542_ _Montgomery Co., Ohio_ _5
1928-1952 320.000 100.51
4.91
, 957- _Telfair County, Ga
434 1926-1956 185.000
97.31 4.73
823__Nassau Co. Spec. Tax
825__Texarkana,
434 1931-1965 200,000 97.50 4.92
S. D. No. 1, Fla
5
1929-1954 150.000 94.17 5.57 1253_ _Tiskilwa, Ill Tex
•
534 1928-1931
2.000
676- _Natchez. Miss
5 1-25-years
160,000
678__Toledo, Ohio
434 1929-1944 r400,000 102.31
4.20
404_ _New Bremen, Ohio
6
1928-1935
8,480 104.86 4.98
678-.Toledo, Ohio
434 1929-1941 r450,000 101.93 4.21
263_ _ New York,N.Y.(4 issues)4 X
1977 60.000,000 102.6489 4.12
678-.Trenton, Mich
434 1928-1957
65,000 100.63 4.44
542_ _Noconu, Tex
6
1931-1966 r73,000
266__Trimble, Tenn. (2 iss.)
20,000
676.
..Norristown S. D..Pa _ -- -4 X 1937-1956 600,000 102.07 4.09
678_ _Troy, N.Y.(2 issues)_ _ _4% 1928-1947 138,0001 103.13 4.07
405- _North East Un. Fr. S D
678...Troy. N. Y
434 1928-1947 r23,0001
No.6, N. Y
440 1929-1967 145,000 100.15 4.39
266_ _Tuckerton S. D., N.J---5
1927-1966 120,000 100.04 4.99
263-North Salem, Somers,
266_ _Tuckerton S. D.. N..7---5
1927-1956
15,000 100.05 4.99
Southeast & Carmel
825_ _Tulsa, Okla.(2 issues)_ _ _4% 1932-1952 600,000 100
4.50
Rural S D No.1,N.Y434 1930-1969
77,000 101.32 4.41
406„Tumwater, Wash
6
2-9 yrs.
15,000 100.034 5.99
823_ _Norton Ind. S. D., Tex_
27,000 100
406__Tumwater, Wash
20,000 100.034
542--Oakdale brig.Dist.,Calif.5% 1930-1931
60,000 100.20 5.45
678_ _Tuscaloosa County,Ala_ _5
1957
100,000 103.65 0
7
405....Ocala, Fla
6
1928-1937 128.000
678__Tuscumbla County, Ala_
37,500 99
823_ _Occoquan S. D., Va
534
30.000 100
1100--Vanderburgh Co., Ind- -5
226,000
676-Omaha, Neb
434
1947
1,160,0001 100.019 4.20 1100__Vermilion Co. S. D. No.
676_0maha, Neb
4
1947
190,0001
4, Ill
5
1939-1946 115,000 106.54 4.27
823__Orange Co.S. D.2,Tex_
10,000 100
--825- _ Victoria Ind.S. D.,Tex_ _5
1928-1967
70,000 102.16 4.83
405_ _Orange Co. Spec. Tax
678_VUla Park, Ill
6
14.000
S. D. No. 26, Fla
6
1929-1954 105.000 100.19 5.98
957__Walker County, Tex_ __5
1928-19E6 250.000 100
5.00
(4
502- _Oriental,No.Caro. iss.) 6
35,000
825_ _Warsaw Village S. D..0_5
1928-1950
50.000 101.85 4.77
676-Orlando, Fla.(2 issues)_ _5
1-10 years 400,000 99.30
678_ _Washington County, Fla_6
1931-4954
36,000
405_ _Orleans, Vt
43.4* 1927-1945 r28,000 100.71 4:18
678_ _Westo_ ,n Ohio
5
1928-1937
4,700 100.54 4.89
1100_ _Oxford. Miss
534 1928-1937
30,000
957_West monroe, La
534
50.000
824__Palatka, Fla
174,500 100.75
678_ _West Union, Ohio_(2 iss.)-6
1927-1936
4,300 104.39 5.00
542_ _Palmetto, Fla.(2 issues)_ _6
1929-1937 140,000
406_ _West University, Tex_
305,000 95.50 _
542Palo Alto Un. H. S.
407__Wilkinsburg, Pa
434 1937-1956 175,000 101.30 4:16
Calif
5
1929-1951 150,000 108.77 4.22
266_ _Williamsville, N. Y
43 1928-1957
-'
90,000 104.389 4.35
264_ _Parke County, Ind
434 1928-1937
7,700 101.32 4.24
825_ _Wilson, No.Caro.(2 Ise.) 43 1928-1953
45.000 100.53 4.69
676- _ Parkview,Ohio(6issues)-6
1928-1932
18,894 100.10 5.98
407Winter Garden, Fla
6
1927-1935
46,000
542__Parma, N. Y
44 1927-1936
5.000
057_ _Winter Haven. Fla
1928-1937
6
45,000 95.30
677_ _Parma Heights, Ohio___ _534 1928-1937
23.632
5
407_ _Wise County,Tex
534 1928-1966
542„Parma Village S. D. 0-434 1927-1950 300.000 101.79 - 55
55.000
101.66 4.54
678__Wyandotte, Mich
5
1925-1932
10.200 100
5.00
824_ _Pasco Co.Spec. Tax S. D.
826_ _Yakima S. D., Wash_ -4X
250,000 100
No. 7, Fla
--- 6
25,000 95.50
544__Young Co. Rd. Precinct
405- _Patton Twp.,S. D.,Pa_4% 1930-1956 110,000 102.67 --4.28
No. 1, Tex
100.000 100
543--Perry, Fla
6
1928-1937 140.000 95
544__Zavalla County, Fla
7.18
534 1933-1956 116,000
677-Perry County, Miss
6
1-25 years
20.000
-543--Phlllipsburg, Kan
1927-1936
59,500 100.20
824--Peru S. D., Ill
Total bond sales for January (338 munici000 100
- :86
4
palities, covering 471 separate issues)...--4171,072,218.
1100-Phenix City, Ala
6
1937
25,000
6.00
543_ _Pittsburgh 8. D., Pa_ _ _ _4 X 1928-1957 3,000,000 100
d Subject to call in and during the
mature in the later
101.59 4.20 years. k Not including $32.480.000 earlier years and tor
677--Pittsford, N.Y
temporary loans.
Refunding bonds.
4% 1932-1951 200,000 102.11
6.00 V And other considerations.
405-Pleasant Twp.Rur.S.D.,
•
Ohio
4X 1927-1944
70,000 100.73 4.64
BONDS OF UNITED STATES POSSESSIONS.
677-Pocatello, Idaho
4% 1928-1937 r63.000 100
4.50 Page.
824-Polk Co. Spec. Tax S. D.
Name,
Rate. Maturity. Amount. Price. Basis.
No. 22, Fla
674_ _Hawaii (Territory of)_ ---4% 41947-1957 $385.000 104.819 4.14
6
1930-1651
4.5,000
956-Ponca City, Okla
541_ _Honolulu (City & County
436 1931-1934 175.000
956-Ponca City Okla
of). Hawaii
5
1932-1956 1,000.000 108.048 4.30
4( 1928-1947
50.000
824_ _Pontiac, Mich.(4 issues) 434 1928-1957 320,000
100.04 4:1
1
824--Provo,Utah
The following items included in our totals for previous
225,000
824_ _Prowers Co. S. D. No. 8,
months should be eliminated from the same. We give the
Colo
r17,500
page number of the issue of our paper in which reasons for
677-Pulaski County. Ark.
-5
1-19 years
60,000 97.17
824_ _Pulaski County, Ark--- _5
1-19 years
these eliminations may be found.
60,000 97.70
824_ -Putnam Co. Spec. Rd. &
.
541- _Hemphill County, Tex.(November list)
Br. Dist. No.7, Fla--534 1929-1958 1,250.000 100
$46.000
675__Jackson County Sch. Dist. No. 5, Ore.(December list)
5.50
824-Bed Banks Creek Drain.
105.
823_ _Muscatine County. Iowa (November list)
/ Dist., Miss
40.
6
46,000 101
_Seattle Local Imp. Dist. No. 4093, Wash. (Dec. list)
____
677_
543_Redford Twp. Un. 8. 13.
300,000 .
No. 1, Mich
5
1930-1957 200,000 100.106 4.99
We have also learned of the following additional sales for
405- _Ridgewood, N J
434 1927-1965 443,000 102.07 4.33
405_ _Ridgewood, N J
434 .1927-1955 227,000 103.74 4.41 previous months:
405_ _Ridgewood,N.J
5
1927-1937 103,000 102.53 4.54
8
1927-1936
952_ _Ada. Ohio
$6,500 104.30 5.08
677__Ritchie Co. Rd. Dist.,
1784__Adena S.D.. Ohio (Sept.)534 1927-1934
4.000 102.07 4.98
W. Va
5
150,000
5 41938-1946 r26,500
952_ Ainsworth, Neb
_
677-Rochester, Mich.(2 iss.)-434 1928-1950
63.500 100.85 -7.46
952_ _Ainsworth, Neb
4X 41927-1946 r26.000
4
264-Rochester, N. Y
4 X 1928-1957 4.616,000 102.05 4.04
672„Albany. N. Y.(3 issues)Ag 1-5-years
7,000 100
4.25
543-_Rocky River, Ohio
5
1928
17,900 100.03 4.99
539-Alexander City. Ala. (3
677-Rocky River, Ohio
5
1928-1937 244,542 102.27 4.59
issues) (Nov.)
6
1928-1956
25,000
677-Rocky River S. 13., Ohio-5
1927-1950 350.000 103.64 4.57
952_ _Alma, Neb
1931
534
12,551
1100- _Roodhouse,Ill
7
1927
5.000
952_ _Alma, Neb
5
1929-1935
11,338
824_ _Ross County, Ohio
5
1929-1936
24,600 102.40 4.51 2021-Annsville, N. Y.(Oct.)
-6
1927-1936
10,000 104.97 1.88
405--Rutherfordton, No.Caro-5X 1929-1942
3631__Berea, Ohio (June)
14.000
1927-1936
5
10.000 101.51
4.68
824-St. Augustine, Fla
6
1927-1936 173.000 103.11 - .51
953__Buckley, Wash
5
2-20 yrs.
‘
10,000 97
677-St. Clairsville, Ohio
6
8,709
95i_ _Buckley, Wash.
534 2-20 years
50,000 100.05
543-St. Croix Falls, Wis. (2
540- _Bushkin Twp.,Pa.(June)434
46.500
Issues)
10,000 100
1249_ _Casey County, Ky
5 1931-1956
60,000 100
677-..Si. Francisville, Ill
60.000
673_ _Chester, N.Y.(Oct.)- _5
1925-1936
16.500
405--St. Petersburg, Fla. (2
953__Crofton, Neb
5 41928-1946 r14.000
issues)
534
1957
6:0,000
953_ _Crofton. Neb
5 41929-1939
4,000
405- _St. Petersburg, Fla. (2
953_ _Dalton, Ill. (Nov.)
101.60 5.23
5
1927-1936
45,000 100.16 4.97
5
1956
359,0001
_Dennison, 0. (Aug.)
13,992 102.60 ---543_ _Sacramento, Calif
434 1928-1967 350,000 102.51 ' 4.29 1097_ _Deschutm4Co.. Ore.(Oct 534 1927-1936
540_
.)5 X 1928-1934 185,000 100
824_ _Salem, Ohio
5.25
5
1928-1937
10,100 102.02 4.58 1139-Dike Cons. S. 13., Iowa
824_ _ Salem, Ohio
5
1930-1937
5,550 102.07
(May)
434
1946
r12.000 99.25 4.31
543--Salem, Ore
92,312 104.53
540__Driscoll S. 13. No. 36,
677_ _Salina, Kan
434
18,978 100
No. Dak
rao
5
*1946
12.000 100
5.00
405...SaltLake City Sp!. Pay.
821-Dupont Village S. D.,
Ext. D. No.200, Utah..
1,700 100.50
Ohio
6
1927-1931
2.569 100.62 5.73
1253_ _Salt River Valley Water
1250_ _Enterprise S. 1)., Calif.
Users, Assn., Ariz
6
1929-1931r1,000.000 95
(November)
7;90
5
1932-1956
65,000 103.11
4.74
877_ _San Antonio, Fla
6
1928-1952
55.000 97.10 6.31
674_ _Fairview Twp. S. D.,
543-San Bernardino High Sch.
Pa. (Oct.)
6
1927-1935
9,000 101.16 5.73
Dist., Calif
5
25,000 105.67
540_ _Fargo, No. Dak
5 *19314935
25.000 100
677-Santa Cruz, Calif
1928-1956 420.000 105.47 4,35
5.00
5
541_ _Fort Yates S. D. No. 4,
824--Sarasota. Fla
1946
5
175,000 93.14 5.57
No. Dak
5
*1946
5,000 100
. 824--Sarasota, Fla
1946
5.00
534
45,000 99.26 5.56
741- Franklin, La. (Aug.)- -4X
150,000
677--Saugatuck S. D. Mich
-65,000
954_ _Fullerton, Neb
1931
405-Scranton S. 13., Pa
25,000
---434 1932-1956 2,000.000 100.479 4.21 2550„Greene County. N. Y. 434
824__Seattle, Wash
434 1929-1948r1.000,000 102.13
(Nov.)
4.20 1928-1954 380,000 100.37 4.17
677-Seattle Local Impt. Dist.
541_ _Hagen Special S. D.No.3,
No. 4093, Wash
1928-1947 270.497 98
6
6.27
No. Dak
5
*1946
543-Seattle Local Impt. Dist.
52.000 100
5.00
2550__Hamilton, Ohio (Nov)
.)-6
1927-1936
No. 4254, Wash
3,254 105.10 4.89
1928-1937 144.877
6
357-Hamilton County, Ohio
543_ -Seattle S.D. No.1, Wash_4X 1929-1953 351,0001 100.05
(July)
434 1927-1936
543-.. Seattle S.D. No.1. Wash-5
86,901 100.72 435
1929-1953 149,0001
2550_ _Harriman, Tenn.(July)--5
825_ _Seminole County, Fla_1927-1955
40,000
- 1930-1956 450.000 101.35
541_ _Harrison Twp.,Ind.
(Feb.)6
1935
543- _Seneca County, Ohio--5
4,841
1928-1934
7,200 100.90 47.16 954__Hlldreth, Neb.(2 issues)_5 41928-1936 10,763
543- _Seneca County, Ohio...._..5
1928-1931
4,000 100.27 4.98
541-Hutchinson, Kan.(Nov.)5
543- _Seneca County, Ohio---5
1927-1931
11.60911.100.35
2,300 100.20
541_ _Hutchinson, Kan.(2 iss.)
543_ _Seneca County, Ohio- _ - _5
4,900 100.55
(Nov.)
4% 1927-1931
843...Seneca County, Ohio.---5
46,6831
4,600 100.60
3634-Jackson Co. Rd. Dist.
543- _Seneca County, Ohio----5
3.500 100.50
No. 4, Miss. (June).
543--Seneca County, Ohio...-5
84.000 105.22
9,000 101.12
675__Jackson Co. S. D. No. 5,
677--Seneca, III
1,400
Ore
5
2t35__Shaker Heights S. 13., 0-U1 1928-1955 445,000 103.04 4.45
1933-1949
55.000 102.58
675_ _Jackson Co. S. D. No. 5,
406-Shamrock, Texas
22,942 100
534 1932-1966
5.75
Ore
543 .Shelby, Ohio
5
50,000 102.22
1933-1949
2,800 103.89 4.89
1928-1934
6
541_ Lafayette Twp., Ind_ -5
543-Shelby, Ohio
6.000 102.81
1,615 102.37 5.11
1927-1931
6
542_ _Leipsic, Ohio (Oct.)
1100-Shelbyville, Ill
6
15,956 101.03 5.47
1927-1931
1927-1934
7.600 100
6
542_ _Los 011vos S. D., Calif.
825--Sleepy Hollow Rd.D.,Va-4X
110,000 101.34
(Sept.)
825- _Somonauk S. D., Ill
18,000 100.88
534 1927-1944
35,000
955_McCook. Neb.(2 issues)-5
825_ _South Euclid, Ohio
5,000
1936
5
30,640 101.16 4.77
1928-1937
955__Mc000k, Neb
543-South Haven, Kan
500
434
1936
5,000
6
542_ -Manllla S. D., No. Dak_ -5
678--South Park S. D., Texas_6
7.000 100
5.00
*1946
1928-1967 200,000 102.15
1252_ _Mill S. 13.. Calif.(Nov)534 1927-1936
678_ _Spanaway S. D. No. 322,
10,000 101.86 5.09
878_ -Moundsville Ind. S. D.,
Wash
5
19.000 100
2-19 yrs.
W. Va.(Aug.)
825_ _ Springfield San. Dist.,11L434 1927-1944 497.000 102.35 5.00
5.00
149,000 100
5
1945
4.22
823- _Natchitoches Par. Rd.
678_ _Stanley Co., No. Caro_ - _5
1952-1963 300.000
Dist. No. A 2, La
60.000 100
1928-1947
6.00
406_ _Stewart County, Tenn__ _5
6
122,000
1956
542_ _Nemaha Co.S. D.No.90,
678- _Suffolk, Va
434 1928-1947
40,000 98.96 4:65
Kan
5.000
543.. _Summit Co., 0.(2 iss.)_ _5
1936
5
1927-1936 221.500
878.-New Castle S. D., Pa.
678- _Suwanee County, Fla_ _ _ _5 X 1936-1956 800.000 102.09 4.53
98.33 5.64
(Aug.)
434 1939-1947 150,000 101.06 4.17
825-Suwannee Co. Board of
542__North Dakota (State of)
Public Inst., Fla
6
1931-1955
66,000
(3 Issues)
11.000 100
*1946
5
5.00
VI
T H 144 , CHRONICLE
1248
Maturity.
Rate.
Name.
Page.
1099North Lima Rural S. D.,
1927-1931
5
Ohio (Aug.)
233--Otisville, N. Y. (2 iss.)
1927-1933
5
(July)
360-Paris, Idaho (June)
5W
5X 1928-1937
542Parma. Ohio
611--Pekin S. D.,Ill. (July)956_ _Peru, Neb.(2 issues)_ _ _ _4g d1937-1946
484-Polk City S. D., Fla.
(July)
543„Pottawatomie Co. S. D.
1941
No. 100. Kan. (Sept.)_4X
1009-8t. Andrews S. D., Fla.
(Aug.)
1929-1966
1253__Saluda, No. Caro
677__Seattle, Wash. (8 issues)
1938
(April)
6
677--Seattle, Wash.(17 issues)
1938
6
(May)
677-Seattle, Wash.(19 issues)
1938
6
(June)
824--Seattle, Wash. (14 iss.)
1938
6
(July)
824_-Seattle, Wash. (22 iss.)
1938
(Aug.)
6
824-Seattle, Wash. (14 iss.)
1938
6
(Sept.)
956--Seattle, Wash. (31 iss.)
1938
6
(Oct.)
956-Seattle, Wash. (28 iss.)
1938
6
(Nov.)
1938
956-Seattle, Wash.(16 iss.)-6
1100_ _Sedgwick County, Kan.
4X
(April)
4X d1931-1946
957__Stamford, Neb
957-Tecumseh, Neb.(4 issues)4X d1927-1936
3493-Thurston Co. S. D. No.
4X
1, Wash. (June)
678- _Trumbull County, Ohio__4X 1928-1932
1932
5
957_ _Wausa,Nob
1931
5 W,
957__Weeping Water, Neb
1933
957__Weeping Water, Neb__--4X
678__Wells Union Free S. D.
5
No. 2, N. Y
-10
825--Whitley County, Ind__ - _4 X1 -years
1927-1936
544-Wilson S. D., Calif.(Aug)5
826-Wisconsin Rapids, Wis.
4i 1942-1946
(Sept.)
Amount. Price. Basis.
3.500
6,000 101.01
r33,000
22,003 103.46
88.000
r30.000
4.69
4.72
40.000
8,000 100
60,000
60,000
98.30
4.75
----
232,698
75.682
127,937
104.715
278,573
304,360
360.309
379.057
300,491
20.000
18.750
23,897
99.81
85.000
21,614 100.47
r10.000
8,000
2,000 ------
_
1,500 100.37
10.800 101.38
18,000 100.93
185,000
100.013 4.24
All of the above sales (except as indicated) are for December. These additional December issues will make the total
sales (not including temporary loans) for that month $144,232,936.
CANADIAN MUNICIPALITIES IN
JANUARY.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
94.158 4.87
1957 $1,300,000
544-- Alberta (Province of)- ---435
96.818 4.89
1,250,000
..Alberta( rov nce of)- _ --4
1942
4.73
99.56
826--British Columbia (Prov.).4
1929
6,000,000
5.09
67,000 98.57
1956
958- _Burnaby Dist., B. C----5
5.24
266_ _East Angus, Que
5X 30 install. 125,000 102.65
5.78
6
12,000 101.66
20 install.
958.._Lloydminister, Sask
94.50 4.85
1956
1,617,000
544...Manitoba (Province of) 4X
94.521 4.81
266_ _Montreal. Que.(5 issues)-4 X
1966
5,700,000
4.81
3947
2.500,000 96.05
679Montreal,Que_ -.,
4%
5.11
30 years
679-Mount Laurier, Que
5
65,000 98.37
97.233 4.78
407_ _Ontario (Province of)___ _4 X 1928-195724,000,000
5
86,000
20 years
407_ _Point Grey,B C
270,608
15 years
6
407--Point Grey,B.C
74,400
10 years
6
0
407- _Point Grey,B.
4,350
407-Port MoodY,B.C
5% 20 years
4..53
1957
500,000 11.587 4 89
407_Quebec, Que
5
1-30
-years 858,000 101.73
5
826-- uebec, Que
6.00
1946
85,000 100
826..Red Deer, Alta
6
1927-1956 419.000
407- _St. Lambert, Que.(2 las.) 5
8.17
8
90
55,000 10 .38
5
826__Sarnia, Ont
.ge
4
94.28 • -30 years 1,468,500
407_ -Saskatchewan (Prov. of)_4 X
9
.
4 17
29,500 100.56 5. 1
1956
958-Truro, N. S.(3 issues) _5
12,500 101.76
5X 20 years
958_ _Vernon, B. C
4.85
1928-1931r1,500,000I 98.45
b79_ _Winnipeg, Man
5
1940 r1.300,000 J
679Winnipeg, Man
454
DEBENTURES SOLD
BY
Total amount of debentures sold during
$49,298.858
January
NEWS ITEMS
-Tax Exemptions
Denver (City and County of), Colo.
-Clem W. Coffins, City Manager, anTotal 356,800,000.
nounced Feb. 11 that Denver property worth more than
$56,800,000 is exempt from all taxes. The total amount of
property subject to taxation in the city and county of Denver
is valued at $430,349,870. With regard to the above the
Denver "Rocky Mountain News" of Feb. 12 said:
Property of the city and county, exempt under the pressnt statutes, is
worth about $11,964,870, according_ to Collins. This property consists of
public buildings, fire stations, libraties, parks and playgrounds and other
miscellaneous property.
Other exempt property consists of charitable institutions, made up of
hospitals, orphanages, homes, fraternal and miscellaneous property belongin&to charities, valued at $8.120,110.
Educational property is also exempt from taxation under laws, the
announcement stated. This group of property consists of school sites
and playgrounds, private schools and playgrounds, the Clayton school for
boys, the Colorado seminary and various colleges, the total value of which
is $17,569,940.
Religious property is also free from taxation. Under this heading the
announcement stated churches, parsonages and church equipment valued
at 57,266,140 have been exempted.
Property of the State situated within the city limits is also exempt. This
property, consisting of public buildings, school lands and other miscellaneous property belonging to the State, is valued at $9,219,160.
The statutes also exempt from taxation all property of the United States
Government located in the city. This property consists entirely of public
buildings valued at 52,655,620, according to the report.
Department of Antioquia (Republic of Colombia).
-Blair & Co.,
-32,500,000 Bonds Floated in United States.
Inc., and E. H. Rollins & Sons, both of New York disposed
-year secured sinking fund gold bonds
of $2,500,000 7% 20
series C, of the Department of Antioquia (Republic of
Colombia) at 96M and interest to yield 7.35% to final maturity. Date July 1 1925. Coupon bonds in denom. of $1,000,
$500 and $100 registerable as to principal only. Prin. and
in (J. & J.) payable in U. S. gold coin at the office of
Blair & Co., Inc., New York, fiscal agents, free of all taxes,
present or future, of the Department of Antioquia and the
Republic of Colombia.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on
a preceding page.
[VOL. 124.
Jefferson City, Cole County, Mo.-$120,000,000 Road
-The Senate
Bond Issue Approved by Senate Roads Committee.
Roads Committee reported favorably on the Malang proposal for a $120,000,000 bond issue, half to be used for the
completion of the present State highway system of 7,640
miles, and the remainder to be apportioned among various
counties and the City of St. Louis on the basis of automobile
registration, no county to receive less than $150,000. Concerning the proposal the St. Louis "Globe-Democrat" of
Feb. 18, said further:
This proposal, which would be voted on at the next general election if
passed by the Legislature, is believed to have had the support of the Automobile Olub of Missouri. St. Louis and Kansas City would share in the
distribution. Other incorporated municipalities would share in so far as
the improvement of streets used for connections of State highways is
concerned.
Consideration of this measure will put squarely up to the Senate the
subject of determining whether the State is to adopt the pay-as-you-go
plan or carry on road construction through a bond issue.
Theo Gary, who retired about three months ago as Chairman of the State
Highway Commission, it is understood, favors the pay-as-you-go plan of
completing the State road system, as does B. H. Plepmeler, who retired a
few weeks ago as Chief Engineer.
The House Roads Committee reported adversely a proposal to increase
the State gasoline tax from 2 to 3 cents and to apportion one-third among
counties on a basis of road mileage.
-31,160,700
Minneapolis, Hennepin County, Minn.
-The building of a girls'
School Bond Program Approved.
vocational school to cost $900,000 and the Nokomis junior
high school to cost $475,000 is assured as the result of action
by the board of estimate and taxation in approving a school
bond program for 1927 amounting to $1,160,700.
New York City.
-Comptroller Berry Indicates City Tax Rate
-That th8 city's tax rate for 1927 would
Reduction for 1927.
be lower than the previous year has been indicated by Comptroller Berry. The new rate, it is thought, will be 2.66
instead of 2.68, the 1926 rate. With regard to this tax rate
reduction the "Journal of Commerce" of Feb. 19 said:
Comptroller Berry explained that this bright outlook was based on a
compilation made by the Department of Taxes and Assessments, showing
that the real estate of New York City will pay approximately one billion
and a half dollars of the one billion six hundred thousand increased assessments as flied last October on the assessment roll.
Somewhat responsible for this result is the fact that the reduction of
assessments, which was expected to reach $400.000.000. will only amount
to $100,000,000.
$250,000,000 Debt Limit.
It is expected by the Comptroller that the new computation of the city
debt limit, which is to be presented on March 1, and against which corporate stock may be issued, will be about $250.000.000.
Of this sum the 'Board of Transportation, through Chairman John H.
Delaney, has put in a claim for $182.000.000. This would only leave a
small amount available to the city outlined some improvements that the
city administration has listed. In spite of that the amount now quoted
for debt limit is $20,000,000 higher than that given out two weeks ago.
Comptroller Berry in an informal statement in which he surveyed the
corporate stock and serial bond issue available to the city outlined some
of the projects that will have to be financed by the city this year.
For docks and hospitals $20.000,000 will be set aside; for Hunter College
and City College building improvements. $35.000,000; for street improvements, $15,000,000; for subway contracts extensions on contracts Nos. 3
and 4 $5.000.000. and for Judgments and contingencies. ;15.000.000.
120.000.000 for Subways.
Together this makes a total of $90.000,000. and 30,000,000 has to be set
aside for emergencies.
In this list no allowance is made for water bonds, for new subway construction, and the elimination of grade crossings. The indications are
that the city will not be able to spare more than $120,000.000 for subway
construction, if that much.
-AttorneyWaterloo, Black Hawk County, Iowa.
-In answer to an
General Declares Park Bond Issue Legal.
inquiry by W. H. Hamner, Chief Clerk in the municipal
accounting department of the State Auditor's office, Attorney-General john Fletcher declared that in his opinion
Waterloo's park bond issues, the legality of which was questioned because the bonds were not voted upon by the people,
are valid. The question was first raised by the taxing department of one of the railroads running through the city.
Concerning the matter, we quote the following from the
Waterloo "Courier" of Feb. 14:
Provides for Bonds.
bonds
Section 5800 of the code, 1924, provides that cities may issue parks:
for
in the amounts needed for the purpose of paying for real estatethe annual
providing that
notwithstanding the limitations of section 6238,
excess
interest on the aggregate of said bonds outstanding shall not be in
of the sums specified therein," says the Attorney-General.
may be in"Section 6238 provides the limitation of indebtedness that
its gencurred by any political or municipal corporation in any manner. for 1 %
eral and ordinary purposes, which may not exceed in the aggregate of
of the actual taxable value of property within the corporation.
No Provision2f9o3r,Erleeronaiting.
to park commissioners,
Chapter
"There is no provision
or any other part of•the statute, requiring the holding of an election to vote
bonds for park purposes under the provisions
on the proposition of issuing
of Section 5800.
re"Chapter 319, relating to the indebtedness of cities and towns and
quiring an election to vote on the question of submitting bonds for certain
purposes under the proPurposes does not apply to issuing blonds for park park commissioners is
visions of Section 58.00. The statute relating to
in itself.
separate and distinct, and is completethat the park bond issue referred to
,are of the opinion
"We, ly
Is perfectly
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-B. J. Hill,
-BOND OFFERING.
AKRON, Summit County, Ohio.
21 for the folDirector of Finance, will receive sealed bids until 12 m. Mar.
or registered bonds, aggregating $3,550,lowing three issues of4X % coupon
000:
incl.
83,000,000 sewage disposal bonds. Due 5120,000 Oct. 1 1928 to 1952
200,000 street impt. bonds. Due $20,000 Oct. 1 1928 to 1937 incl.
works bonds. Due $14,000 Oct. 1 1928 to 1952 incl.
350,000 water
payable
Dated April 1 1927. Denom._$1,000. Prin. and lat. (A. & 0.) of the
City.
at the National Park Bank, N. Y.DirectorA certified chock for 2%
of Finance, is required.
payable to the
amount bid upon,
-BOND
Mich.
ALBION SCHOOL DISTRICT, Calhoun County,Education, will
-Margaret Ramsdell, Secretary Board of
OFFERING.
until 2 p. m. March 4 for $100,000 414% school bonds.
receive sealed bids
Date July 1 1927. Derwin. $500. Due July 1 as follows: $2.000 1930,
to 1947.
$2.503 1931 to 1938, incl.; $3.000 1939 to 1944, incl.; $3,500 1945
incl., and
incl.; 51.000 1948 and 1949; $4.500 1950, $5.000 1951 to 1955.the public
$8 000 1956 and 1957. A certified check for $1,000, payable to
schools of Albion,is required.
FEB. 26 1927.]
THE CHRONICLE
1249
ATLANTIC CITY, Atlantic County, N. J.
-BOND SALE.
-The
pr pp
ppIFinancial Statement.
following two issues of coupon or registered bonds, offered on
Assessed valuation
V. 124, p. 952
-were awarded to a syndicate composed of the Feb. 24- Total
$798.782
Guaranty
bonded debt
Co. of New York. Harris, Forbes & Co. and Phelps, Fenn & Co., all
,
47000
of Peoulation, estimated
New York, taking $1,456,000 ($1.466,000 offered) as 4.405 at
850
100.69. a
basis of about 0.00%:
175YNTON, Palm Beach'County, Fla.
26
-BIDS REJECTED.
-We are
$1,314.000 general improvement bonds. Due March 1 as follows:
$40.000 now informed by E. L. Winchester, Town Clerk, that all bids were rejected
1928 to 1934, incl.: $50,000 1935 to 1941, incl.: $54,000
1V42 to for the $350,000 69',coupon street improvement bonds offered on Feb. 23
1953. incl., and $36,000 1954.
(V. 124, p. 1097). The bonds will most likely be disposed of at private
sale.
142,000 sewer bonds. Due March 1 as follows: $5,000 1928
to 1941.
incl., and $6,000 1942 to 1953, incl.
GETON, CumberlandrCounty, N. J.
-BOND OFFERING Date March 1 1927. Other bidders were:
William B. Boone, City Comptroller, will receive sealed bids until 8 :
p. m.
March 15 for the following two issues of 431% coupon or registered bonds
Interest Amount
aggregating $142,000:
BidderRate.
Bid for.
Price Bid.
$117.000 sewer system, series J, bonds. Denom. $1,000. Due
Chase Securities Corp.,Inc., A.B.Leach
$3,000,
1928 to 1966 incl.
& Co.. B. J. Van Ingen & Co.,
25,000 asphalt street paving mixing plant, series I. bonds. Denom.
Batchelder, Wack & Co., Gibson,
$500. Due $2.500, 1928 to 1937 incl.
Leefe & Co., H. L. Alien & Co
4% $1,457,000 $1,466,033 40
Dated April 1 1927. No more bonds to be awarded than will
Geo. B. Gibbons & Co.. Remick, Hodges
premium a $1,000 over each of the above issues. A certified produce a
& Co., Eastman, Dillon & Co., Kean,
check for
2% of the amount of bonds bid for is required.
Taylor & Co., Kountze Bros
1.460,000
43%
1,466.094 04
Hoffman & Co.. W.A. Harriman & Co.,
BRONXVILLE, Westchester County, N. Y.
-BOND OFFERING.
Redmond & Co.. J. A.DeCamp & Co.,
Jerry C. Leary, Village Clerk, will receive sealed bids until 8.30 p. Inc., R. A. Schmidt & Co
1.465.000
1,466.343 00 March 15 for $75.000 43 % street improvement bonds. Date Dec. 1 1927.
Bankers Trust Co
lg
Denom. $1,000. Due 35.000 Dec. 1 1927 to 1941. inclusive.
1,442.000
1,466,530 00
payable J. & D. Legality will be approved by Thomson. Wood Interest
Sz!HoffAUBURN, Cuyahoga County, N. Y.
-BOND OFFERING.
man, New York City. A certified check for 2%
-A.
Stout. City Comptroller, will receive sealed bids until 12 m. Feb. 26 (to I). bonds bid for, payable to the Village Treasurer, of the par value of the
is required. The above
-day)
for $55,369 30 4.4% public impt. bonds. Denom. $1,000, $500
and one supersedes the report given in V. 124,la• 953.
for $369 30. Due Mar. 1 as follows: $5,869 30. 1928. and $5,500,1929
to
1937 incl. Prin. and int.(M.& S.) payable at the U.S. Mtge.& Trust Co.,
BROOKLINE, Norfolk County, Mass.
-NOTE OFFERING.
-Albert
N. Y. City. Legality approved by Reed, Dougherty & Hoyt, N.
P.
Y. City• theBriggs, Town Treasurer, will receive sealed bids until 12 m. Feb. 28 for
A certified *
check for 2% is required.
purchase on a discount basis of $300.000 revenue notes. Dated
Feb.28
1927. Due Oct. 28 1927.
Financial Statement as of January 1 1927.
Assessed valuation, real estate
BROWARD COUNTY (P. 0. Fort Lauderdale), Fla.
327,336.485
-BOND OFAssessed valuation, special franchises
FERING.
-Prank
980.007 receive sealed bids A. Bryan, Clerk Board of County Commissioners, will
until 11 a. m.March 15 for $300,000 5% court house and
Total
jail bonds. Dated July 1 1925. Denom. $1.000. Due July 1 as follows:
328.316.492
Bonded debt, exclusive of this issue
$1,412,487 815.000. 1935 to 1939 incl.: 820,000, 1940 to 1944 incl., and $25.000. 1945
Water bonds included in above issue after Jan. 1 1910
261.000 to 1949 incl. Coupon bonds registerable as to principal
int. (J. & J.) payable in New York City. The bonds only. Prin. and
will be prepared
$1,151,487 under the supervision of the United States Mortgage & Trust Co., N. Y.
Sinking fund applicable for retirement of water bonds
43,367 City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. A certified check for 2% of the bid
Net debt under constitutional limit
31.108.120 required. Legality to be approved by Thomson, Wood & Hoffman, New
York City. These are the bonds mentioned in V. 124, p. 953.
BALDWIN CITY, Douglas County, Kan.
-BOND
The $68,463 38 4%% coupon paving bonds purchased DESCRIPTION.
BROWNSVILLE, Cameron County,
by A.
-BOND SALE.
-The folOttawa (V. 124. p. 952) at par are described as follows: Dated L. Cook of lowing three issues of bonds aggregating Tex.
8500.000 offered on Feb. 18Aug. 1 1926.
Denom. $1,000 except one for $1,468 38. Due serially
-were awarded to A.C. Allyn & Co.of Chicago at a premium
Aug. 1 1928 to 1946 V. 124. p. 1097
incl. Interest payable
& A.
of $1,927 50, equal to 100.38:
$300,000 street bonds.
BARRINGTON, Camden County, N. J.
-BOND SALE.
100,000 sewer bonds.
-R. M.
Grant & Co. of New York have purchased the
following three issues of
100,000 water and light extension bonds.
5%% bonds aggregating $54,000:
$14,000 street grading bonds.
CANNON FALLS, Goodhue County, Minn.
-BOND SALE.
-The
20,000 curbs and gutters bonds.
$5,000 registered improvement bonds offered on Feb. 17 (V. 124. p. 821)
20,000 sidewalk bonds.
were awarded to George Wilson of Cannon Falls as 6s at par. Dated Dec. 1
Due July 1 as follows: $36.000, 1932. and $18,000.
1926. Due in 1941.
1936.
CARLISLE SCHOOL DISTRICT, Cumberland County, Pa.
BEDFORD, Cuyahoga County, Ohio.
-BOND
-E. L. BOND OFFERING.
Allen, Village Clerk, will receive sealed rids until 8 OFFERING.
-Thos. E. Vale. Secretary, Board of Directors, will p. m. March 22
re$75,000 44% hospital bonds. Date April 1 1927. Denom. $1.000 for ceive sealed bids until 12 m. Mar.7 for $78,000 43' coupon or registered
%
and school bonds. Dated Mar. 1 1927. Denom.
$500. Duo Oct. 1 as follows: $3,500 in each of the years
$1,()0. Due Mar. 1 as fol1928, 1930, lows: $8.000. 1928 to 1936 incl..and
1932, 1934. 1938, 1938. 1940. 1942. 1944, and 1946, and
$6,000. 1937. Prin.and int.(M.& S.)
of the years 1929, 1931, 1933, 1935. 1937. 1939, 1941. $4.000 in each payable at the Carlisle Deposit Bank & Trust Co.
1943,
1947. A. certified check for 5% of the bid, payable to the Village 1945 and
Treasurer,
CARROLL COUNTY (P. 0: Delphi), Ind.
is required.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. to-day (Feb. 26) by the County
Treasurer, for $2.),000 road bonds.
BELOIT, Rock County, Wis.-BOND SALE.
-The
coupon hospita, bonds offered on Feb. 18-V. 124, p. 953 3250.000 4',%
-were awarded
CARROLL COUNTY (P. 0. Carrollton), Ohio.
to the Illinois Merchants Trust Co. of Chica.so at a
-CORRECTION.to 100.35, a basis of about 4.21%. Dated March 1premium of $895, equal The amount of the bonds awarded to W. K. Terry & Co. of Toledo on
1927. Due as follows: Feb. 4-V. 124, p. 953
-is $81.801 77. not $1,801 77 as reported.
$10,000, 1928 to 1937 incl., and $15,000, 1938 to 1947 incl.
Other bidders were:
CASEY COUNTY (P.O. Liberty), Ky.-PRICE PAID
-MATURITY.
BiddersPremium.
BiddersPremium. -The price paid for the $60,000 5% road and bridge bonds sold on Dec. 28
Harris Trust & Say., Chic.-$783 00 Hill, Joiner & Co.,
-was par. The bonds mature $10.000 in each of the years
Chic____$265 00 -V.124. p.953
National City Co., Chic_ ___ 703 25 E.H.Rollins & Sons Co..
Bos. 191 50 1931, 1936. 1941, 1946. 1951 and 1956.
Blyth, Witter & Co., San Pr.. 686 50 A. C. Allyn & Co.,
Milw____ 87 50
Hyde & Brittan Bank
670 00 Halsey. Stuart & Co.. Chic.- 53 00 • CATAHOULA PARISH SUB-ROAD DISTRICT NO. 6 (P. 0. HarContinental & Commercial
-BOND OFFERING.
Beloit State Bank. Beloit-- 37 50 risonburg), La.
-H. M. Krause. President Police
Trust & Say. Bank, Chic
429 00
Jury, will receive sealed bids until March 14 for $15,000 6% road bonds.
Denom.$1,000. •
BEREA SCHOOL DISTRICT, Cuyahoga County,
Ohio.
-BOND
OFFERING.
-Lewis A. Fowles, Clerk Board
CENTRAL CITY, Merrick County, Neb.-BOND SALE.
Education, will receive
-The Peters
sealed bids until 12 m. March 14 for $600,000 of %
Trust Co. of Omaha
431
Date April 1 1926. Denom. $1,000. Duo 812.000 school coupon bonds. aggregating $28,000:has purchased the following two issues of 4 X% bonds
April and Oct. 1 1927
to 1951, inclusive. Principal and interest (A. & 0.)
district paving bonds. Due Feb. 15 as follows: $1,500,
payable at the office $17,500
of the Clerk Board of Education. A certified
1928:
32.000. 1929: 81.500, 1930: 82.000. 1931: 31.500. 1932: 82.000.
of the bonds bid for, payable to the Board of check for 5% of the amount
Education, is required.
1933: 31.500, 1934:82.000. 1935:81,500. 1936. and 82.000. 1937.
10,500 intersection paving bonds. Due Feb. 15 as follows: $1.500, 1928:
BERLIN, Worcester County, Md.-BOND SALE.
-Townsend Scott &
and $1,000, 1929 to 1937 incl.
Son of Baltimore have been awarded an issue of $26,000
street impt. bonds.
Dated Feb. 15 1927. Denom. 31,000 and $500. Prin. and int. (F. &
BEXLEY (P.O. Columbus), Franklin County, Ohio.
A. 15) payable at the County Treasurer's office. Legality approved by
-BOND SALE.
-The following 5% coupon sanitary sewer special
assessment bonds. Stout, Wells, Rose & Martin of Omaha.
mating $46.025, offered on Feb. 21 (V. 124. p. 673), were
awarded to Assessed valuation (1926) Financial Statement.
Herrick Co. of Cleveland at a premium of $406, equal to
$2,610,920
100.88, a Bonded debt (including the above issues)
basis of about 4.73%:
$157:290
8 50
9 0
Sinking fund
$5.200 District No. 4 bonds. Denom. $1,000, one for $200. Due
Oct. 1 Net debt
as follows: $1,000, 1928 to 1931, inclusive, and $1,200,
117.710
Present population (estimated)
9.600 District No. 3 bonds. Denom. $1.000, one for $600. 1932.
2,500
Due Oct. 1
as follows: $2.000, 1928 to 1931. inclusive, and $1,600, 1932.
CHEYENNE, Laramie County, Wyo.-BOND SALE.
-The State of
15,150 District No. 5 bonds. Denom. $1,000, one for $150. Due
Wyoming has purchased an issue of $250,000 43 % water works extensionOct. 1
as follows: $3,000, 1928 to 1931. inclusive, and
bonds at par.
16,075 District No. 3 bonds. Denom. $1.000, one for $3,150, 1932.
$500 and one
E75. Due Oct. 1 as follows: $3.000. 1928 to 1930, inclusive, for
CHILLICOTHE, Ross County, Ohio.
-BOND OFFERING.
and
-B. M.
.500. 1931. and 33,575, 1932.
Clark, City Auditor, will receive sealed bids until 12 m. Mar.25 for
Date arch 1 1927.
$40,000
5% sewer bonds. Dated Jan. 15 1927. Denom. $1,000. Due Jan.
1 as
follows: $2,000, 1928 to 1942 incl., and shop°,
BILOXI, Harrison County, Miss.
-BOND SALE.
-The $223,000 and int. (J. & J.) payable at the City Treasurer's 1943 to 1952 incl. Prin.
street bonds offered on Feb. 21-V. 124. p. 1097
office. A certified check
-were awarded to A. K. for 2% of the amount of bonds bid
for, payable to the City Treasurer. is
Tigrett & Co. of Memphis as 5y at a premium of $2,025, equal
4s,
to
Dated Mar. 151927. Denom.$1,000. Due serially. Int. payable 100.91. required.
M.& S.
CHINOOK, Blaine County, Mont.
-BOND ELECTION.
BIRMINGHAM, Jefferson County, Ala.
-An elec-BOND OFFERING.- tion will be held on May 2for the
purpose of voting on the question ofissuing
0. E. Armstrong, City Comptroller, will receive sealed bids
March 15 for $400,000 43%, 43%, 434% or 5% public until 12 m. $7,500 water main extension bonds.
impt. bonds.
Dated April 1 1927. Denom. $1,000.
CLACKAMAS COUNTY UNION HIGH SCHOOL
incl. Prin. and int. (A. & 0.) payable Due $40.000 April 1 1928 to 1937
DISTRICT NO. I
in gold at the Hanover
-BOND SALE.
-The $82,500 school bonds offered
Bank, New York City. A certified check, payable to the city National (P. 0. Canby), Ore.
the bid, required. Legality approved by Thomson, Wood & for 1% of on Feb. 21 (V. 124, p. 953) were awarded to Peirce, Fair & Co. of Portland
Hoffman, at 100.162,a basis of about 4.67% taking $61,500 bonds as 43 s and $21.000
New York City.
%
bonds as 410. Date Feb. 1 1927. Due Feb. 1 as follows: $3,000. 1932:
$3,500. 1933: 84,000, 1934 to 1937 incl.: 85.000, 1938 to 1940 incl.; $6,000.
BIRMINGHAM, Jefferson County, Ala.
-BOND ELECTION.
-On 1941 to 1944 incl., and 87,000, 1945 to 1947
April 12 an election will be held for the purpose of voting on the
incl.
question
of issuing $3.500,000 school bonds.
CLAY COUNTY (P. 0. Bedford),
-Sealed
-BONDS OFFERED.
BOARDMAN TOWNSHIP (P. 0. Poland R. D. No. 2), Mahoning bids were received until Feb. 23 by the Ind.
County Treasurer for $98,400 road
County, 0.
-BOND OFFERING.
-GOO. II. Davidson, Clerk Board of bonds.
Trustees, will receive sealed bids until 12 m. March 2 for 315,000
CORONADO BEACH, Volusia County, Fla.
5% fire
-BOND OFFERING.protection bonds. Dated April 1 1927. Denom. $1.000.
Due $2,000 E. P. Kinder, City Clerk, will receive sealed bids until 6 p. m. Mar. 22 for
April and Oct. 1 1928 to April 1 1931 and $1,000
int. (A. & 0.) payable at the Mahoning National Oct. 11931. Prin. and $94,000 6% series A coupon or registered improvement bonds. Date
Bank, Youngstown. A July 1 1926. Denom.
certified check for $750, payable to the Clerk Board of Trustees, is
$1,000. Due July 1 as follows: $9,000, 1927 to
required. 1933, incl., $10,000 1934 and 1935, and $11,000 1936. Principal and int.
BOONE COUNTY (P. 0. Fowler), Ind.
& S.) Payable at the National Bank of Commerce. N. Y. City, or at the
-BOND SALE.
43 % road coupon bonds offered on Feb. 22-V. 124, -The 310.000 State Bank & Trust Co. of New Smyrna. A certified check payable to the
-were city for 2% of the bid required. Legality
awarded to the City Securities Corp of Indianapolis at P. 1097
to be approved by Thomson,
a premium of
$188, equal to 101.88.
, N. Y , p 2 T.ese are the bonds originally scheduled
cv. 123 City. )
.
680 h
fWoroosLe&
on
BOYD COUNTY SCHOOL DISTRICT NO.36(P.O. Lynch),
BOND SALE.
CROOKSVILLE, Perry County, 0.
-The Peters Trust Co. of Omaha has purchased an Nob.
-BOND OFFERING.
-C. L.
821.0005% refunding school building bonds. Dated May 1 1927. issue of Dean,Village Clerk, will receive sealed bids until 1.2 in. March 19 for 396,000
Denom. 5%% water works bonds. Dated Jan. 1 1927. Denom. 81.000. Due
$1.000. Duo May 11947. optional May 1 1932. Prin. and int.(M.
& N•1) $4.000 Sept. 1
payable at the County Treasurer's office. Legality approved
A certified check
by Chap- for 10% of the 1928 to 1951 incl. Int. payable M.& S. Village
man, Cutler & Parker of Chicago.
amount of bonds bid for, payable to the
Treasurer.
is required.
'VR1173
.
tr
1250
THE CHRONICLE
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-130ND OFFER-Louis Simon, Clerk Board of County Commissioners, will receive
ING.
sealed bids until 11 a. in. Mar. 9 for the following three issues of 43i%
improvement coupon bonds, aggregating $50,283:
for
$5,774 stone road special assessment bonds. Denom. $500, except oneand
Due Oct. 1 as follows: $774, 1927; $500, 1928 and 1929.
1,000, 1930 to 1933 incl.
13,909Mackenzie Road special assessment bonds. Denom. 81,000 except
one for $909. Due Oct. 1 as follows: 8909, 1927; $1,000, 1928 to
1932 incl., and $2,000, 1933 to 1936.
except
30,600 Mackenzie Road county's portion bonds. Denom. $3,000$3,000,
one for $600. Due Oct. 1 as follows: $3,600, 1927, and
1928 to 1936 Inclusive.
Dated Oct. 1 1926. Prin. and int. (A. & 0.) payable at the County
bid
Treasurer's office. A certified check for 1% of the amount of bonds
for, payable to the County Treasurer, is required.
Financial Statement.
84,000,000,000 00
Actual value of property (estimated)
2,090.045,590 00
Assessed valuation 1926, real estate
810.559,.000 00
Assessed valuation 1926. Personal
$2,900,604,590 00
Total assessed valuation
Bonds outstanding for:
7,358,000 00
Bridges and buildings
Road bonds (Section 6929 G. C.):
$4,987.638 37
County
4,012.696 32
Assessment
1774.
[VOL. 124.
Due Nov. 1 as follows: $2,000, 1932 to 1941 incl., and $3,000, 1942 to 1956
inclusive.
-BOND OFFERING.
ERIE SCHOOL DISTRICT, Erie County, Pa.
R. S. &obeli, Secretary and Business Manager, will receive sealed bids
until 11 a. m. March 15 for $500,000 431% school bonds.
--The following
-NOTE SALE.
ESSEX COUNTY (P. 0. Salem), Mass.
-were awarded
notes aggregating $55,000 offered on Feb.8-V.124, p. 1098
to the Merchants' National Bank of Salem:
notes on a 3.76% discount basis plus a
$50,000 hospital maintenance
premium of $1 45.
5,000 Waters River bridge bonds on a 3.67% discount basis plus a
premium of $0 65.
Due July 15 1927.
-The $5,766 18
-BOND SALE.
FAIRVIEW, Cuyahoga County, 0.
6% sidewalk assessment coupon bonds offered on Feb. 21-V. 124. p.822
Geo. W. York & Co. Cleveland. Date Feb. 1 1927.
were awarded to
'
Due Oct. 1 as follows: 81,266 18, 1928; 81,000, 1929 to 1931, incl., and
31,500. 1932.
-BOND
FAYETTE COUNTY (P. 0. Uniontown), Pa. issue of SALE.
The Mellon National Bank of Pittsburgh has purchased anprincipal$500.000
only or
Coupon bonds reristerable as to
431% impt. bonds.
as to both prin. and int. Denom. 81,000. Int. payable F. & A. 17. at
the County Treasurer's office. Legality approved by Reed, Smith,
Shaw & McClay of Pittsburgh. The bonds are being offered at 101.84
and int., to yield about 4.025% •
Financial Statement.
9,000,334 69
8109,332,665
Assessed valuation 1926
1223 G. C.):
2,738.000
Inter-county highway bonds (Sec.
Total bonded debt including this issue
$648, 9 92
788,967
County
Less sinking fund
00
459.
Assessment
1,107,539 92
$1,949,033
4,637,800 00
Sewer bonds
Estimated population, 200,000. Percentage of net bonded debt, 1.78.
3,837,800 00
Water bonds
--w
-BOND OFFERING.
FLORENCE. Pamlico County. No. Caro.
$25,941,474 61 H.
Total bonded indebtedness
K. Gilbert, Mayor, will receive sealed bids until 3 p. m. March 3 for the
Cash value of sinking fund for debt redemption
following three issues of not exceeding 5% coupon bonds, aggregating
0
7 0.'564 65
Population (Census). 1920, 963,469; 1927 (estimated), 1,202,063
8250,000:
-DE- $190,000 water works and sewer extension bonds. Due March 1 as follows:
-PRICE PAID
DALLAS COUNTY (P. 0. Dallas), Texas.
87,000, 1928 to 1937, incl., and 86.000, 1938 to 1957, incl.
-The price paid for the 865,000 coupon hall of record bonds
SCRIPTION.
40,000 storm drainage system bonds. Due March 1 as follows: $1,000.
-V. 124, p. 953
purchased by the Branch-Middlekauf Co. of Wichita
1928 to 1947, incl.. and $2,000. 1948 to 1957, incl.
the rate of 5%, and are described
was 99.50. The bonds bear int. at
20,000 sidewalk bonds. Due March 1 as follows: $1,000, 1928. 1930,
as follows: Date Feb.. 1. 1927. Denom. $1,000. Due serially 1928
1932, 1934. 1936. 1938, 1940, 1942, 1944, 1946, 1248, and 1950
F. dr A.
to 1932 Incl. Int, payable
to 1956, incl., and 82,000, 1957.
,
DARDANELLE PAVING DISTRICT NO. 1 (P. 0. Dardanelle)
Date March 1 1927. Denom. 81.000. Rate of interest to be in mul-M. W. Elkins & Co. of Little Rock tiples of 31 or 1-10 of 1%. one rate to apply to the entire Issue. Prin. and
-BOND SALE.
Yell County, Ark.
have purchased an issue of 8125.000 paving bonds at par. Due serially int. (M. & S.) payable at the Chase National Bank, New York City. A
1929 to 1947 incl.
certified check, payable to A. MeTaggart, City Treasurer, for $5;000.
- required. Legality approved by Clay, Dillon & Vandewater of New York
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Delaware), 0.
City.
W. J. Main. Clerk Board of County Commissioners, will receive sealed
March 8
-The following
-BOND SALE.
bids until 2 p. m. March 8 for $26.000 5% road bonds. Dated1931 incl.
FORT MEYERS, Lee County, Fla.
1927. Denom. $1,000. Due 82.000 March and Sept. 1 1928 to
five issues of 5% bonds aggregating $875.000 offered on Feb. 18-V. 124.
and $1,000 March and Sept. 1 1932 to 1936 incl. Prin, and int.(M.& S.) p. 822
to a syndicate composed of W. L. Slayton & Co.
-were awarded
payable at the County Treasurer's office. A certified check for $500, and Spitzer, Rorick & Co., both of Toledo, and Marx & Co. of Birmingham:
payable to the County .Auditor, is required.
$415,000 sewerage system bonds.
200.000 water system extension bonds.
-The $13,-BOND SALE.
DENNISON, Tuscarawas County, O.
125.000 playgrounds and recreational bonds.
992 06 53 % special assessment North Third and Fourth Streets improve70.000 gas plant extension bonds.
-were awarded to Seasonment bonds offered on Aug. 28-V. 123, p. 740
65.000 fire protoction bonds.
at a premium of $364 15. equal to 102.60, a
good & Mayer, Cincinnati,
Dated April 1 1926. Due April 1 1956.
basis of about 4.95%. Date April 1 1926. Due 8692.06 April 1 1927
-BOND
$700 Oct. 1 1927 and $700 April 1 and Oct. 1 1928 to 1936, incl.
FORT WAYNE SCHOOL DISTRICT, Allen County, Ind.
124.
-The $100,000 431% school bonds offered on Feb. 22-V. at a
-The SALE.
-BOND SALE.
DE SOTA COUNTY (P. 0. Arcadia), Fla.
awarded to the First National Bank of Fort Wayne
-were
-were P. 954
hospital bonds offerde on Feb. 17-V. 124, p. 674
$150.000 5
a basis of about 4.17%. Date March 1
& Co. of Orlando at 101. a basis of about premium of 8602, equal to 100.602, 1947, incl.
awarded to Wright. Warlow
1927. Due $5,000 March 1 1928 to
5.40%. Dated Nov. 11925. Due 85,000 Nov. 1 1928 to 1957 incl.
0. Greenville),
FOUNTAIN SPECIAL SCHOOL DISTRICT (P. Gaskins, Register
DISTRICT NO. 70(P. 0. Allen), Neb.
DIXON COUNTY SCHOOL
-BOND OFFERING -J. C.
No. Caro.
-On March 5 an election will be held for the purpose Pitt County receive sealed bids until 10 a. m. March 11 for $16,000 not
-BOND ELECTION.
of Deeds, will
of voting on the question of issuing $28,000 4 I% school bonds.
exceeding 6% coupon or registered school bonds. Date Feb. 1 1927.
- Denom. 81,000. Due Feb. 1 1947. Interest rate to be in multiples of
-ELECTION SALE.
-PRE
DODGE CITY, Ford County, Kan.
Int.(F.& A.) payable at the Hanover National Bank,
Prin.
The Shawnee Investment Co. of Topeka has purchased an Woo of S250,000 % of 1%. City. and certified check for 2% of the bid required. legality
A
% school bonds at a premium of $2,275. equal to 100.91, subject to New York Reed, Dougherty, Hougherty, Hoyt & Washburn, New York
approved by
an election to be held soon.
'ity. These are the bonds mentioned in V. 124. p. 1100.
-The
-BONDS REGISTERED.
DONNA, Hidalgo County, Texas.
-BOND DESCRIPTION.FRANKFORT, Herkimer County, N. Y.
State Comptroller of Texas registered on Feb. 14 an issue of 8580,000
sold to the National
The 89,000 fire truck and equipment bonds reported par and are described
6% irrigation improvement bonds. Due serially.
Bank of Ilion as 6s in V. 124, p. 954, were awarded at
&Co. as follows: Date Feb. 1 1927. Registered bonds in denom. of $1.000. Due
DOTHAN, Houston County, Ala.-I30ND
53,000, July 1 1927 to 1929 incl. Int. payable J. & J.
of Nashville have purchased an issue of $20,000 refunding bonds at par.
-The
-BOND SALE.
-The follow-BOND SALE.
FRANKLIN COUNTY (P. 0.'Columbus), 0.
DURHAM, Durham County, No. Caro.
t No. 111,
ing three issues of bonds, aggregating 81,900,000. offered on Feb. 21- $13,500 431% Sewer District Truro No. 1, Sewer Improvemen L. Slayton
-were awarded to W.
syndicate composed of the First Na- bonds offered on Feb. 16-V. 124, p• 674
V. 124, p. 1098-were awarded to a
a basis of about
tional Bank, Halsey, Stuart & Co.. Redmond & Co. and Rogers Caldwell & Co. of Toledo at a premium of $180, equal to 101.33.
82,000.
& Co., all of New York City, and the First National Bank of Durham, as 4.49%. Date Feb. 1 1927. Due Oct. 1 as follows: $1,500, 1928;
1938 incl.
1929 and 1930, and $1,000. 1931 to
4%)1, at a premium of $15,371, equal to 100.809, a basis of about 4.43%•
Due Jan. 1 as follows: 05,000. 1929 to
Marshall
$1.000.000 street !rapt. bonds.
FRANKLIN ROAD DISTRICT (P. 0. Moundsville), has pur1938. incl. and 850.000, 1939 to 1947, Ind.
-The State of West Virginia
County, W. Va.-BOND SALE.
800,000 water works extension bonds. Due Jan. 1 as follows: $12,000. chased an issue of $50,000 road bonds at par.
.820,000. 1943
1930 to 1934, incl., $15,000. 1935 to 1942, incl.
County, O.'
$
to 1951, incl., $25.000, 1952 to 1959 Incl., and30.000, 1960
GARFIELD HEIGHTS (P. 0. Bedford), Cuyahoga
(village's portion)
to 1967, incl.
-The $53,073 5% street improvement -- awardedl to the
as follows: BOND SALE.
-were
100.000 street widening and extension bonds. Due Jan. 1 incl.
coupon bonds offered on Feb. 8-V. 124. p. 403
$1.736, equal to 103.26,
$2,000. 1930 to 1973. incl., and $3,000, 1974 to 1977,
Guardian Trust Co. of Cleveland at a premium ofDue Nov. 1 as follows:
Date Jan. 1 1927.
a basis of about 4.57%. Date Nov. 1 1926. 1933; $3,000, 1934 to 1938
1932 incl.: $4,000,
- $3,073, 1928; 83,000, 1929 to
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
1940 to 1944 incl.
-A. N. Ferris, Town Clerk, will receive sealed bids ine.l.; $4,000. 1939, and $3,000,
BOND OFFERING.
--BONDS REGISTERED.
until March 2 for $68,000 5% coupon or registered fire house bonds. Dated
COUNTY (P. 0. Post), Texas. Feb. 17 an issue of $82,000
GARZA
March 1 1927. Denom. $1,000. Due March 1 as follows: $3,000, 1928, The State Comptroller of Texas registered on
in gold
and $5,000, 1929 to 1941 incl. Prin. and in (M. & S.) payable
53i% refunding bonds. Due serially.
at the First National Bank & Trust Co Tuckahoe. A certified check for
Ky.-130ND SALE NOT COM$1,500, payable to the Town, is required.
GEORGETOWN, Scott County, sewerage bonds to the Security
PLETED.
-The sale of $50,000 434%
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 3 (r. 0. Trust Co. of Lexington. report of which appeared in our issue of Feb. 12
-R. F.
as there seems to have
-BOND OFFERING.
Bronxville), Westchester County, N. Y.
V. 124, p. 955-has not been consummated,
Randolph, District Clerk, will receive sealed bids until 8:30 P• m• March 7 been an irregularity in the proceedings in connection with the sale.
for the follmAng two issues of 4, 4% or 4%% coupon or registered school
-The Atlanta Lowry National
-NOTE SALE.
bonds aggregating $176,000:
GEORGIA (State of).
376.000 series A bonds. Due Dec. 1 as follows: $1,000, 1928 to 1939 incl.; Bank of Atlanta has purchased an issue of 12.600,000 notes at 3.94%•
$2,000, 1940 to 1948 incl.; $3,000, 1949 to 1952 incl.; $8,000. 1953 Due Dec. 311927.
to 1955 incl., and $10,000. 1956.
Neb.-On March 7
GIBBON SCHOOL DISTRICT, Buffalo County, question of issuing
100,000 series B bonds. Due Dec. 1 as follows: $3,000, 1928 to 1949 incl.:
on the
$4.000, 1950, and $5,000, 1951 to 1956 incl.
an election will be held for the purpose of voting
Dated Dec. 1 1926. Denom. $1,000. Prin. and int. (J. & D.) payable $16,000 434% school bonds.
exchange.
at the Gramatan National Bank, Bronxvllle, in New York York City.
-PRICE PAID-DESCRIPLegality will be approved by Thomson, Wood & Hoffman, New
GLEASON, Weakley County, Tenn. works bonds purchased by
water
certified check for 2% of the amount of bonds bid for, payable to the TION.
-The price paid for the 830,000124. p. 1098
A
-was a premium of
-V.
Jackson
required.
Little, Wooten & Co. of
Village Treasurer, is
The bonds bear interest
to 104.16. a basis of about 5.51%.
-BOND OFFERING. $1,250, equal 6% and mature Sept. 1 as follows: $1,000, 1928 to 1939 incl.;
EAST CLEVELAND, Cuyahoga County, Ohio.
will receive sealed bids until 12 in. at the rate ofto 1945 incl.. and $3,000, 1946 and 1947.
F.
- D. Green, Director of Finance, coupon
bonds. Dated April 11927. 82.000, 1940
Mar. 14 for $93,500 special assessment
-BOND DESCRIPTION.
Kan.
follows: 89,500.1928: 39,000,1929 to 1934 incl.,and$10,000,
GOODLAND, Sherman County,
Due Oct. 1 as
and int.(A. & O.) payable at the Guardian Trust The 8122.051 25 5% coupon paving bonds purchased by the Fidelity
1935 to 1937 incl. Prin.
are described as folbid for, National Bank of Kansas City, Mo.(V. 124, p. 954),
2% of the
Co., Cleveland. A certified check forrequired. amount of bonds
81,009, except one bond for $1,051 25.
is
lows: Dated July 1 1925. Denoms.
payable to the Director of Finance,
to 1935 incl. Interest payable J. & J.
-The Clay County State Due serially 1927
EDGAR, Clay County, Neb.-BOND SALE.
-The
-BOND SALE.
at par.
GRAND HAVEN, Ottawa County, Mich. p.822) were awarded
Bank of Edgar has purchased an issue of 85,500 fire truck bonds
water works bonds offered on Feb. 21 (V. 124, of$1,876, equal to
-The
-BOND
as 43is at a premium
ELKHART COUNTY (P. 0. Goshen), Ind. on Feb. SALE. 124. 8115,000
to the Security Trust Co. of Detroit
16-V.
construction bonds offered
Date Feb. 1 1927. Due May 1 as fol6
,
892,000 43 % highway
of 101.63, a basis of about 4.31%. and 356.000, 1934 to 1948 incl.
-were awarded to J. F. Wild & Co. of Indianapolis at a premium
. 822
of about 4.12%. Date Feb. 15 1927. lows: 85,000, 1929 to 1933 incl..
,785, equal to 103.02, a basisincl.
-P. B.
-BOND OFFERING.
GREENWOOD, Leflore County, Miss.
ue $4,600 May 15 1928 to 1947
7.30 p. m. March 1 for
(P. 0. Los Angeles) Los An- Dennis, City Clerk, will receive sealed bids until Feb. 1 1927. Denom.
ENTERPRISE SCHOOL DISTRICT
flood protection bonds. Date
-PRICE PAID-BA:MS.-The price paid for. the $15.000 531%
incl. Prin. and int. (Ir. & A.) payable
gel., County, Calif.
Dean Witter & Co. of San Francisco $1,000. Due $1,000, 1928 to 1942.
865,000 5% school bonds awarded toof about 4.74%. Dated Nov. 1 1926. at a place designated by the successful bidder.
-was 103.11, a basis
V.
- 124, p. 954
G
p
FEB. 26 1927.]
THE CHRONICLE
1251
HAMDEN (P. 0. New Haven), New Haven County, Conn.
-BOND
OFFERING.
-Carl van de Bogart, Town Treasurer, will receive sealed bids
until 10 a. in. March 28 for $100,000 435% school, series of 1927, coupon
,
or registered bonds. Dated April 1 1927. Denom. $1,000. Due $5,000,
April 1 1930 to 1949 Incl. Prin. and int.(A. & 0.) payable at the Hamden
Bank & Trust Co. The bonds will be prepared under the supervision of
the Hamden Bank & Trust Co. Legality will be approved by Watrous,
Hewitt, Sheldon & Gumbart, New Haven. A certified check for
$2,000.
payable to the Town, is required.
Due Sept. 1 as follows:'W$6,000, 1928 to 1947 incl.:
$3,000. 1948. and
$2.700. 1949. Other bidders were:
BidderPremium.
BidderPremium,
Detroit Irust Co., Detroit_12,416 00 Assel, Goetz & Moerlein,
Poor & Co., Cincinnati__ 2,727 69
Cincinnati
$2.089 00
Seasongood & Mayer, Cin_ 1.635 00 Guardian Tr. Co.,
Cleve
1. 47 2
32 5
7
3
Title Guar.& Tr. Co., Cin- 578122 The Herrick Co., Cleveland 2.54
2,256 00
Breed, Elliot & Harrison,
Otis & Co., Cleveland
Cincinnati
1.885 50 W. K. Terry Co., Toledo_ 2.797
00
Weil, Roth & Irving, CinContinental & Comercial
HAMILTON, Butler County, 0.
-BOND OFFERING.
-Harry H.
chmati
581 88
Trust Co.. Chicago
Schuster, City Auditor, will receive sealed bids until 12 in. March 15 for
3.211 00
$41,300 5% Fordson Heights special assessment bonds. Dated Feb. 1
KENNARD, Washington County, Neb.-BOND SALE.
1927. Denom. to suit purchaser. Due serially Oct. 1 1928
-The Omaha
1937 incl.
Prin. and int. (A. & O.) payable at the City Treasurer's office.to A certified Trust Co. of Omaha has purchased an issue of $10,000 5% refunding eleccheck for 5% of the amount of the bid, payable to the City Treasurer, Is tric light and transmission line bonds. Dated Dec. 1 1926.
required.
KERENS, Navarro County, Texas.
-WARRANT SALE.
-An issue
of $30,000 city hall and fire station building warrants has been
HASTINGS, Adams County, Neb.-BOND SALE.
disposed
-The United
Trust Co. of Omaha purchased on Jan. 10 the following two issues ofStates of recently.
bonds
KERNERSVILLE, Forsyth County, No. Caro.
ggr (WIT7, 3 40 istrict bonds.
i ,
1 0
-BOND
3 g
$100,000 coupon water bonds offered on Feb. 18-V. 124, SALE -The
33,000 44 intersection paving bonds.
p. 822
awarded to Walter, Woody & Heimerdinger and the Weil, Roth &-were
, Dated Feb. 1 1927.
Co., both of Cincinnati, jointly, as 5345. at a premium of $1,570, Irving
equal to
HENDERSON COUNTY (P. 0. Henderson), Ky.-BOND ELEC- 101.57, a basis of about 5.36%. Dated Jan. 1 1927. Due Jan. 1 as follows: $2,000. 1928 to 1947 incl., and $3,000, 1948 to 1967 incl.
TION.
-An election will be held on March 15 for the purpose of voting
Other
on bidders were:
the question of issuing $1,000,000 road bonds.
BiddersInt. Rate.
Premium
Stranaban, Harris & Oatis, Toledo
HIGHLAND COUNTY (P.O. Hillsboro), Ohio.
5f4;%
$1, 2000
340 00
0
-BONDS NOT
J. C.
53.1%
-The $13,292 515% road impt. bonds offered on Feb. 21-V.124, SOLD• A. T.Mayer & Co., Cincinnati
Bell & Co., Toledo
P.
were not sold due to an error in the advertisement. N.C. Calvert, 954
6%
1.16300
County W. K. Terry & Co., Toledo
Auditor.
%
261 50
American Exchange-Pacific National Bank, N.Y.City_6%
Bohmer, Reinhardt & Co., Cincinnati
HOOPESTOWN SCHOOL DISTRICT, Vermilion County,
5M %
1,03 0 3
0 00
115 0
III.
DESCRIPTION.
BOND
-The $115,000 coupon school building bonds
KOSCIUSKO COUNTY (P.O. Warsaw) Ind.-BOND OFFERIN
ported sold in V. 124, P. 954, bear interest at the rate of 5% and are reG.scribed as follows: Date Jan. 1 1927. Denom. $1,000. Due July de- The County Treasurer will receive sealed bids until 2 p. m. Pet>. 28 for
1 as $43,920 road bonds.
follows: $5,000, 1939: $10,000, 1940 to 1942, incl., and $20,000,
1943 to
mt. payable J. & J
1946, incl. I
J.
LA GRANGE COUNTY (P. 0. La Grange), Ind.
-BOND SALE.
The $12,400
% township line road bonds offered on Feb. 18-V. 124.
HUNNEWALL, Sumner County, Kan.
-PRICE PAID.
-The
paid for the $5,000 5% electric light bonds awarded to the Farmers' price I3• 954-were awarded to the La Grange County Trust Co. of La Grange
State at a premium of $218 80. equal to 101.76, a basis of about 4.16%.
Bank of Hiumewall-V. 124. p. 953
-was par. The bonds mature $500, Feb.
Date
15 1927. Due $620 M
May and Nov. 15 1928 to 1937 incl.
1927 to 1936 inclusive.
HURDSFIELD, Wells County, No. Dak.-BO
LAKE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 3
ND OFFERING.
- (P. 0. Tanares), Fla.
A. T. Giltner, Village Clerk, will receive sealed bids until 2 p.
-BOND SALE.
-The $160,000 69' road and
for $1,500 6% village impt. bonds. Denom. $500. Due m. March 5 bridge bonds offered on Jan. 31-V. 124, p. 138
-were awarded to Wright.
in 10 years. Warlow & Co. of Orlando. Date
A certified check for 2% of the amount offered,
July 1 1927. Due July 1 1937.
payable to the aboNenamed official, is required.
LEXINGTON, Holmes County, Miss.
-BOND SALE.
-The Bank of
INDIAN RIVER COUNTY (P. 0. Vero Beach),
Lexington and the Merchants & Farmers Bank, both of Lexington, jointly,
Fla.
FERING.
-George Sears, Secretary Board of Commission -BOND OF- purchased an issue
sealed bids until March 19 for $75,000 6% bridge bonds. ers, will receive Dated Oct. 1 1926. of $41,300 534% special street impt, bonds at par.
Due serially 1927 to 1936 incl. Legality approved
Denom. $1,000.
by Charles & Rutherford of St. Louis.
JACKSON, Jackson County, 0.
-BOND OFFERING.
-W. P.
Turner, City Auditor, will receive sealed bids
LINCOLN PARK (P.0. Dearborn, R. F. D.), Wayne County,
1,5,175 6% Church St. improvement, special until 12 in March 18 for -BOND SALE.
-The $115,000 5% storm and sanitary sewer bonds Mich.
assessment bonds. Date
offered
March 1 1926. Denom.$500, except one for $675.
-were awarded to a syndicate composed of
Due April 1 as follows: on July 29-V. 123, p. 482
$675, 1928; $500, 1929 to 1931, incl., $1.000, 1932 and
Bumpus & Co., Whittlesey, McLean & Co. and Watling, Lerchen & Co..
$500, 1933 to 1936
incl. A certified check for 5% of the amount of
Detroit, at a premium of $10,650. equal to 106.87.
bonds bid for, payable to all of
•
the City Treasurer is required.
LONG BEACH, Los Angeles County, Calif.
-BOND
-The
JACKSON COUNTY SCHOOL DISTRICT NO. 4 (P.
$500,000 harbor impt. bonds offered on Feb. 15-Y. 124, SALE.
0. Marianna),
p. 955
Fla.
-BOND SALE.
-The $25,0006% coupon school bonds
awarded to a.syndicate composed of the First National Bank and -were
Eldredge
19(V. 124, p. 675) were awarded to George M.Thomas of offered on Feb. & Co., both of New York City, and the Anglo
Marianna at par.
London Paris Co. of San
Dated July 1 1926. Due serially 1927 to 1953 incl.
Francisco at par, taking $455,000 as 43s and $45.000 as 5s.
1924. Due Aug. 1 as follows: $75,000. 1951; $125,000, 1952 Dated Aug. 1
to 1954 incl.,
JACKSON COUNTY SCHOOL DISTRICT NO. 9 (P.
0. Marianna), and $50,000, 1955.
Fla.
-BOND SALE.
-The $15,0006% coupon school bonds
19(V. 124, p. 675) were awarded to George M.Thomas of offered on Feb.
LUZERNE COUNTY (P. 0. Wilkes Barre), Pa.
Marianna at par.
-BOND SALE.
Dated Jan. 1 1927. Due serially 1928 to 1957 incl.
% Market St. bridge coupon bonds offered on Feb.The $1,000.000
21
-were awarded to M. M.Freeman & Co.
-V. 124, p. 823
JACKSON COUNTY SCHOOL DISTRICT NO. 118
100.959, a basis of about 4.10%. Date Jan. 1 1927. of Philadelphia
(P. 0. Mari- at
Due $100.000
anna), Fla.
-BOND SALE.
-The $16.000 67coupon school bonds offered Jan. 1 1930 to 1939 incl.
on Feb. 19(V. 124, p. 675) were awarded to el M.
Thomas of Marianna at
95. Dated July 1 1926. Due serially.
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-The $200,000
temporary loan offered on Feb. 18-V. 124, p. 1099
-was
security Trust Co.of Lynn on a 3.56% discount basis. Dueawarded to the
JACKSONVILLE, Cherokee County, Tex.
-BONDS REGISTERED.
Nov. 1 1927.
-The State Comptroller of Texas registered on Feb. 14
an issue of $75,000
McKeesport SCHOOL DISTRICT, Allegheny County,
511% sewer bonds. Due serially.
Pa.
-BOND
ELECTION.
-The proposition of issuing $1.500.000 school bonds
will be
JACKSONVILLE, Duval County, Fla.
-BOND SALE.
-The following voted on at the general November election.
two Issues of 5% coupon bonds, aggregating 3760,000.
offered on Feb. 23
(V. 124, p. 1098) were awarded to the Florida National
MADISON COUNTY (P. 0. Madison), Fla.
-BOND OFFERING.
Bank of Jackson- F. A. Hathaway, Chairman
ville at a premium of $21,172, equal to 102.78,
State Road Department, will receive sealed
a basis of
$660,000 water works and impt. bonds. Due Jan. 1 as about 4.38%:
bids until March 23 for
follows: $100.000, Denom. MO. Due $241,000 5% coupon road bonds. Date July 1 1922.
1929 to 1934 incl., and $60,000, 1935.
July 1 1952. Prin. and int, payable at the National
100,000 water work. and Improveme
nt bonds (third series 1926). Due City Bank, New York City, or at any bank in Madison. A certified check
for 5% of the bid, payable to the Boara of County Commissioners, required.
$50.000 Jan. 1 1935 and 1936.
Date Jan. 11927.
Legality approved by John 0. Thomson of New York City. These are
the
bonds originally offered for sale on Aug.9-V. 123, p. 483.
JAMESTOWN, Chautauqua County, N. Y.
George S. Doolittle, City Treasurer, will receive -BOND OFFERING.
Ms HASKA COUNTY (P.O. Oskaloosa), Iowa.
sealed bids until 12 in.
-BOND OFFERING.
March 10 for $750,000 4 or 4%%
coupon or registered bonds. -Sealed bids will be received by the Clerk Board of Supervisors, until
Date April 1 1927. Denom. $1,000.school April 1 as follows:
Due
$10.000, 10 a. m. March 10, for $35.000 ditch drainage bonds.
1932 to 1937 incl.; $20.000, 1938 to 1942 incl., and
$118,000.
1947 incl. Prin. and in (A. & 0.) payable in N. Y. City. 1943 to
MALDEN, Middlesex County, Mass.
-TEMPOR
-The
will be approved by Thomson, Wood & Hoffman, N. Y. City. A Legality $500,000 temporary loan offered on Feb. 18-V. 124, p.ARY LOAN.
certified
1009
-was awarded
check for $15,000, payable to the City Treasurer, is required.
to the First National Bank of Boston on a 3.54% discount basis
plus a
premium of $1. Due Nov. 1 1927.
JASPER COUNTY (P. 0. Rensselaer) Ind.
-BOND OFFERING.The County Treasurer will receive sealed Ills until 2 p. m.
MANATEE, Manatee County, Fla.
-BOND OFFERING.
March 5 for
-Charles J.
$11,600 road bonds.
Majory, City Clerk, will receive sealed bids until 10 a. in. March
4 for the
following two Issues of bonds aggregating $115.000:
JERSEY CITY, Hudson County, N. J.
-BOND DESCRIPTION.
$100,000 6% street impt. bonds. Due over a period of 10 years.
The $5.100,000 tax revenue bonds offered on Feb. 18 and reported
15,000 534% street inapt. bonds. Due Sept. 11951.
sold in
V. 124,_
1098, were awarded to a syndicate composed
These are the bonds mentioned in our issue of Feb. 12-V.
Co. of New York, Chase Securities Corp., Kean, Taylor of the Guaranty
124. p. 954.
& Co., Salomon
Bros. & Hutzler, Barr Bros. & Co., R. W. Pressprich & Co.,
MARICOPA COUNTY SCHOOL DISTRICT NO. 1
H. L. Allen
(P. 0. Phoenix),
& Co. and J. A. de Camp & Co., all of New York City, taking
-BOND OFFERING.
-John B. White. Clerk Board of Supervisor
S2,900,000 Ariz.
bonds as 4s and 82,200,000 bonds as 4s at a premium of
s,
will receive sealed bids until 2 p. m. March 7 for $200,000
5% school bonds.
100.00003, a basis of about 4.14%• Date Feb. 1 1927. $1 53, equal to Date March 1 1927.
in denom. of $1,000, registerable as to principal only or as toCoupon bonds (m, & S.) payable at Denom. $1.000. Due March 11947. Prin. and int.
the City Treasurer's office, or at the Bankers
both principal
and interest. Prin. and int. (F. & A.) payable at the City
Trust
Treasurer's Co., New York City. A certified check for 5% of the bid required.
office. Due Aug. 1 1930. The
are being offered at prices to yield
49' and accrued interest. Otherbondsreceived were:
MAYFIELD COMMON SCHOOL DISTRIC
bids
T
Biddertown), R. F. D. No. 1), Fulton County, N. Y. NO. 10 (P. 0. Johns
-BOND OFFERING.
Bankers Trust Co., National City Co. and Harris. Forbes & Co., Rate Bid. Morton C. Putnam, trustee, will receive
sealed bids until 12 m March 15
for $3,390,000 bonds as 4jis and $1.710,000 bonds as 48
for $3,600. not exceeding 6% school bonds.
Date April 1 1927. Denom.
100.00003 $200. Due $200 Oct.
Guaranty Co. of New York, with associates, for $1,451,000
1 1927 to 1944,incl. Prin. and int.(A.& 0.) payable
at the City National Bank, Gloversville. A
bonds as 4Yis and $3,649,000 bonds as 4).s
certified check for 10% of the
100.00003 bid is required.
Trust Co. of New Jersey, for $3,000,000 bonds as 43:Is and
$2.-100.004
100,000 bonds as 4s
METCALFE COUNTY(P.O. Edmonton
Blair & Co., Curtis & Sanger and Old Colony Corp.,for $5,100,000
), Ky.-BOND OFFERING.
Sealed bids will be received by the
bonds as 4.20s
until March 22 for $60.000 county Clerk Board of County Commissioners
First National Bank. Eldredge & Co. Hallgarten & Co. and100.01
bonds.
M. M. Freeman & Co., for $430,000 bonds as 6s, $4.670,000
'
METZ SCHOOL DISTRICT, Vernonu
bonds as 4s, $875,000 bonds as 5s, $4,225,000 bonds as 4s,
-BOND SALE.nty, MO.
An issue of $30,000 school bonds has
$3,610,000 bonds as 4,1s and
Teen disposed of recently.
'
n
bonds as 4s
100
Equitable Trust Co., ehman $1,490,000 H. Rollins & Sons,
Bros., E.
MEXICO UNION FREE SCHOOL DISTRICT NO. 7,
Ames, Emerich & Co., B. J. Van Ingen & Co. and Phelps,
Oswego
County N. Y.
-BOND OFFERING.
Fenn & Co., for $4,090,C100 bonds
-Frank Munson, District Clerk,
as 4;is and $1,010,000
will receive sealed bids until
bonds as 4s
100
coupon bonds. Date April 17:30 p. m. March 14 for 3175.000 435% school
1927. Due Oct. 1 as follows: $2.000, 1928 to
1932, incl.,$3.000.
KALAMAZOO TOWNSHIP FRACTIONAL SCHOOL
DISTRICT 1946 to 1950, incl.. 1933 to 1940, incl., 34,000. 1941 to 1945, incl.,;MOO,
NO. 5, Kalamazoo County, Mich.
36.000,
to 1957, incl..
-BOND DESCRIPTION.
-The $8,000. 1958 to 1960, incl.. 1951 to 1954, incl., $7,000, 1955The
$50.000 41i% school bonds reported sold in V. 124, p. 954-w
and $9,000, 1961 to 1963, incl.
bonds are
ere sold at registerable as to
par, bear interest at the rate of
principal. Prin. and Mt.(A.& 0.) payable at the National
City ble to New
Bank,
Feb. 5 1927. Coupon bonds in414% and are described as follows: Date p
zaL t Citis equirtiffed check for 2% of the bonds
i er y
o
.rA cered
denom. of $100. $500 and $1,000. Due
for.
serially in 1 to 30 years. Interest payable F. & A.
15.
KENMORE, Summit County, Ohio.
MIDLAND,Midland County Tex.
-BOND SALE.
-The 330.00051i%
ty,
-BOND
-The $125.700
47 % coupon sewage disposal inlet, bonds offeredSALE.
g
on Feb. 10(V. 124. P.955) were
on Feb. 23-V. 124, Paving and lighting bonds off
to Garrett & CO. of Dallas at a premium of $600, equal to 102.awarded
p. 675
-were awarded to W. L. Slayton &
Dated
of $3,321, equal to 102.64, a basis of aboutCo. of Toledo at a premium Feb. 11927. Denom.$1,000 and $500. Due serially 1928 to 1967. inclus0.00%. Date Dec. 1 1926. ive.
Interest payable F. & A. 15.
THE CHRONICLE
1252
[VOL. 124.
County, sealed bids until 8 p. m.. March 14, for $82,449 5% school bonds. Date
MIDLAND TOWNSHIP (P. 0. Rochelle Park), Bergen
for $449. Due Oct. 1 as
-The $2,000 sanitary sewer system notes Dec. 1 1926. Denom. $1,000. $500 and one $4,000, 1930. and $4,000,
N. J.
-NOTE DESCRIPTION.
-were awarded at par to the City follows: $3,449, 1927: $3,500, 1928 and 1929; Cleveland Trust, Painessold on Jan. 7-V. 124, p. 1099
reported
Dec. 18 1926. Due Dec. 1931 to 19 7, incl. Prin. and hit, payable at the
National Bank of Hackensack as 54s. Date
ville. A certified check for $1,000 payable to the Board of Education is
18 1927.
required.
Los Angeles), Los Angeles
MILL SCHOOL DISTRICT (P. 0.
-The
-BOND SALE.
PASS CHRISTIAN, Harrison County, Miss.
-The price paid for the $10,000
-BASIS.
-PRICE PAID
County, Calif.
- Hibernia Securities Co. of New Orleans has Purchased an issue of $60,000
Francisco
% school bonds awarded to Dean Witter & Co. of SanNov. 1 1926. 54% impt. bonds. Date Sept. 1 1926. Denom. 81.000. Due $6,000
Dated
-was 101.86, a basis of about 5.09%.
V. 124, p. 955
Sept. 1 1927 to 1936 incl. Prin. and int.(M.& S.) payable at the Chemical
Due $1,0041 Nov. 1 1927 to 1936 incl.
National Bank, N. Y. City. Legality approved by Thomson, Wood &
- Hoffman, N. Y. City.
Essex County, N. J.
MILLBURN TOWNSHIP (P. 0. Millburn).
Financial Statement.
-The First National Bank of Millburn has been awarded
BOND SALE.
2,05057:07057
$5,00
aggregating Actual value taxable property (estimated)
the following two issues of 5% temporary improvement bonds
Assessed value, 1926
$40.000:
224,000
Total bonded debt (Including this issue)
Road bonds.
125,000 Sagamore
205,000
Less sinking fund,$5.000; water works bonds,$14,000; net debt_
15,000 Clinton Ave. bonds.
Population (estimated), 3.200.
Calif
MONTEREY COUNTY SCHOOL DISTRICTS(P.O. Salinas), bond
-The issue
-BOND SALE.
PERTH AMBOY, Middlesex County, N. J.
-The price paid for the following two issues of 5%
-PRICE PAID.
offered on Feb. 23
ting $97,500 awarded to the William R. Staats Co. of Los Angeles of 44% coupon or registered water, series W. bonds of Perth Amboy,
(V.124. p.955) was awarded to the Raritan Trust Co.
105.35, a basis of about 4.46%:
-was
. 4, P. 953 and 955
$3,000, taking $1,194,000 (51,200.000 offered) at 100.503, a basis of about 4.46%.
$90,000 Monterey School District bonds. Date Feb. 7 1927. Due
1928 to 1957 inclusive.
Financial Statement (as Officially Reported).
Date Aug. 18 1926. Due $500,
7.500 Bradley School District bonds.
(
$44,8 10,056 $44.890,056
Assessed valuation for taxation.$1926
Aug. 18 1928 to 1942 inclusive.
8,409,500
Total indebtedness. including this issue
2,664,000
-BONDS OFFERED.
Less Water Debt
County. N. Y.
MOUNT VERNON, Westchester
24
458.141
Less sinking fund
-Leslie V. Bateman, City Comptroller, received sealed bids on Feb.
5,287.359
for $216,000 not exceeding 5% city hall coupon or registered bonds. Dated Net debt
Population, 1920 census, 41,707. Population, 1926 (mtimated), 48,000.
1 as follows: $6,000, 1929, and
Feb. 1 1927. Denom. $1,000. Due Feb.
Comp510.060, 1930 to 1950 incl. Prin. and int. payable at the City City.
-The
PHARR, Hidalgo County. Texas.-BONDS REGISTERED.
troller's office. Legality approved by Caldwell & Raymond, N. Y.
14 an issue of $83,500 6%
State Comptroller
0. San refunding bonds. of Texas registered on Feb.
Due serially.
MOUNTAIN VIEW UNION HIGH SCHOOL DISTRICT (P.
•q
-Sealed bids
-BOND OFFERING.
Jose), Santa Clara County, Calif.
PHILADELPHIA SCHOOL DISTRICT,Philadelphia County,Pa.
will be received by the County Clerk until March 7 for $80,000 5% school
bonds
-The $33,000,000 481% coupon or registered school & Co.
BOND SALE.
bonds. Due serially 1928 to 1947, inclusive.
offered on Feb. 23 (V. 124, p. 824) were awarded to Harris, Forbes
-R. A. Davis. of New York at 100.701. a basis of about 4.18%. Date March 1 1927
NEVADA, Story County. yowa.-BOND OFFERING.
$50,000
City Clerk, will receive sealed bids until 7:30 p. m. March 15 for pay for Due $150,000 Sept 1 1937 to 1956, inclusive
May 1 1927. Successful bidder to
water works bonds. Date
rolionwi g is a complete list of the bids:
Rate Bid.
the bonds, and attorney's opinion as to the legality of same.
Bidder-BOND Equitable Trust Co.. Chase Securities Corp., Lehman Bros. &
NEW CASTLE SCHOOL DISTRICT,Lawrence County, Pa.
100.609
Co. and Guarelan Detroit Co.. all of New York City
Directors, will
-11. M. Marquis, Secretary Board of School
OFFERING.
series B, Drexel & Co., Phila.. and Brown Bros. & Co., Guaranty Co. of
receive sealed bids until 8 p. m.March 8 for $600,000 43 % school,
New York, both of New York City, and the Union Trust Co.,
1 as follows: $10.000, 1947
coupon bonds. Denom. $1,000. Due April
100.5789
Pittsburgh
1957.
100.5116
$20,000, 1948 to 1950,incl., $80.000. 1951 to 1956,incl., and $50.000.
District. Yarnell & Co., Philadelphia
Prin. and hit, payable at the office of the Treasurer of the School School National City Co.., New York City, and Janney & Co. and W.H.
Treasurer of the
A certified check for 1% of the bid, payable to the
Newbold's Son & Co., both of Philadelphia
District is required.
Bankers Trust Co.. New York City, and Biddle & Henry and Bank100.4599
100.315
of North America & Trust Co., both of Philadelphia
-The Farmers'
SALE.
-BOND
NOBLE COUNTY (P.O. Albion), Ind.
& Co., Edward 'B. Smith & Co., both of Phila.,
drainage
State Dank of Albion has purchased an issue of $5,378 10 6%1936 incl. Graham, Parsons& Co., Inc.. N. Y. City, and the Manufacturers
and Harriman
$537 81 Nov. 1 1927 to
bonds at par. Date Nov. 11926. Due
100.1432
& Traders Trust Co., Buffalo
-TEMPORARY LOAN. Girard Estate
100.50
NORTHBRIDGE, Worcester County, Mass.
100:50
-The Old Colony Trust Co. of Boston has purchased a $25,000 tem- Edwin Wolf, Phila., $300,000 of 1942 or 1943 issue at
100.00
Trust Co., Phila.. $25.000 of 1947 issue at
discount basis.
Land Title &
porary loan on a 3.71%
100.00
- James 0. Ryan, Philadelphia. $5.000 of any maturity at
102.00
NORTH WILDWOOD (P. 0. Wildwood), Cane May County, N. J.
Fowler Lyons, Philadelphia. $1.000 of any maturity at
-William C. Epler, City Clerk, will receive sealed bids
BOND OFFERING.
PINELLAS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Tarpon
until 8 p. m. March 1 for an issue of not exceeding 6% city improvement
be Springs), Fla.
to
-Sealed bids will be received by the
-BOND OFFERING.
coupon or registered bonds not to exceed $400.000. no more bondsDated
awarded than will produce a premium of $1,600 over $400.000.
Superintendent Board of Public Instruction until 11 a. m. March 1 for $10.Feb. 15 1927. Due Feb. 15 as follows: $20,000, 1928 to 1937 incl., and 000 school bonds. Legality approved by Storey, Thorndike, Palmer &
the
$25.000, 1938 to 1945 hid. Prin. and int. (F. & A.) payable in gold at will Dodge of Boston.
Marine National Bank, Wildwood, in New York exchange. Legality
PINELLAS COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Dunedin),
be approved by Caldwell & Raymond, New York City. A certified check
-Sealed bids will be received by the Superin-BOND OFFERING.
for 2% of the par value of the bonds bid for, payable to the City Treasurer, Fla.
tendent Board of Public Instruction until 11 a. m. March 1 for 535,000
is required.
& Dodge
OF- school bonds. Legality approved by Storey, Thorndike, Palmer
-BOND
NUTLEY SCHOOL DISTRICT, Essex Coitnty, N. J.
p. m. of Boston.
FERING.-Colln Linn, District Clerk, will receive sealed bids until 8bonds
registered
NO. 7 (P. 0. Lealman),
March 9 for the following two issues of 4%% coupon or
PINELLAS COUNTY SCHOOL DISTRICT
-Sealed bids will be received by the Superinaggregating $1,220,000:
-BOND OFFERING.
incl.; Fla.
$185.000
$650.000 school bonds. Due Feb. 1 as follows: $17,000. 1929 to 1955
tendent Board of Public Instruction until 11 a. m. March 1 for & Dodge
$16,000, 1956 to 1966 incl., and $15,000, 1967.
school bonds. Legality approved by Storey, Thorndike, Palmer
school bonds. Due Feb. 1 as follows: $18,000, 1929 to 1933 incl., of Boston.
570,000
and $20,000. 1934 to 1957 incl.
PINELLAS COUNTY SCHOOL DISTRICT NO. 12 (P. 0, GulfDated Feb. 11927. Prin, and int. (F. & A.) payable in gold in Nutley.
-Sealed bids will be received by the
-BOND OFFERING.
No more bonds to be awarded than will produce a premium of $1,000 over port). Fla.
supervision Superintendent Board of Public Instruction until 11 a. m. March 1 for
each of the above issues. The bonds will be prepared under the
of the United States Mortgage & Trust Co., New York City, Legality $200,000 school bonds. Legality approved by Storey, Thorndike, Palmer
will be approved by Thomson, Wood & Hoffman, New York City. A & Dodge of Boston.
certified check for 2% of the amount of bonds bid for is required.
PITTSBURGH SCHOOL DISTRICT (P. 0. Martinez), Contra
Financial Statement.
-The $225,000 5% school bonds
-BOND SALE.
Costa County, Calif.
-were awarded to the Central National
Assessed valuation of the Town of Nutley, N. J., 1926_ _ _ _$17,524,412 00 offered on Feb. 7-V. 124 p. 543
4.899,451 58
Total indebtedness, including this issue
at a premium of $15,777 77, equal to 107.01. Date
1,794,000 00 Bank of Oakland,
School debt included in the above amount
318,628 58 Feb. 11927.
Total sinking funds
64,876 38
-The
-BOND SALE.
Sinking funds for school debt included in the above amount..
PLANT CITY, Hillsborough County, Fla.
2,324,875 44 following two issues of6% bonds aggregating $318,000 offered on Feb. 24Total deductions
2,574,576 14 V. 124. p. 956
-were awarded to Eldredge & Co. of New York City. and
Net debt of Town of Nutley
Population, Federal census, 1920. 9,421.
Wright, Warlow & Co. of Orlando, jointly. at 102, a basis of about 5.58%:
Due $26.000 Jan. 1
- $260,000 paving and sewer bonds. Date Jan. 1 1927.
OAKLAND CITY SCHOOL DISTRICT, Gibson County, Ind.
1929 to 1938. inclusive.
People's State Bank of Indianapolis has purchased an
1927. Due March 1 as follows:
BOND SALE.
-The
58,000 sidewalk bonds. Date March 1
Issue of $90,000 6% college bonds. Date Jan. 20 1927. Denom. $1,000
$19,000, 1929 and 1930, and 520,000, 1931.
and $500. Interest payable A. & 0.
FRACTIONAL
PLYMOUTH AND NORTHVILLF. TOWNSHIPS County, O.-BOND OF
Utah.
OGDEN SCHOOL DISTRICT, Weber County,
(P. 0. Plymouth), Wayne
reedy' SCHOOL DISTRICT NO. 1Murray, Secretary Board of Education, will
FERING.-Viola M. Clancy, Clerk Board of Education, will Denom' BOND OFFERING.
B.
-Ada
or 44% school
sealed bids entil 5 p. m. March 11 for $16.5,000 refunding bonds.
receive sealed bids until 7 P. m. Feb. 28 for $148.000 4i
$1.000. Bids are requested for either serial or amortization bonds, maturing bonds. Dated April 1 1927. Denom. $1.000. Due April 1 as follows:
as follows: Due in 20 years: optional in 10 years. or $8,000 1928 to 1946 $3.000. 1928 to 1933 inel.: 54.000. 1934 to 1939 incl.; $5,000. 1940 to 1945
incl., and $13,000 1947. Prin. and int. payable at the National Park Mel.; 56.000. 1946 to 1919: $7.000. 1950 to 1953 Id.. and 58.000. 1954 to
Canfield. Paddock & Stone.
Bank, New York City. A certified check for 5% of the bid required.
1956 incl. Legality approved by Miller,
at the Plymouth United
- Detroit. Prin. and semi-annual int. payable by the purchaser. A cer-BOND OFFERING.
OHIO COUNTY (P. 0. Rising Sun), Ind.
a. m. Savings Bank or any Detroit bank designated
James F. Detraer, County Treasurer, will receive sealed bids until 11
bonds, payable to the Treasurer of the School
March 5 for the following two Issues of 431% coupon bonds aggregating tified check for 2% of the
District, Is required.
$14,944 90:
6 (P. 0.
*8.922 00 road bonds.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. by the
6.022 90 road bonds.
-Sealed bids will be received
-BOND OFFERING.
Bartow), Fla.
Dated March 1 1927. Due semi-annually in 1 to 10 years.
of Public Instruction until 2 P. m. March 23 for
Superintendent Board
bonds. Dated March 11927. Denom. $1,000.
ORION TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 3 *20,000 6% coupon school to 1949 incl: Prin, and int. (M. & S.) payable
-11. E. Due $1.000 March 1 1930 New York City. A certified check for 234%
-BONDS OFFERED.
(P. 0. Orion), Oakland County, Mich.
Bank;
Curtis, Secretary Board of Education, received sealed bids until Feb. 24 at the National Park Legality approved by Caldwell & Raymond, New
bid
for $170,000 not exceeding 481 school bonds. Date April 11927. Due of theCity.required.
March 1 as follows: $5,000. 28 to 1942 incl.; $6,000 .1943 to 1952 incl., York
SCHOOL DISTRICT NO. 9 (P. 0.
1953 to 1957 incl.
and $7.000,
POLK COUNTY SPECIAL TAX
-Sealed bids will be received by the
-BOND OFFERING.
- Bartow), Fla.
23 for
-BOND OFFERING.
OSSINING, Westchester County, N. Y.
of Public Instruction until 2 p. m. March$1.000.
Board
Frank W. Morton, Village Clerk, will receive sealed bids until 8 p. m. Mar. 1 Superintendent
Dated March 1 1927. Denom.
6% coupon school bonds. incl. Prin, and int. (M. & S.) payable
for $100,000 44% sewer coupon bonds. Dated Mar. 1 1927. Denom. $13,000
1 1930 to 1942
approved Due $1,000 March
$1,000. Due $4,000, Mar. 1 1932 to 1956 incl. Legality will be check for at the National Park Dank, New York City. A certified check for 235%
New
by Clay, Dillon & Vandewater, New Ylork City. A certified
required. Legality approved by Caldwell & Raymond,
of the
52.000, payable to the Village Treasurer, is required.
York
-The $6,500
-BOND SALE.
NO. 5, Oakland
OTTAWA HILLS. Lucas County, Ohio.
PONTIAC TOWNSHIP SCHOOL DISTRICT
-were awarded to
on Feb.
-Henry J. Owen, Director Board
5% coupon bonds offeredToledo, at21-V. 124, p. 95550, equal to 101.73. County, Mich.
-BOND OFFERING.
a premium 01 5112
Southerland & Co.,
until 2 p. m. March 1 for $10,000
Ryan.
sealed
to of Education, will receive Feb. 1 bids
1
1927. Denom. $1,000. Due 1929 to
a basis of about 0.00%. Date Sept. 1926. Due $500, Sept. 1 1928
5% school bonds. Date
required.
1940, incl.
1938 incl. A certified check for $500 is
-PRICE
DISTRICT, Franklin County, Kan.
Whatcom County,
OTTAWA SCHOOL
PORT OF BELLINGHAM (P. 0. Bellingham), port bonds awarded
-The Emice paid for the $210,000 44% school building
-BASIS.
-BASIS. The 5250.000 44%
PAID
-MATURITY
Taylor. Ewart & Co. and A. B. Leach & Co., both of Wash.
William P. Harper & Son
Peirce, Fair & Co.,
bonds awarded to
1100). was a premium of $2,715, equal to to a syndicate composed of Co., all of Seattle. at 100.11-V. 124, p. 824Chicago. jointly (V. 124,
Dated Jan. 11927. Due semi-annually and Baillargeon, Winslow &
p.
101.29, a basis of about 4.34%. 1 1928 to 1932 incl.• $6.000, Jan. 1 and a basis of about 4.49%. mature Feb. 1 as follows: $4,000, 1929 and 1930:
July
57.000, 1939 to 1941
as follows: $5,000. Jan. and
55.000. 1931 to 1934 incl.; 56.000. 1935 to 1938 incl.: $10,000, 1947 and
'
$6.000. Jan. 11947.
1945 and 1946:
$5,10 July 1 1933 to 1946 incl., and
l.• 38.000. 1942 to 1944 incl.; 59,000,1951 and 1952: $13.000. 1953 and
- inc. 811,000. 1949 and 1950; 512,000,
DISTRICT,Lake County. Ohio.
1948:
PAINESVILLE RURAL SCHOOL
and 1956. and $15,000, 1957. Dated Feb. 11927.
-L. S. Miller, Clerk Board of Education. will receive 1954: 514,000. 1955
BOND OFFERING.
ain't
,,
FEB. 26 1927.]
THE CHRONICLE
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-The
following three issues of 434% coupon road bonds,-BOND SALE.
$123,200,
offered on Feb. 21 (V. 124. p. 1100) were awarded toaggregating composed
a
of the City Trust Co., the Union Trust Co. and the syndicate
Fletcher
Trust Co., all of Indianapolis, at a premium of $2,282, equal Savings &
to 101.81, a
basis of about 4.12%:
$44,800 Greencastle Township bonds. Due $2,240 May and
Nov. 15
1928 to 1937 inclusive.
38,400 Greencastle Township bonds. Due $1,920 May and
Nov. 15
1928 to 1937 inclusive.
40,000 Greencastle Township bonds. Due $2,000 May and Nov.
15
1928 to 1937 inclusive.
Dated Feb. 15 1927.
PUTNAM COUNTY (P. 0. Brewster), N. y.
-BOND SALE.
-The
$125,000 434% coupon highway, bonds series No. 14, offered on Feb.
24
-V. 124, p. 956
-were awarded to Eastman, Dillon & Co., New
premium of $4,751 25, equal to 103.801. a basis of about York
City, at a
4.07%.
Dated March 11927. Due $5,000 March 1 1928 to 1952 Incl.
REDLANDS HIGH SCHOOL DISTRICT (P. 0. San
Bernardino).
San Bernardino County, Calif.
-BOND OFFERING.
-Sealed bids will
be received by the County Clerk on Feb. 26 (to-day) for $250,000
school
bonds. Due serially 1928 to 1947 inclusive.
RENSSELAER, Rensselaer County, N. y.
-BOND OFFERIN Katherine B. Sanderson, City Treasurer, will receive sealed bids G.
12 m. March 4 for $34,500 434% Washington St. paving coupon or until
tered bonds. Dated Jan. 1 1927. Denom. $1.000 except one for regis$500.
Due Jan. 1 as follows: $2,000, 1927 to 1945 incl., and $500.
1956.
and int. (J. & J.) payable at the City Treasurer's office. Legality Prin.
approved by Clay, Dillon & Vandewater. New York City. A will be
certified
-check for 2% of the par value of the bonds bid for, payable
to the City
Treasurer, is required.
RICE LANDING, Greene County, Pa.
-BOND SALE.
-The $28,000
43.4% coupon or registered improvement and refunding bonds
offered on
Feb. 5-V. 124. p. 405
-were awarded to M. M. Freeman & Co. of
delphia at a premium of $1,133 72, equal to 104.06. a basis of about Phila4.39%.
Date Jan. 1 1927. Due $2.000 Jan. 1 1932 to 1945 incl.
RIVERSIDE,Burlington County, N.J.
-NOTE SALE.
Trust & Guaranty Co. of Hackensack has purchased the -The People's
following seven
Issues of 5% temporary Improvement,notes aggregating $27,500
at par:
$500 Tenny Ave. sidewalk notes.
1,000 land purchase notes.
4,000 fire apparatus notes.
13,500 Webb Ave. water main notes.
1,700 Grand Ave. water main notes.
2,800 water main notes.
4,000 motor fire apparatus notes.
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND
-The
'129,160 434% road bonds offered on Feb. 21-V. 124, SALE.
p. 1100
-were
awarded to the City Securities Corp. of Indianapol
1531, equal to 101.82. Due semi-annual.y in 1 to is at a premium of
10 years.
ST. CLOUD, Osceola County, Fla.
-BOND OFFERING.
-George M.
Mitchell, City Manager, will receive sealed bids until 2
p.
$120.000 6% street impt. bonds. Dated Feb. 1 1937.m. March 12 for
Denom. $500.
Due $12,000 Feb. 1 1928 to 1937 incl. A
required. These are the bonds originally certified check for 5% of the bid
scheduled for sale on March 2
-V. 124, p. 1100.
SABETHA, Nemaha County, Kan.
-BOND OFFERING.
-Gladys
Flott, City Clerk, will receive sealed bids until 8 p. m.
4, % sewer extension bonds. Dated Jan. 11927. March 1 for $12,000
U
Due
1937 incl. Prin. and int. (J. & J.) payable at the State $1,200. 1928 to
Treasurer's office.
A certified check for 2% of the bid required.
SALT RIVER VALLEY WATER USERS ASSOCIATION,
Ariz.
BOND DESCRIPTION.
-The $1,000.000 69' refunding
by a syndicate composed of the Valley Bank of Phoenix, bonds purchased
Co. of Los Angeles, the Anglo-London-Paris National the First Securiites
Bank of San Francisco, Rutter & Co. of New York City and the
of Chicago at 95-V. 124, p 543-a basis ofHarris Trust & Savings Bank
about 7.90%. are described
as follows: Dated Jan. 1 1927. Denom. $1,000. Due
July
$228,000. 1929;$456,000. 1930:and $316,000. 1931. Prin. and 1 as follows:
int.(J.& J.)
payable at the Southwest Trust & Savings Bank. Los Angeles.
or Bankers
Trust Co., New York City. Legality to be approved
by Gibson, Dunn
.3c Crutcher of Los Angeles.
Financial Stattment as of Sept. 30 1926 (After Giving Effect to
This Financing).
-Original cost of project to Government
*$11.285,935
Subsequent expenditures by association
12,624,251
Total cost of power and irrigation projects
$23,910,186
Balance due Government
$7,215.276
Bonded debt
6% funding bonds due 1929 to 1931 (this issue).
6% gold bonds, due 1938 to 1947 (Mormon Flat 1,000.000
Development)
6% gold bonds. due 1938 to 1913 (Horse Mesa 1,800.000
Development)
6% district bonds guaranteed by association, due 2,500.000
1927 to 1954
2,368,000
'
Total: Balance due Govt. and bonded debt
814.883,276
* This item is carried on the books of the association at the
purchase price,
namely, $10,166,022.
Financial Statement Jan. 11927.
Assessed valuation, 1926
Debt limit
Total debt
Exempted debt (school bonds)
1253
$9,348.765
191,445
119,000
85,500
Net debt
$33,500
Borrowing capacity
157,945
Population, estimated, 5,300.
STARKE COUNTY (P. 0. Knox), Ind.
-BOND SALE.
-The $2,582 81 6% ditch coupon bonds offered on Feb. 10-V. 124_, P.
-were
awarded to a local investor at par. Date Feb. 1 1927. Due 678
Dec. 1 as
follows: $287 81, 1928, and $255, 1929 to 1937 ine.l.
STERLING, Logan County, Colo.
-BOND
-'-Gray. Emery,
Vasconcolls & Co. of Denver, have purchased an SALE.
issue of $50,000 water
extension bonds.
SYLVA, Jackson County, No. Caro.- PRICE PAID.for the $50,000 6% street improvement bonds purchased by The price paid
Ryan, Sutherland & Co. of Toledo
-V. 124, p. 265
-was a premium of
100.01, a basis of about 5.96%. Date Nov. 1 1926. Due$155, equal to
Nov. 1 as follows: $2.000, 1928 and $3,000, 1929 to 1944, incl.
STONE COUNTY (P. 0. Wiggins), Miss.
-BOND SALE.
-price•
Green & Co. of Gulfport have purchased an issue of $35,000
534% school
bonds.
STRUTHERS, Mahoning County, 0.
-BOND OFFERING.
-Albert
G. Jones, City Auditor, will receive sealed bids until 12 m. March
18 for
$21.071 79 534% storm sewer bonds. Dated March 15 1927.
11.000 except one for $71 79. Due Sept. 15 as follows: $2.000. Denom.
1932 incl.; $1,071 79. 1933. and $2,000. 1934 to 1938 incl. Int. 1928 to
payable
M. & S. 15. A certified check for $500, payable to the City
Treasurer.
is required.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERIN Charles IV. Coffman, County Treasurer, will receive sealed bids G.
until
12 m. March 10 for 110.103 6% ditch Erupt. coupon bonds. Dated May
2
1927. Denom. $505 15. Due $1,010 30 Nov. 1927 to 1936 incl.
TAYLORS SCHOOL DISTRICT 9-B (P. 0. Greenville),
Greenville
County, So. Caro,
-BOND ELECTION.
-An election will be held in
March for the purpose of voting on the question of issuing $30.000
school
bonds.
TEXARKANA PAVING DISTRICT NO. 45, Miller County,
Ark.
-M. W. Elkins & Co. of Little Rock have
BOND SALE.
issue of 592.000 6% paving bonds at 101.79. Due serially In purchased an
1 to 20 Years,
THREE RIVERS, Live Oak County, Texas.- BONDS REGISTE
-The State Comptroller of Texas registered on Feb. 15 an issue of RED.
$51,000
534% water works bonds. Due serially.
TISKILWA, Bureau County, 111.
-BOND SALE.
-The city sold
during January an issue of 52,000 534% improvement bonds. Due serially
1928 to 1931 inclusive.
TOPEKA, Shawnee County, Kan.
-BOND SALE.
-The $70,000
434% viaduct bonds offered on Feb. 15-V. 124. P. 1100
-were awarded
to the State Fund Commission at par. Due serially in 1 to 10 years.
TORONTO, Jefferson County, Ohio.
-BOND SALE.
--The
three issues of6% bonds aggregating 164,971 50.offered on Feb. following
15-V. 124,
-were awarded to Otis & Co. of Cleveland at a premium
p. 406
of $3,433,
equal to 105.28, a basis of about 4.80%:
$47,335 85 special assessment street improvement bonds. Date
Sept. 1
1926. Due Sept. 1 as follows: $5,335 85 1928 and
$6,000 1929
to 1935, inclusive.
12,496 47 Biltmore Ave. improvement special assessment bonds.
5.139 18 Bell Ave. improvement special assessment bonds. Due Sept.
1
as follows: $639 18 1928. $500 1929 to 1932, incl.; $1,000
1933.
5500 1934 and 11,000 1935.
TRUMBULL COUNTY (P. 0. Warren), 0.
-BOND OFFERIN David H. Thomas, Clerk of Board of County Commissioners, will G.
sealed bids until 1 p. m. March 15 for $25.M0 oi% road bonds.receive
Date
March 1 1927. Denom. $1,000. Due $1,000 April and Oct.
1932, incl., and 11,000. April, and $2,000. Oct. 1 1933 to 1937. 1 1928 to
and int. (A. & O.) payable at the County Treasurer's office. incl. Prin.
A certified
check for $1,000, payable to the County Treasurer, is required.
TRUMBULL COUNTY (P. 0. Warren), 0.
-BOND OFFERING.
David H. Thomas. Clerk Board of County Commissioners, will
receive
sealed bids until 1 p.m. March 15 for $16,900 43i% Ohltown Girard
Road
No. 65-F, Weathersfield Township bonds. Date March 1 1927.
Denom.
$1,000 except one for $900. Due as follows: $900, April 1 and 11,000
1928;$1,000, April and Oct. 1 1929 to 1935 incl.. and $1,000, April 1Oct. 1
1936.
A certified check for $1.000. payable to the County Treasurer, is required.
TULSA SCHOOL DISTRICT, Tulsa County, Okla.
-BOND OFFERING -Raymond Courtney, President Board of Education,
will
sealed bids until 7:30 p. in. March 8 for 1750.0005% school bonds. receive
Dated
Feb. 11027. Due Feb. 1 as follows: 5300,000..1942; $250.000,
1947. and
$200.000. 1952. Prin. and int. (F. & A.) payable at the Chatham-Phenix
National Bank & Trust Co., New York City. A certified check
of the bid required. Legality approved by Storey, Thorndike, for 2%
Palmer &
Dodge of Boston.
UTICA, Oneida County, N. Y.
-BONDS OFFERED.
were received by William S. Pugh, City Comptroller, Feb. -Sealed bids
SALUDA,Polk County, No. Caro.
-BOND SALE.
25 for the fol-The
bonds offered on Dec. 21 (V. 123. p. 3076) were awarded to $60,000 water lowing 9 issues of not exceeding .04% bonds, aggregating $706,034 43:
Magnus & Co. $180,000 Incinerator plant bonds. Denom. $1,000. Due
of Cincinnati. Dated Dec. 1 1926. Due Dec. 1 as follows:
$9,000, Feb. 15
$1,000, 1929
1928 to 1947, incl.
to 1944 incl., and $2,000, 1945 to 1966 incl.
160,000 paving bonds. Denom. $1,000. Due $8,000, Feb.
15 1928 to
SCAPPOOSE, Columbia County, Ore.
3
-BOND SALE.
-The $18.000
534% water bonds offered on Feb. 11-V. 124, p. 956-were
assessment bonds. Denom. $1,000
947,incldefr81034.
awarded to
Peirce, Fair & Co. of Seattle at 100.61, a basis of Labout
1.034 43. Due Feb. 15 as follows: $11,034.43and one for
, 1928, and
5.44%. Due
14,000, 1929 to 1933, incl. '
16.000. 1941 to 1943 incl.
75,000 storm water sewer construction bonds. Denom.
$1,000 and
SCARSDALE UNION FREE SCHOOL DISTRICT NO.
$750. Due $3,750, Feb. 15 1928 to 1947, incl.
1 (P. 0.
Scarsdale), Westchester County, N. Y.
-BOND SALE.
, 50,000 waterways improvement bonds. Denom. $1,000 and
134% coupon or registered series G school bonds offered-The $32.500
$500. Due
12.500 Feb. 15 1928 to 1947, incl.
on
V. IN. p. 956
-were awarded to the Scarsdale National Bank & Feb. 2150,000 sewerage disposal plant bonds. Denom.
Trust Co.
$1.000 and $500. Due
at a premium of $517, equal to 101.59, a basis of about
$2,500, Feb. 15 1928 to 1947, incl.
4.28%. Date
March 1 1927. Due March 1 as follows: $500. 1928.
45,000 automatic traffic signal system bonds. Denom.
and $2.000, 1929
$1,000 and $250.
to 1944 incl.
Due $2,250 Feb. 15 1928 to 1947. incl.
40,000 general hospital improvement bonds.
SEATTLE, King County, Wash.
Denom. $1,000. Due
-BOND OFFERING.
$2.000, Feb. 15 1928 to 1947, incl.
-R.W.Carroll,
City Comptroller, will receive sealed bids until 12 m. March
25,000 city lines property and streets monument
11 for the following two issues of bonds aggregating $1,020,000:
ing bonds. Demoms.
$1,000 and $250. Due $1,250, Feb.
1520,000 6% general impt. bonds. Due serially in 2 to 30 years.
15
Dated Feb. 15 1927. Excepting the deferred 1928 to 1947 incl.
500,000 not exceeding 6% water ettension bonds. Dated April
assessment bonds which
'
are registered, the bonds are in coupon form.
Bidders are to state a single
Denom. $1,000. A certified check for 5% of the bid required. 11927.
interest rate for all the bonds and are not
of interest for separate issues or portions permitted to bid different rates
SHAKER HEIGHTS (P. 0. Cleveland), 0.
of any issue. Legality approved
-BOND OFFERING.
- by Clay. Dillon & Vandewater of New York City.
E. P. Rudolph. Village Clerk, will receive sealed bids until 12 m.
March
for $98.270
% street impt. special assessment bonds. Dated April24
VALLEY STREAM, Nassau County,
1 $110,000 coupon
1927. Denom. S1,000 except one for $270. Due Oct. 1 as follows:
-The
N. '1.
-BOND SALE.
irclnerator bonds offered on Feb. 23-V.
1328; $10.000, 1929 to 1931; $8.000, 1932. and $10,000. 1933 to $10,270. were awarded to Harris.
124, IL 057
1937 incl.
Prin. and int. (A. & 0.) payable at the Village Treasurer's office.
,
a basis of about 4.23%. Forbes & Co., New York City. as 4348 at 100.77,
A cerDate March 1 1927. Due March 1 as follows:
tified check for 2% of the amount of oonds bid for, payable
to the Village $6,000 1928 to 1945, incl., and 52,000 1946.
*Treasurer, is required.
VERMILION PARISH ROAD
SHEBOYGAN FALLS, Sheboygan County,
DISTRICT NO. 5 (P. 0. Abbeville),
-BOND SALE.
Wis.-BOND OFFER- La.
-The Hibernia Securities Co. of New Orleans has purING.
-Erhart A. Demand, City Clerk, will receive sealed
bids until 2 p. m. chased an issue of 180.000534% road bonds. Dated Oct. 11926. Denom.
March 3 for $25,000 5% water works impt. bonds. Denoms.
11,000. Due Aug. 15 as follows:
$1,000 and
51.000. 1927 to 1932 incl.; 12,000. 1933 to
$250. Due $1,250 Sept. 1 1927 to 1946 incl. A certified chock
for 15% 1941 incl.: $3.000, 1942 to 1948 incl.; $4,000, 1949 to 1953 incl., and $5.000.
of the bid required.
1954 to 1956 incl.
Bank of Commerce Prin. and int. (F. & A. 15) payable at the National
SOMERSET, Bristol County, Mass.
New York City. Legality approved by Chapman,
-BOND OFFERING.
-G. Walter Cutler & Parker of Chicago. These
Simmons, Town Treasurer, will receive sealed bids until
are the bonds offered on Sept. 18 (V.
12 m.
1550,000 4% coupon Water Loan Act of 1914 bonds. Dated Mar. 4 for 123, p. 880), on which date all bids were rejected.
Oct. 11926.
Denom. $1,000. Due Oct. 1 as follows: $20,000,
VIGO COUNTY (P. 0. Terre Haute). Ind.
192$ to 1945
-BOND OFFERING.
$19.000. 1946 to 1955 incl. Prin. and int. (A. & 0.) payable atincl., and The County
the First
Treasurer will receive sealed bids for 12.700 road bonds until
National Bank of Boston. The bonds have been prepared
under the super- 10 a. m. Feb. 28.
vision of and certified as to genuineness by the First
National Bank of DOS
ton. Legality approved by Storey, Thorndike, Palmer
-C. E. Lawrence
& Dodge of Boston. of WAUNETA, Chase County, Neb.-BOND SALE.
Lincoln has purchased an issue of 57.000 water main extension bonds.
1
[Vol.. 124.
THE CHRONICLE
1254
-The above-mentioned bank also purchased an issue of
BOND SALE.
-NOTE SALE.
WAYNE COUNTY (P.O. Goldsboro), No. Caro. an issue of $450.- $23.120 paving bonds. Due $2,312 in 1 to 10 years.
Curtis & Sanger of New York City, purchased on Feb. 21. a basis of about
100.02.
YUMA COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Yuma), Ariz.
00044% road notes at a premium of $125, equal to
-The County Treasurer, has purchased an issuelof
-BOND SALE.
4.49%. Date March 2 1927. Due March 2 1928.
at par. Date Jan. 4 1927. Due in 1937.
- $3,000 5% school bonds
37(P.O. Eaton), Colo.
WELD COUNTY SCHOOL DISTRICT NO. of Bosworth, Chanute,
-A syndicate composed
-ELECTION SALE.
PRE
and the United States
Loughridge & Co., Gray, Emery, Vasconcellsd& Co.
an issue of $220,000 4}1..%
Municipalities.
National Co., all of Denver, have purchase on March 14. Due serially CANADA, its Provinces and
to an election to be held
school bonds, subject
-The 325.000 54% telephone
FORT FRANCES, Ont.-BOND SALE.
1930 to 1950 incl.
-were awarded to Harris, Mac
bonds offered on Feb. 14-V. 124, p. 826
DISTRICT, Hudson County, keen & Co. of Toronto at 101.20, a basis of about 5.35%. Due serially
WEEHAWKEN TOWNSHIP SCHOOL
receive
-Thomas Carroll, Township Clerk, will coupon in 15 years.
-BOND OFFERING.
N. J.
issue of 44% school,
sealed bids until 8.30 p. m. March 9 for an No more bonds to be awarded
SALE.
KING TOWNSHIP (P. 0. King City), Ont.-BOND p. 826 -The
or registered bonds not exceeding $410,000.
-were
124.
Date March 15
$78,784 64 574% drainage bonds offered on Feb. 10-V.
produce a premium of 61,000 over $410,000.
than will
follows: $10,000 1929 and 1930 awarded to Dyment, Anderson & Co.of Toronto at 105.81. a basis of about
1927. Denom. $1,000. Due March 15 as
(M. & S.) payable
equal annual installments of principal
and $15,000 1931 to 1956. incl. Principal and interest Legality approved 4.92%. Date Jan. 1 1927. Due in
is a list of other bidders:
Weehawken.
in gold at the Hamilton National Bank, n, New York City. A certified and interest in 1 to 30 years. Following
Rate Bid.
Biddersby Reed, Dougherty, Hoyt & Washbur
105.75
the Township, is Royal Securities Corp
check for 2% of the amount of bonds bid for, payable to
105.63
Co_
,
Wood, Gundy &
required.
105.57
-The A. E. Ames & Co
BOND SALE.
105.37
WELLSVILLE, Columbiana County, Ohlo.- on Feb.23(V. 124. Dominion Securities Corp
105.21
offered
& Co
$12,500 5% fire truck and pumper coupon bonds
Cincinnati at a premium of Brouse. Mitchell
p. 678) were awarded to A. E. Aub & Co. of
1927. Due
-Following is a complete
-BIDS.
New BRUNSWICK (Province of).
a basis of about 4.74%. Date Jan. 1
$151, equal to 101.20,
awarded on Feb. 8
list of the bids for the 6640,000 474L% provincial bonds basis of about 4.77
$1.250 Jan. 1 1928 to 1937 inclusive.
Toronto, at 99.68, a
0. to the Dominion Bank of Canada.
IDATED ROAD DISTRICT A (P.
(V. 124. p. 958):
WEST FELTCIANA CONSOL
impt.
-Rate Bid-The 6110,000 5% public100.11
-MATURITY.
St. Francisville), La.
20-yr.
10-yr.
s Co. of New Orleans at
Bidderbonds awarded to the Hibernia Securitiemature Dec. 1 as follows: $1.000.
98.567
98.643
Bank of Nova Scotia
(V. 123,p. 33.58), a basis of about 4.99%,
99.41
99.41
to 1954 incl.: Fry, Mills, Spence & Co. and R. A.Daly & Co
1948
1927 to 1937 incl.; 62,000, 1938 to 1947 incl.: $3.000,
99.00
99.00
1964 to C. H. Burgess & Co
1960 to 1963 incl.. and $6,000,
99.187
64,000, 1956 to 1959 incl.; $5,000,
99.358
Royal Securities Corp
1966 incl. Dated Dec. 1 1926.
Royal Bank of Canada; Wood, Gundy & Co., and 99.42
Statement.
99.61
Financial
$1,570,713
Eastern Securities Co
99.67
99.369
Assessed valuation (1926)
110.000 Bank of Montreal and A. E. Ames & Co
99.053
98.903
Total bonded debt (this issue)
Hanson Bros., and Johnston & Ward
Population (1920 Census). 4.975.
Co., and Dyment, Anderson & Co- 98.77
Bell, Gouinlock &
91.30
98.60
-On Mar. 1 Guaranty Company of N. Y. and Bankers Trust Co
-BOND ELECTION.
98.10
WESTPORT, Pope County, Minn.
98.61
issuing the following Provincial Bank of Canada
an election will be held to vote on the question of
124. p. 1101.
The above supersedes the list in V.
44% bonds, aggregating 66,000:
-The Royal
-BOND SALE.
$4.000 electric light bonds.
NORTH VANCOUVER DISTRICT,B. C.
$35,000 5%
2.000 fire protection bonds.
Financial Corp. of Vancouver has been awarded an issue ofbidders were:
-The fol- 20
-BOND SALE.
-year impt. bonds at 98.13, a basis of about 5.15%. Other
County, N. J.
WESTVILLE, Gloucester
Rate Bid.
have been sold to a local
BidderRate Bid.
Bidderlowing three issues of bonds aggregating 627,200
98.03 Canadian Financiers Trust Co_97.28
Mead Bros
bank:
97.55 British Columbia Bond Corp_ _97.27
Canadian Bank of Commerce
$15,000 sewer bonds.
96.82
97.47 Pemberton & Son
V. W. Odium & Co
6,500 borough hall bonds.
97.31
Gillespie, Hart & Todd
5.700 land purchase bonds.
County, N. J.OND OFFERING.
Cape May
ONTARIO COUNTY (P. 0. Whitby), Ont.-B
WILDWOOD CREST (P. 0. Wildwood),Borough Clerk, will receive
m.
-Harry L. Nickerson,
Sealed bids will be received by E. A. McKay, Treasurer, until 12
BOND OFFERING.
two issues of 54,54 March 1 for 825,500 5% 20
ent bonds,
-installm
sealed bids until 8 p. tn. March 7 for the following
or 6% coupon or registered bonds aggregating $64,000:
-The following is a complete
-BIDS.
1928 to 1947 incl.,
PORTAGE LA PRAIRIE, Man.
d
$50.000 sewer bonds. Due Feb. 15 as follows: $1,000.
of the bids received for the 8100.00054% water works bonds purchase
and $1,500. 1948 to 1967 incl.
1928 and list McDonagh, Somers & Co. of Toronto at 104.80 (V. 124, p. 1101):
by
apparatus bonds. Due Feb. 15 as follows: $1,000.
Rate Bid.
14,000 fire
67Rate Bid.
Bidderincl.
1929, and $1,500, 1930 to 1937
more bonds to be
104.416 E. Brown & Co.and McLeod,
Dated Feb. 15 1927. Denom. $1,000 and $500, no of the above issues. H. J. Birkett & Co
101.38
Young, Weir & Co
104.207
awarded than will produce a premium of61,000 over each Title & Trust Co., Wood, Gundy & CoCorp_ _103.517 Canadian Bank of Commerce 100.93
e
d
Wildwoo
Prin. and int.(F.& A.) payable in gold at the will be approved by Caldwell Bond & Debentur
100.18
Mllls, Spence & Co
103.51 Fry,
E. G. Read & Co
Wildwood, in New York exchange. Legality
100.27
of the par value Dyment, Anderson & Co_ ___102.93 Brouse, Mitchell & Co
& Raymond, New York City. A certified check for 2%
104.42
102.208 C. H. Burgess & Co
W.L. McKinnon & Co
for, payable to the borough, is required.
of the bonds
Tex.
improveRaymondville),
-The $23.400 54% local
STAYNER, Ont.-BOND SALE.
WILLACY AND CAMERON COUNTIES(P.O. Texas registered on
to C. ii. Burment bonds offered on Feb. 12 (V. 124, p. 958) were awarded
-The State Comptroller of
-BONDS REGISTERED.
annual
serially.
gess & Co. at 103.187, a basis of about 5.04%. Due in 15 equal
issue of $30,000 5% school house bonds. Due
Feb. 15 an
nts.
-An issue installme
SALE.
-BOND
WINCHESTER, Jefferson County, Kan. sold.
-The following is a
-BIDS.
WEST VANCOUVER DISTRICT, B. C.
d by
of $32,000 44% water works bonds was recently
complete list of the bids received for the $115,000 5% bonds purchase
CT NO. 34 (P. 0.Delano,) Pemberton & Son of Vancouver at 98.45 (V. 124, p. 1101):
WRIGHT COUNTY SCHOOL DISTRI a has purchased an issue of
Rate Bid.
Bidder-The State of Minnesot
-BOND SALE.
Minn.
98.45
r
Wood, Gundy & Co. and Pemberton & Son
860.000 44% school bonds at par.
98.182
coupon Royal Financial Corporation
98.17
-The 816.895
Gillespie, Hart & Todd, Ltd., and V. W.Odium & Co
York County, Neb.-BOND SALE. P.826
YORK,
-were awarded
97.43
on Feb.3-V. 124,
Intersection paving bonds offered of York as 448 at a premium of $227 50, Read Bros
97.11
to the First State It Savings Bank
in 1947 British Columbia Bond Corp
Due
94.58
$1,000. Dated March 1 1927.
h & Co
Bell, Goulnloc
equal to 101.34. Denom.
M. & S.
optional every five years. Interest payable
FINANCIAL
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FINANCIAL
We Specialize in
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MUNICIPAL
and
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Correspondent of
DETROIT TRUST COMPANY
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Private Wire to New York
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CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
DETROIT, MICH.
11522 Locust Street
Philadelphia
$500,000
Adrian H. Muller & Son
AUCTIONEERS
OFFICE NO. 55 WII LIAM STREET
Corner Pine St.' -ct
Southern Municipal Bonds
OF
Secured by
Tax Liens on Improved Property
St. Louis, Mo.
Oklahoma City, Okla.
To Yield 5.50%
HERBERT C.HELLER & CO,
INCORPORATED
Shay
Wall Street
New York
Tel. Hanover 0267
Regular Weekly Salmi
Domestic Bonds
Foreign Bonds
Municipal Trust
Ownership Certificates
J. E. W.THOMAS &CO.
Building
Fidelity Union
DALLAS, TEXAS
Telephone X-8332
Stocks and Bonds
WHITTLESEY.
McLEAN & CO.
EVERY WEDNESDAY
MUNICIPAL BONDS
Exchange Salesroom.
Vesely Street
PENOBSCOT BLDG., DETROIT
@FedFRASER