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The.
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Railway &Industrial Compendium
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VOL. 126.
financial
rontrie
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Railway Earnings Section
SATURDAY,FEBRUARY 41928.
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The Financial Situation.
Brokers' and dealers' loans against stock and bond
collateral showed a further increase the present
week and in these circumstances the action of the
Federal Reserve Bank of New York, after the close
of business on Thursday,in advancing its rate of dis/
1
2
count from 3 % to 4% was only natural—in fact,
may be deemed to have been inevitable if the purpose really exists to curb speculation, which these
figures of loans conclusively show is being conducted to an inordinate degree on borrowed money.
The action of the New York institution appears all
the more significant in view of the fact that several
other of the Reserve institutions had meetings of
their boards of directors the present week, in advance of the meeting of the New York Reserve Bank,
and took no steps to raise their rates, but continued
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1
2
the 3 % rate. The Boston Reserve Bank,the Philadelphia Reserve Bank and the St. Louis Reserve
Bank all had meetings on Wednesday and made no
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1
2
change in the 3 % rate. The Federal Reserve Bank
of San Francisco had a board meeting on Thursday
concurrently with the meeting here in New York
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1
2
and also concluded to keep the 3 % rate in effect.
Of course, action at New York transcends in importance action at any of the other Federal Reserve
districts, and it is here that steps must be taken to
curb Stock Exchange speculation if it is to be
curbed at all.
Much has been said of late of the ease and facility
with which the Federal Reserve banks can operate
to control the course of the money market and thereby also stock speculation by the simple process of
diminishing their holdings of United States Government ecurities. The argument is that this serves
Bank and Quotation Section
Bankers' Convention Sectim
NO. 3267.
to withdraw a corresponding amount of funds from
the money market and that the process is doubly
effective since it involves to precisely the same extent a contraction in the amount of Reserve credit
in use. Since the end of the first week in January
the Federal Reserve banks have been very heavily
reducing their holdings of United States Government securities and we have been told on every side
that this has been with the distinct view of exercising control over.the money market and at the same
time curbing stock speculation.
In the four weeks from Jan. 4 to Feb. 1 the holdings of Government securities have been reduced
from $627,403,000 to $433,661,000. But what has
been the effect as far as either the money market
or the course of brokers' loans is concerned? Call
money rates on Monday and Tuesday did get up as
high as 5% after having been 3 % the middle of
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1
2
January, but this'was largely on the preparations
for the 1st of February payments—an advance at
the end of the month for that reason being a quite
ordinary occurrence—and Thursday was back to
4%, with the rate yesterday 41 1%. As to the effect
/
Oil the course of brokers' loans let the figures speak
for themselves. All through 1927 these brokers'
loans, as pointed out in these columns with almost
wearisome repetition, kept mounting higher and
still higher, and the expansion extended into 1928,
until a new high peak in all time was reached at
$3,819,573,000 on Jan. 11. In the week ending on
that day the twelve Reserve institutions reduced
their holdings of Government securities over $82,000,000, while the total of their bill and security
holdings fell from $1,536,293,000 to $1,377,731,000.
The first step therefore in the policy of reducing the
holdings of Government securities was attended not
by a decrease but by a further growth in the total
of brokers' loans to the highest figure in all time.
The next week, that is, on Jan. 18, the total of
these loans did show a substantial reduction, even
though not commensurate with the huge antecedent
expansion, the total dropping to $3,787,924,000. Had
the contraction continued in succeeding weeks, the
case would have been a perfect one, at least in argumentative form, in support of the theory that Federal Reserve policy was influencing the course of
speculation, as desired. But, unfortunately, the
contraction was confined to that single week. On
Jan. 25 the amount again increased, though only in
a very small way, the total rising to $3,788,685,000,
and now that we have the present week's record,
bringing the figures down to Feb. 1, we find another
big increase, raising the total to $3,815,820,000, and
bringing it back almost to the peak figure of $3,819,573,000 recorded on Jan. 11. Thus the action of the
614
FINANCIAL CHRONICLE
[VOL. 126.
Reserve banks in reducing their holdings of Gov- holdings of United States Government bonds, though
ernment bonds has been little better than a gesture. only in a small way, the total of such holdings fallIt remains to be seen whether the advance now in ing from $440,897,000 to $433,661,000. In the face
the rediscount rate to 4% will prove anything more of the decrease here, however, the total of bill and security holdings actually ran up from $1,173,926,000
than a gesture.
The failure of Government bond sales to exert any to $1,234,986,000. Let the reader mark well the sigcompelling influence, either upon the money market nificance of this increase. At a time when the Reor upon stock speculation, might have been expected. serve banks are, according to all accounts, engaged
Sporadic attempts at regulation cannot undo the in attempts to curb stock speculation and control
mischief wrought by a Federal Reserve policy that the money market by raising their discount rates
was wrong in the first instance. It was a mistake and reducing their holdings of Government securito reduce the discount rates last Autumn, for that ties, over $61,000,000 has been added to the Reserve
was a direct invitation to employ Reserve credit for credit in use in a single week.
How was this big increase the past week brought
speculative uses. And the harmful results were
intensified when the Reserve banks pro- about? In the first place, the member banks enenormously
ceeded to add to their holdings of United States Gov- larged their borrowings at the Federal Reserve inernment securities in a very pronounced way, there- stitutions, as indicated by an increase from $385,by forcing Reserve credit into use. A year ago, on 224,000 to $423,432,000 in the Reserve banks' holdFeb. 2 1927, the twelve Reserve banks held United ings of discounted bills. Of course, there is no
States Government securities to an aggregate of limit to the extent to which this may be carried, if
only $303,879,000; by Jan. 4 1928 these holdings had the member banks feel disposed to extend their borbeen raised to $627,403,000. They have since been rowings. At the same time, the twelve Reserve institutions also again increased their holdings of acceptallowed to run down to $433,661,000.
It is this antecedent policy of thrusting out Re- ances purchased in the open market, the total of
serve credit that is responsible for the way that spec- such acceptances having risen from $347,305,000
ulative borrowing has expanded. Last August when Jan. 25 to $377,393,000 Feb. 1. Here, too, there is
the Reserve banks reduced their discount rate the no limit to the extent to which the upward movetotal bill and security holdings of the twelve Re- ment may be carried, since it is the declared policy
serve institutions (which measures the extent of of the Reserve banks to purchase all eligible acceptReserve credit in use) stood at $1,003,253,000; on ances that may be offered to them.
The all-important fact in all this is that Reserve
Jan. 4 1928 the amount was up to $1,536,293,000.
During all this time the country's industries were credit is again increasing when we were given to
in a state of decline, the inactivity reaching the point understand that it was now to be more sparingly
of almost trade paralysis in the closing months of employed. It is also to be noted, moreover, that
1927. Not a dollar Of additional Reserve credit notwithstanding the reduction of nearly $200,000,ought to have been put out during this period, since 000 in the holdings of United States Government
it was not needed for trade purposes. On the con- bonds the past few weeks, the total of the bill and
trary, the amount of Reserve credit should have security holdings the present week still stands $206,been reduced in accordance with the shrinkage in 264,000 larger than at the corresponding date a year
trade requirements. Instead, Reserve policy en- ago, the amount at $1,234,986,000 for Feb. 1 1928,
larged the amount over half a billion dollars, or, in comparing with only $1,028,722,000 on Feb. 2 1927.
In view of such facts and figures, do not the putaexact figures, $533,040,000.
Naturally this wholly uncalled for huge addition tive efforts at control credited to the Reserve auto Reserve credit found its way into speculative thorities have a comical element in them?
channels, since it was impossible to obtain employIt is agreeable to be able to state thatlast Saturday
ment for it in legitimate trade, and the Reserve
banks made the process doubly sure by lowering the New York Clearing House banks and trust comtheir rates to 3 %. With this week's renewed in- panies in their weekly statement once more showed
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crease, the total of the loans to brokers and dealers a return to normal conditions. After their reserves
secured by stocks and bonds for the forty-nine re- had been impaired for four successive Saturdays,
porting member banks stands at $3,815,820,000 Feb. there now came a return which showed a moderate
1 as against only $2,730,001,000 on Feb. 2 last year, excess of reserve above legal requirements, the
showing an expansion of considerably over a full amount of the excess being $6,428,520 as against a
billion dollars, the precise amount of increase be- deficiency the previous Saturday of $1,455,500. Eviing $1,085,819,000. Reserve policy must be held re- dently through borrowing at the Federal Reserve
sponsible for this, for it could not have occurred if bank the Clearing House institutions were able to
Reserve credit had been restricted in accordance add $20,076,000 to their reserve account with the
with the diminished needs of trade and commerce. Reserve bank; at the same time the deposits fell off,
And now that the expansion is a patent fact, puny an increase of $3,977,000 in the time deposits being
efforts to bring it back to legitimate proportions offset many times over by a decrease of $31,237,000 in the demand deposits. Loans and discounts
are not likely to prove of much avail.
Besides this, the matter of curtailing Reserve increased $6,578,000, and Government deposits,
credit is not entirely in the control of the Federal against which no reserves are required, were further
Reserve authorities. This is made very plain by reduced from $23,448,000 to $20,067,000.
this week's statement of the Reserve banks—we
The stock market has had a hard week of it.
mean the twelve Reserve institutions themselves,
as distinct from the operations of the member banks Prices have declined all through the list, and yet are
in which latter the brokers' loans appear. This not uniformly lower, some of the specialties formstatement shows that during the week ending Feb. ing exceptions to the rule. The market was weak
1, the twelve Reserve banks further reduced their and lower on Saturday and Monday, with the rail-
FEB. 4 1928.]
FINANCIAL CHRONICLE
road shares under especial pressure, owing to the
poor returns of earnings which have been coming in
for the month of December. On Tuesday the market
was inclined to rally, one reason for this being lower
rates for money on call on the Stock Exchange. The
rate had advanced to 5% on Monday and the renewal
charge on Tuesday was still 5%, but as the day advanced the situation eased and in the afternoon
money was freely obtainable at 4%. After the close
of the day there came the statement of the U. S.
Steel Corp. for the December quarter and the twelve
months of the calendar year 1927. This showed that
in the December quarter the Steel Corporation had
fallen $4,963,499 short of meeting the dividend requirements of 134% on the common stock, though
/
for the twelve months .of the calendar year a surplus of $12,812,134 remained above the dividend requirements.
Conditions in the steel trade were unfavorable
during the December quarter in the common knowledge of everyone and hence no very good statement
had been counted upon for that quarter, but the results proved unfavorable beyond all expectations,
and .this had a telling effect on the market on Wednesday. Steel corn. shares, which had closed Tuesday, Jan. 31, at 1461 4 opened Wednesday, Feb. 1,
/,
at 1451 4 and the market all around became de/,
pressed. Supporting orders quickly appeared, and
the early losses were recovered, but with renewed
weakness in the final hour, so that the stock closed
at 145. Another element of weakness was found in
a break in the oil stocks.
The oil stocks have had very unfavorable conditions to contend with during the last 12 months in
the low prices prevailing for petroleum and its products, and in the last hour on Tuesday the Pure Oil
shares dropped from 251 4 to 221 8 It appeared that
/
.
/
the directors had followed the dictates of prudence
and cut the quarterly dividend from 371 2c. to 121 2c.
/
/
On Wednesday this stock suffered a further break,
10,000 shares selling at the opening at only 19, but
this was followed by recovery to above 21, with the
close for the day at 2078 Other oil stocks, like At/.
lantic Refining, Marland Oil and Phillips Petroleum, were also under selling pressure. The market,
however, as on so many previous occasions, displayed great rallying powers, and as the day progressed, most of the early losses were recovered. The
accounts regarding the steel trade kept growing
more and more optimistic, orders having come in to
a surprising extent from the railroads and from the
motor industry, and considerable general buying of
steel having also developed. Not only that, but further advances in the prices of certain steel products
occurred. This encouraged expectations that the income statements of the steel companies for the current March quarter would make an entirely different showing from the statements for the December
quarter. On Thursday as a result of these favorable
reports and a drop in the call money rate
to 4% the market developed strong rallying tendencies.
On Friday it had a heavy burden to bear in the
advance in the rediscount rate of the Federal Reserve Bank of New York and a renewed increase in
brokers' loans. The result was that the market
opened at a considerable decline from the previous
day's close, and altogether became very depressed,
a slight rally at midway giving way to renewed
weakness at the close. General Motors, which had
615
closed Thursday at 1353 opened Friday at 1333
%,
%133%; U. S. Steel, which had closed at 14614
/,
opened at 14438@144%; Canadian Pacific, which
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had closed at 20678 opened at 2041 2; Atchison,
/
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which had closed at 1881 2 opened at 187%, and New
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York Central, which had closed at 159, opened at
15814
/
.
The railroad stocks, as already stated, were the
weak feature all through the week, and New York
Central closed yesterday at 15734 against 160% at
/
the close on Friday of last week; Atchison closed at
18614 against 189% the previous Friday, and Union
/
Pacific closed at 187 against 19014 U. S. Steel
/
.
closed yesterday at 14278 against 1471 2 and Gen/,
/
eral Motors at 13378 against 13478 Among the cop/.
/
per stocks, Greene Cananea went through its customary performances, and closed at 137 against 146.
Amer. Smelt & Ref. closed at 174 against 17878 and
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Calumet & Arizona at 103 against 1071 8 Among
/.
the specialties, Montana Power moved still higher,
and after touching 165% Thursday, closed yesterday
at 1551 2 against 148 the previous Friday and 116
/
the Friday preceding. Among other specialties Detroit Edison sold up from 174% last Saturday to
1943 yesterday, closing at 190, and Bayuk Cigar
%
advanced from 106% on Saturday to 128 on Tuesday and closed yesterday at 123.
An energetic protest against the continued occupation of the Rhineland by Allied troops was voiced
in Berlin Monday by Foreign Minister Stresemann
in the course of a speech before the Reichstag on
German foreign policy. The French demand for
"security before disarmament" was also dealt with
by Herr Stresemann in trenchant phrases, his speech
creating somewhat of a sensation in Europe. The
German Foreign Minister prefaced his speech by
charging that "there is a certain amount of hypocrisy in the demand for security against Germany,
which can no longer be endured by the public opinion of the world." The people, he continued, "must
realize clearly that a continuation of the Rhineland
occupation is what has impaired the Locarno agreement in the eyes of the world. We had been told machine guns and cannon were to disappear. But there
they are, still in the Rhineland, arrayed against a
nation with which the other nations co-operate in
the Council of the League of Nations, with which no
political divergence exists in important international questions." Locarno, Herr Stresemann pointed
out, was to mean the dawn of a new era, but the enthusiasm caused by the Locarno agreement had now
given way to skepticism and for that skepticism Germany was not to blame. "Before all else," Herr
Stresemann said, "we Germans demand the evacuation of the Rhineland, because it is an insuperable
obstacle in the path of German-French rapprochement and because it will be impossible to turn the
Spirit of Locarno into reality while the paradox to
which I have called attention persists.
In another portion of his speech, the German
Foreign Minister took up the gage of battle against
the French theory of how best to secure European
peace. In France, he said, there was great concern
about formulae for obtaining security, but "I have
never yet seen a formula Which assures peace between two neighboring countries more efficaciously
than the Locarno agreement assures it between Germany and France. Both nations obligate themselves
through this agreement to forego all aggressive ac-
616
FINANCIAL CHRONICLE
[VOL. 126.
tion against each other. "Whosoever asks for more 'larger treaty proposed Dec. 28 by the American Secsecurity than that doubts the pledged word and the retary of State, Frank B. Kellogg, in which war besigned treaty. If we do not trust that the treaties tween the principal powers of the earth would be
now concluded will be kept, then it is of no use renounced as an instrument of national policy. M.
to conclude treaties." Herr Stresemann also re- Briand was said, however, to be greatly pleased over
ferred to the British guarantee of non-aggression the form the preamble to the new arbitration treaty
between Germany and France. "Are the pledged will take, as this was declared to embody a stateword and power of England nothing to those who ment similar to his original proposal of last June
in France demand stronger security?" he asked. for a formal reaffirmation of peace between the two
"Do they doubt the ability of England, together Republics. It was understood in Paris, according
with France, to wage warfare against the German to a dispatch of Feb. 1 to the New York "Times,"
Reichswehr?" The demand for greater security, in that this preamble will proclaim the desire of the
so far as it concerns German-French relations, was two countries for perpetual peace between them and
termed an insult by Herr Stresemann, "since it is state that the treaty consecrates their wish to use
based on an assumption of a breach of faith by peaceful rather than warlike means to settle differences which may arise. Information to the efEngland and Germany."
The speech of the German Foreign Minister was fect that the new treaty will be signed Feb. 6 was
followed by an announcement, made in Paris Tues- given out at the same time both in Paris and in
day, that the French Government,in agreement with Washington, that day having been chosen because
the Allies participating in the occupation of the it marks the 150th anniversary of the signing of the
Rhineland, will within the next few days withdraw first treaty between the two countries. The possia further contingent of 10,000 men from the occu- bility that the preamble to the arbitration treaty
pied area, leaving the total French, British and Bel- will lean more than a little toward Secretary Kelgian force on German soil at 50,000 men. This ac- logg's avowed desire to secure a definite renunciation, a Paris dispatch to the New York "Times" tion of war between the principal powers was
said, is considered to be the best answer to Dr. broached in a Paris dispatch of Feb. 1 to the New
Stresemann's speech in the Reichstag. The with- York "Herald-Tribune." The two Governments, this
drawal, it was indicated, "will afford satisfaction report said, will "condemn war as an instrument of
in fact and leave the principles and policies involved their national policies" and will also express their
to be discussed after the elections have been held willingness beyond that to do their best to attain
in both countries and the general political trend of an international agreement outlawing war. M. Brieach established." In a debate on the question in and, the French Foreign Minister, in explaining the
the French Senate Tuesday, there was said to be a treaty negotiations before the French Senate Thursclear demand that Foreign Minister Briand should day, made the significant statement that "we see no
state his position in reply to Dr. Stresemann. This reason why a country like the United States, even
M. Briand promised to do. In French comment on though not a member of the League of Nations, canHerr Stresemann's remarks, according to a Paris not outside that organization work with us towards
dispatch of Tuesday to the New York "Herald- peace." The principal difficulty with the negotiaTribune," the economic side of the occupation was tions over the Kellogg proposal, according to H. Briemphasized. "As far as the military phase of the and, came from the fact "that the negotiations have
situation is concerned," the dispatch said,"the Paris been public, for public nervousness complicates
Government is willing to accept German disarma- every diplomatic negotiation."
ment as a reality and admit that the presence of the
The record of his achievement in effecting pracAllied troops in the Rhineland is no longer necessary from that point of view. But as far as insuring tical stabilization of the franc and in promoting
the Continuance of German reparations payments, the financial and industrial recovery of his country
the Rhineland occupation is still short of fulfilling was proudly recounted before the French Chamber
its function, in the minds of the French. There will of Deputies Thursday by Premier and Finance Minbe no agreement here with Dr. Stresemann's demand ister Poincare. Recalling the sorry state of French
until some other guarantee is given that Germany finances in July 1926 when the Treasury balance
will pay." The statement of the French position stood at a bare 1,000,000 francs, M. Poincare, in
promised by M. Briand was made by him befor:e the answer to many recent criticisms of his course, told
French Senate Thursday. Recounting conversations how the limit of the legal advances from the Bank
that he had had with Dr. Stresemann in which he of France to the State had been reduced from 38,urged the quicker fulfillment of the German repa- 500,000,000 francs to 31,000,000,000 and how the
rations obligations, M. Briand expressed willing- Treasury had 6,500,000,000 francs on the right side.
ness to examine any proposition Germany has to The discount rate, which was 71 27, had been low/ 0
make. Prompt action on the "commercialization ered to 4, he said, and the floating debt had been
of the reparations debt" and the fulfillment of all in large part consolidated and no longer weighed
disarmament conditions were the substance of M. like a nightmare on the Treasury. From 7,500,000,Briand's demands in return for immediate evacua- 000 francs the repayments had been reduced to
tion of the Rhineland.
2,500,000,000. The budget had been passed two
years in succession before the end of the year and
An arbitration treaty between France and the properly balanced, the Premier said. Nine billion
United States to replace the Root Treaty of 1908 francs yearly was going toward paying off the counwhich expires by limitation on Feb. 27 has been suc- try's internal debt, he continued. Moreover, the
cessfully arranged in negotiations which were con- debt had been so reduced and payments spaced out
cluded in Paris Wednesday in a conference between so that there would be no acute crisis, he declared.
Foreign Minister Briand and Ambassador Herrick. He admitted that the franc had shown a tendency to
This treaty was said to be quite independent of the rise during most of the past year, but this he con-
FEB. 4 1928.]
FINANCIAL CHRONICLE
sidered in the interest of the workers and the general economic condition of the country. The franc
was stabilized in fact, M. Poincare declared, both
the Bank of France and the Treasury holding reserves of foreign currency which would meet every
emergency. As in the past, however, the Premier
refused to give any indication of the time when
legal stabilization will be effected.
617
Russian Soviet republics for the purpose of purchasing material in the United States.
Numerous reports of uprisings in Russia, emanating from Riga, Warsaw, Constantinople and
other places "not especially fond of Moscow," swept
over Western Europe and America in the past week,
although no confirmation of any kind was obtainable anywhere. The rumors were reminiscent of the
The unpopularity of the Dawes Plan among cer-' flodo of similar stories current some years ago.
tam n less responsible elements in Germany was They ranged from alarmist tales of revolts in the
given picturesque expression in Berlin on Jan. 27 Moscow garrison to vague intimations that the Criwhen a crowd estimated at more than 10,000 flocked mean ports had been closed and the Black Sea coast
to a mock "coronation service" for $. Parker Gil- mined. The alarums were given short shrift in reAsbert, the Agent-General for Reparations Payments. liable dispatches from the Russian capital. An
described life in
The "services" were arranged in the industrial por- sociated Press report of Jan. 29
tion of Berlin by German Fascisti as part of their the Soviet center as proceeding quite normally, while
New
observance of the former Kaiser's birthday. The in a special dispatch of the same date to the
only observable crisis was said
patriotic enthusiasm of the audience was described York "Times" the
as boundless. Personal animosity against the Repa- to be the old and common one of the production and
rations Agent was fortunately absent, being express- distribution of goods. "Where the shoe pinches,"
ly disclaimed by Deputy Kubel, the principal speak- this dispatch said, "is that the production of goods
er. Mr. Gilbert was, however, referred to as "the is not increasing as fast as the demand therefor..
German Kaiser of to-day." "It is no more than fit- Goods do not arrive at all, or arrive late, or when
ting," said Deputy Kubel, "that we acclaim him as they do arrive prove unseasonable or unsuitable to
obedient subjects." For the rest, the meeting was local requirements." In a subsequent dispatch the
given over to anti-Semitic attacks and to party "Times" correspondent made it plain that strikes
harangues by Fascist orators. A group of Commu- or sabotage on the part of workers, and refusal to
nists from northern Berlin interrupted the demon- part with their grain by the peasants are the only
stration soon after it started, the situation becoming two ways whereby the Russian masses express disso threatening at one time that the police had to satisfaction with their rulers. There are no strikes
or sabotage, the dispatch added, but the Russian
interfere.
peasants did withhold their grain because they
Official opposition to the private sale of Russian could not get goods in exchange. "For the last fortSoviet Railway bonds in the'United States was made night," the report continued,"goods have been reachknown in Washington early this week. The imme- ing the villages, with the result that grain collecdiate cause of the reaffirmation by the State De- tions by the State sharply jumped up; 261,000 tons
partment of the position taken two years ago was for the fifth five-day period in January, as compared
the announced intention of the Soviet, reported in with 101,000 for the second five-day period makes a
these columns last week (Page 512), to sell here part good showing. But it remains to be seen whether
of a $30,000,000 issue of State Railway 9% gold the improvement will continue steadily."
bonds. Arrangements were advertised whereby
The chronic difficulties of Eastern and Southern
banks in New York, Chicago and San Francisco
were to act as agents for the payment of interest and Europe afforded a full crop of unfortunate incidents
retirement charges. The basic policy of the Ameri- in the past week, some of which may be of significan Department of State has long been one of op- cance, while others doubtless will prove of little moposition "to financial arrangements involving the ment. The finding on Jan. 1 of five freight cars
flotation of a loan in the American market or the loaded with machine guns at the railroad station if
employment of American credit for the purpose of St. Gothard on the Austro-Hungarian border caused
making an advance to the Soviet regime." It was deep irritation among the members of the Little Enconsidered, however, that such opposition extended tente, an irritation that has grown with the efforts
only to public offerings of Soviet securities and that to hush the matter up. According to Edwin L.
the private sale of bonds would not be hindered. In James, Paris correspondent of the New York
a restatement of its position, issued in Washington "Times," the machine guns were shipped from a facWednesday, a sweeping interdict was put on all tory in Verona, Italy, and, although apparently conSoviet financing by the State Department. "The signed to Poland, were in reality intended for HunDepartment," the announcement said, "objects to gary—or so Paris believes. The arming of Hungary
financial arangements involxing the flotation of a by Italy, the correspondent points out, would constiloan in the United States or the employment of tute a flagrant violation of the provisions of the
credit for the purpose of making an advance to the Treaty of Trianon. In consequence, both Italy and
Soviet regime. In accordance with this policy, the Hungary were said to be trying to hush up the afdepartment does not view with favor financial ar- fair. They wish especially, said Mr. James, in a disrangements designed to facilitate in any way the patch of Jan. 27, to block an inquiry by the League
sale of Soviet bonds in the United States. The de- of Nations, and each "is bending every effort to enpartment is confident that the banks and financial list diplomatic support to prevent an investigation
institutions will co-operate with the Government which might establish a violation of the peace treaty
in carrying out this policy." Press correspondents by one of the defeated nations with the complicity
in Washington were informed at the same time, on of one of the victorious Allies." The Little Entente,
behalf of Secretary Kellogg, that no change is con- however, appears to have every intention of pushing
templated toward the extension of credit to the the matter to a conclusion. Each of the three Gov-
618
FINANCIAL CHRONICLE
[VoL. 126.
ernments—Czechoslovakia,Yugoslavia and Rumania gave Americans their independence. We are not
—presented a note on the subject Wednesday at the here to prevent an oppressed people overthrowing
Secretariat of the League in Geneva. The notes their oppressors and winning their liberties." Dr.
were described as practically identical in a Geneva Pueyrredon, in supporting Ambassador Ferrara,
dispatch to the New York "Times." They were said urged that "a little something should be left for the
to insist that complete light be shed upon the inci- revolutionary." Revolution, he said, is many times
dent in order that "public confidence in interna- the salvation of the people. The debate promising to
tional treaties will not be shaken." It was suggest- become acrimonious, a way out of the difficulty was
ed by the "Times" correspondent that the notes "may pointed by former American Secretary of State
provoke one of the gravest problems the Council has. Charles E. Hughes, who took the position that the
yet been called upon to solve."
suggestion was not in conformity with the work at
Fresh proof of the intense animosity between Italy hand. When the question of considering the Mexiand Yugoslavia was also forthcoming in the past can suggestion was put to a standing vote, the deleweek. The Giornale d'Italia of Rome, a newspaper gations from Mexico, Nicaragua and Salvador were
that once before precipitated a crisis between Italy the only ones which voted in the affirmative.
and Yugoslavia, began the publication on Jan. 27
The Mexican effort to divorce the Pan-American
of a series of "revelations" in which Yugoslavia was Union from the control of Ambassadors and Minisaccused of fostering warlike militarist and inverial- ters of Latin-American countries in Washington
ist designs among its population. These tactics, the and have its Governing Board composed of special
paper declared, "are highly dangerous to the Balkan representatives appointed for the purpose was conand European peace." Charges were subsequently sidered by the Committee on the Pan-American
made by the same journal of a secret naval agree- Union Jan. 27 but failed of adoption. The outcome
ment between Yugoslavia and France. The offi- of the movement was a virtual compromise, fostered
cial Fascist organ, the Foglio d'Ordini, printed on by Mr. Hughes, by which the nations of the Union
Jan. 28 a strongly worded editorial casting the may elect whether they shall be represented in the
whole blame for the strained Italo-Yugoslav rela- Governing Board by their diplomatic representations on Yugoslavia.
tives in Washington or by special emissaries. On
The thorny question of Polish-Lithuanian rela- the following day the Committee of Public Internations also bobbed up again over the last week-end, tional Law considered a proposed Nicaraguan
the Warsaw press being thrown into a ferment by amendment to the code of "Obligations of States
the publication of correspondence between Premier in the event of Civil War." This amendment would
Waldemaras, of Lithuania, and Foreign Minister pledge every State signatory to the proposed treaty
Zaleski, of Poland. The Lithuanian Premier was substantially "to prevent its inhabitants, whether
said to have adopted an aggressive anti-Polish tone nationals or foreigners, from taking part in warin his notes, and the Warsaw press professed to see like preparations, recruiting men, or crossing the
the "machiavellian hand of Germany" in the mat- frontier or embarking for the purpose of starting or
ter, M. Waldemaras being in Berlin at the time to fomenting insurrection or civil war." In deference
negotiate an arbitration treaty with the German to the wishes of the Nicaraguan delegation the arGovernment. The difficulty of all peaceful nego- ticles of the proposed treaty were laid
before a subtiation in Eastern Europe was further emphasized committee for recasting. The amendments in the
Tuesday, when two Polish envoys, sent to Moscow Pan-American Union organization proposed by Mexto open negotiations for a trade accord, suddenly ico again came up for consideration Monday, the
returned to Warsaw without having so much as Committee on the Union reaching the proposal which
seen a Soviet official. A statement that the "at- would do away with the practice of having the Secmosphere was unfavorable" was the only explana- retary of State of the United States serve continution vouchsafed.
ously as Chairman of the Governing Board. The
Mexican desire to have the Chairmanship of the
Discussions at the Pan-American Union Confer- Governing Board go by rotation to each of the twenence at Havana in the past week were concerned ty-one member States was, however, signally defeatlargely with proposed changes in the organization ed, no other nation rallying to the side of Mexico.
of the Union and with the details of air and mariA sweeping change in the proposed Pan-American
time treaties which are to be submitted to the Gov- aviation treaty was adopted unanimously by the
ernments of the twenty-one nations represented. Committee on Communications, Monday. This proThere was, however, one incident of wider interest, vided simply that the scope of the treaty be widened
revolving around the suggestion of the Mexican del- so as to permit any nation in the world to become a
egation, made last Saturday, that consideration be party to it. This move, according to a Havana disgiven to adopting, as a principle of international patch to the New York "Herald-Tribune," overcame
law, the thesis that when revolutionists had seized the difficulty which his been worrying the delegates
a port of an established Government, that Govern- as to the dominions and provinces in the Western
ment should appeal to all nations to refuse to carry Hemisphere belonging to Great Britain and other
on trade relations with the port seized. This sug- European powers. The Conference was said by Cargestion, made before the Committee on Public Inter- ter Field, special correspondent of the "Heraldnational Law, brought a prompt and vigorous pro- Tribune," to have four achievements virtually as'test from Dr. Orestes Ferrara, head of the Cuban del- sured. These were stated to be: "1—An aviation
egation, Dr. Honorio Pueyrredon of the Argentine treaty which will increase communication, including
also dissenting. Dr. Ferrara maintained stoutly mail regarding business matters, among the twentythat an oppressed people has the right to revolt one American republics. 2—Removal in part of the
against their established Government. "A Pan- legislative restrictions which have hampered trade
American Conference," he declared, "has not the by sea. Talk of the Argentines about the United
right to seek to make impossible the very thing that States tariff, though not mentioning it specifically,
FEB. 4 1928.]
FINANCIAL CHRONICLE
has called attention to other artificial barriers
which may be removed, more easily. 3—Revival of
interest in railroad and good highway building, tending to link up the Americas and increase not only
trade but travel and information with respect to
each other, on Which last the American delegation
places the highest importance. 4—Demonstration
to all the Latin American governments, and through
them largely to their peoples, that the policy of the
United States with respect to Hayti and Nicaragua,
despite ocasional fears and jealousies, contains no
threat to most of them and is merely the exercise
of a police power rather than the manifestation of
an imperialistic design on the part of the "Colossus
of the North."
619
flight of 100 miles. He is expected to visit Santo
Domingo, Hayti and Cuba before returning to the
United States.
The Bank of Norway on Feb. 2 advanced its rate
of discount from 5% to 6%. This is the first change
by this bank since Nov. 1 1927, when the rate was
advanced from 43/i to 5%. Otherwise there has been
no change this week in discount rates by any of the
banks in Europe. Rates remain at 7% in Germany
and Italy; 6% in Austria; 5% in Belgium, Denmark
A
and Madrid;432% in London and Holland, and 31 %
in France, Switzerland and Sweden. In London
/@43/2%
open market discounts yesterday were 43
against 4 1-16@4M%
for both long and short bills
for both on Friday of last week. Money on call in
London was quoted at 3Ys% on Wednesday and
Thursday, but was 33%'yesterday, which compares
with 4% on Friday of last week. At Paris open mar0,
ket discounts remain at 33i7 but in Switzerland
have been reduced from 33i% to 33/8%.
Taking off again from Colon after a rest of several
weeks, Colonel Charles A. Lindbergh on Jan. 25 began another series of good-will flights over northern South America and the Caribbean Islands. His
world-renowned plane, the "Spirit of St. Louis," continued to carry the young aviator without mishap,
The Bank of England in its statement issued on
although there were several anxious moments on his
account in the past week. The first flight essayed Wednesday, reported a loss in gold holdings of
by Colonel Lindbergh on resuming his tour was one £325,025. Notes in circulation increased, £1,195,000,
of approximately 400 miles from Colon to Carta- and the total loss in reserve, therefore, amounted to
gena, Colombia. Though not the capital of the coun- £1,520,000; the ratio of reserve to liabilities, which
try, he was greeted at Cartagena with all the en- has risen sharply in the last four weeks, from 21.96%
thusiasm to which he has become accustomed. The on Jan. 4 to 35.85% Jan. 25, now stands at 35.55%.
next flight made by the airman was from Carta- For the corresponding period last year the ratio was
gena to Bogota, on Jan. 27. The route consisted of 27.90%, and two years ago 183%. Public deposits
425 miles of dangerous flying over high mountains declined £2,184,000, and "other" deposits, L1,125,enshrouded in clouds, past dangerous ravines and 000. Loans on government securities decreased
over unknown country. No other plane had ever £46,000, and loans on other securities fell off L1,690,made this flight, but Colonel Lindbergh appears to 000. The total of gold holdings is now £155,877,928,
have had little trouble in negotiating the distance. which compares with £151,032,135 last year, and
Dispatches were delayed, however, and some anxiety £144,513,107 in 1926. Notes in circulation aggregate
regarding his safety resulted in this country. In £135,835,000, against £137,937,175, and $141,Bogota, meanwhile, a crowd of 100,000 roared its 954,160 in 1927 and 1926, respectively. The official
welcome to the unofficial American emissary as a discount rate remains unchanged at 43%. Below
cavalcade and a procession of automobiles escorted we furnish comparisons of the different items of the
him to the American Legation. On the following Bank of England returns for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
day Colonel Lindbergh went to pay his respects to
1924.
1925.
1926.
1927.
1928.
President Miguel Mendez of Colombia, to whom he
Feb.6.
g5.4F
Feb. 3.
Feb. 2.
Feb. 1.
was presented by United States Minister Samuel H.
137,937,175 141.954.160 125.464.780 125,880,870
Circulation
Piles. He afterward called upon Foreign Minister Public deposits b135,835,000 9,537.115 13,767.508 11.048.724 15.801.191
14,341.000
97,582,000 108,189,513 106,737,142 134,913,063 104,197,950
Uribe and Minister of War Rengilfo. Special edi- Other deposits
48,797,032
Governm't securities 35.258,000 28.875.769 43,002.247 67,503.461
69.328,478
tions were published by the Bogota newspapers in Other securities
55,027.000 74,162,986 73.338,225 73.688,034
32,844,960 22,308,947 22,858,406 21,950,308
Colonel Lindbergh's honor. Proceeding on his course Reserve notes& coin 39,791,000 151,032,135 144.513,107 128,573,186 128,081,178
Coin and buillon__a155,877,928
last Sunday, Colonel Lindbergh took off from Bo- Proportion ofreserve
183i%
1554%
1834%
27.90%
35.55%
to liabilities
.5%
5%
gota on another pathfinding flight to Maracay, Ven- Bank rate
434%
ezuela, Through fogs and clouds and over 12,000Includes. beginning with April 29 1925. £27.000,000 gold coin and bullion
previously held as security for currency notes Issued and which was transferred to the
foot Andean mountains the American flying ace Bank of England on the British Government's decision to return to the gold standard.
£27,000,000
made his way, to be swept some 100 miles out of his b Beginning with be statement for April 29 1925 includesgold coin andof Bank
bullion
of England notes lamed in return for the same amount of
course at the end of the 750-mile flight through poor held up to that time In redemption account of currency note issue.
visibility. A crowd of 6,000 persons, including
In its report as of Feb. 1, the Bank of France
President Gomez and his son, who is Vice-President,
the field to welcome the flyer in his silver showed an increase in note circulation of 637,495,000
were at
monoplane. Through the American Charge d'Af- francs, raising the total of that item to 57,765,185,055
faires, Cornelius Engert, Colonel Lindbergh apolo- francs. In the corresponding week last year note
gized to President Gomez for having kept him wait- circulation amounted to 52,625,703,580 francs and in
ing. At the Venezuelan capital, Caracas, the Amer- 1926, 51,470,932,295 francs. There were no changes
ican flyer was greeted Monday with tumultuous en- in gold holdings, the total remaining at 5,544,831,317
thusiasm. Off again Tuesday, Colonel Lindbergh francs. Trade advances showed a decrease of 10,269,swept in a long parabola over a course of 1,050 000 francs, general deposits, a decrease of 2,409,400,000,000
miles around the Eastern rim of the Caribbean Sea 556,000 francs, advances to State,
and Leeward Islands to St. francs and "divers," or sundry assets, 210,117,000
over the. Windward
Thomas, Virgin Islands. From the "newest Ameri- francs. Silver remained unchanged. On the other
francs, and
can colony," the flyer hopped over to San Juan, hand bills discounted rose 460,665,000
A cornRico, Thursday, on a comparatively short treasury deposits, 123,377,000 francs.
Porto
620
FINANCIAL CHRONICLE
[VOL. 126.
parison of the various items for the past three years very substantial recession in trade and industry.
is given below.
Reports of the last two weeks have indicated that
BANK OF FRANCE'S COMPARATIVE STATEMENT.
revival in production is now the rule in more than
Status as of
Changes
one industry and a heavier and more diversified
Feb. 2 1927.
for Week.
Feb. 1 1928.
Feb 4 1926.
Gold Holdings—Francs.
Francs.
Francs.
Francs.
demand for funds is a necessary corollary. Demand
In France
3,680,510,414 3.683,506,843 3,681,276,605
Unchanged
Abroad—available
Unchanged
462,771,478 1,864,320,907 1,864,320,907 funds in the New York market were quoted as high
Abroad—non-avail Unchanged
1,401,549,425
as 5% Monday and Tuesday, shading down subseTotal
Unchanged
5,544,831,317 5,547,827,750 5,545,597,513 quently to 432% and 4% on heavier offerings. An
Silver
342,925,691
Unchanged
341,571,131
324,727.230
Bills discounted_ Inc. 460,665,000 3,080,999,897 4,373,347,737 4,354,556,306 outside market was again established Tuesday and
Trade advances_ Dec. 10,269,000 1,685,866,237 2,001,509,850 2,487,238,090
continued thereafter, with some offerings at 332%
Note circulation Inc. 637,495,000 57,765,185,055 52,625,703,580 51,470,932,295
Treasury deposits_Inc. 123,377,000
255,425,604
11,316,788
30,791,566 noted Thursday. Calling of loans was again subGeneral deposits_Dee.2,409,556,000 8,490,649,374 4,549,121,204 3,100,097,845
Advances to State_Dec. 400.000,000 23,100,000,000 31,900,000,000 35,100,000,000 stantial, amounting to $25,000,000 Monday, $15,Divers assets
Dec.210,117,000 27,096,796,000 7,192,267,874 .3382,968,043 000,000 Wednesday
and $15,000,000 Thursday.
Preparations for month-end settlements were, of
In its statement as of Jan. 31, the Bank of Ger- course, one feature of the early
markets of the week.
many reports an increase in note circulation of More activity was reported
in time money transac568,591,000 marks, raising the total of that item to tions. Brokers' loans
against stock and bond col4,197,185,000 marks, as against 3,409,616,000 marks lateral compiled by the
New York Federal Reserve
last year, and 2,648,809,000 marks in 1926. Other Bank for the 49 reporting
member banks again
daily maturing obligations fell 210,220,000 marks. showed a substantial
increase in Thursday's statewhile other liabilities increased 1,609,000 marks. ment. The advance
of $27,135,000 very nearly
On the asset side, reserve in foreign currency de- cancels the decrease of two
weeks ago and again
creased 10,396,000 marks, silver and other coin places these loans
practically at the high record
8,774,000 marks and notes on other German banks, attained on Jan. 11.
19,454,000 marks. Gold and bullion showed an
Dealing in detail with the rates from day to day,
increase of 1,865,000 marks, deposits abroad rose the renewal rate for call
loans on the Stock Exchange
2,095,000 marks, bills of exchange and checks on Monday was 43/2%,
but new loans had to pay
294,791,000 marks, advances 67,793,000 marks, 5%. On Tuesday the
renewal rate also went to 5%
investments 15,000 marks, and other assets 34,149,- but later in the day the
rate on new loans dropped to
000. Below we give a comparison of the various items 43%. On
Wednesday all loans were at 432%, inof the Banks return for the past 3 years.
cluding renewals. On Thursday the renewal rate was
REICHSBANK'S COMPARATIVE STATEMENT.
again 432%, but the general rate dropped to 4%.
Changes for
Week.
Jan. 31 1928. Jan. 311927. Jan. 30 1926. On Friday all loans were at
434%. Time loan rates
Assets—
Reichstnarks. Reichsmark!. Retchstnarks. Relchsmarks.
Gold and bullion
Inc. 1,856,000 1,865,284,000 1,834,661,000 1,254,995,000 have stiffened all around and quotations yesterday
Of which depos.abr'd_Inc. 2,095,000
83,532,000 128,420,000 142.981,000
were 4%@434% for thirty days,4%@432 for sixty
%
Res've in for'n curr_ Dec. 10,396,000 296,005,000
421,082,000 418,331,000
Bills ofexch.& checks.Inc. 294,791,000 2,372,850,000 1,415,035,000 1,464,386,000
days, ninety days and four months, and 432% for
Silver and other coln Dec. 8,774,000
71,300,000
126,810,000 80,253,000
months. There has been no change in
Notes on 0th. Ger. bksDec. 19,454,000
6,937,000
6,585,000
8,748,000 five and six
Advances
Inc. 67,793,000
91,246,000
81,618,000
10,885,000 the rates for commercial
paper, which remain at
Investments
Inc.
15,000
93,271,000
88,884,000 233,596,000
Other assets
Inc. 34,149,000 591,113,000 570,194,000 608,695,000 3%@4% for four to six months'
names of choice
LdabUiltes—
Notes in circulation_ _Inc. 568,591,000 4,197,185,000 3,409,616,000 2,648,809,000 character. For names less well known the quotation
Oth.dallymatur.oblig.Dec. 210,220,000 497,777,000 574,566,000 578,724,000
remains at 434%. For New England mill paper the
Other liabilities
Inc. 1,609,000 281,403,000 200,794,000 543.761,000
quotation is 4%.
In the market for banks' and bankers' acceptances
The New York money market was again overthe posted rate of the American Acceptance Council
shadowed in the past week by the possible effect
for call loans against acceptances was raised yesterof rising rediscount rates at the central banks of the
day from 334% to 332%. The posted quotations on
country. The increase in the rediscount rates of
prime bankers' acceptances eligible for purchase by
the Chicago and Richmond banks from 31/2% to 4%
the Federal Reserve banks were advanced yesterday
last week caused more than a little nervousness in
for all maturities except 120 days, the quotations
speculative circles. Reserve bank meetings in other being 3/% bid and
334% asked for bills running
parts of the country were carefully watched in the
30 days; 3%% bid and 332% asked for bills running
present week and relief was apparent when no changes
60 days; 3%% bid and 3%% asked for 90 days and
were announced Tuesday or Wednesday. The con120 days, and 378 bid and 33
%
4% asked for 150
tinuance of the 332% rate at Boston was considered
and 180 days. Open market rates have also been
an indicatiion of the same procedure in New York.
advanced and are now as follows;
Consequently, Wall Street expressed great surprise
SPOT DELIVERY.
late Thursday when the New York Reserve Bank
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Asked.
Bid.
Bid.
Asked.
33
announced an increase similar to that of the Chicago Prime eligible bills
3%
3%
354
3
34
—90 Days
-- —60 Days— —30 Days—
and Richmond banks. This action was interpreted
Rid.
Asked.
Asked.
Md.
Bid.
Asked.
3(
3%
334
by the financial community as further and still Prime eligible bills
334
35
33•
FOR DELIVERY WITHIN THIRTY DAYS.
more conclusive evidence of a determination on the Eligible member banks
3% bid
Eligible non-member banks
3% bid
part of the Reserve authorities to curb the rampant
speculation in the securities markets. It may be
The Federal Reserve Bank of New York this week
observed in passing, however, that the technical increased its discount rate on all classes of paper nd
conditions of the money market may also have for all maturities from 332% to 4%,effective eb. 3.
something to do with the rise in rediscount rates. The action toward increasing the rate as taken
The statistical compilations have indicated for. some by the directors of the Bank on Feb. 2. The
time that stock speculation has absorbed an undue 4% rate is now in force at three of the Federal Reproportion of the currency and credit 4:4 the nation, serve Banks—the Chicago and Richmond Reserve
funds flowing in this direction partly because of a banks having advanced their rates from 33/i to 4%
FEB. 4 1928.]
FINANCIAL CHRONICLE
621
a week ago. The following is the schedule of rates sume more normal aspects. in which event bankers
now in effect for the various classes of paper at here feel that the unseasonal and unprecedented rise
in sterling exchange which occurred in the last quarthe different Reserve banks:
Opinion now
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES ter of the year will not be repeated.
AND MATURITIES OF ELIGIBLE PAPER.
seems to be confirmed that the extraordinarily high
Date.
Previous quotations of the end of the year were artificial, due
Rate in Effect
Established.
Rate.
Federal Reserve Bank.
on Feb. 3.
to unknown causes, now believed to have had their
4 ,
Boston
Aug. 5 1927
334
origin in central banking policy. This is not to say
334
New York
Feb. 3 1928
4
4
Philadelphia
Sept. 8 1927
334
that the recent rise in sterling and some of the other
4
Cleveland
Aug. 6 1927
334
Jan. 27 1928
334
Richmond
4
Atlanta
334
Aug. 13 1927
4
exchanges, especially guilders and marks, was not
334
4
Jan. 25 1928
Chicago
St. Louis
4
Aug. 4 1927
334
greatly accelerated at the time by the large bankers
4
Minneapolis
Sept. 13 1927
334
Kansas City
4
July 29 1927
334
transfers in connection with new issues and the shortDallas
4
334
Aug. 12 1927
San Francisco
4
Sept. 10 1927
334
term money market demand in Europe. The question then arises: Will there be any further large gold
Sterling exchange this week, as during the past few exports from New York to the European centres if
weeks, has been dull and irregular, showing now per- the foreign currencies do not touch gold shipping
haps a greater hesitancy than a week ago, owing to points? The gold shipping points are much disthe uncertainty regarding the drift of the money puted. One foreign exchange authority says that
market both here and abroad. In speaking of current there is no such thing as a definite rate at which it
foreign exchange quotations, and especially of sterling, becomes profitable to import gold, that fixed gold
the going rates must be considered as high and very points only exist in textbooks on foreign exchange,
satisfactory with relation to parities and they are and that in reality the gold point is an entirely relacurrently weak only in comparison with the very tive idea. Apart from the fluctuation in the cost of
high points touched in December, when gold moved shipments, the circumstances in which a shipment
out from New York in conspicuous volume. The is considered profitable are also subject to variation.
range for this week has been from 4.86 9-16 to 4.87 Many banks for some special reason may be prepared
for bankers sight and from 4.86 29-32 to 4.87/for to disregard the loss of interest on gold shipments
33
cable transfers. Conflicting tendencies and differ- while in transit and may regard the gold floating
ences of opinion in regard to the monetary outlook between New York and London as part of their cash
have been so disturbing as to bring the market to reserves. Some banks, it is pointed out, may even
a virtual standstill on several occasions this week. go further and be willing to move gold at an actual
For instance on Thursday when the New York loss. It is certain that the central banks will take
Federal Reserve Bank increased its rediscount rate into consideration numerous factors which might
from 33/ to 4%, New York foreign exchange traders outweigh upper or lower gold points. It is likewise
and bankers appear to have been taken completely certain that London and Amsterdam bankers expect
by surprise, although their London correspondents a further withdrawal of gold from New York, as
have been insisting for several days that the New central bank operations, regardless of how commerYork Reserve Bank rate would be marked up. _ It cial transactions may appear to contradict the wisis true that the New York bankers were looking for dom of such gold movement. Many bankers are of
an increase in the rate, as the advances made last the opinion that the Bank of France will withdraw
week by the Chicago and Richmond Reserve banks gold from New York, as it has large claims upon the
foreshadowed similar action by other Federal Re- metal here as well as in London.
serve banks, but the New York bankers did not exThe Bank of England shows this week a loss in
pect the change to come before the end of February. total gold holdings of £325,025. On Monday the
Federal Reserve authorities both in New York and Bank exported £6,000 in sovereigns to Holland.
Washington made public expressions in the last few On Tuesday the Bank of England bought £219,000
weeks to the effect that conditions in Europe which in gold bars and set aside £500,000 in sovereigns
made it seem advisable to lower rediscount rates here for the account of the Bank of South Africa. Yesterlast August have so far improved in recent months day the Bank of England released £500,000 gold
that there no longer appears to be the same necessity sovereigns for the account of South Africa. At
for considering the European financial and economic the Port of New York the gold movement for the
conditions when it comes to Bank rate regulation or week Jan. 26-Feb. 1, as reported by the Federal
open market operations of the Federal Reserve banks. Reserve Bank of New York, consisted of imports
They point to the rehabilitation of financial condi- of $83,000, chiefly from Latin America. Exports
tions in Great Britain and other European centers consisted of $10,525,000, of which $10,250,000
arising from the gold export movement of the last were sent to Argentina. Of these exports to Arquarter of the year, and to the rise of several of the gentina„750,000 were accounted for here last
foreign exchanges above gold par, and to the practical week. Yesterday the Seaboard National Bank
stabilization of all the currencies.
announced that it would to-day send $1,000,000
Intimations have not been wanting from official gold to Buenos Aires for account of Bunge & Borne.
sources that a differential of
of 1% between the There was no Canadian movement of gold either to
New York Federal Reserve Bank rediscount rate and or from New York. Canadian exchange continues
that of the Bank of England in favor of London is at a discount ranging this week from 5-32 to 11-64
quite sufficient to maintain money rates and foreign of 1%.
exchange movements between the different centres
Referring to day-to-day rates, sterling on Saturon an equitable basis without detriment to money day last showed a slight firmness in a dull halfmarkets in any centre. Of course, if a new policy session. Bankers sight was 4.86%@4.87, and cable
has been inaugurated by the central banking authori- transfers 4.87 9-32@4.87%. On Monday the marties here and in London, it would be reasonable to ket was dull and irregular. Bankers sight ranged
believe that foreign exchange would from now on as- from 4.86% to 4.87, and cable transfers from 4.871/8
622
FINANCIAL CHRONICLE
to 4.873 . On Tuesday the tone was easier. The
%
range was 4.86%@4.86% for bankers sight and
4.87@4.87 3-16 for cable transfers. On Wednesday
the market showed hesitancy. The range was
/
4.86 11-16@4.86% for bankers sight and 4.871 s@
4 for cable transfers. On Thursday there
.
4.873
8
was a slight rally. Bankers sight was 4.869/@4.87
and cable transfers were 4.87@4.87%. On Friday
the range was 4.86 9-16@4.869 for bankers sight
and 4.86 29-32®4.87% for cable transfers. Closing
quotations yesterday were 4.86 11-16 for demand
and 4.87 1-16 for cable transfers. Commercial
sight bills finished at 4.863/2, 60-day bills at 4.82 8,
90-day bills at 4.813I, documents for payment (60
days) at 4.82% and seven-day grain bills at 4.86.
Cotton and grain for payment closed at 4.863'.
[VOL. 126.
centre finished at 3.925 ,against 3.92% a week ago;
%
cable transfers at 3.92 8, against 3.93, and commercial sight bills at 3.923I, against 3.923/. Ant2
werp belgas finished at 13.913/ for checks and at
2
.
13.923/i for cable transfers, as against 13.923/ and
13.933/b on Friday of last week. Final quotations
for Berlin marks were 23.85 for checks and 23.86
for cable transfers, in comparison with 23.823/b and
23.833/i a week earlier. Italian lire closed at 5.28U
for bankers' sight bills and at 5.29 for cable transfers,
as against 5.29 and 5.293'. last week. Austrian
4
schillings have not been changed from 143/ Ex8
.
change on Czechoslovakia finished at 2.961 ,against
%
2.961 ; on Bucharest at 0.613I, against 0.613/; on
%
2
Poland at 11.15, against 11.15, and on Finland at
2.52, against 2.52. Greek exchange closed at
1.321 1 for checks and at 1.323/i for cable transfers
/
In the Continental exchanges the markets this against 1.323/i and 1.329' a Week ago.
week quite generally reflected the same hesitancy
as sterling exchange, also arising from the uncerIn the exchanges on the countries neutral during the
tainties of the money market. The actual quotations war, interest has centred this week in Holland guildwere not affected so much as the volume of trading. ers, Spanish pesetas and Norwegian krone. The
The French franc was firm, as was the Italian lira, guilder, while well above par, was inclined to show
due to the stabilization programs fully treated here in weakness due largely to commercial transactions arisrecent weeks. No news detrimental to either ex- ing from- payments for Holland imports, of which
change developed during the week. On the con- guilder grain bills here were a conspicuous feature.
trary every indication pointed to a satisfactory The Spanish peseta fluctuated rather wildly during
steadiness for both the franc and the lira. Exchange the week, inclining generally to higher levels. The
and banking circles continue to express mystification trading was practically confined to speculative operand perhaps anxiety as to the course which the ations. The rise was particularly conspicuous in
Bank of France may take as to withdrawing gold Wednesday's market, when at the height of trading
from other centers, especially from New York and the quotation averaged around 17.11 for cable transLondon. The annual report of the Bank of France fers, which represented an advance of 123' points
contained no sensational declarations with regard over Tuesday's closing price. A good portion, howto future policy, but the text of the report intimated ever, of the advance was subsequently lost. Specuthat the bank will not swerve from the monetary lative trading in the peseta was reported to be espepolicy which it has pursued for more than a year, and cially active here, in London and in Amsterdam.
that it will continue to maintain a, stable franc until The Scandinavian exchanges have been generally
legal stabilization has been enacted. The bank firm. Norwegian was dealt in most extensively and
favors repayment of its borrowings by the State in was an outstanding feature of this week's trading.
preparation for stabilization. The report indicated Trading in the Norweigan unit is also largely of a
rather clearly that the Bank of France does not speculative character, the prospective return to gold
intend to remain very long virtually under the gold by Norway constituting the attracting magnet.
exchange standard. Hence bankers are justified in The Norwegian Bank rate has been increased to 6%
looking for actual transfers of gold from other from 5%, effective on Thursday, Feb. 2.
centers to the vaults of the Bank of France at no
Bankers' sight on Amsterdam finished on Friday
distant date. German marks again assumed firm- at 40.26, against 40.32 on Friday of last week; cable
ness out of all proportion to the quotations of other transfers at 40.28, against 40.34, and commercial
units during the past week. This firmness was sight bills at 40.20, against 40.28. Swiss francs closed
generally foreseen by New York bankers and arises at 19.23 for bankers' sight bills and at 19.233/ for
from the resumption of bankers transfers to the cable transfers, in comparison with 19.25 and 19.253/
Berlin money market in conjunction with short-term a week earlier. Copenhagen checks finished at 26.76,
credit demands and loan proceeds. Nothing of note and cable transfers at 26.77, against 26.77 and 26.78.
seems to have transpired in the other more inactive Checks on Sweden closed at 26.84 and cable transfers
Continental exchanges. The feature of interest at 26.85, against 26.813/ and 26.823/, while checks
2
distinguishing the Greek drachma were the stabiliza- on Norway finished at 26.57 and cable transfers at
tion loan and plans for monetary reform which 26.58, against 26.59 and 26.60. Spanish pesetas
were treated here in some detail last week. It is closed at 17.01 for checks and at 17.02 for cable
believd that the drachma will be stabilized by transfers, which compares with 16.98 and 16.99 a
August 1, and probably earlier. Stabilization is week earlier.
expected to occur at around the present level of
The South American exchanges are dull but firm,
1.33. Greek currency has been in a better position
the past year than it has held for many owing, as frequently stated, to the very profitable
during
years, and its position has been strengthened by the export season, to the plans for currency reform in sevtransfer of part of the stabilization loan proceeds to eral of the countries, to the large imports of gold
the National Bank of Greece, or, as the new bank which have been drawn from New York, London,
and South Africa, and to the prospect of another profwill be called, the Bank of Greece.
The London check rate on Paris closed at 124.02 itable export season. The crop reports from Argenon Friday of this week, against 124.02 on Friday tina are especially promising. Peru will doubtless be
of last week. In New York sight bills on the French the next South American country to inaugurate a
FEB. 4 1928.]
financial reform. A commission has been appointed
to study Peruvian currency with a view to its stabilization. The Peruvian pound, the par value of which
is the same as the British pound, $4.8665, has remained fairly steady for some time around the current quotation of 3.88. It is believed that stabilization will take place at this level, although the Peruvian Government is reported to favor a return to full
par value or stabilization at a higher rate. The Peruvian Government floated a loan of $50,000,000 here
in December, part of the proceeds of which were for
currency stabilization, and part of which were placed
in a gold exchange fund. Argentine paper pesos
closed yesterday at 42.71 for checks, as compared
with 42.71 on Friday of last week, and at 42.76 for
cable transfers, against 42.76. Brazilian milreis finished at 12.04 for checks and at 12.05 for cable transfers, against 12.04 and 12.05. Chilean exchange
closed at 12.19 for checks and at 12.20 for cable
transfers, against 12.19 and 12.20, and Peru at 3.88
for checks and at 3.89 for cable transfers, against
3.88 and 3.89.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 28 1928 TO FEB. 3 1928, INCLUSIVE.
Country and Monetary
Unit.
623
FINANCIAL CHRONICLE
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Jan. 28. , Jan. 30. Jan. 31.
EUROPE
Austria, whining
140892
Belgium, belga
139287
Bulgaria, lev
007250
Czechoslovakia, krone .029626
Denmark, krone
267667
England, pound starsterling
4.873196
Finland, markka
025185
France. franc
039295
Germany. reichsmark .238305
Greece, drachma
013246
Holland. guilder
403386
Hungary. pengo
174720
Italy, lira
052917
Norway. krone
265977
Poland, zloty
112325
Portugal. escudo
.048966
Rumania.leu
.006175
Spain, peseta
.169945
Sweden,krona
268252
Switzerland. franc_ _ _ .192484
Yugoslavia, dinar
_ .017619
ASIAChinaChefoo tael
660000
Hankow tadl
648750
Shanghai tadl
633928
Tientsin tadl
670000
Bong Kong dollar__ .501428
Mexican dollar. _ _ .457750
Tientsin or Peiyang
dollar
457916
454583
Yuan dollar
366912
India, rupee
Japan. yen
468646
Singapore(S.S.)dollar_ .568333
NORTH AMER..998368
Canada. dollar
999468
Cuba. Peso
485500
Mexico. Pese
Newfoundland, dollar. .996000
SOUTH AMER.Argentina. peso (gold) .971272
120050
Brazil, milreis
122074
Chile. peso
1.023470
Uruguay, peso
981000
Colombia, peso
Feb. 1.
.140807
.139230
.007213
.029626
.267605
Feb. 2.
Feb. 3.
$
$
.140877 .140955
.139240 .139218
.007209 .007209
.029627 .029628
.267655 .267632
.140910
.139305
.007262
.029628
.267685
.140903
.139278
.007258
.029628
.267633
4.872329
.025182
.039293
.238265
.013247
.403282
.174705
.052923
.265962
.112305
.048925
.006169
.170366
.268222
.192457
.017617
4.870866
.025186
.039277
.238212
.013241
.403107
.174725
.052922
.265781
.112505
.048355
.006165
.169850
.268219
.192372
.017617
.661875
.649791
.635803
.671041
.502232
.456750
.658750
.648333
.632857
.667500
.500446
.455500
.655416
.644583
.630178
.664166
.498660
.453500
.654583
.644375
.629821
.683333
.498660
.452750
.653333
.641666
.628392
.662916
.497767
.452000
.455833
.452500
.366957
.468250
.568125
.453750 .452083
.450416 .448750
.366856 .366750
.468759 .468962
.568541 .567500
.452083
.448750
.366487
.468937
.567500
.451666
.448333
.366056
.469000
.567500
.998244
.999468
.485500
.995750
.998166 .998181
.999468 1.000000
.485666 .485833
.995781 .995750
.998230 .998272
.999968 1.000156
.485666 .485833
.995781 .995812
4.871426 4.872571 4.870042
.025180 .025186 .025188
.039279 .039281 .039266
.236300 .238496 .238408
.013242 .013236 .013226
.403140 .403108 .402675
.174673 .174700 .174826
.052957 .052946 .052904
.265838 .265817 .265755
.112487 .112300 .112166
.048793 .048580 .048070
.006172 .006160 .006161
.170843 .170785 .170304
.268268 .268400 .268397
.192372 .192333 .192311
.017612 .017604 .017607
.971239 .971213 .971322 .971116 .971115
.120072 .120027 .120050 .120030 .120072
.122067 .122101 .122039 .121914 .122059
1.023800 1.026150 1.026970 1.025720 1.025900
.981000 .981000 .981000 .981000 .980400
The Far Eastern exchanges continue quiet. The
silver exchanges show weakpess owing to uncertainties regarding silver prices as well as to the state of
political turmoil prevailing in China. A further
downward movement of the silver exchanges is
expected by.most bankers. The impending prospect
that the Indian Government is ready to place on the
market from time to time large portions of its redundant holdings• of silver, to be disposed of at the
rate of 15,000,000 ounces a year, is a constantly
depressing factor in the price of silver. Aside from
exchange factors arising from commercial transactions, the silver currencies are bound to rise and fall
with the price of silver. Nothing of importance has
transpired in the Japanese commercial and banking
situation. Conditions are steadily if slowly mending.
Closing quotations for yen checks yesterday were
46.90@473', against 46%@47 on Friday of last
week; Hong Kong closed at 49.90@50, against 503/i
4
@503; Shanghai at 627 @63, against 63%@631 ;
4
Manila at 49 9-16, against 49 9-16; Singapore at
56%@57%, against 573'@573; Bombay at 36%,
against 36 15-16, and Calcutta at 36%, against
36 15-16.
Owing to a marked disinclination on the part of two
or three leading institutions among the New York
Clearing House banks to keep up compiling the figures
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
Jan. 28. Jan. 30.
Tuesday, Wednesd'y. Thursday, Friday,
Feb. 2.
Feb. 3.
Feb. 1.
Jan. 31.
102,000,000 108,010,000 134,000,000
95,000,000 100,000,000
Aggregate
for Week.
$
116,000,000 Cr. 655.000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Feb. 2 1928.
Feb. 3 1927.
Banks of
Gold.
Silver.
£
Total.
1
Gold.
1
Silver.
I
I
Total.
5
5
£
4
5
England_ 155,877,928
155,877,928 151.032.135
151,032,135
France a... 221,753,269 13.717,023235.470,292 147,340,24 13,640,000 160,980,244
Germany b 89,087,600 c994.600 90,Q82,200 85,614,850
994,600 86,609.450
Spain_-___ 104.234,000 27,646,000131,880,000102,392,000 27,302,000129,694,000
Italy
46.978.000 3,691,000 50.669.000 45,728,000 4.185,000 49,913.000
Netheri'ds.
2,386,000 38,315,000 34.630,000 2,393,000 37,023,000
Nat. Belg_ 36.929.000:21,180,000 1,243,000 22,423,000 17,722,000 1.073.000 18,795.000
Switzland. 18,052,000 2,487,000 20,539,000 17,492.000 3,0.50.000 20,542.000
Sweden_ -.. 12,991,000,
12.891,000 12.447.000
. .
Denmark _
838.000 12.448,000
611,000 10,723,000 11,610,000
Norway
8.180,000
8.180,000 8,180,000
io.112.000,
8,180.000
I
Total week 724,374,797, 52.775,623777,150,420634,188,229 53,475,600687,663.829
Prey. week 723,442,872 52,620,623776,063,495634,461,527 53.080.600687.542.127
a Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
the present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is 54.176.600.
c As of Oct. 7 1924.
President's Coolidge's Budget Speech.
President Coolidge, in beginning his speech at the
fourteenth semi-annual meeting of the business organization of the Government on Monday, it seems
to us, was somewhat extravagant in his praise of the
budget system. The merits of the budget system are
now generally recognized, and nowhere, as far as
we know, is there any desire to see it abolished. The
criticisms which are made from time to time of the
system or its Director, General Lord, have to do
with particular items of expenditure or particular
exercises of economy, not with the essence or form
of the system itself. What the country wants to
know, rather, is the extent to which real economies
in Government expenditure have been made in the
past, or are likely to be made in the future; what are
the principal sources of income and the principal
items of outgo; how the public debt stands, and
what, if any, are the prospects for tax reduction.
The incidental benefits to which Mr. Coolidge alludes with apparent enthusiasm, such as "the true
and scientific progress of humanity," "conservation
of human energy," "better returns from investments
and increased opportunity for saving," "leisure for
the better appreciation of literature, music and art,"
624
FINANCIAL CHRONICLE
[vol.. 126.
and the "contentment and peace of mind" which ing of the United States Steel Corporation, the omincome to people who "have the feeling of success and ous decline in railway earnings, and the steady
the consciousness that they are rising superior to stream of reports of reduced earnings and reduced
their environment," are matters regarding which the or passed dividends on the part of a great variety
people of the country at large, and particularly the of industrial corporations, are a clear indication
small minority of the people who actually pay the that the general business of the country is debulk of the Federal taxes, may be expected to form pressed, and that the much-heralded general revival
their own independent judgment.
has not yet begun. It can hardly need argument to
What Mr. Coolidge has to say about debt reduc- show that the relief to business, under such condition and tax reduction is significant rather than tions of general depression, will be much greater
novel. He is still, apparently, deeply impressed through wise and substantial tax reduction, plus, of
with the importance of reducing the national debt course, the continued economy in expenditure to
as rapidly as possible. "We cannot overestimate or which Mr. Coolidge is committed, than by devoting
overemphasize," he says, "the importance of the re- "every dollar of whatever surplus may accrue" to
duction" of $8,500,000,000 "which has been made in the reduction of the debt, which is already proceedour debt. Our interest cost is still a great burden. ing at a satisfactory pace.
This cost for next year, however, will be $1,000,000
One gathers from Mr. Coolidge's speech that he is
a day less than it was at the peak of our interest not greatly concerned about tax reduction
at the
charges. . . . We have the public debt to which present session of Congress, and that he will not
to apply every dollar of whatever surplus may ac- be greatly disappointed if Congress, unwilling
to
crue. This, indirectly, is tax reduction Every dol- keep tax reduction down to the figure of $225,000,lar applied to the debt saves perpetually the interest 000 which he recommended, should adjourn without
on that dollar It is a contribution to the welfare passing any revenue bill at all. Whether he is still
of the people, a logical step nearer adequate tax re- chagrined at the rejection by Congress of the production."
posal of a rebate which he made more than a year
On the question of tax reduction Mr. Coolidge ago, or whether he is as much attached to the figure
is less explicit. "I have expressed myself," he said, of $225,000,000 as the maximum reduction
as he ap"in favor of further moderate tax reduction. I have pears to be to the arbitrary figure of $3,000,000,000
indicated the maximum reduction we can now af- as the maximum of Federal expenditure, is, of
ford. There was no partisan thought in that recom- course, a matter of surmise; but the action of Senmendation. I hope there will be none in its final ator Smoot, presumably with Mr. Coolidge's apconsideration by the Congress. . . .But we can proval, in postponing consideration of the House
not stand the cost of things that we should and must revenue bill by the Senate until after March 15, and
have if we adopt excessive tax reduction. It is far his vague assurance that a tax reduction bill "may"
better to have no tax reduction than to have too be passed by the Senate after that date, do not hold
much. . . . We are wiser from the effort which out much hope of any material reduction in Federal
brought our expenditures to the low ebb of 1927. taxes this year. If this is Mr. Coolidge's policy, he
That effort was started in June 1923 and had for its is playing directly into the hands of the insurgent
objective a reduction of our annual expenditwes to Republicans in the Senate, who have openly an$3,000,000,000. In fixing that amount we excluded nounced their desire to keep up taxes in order to
alone the amount applied to the reduction of the hasten the reduction of the debt, and is giving the
public debt."
Democrats some ammunition for the coming presiThese remarks of Mr. Coolidge suggest certain dential campaign.
comments which are not less pertinent because they
What Mr. Coolidge has to say about national deare more or less obvious. There is no question that fense is brief, but important. The last complete
debt reduction is, indirectly, tax reduction, and the naval program, that of 1916, having been completed,
saving of interest which has been achieved by debt Congress is asked to sanction another program of
reduction since the World War is something for "orderly construction procedure" which shall "rewhich the country may well be grateful. It is equal- place obsolete naval vessels and moderately increase
ly true that tax reduction, if it is excessive, may pro- our naval strength," the program
to be carried out
duce a deficit, and a deficit is something which, in "as conditions dictate and Treasury
balances wargeneral, the country wishes to avoid. To emphasize, rant." "It considers our own requirements alone
however, as Mr. Coolidge appears to do, the benefits and carries no thought of entry into competitive conof debt reduction as against those of tax reduction struction with any other nation.
The plan I have
is to give disproportionate weight to one of the two' endorsed does not contemplate
any limitation of
important factors in the financial problem. As long time as to the beginning or the completion of this
as the business of the country, particularly corpo- tentative program. But it does contemplate the
rate business, is burdened with the load of Federal building of the ships as fast as possible." For nataxation which now rests upon it, in addition to tional defense as a whole, the estimated cost for
the very substantial State and municipal taxation next year is $650,000,000, "an average expenditure
which has also to be met, the expansion of business of $1,233 for every minute, or $20.50 for every secout of *hose profits the Federal Government is to ond of the year." This, it must be admitted, is a
draw its revenues will be retarded, and a Treasury good deal for a nation which is at peace with all the
surplus that is small to-day may be smaller to-mor- world, and which only a few weeks ago was urging
row.
upon France the conclusion of a treaty whose proEvidences are multiplying that the optimistic fessed aim was the abolition of war as a method of
remarks about the business situation of the country settling international disputes. Whether or not the
in which President Coolidge and Secretary Mellon naval program which Mr. Coolidge has endorsed is
have permitted themselves to indulge are not being competitive depends, perhaps, somewhat upon the
borne out by the facts. The remarkably poor show- meaning of terms, but it is not likely to check corn-
FEB. 41928.]
FINANCIAL CHRONICLE
petitive building in other countries or further the
cause of a general reduction of naval armaments.
Taking the situation at Washington as a whole,
it would seem that financial leadership is for the
time being somewhat in abeyance. The difference
of opinion between the House and the Senate over
tax reduction has produced a kind of temporary
deadlock between the two houses which neither the
President nor the Congressional leaders seem anxious to break, and for the next five or six weeks, at
least, we shall not know whether there is to be any
tax reduction or not. Sharp divergences of view
have appeared regarding the Administration plan
of flood relief, and it is not yet certain how much
money Congress will have to provide for that purpose. A large plan of naval construction, involving
the expenditure of hundreds of millions of dollars,
is before Congress with Administration approval,
but with rather vague indications of when, how or to
what extent it is expected to be begun. It seems
regrettable that Mr. Coolidge, whose proposed tax
reduction figure was not greatly below the figure
proposed by the House, should not have exerted himself to secure consideration of the House bill by
the Senate, and thereby, perhaps, have gotten rid of
some of its objectionable features, but instead should
have acquiesced in a policy of drifting which leads
nowhere. The situation is embarrassing for business, which does not know whether tax relief is to
be accorded to it or not, and unfortunate for the
Administration, which appears to have found itself
at loggerheads with Congress. It is gratifying to
know that the Treasury may probably expect a surplus, and the Administration is right in not wishing
to see the surplus imperilled, but neither of these
facts will contribute to a solution of the revenue
problem unless positive steps are also taken to readjust the tax burden and fit it to the obvious needs
of the country.
625
causing them to waste time in rushing aimlessly
along the highways unable even to enjoy the landscape because of the irresistible impulse for fast
driving. It has enabled youth, in a time obsessed with
the sudden determination to assert "independence,"
to gratify a penchant for pleasure that is tending
to destroy the sense of of right living.
On the financial side it has furnished forth, it is
believed, one billionaire and scores of multimillionaires by reason of its mass production. The sudden
collapse of the industry, so great has it grown, would
paralyze business throughout the country. And
now, after a slight recession in its bulk, economists
are asking what its future is to be, and the consequent effect upon so-called prosperity. It has
brought into existence the truck, which might well
have preceded it, and in doing so has worked injury
to the steam railroads at the very peak of their efficiency—an industrial possession of the people of inestimable and indispensable value well worth careful and common support, lest the loss be greater
than the gain. As the year 1928 opens, there are
many "new cars" being placed on the market and a
cutting of prices which may have a decisive influence upon trade and credit. The use of this "machine" has been instrumental in urging the building
of hard-surfaced highways highly useful in themselves, but of such forced and rapid construction as
to be of indeterminable permanency, and at a cost
so much greater than the ability of the people to pay
as to constitute a burden out of proportion to the
natural increase in the national income. And as a
consequence, credit in the making and use has been
unduly expanded.
Judged by the standard of economics it must be
said that the automobile contributes to extravagance rather than saving. Travel that is not leisurely pursued brings no adequite return. A machine,
driven by irresponsible owners that renders the highways unsafe for the pedestrian, that attains such
The Automobile Industry—The Pros and Cons. numbers as to destroy its own pleasure-giving, let
No invention of modern times has affected the so- alone its sober employment, only adds to the tumult
cial, financial and economic life of the people com- and confusion of life. In the cities many of those
parable to the automobile. But has it been an un- best able to own the most expensive cars are abanmixed blessing? Socially, it has influenced the doning their use. While in the country many are
home life; financially it has come to bulk so large using cheap cars that consume costs in oil and rethat no estimate of the future of business fails to pairs—and which congest the roads beyond endurtake it into account as one of the leading factors; ance. If it shall follow, as one writer contends, that
in economics it is both a constructive and destruc- the decentralization of manufacture will increase
tive force. Let us try to look at it impartially, from the number of cars in use, it is idle to speculate upon
both sides. To many families in pent cities and in the results either in finance or economics.
small towns it has brought the country-side to their
No one doubts that the automobile is here to stay,
doors. This means health, joy and leisure. To fam- but unless it is used in a more reasonable and beneilies on the farms, it has brought quick transporta- ficial way, it must react upon itself and become less
tion to larger communities, affording increased op- sought after than heretofore. As to double-decked
portunity for amusement, education, and culture; streets and special highways, these are not soon to
and to these it has been serviceable in purchase and come, for the cost is beyond the taxing power of
sale of small commodities. But in neither the city Governments now strained to the snapping point.
nor the country has it been used wisely and well. Ease, refinement and culture, as an effect of invenIts reckless employment has cost hundreds of thou- tive genius, and the use of machinery are legitimate
sands of casualties in killed and injured. Somehow, expectations, which, if not fulfilled in practice, turn
for all its advantages in enabling the people to come to distress, enmity and grossness. Anything which encloser to nature, with all the ennobling which should genders disrespect for the sacredness of human life
follow this communion, it has aroused a love of and a flouting of the rights of others is an economic
pleasure and speed which counts as an important loss. And while it may be said that any accounting
off-set to,its usefulness, and it has also unfortunate of the uses and benefits of the automobile must be
ly become an adjunct of crime. Though it need not laid against man and not against the machine, it
be so, the passion awakened to own and operate a remains true that the machine must bear a part of
"car" has become so great that hundreds of thou- the burden inasmuch as it is susceptible to improper
sands sacrifice more desirable comforts in its behalf, use. We had the steam roads, trolleys and street
626
FINANCIAL CHRONICLE
railways, and it is far from economic wisdom to
destroy them.
It is not to be doubted that enough machines will
continue to be sold to sustain the present investments in plants and accessories, but rational progress and prosperity does not require that the people
shout the value of the industry from the housetops
lest we go from prosperity into depression. It is
not the part of economics, meaning the collective
enterprise of all men, to so rest upon an industry
(not wholly indispensable) that Year shall arise because of it. Let it take its way in the ordinary
course of events and rise or fall upon its final merits.
Capital and credit are factors of the economic life
that to some extent are controlled by a concensus
of financial opinion. A complete collapse of this
absorbing and devouring industry is not possible.
A partial diminution in its size and force would not
destroy other legitimate forms of business that were
the lifeblood of trade before its advent.
[VOL. 126.
In some aspects, the ability to maintain cordial
and peaceful foreign relations is imperative. The
Secretary of State is in direct touch with foreign
Governments. The President proposes treaties and
the Senate confirms them. The Committee on Foreign Relations is a necessary and highly important
agency of that body. On the part of a President,
then, there is here required a wide knowledge of
Governments, peoples, historic trends, racial characteristics, economic, social and political conditions,
the world over. With all his constituted aids, it is
not too much to say that the peace of the world depends, owing to the commanding position of the
United States, upon the poise, temperament, ideals
and actions of a President. Commander-in-Chief of
the Army and Navy, he is first and foremost a civil
officer in a non-aggressive, self-sufficient and unambitious nation. No taint of military conquest should
ever swerve him from the aims and objects of peace.
He should weigh well injuries to the people. He
should never, in present world conditions, allow his
Qualifications for the Presidency.
passion for ideals of democracy to hasten the counWe think it may be safely said that genius for the try into war. And he should never sow the seeds of
leadership of a party and a power to command Con- international dissension in the interests of trade.
gress are not among the chief qualifications of fitIn our domestic affairs the power and prestige of
ness in a President of the United States. Yet the the President looms largest in the eye of the citizen.
statement requires modification. Since we have a Tris word has weight. His example has influence
party system of Government, an incumbent who beyond that of any other citizen or official. He
has no tact or skill of adaptation to what is called should possess deep insight and broad vision. He
"team work," will not make a successful President. does not make laws, but may exercise the veto
The Presidency is separate and distinctive from the against unwise legislation. His interest is in all the
other divisions of the Government, executive in na- people, owing no special allegiance to the desires of
ture. In the course of time and development, how- any State, section, industry, but representative of
ever, it has become closely associated with the legis- all, he may apply the veto for the good of the whole
lative division, due to the complexities of our civil country. It may be remarked that in the multiplirule and to the powers thrust upon it by a too con- city of laws he might exercise it more often than is
stant resort to laws conferring duties upon the Ex- common against petty statutes that only cumber the
ecutive in the proposed betterment of the people. books. But he can prevent by the use of this preBut the "leadership of a party" is no part of the rogative not only the growth of sectionalism but.the
Constitutional qualifications, is not a help in the triumph of partisan politics. We may illustrate the
strict and impartial enforcement of laws; nor is far view he may take. The internal waterway imthere any requirement anywhere that a President provements now contemplated will directly benefit
shall attempt to mould Congress to his will. Still a few States. The effect, however, inures to the enit remains a fact that failure to establish a proper tire country. The opinion he is bound to give in his
sympathy and alliance with the legislative division message on the state of the country may and should
makes for discord and inefficiency.
be given without bias and accomplish great good.
More than leadership of party or even of men, we
Here, then, is seen clearly a qualification that
should place, as a necessary qualification, judgment overtops even that of a Representative or Senator.
of men. First, there is a Cabinet to be chosen. It It is to look at a big country in a big way without
has been derisively said that Cabinet officers are feeling any restrictions caused by representation of
mere clerks of the President. This is not so. They a State. And the same attributes apply to the conare branches of an Executive functioning, vital to sideration of domestic policies. It matters not what
the welfare of the people and in many ways, and to State he comes from, he is President of the United
a degree perhaps too little appreciated, independent States. He must know no East, no West, no North,
of close direction by the President. He must choose no South. Therefore, as he approves or rejects legisthem for their fitness and worth and leave much in lation, and few, comparatively, bills are passed over
their hands. They constitute, as often said, a board his veto and many are passed by small majorities,
of directors in a vast corporation in which the peo- sectional and party, his only thought must be the
ple are stockholders, but an active and not a passive public welfare, the good of all the people. In fact,
one. That these incumbents are by custom chosen he should not be too violent a partisan. And in any
from the ranks of his own party does not matter, event he should be able to rise above party; be able
since there are capable men in both the parties. to divorce his mind from party policies and even
That they may be chosen for party services need not principles. The qualification here is the power to
render them ineligible, though there are rank par- weigh and estimate. He must therefore be not a
tisans any President will do well to avoid. Thus leader of his party, but a leader of the people, thinkthe selection of a Cabinet, one of the first and im- ing only of the commonwealth.
Citizens are now thinking on these things, estiportant duties of this high office, demands a judgment of men without which no Executive can suc- mating men not only for ability and integrity, but
ceed, and the same may be said of the many direct for fitness to rise to the great height of clear vision
and unbiased decision. As for the mere execution
appointees.
FEB. 4 1928.]
FINANCIAL CHRONICLE
627
world imperialism; and Masaryk feared radicalism,
which was spreading at home and abroad.
When the war broke out his hopes soon centered
on the Allies. Though America did not join them
at first, he saw that when she did the union of the
many nations was not merely racial but the first
grand effort to give a unified organization to mankind, and that his people's place was on their side.
It was necessary, therefore, to organize the Czechs
to aid the Allies. He started abroad for this purpose in 1914, going first to Italy, after defining his
policy to his asociates at home so that thereafter
they all should act in a definite course with unified
leadership. Their patriotism could be trusted now
that the policy to be pursued was clear. What the
future form of the government should be, or to what
country they might ultimately be attached, he held
to be of secondary importance. He was contending
"The Making of a State"—President Masaryk's against political visionaries as well as against narStory.
row traditionalism.
He soon made Geneva his base of operations,
It would be difficult to find an account of the
the "new where afterwards he received constant aid, and
forces which entered into the making of
world" resulting from the late war so full, so en- where he found bands of Czechs who could be orlightened and above all so interesting and inform- ganized and means of intercommunication estabing as the book with the above title by the Presi- lished. A national council for all Czech colonies
dent of the Czechoslovak Republic, published by was formed with him as President, and extended to
the Stokes Company. It is in form "the memories America and to Russia. It corresponded to a simiand observations" of one person, but it is in fact the lar organization in Prague and became the basis of
story of the process by which a long-oppressed na- the Provisional Government created at the close of
tion when its opportunity came was aroused and the war. By the Summer of 1915 a "single front"
was practically completed, of which he was the recled out into a new life.
of Bohemia ognized head. Its effectiveness is shown in that it
In the year 1620 the historic Kingdom
was crushed by Austria in a great battle, and losing gathered in Italy, France and Siberia a fighting
her national life remained thereafter an integral force of 128,000 men, increased by 54,000 after the
part of the Austrian. Empire. It passed through Armistice, who were a help in insuring their place
many vicissitudes, and these, from the days of the in the treaty. It also formed a secret service of
martyrdom of John Huss, Jerome of Prague and great efficiency which countered the German serthe earliest reformers, served to fashion and make vice in many directions, reaching as far as India,
permanent the character of the people. When the exposing their agents here and in France, among
new day came they possessed three elements of in- whom was Bolo Pasha, arrested and executed in
herent strength which prepared them for the new op- Paris, and the much exploited von Papen, who was
portunity and the leadership by which they were expelled from America. No less than 80 persons
to win independent existence as a well ordered and were engaged in the Czecho service in the United
established government. There were, primarily, a States. He traveled from country to country, raiscitizenship almost entirely of sturdy peasantry ing money to support the organization, living ecolargely attached to the soil and having independent nomically himself, traveling third class, he and his
livelihood; secondarily, the presence of few cities aids paying their own expenses; making always
to harbor a restless and dominant class; and, third- careful and quiet approach to men of influence and
position, practicing the old maxim that "he lives
ly, a universal and deeply-rooted patriotism.
Thomas Masaryk, one of these people, the son of a well who is well hidden."
In Sept. 1915 he moved to London, the political
coachman, having to earn his way through the school
through college, starting to teach and soon ap- headquarters, leaving Benes in charge in Paris, keepand
pointed a professor, found himself deeply interested ing in close touch with all, and binding the colonies
in political life. He studied hard and widely, seek- together. Press bureaus were established; special
ing every opportunity to visit other countries and newspapers were started; literature of all sorts was
learn their ways and literature, visiting the United created, and he delivered many addresses. He taught
States the first time in 1878, after which other visits in King's College and lived among the people, makfollowed. His purpose was strong to serve his own ing many friends. Knowledge about the Czech peocountry. He moved his home in 1882 from Vienna ple spread and interest grew. His task meanwhile
to Prague and sought every opportunity to arouse was to sustain the hopes of the home people and
his own people and to familiarize himself with the shield them from temptation to yield to the seduchistory and the workings of democracy elsewhere. tion of the enemy. He felt from the first that reBe impressed his views on his students and drew sponsibility for the war rested primarily on imperial
about him men like-minded with himself. He was militarism in which pan-Germanism led, and Ausearly impressed with the probability of coming war tria was only too ready to take advantage of it to
and the crisis it would create for his own country. complete her Southern holdings. The Austro-GerHe distrusted Russia, to whom many of his country- man treaty of 1909 reveals the true meaning of the
men looked, and found Austria growing more and Triple Alliance; the Serajevo outrage gave the demore autocratic; Pan-Germanism was becoming un- sired opportunity and is so interpreted to-day in
trustworthy under the Kaiser's lead and his aim for Vienna. Germany backed up Austria and the ter-
of the laws, the machinery is already provided. The
power of removal, for lack of proper work, of subordinate appointive executives is now, we believe,
undisputed. But the work of the President goes
beyond these details and rises above the whilom
clamor of certain enthusiasts for the enforcement of
particular pet laws. All the laws are in his charge.
He asks for such appropriations as seem to him sufficient. He is not the tool of the partisan or the
clerk of the idealist. He is sworn to enforce all
laws regardles of their origin, worth, or effect. But
this requires an aloofness from economic, social or
commercial interests, theories, and ideals, and a
cold judgment single to the impartial discharge of
his sworn duty. A President should be wise, catholic, earnest, sincere, industrious and immune to the
self-made critics. This is the man to seek and elect.
628
FINANCIAL CHRONICLE
[VoL. 126.
rible barbarities that marked the advance into Ser- outside work was done. He had only now to hasten
via found a counterpart in Belgium. It became in- home to forestall the efforts of Austria and Gercreasingly clear that he was right in his conviction many to retain their hold upon the German sections
that the deliverance of his own people did not lie of the smaller States. He secured a loan of $10,000,in that direction.
000 in New York for the new State and gave himself
For him it was a period of broadening and intense to the welcome and successfully patient task of comeducation. He learned the value of fundamental pleting the organization of the State and aiding in
principles in democratic government and the spe- its development along the lines he had laid down and
cial dangers that attend it. The thraldom of habit, had himself, after forty years of service, so effecthe necessity of political education, and the con- tively illustrated and taught.
structive worth of social morals, the importance of
His testimony is: "American democracy and depublicity and political sincerity, the temptation of mocracy in general buried the Hapsburg monarchy
dictatorship and the necessity of adjustment of the- and the Hapsburgs with it." "I saw in President
ory to existing conditions, all had to be recognized Wilson. a conscious straight-forward exponent of
while his efforts and those of his associates were put Lincoln's conception of democracy and of America's
to the test by enemies without and determined op- spiritual and political ideals." "Had the Allies triponents at home. The work was incessant, but was umphed speedily we should not have won our indeaccomplished without serious set-back by the pendence. Only when we work determinedly, and
strength, the political wisdom, and the unquestioned work for an idea, are we entitled to trust in the sopatriotism which guided it.
called 'lucky accident' and in God's help." "Above
In January, 1917, the insertion of Czechoslovakia all, patience is necessary, especially in politics. It
by the Allies in the list of peoples to be liberated is a pledge of humaneness. Without it there is no
from foreign rule demanded by Pres. Wilson, and true democracy."
the German reply announcing unrestricted submaHe followed every stage of the war watchfully,
rine warfare, which led to America's breaking diplo- and has pages of interesting review. With deepest
matic relations with Germany, marked the first sympathy for the sufferings of the people, and keen
definite gain. In April Masaryk went to Russia to intelligence, he distributes praise and blame among
organize Czech work there against union with Aus- the leaders. We will quote only the single comment,
tria. The revolution had broken out in March and "In no respect was the shortsightedness of the Gerthe demoralization of Russia proved to be complete. mans so obvious as in their treatment of America
The Czar was a non-entity; moral corruption was in America, and in their failure to understand the
wide-spread and had led to the inadequate provision- situation after the American declaration of war."
ing of the army swept up from the peasantry and
President Masaryk has been called by men who
left unprovided with weapons and food. Germany have followed his career the greatest statesman of
had suggested peace in December 1916 and pursued his day. We have given but the barest outline of his
it in 1917. Both sides put out peace feelers in 1917 story, but from the standpoint of intelligent and
and early in 1918. Francis Joseph had died in De- devoted patriotism through a life-long service efcember 1916 and Austria began to be urgent for it. fective in high degree in its achievement, he is cerIn July 1917 mutiny broke out in the German navy. tainly worthy to be ranked with the great leaders
America entered the war and appeared in force on of the past.
the ocean in preparation for active operations in the
The Crops and Harvest of 1927.
next year. He sought an early opportunity to escape to America and did so, through Siberia and
Agricultural results for the year 1927 were in the
Japan, arriving in Vancouver April 29 1918. Great main quite as satisfactory as in the recent preceding
receptions awaited him in Chicago, New York, Bos- years. Some important crops show substantial
ton and Washington. The hearts of the people were yields, while for others, where production was below
with him as they were in. the war, and he was recog- normal, financial returns were considerably higher
nized as a leading patriot and statesman. He had than in 1926, owing to advances in prices last year.
won, as well, the full confidence of the President Combining the revised yields of all crops raised in
and public men of this country.
the United States for the year just closed, the DeEvents moved rapidly in 1918. The Czechoslovak partment of Agriculture in its annual review for
Legion of 50,000 men he had organized in Russia 1927, estimates the composite yield per acre for the
and had started on. their way through Siberia to season at 102.5. This is 2.5% above the average for
join the Allies, were promised military assistance the preceding ten years. This compilation is based
in August by both Japan and America, and Britain on the relative importance of the different crops as
issued a proclamation recognizing the nation as an indicated by the Department. The ratio for 1927
ally. Its provisional council was set up in Paris is 2.1 points below the composite of the yield per
in October and at once recognized by France, Italy acre for the preceding year. As to the leading crops,
and the United States, while the independence of the best showing for the year appears for Spring
the new State was proclaimed Oct. 5 in Washington wheat; it is also good for barley, for rye, hay, poby President Masaryk by way of reply to the Ger- tatoes, rice, and to a less degree for corn. Winter
man military's request to their Government to offer wheat, oats and cotton were somewhat under the
terms of peace. This was formally notified to the ten-year average.
White House, Oct. 18, and the new State was recogThe section embracing the Dakotas, Nebraska and
nized officially by America, following Europe's Kansas are in the main much the highest in the crop
earlier lead. The Armistice soon followed in con- yield last year in comparison with the ten-year avernection with which Czechoslovakia was represented age. This was due in part for two of these States to
by Benes, and in December it was authorized to Spring wheat. Other Central Western States were
sent its troops to occupy Slovakia, to supersede the below normal, the most unsatisfactory condition
Austro-Hungarian monarchy. President Masaryk's appearing for Illinois and Indiana. In the South
FINANCIAL CHRONICLE
FEB. 4 1928.]
several of the Atlantic Coast States were above normal, among them Virginia and North Carolina. The
ratio was the highest for Alabama, but for Texas it
was several points below the ten-year average. Financial returns to the Southern States, however,
were in better proportion for cotton and corn than
the crop yields indicate, owing to the higher prices
prevailing in the markets in 1927 for those two important products.
CEREAL CROPS.
Previous
Department, Department, Department, Department,
Total
Record.
1924.
1926,
1925.
1927.
Production.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
2,786.288.000 2,692,217,000 2,916.961,000 2,309,414.000 3.230,833,000
Corn
Wheat ....... 871,691,000 831,040,000 676.429.000 884,428 000 1.025.801,000
1,195.006,000 1,246,848,000 1,487,550.000 1,502.529 000 1.592,740.000
Oats
256,225,000
Barley _ _ _ _ 265,577,000 184,905,000 216.554.000 181,575.000
91.041,000
65.466,000
48,456.000
40,795,000
58,572.000
Rye
19,249,000
13.357.000
13,994,001)
12,678,000
16,182,000
Buckwheat
52,066,000
32,498.000
33,309,000
41,730.000
40,231,000
Rice
31.711.000
31.547.000
22,424.000
19,335,000
26,583,000
Flaxseed_ _
Total
5,260,130,000 5.069,546,000 5,413,677,000 5,000,814.000 6,299,666,000
Consideration may first be given to the wheat
crop, which of all our cereal crops is perhaps the
most important for food. Production of Winter
wheat from the harvest of 1927 was somewhat less
than for every year back to 1917, with the single
exception of 1925. The Winter wheat crop of the
United States is the mainstay of the entire wheat
production. A loss in that direction usually entails serious consequences. The harvest last year
was 552,384,000 bushels. In four of the preceding
ten years it was in excess of 600,000,000 bushels,
while for one of these four years, 1919, the production was 760,377,000 bushels. In part, if not entirely, the loss in the Winter wheat harvest last year
was made up by Spring wheat, which for 1927 was
considerably in excess of any year back to 1918.
Production of Spring for 1927 was 319,307,000 bushels. Together the total yield of wheat in the harvest of 1927 was 871,691,000 bushels, this comparing
with 831,040,000 bushels for the preceding year, a
substantial increase.
629
and 9.0 bushels, as compared with 18.2 bushels for Texas
in 1926 and 17.5 bushels for Oklahoma in that same year.
There are other Southern States which are less prominent
in the Winter wheat field than those above mentioned,
where the yield per acre last year was exceptionally low,
among them Kentucky, Tennessee, and Georgia. In some
of these States flood conditions were detrimental to the
crop.
The Spring wheat area harvested last year was higher
than in the preceding year, while the yield per acre showed
quite an advance over 1926, as well as over many earlier
years. The average yield per acre of Spring wheat in
1927 was 15.4 bushels, compared with only 10.5 bushels from
the crop of 1926. The total production of Spring wheat
In 1927 was 319,307,000 bushels as compared with only 203,607,000 bushels in the preceding year. More than 73% of
the crop in 1927 was raised in three States, North Dakota, Montana and South Dakota, in the order named. In
each of these three States production last year was very
much larger than in 1926. Three other States, Idaho,
Wash:ngton and Minnesota, contribute nearly 20% more.
and in these States also there was a much heavier yield
last year than in 1926. The small remainder of the crop
was scattered among twenty other States from Maine to
Oregon.
WHEAT CROP FOR FIVE YEARS.
Ohio
Indiana
Minnesota
Kansas
California
Illinois
North Dakota
South Dakota
Missouri
Michigan
Pennsylvania
Oregon
Wisconsin
Nebraska
Washington
Iowa
Production, Production, Production, Production, Production,
1923.
1924.
1925.
1926.
1927.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
29,068,000 40,384,000 24.304.000 33,446.000 42,770.000
27,749,000 34,048,000 25,700.000 28,972,000 34.248.000
21,397,000 24,811,000 30,269,000 37.863.000 23,385,000
111,327,000 150,084,000 77.388,000 159,964.000 83,804.000
13,642,000 12.015,000 11,454,000 5,655,000 16.157,000
34,844,000 41,034,000 36,880,000 37.988.000 62,506.000
124,970,000 77.081.000 112.378,000 133.450.000 71.410.000
46,193,000 11,611.000 31.835.000 35,157,000 27.515.000
15,700,000 21,474,000 22.515,000 21,388,000 36,790.000
19.270,000 17,998,000 14.557.000 20.132,000 16.576.000
20,301,000 23.533.000 22.500.000 18,744.000 24.338,000
26,782,000 18,706,000 18.893.000 14,693.000 26,807.000
3,142.000 2,599,000 2,267.000 2.786,000 1,970,000
73,826,000 40.085,000 34.150.000 53.519,000 31,388.000
53,344,000 40,901,000 40,251.000 28,380.000 81.215.000
8,711,000 8,078,000 6,303,000 9,142,000 13,658.000
Total
All others
630,266,000 564.442,000 511,644,000 644.999,000 574,537,000
241,425,000 266,598,000 164,785,000 219.429.000 222,844,000
litheat.
Total United States. 871,691.000 831,040.000 676,429,000 864,428,000 797,381.000
•Of which 552,384,000 bushels winter wheat and 319,387,000 bushels Wring
wheat in 1927, against 627,433,000 bushels winter wheat and 203.607.000 bushels
swing wheat In 1926.
The final outcome in the case of corn last year was on
the whole fairly satisfactory. An analysis of the detailed
The area planted to Winter wheat in the Fall of 1926 was report for the year, however, reveals the fact that this was
not as great as in some of the earlier years, and the crop mainly due to certain circumstances, which had they been
entered the Winter in not the best of condition. There was reversed would have resulted in a very different story.
some loss during the Winter due to deterioration; also, The total production of corn in 1927 was 2,786,288,000
In area abandoned and the crop did not make satisfactory bushels, only slightly larger than the 2,692,217,000 bushels
progress in the growing season following the opening of raised in 1926. For both years the yield was considerably
Spring. Some little betterment appeared during the har- smaller than in seven of the preceding ten years. The
vest, however, and the average production per acre for early progress of the crop was not satisfactory and the
Winter wheat was 14.6 bushels; for the crop harvested in outlook was for a very much reduced yield of poor quality.
the Summer of 1926 the yield was 17.0 bushels per acre. The area harvested in 1927 was 98,914,000 acres and was
The yield of 14.6 bushels per acre in 1927 was by no means slightly less than that of 1926 which was 99,713,000 acres.
low, for it was less than that amount in four of the pre- Corn acreage has been showing some reduction in recent
ceding six years. On the other hand, the average yield years. In truth, there have been only three years since
per acre of Winter wheat harvested in 1926 was higher 1909 (and 1926 and '27 are two of the three), in which the
corn acreage of the United States was less than 100,000,000
than in any year since 1914, when it was 19 bushels.
The loss in the harvest of Winter wheat In 1927 was acres, and during the greater part of this period the area
very largely in certain unfortunate sections. Production of was quite a little higher than the figure last mentioned.
Winter wheat is very widely scattered throughout the The average yield per acre in 1927 and in 1926 was fairly
-in fact, some wheat is produced in 39 of high-in 1927 it was 28.2 bushels and in 1926 27.0 bushels.
United States
the States of the Union. The loss was notably heavy in Corresponding figures for 1923, one of the recent banner
such an important State as Kansas, which ordinarily leads years, were 29.3 bushels per acre, and 1921, another big
all the other States as to production; also in Ohio, In- year, 29.6 bushels, while for the record year of 1920 the
diana and Illinois, all important crop States, as well as average yield per acre was 31.5 bushels.
Virtually GO% of the entire corn crop is harvested in eight
in Texas and Oklahoma, which have in later years become
important States for the growth of Winter wheat. In a Central Western States. Five of the more important corn
number of the Southern States more wheat is now raised States in this group show a considerable reduction in the
than formerly, and in many of them the yield per acre is yield of corn last year as compared with 1926. The area
very high. There was an increase in area harvested for harvested in each of these five States was also less in 1927
Nebraska last year, and a large increase in yield; also than in 1926, and in all but one of these five States the
a larger area was harvested in Illinois, Missourrand Texas, yield per acre last year was lower than in 1926. The loss
and in a less degree in some other States. The yield per ill production in these five States in 1927 as compared with
acre in some of these States, however, was low, notably in 1926 was no less than 190,000,000 bushels. Iowa, the leading
Kansas, where an average production of 11.2 bushels per corn State, is included in this group; also Missouri, Illinois,
make up
acre for 1927 compares with 14.6 bushels per acre in 1926. Indiana and Ohio. The other three States which
Missouri also suffered in this respect, likewise Illinois, the eight States first mentioned are Nebraska, Kansas and
of corn
Texas and Oklahoma, the average yield per acre for the South Dakota, and in these three States the yield
bushels larger than in 1926.
two States last mentioned for 1927 being respectively 9.7 . in 1927 was nearly 320,000,000
630
FINANCIAL CHRONICLE
Little change appears In the area harvested between the
two years in these three States, but in 1926, owing .to unfavorable conditions affecting large areas, the yield was
very low. In Nebraska the average yield per acre in 1927
was 33.1 bushels against only 15.5 in 1926; in Kansas it was
30 bushels last year and 11 bushels in the preceding year,
and in South Dakota 29 and 18 bushels for the two years
respectively.
Outside of this territory in the West there was little
Improvement in corn production in 1927, the yield in 1927
in Minnesota, Wisconsin, Michigan, Kentucky, Tennessee,
New York and Pennsylvania be:ng lower than in 1926. Some
States in the South do not show a larger yield last year than
in 1926. An exception is Texas, where production last year
was considerably larger than in 1926, or for each of the
five preceding years. The area harvested in Texas in 1927
was very much larger than in 1926, but the yield per acre
last year was slightly reduced. Production last year was
also larger than in 1926 in Oklahoma, and the area harvested in that State likewise increased. Other Southern
States with larger yields in 1927 include Virginia, the Carolinas and Alabama. In Georgia there was little change in
the comparison for the two years. In view of the increased
area in the South planted to wheat and corn, and the larger
yields noted, not only as to these two important cereals
but for other products as well, it may be that the interest
in the diversity of crops so long talked of is at last becoming a fact.
CORN CROP FOR FIVE YEARS.
Production,
1927.
Corn.
Iowa
Illinois...
Kansas
_
Missouri__
Nebraska. _
Indiana
Ohio
Texas
Tennessee
Kentucky.
Pennsyls'a•
Arkansas
Wisconsin
Michigan _
Minnesota.
Oklahoma
Total
All others
Produaton,
1926.
Production,
1925.
Bushel*.
399.566.000
254.070.000
176,910.000
172.637.000
291.446.000
132.458.000
109,720,000
119.347.000
70.658.000
75.010,000
50,165.000
36.575,000:
68.250,000:
38.995,000:
127.246,000
84.190.000
Bushels.
435,830,000
322,175,000
81,193,000
176,011.000
139.407,000
177.536,000
147.231,000:
106.863.000
85.222.000
101.277 000
57.154.000
41.533.000
73.106 000
54.162.000
147.682.000
61.178.000
Bushels.
Bushels.
492.648.000 305,536,000
394.506 000 295,218.000
105.942 000 130.658 000
198,860 000 151.200.000
236,600 000 191,752,000
203.232.000 113.920,000
179.568.000
89,232,000
25.134 000
63.088.000
63.240.000
66.850,000
85.622.000
78.200.000
71.808 000
48.034,000
28.084 000
33.440.000
101.602.000
56,810.000
65.680.000
45 885.000
148.896.000 124.065.000
19,185,000
54.378.000
Production,
1924.
Production,
1923.
Bushels.
436,428.000
337,312,000
122.194.000
196,860.000
272,052.000
192,616.000
159,859,000
92,500.000
73.941,000
94.050,000
61,640,000
31,000.000
83.381.000
58,167.000
154,692,000
37.536,000
2,207,241,000 2,187,340,000 2.424.607 000 1.846.064.000 2.404,228.000
579,047.000 504,877,000 492,354.000 463,350.000 849,329.000
Total U.13.. 2.786,288,000 2,692,217,000 2.916,961.000 2.309,414,000 3.053,557.000
Production of oats last year was considerably less than
in recent preceding years. Going back to 1914 there have
been only two years, 11)19 and 1921, when a smaller yield
of oats was realized than in 1927. The crop last year
reached 1,195,006,000 bushels, against 1,246,848,000 bushels
in 1926. Production in both years was somewhat below
normal. The record crop of oats was 1,592,740,000 bushels
in 1917, and in a majority of instances the yearly production since 1913 has been pretty well up to that figure. The
area harvested ,last year of 42,227,000 acres was less than
in 1926, the latter standing at 44,177,000 acres. The yield
per acre, however, showed little change, the quantity for
1927 being 28.3 bushels as compared with 28.2 bushels for
the preceding year. In a number of important Western
States where the oats crop is a leading one, the production
last year was larger than in 1926. Iowa takes first place
and in that State there was a reduced area harvested in
1927 but the yield is larger than in 1926. The Dakotas
and Nebraska also report an increase in yield last year as
well as New York and Pennsylvania. On the other hand,
marked decreases are shown in the yield of oats last year
in most of the Central States, the latter including Illinois,
OATS CROPS FOR FIVE YEARS.
Oats,
_
Iowa
Minnesota _
Wisconsin _
Kansas___ _
Ohio
Missouri
Pennayheia
New York..
Michigan.._
Nebraska.._
Indiana
No. Dakota
So. Dakota
Texas
Production,
1927.
Predurtion,
1926.
Produaton,
1925,
Bushels,
102,204,000
197,076,000
120,493,000
93.247.000
34,380,000
60,800.000
27,710,000
39,600,000
35,000,000
54,170,000
69.813,000
48,700,000
45,888,000
72,664.000
42,063.000
Bushels.
123.516.000
1115.867,000
129.162.000
96.638.000
35,122.000
75,240.000
43,460,000
35.552.000
34.578.000
51,810.000
52,516.000
61,500.000
34.408.000
23.213.000
83.686.000
Bushels.
Bushels.
Bushels.
157.788.000 170,586.000 135.100,000
243.863.000 245,910.000 209,019,000
200,340.000 197.241.000 155.400,000
126,246.000 103.640.000 92,166,000
39,376.000
34.225.000
34,922,000
83.000.000
65.600.000
52,302.000
49.998.000
40.750.000 34.509.000
40.495.000
88.218 000
88,930,000
86.612.000
83.840.000
32,747,000
51.808.000
58.704.000
48.896,000
73,953.000
88.768.000
81,048,000
59.864.000
139,375,000
48.892,000
63.558.000
88.944.000
54,924,000
96,356.000 104.858.000
78,336.000
13.419.000
49.470.000
48.840,000
Production.
1924.
Production,
1923.
1,043,608,000 1.076,248,000 1.336.876.000 1,368.087.000 1.140.831.000
Total
All others_ _ 151.398.000 170,600,000 150.874.000 134,442.000 165,052.000
Total U. 13_ 1,195,006,000 1,246,848,000 1,487.550.000 1,502,529.000 1.305.883.000
[VOL. 116.
Ohio, Indiana, Minnesota, Wisconsin, Missouri and Kansas, and there was a considerable loss in Texas and Oklahoma. In the two States last mentioned the decrease in
production last year was mainly due to a considerable reduction in the average yield per acre. Nearly 90% of the
entire production of oats in the United States comes from
the States enumerated.
Barley made a record crop in 1927, the yield of 265,577,000 bushels being larger than that of any preceding year.
Production in 1926 was only 184,905,000 bushels, but the
highest yield prior to 1927 was 256,225,000 bushels in 1918.
The area harvested in 1927 was 9,492,000 acres compared
with 7,970,000 acres in 1926 and the yield per acre last
year was 280 bushels against 23.2 bushels in 1926. There
was also a large production of rye last year, but by no
means a record yield. The crop in 1927 was 58,572,000
bushels, in comparison with 40,795,000 bushels in 1926.
There was only a slight increase in area in 1927 over 1926,
but a considerably larger yield per acre was secured; the
yield in 1927 being 16.0 bushels against only 11.4 bushels
in 1926. The yield of rice last year of 40,231,000 bushels
showed little variation from the preceding year, but was
very much larger than in the three years prior to 1926.
The crop of 1927 was somewhat smaller than that of 1926,
but the yield per acre was 40.7 bushels against 40.4 bushels.
One of the important food crops which had a good yield in
1927 was white potatoes, production amounting to 402,149,000 bushels as against only 354,328,000 bushels in 1926. The
area last year was somewhat larger than that of the preceding year and the yield per acre in 1927 was 114.7 bushels
against 113 5 bushels in 1926. In the ten years prior to
last year production of white potatoes in the United States
was in excess of 400,000,000 bushels in six different years,
though it was seldom above that figure prior to this tenyear period. The record crop of white potatoes was 453,396,000 bushels, in 1922. Sweet potatoes also show a heavy
production in 1927, 93,928,000 bushels, in comparison with
82,703,000 bushels the preceding year. The increase last
year was entirely due to a larger acreage. The tobacco crop
turned out 1,237,832,000 lbs. in 1927, against 1,297,889,000
lbs. in 1926. There was a mailer area in 1927 than in
1926, and the yield per acre last year of 769 lb& compares
with 784 lbs. in 1926.
For all crops, the Department of Agriculture estimates
the area harvested in 1927 at 355,826,465 acres. This is an
Increase of less than.
170,000 acres over the preceding year.
The farm value of all crops last year, based on the seasonal
farm price of Dec. 1, was $8,428,626,000, as compared with
$7,793,480,000 in 1926, an increase of $635,146,000. A considerable part of this increase, or more than $270,000,000, was
due to the high value of cotton marketed in 1927. In its
estimate of the production of cotton last year, account
Is
taken of the reduced area harvested, and the lower yield
per acre in 1927, the latter being 152.3 pounds as compared
with 182.6 pounds per acre in 1926. In our record of the
production of cotton printed below the total for 1927,
including linters, is placed at 13,556,340 bales, against 19,014,458
bales, the record crop of 1926, which also includes linters.
In the estimate of farm values there is some increase in
1927 over the preceding year in corn, as well as
in oats,
barley and rye. Other crops showing a larger value in 1927
include rice and tobacco. In spite of the heavier yield of
white potatoes as compared with 1926, the farm value for
1927 is placed at over $113,000,000 less than in 1926.
FARM VALUES ON DECEMBER
1.
Crops,
1927.
1928.
1025.
1924.
1923.
$
$
$
$
$
Corn
2,014.725.000 1,729,457,000 1.966,761,1)00
Wheat..,._ _ 974.694.000 995,954,000 957.907.000 2,266,771.000 2,217,229,000
537,276,000 496,582,000 865.506,000 1,123,086.000 735,993,000
Oats
Barley
180,127,000 106,237,000 127,453.000 717,189.000 541,137,000
134.890.000 107,038.000
Rye
49,945.000
34,024,000
36,340,000
69,696,000
37,150,000
Tata_ _ 7AR_787,000 3.362.254,0(102 flAq GAT nnn A o,, ...... ...... nnn
.
Some nterest naturally attaches to the estimated farm
price prepared by the Department of Agriculture each year.
The higher price of cotton, which on Dec. 1 last year at the
plantations'is placed by the Department at 19.6 cents per
pound, compares with 100 cents per pound at the corresponding date of 1926. Corn, too, is higher-72.3 cents per
bushel in 1927 in comparison with 64.2 cents in 1926
-while
for oats, barley and rye, the farm price for 1927 is estimated
at several cents above 1926. Tobacco shows a small advance last year over 1026. Wheat, however, is lower, also
rice. A violent drop last year appears in the price of white
FEB. 4 1928.]
FINANCIAL CHRONICLE
631
§,
00,,,
OOROW000015040
NNNINNt4
,
0=188888* 2388%
, ,
8
potatoes, which for 1927 is put at 96.4 cents per bushel Evidently, then, the Secretary's philosophy of banking credit
contemplates local elasticity in the service of business, and
against $1.41 per bushel in the preceding year.
diffusion of credit grants throughout the country. He
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
obviously thinks that the system should be so conducted as
to sustain these purposes.
1927. 1926. 1926. 1925. 1924. 1923. 1922.
Here it is necessary to differentiate between the Secretary's
Cents. Cents. Cents. Cents. Cents. Cents. Cents.
92.3 100.9
Wheat
per bushel 111.8 119.8 119.9 141.5 129.9
facts and his philosophy. As to the latter again, unqualified
68.5
Rye
65.0
85.3
83.4
83.5
78.2 106.5
approval may be given. The purposes of the system were
39.4
"
45.0
41 4
Oats
39.8
39.8
38.0
47.7
52.5
54.1
Barley
"
67.8
74.1
57.5
57.4
58.9
substantially what he describes, and he is right in thinking
65.8
72.6
Corn
"
72.3
67.4
98.2
64.2
64.4
88.5
"
93.3
Buckwheat.... _
83.5
88.2
88.3
88.8 102.6
that they should be rigidly adhered to. As to his facts, he
58.1
78.1
Potatoes
"
96.4 141.4 141.6 186.8
62.5
185.7 194.0 194.1 226.5 227 4 210.7 211.5
Flaxseed
(or those who supplied them) is, of course about 100%
65.0
93.1
Rice
"
93.8 109.6 109.7 153.8 138.5
wrong. To day we have a far greater concentration of specu97 9
58 1
Sweet potatoes
"
82.5
95.5
95.7 136.4 128.8
23.8
22.6
31 0
Cotton
per pound
19.6
18.2
10.9
10.9
lative loans in New York than we ever had under the old
19.9
23.2
18.4
20.7
Tobacco
21.5
18.2
18.5
"
system, while the administration of the Federal Reserve
CROPS OF WHEAT,CORN. OATS, POTATOES AND COTTON SINCE 1898
banks has been such as to build up a highly centralized
condition in which the local unit in this city has been given
Potatoes.
Cotton.•
Year.
Wheat.
Corn.
Oats.
a preponder sting amount of influence. Instead of the diffuBweAels.
Bushels
Bushels.
Bale.?
Bushels.
658,534.252 2.666,324.370 943.389,375 9.459.935 273,318.167 sion which Mr. Mellon describes and approves in his address
522.229,505 2.105302,516 809,125.989 10.266.527 210.926.897 as
quoted we have thus had a concentration. His view
748,460.218 1.522.519.891 736.808.724 9,675.771 187.598.087
670.063.008 2.523,648.312 987.842,712 10.827.168 284.632.787 of the case as stated would suggest that he himself ought to
637.821.835 2.244.176,925 784.094.199 10,045.615 247,127,880
552.399,517 2.467,480,934 894,595,552 13.679.954 332.830.300 be foremost in the effort to corre t these conditions.
692.979.489 2.707.993.540 953.216.197 10.804.556 200,741.294
Probably there has seldom been a stronger and better
735.260,970 2.927.416.091 964,904.522 13.595.498 308.038.382
634.087,000 2.592.320,000 754,443.000 11.375.461 297.942.000 statement of the end to be sought than that furnished by the
664.602,000 2.668,651.000 807.156.000 13.587.306 278.985.000
737.189.000 2.772,376,000 1.007,353.000 510.315,3/42 376.537.000 Secretary when he said that banking questions "vitally
389.194.965
683.349.697 2.552.189.630 1.007.129,447 1
635,121.000 2,886,260.000 1,186,341.000 12,005.688 349.032.000 affect the welfare of the whole country, and when that wet621.338,000 2.531.488.000 922.298.000 16.250.276 292.737.006 fare is
involved we should think not of class or sectional or
730,267,000 3.124.746,000 1.918,887.000 14.313.015 420.647.000
763.380.000 2.446.988,000 1.121.768.000 14.795.367 331,525.000 partisan advantage, but to what is economically sound and
891.017.000 2,672.804.000 1.141.060.000 16.991.830 409.921.0M
1.025,801.090 2,994.793.000 1.599,030.000 12.122.961 359.721.000 for the best interests of the country." This is deeply true,
636,318.000 2.566,927.000 1.251,837.000 12,780.644 286,953.000
and it is just as true of excessive loans on stocks as it is
636,655.000 3.065.233.000 1.592.740.000 12.428.094 438.618.000
921.438.000 2.502.665,000 1.538.129.000 12.970.048 411,860.000 of excessive
loans on farm lands in the West-either or both
968,279.000 2.816.318.000 1.184.030.000 12.0'28.732 322.867.000
83.1.027.000 3.230.532.000 1.496.281.000 13.879.916 403.296 (10( supported by advances from Reserve banks. What holds
814,905,000 3.068.569.000 1.078,341.000 8,351.50•1 361.659.00r
897.508,000 2.906.020.000 1,215,803.000 10.769 839 453,396.000 good of one holds good of the other, and it is a dangerous
yoy 9g i non 1 053,557 ono 1.309 863 non 10, 8 271 119 105 OM
1
matter to apply an austere standard to one part of the country
864.428.0002,309.414.000 1.502.929.000 14.525.311 421.585 00(
676 429 000 2.916.961 000 1.487.550.000 17.218.556 323.465 000 and not to
apply it elsewhere.
831,040.000 2,692.217.000 1.246,848.000 19.014,453 354.328.000
871.691.00012.786.288.000 1.195 006.000 d13.556.340 402.149.000
The management of our credit situation at the present
• a These are the revised grain figures of the Agricultural Department Issued aft-r time needs only to be made to conform in letter and performthe Census reported Its results for 1899, showing much larger totals than those of ance with the general spirit of the addresses that are being
the Department. ()These are the revised grain figures Issued after the Census made
concerning it on both sides. If that could be done,
reported Its results for 1909. howing smaller total, for wheat and corn than thew
Of the Department. • All figures are United States Census figures and are given we should have no ground for complaint or criticism. But
In equivalent of 500-pound bales and Include linters.
how much chance is there that what is said after dinner
d In this we have estimated linters at 6% of the size of the crop. as shown by the
will be applied after breakfast next day? That is still to
ginning returns, this being the estimate given In the Agricultural Bureau's report
be seen.
of last December.
Mr. Mellon on Credit.
(Editorial from New York "Journal of Commerce," Jan. 211928.)
Not very long ago the Federal Reserve Bank of Richmond
opened a branch at Cnarlotte, N. C. There were speeches
at that time and some little publicity was given them, but
apparently there was an indisposition to have them fully
reported. Now comes Secretary of the Treasury Mellon
with an address before the Cnarlotte Cham er of Commerce,
at a dinner in celebration of the establishment of the branch
This is evidently given to the press in considerable detail
and thus we are enabled to know what our Administration
thinks not only about the Charlotte branch but also about
general credit conditions.
The Secretary of the Treasury, first of all, commends the
Reserve system highly. This he has repeatedly done in his
annual reports. It is worthy of note and of hearty approval
that he was one of the first, if not the very first, leading
figure in his party to recognize the value of the system, it
having been customary prior to this time to complain of it
as the work of "Democrats." Mr. Mellon evidently has
no sympathy with this attitude, for he points out that
it was established under a Democratic Administration while
its continued existence has been assured during a Republican
Administration. He asks that it be given hearty, undivided
support "regardless of politics."
This is most excellent and may be taken without any
reservation, although with the foot-note that, since Mr.
Mellon became Secretary of the Treasury, there have been
plenty of political appointments to the Federal Reserve
Board, notably that of Governor D. R. Crissinger. It is,
however, necessary to have more specific application of the
good advice which the Secretary offers and this he plainly
recognizes. He says that under the old system of banking
there was a tendency for banks throughout the country
to expand their credit facilities by borrowing from metropolitan banks, with the result that all loans in the end converged in New York. This situation was corrected by the
Reserve Act, which permitted a more elastic use of credit
and currency for agriculture, industry and commerce.
The charge that the Reserve banks have contracted agricultural credit, Mr. Mellon stigmatizes as groundless.
Relief from Double Taxation in International Business
Planned-Standard Conventions Drafted by Committee of Experts Expected to Bring about Change
in Prevailing System.
The movement to free international trade from the burden
of double taxation will probably be accelerated as a result
of the drafting of standard conventions by an international
committee, according to Mitchell B. Carroll, Department of
Commerce, in a trade bulletin issued Jan. 10. This comm:ttee, which met in London last April, was composed of
authorities on taxation from eleven different countries, including Professor T. S. Adams, former adviser to the Treasury Department, as the American member, and Mr. Carroll,
as his assistant. The Department, in announcing this,
stated:
Among the committee's conclusions of importance to American investors
and exporters were the taxing of interest on international loans only in the
lending country, the allocation of business profits to the country where
they are earned, and the exemption from local income tax of business
done through independent commission agents.
From the standpoint of commercial organizations doing business in two
or more European countries the need of drastic revision of the present
taxation system has long been obvious. In some instances these taxes
total more than half the profits. The prevailing tax on business profits
is 20% in England and Germany, 15% in France and 16% in Italy.
France levied an additional 18% dividend tax, and Germany an additional
10%.
Prior to the London meeting a number of countries, including France,
Germany, Great Britain, Italy, Holland, and the United States had adopted
certain legislative measures or treaties to encourage the foreign trade of
their nationals or residents through cutting down or preventing double
taxation. Most of the measures adopted, however, have a limited application and it was to bring about general measures to remedy this situation
that the international conference in London was called.
Two of the most important double taxation treaties that have been
concluded by foreign countries, the bulletin reveals, are those between
Germany and Italy and between Great Britain and the Irish Free State.
The former contains substantially the same principles that are found in
the convention drafted by the committee of experts; the latter gives the
country of residence the exclusive right to tax.
In an introduction to the bulletin, Professor Adams points out that
the treaties that have already been concluded by various European countries
afford protection only to taxpayers of the contracting States, and that
business men of countries which are not parties to such agreements are
likely to find themselves sometr or later placed at a disadvantage in the
keen competition of world trade.
The significant result of the work of the committee, according to ILA
Carroll, is that high administrative officials and business men have now
recognized a set of principals for the elimination of double taxation.
'
FINANCIAL CHRONICLE
632
[VoL. 126.
RECORD OF PRICES ON ST. LOUIS 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 on the St. Louis Stock Exchange for each month of the last two years. The compilation
is of course based on actual sales, and covers these and nothing else.
For the year 1925 see Chronicle of Feb. 5, 1927, page 697,
MONTHLY RANGE OF PRICES ON ST LOUIS STOCK EXCHANGE FOR YEAR 1927.
1927—STOCKS.
July
August September
April
June
May
October
November December
January February I March
Low High Low High Low High Low High Low High Low nigh Low High Low High Low High Low High Low High Low nigh
BANK & TRUST COMPANIES $ per share $ per share $ per share $ per share $ per share 5 per share S Per &fare $ per share $ per share $ per share 5 per share S per share
Boatmens National Bank_100 150 155 152 152 150 15112 15214 155 152 154 15312 154 --------156 156 --------162 169 16112 168 16712 170
100 251 257 267 267 270 270 270 270 275 285 275 280 273 275 27212 275 272 280 3C0 320 315 320 325 330
First National Bank
__ 1721217212 17212 17212 ------------------------170 170 17012 17012 175 175 200 200
100
Franklin Bank
4
Merchants Laclede Nat 131c_100 280 284 --------282 282 230 280 ----------------279 279 --------2813 282 282 282 230
Nat Bank of Commerce-- —100 15912 163 155 160 155 158 155 15712 150 155 150 152 150 152 151 152 15134 15412 153 165 160
100 164 164 165 165 --------168 168 165 16512 16712 16712 --------167 168 ----------------170
State National Bank
-- ____ 1121211212 119
—
100
United States Bank
100 164 165 165 165 16312 16312 164 164 166 166 164 164 --------------------------------167
American Trust
100 430 430 428 43018 428 430 423 430 428 428 429 430 427 430 428 430 428 432 42812 457 475
Mercantile Trust
__._ ____ ____ ____
100 290 290 290 290 285 286 285 286 --------285 290 289 295 29412 300 301 _ 301 300 301 300
Mississippi Valley Trust
100 _
South Side Trust
100 ------------------------------------------------370 370 400 400 ----------------450
Trust
St Louis Union
Title Guaranty Trust
222 5513 29
6
16612 167 170
170 18712 190
13214
17312 170 162
56412 564 594
335 340 360
____ 180 18 0
450
450 455
MISCELLANEOUS
56 60
5412 56
57
61 62 61 65
56
77 77
4
50 5312 523 60
50 52
53 53
American Credit Indemnity_25 53 5412 53 53
3512 35 35
3514 3512 35 3512 35 3612 35
33 34
34
35 36
34 37
3512 36
3512 37
20 32 3212 32
Aloe (A S) Co corn
4
4
100 ----------------10024 102 102 10212 10212 10212 1013 10212 10212 104 10214 103 10112 103 10112 10214 102 1023 103 104
Preferred
19 20 ____ __ _1_ 9 22 01 12 102 100
0 3 2
0
20 20
0 2
, 2
0 2222
-------------------------20 22
2212 2212 2114 2212 2012 21
Baer-Sternb-Cohen corn
96 96 --------96 96 --------9412 9412 95 9512 97
96 98
100 --------97 97
First preferred
9514 96
96 96
97 97 ----------------97 07 --------96 96
100 --------99 99
Second preferred
100 _
Beck & Corbitt pref
16
15
*
Berry Motor
22 26 26 2312 22 211 - - 22 - $7 if 58 - 22
35 4012 35 35 ----------------1526 30
41
23
* 41
Best-Clymer
4014 4112 3912 4012 3912 403 38
4
3610
4
4
373 3912 3812 393 393 41
4
38 3912 37 39
3914 41
* 40 4012 404 42
Shoe common
Boyd-Welsh
42 463 43 4714 4312 473 4412 50
41
45
4
3112 32
4
314 34
4
3312 363 3712 38
3414 35
* 3214 3412 32 33
Brown Shoe common
100 11012 11212 1084 111 112 11412 115 116 114 116 116 11812 118 113 11812 121 119 119 120 120 --------11712 120
Preferred
3412 3412 34 45
34 34
44 45
35 3512 34 34
* 35 36 --------35 354 35 3512 35 3512 35 35
Bruce (E L) Co common
97 974 97 974 97 9812
97 97
97 97
97 97
974 9714 97 97
97 97
97 97
100 97 9712 97 97
Preferred
4
3114 30 3012 29 2914 29 293
---------------------------------30
I3urkart (F) Mfg units
---- ---- -------------------------------- --------15
1512 22 21 21 Ho - 16
•
2 1779 16
6
Common
•
Preference
-15
HO 11212 --------114 1 - - Hi 126 1.26 122 125 128 12812 131 130 162 Hi 1 -3619 iii 111
100
Century Electric corn
Certain.teed Prod 1st pref_100 106 10612 105 105 --------107 07 10712 10812 110 112 110 110 ----------------114 115 115 116 11412 11812
100 101 101
Second preferred
17 12 17
1712 16
-20
ii ii T2 -15 -1 12 ---- — 2s - 3 I
2134
16
1i 21 5 °-zs 2812 ao 55 1
Chicago Ry Equip corn
20 20
21
23 ----------------20 21
23 2614 22 23
19
25 25
25 2312 2312 24 25
1912 19 20
Preferred
17 --------16 2112 20 21
1312 1812 18
2112 2113
1612 1612 1512 1612 17
18
1
Coca-Cola Bottling Sec
123 12
4
1234 1112 12
12
123 12
4
11
1212 13
12
13
14
13
15 4 14
3
17
13
15
16
* 15
113 163
4
Consol Lead & Zinc "A"
4
100
Corno Mills Co
-- - ---- ____ _ _
6i12 10434 10434 -- 21 - 100- 166 iooCurlee Clothing preferred_100 111:1 105 --------105 105 io5i2 11- --------99 66
141iis 1
- 100 ----------------------------------------101 161
66
66 95i4 1Eisenstadt Mfg pref
1814 184 1812 1812 2012 2014 2012 20 2014
193 193 183 183 18
4
4
•
4
4
Elder hug common
_ 66 6812 64 65 62 4 63 664 67
3
66
100
70
70
70 71
72
"A"
100 100 IGO 10412 1041-2 102 105 107 --------10611 108 ----------------108 108
100
First preferred
-- - _ _ _
_ _ .. 102 102 --------106- 106 4
100 ------------------------10814 10814 110 110 1073 111 10734 109 _ _ _ _
Emerson Electric pref
32 -3414 3112 34
3212
324 33
314 3412 3114 35
_25 324 35
35 3814 324 3612 3114 3312 3012 35
3134 3212 31
D G common
Ely-Walker
4112 11112 11112 113 113 11112 11312 112 11312 116 11714
100--------111 111 112 11212 1131z116 115 116 --------1113
First preferred
90 90 --------91 92 --------87 8712 ----------------89 90
100 90 90 87 87
9012 91
90
91
Second preferred
30 30 ------------------------30 30
• 2812 29 --------28 3012 314 3113 30 31
29 29
Medart (Fred) Mfg corn
283 29
4
_
_ _ __ _
100 99 100 ------------------------102 102 --------101 101 --------103 10312 101 102 . _ _
Preferred
34 11 1112 11 11 11 IC 11 -1-114
4
1314 1112 123 1112
8
0
114 9
1014 1
10
12 _ _ _ _ __ _ _ 10
* 11
Fulton Iron common
Preferred
100 60 60 --------5555505553534560 --------606058565980 --------5959
_ 115 115 114 114 115 115 ------------------------1142211412 115 115 115 115
100 116 11612 114 14
Globe-Democrat pref
34 38
34 35
334 38
34 37
3012 35
36 37
25 3712 3912 36 39 ____--- 37 39
3612 40
Hamilton-Brown Shoe
30 3112 30 31
32
303 3112 3012 3112 32 334 34 36
0
3212 31
3212 31
3212 3178 32
31
3134 31
31
31
32
Hussman (H L) Refg corn__• 3312 36
5 28 30
24 25 --------19 22
27 27
2312 27
24 28
28 28
22 2212 2112 2212 21
Huttig S & D corn
2214
2258 25
9612 99 --------9622 97
9612 98
100 10112 10112 10014 10112 100 10012 100 10012 100 100
9612 9612 0512 9512 96
Preferred
96
3
412 43
4 412 5 4 412 514 430 5
414 5
5
412 612 43
412 412 4
4 5
412 43
Hydraulic Press Brick com_100 514 7
4 414 412
72 8112 793 82
74 75
73 75
69 73
72 7414 70 71
100 79 8112 75 78
Preferred
7514 7712 75 76
'75 7712
171p
16 --------1722
Income Leasehold cornmon25 16
_ _ _
_
12
-- --------112 1 _
2
5 ------------------------------------------------2
Independent Brew 1st pref_100 5
2112 2112 24
21
24 25
2
1
1
21
22 22
23 23
203 2114 1.3 - -112 lO -4
2
2
2Independent Packing com__ _• 2412 25
100 10814 10814 --------110 110 109 110 110 110 110 110 110 110 110 110 110 110 108 110 10412 107 103 106
Preferred
8
* 15912 16012 158 16514 163 16812 16622 18412 1724 185 17812 18712 18612 195 195 200 1997 21612 202 23912 225 235 --International Shoe corn
-- - — 573 61
*
3
6fi
56 5912 5614 - a Common
100 108 109 108 10812 10812 109 109 10912 109 1101- 10912 110 - 109 110 10812 111 109 11012 10914 110 1064 111 166 11012
-2
Preferred
32 36
31
28
35 35 4 34 35
26
28
29
29 29
30 30
30 30
28
3
3412 3412 35
33
Johansen Bros Shoe com____• 30 30
57 5912 --------68 57
5612
55 56
5012 5212 50 65
55 60
57 58
5712 58
Johnson-Stephens-Shinkle_ * 5412 55
54
54 • 54
125 126
Kennard & Sons Carp comlOO
100
Preferred
100 96 COI 105 127 112 11
- -6 10712 11712 104 10712 104 104 103 166 ioi. 163 166 166 190 100
6 112 11112 116 14
Laclede Gas Light pref
54 ---5
57
0 5
- Rights
4 19
_ , 196- -9-3 1--- - -_ --- --- -_ i50- 196
6 6912 175- 0
--8 4 8
0
100 165 185 180 180 165 166 170 170 165 170 166 166 165 166 _ _ _
-0
Laclede Steel
0
4
100 993 100 100 102 101 10212 100 102 100 100 10012 10012 100 10114 101 1- -12
55- - --12 993410012
99
11oloney Electric pref
14
4
1312 163 1578 16
4
3
4
5
8
4
15
18
17
1758
Vlissouri-Illinois Stores corn_..* 1414 1414 1414 1414 1412 1412 1412 153 153 153 153 15 4 133 1412 13
107 108 107 108 106 10912 106 108 110 110 110 110 _ --- - - - - 110 110
100 109 109
Preferred
4
40 4112 40 413 3712 4112 39 42
43 14
5.3
4112 47
4012 44
4512 50 53
54
37 394 3712 38
Kissouri Portland Cement25 51
Rights
7
5i -16 57 16 57 16 55 - -55- Ii—iii2
39 40
iii;
Part paid
____
_
_
__ 194 1912 ---- _ _ 2014 2014 23 2334 22 243
1912 __
* 1814 2112 --------19
4
HcQuay-Norris Mfg
98 108
12
9012 - 7
98 100
9 7 36 92
8
5
84 97 93 103 10212 116 105 167
95 984
stional Candy common__ _100 8714 90
hr
Common
*--- --- 111 113 113 113 113 110 112 11212 ---- ---- -,-- --- ,,,.. --. .-..- ---. 113 113 111 111
116
First preferred
100 112 112 111
-- -- 10312 10312 103 1034 ____
100 105 103 10312 103 103 10312 107 107 107 _ 10312 10312 102 103
Second preferred
100 8
3O -14 3712 35 367 35 36
33 34
30 33
33
34 37
30 3212 30
33
Pedigo-Weber Shoe corn
3512 66 36 4112 383 42 2
• 31
4
12
,
94 94 ____
_
9312 94
9312 9312 9312 93, 9312 93 2 --- - - . ____-2
,
Planters Realty pref
100 294 3114 3014 - 14 32 - - 31
32
3214 34
32
33 3338 3212 3312 31
34
32j4 - - - 3214 34
Polar Wave I & F "A"
224
* 32 33
3212 313 32 2
4
,
8
4
8
194 203 207 22
2
2138 1914 2012 193 2018 194 1934 194 20
038 2414 22 23
Etice-Stix DC common
23
• 2114 2214 2014
197 224 21
8
4
First preferred
_ _11112 112
100 10512 108 1063 109 109 110 10612 110 110 110 110 110 108 108 108 108 108 110 111 112
9912 100
99 100 100 100
99 99
9912 100 100 102 102- 102 102 104
99 100
Second preferred
100 99 9912 99 9912 100 100
choeneman (J) 1st pref..100
1812 16
18
17
1614
4
20 2012 1912 20
2212 2112 2112 203
17
16
1912 18
12 2
icruggs-V B DC common_25 ------------------------------------------------------------0915
2112
72 73
--------83 83 ---- ---_ -___
__ 77 80 ---- -___ 73 76
72 73
First preferred
32 85
74 80
100 84 84
78 78
82 32 ____ ____ 78 80
- -- -- ---- 80 60
Second preferred
794 80
74 75
100 82 82 ---- ---- - -- 75 75
3412 354 33 3 4 3112 3314 3112 34
38
3
6 38 3814 38 3814 36
— 3812 - 4
icullin Steel preference
*
30 3212 30 3312
3412 35 ----------------34
34
35
- 35 36
2 4
34 34
34
34
34
iecurities Investment corn_ • 3612 3812 371 - b0
105 165 ioi 1- 4
Preferred
100 _
105 105
8
27
4
iheffield Steel common
• 2512 2612 2512 273 27 2812 2712 2812 2612 - -12 261z 2814 263 2734 2612 2712 27 6612 27T2 - 3612 2922 3022 2712 -25ileloff Packing corn
65' 55 "46 55f2 - - - "5i- - -55 "if
12
41 :11) - -18 40 41
55 "ib- ---- _ 55 42 46 :12i4 - • 46 48
11couras Bros "A"
65—
4
6
3
__ 36 -6 38 3812 39 47
40 ____
3912 4012 40
4314 45
* 45 454 45 45
4312 45
;outhern Acid common
45 4512 45 43
4
iouthwestern Bell Tel pre2_160 11512 117 116 11724 1143 117 11512 11612 116 11812 11612 119 116 11714 11614 11814 11512 118 117 118 11712 119 11712 120
26
3014 2838 30
26
27 27
28 29
26 27
27
2914 30
2812 3112
4
28
313 2912 31
itix.Baer & Fuller corn
• 31
2938 2814 29
40 42
41
43
44
4578 44 44
46
41
43 44
41
41
43 45
39 41
• 45 45
35
36
39 40
it Louis Amusement "A"
1812 1712 1712 1712 1712 1712 1712 1712 1712
16
1612 1614 1634 17
183 18
0
17
_ _ __-.
1812 17
10 17
it Louis Car common
9612 102 100 100 100 100 100 10014 98 98
97 98
9812 97 9712 97 97
Preferred
100 96
98 9811i4 100
0
s
- 623 1323
ft Louis Cotton Compress..100
3
24
26
21
26
4
254 30 4 2612 2812 28 - -12 i5 225 -2312 - - - 27 28
2
012 1814 1812 183 21
igi4 - i9
0
16
3
7
it Louis Pub Service com--- -* iii2 -25 _
it Louis Screw corn
0
100 1007 101 10112 105 105 105 -___ ____ ioi 165 ioi 165 __ - - - -- ---- - - — ---10422 fat,
Jnion Biscuit 1st pref
3
__ 103 103 103 104 104 106 105 10512 105 105 4 ---- - - 10522 108
44
_ ____
_ ____
100 ____
Vabash Telep Sec pref
303 34
4
274 393 33 3912 3112 34
4
213 28
4
31 39
32 29
* 1812 21 20 11 21 22
28- - - - -30- 3
2
31
Vagner Electric corn
84 90
87 8712 8614 88
8714 88
873 90
4
76 83
74 75
70
68
74
100 70
87 88
85 87
88 2 95
,
Preferred
74 77
70
78
73 76
7512 77
76
69 864 75 82
77
• 5112 5812 5512 70
75 7912 6912 7712 704 71
Valtke (Wm)& Co corn
100 112 11212 Ill 111 --------111 113 ___ ____ 112121124 111411112 --------111 III
_-- 11241 113 ---- ---Preferred
ii -ic84 iii, -2g
T-
BONDS
883 9212 9314 93'2 9334 9414
4
0
91, 924 88 903 8812 90
4
2
94 944
. St Louis & Sub Ry 5s____1932 8614 8814 90 9012 90 90, 9112 92
4
0
2
,
4
4
1935 1.93 10338 10314 1033 103 2 1033 10312 104 10312 1037 10312 10312 10314 104 10314 1033 10312 10334 10312 1032 10324 124 10312 10312
Iouston Oil Co 635s
1942 30 30
,*dependentBrewngos
_ 10114 10114
_
_ 10114 10114
101 1011,.
1003 1003
4
4
:inloch Telephone 6s— -1928 ---- ---- 10114 10114 10114 10114
6 8
4
14 16024 16624 ____ ____ ioiii4 1- 63 10012 10012 ____ ____ 19012 19012 iooi2 16612
anloch Long Dist Tel 5s_1929 100 1004 100 10014 1004 10014 1004 10012 1001 162
10512 1054 ---- - - -1953
aclede Gas Light 5)s
90 90
FINANCIAL CHRONICLE
FEB. 4 1928.]
633
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1927—(Concluded).
BONDS (Concluded)
September
October
May
April
June
August
November December
March
July
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Ifigh Low High
$ per share $ per share S Per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
- ---- ---- ---- ____ ____ ____ ____ ____ ____ ____ 9912 9912 994 100 100 100
Nat Bearing Metals 6s____1947 ____ ____ _oo._
_ _ 1-66 _ .
6-6_
-681936
-9-i1_2 6.6
Pierce Building 5s
Pontiac Building Ext 6s_1932 ----------------9412 9412 ------------------------94 94
- 14
14
14
Scruggs-V B is
serial
1 14 1 1014 10014 10014 l411 --------101 11 ----------------100 166 ioo 166 Hoorn 166 65i2166
4
983 9914 988 9914 99 99
4
8
1941 _ _ _ _ _ _ _ _ ___ ___ 10012 101 100 101 100 1014 100 100
9914 11141 99 993 9812 99
Scullin Steel 6s
4
_
4
8
4
1929 ioii4 1113 ----------------1015 1615; ------------------------------------------------1013 1013 _ _
St Louis Mer Bridge 6s
14 84 --------91 - -194
812 81
s --------86
88'2 ----------------86
1
st Louis & Sub gen 5s___ _1923 --------81
87 8812 88 9212
85 87
8612 88
8512 87
1923 82 82 80 80
8012 8212 8212 8512 ____ ____ 8312 831 85 87
C-Ds
4
4
, ,
St Louis City 4s
1928-1929 --------9914 9934 ----------------------------------------9934 9934 -------- 993 993 99 4 99 4 -r-- - 4
993 100 100 10014 10014 I0012
99 100
- ,
4
St Louis Car 6s
1935 --------9934 10014 9934 993 100 100 100 10014 994 99 4 100 100 100 100
8
3
4
,
793 8012 8012 84 8214 834 8218 8314 82 83 822 83 4 83 4 8512
4
4
United Rys 45
1934 7612 77
7614 7714 753 7714 76 4 8014 7912 80
2
8
4
7512 7614 757 793 7858 793 793 80
C-Ds
1934 7614 77
80 8214 82 83 8214 8314 8112 8212 8214 83 4 8414 8512
764 77
4
8
102 102 tot 10134 101 101 103 103
05164 9014 WWI mos, 1001, 1003., 1011,102
00 00
INalsnor FInetrir 7,
earial 091a 00
a Four shares for one share.
* No par value.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1926.
1926—STOCKS
November December
May
October
April
June
September
February
March
July
August
January
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BANK AND TRUST
5 per share $ per share 8 per share $ per share S per share 5 per share S per share $ per share $ per share $ per share S per share 3 per Awe
C"`MPANIES
Par
Boatmen's Bank
100 153 157 160 160 160 18014 _ 158 16012 155 156 155 158 158 158 156 15612 155 158 153 155 153 154
100 _
Franklin Bank
-12
46 --------248 2-61
-5
3
First National Bank
100 228 230 --------230 235 233 233 i5ii2ii3 iii iii 335 2 - iio 216 iK lit" iii 2
Lafayette-South Side Bk100
__ 280 280 -----------------------__ ____
_ ____
—
-6 __-- — _- --- ---- --- ---_
iia 27
Merchants-Laclede Nat Bk_100
---Nat Bank of Commerce _j00 155 15812 158 171 160 170 16212 166 167 170 180 169 16014 16314 164 165 164 168 163 166 162 164 160 183
-State National Bank
United States Bank
American Trust
100 --------------------------------163
Mercantile Trust
100 410 410 414 41425 425 420 422 420 420 - - - - - - - - - - - 16 i 420 4094 420 416 418 420 420 415 420 iiii 426 423 423
Mississippi Valley Trust_100 267 270 275 275 ----------------298 298 --------296 297 298 298 ------------------------285 286
St Louis Union Trust
100 321 321 321 323 321 321 --------31812320 316 321 321 325 328 330 325 325 325 325 --------327 327
Title Guaranty Trust
i5. iiii
)
MISCEL1 ANEOUS
53 54
5412 55
55 55
50 514 5212 55
5112 53
50 53
53 54
49 50
American Credit had
52 52
25 53 55 50 50
_ ____ -_-- _—_ ____ ____ ____ -___ -_-- ___—___ ____ ____ ____ ____ ____ 30c 50c 400 500
Rights
14
14
14
14
14
1412
14
14
American Inv "B"
14
14
14
S
14
33 4
A S Aloe common
,
18
__ -_-- ____ __-- -___ ---- -___ ---- --__ __-_ ____ ---- -___ ---- --__ 33 --, 32 33 - 33 33
4
20 _
Baer-Sternb-Cohen 1st pfd.100 ----------------96 98 --------------------------------------------------------95
95 97 97
Common
•
94
3
5
16
18
Berry Motor
-15 15
ii -13i
Best-Clymer
484 51 --------40 45
57 60
57; .
• 60 81
7; 56 52 54
56 5iiiii4 II 60 68
Boyd-Richardson 1st pref_ 100 111 111 ---- --- -r-- --- ---- - - -r
__ ____ -__ 114 14 ---- ---_ __ _
-- ---- - _ ---- ___ ____
3914 434
---39
36 - - 38
41
40 43
38 - - 40 42
Boyd-Welsh Shoe common* 4112 44
42
41
4312 404 42
4014 42 4414 3512 41 4012 -Brown Shoe pref
3
100 1077 111 108 110 110 110 109 10912 108 109 108 109 10712 108 107 108 10814 109 4 109 110 109 110 110 11012
8
Common
.---- - - -- , ---- ---- ---- ---- ---- --_- ---- ---- ---- -_ _ ---- ---- ---- ---- ---- ---100 141 141 .._ _
-•
Common
30 32
44 1412 32 - , -33- 6612 30 34
32 36 4 834 84
,
304 36
42 4
8
36 3812 345 362 3412 36
4
99 100
Bruce (E L) Co pref
97 97 97 98
99 99
97 97
97 97
100 100 1003 100 101 101 10118 --------993 100
97 97
4
42 4212 40 40
Common
4112
354 37
3914 3814 39 39
36 36
• 52 5234 52 5212 43 51
36 37
38 39
a;i -6612
Century Electric corn
100 ------------------------110 iii iii ill iii 116 iii fii ----------------117 fi
l
i
1
9812 10012 101 10112 100 102 101 101 16812 10114 --------104 106 106 106 105 4 ifo
Certain-teed Prod let pref_100 10212 105 103 105 100 105
Second preferred
997 997
8
s
85 -_-__ 87 88
90 90
100 --------92 9512 95 95
98 98
9414 9414 97 97
--------25 25
Chicago Ry Equip Prof
25 25 ____
24 25
.. _ ____
25 28 26 --------28 26 --------85-_ 234 2312 ---- ---- -r-- ---Common
2712 -30
38 40 ------------------------30 30
38 41
25 43 45
28 --- 28 28 --------25 28
28
Consolidated Lead & 2Inc_20 50 54
5314 5514
•
"A"
2 14
i
2612 ii1ii1 ii1ii1ii 2
ii -26 i4 17
24
2
.- 12
13i 466 162 16 1il - 14
Curiae Clothing pref
100 ----------------101 104 101 10112 10112 102 102 102 ----------------101 102 101 10112 104 105 10412 10612
Eisenstadt Mfg pref
100 109 --- 108 --- 10712 ---- --- --- I08 --- 108 --- ---- ---- I09 --712
Ely-Walker D G 1st 9ref_100 10712 1074 108 109 107 109 ---- 109 - ---- 108 - ---- 108108- 108 - ---- 108 - ---- 108 - 10912 10912 ---- 109 - 1 10 1 11
1
87 8712 87 87
Second preferred
84 85
84 84
90 90 87 87
8812 90
87 87
85 85
100 87 90
854 86
86 86
Common
3
2912 3014 31
8
28
3112 34
35
25 32 334 3114 3212 297 3114 2812 29 4 2812 2912 29 31
3312 30 3312 324 3412
.. 102 103 --------10118 1014 101 101 --------101 101 101 101 105 105
Emerson Electric pref
_
100 100 10412 10212 10358 10214 10214
Fred Medart bug pref
100 Common
3012 32 --------30 66 36 -- ----------------29- • 324 34
3
6
33 3312 32 33
66 30 30 --- ---Globe Democrat prof
4
100 113 11312 11334 1133 112 112 112 1124 ----------------110 110 113 113 113 13 --------116 116 -_-- Hamilton-Brown Shoe
43 46
43 45
44 46
36 - —
43
44 4512 443 45
50 4 43 49
,
46
25 50 4 57
,
43 4412 4112 43
45 45
4
34 35
3
(H L) Hussman Refr com
34 3712 34 35
36 36
34 39
• 39 41
36 36 4
34 3512 35 3712 34 35
,
34 35
37 4 39
Hutug s & D pref
lijo 102 103 102 103 102 103 --------101 103 102 103 10112 10112 ___
.101 701
102 102 100 102 ____
Common
3212 3312 31
3212 32 3312 32 - - 3158 3124 29 31
• 3512 4212 40 44
31
29 --- 30 30
3312 4014 34 35
3212
3 8212
Hydraulic Press Brick pref_100 97 9712 90 96
85 8712 85 87
85 87
88 89
82 84 80 84
76 774 77 4
8112 8312 80 80
3
Common
812 314 314 3 4 414 34 5
3
14 414 614
34 34 35* 34 312 4
100 614 814 512 64 5
312 312 3
Income Leasehold corn
25 lndep Brewing 1st pref.__100
Indep Packing pref
4
3
100 ----------------107 16/12 107 10712 1052 105 4 iiii 166 --------10412 16412 ioi 16i ioo 16i Ho 116 10912 1094
12
.
5 26
Common_ _ _4
253 2714 2534 26
4
254 26
26 29
27
25 25 4
1
25 2512 2512 2512 2512 28
25 25
25 2512 25 25
International Shoe Prof-100 110 1114 110 11112 10912 111 109 11012 107 110 107 10812 10712 108 10714 108 10714 108 107 108 107 109 108 10812
1
Common
• 170 17512 165 17312 150 170 149 4 155 135 148 140 15012 149 168 160 168 159 18012 159 160 153 162 158 184
Johansen Shoe corn
30 32
• 40 45
33 33 30 30
30 33
28 3012 31
35 38
35 40
34
36
3458 30 30
34 8 38
,
55 56
50 60
60 64
Johnson-Stephens-Shinkle• 86 9812 60 85 60 74
56 56
53 53 60 60
58 58
58 58
80 60
Laclede Gas Light pref__.,.100 ----------------8412 85 87 87
88 88
86 90 --------8613 8712 ---------------- 86 86
87 88
Laclede Steel
100 150 150 150 150 148 150 148 15014 151 15112 148 148 --------155 157 160 160 160 160 --- ---- - Meletio Sea Food prof
36 811
100 Missouri-Illinois Stores pfd_100 110 110 110 110 ----------------104 105 4 104 104 108 109 109 109 ---- - - --3
,- ---- ----- --,Common
• 16
1412 15
15
17 4 1812 17
147 147 15
,
151- -15 15, 15 -- 2
8
8
1512 814 -------- 15 15
1514 1512 15
15
Moloney Electric pref
___ ---- -___ ____ ___ ____ _ - 100 .---- ____ ____ ___ 100 100 100 100
Missouri-Portland Cement__25 62 67
5812 52 5713 5512 57
60 8 6414 4812 61 -iiii, ,
54 5712 55 5712
5
0 56
5.5
, 59
-1 55 56 55 58
5 1612 18
McQuay-Norris mg
1512 1512
17
_
_
_
17 ------------- ---- ---- ---- ---------------- --17
174 1712 17
19
17
1912 19
National Candy 1st pref
200 11() 110 --------106 109 108 108 ____ ___ ___ __
4
72 --------10758 1073 - ____
Second preferred
_ 104 104 102 102 ---------------- 10313 foiti - - 10 " -100
114 loo 101 loi 164
101 18
Common
70 75
74 81
75 76
75 92
8612 904 8612 9113
77 78
100 884 92
75 79
7612 79
8212 8514 77 83
Pedigo-Weber Shoe corn
s 38 39
3212 34
27 30
3112 3612 34 38
3
4
32 35
28 31
293 344 30 33
34 38
33 35 4 35 35
Planters Realty pref
95 95 --------95 9512
100
---- ---- 9412 9412 ----------------95 95
-* 3712 373 37 378 32 37
Polar Wave I & F "A"
3112 33
33
314 3212 31
32
32
4
4
3114 31
3212 34
32 33
32
12 34 37
Rice-Stir D G 1st pref
100 108 109 108 108 108 10812 1081210812 108 108 -------- 106 106
_
___ 106 10712 10612 10612 108 107 10212 108
Second preferred
100 100 10212 10112 102 101 10112 100 10012 10012 101 100 100
97 98 --------96 99
9912 100
9914 100 Ili) 100
Common
* 2412 2512 2412 2512 2112 244 214 2312 217 224 213 22
8
21
4
2112 2412 228 24
202 22
4
19 2111 20 2212
23
Scrubbs-V-11 D G 1st pref__100 91
91
92 92 --------90 91 --------90 90
90 90 ----------------89 89
87 89
85 85
Second preferred
Common
100 11712 120 118 120
Common
2513 ii
16 ii 16 ii
ifi
ao
30
25
.
812 ii 24 21II
2458 ii li 22i2 ii 24i2 I512 ii 1
100 1064 10612 107 107 105 107 105 107 --------106 106 107 10712
Scullin Steel pref
_ 107 107 __— ---_ __- ---- --- - Securities Investment com ___• ---------------- 40 45
40 4112 4112 43
,
41
41 --------41
____--- 41 41 4 ---------------- 40 if
41
a 26
Sheffield Steel corn
25 27
24 26
25 28
2912 26 28
2512 27
2612 25 26
25 263 26 28
2612 277 26 2714 21
8
4
Sieloff Packing com
• 21
22
21
18
2112 20 2112 20 20
19
18
18
18
19
19
19 20
19
19
19
19
19
19
19
Skouras Bros "A"
• 5114 59
4612 50
4514 49
46 50
464 52
5312 50 5012 48 46
47 51
50
50 57
51
52
5114 58
Southern Acid common
• 50 5134 5012 523 48
43 46
47 50
51
4
45 4812 45 46
422 44
45 47
4
4
4312 4512 43 443 4312 49
Southwestern Bell Tel pfd,100 11212 11312 113 114 11212 11414 11212 113 4 113 115 11314 11514 114 1353 113 115 11318 11512 1133 11412 114 115 1147 11612
!
8
4
3
• 34
3614 3313 33 29 3214 2924 31
Stir-Baer & Fuller corn
294 30
2912 30
2912 294 284 2912 30 3312 32 3212 32 3212 3112 33
50 52
46 50
St Louis Amusement "A"___ • 55 5912 52 53
47 52
48 50
46 483 46
8
50 50
46'2 46 484
49 50
48 50
8 97
Louis Car pref
94 9512 ----------------90 95
150 94 4
St
93 93
90 93 93 974
92 9414 93 935* 914 9314 9012 92
Common
8
10 1614 163 16
I6 ------------------------ 14
1612 18
14 ----------------1522 1512 --------1512 1512
--------- ------------------------ 1714 2
St Louis Pub Serv corn
I 19 1912
s
3
ll 1712 1712
4
1814 17
United Rye pref
108 9
912
C-Ds
too 7 4
3
Common
20e 20c 150 15c ____
100
5c 10c 10c 10c ic lac ilk iic ilic inc
___
___ ____
___ __-- r-zzWagner Electric prof
100 8212 85
80 83
73 75 6514 73 67 89
70 80
70 76
68 70
613 70 88 89 ____4
684 70 -2,-71
76
Common
• 30 3412 26 304 20 27
1812 22
2112 2312 20
2312 20 2212 13 8 2112 17
17 2212 20 2712 19 21
21
7
(Wm) Waltke & Co pref____100 10412 108 105 106 105 106 104 105 105 10512 106 108 106 10712 --------108 108 1088 108 4 -------- 11012 111
,
4
Common
• 42 4412 4012 4414 40 43
50 5012
4212 47
40 42
46 494 4714 4812 4712 48
4612 50
474 4912 45 48
BONDS
American Bakery 69
ioo loo
1927_
Dallas Aut Tel 6s
,
1932 8314 8412 8313 85
8612 862
8412 85 8414 844 84 844 84 8412 85 4 85 4 86 87
87
6i 2
86 - 1- -35; E St Louis & Sub Ry 5s
86 86
, ,
1935------------ ------------ 100 100
4
994 100
Houston ou 6148
994 100 10014 1004 10014 1004 100 8 1003 1003 1003 10114 10212 10241034
4
4
3
1942
Indep Brewing 6s
IncomeLeaseholdColst5s1936 ---- — 9212 9212 ___. -- Oi ii
n
1928 102 10214 102 102 --------102 10214 --------10214 10214 102 102 102 102 --------1013 foil, 10112 fo n2 io.loos
4
Kinloch Telephone 6s
0 100 100 100
1001s 1001s 1004 1001s 100 0012 -------- 10
9978 100 100 0014 1001s 10a
2
Kinloch Long Dist Tel 53
-1929 ---- -- 997 100 994 100
•No p.r v.103
634
FINANCIAL CHRONICLE
[Vol.. 126.
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1926—Concluded.
BONDS
April
July
August September October
November December
March
May
June
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High tow High Low High
Laclede Gas Light 510_1953 ----------------------------------------------------- 102 102
IO loo too
1614 si 16
foO
., 16614 1641.
Missouri-Edison Elec 5s_1927 --------110 10012 --------100 106
itio 10014 ioo 10
-6
Pontiac Bldg Ext 6s
1932 95 95
Scruggs-V-B 78
serial 103 103 --------103 Id ----------------103 foi itiii2 Rills ----------------102 161
8
St Louis Merch Bldg 6s_ __1929 ----------------------------------------102581025 ------------------------102 102 10112 10112 10134 1012
_ 994 9912
-- - ---- ---_ —
--- ---____ ---- - _
St Louis Mer Bldg Term 58_1930 _ _
4
Si --------80 "81 so so
81 girt 13 ii - 16 ilia 1112 iii2 "81 ai 91 iiii4 St Louis & Sub gen 5s____1923 iii 1i --------94 4
9112 9112 -------- 7934 793 81 814 8112 82
C-Ds
1923 89 90
St Louis City 3.65%
4s
1928
4
4s
1929 993 998
1
_8
,--99 4_ 99 4 -:,- z „- -,,:- .,-, ,.- -.„- r- -.„.,
IA iiiia --------------------------4s
1931
7612 7714 70 - - 70 -7712 75 -16
.8
75.4 75 -77 77 1713
4
4
United Railway 4s
1934 75 773 763 78 7612 78 78 78a4 7512 78 7514 -3
4
3 7634 7614 77 75 4 7614 753 7614 7614 774 75 764 7612 77
774 784 7612 7712
7614 774
C
-Ds
1934 74 77 in. .1111. 774 7712 inn inm. inn inn,. 75 4'on
071. 071. 07
00
WU. 1 AMA
not.
_..
n..•
"ell
to be generally the outlook for leap year, the only
Blue Skies the Outlook for Leap Year—But Look
caution for business being: Look twice before you
Twice Before You Leap.
leap, and all will be well.
President National Bank of Commerce in St. Louis.
By John G. Lonsdale,
The perfunctory New Year salutation: "We wish
YOU a prosperous and happy New Year" comes near
being the safest forecast for another tNielve months.
Nineteen twenty-seven left an important lesson in
its wake which, if heeded, is worth whatever shortcomings the year produced, namely, that sound management is the true basis of commercial prosperity.
However, assuming that we shall be fortunate
enough to have average crops, 1928 ought to show
at least some betterment over 1927. Agriculture, so
often cited as the backbone of industry, has entered
the new year in an improved condition, and if this
advancement continues, it will go a long way toward
increasing the volume of trade by the end of the
year.
One month of the new year has already been relegated to the limbo of the "forecasted past." In this
period we have •seen favorable indications of increased business based on the stable economic forces
inherited from 1927.
The steel trade is experiencing some revival of
activity and reports show more orders have been received for the first and second quarters of this year
than last year.
Another encouraging factor is the stimulus that
automobile manufacture has received. Been competition in the past month has brought new and lower
prices, and an anxious public has made so many reservations that factories will be busy many months
from now trying to catch up with orders. This activity naturally will have a beneficial effect in the
varied lines of industry dependent upon motor car
manufactures.
Industrial lines in general have started the new
year in a stable condition, after weathering the 1927
trade recession. The business decline served in many
cases to strengthen the position of factories and organizations through caution and enforced economies
of operation and production. Business men are
learning more and more the lesson that they must'
be equipped to adjust themselves quickly to rapidly
changing conditions.
While credit expansion demands our careful attention, it would seem that conditions are in a
fairly healthy state in this field. Credit remains
ample to finance necessary enterprises, and rates
are moderate. In 1927 the increase in credit was not
in the commercial but in the investment field. As
a safeguard, this sort of credit should be scrutinized
more carefully in the future.
Business was not so bad in 1927 when compared
with other years. It is only when balanced against
1926 that the decline is so noticeable. Perhaps we
have come to look forward too expectantly to setting
up new records year after year. "Blue skies" seem
The Progress of the St. Louis Stock Exchange.
By Clarence C. Gamble, President, St. Louis Stock Exchange.
Within the last year more has been done to make
St. Louis appreciate the value of a well conducted
Stock Exchange than in a decade before. Under the
leadership of W. H. Bixby a move was inaugurated
to secure quarters commensurate with the dignity
and importance of the Exchange. This crystallized
in the present location at Fourth and Locust Streets,
where the Board room both externally and internally is rapidly becoming a commercial landmark and
reflects credit not only upon the Exchange but the
city.
Since then new listings, wider publicity and a
manual of issues listed, have been carried forward
until the St. Louis Stock Exchange not only in St.
Louis is steadily becoming recognized as an institution of more than passing moment.
It is not asserted that either in quantity of listings nor in turnover has the Exchange reached the
point commensurate with a city which is -spending
more than $80,000,000 for public improvement, but
it is claimed that wide steps have been made toward
a goal which means an Exchange not only of St.
Louis but of its territory.
In so far as the issues listed on the St. Louis
Stock Exchange, it is recognized that they compare
favorably with those of any other Exchange and
certainly no other Exchange scrutinizes an application for listing more thoroughly.
Officers and directors of the Exchange are continually inviting commercial houses to avail themselves of the advantages of listing their issues on the
Exchange, with the result that many old conservative firms have seen the light of the new era and the
manifold advantages of having the public a shareholder. Also the value of publicity for the transactions and affairs of the Exchange has not been overlooked.
In order that those interested in its issues may
have complete information, the Exchange this year
has issued its first manual. This book, distributed
widely, has given impetus to the trades and rendered
the market far more flexible in that either the speculators or investors can obtain with a minimum of
trouble much of the commercial history of St. Louis.
In step with the Exchange, local banks have been
brought to see the value of issues listed and a most
commendable change has taken place in many financial institutions as regards loaning upon Exchange
issues. With a receptive attitude from the banks,
the flexibility of the market has become greatly increased.
Listed on the Exchange are stocks of $100 par
value, $252,106,678. Stocks, no par value, 7,515,579
635
FINANCIAL CHRONICLE
the Prescott, Wright, Snider Co. keep a record of the
dealings in the securities having a market in that city
and they have courteously placed that record at our
disposal. The following shows the high and low prices
of these securities for the calendar year 1927, together
with the bid and asked prices on Dec. 31, the close
of the year. The figures, we are informed, have been
obtained from reliable sources and the list includes, it
is stated,virtually all of the most active local securities.
Range in 1927. Price Dec.31 '27.
Name of Security.
Low.
BONDS—
American Asphalt Roof Corp. 630_1928-36
1933-42
Central Coal & Coke Co. 6s
Central Coal & Coke Co. 630
1944
Dickey, W. S.. Clay mfg. Co. 6s
1928-40
1932-41
Dierks Lumber & Coal Co. 68
Fred Fitch Corp. 634s
1928-37
K. C. Bolt & Nut Co. 630_
1928-39
K. C. Club, 2nd mtge. 7s_
1932
1941
K. C. Clay Co.. & St. Joe Ry. 58K. C. Public Service 6s_ _
1951
K. C. Rya- 2nd 6s_
1944
K. C. Rys. 2nd 5s.
1944
Long-Bell Lbr. Co. 6s
1942
Long-Bell Lbr, Co. 6s
1943
Long-Bell Lbr. Co. 6s
1946
Manhattan Oil Co., series A.6s
1931
Manhattan Oil Co., series B 6s
1931
Methodist Hospital, Ft. Worth, 6s---1929-42
Pickering Lbr. Co. 6s
1946
Rit Bldg.. Tulsa, Okla., 630
A92A ,
Wichita Union Stock Yards 6s
1934
High.
Bid.
Asked.
102
100
102
26
24
25
101
10036 10134
64
66
8334
68
48
50
66
62
65
57
56
57
103
102
10334
5236
53
55
3436
7
10
10236
101
103
107
109
108
114
116
116
110
111
11034
70
73
82
zo
1334
15
83
8434
85
11234 112
115
103
103
100
8
8
734
10336
102
103
5136
5136
50
110
111
108
94
9534
112
10336
102
103
34
35
33
•
X
STOCKS—
American Asphalt Roof Corp. 8% pref
Benzo Gas Motor Fuel Corp. $2 pref
Butler Mfg. Co. 7% preferred
Central Coal & Coke Co. 5% preferred
Central Coal & Coke Co., common
Central Surety & Ins. Corp
Cook Paint & Varnish Co. $4 preferred
Diversified Investments, Inc.. 1st pref
H. D. Lee Mercantile Co
Huttig Lead & inc
Irving-Pitt Mfg. Co. 7% preferred
Kansas Gas & Electric 7% preferred
K. C. Power & Light $7 1st pref. shares__ —
K. C. Power & Light $6 preferred_
K. C. Public Service $7 preferred
K. C. Public Service, common
K. C. Stock Yards 5% preferred
K. C. Stock Yards, common_
K. C. Structural Steel 8% preferred
Lucky Tiger Mining Co. 60c
Nat'l Telephone & Telegraph Corp. 7%
Nat'l Telephone & Telegraph, class A
Palmolive-Peet Co. 7% preferred
Palmolive-Peet Co., common
Sheffield Steel Corp. 7% preferred
Sheffield Steel Corp., common
....
.
.
. ..
.
.
,
0000..4Q.00 0.4CA00.4MONC
NO4210qtg
Cn....10.0.0WCP...ba.04000.4WOWOW.4
.
.
X
X XXX
X
Course of Security Prices in Kansas City.
There is no Stock Exchange in Kansas City, but
RANGE OF PRICES IN SECURITIES LOCAL TO KANSAS CITY.
XXXXXXXX
shares. Miscellaneous stocks, $38,886,275. Bonds,
$188,528,250. The 1927 turnover amounted to 467,227 shares of stock and $3,788,660 bonds. This exclusive of trades in 28,814 rights.
The hours of trading are from 10 A. M. to 12 A. M.
on all week days except Saturday, when the hour
from 10 A. M. to 11 A. M. is rarely sufficient.
Steadily but substantially, the St. Louis Stock Exchange is moving forward. Each month's trades are
greater than the corresponding month of previous
years. Officers and Governors of the Exchange are
alive to the new order, constantly striving to keep
in touch with changes which may be of benefit to the
Exchange and constantly crusading for increaEed
listing.
... ...
.. .
MWOC.2.000Q0
00WWWW
400.
000...C.000O4.11"00.W.p.OWba00
FEB. 41928.]
102
102
10336
10136
101
101
10234
10236
4934
94
15
15
95
95
95
10134
10136
10136
101
10134
10236
9934
10034
100
101
100
26
9236
4
4
9034
9034
9034
100
100
100
102
10134
100
100
esH
9634
102
10234
10334
101
10136
101
103
10134
32
9336
6
6
92
92
92
101
101
101
9734
102
102
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 3 1928.
There is some increase in the business of iron and steel
and also in automobiles. In other words, the heavy industries are still to the fore in contrast with the condition
of things during the last half of 1927 when textile industries were in the van. A corrective process is at work in
the textile trades in the shape of curtailed output. The
effects may not be immediately apparent, but in the long
run they must be. Curtailment will naturally remedy overproduction. As the case stands, there is a fair business
doing in cotton goods, and there would be more, but for the
irregularity of the price of raw cotton, whose vagaries puzzle everybody connected with the business. In some cases
cotton goods have declined, but on the whole have remained fairly steady. Naturally, buyers are not inclined
to take hold freely, nor will they be until there are unmistakable signs of stability in the raw cotton market. That
would at once communicate itself to the manufactured
product and it is believed, not without reason, would be the
signal for a considerable increase in business. As it is, a
fair trade has been done in finished cotton and some improvement is noted in the demand for Spring requirements.
Woolens for the next Pall season have been opened during
the week at prices showing little change from recent quotations, but they are 5 to 15 cents a yard higher than the
Spring opening prices. In the main, the trade in woolen
goods leaves much to be desired. Worsted dress goods have
also been quiet. The better grades of printed silks have a
larger market. Raw silk has been in fair demand and steady.
Wool has been firm, but not at all active, although the
London auction sales which terminated on the 1st inst.
were at some advance in prices. The rayon industry is
still doing a brisk business. Raw cotton has declined this
week some $2.50 to $3.50 per bale, with considerable pressure at the South to sell, the comparative slowness of cotton goods, falling markets in Liverpool, depression in Lancashire and the fear that the reduction in wages there of
%
/ and the increase of weekly working time of 4%
1
122
hours might lead to a strike. Moreover, there has been
further liquidation of what have been termed "stale" long
accounts. Many disappointed buyers who recently bought
cotton in the expectation of a sharp rally after a recent
decline of $15 a bale sold out. Unsatisfactory markets for
both the raw and manufactured product were the major
reason for the decline. There was an advance in cotton today with a stronger Liverpool market and no signs of a
strike at Manchester. Prices here of late, however, have
touched the low of the season.
Wheat has declined only slightly in spite of the argument
that supplies are perhaps over abundant. The export demand, it is true, has been small. But there are some complaints about the condition of the Winter wheat crop, and
at the moment it looks as though declines were simply a
passing incident. Corn has advanced about a cent with a
steady demand for export. Both English and Argentine
markets have also been advancing. Provisions have declined rather sharply.
The retail trade is being pushed to some extent by special sales, but the weather conditions were more or less
adverse to business, even under this stimulus. Stocks of
Winter goods are smaller than at the opening of the year.
But the seasonal trade is still unsatisfactory. Most of the
wholesale business is in Spring goods. There is a good
business in the shoe industry. The coal trade is not satisfactory. This is brought out by the fact that the car loadings are reduced because of the slowness of the trade in
bituminous coal. The total shows a decrease of 9% from
a year ago, but on the other hand there are gains in merchandise, grain, miscellaneous and livestock loadings as
compared with those of a year ago. The pig iron daily
output was 6% larger than in December, although some
7V2% smaller than in January last year. December department store sales show a decrease as compared with those
of 1926 of only a fraction of one per cent, It is noted that
hogs are $8.40 as against $12.10 a year ago. Employment
at Detroit this week is up to 223,500, an increase for the
week of 2,300, and is nearly 8,000 larger than for the same
week last year. Sugar has declined during the week with a
falling off in the demand and refined sugar lower. London sugar quotations have also declined. Coffee, on the
other hand, has advanced rather sharply, with Brazilian
markets rising and, as has been so often said, the Defense
Committee still has the situation very well in hand. Consumers in this country buy from hand to mouth and in a
way play into the hands of this committee. Rubber has
declined about 2 cents, following a break in London and
heavy liquidation by tired holders. It is another case of
636
FINANCIAL CHRONICLE
artificial manipulation of prices ending in a break. The
consumer in this country at any rate if not abroad has been
playing a waiting game. Prices after all, however, are
only a shade lower than those of a year ago.
In stocks the fluctuations have taken a rather wide sweep
In irregular markets, with some downward tendency. Today there was a rally at one time, but renewed selling was
encountered towards the close and the net changes were
noticeable declines. The rise to 4% in the rediscount rate
of the Federal Reserve Bank of New York, which was
something of a surprise to many at this time, had its unfavorable repercussions not merely in stocks, but in bonds,
especially Government issues, and in foreign exchange.
4%, but bankers' acceptances
3
/
The call money rate was 4
and time loans advanced. The decrease in the earnings of
the United States Steel Corporation in the last quarter of
1927 of some $22,000,000 caused more talk abroad than it
did here. London found the rise in the New York !honey
rate a damper and there seems no chance now of a reduction in the Bank of.England rate. Even the better class
of stocks declined in London to-day and Paris was Irregular.
At Fall River, Mass., on Feb. 2, the business district of
the city was swept by a fire resulting in losses estimated
at twelve million dollars. In two hours after 7 o'clock,
twelve large buildings had been destroyed and the flames
were spreading. The fire started in the southeast corner
of the Pocasset Mills, a textile plant, which was being
razed. The mills are the property of Louis K. Liggett, of
Boston. All four units of the plant were wiped out. The
wage reduction of 10% became effective there on Jan. 30
without general resistance on the part of the unions. Fall
River wired that one of the cotton mills there was closed
and 100 weavers employed in another plant walked out
on Jan. 30 as a wage reduction of 10% became effective at
Fall River. The Davol Mills, employing approximately
850 operatives, were closed by the management when several loom fixers employed on fancy looms walked out in
protest against the wage cut. In the Davis Mills, also
employing 850 hands, a section of the weavers left their
looms. The management said it would be open as usual
on Jan. 31. The Fall River Textile Council, to which a
large majority of the mill workers belong, declined on Jan.
30 to submit a second strike vote to its member unions.
The Council voted to stand by the vote taken at strike meetings last Wednesday when the ballots cast by the five unions
fell 11 short of the two-thirds majority necessary to call
a strike. At Fall River, Mass., on Jan. 30, the few weavers
who went on strike at the Stevens Manufacturing Co. last
week, remained out and a few at the Davis No. 2 mill
walked out after reporting for work. The Durfee, Union,
Merchants, Arkwright and Narragansett Mills all reopened
after a week's shutdown. At Fall River the weavers at the
Stevens Nos. 1, 2 and 3 plants, who walked out in sympathy with the No. 4 weavers on Monday, subsequently returned to work and voted to allow the dispute over the
multiple system in No. 4 mill to rest until that department
resumes operations. No change is reported in the situation in the Davol Mills, which closed when the weavers
walked out Monday, and a few of the weavers are still
Salem, Mass., wired that because of continued accumulation of manufactured goods, the Naunikeag mills of that
city and its subsidiary plant, the Danvers Bleachery in Peabody, will suspend operations for the week of Feb. 6, work
to be resumed Feb. 13. The mills closed the week of Jan.
2 for the same reason. At Lawrence, Mass., production in
the mills of the American Woolen Co. is larger and more
steady than it was a year ago. The worsted mills thereabouts seem to be holding the ground they gained last Fall
when the Wood Mill of the American Woolen Co. reached
80% of capacity. At New Bedford, Mass., cotton manufacturers are reported to have under consideration a readjustment of working conditions under which operatives will
not suffer a cut in wages, but will be called upon to do a
little more work. At Chicopee, Mass., the mills of the
Dweight Manufacturing Co., which have been closed since
Jan. 20, will reopen next Monday on a 3%-day weekly schedule. In Rhode Island the Lonsdale Company, one of the
oldest cotton manufacturing concerns in that State, announced a shut-down of the Ann and Hope Mills, due to poor
business. The number 4 mill of the same company was reported closed last week.
[VoL. 126.
At Durham, N. C., the Erwin Cotton Mills closed down
four days last week because of dullness of trade. Work
was resumed on Jan. 30 as usual. Whether there are to be
further shutdowns or not will depend on the market. There
has been no other curtailment in textile operations in Durham, all the mills operating on full time. An official of
the Durham Cotton Manufacturing Co., one of the Erwin
group of mills, but under separate management from the
Erwin Cotton Mills, reports conditions bad, with curtailment
a possibility in the not distant future unless they improve.
The other cloth mills, the Pearl and the Yarbrough, are
on full time. The hosiery mills also are making full time,
with some of them working double shifts.
In New York tire fabric sales last week were said to have
been 500,000 lbs., and one of the most interesting developments of the past few days has been the call on the part
of tire makers for scheduled March deliveries during February, which is not easily possible for active tire fabric
mills. At Akron, Ohio, the Goodyear plants are turning out
more than 53,000 tires per day, constituting record production, not only for January, but also for the entire history of the company. Total production at Akron and subsidiary plants is placed at 65,000 to 75,000 daily. Spring
dating orders are said to be very heavy and increased manufacture of automobiles is also a factor.
At Manchester, Eng., to-day, the conference between employers and workers in regard to the proposed cut in wages
of 12%% and an Increase of 414 hours in the working week
adjourned, it is said, without action.
The first sizable snowfall occurred here on January 28,
and a much lighter fall on Jan. 30 merely powdering the
ground. On that day the temperatures here were 19 to 34,
at Boston 20 to 32, at Chicago 12 to 28, at Cincinnati 14 to
36, at Cleveland 16 to 32, at Detroit 16 to 28, at Kansas
City 22 to 44, at Milwaukee 10 to 24, at St. Paul 8 to 26,
at Montreal 2 to 16, at Philadelphia 22 to 34, at Portland,
Me., 14 to 26. On the 2d inst. New York temperatures were
20 to 32, at Boston 24 to 30, at Montreal zero to 10 above,
Cincinnati, 36 to 40, Cleveland 24 to 28, Detroit 26 to 30,
Duluth 12 to 18, Kansas City 50 to 54, Minneapolis 22 to 24
degrees. To-day the temperatures here were 22 to 31 degrees, with a forecast of fair and warmer to-morrow.
Chicago yesterday was 30 to 38, Cincinnati 34 to 40, and
St. Paul 12 to 22.
New York Federal Reserve Bank's Index of General
Price Level.
In its Feb. 1 "Monthly Review," the Federal Reserve
Bank of New York presents its newly calculated index of the
general price level, in which a number of new series of price
data are included. In stating that the attempt has been
made to cover as far as possible all types of goods and services included in business and financial transactions, the
bank adds:
This broad composite of prices, including retail as well as wholesale prices,
and prices of services as well as commodities,is believed to be a better measure of the general level of prices which actually governs business transactions in the aggregate than an index of wholesale commodity prices only.
It now indicates a price level 73% higher than in 1913, whereas the Department of Labor index shows an increase of only 49% in wholesale commodity prices over those of 1913.
The components of the new Index are as follows:
Retail food prices.
Realty values,
Rents,
Security prices,
Other cost of living items.
Equipment and machinery prices.
Industrial commodities at wholesale, Hardware prices,
Farm prices at the farm.
Automobile prices,
Transportation costs,
Composite wages.
Monthly Indexes of Department of Commerce-Decline
in Production of Raw Materials During December.
The U. S. Department of Commerce presents as follows on
Feb. 2 its indexes of production, stocks and unfilled orders
for December:
Production.
Production of raw materials in December was smaller than in either the
preceding month or in December 1926, but for the year as a whole the 1927
output of raw products was larger than in 1926, all major groups showing
increases over the preceding year except forest products. Manufacturing
production in December also showed a decline from both the previous month
and December of the preceding year, with the output of manufactures during 1927 registering a decline from the production in 1926. As compared
with 1926, the output of all manufacturing groups was lower in 1927 except
foodstuffs, textiles, leather, chemicals and oils, stone and clay products
and tobacco products, which showed larger output than in the previous
year. The greatest decline from 1926 occurred in automobiles.
Commodity Stocks.
Stocks of commodities at the end of December after adjustments for seasonal conditions, were lower than at the end of the Preceding month, but
showed no change from a year ago. But for a decline from a Year ago in
the stocks of raw foodstuffs, the general: index of commodity stocks at
637
FINANCIAL CHRONICLE
the end of December would have-shown an increase over the preceding year.
all other groups in the index showing larger stocks than a year ago.
Unfilled Orders.
Unfilled orders for manufactured commodities at the end of December were
larger than at the end of the preceding month but smaller than a year ago.
Forward business on the books of iron and steel manufacturers were larger
than at the end of either prior period, while unfilled orders for textiles,
although lower than at the end of November, were the same as a year ago.
Orders for lumber unfilled at the end of the year were lower than in either
prior period.
The index numbers of the Department of Commerce are given below:
1926. Mthly Aver.
..W.
W00000000000.0...'4000&
W.010003 .404..00W...404oP000
00 000001 WW.
0-4001000-40.0
0300000300003
..W.
121
142
114
117
119
128
128
111
106
133
161
146
83
122
181
142
123
221
134
181
238
186
82
195
187
262
188
81
197
167
229
167
78
174
174
257
164
82
174
74
85
70
71
73
'
85
84
81
88
91
1 0.001
,
C.C.00000
001.440
3-00.4
.NN
Unfilled Orders.
Total (1923-1925=100)
Textiles
Iron and steel
Vehicles
Lumber
* Included in miscellaneous group.
196
243
246
70
211
187
261
201
73
196
124
143
117
124
115
126
125
117
116
121
159
134
90
108
193
152
128
175
120
0000000001001,
Commodity Stocks.
(Index numbers: 1919=100)
Unadjusted: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Adjusted for seasonal element: Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
127
134
123
129
106
106
109
104
103
106
129
118
77
104
201
131
103
83
77
-010000, 0030
W
0.010010M00000000
.
Production.
(Index numbers: 1919=100)
Raw materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
72
70
85
55
56
A decline of more than seasonal proportions occurred in primary distribution of goods in December and average daily carloadings for the first two
weeks of January were 3% smaller than last year. Retail trade, however,
continued in substantial volume in December, especially mail order sales.
Bank debits in 140 centres outside of New York City indicated about the
same volume of business and financial transactions in December as in November, after allowance for the usual seasonal increase.
In the following indexes of business activity, adjustment has been made
for the usual seasonal variation, for year-to-year growth, and, where necessay, for price changes.
(Computed trend of past year=100%.)
....r.,...
,v,,u.
vc.g.
,.rec.
1926. 1927. 1927. 1927.
Primary Distribution
95
103
Car loadings, merchandise and miscellaneous-86
92
Car loadings, other
78
97r
Exports
106
114
Imports
88
101
Panama Canal traffic
Distribution to Consumer
108
100
Department store sales, 2d District
104
105
Chain groceries sales
107
108
Other chain store sales
119
102
Mail order sales
107
106
Life insurance paid for
97
100
Advertising
General Business Activity
115
117
Bank debits, outside of New York City
142
136
Bank debits, New York City
109
112
Bank debits, 2d District, excluding N.Y. City104
110
Velocity of bank deposits, outside of N.Y.City
136
144
Velocity of bank deposits, N. Y. City
281
228
Shares sold on N.Y.Stork Exchange*
98
90
Postal receipts
104r
Electric power
95
98
Employment in the United States
108
102
Business failures
138
139
Building contracts •
State_..116
New corporations formed in N.Y.
Real estate transfers
lie
184
General price level
223
Cnrnmaltn inacsv nt macre.
222
W ...........
W.
140000*0000000000. 000000 0.0000
00.0.0000400.0'000.40 000001010 001000
1927.
Nov. Dec. Dec. 1927. 1926.
New York Federal Reserve Bank's Indexes of Business
Activity.
The following indexes of business activity are from the
Feb. 1 issue of the New York Federal Reserve Bank's
"Monthly Review":
2S2V.7,22g2=2,9gg 08n= 2gVilra
F.41928.1
* Seasonal variation not allowed for. r Revised.
Volume of Wholesale Trade in New York Federal
Reserve District During December Below That of
Year Ago.
The Federal Reserve Bank of New York in its Feb. 1
"Monthly Review" reports that the volume of business done
by wholesale dealers in this district in December remained
Business Indexes of Federal Reserve Board.
smaller than a year ago, according to reports received by the
The indexes of production, employment and trade issued bank. Individual lines showed considerable variations from
the tendencies of other recent months, however, says the
Jan. 31 by the Federal Reserve Board follow:
bank in its summary of the situation respecting wholesale
INDEX OF INDUSTRIAL PRODUCTION.
(Adjusted for seasonal variations. Monthly average, 1923-25 equals 100).
trade, adding:
Dec. Nov. Dec.
1927 1927 1926
Dec. Nov. Dec.
1927 1927 1926
99
• 99
103
98
98
101
105
103
119
MineralsBituminous
Anthracite
Petroleum
Copper
Zinc
Lead
Sliver
86
91
124
105
109
109
90
85
106
124
106
107
110
100
121
115
121
112
119
122
107
Manufactures
Iron and steel
Textiles
Food products
Paper and printing_
Lumber
Automobiles
Leather and shoes. _ _
Cement, brick, glass.
.
Nonferrous metals_ .
Petroleum refining__
Rubber tires
Tobacco naffs
92
105
95
114
92
53
97
105
111
137
113
87
112
94
110
92
47
98
107
106
140
113
122
0100M00010WW01.
0.01.0000.M..
Total
Manufactures
Minerals
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Without seasonal adjustment. Monthly average 1919 equals 100.)
Payrolls.
Employment.
Dec.
1927.
rota'
ron and steel
fextiles-Group
?abides
'roducts
Amber
tallroad vehicles
lutomobiles
'aper and printing
roods. &c
Aather. dro
none, clay, glass
['obese°. do
Themicals. AO
Nov.
1927.
Dec.
1926.
Dec.
1927.
Nov.
1927.
Dec.
1926
89.0
81.4
93.6
96.4
89.9
88.0
72.0
105.0
110.1
86.7
79.8
109.0
80.3
77.2
90.1
82.3
94.2
97.2
90.3
91.2
73.4
100.7
109.7
87.7
81.5
114.7
84.6
78.5
94.1
90.4
95.0
97.5
91.9
97.3
82.3
104.0
110.7
86.7
87.1
117.9
81.8
77.8
101.8
86.6
103.6
106.1
100.6
102.5
80.2
127.8
152.7
102.2
77.8
133.6
87.0
112.4
101.0
85.2
101.6
104.5
98.1
106.3
82.2
117.6
149.0
103.0
76.8
140.8
90.5
109.7
107.9
99.1
106.3
109.8
102.0
112.9
91.9
111.5
154.7
102.1
88.5
147.6
88.4
109.1
Adjusted.
Unadjusted.
Nov.
1927.
82
91
102
69
50
39
82
90
99
85
93
100
101
84
94
106
ss
71
44
63
45
42
76
110
98
93
113
100
104
94
Retail Trade (Monthly Average 1919 =--
Department store sales-Adjusted
Unadjusted
Department store stocks-Adjusted
Unadjusted
Mall order houses-Adjusted
Unadjusted
Dec.
1927.
Nov.
1927.
Dec.
1926.
93
92
108
86
97
61
101
97
106
90
95
94
105
89
89
67
105
100
112
99
95
96
113
89
87
66
94
100
107
100
Dec.
1927.
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Shoes
Hardware
Drugs
Furniture
Dec.
1926.
Nov.
1927.
Dec.
1926.
148
237
137
128
150
180
139
156
137
154
128
160
146
234
137
128
139
166
100).
70.9
51.1
____
72.9
55.1
____
-13.0
-214
+29.0
-4.7
-6.7
-15.8
---46.6
____
51.6
49.1
45.9
48.2
---74.5
68.2
36.7 }
-- - - -18.7
35.2 -33.1
____
-7.2
51.4
-4.2
50.4
+32.9
53.1 -29.7
+4.1
49.2
+25.9
___ 73.7 -10.1
-4.3
70.0
33.3 -28.1
-9.4
+033
-3.8
-1.7
-6.5
+2.2
-2.4
-4.2
-15.1
-9.5
+2.6
-17.0
-6.0
WatahtcA smarms.%
_r.1
__ _
55.9
57.2
-6.4
*Reported by the National Machine Tool Builders' Association.
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale Trade (Monthly Average 1923-25=100)
.
Dec.
1927.
Machine tool orders showed a substantial increase over a year ago for the
first time in a number of months, and sales of wholesale shoe dealers
showed a moderate increase following declines in October and November.
Sales of men's clothing and women's coats and suits were also larger than in
December 1926, but sales in most other reporting lines were considerably
smaller.
Stocks of hardware dealers were reduced further below the volume of a
year ago and stocks of shoes showed a considerably smaller increase over
1926 than in other recent months. The value of merchandise held by cotton goods houses and dealers in jewelry and diamonds continued to be larger
than a year previous, while merchandise of grocery and drug houses remained smaller. Collections showed no consistent change.
l'er UM.. us
Accounts
Outstanding
Percentage Change
Nov. 30
Dec. 1927
percentage Change
Collected
from
In Net Sales.
in December.
Dec. 1926.
Commoday.
Dec.'27 Year '27
Stock
from
from
1926.
1927.
end of
Net
Nov.'27 Year '26.
Month.
Sales.
-5.6
Groceries
Men's clothing
Women's dresses
Women's coats and sults
Cotton goods, Jobbers
Cotton goods, Com'alon_
Silk goods
Shoes
Drugs
Hardware
Machine tools*
Stationery
Paper
Diamonds
Jewelry
-9.3
-9.1
____
+2.8
__23.3
____
+6.8
---+11.0
-14.2
___
-1,9
-13.3
___
+15.4
+3.0
-4.7
-13.5
8.4 -20.9
-- -+25.7
---8.0
-0.8
___ -6.5 1+12.9 }
-10.9 j
December Chain Store Sales in New York Federal
Reserve District 16% Higher This Year Than Last.
Total sales of reporting chain store systems in December
were 16% larger than a year ago, the same increase as in
November, says the Federal Reserve Agent at New York
in the "Monthly Review" issued Feb. 1 by the Federal Reserve Bank of New York. The bank goes on to say:
Shoe chains reported the largest increase since last April and variety
stores reported a larger increase than in several months. The increase for
drug chains was the smallest in more than a year, however, and a slight
decrease from December 1926 sales continued to be reported by tobacco
chains.
After allowing for increases in the number of stores operated, the largest
gains in sales per store continued to be in grocery and variety stores. Shoe
stores also had slightly larger sales and ten-cent stores about the same sales
per unit as in December 1926.
For the year 1927 total sales of repot Hog chain store organizations were
17% larger than in 1926, about the same increase as in the previous year
he expansion in number of stores operated was not so rapid as in 1926 but
sales per store showed a considerably larger increase.
638
FINANCIAL CHRONICLE
Percentage Change
Dec. 1927 from
Dec. 1926.
Number
of
Stores.
Total
Sales.
Sales
Per
Store.
Grocery
Ten-cent
Drug
Tobacco
Shoe
Variety
Candy
+8.1
+9.4
+2.9
+0.7
+9.0
+21.9
+9.9
+21.2
+9.6
+1.0
-2.6
+10.6
+33.4
+0.1
+ 12.1
+0.2
-1.9
-3.3
+1.5
+9.4
-8.9
Total
+7.8
+16.1
+7.8
Type of Store.
Percentage Change
Year 1927 from
Year 1926.
Total
Sales.
+21.8
+10.0
+10.6
+2.0
+27.3
+17.2
Sales
per
Store.
+12.2
+1.1
-5.6
-2.9
-6.4
+7.6
-7.0
+8.2
Wholesale Trade in United States as Reported by Federal Reserve Board-Decline in December Greater
-For 1927 Sales Fall,Off 3.6%.
than Usual
Sales of wholesale firms in the nine lines of trade included
in the Federal Reserve Board's index declined slightly more
than is usual in December and continued smaller than in
the corresponding month of last year, says the Board, in a
statement issued Jan. 30. For the year 1927 as a whole,
total sales by these firms averaged 3.6% smaller than in
1926, reflecting smaller sales in all lines except men's clothing, shoes and drugs. In individual lines the largest declines from 1926 were in sales of meats, dry goods and hard
ware, the Board reports, its statement continuing as follows:
A summary of the changes in sales, by lines, in December as compared
with December 1926, and in the year 1927, as a whole, compared with
1926, as indicated by reports received by the Federal Reserve system, is
given in the table.
CHANGESTIN VALUE OF WHOLESALE SALES.
Percentage of Increase(+)or
Decrease(-)in Sales in
Line.
December 1927
Year 1927
Compared with Compared with
December 1926.
1926.
-3.3
+1.5
-2.9
+12.0
-7.2
+12.6
-3.7
-0.7
-10.0
Groceries
Meats
Dry goods
Men's clothing
Worsens' clothing
Boots and shoes
Hardware
Drugs
Furniture
Total, nine lines
-3.6
-5.6
-5.6
+0.7
-3.2
+3.1
-5.7
+0.4
-3.1
-2.4
Among the additional lines from which data are received but are not
shown in the above table domestic sales of farm impletnents and agricultural machinery, according to reports received by the Federal Reserve
Bank of Chicago from about 80 manufacturers, were 4% larger than in
December of last year and for the year 1927 as a whole nearly 4% larger
than in 1926. Orders for machine tools placed with firms reporting to
the National Machine Tool Builders' Association were 26% larger in
December 1927 than in December of the previous year.
-Stocks of merchandise carried by wholesale
Stocks of wholesale firms.
firms from which representative reports were received were in about the
same volume in December as in November. Compared with Dearnber 1926
stocks of these firms were smaller in all lines except dry goods and
shoes.
Index numbers of the dollar value of sales in nine leading lines of wholesale distribution included in the Federal Reserve Board's index of wholesale distribution are given herewith, both with and without adjustments
for seasonable variations. Percentages showing changes in sales and stocks
by lines and by Federal Reserve districts are given further below.
WHOLESALE DISTRIBUTION BY LINES.,
andel,numbers, based upon dollar value of sales. Monthly avge. 1923-1925=100.)
Men's We- Boots
Total
Nine Gro- Meats. Dry Cloth- men's and Hard- Drugs FurGoods. ing. Cloth'g Shoes. ware.
Lines. cafes
niture.
..0...0.0.71,10 0..0. 001 .4W.P.19404..0,
0.0 ..!...v000v000. ... 2
I
000.0* .4ww
Month
OWOQWWW4600tO.00
With cutj ustment for seasonal variati
1926
October--- 94
95
97
110
69
90
108
90
101
November. 98
96
102
116
66
99
111
99
106
December - 95
98
94
100
113
66
107
89
100
1927
January _ ... 94
93
113
83
112
92
77
104
100
February- - 95
93
112
93
75
108
103
87
96
March_ _ 96
96
108
67
97
98
90
106
96
April
94
95
111
68
94
94
86
106
95
May
95
97
109
87
91
69
110
104
93
June
93
98
104
62
90
92
88
106
100
July
95
91
102
79
134
88
92
105
104
August _ _
100
97
109
102
72
111
97
112
106
September_ 96
94
109
91
99
66
104
114
104
October _ _ - 91
90
109
86
54
91
94
111
96
November. 95
94
105
89
67
105
100
112
99
December _ 93
92
108
61
86
101
97
106
90
Without a djustm ensfor seasonal vari
1926 avge_ 98
98
115
94
70
101
100
107
101
1927 avge_ 95
94
108
89
67
104
95
108
98
1926
October..... 111
107
123
104
111
113
109
125
120
November_ 97
102
112
98
45
104
100
112
111
94
December _ 84
106
71
42
76
93
100
94
1927
87
86
113
Tammy_
78
71
92
82
102
88
81
February_ _ 91
107
88
95
85
82
94
96
94
104
95
108
111
March._ _ _ 103
102
117
109
90
90
104
76
64
100
96
108
96
torn
95
109
76
39
111
87
93
98
88
klay
101
106
78
27
85
96
99
87
88
rune
81
43
104
107
90
92
100
85
88
fuly
125
98
122
98
111
110
109
97
.
Must_ _ _ 111
113
95
127
106
122
118
117
102
leptember_ 112
99
87
114
105
128
114
122
102
)ctober... _ 106
45
110
98
113
88
104
101
100
iovember_ 93
39
82
69
90
99
85
102
91
3ecember _ 82
a Index of wholesale d stribut on is described in the Federal Reserve Bulletin
for December 1927. Index numbers by lines from January 1919 to date are
Published in that bulletin and may be had upon request to the Federal Reserve
Board.
[VoL. 126.
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
Increase(+) or decrease(-) per cent.
Line and Federal
Reserve District.
Sales
-December 1927
Compared with
a Stocks-December 1927
Compared with
November 1927. December 1926. November 1927. December 1928.
Groceries
United States_ _ -Boston District--1.0
New York District
-13.0
Philadelphia Dist_
-5.6
Cleveland District
-7.6
Richmond District
-14.1
Atlanta District_ _
-1.4
Chicago District__
-10.0
St. Louis District_
-4.5
Minneapolis Dist_
-18.0
Kansas City Dist_
-15.9
Dallas District _ _
-6.6
San Francisco Dist
-4.5
Dry Goods
-21.9
United States_ _ _ _
New York District
Philadelphia Dist_
-21.7
Cleveland District
-18.3
Richmond District
-37.0
Atlanta District__
-31.5
Chicago District__
-22.3
-23.3
St. Louis District_
-22.1
Kansas City Dist_
Dallas District_ .._
-39.9
San Francisco Dist
-21.2
Shoes
-21.7
United States__ _ _
Boston District__ _
-11.4
+32.9
New York District
+2.2
Philadelphia Dist_
-15.9
Cleveland District
-41.2
Richmond District
-31.3
Atlanta District__
-24.7
Chicago District__
-45.9
St. Louis District_
Minneapolis Dist_
-38.0
San Francisco Dist
-25.5
Hardware
-8.2
United States__ - _
+4.1
New York District
-2.2
Philadelphia Dist-18.6
Cleveland District
-11.7
Richmond District
Atlanta District..
-12.3
Chicago District__
-13.7
St. Louis District_
-18.0
Minneapolis Dist_
Kansas City Dial.
DallasDistrict._.
-2.2
San Francisco Dist
Drugs
-11.8
United States__
-29.7
New York District
-0.2
Philadelphis Dist_
+2.1
Cleveland District
-10.7
Richmond District
-3.8
Atlanta District-6.9
Chicago District__
-7.6
St. Louis District_
-11.7
Kansas City Dist_
-5.7
Dallas District_ _
-11.5
San Francisco Dist
-18.5
Furniture--18.5
United States_ _ _ _
-19.7
Richmond District
-12.3
Atlanta District__
-35.4
St. Louis District_
-12.9
Kansas City Dist_
-10.2
San Francisco Dist
A gricuRuratImp lements+3.9
United States b._
-14.0
Minneapolis Dist_
+24.5
Dallas District_ _ _
Paper and Statio nery-4.3
New York District
--6.3
Philadelphia Dial.
Atlanta District..
+9.1
San Francisco Dist
Automobile Supp lies-3.2
San Francisco Dist
Clothing
-11.0
New York District
-61.9
St. Louis District_
Cotton Jobbers
-18.7
New York District
Silk Goods
-4.2
New York District
Machine Tools
+25.9
United States c_ _ _
Diamonds
-28.1
New York District
Jewelry
-9.4
New York District
+59.1
Philadelphia Dist_
Electrical SusPlt
+9.7
Philadelphia Dist_
+16.2
Atlanta District_
+4.8
St. Louis District_
+8.3
San Francisco Dist
-3.3
-2.7
-9.1
-3.9
-5.6
-3.6
-11.1
-4.1
-1.1
+5.0
-8.0
-1,5
+5.5
-4.7
-7.4
+1.5
-6.1
+0.3
-10.1
+2.5
-8.3
-1.4
-5.0
-0.9
-10.9
+2.3
-9.3
-4.1
-5.0
+8.9
-13.4
+9.9
-10.0
-6.5
+7.6
-10.3
-2.9
-13.5
-17.2
-8.5
-6.4
-4.7
-1.7
+25.9
+0.8
+13.4
+0.4
+3.6
-13.7
-10.1
-1.0
-2.5
-4.5
+1.9
+16.9
-7.2
-6.8
+12.5
+10.0
+11.0
-4.1
+4.4
+15.0
-0.4
+3.9
+27.6
+21.3
+8.2
+6.7
+12.6
-29.2
+3.0
-21.9
-22.0
-3.4
-14.2
+1.3
+33.0
-13.0
-4.0
+0.1
-3.7
-11.2
-0.4
-0.4
+15.4
-17.4
-10.7
-10.9
-37.1
-2.7
+19.9
+4.0
-10.6
+10.9
-5.8
-10.0
-3.7
-8.4
-10.7
-12.7
-8.6
-7.1
-1.9
+1.8
+9.0
-0.1
-1.1
-2.7
-2.9
-14.6
-5.2
-2.8
+1.1
+2.2
-2.6
-4.0
-5.0
+5.0
+0.0
+0.5
-8.5
-20.9
-7.7
-21.3
-1.3
-9.8
-5.3
-24.9
-13.0
-4.6
-6.1
-8.9
-0.7
-13.5
-2.9
-3.0
-2.6
+1.9
+2.2
-3.3
+10.0
+7.4
-3.9
-10.0
-10.0
-21.8
+17.3
-17.9
+6.7
-8.3
+0.0
+11.4
+0.4
-1.5
-4.7
+7.0
+4.3
+41.0
+156.0
-0.8
-4.2
-6.1
-9.8
+8.8
-4.6
-2.2
-10.7
-4.6
+16.3
+2.8
+2.8
+0.6
-11.1
-11.1
+1.6
+5.6
-15.1
-3.9
-10.4
-12.6
-14.3
+0.4
+15.0
+1.5
-16.0
-14.0
-7.2
-1.1
-2.1
-8.9
+6.0
-6.7
-3.2
+0.5
-142.
-13.7
+11.0
-5.1
-25.9
d+12.9
-12.7
-17.6
+6.1
+0.7
-6.1
+6.9
+19.5
-10.9
-13.3
+25.7
--6.5
-10.9
+3.8
-20.5
-12.0
+0.4
a Changes in total stocks for the United States are weighted averages computed
on the basis of firms which have reported regularly to the Federal Reserve System
Since January 1923.
b Sales of agricultural implements for the United States are compiled by the
Chicago Federal Reserve Bank from reports of leading manufactnrers and include
all of their domestic business.
c Based upon indexes of orders placed with manufacturers furnished by the
National Machine Tool Builders' Association.
d Includes diamonds.
Department Store Trade in New York Federal
Reserve District.
Larger department store trade in December as compared
with the same month the previous year is indicated by the
Federal Reserve Bank of New York in its summary of retail
trade in its Feb. 1 "Monthly Review of Credit and Business
Conditions," which we quote as follows:
Gain
in
Final reports on December department store business showed sales about
3% larger than in December 1926. Moderate increases were reported from
New York, Buffalo, Rochester and Newark. but business in the smaller
cities of this district was irregular. Sales of large apparel stores continued
substantially above those of a year ago.
Total sales of reporting department stores for the year 1927 were 2%
larger than in 1926, the smallest increase in the past five years. Sales
of leading mail order houses for the year were 2% larger thanlin 1926; the
FEB. 4 1928.]
FINANCIAL CHRONICLE
Increase occurred largely in the latter half of the year, apparently reflecting
increased buying power in the agricultural sections of the country.
The rate of department store stock turnover continued to rise gradually
in 1927 as stocks on hand in reporting stores were slightly smaller during
most of the year than in 1926, although the volume of sales was somewhat
larger. The rate of collections on charge accounts was higher than a year
previous in December, as in most preceding months of the year, and was
about the same as in 1925.
Percentage
Change
Dec. 1927,from
Dec. 1926.
Per Cent of
Charge Accounts
Outstanding
Nov. 30
Collected in Dec.
Percentage
Change
Year 1927 from
Year 1926.
1927.
Net
Sales.
Locality.
Net
Sales.
Stock
End
Month.
+2.8
+4.7
+6.7
-1.4
+4.2
-2.7
-1.0
-10.8
-9.3
+6.9
1926.
Stock
on
Hand.
639
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
-UTILITY
POWER PLANTS IN 1926 AND 1927.
1926.
January
February
March
April
May
June
July
August
September
October
November
December
1927.
Increase
1927
Over
1926.
1926.
6,159.000,000
5,629,000,000
6.178.000,000
5,812,000,000
5,849,000,000
5,920,000,000
5,955,000,000
6,175,000,000
6.221,000,000
6,594,000,000
6,482,000,000
6,817,000,000
6,730,000,000
6,080,000,000
6,717,000,000
6,416,000,000
6,852,000.000
6,475,000,000
6,455,000,000
6,684,000,000
6,607.000,000
6,929.000,000
6,864,000,000
7,184,000.000
9%
8%
9%
10%
12%
9%
8%
8%
6%
5%
6%
5%
32%
34%
37%
40%
40%
38%
34%
34%
33%
33%
35%
35%
'VS 7111 MAI ALI,'70 •YO'2 9A/1
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N.Y.StateCentral N.Y.State
Southern N.Y. State_
Hudson River Valley_
Capital District
Westchester
All department stores
Apparel stores
MAII nrtlar hnnano
+1.6
45.1
50.4
+0.3
53.0
52.5
-1.9
37.9
39.1
---------0.3
+7.2
32.8
35.6
-0.4
-8.3
-5.2
-16.6
+4.2
+0.6
-2.8
+9.3
-4.6
+2.3
-0.2
38.0
-3.6
39.0
------------+2.9
------------+3.2
-------------2.2
------------+1.9
-1.4
----------
+2.7
+2.8
+6.3
____
-2.3
+3.7
+6.2
+1.9
+4.0
-I-9 n
-7.4
+4.0
-I_0
45.2
50.1
42.8
45.7
A
Sales and stocks in major groups of departments are compared with those
of December 1926 in the following table:
Stock on Hand
Percentage Change
Net Sales
Dec. 31 1927
Percentage Change
from
Dec. 1927 from
Dec. 311926.
Dec. 1926.
Furniture
Women's and Misses'ready-to-wear
Home furnishings
Books and stationery
Men's furnishings
Toys and sporting goods
Hosiery
Toilet articles and drugs
Luggage and other leather goods
Women's ready-to-wear accessories
Linens and handkerchiefs
Silverware and jewelry
Shoes
Men's and boys' wear
Silks and velvets
Cotton goods
Musical instruments and radio
Woolen goods
Miscellaneous
+12.3
+11.6
+10 4
+6.9
+6.1
+6.0
+5.6
+5.4
+5.0
+4.0
+3.3
+3.2
+0.7
-0.6
-3.1
-9.7
-12.2
-16.7
-2.8
-2.7
-8.7
-3.5
+2.1
-3.3
+7.5
+4.8
-1.2
-5.5
+2.2
-3.6
+5.1
-0.1
-5.6
-1.6
-32.6
-13.4
-6.4
Production of Electric Power in the United States
Continues to Increase.
The total output of electric power by public utility power
plants in the United States for the month of December
amounted to 7,184,443,000 kilowatt-hours, an increase of
about 5% over the same month last year, according to the
Division of Power Resources, Geological Survey. Of this
amount 2,724,040,000 kilowatt-hours were produced by
water power and 4,460,403,000 kilowatt-hours by fuels.
Production for the 12 months ended Dec. 31 1927 totaled
approximately 79,723,000,000 kilowatt-hours, an increase
of about 8% over the preceding year when the total output
amounted to approximately 73,791,000,000 kilowatt-hours.
The Survey further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC
-UTILITY POWER
PLANTS IN TIIE UNITED STATES (IN KILOWATT-HOURS).
Division.
October
1927.
November
1927.
December
1927.
Change in Output
from Previous Year.
Nov.
478,709,000 469,278,000 510,912,000 +3%
New England
Middle Atlantic_ _ _. 1,877,998,000 1,934,292,000 2,034,366.000 +6%
East North Central_ 1,616,959,000 1,623,923,000 1,726,520,000 +5%
West N orth Central. 434,619,000 428,447,000 429.908,000 +7%
714,795,000 708,760,000 759,219,000 +8%
South Atlantic
East South Central_ 312,903.000 294,913,000 256,889,000 +8%
West South Central_ 303,775,000 296,896,000 304,777.000 +22%
281,091,000 277,738,000 297.249,000 --4%
Mountain
908,640,000 829,535,000 864,603,000 +5%
Pacific
Tnt. United
States 6.929.389.000 6.863.782.000 7.184.443.000
+6%
Dec.
+1%
+5%
+6%
+5%
+9%
-3%
+21%
-2%
+6%
+5%
The total production of electricity by public-utility power plants in
December was 7.181,000.000 kilowatt-hours. This is the first time that
the output has exeeeded 7,000,000.000 kilowatt-hours in a single month.
The total annual production of electricity by public-utility power plants
in 1903 was less than the total output for December 1927. These figures
are an indication of the tremendous increase in the use of electricity in
recent years.
The average daily rate of output for December was 231.000,000 kilowatt,
hours, an increase of about 135% over the average rate for November.
The total production of electricity by the use of water power also established a record, with an output for the month of 2,724.000,000 kilowatthours, or 38% of the total for the month. The proportion of the total
monthly output produced by water power has been larger in previous
years, but more kilowatt-hours were produced by the use of water power
in December than ever before.
The total production of electricity in 1927 by public-unity power plants
was 79,723,000,000 kilowatt-hours, an increase of about 8% over the
total output for 1926. The following table gives the monthly figures of
output for 1926 and 1927. An annual summary for 1927 based on the
published monthly reports will be released some time in February.
MA
2011
Produced by
Water Power
1927.
35%
36%
38%
40%
41%
39%
38%
36%
33%
34%
36%
38%
5501..170?
The quantities given in the tables are based on the operation of all
power plants producing 10,000 kilowatt-hours or more per month, engaged
in generating electricity for public use. including central stations and
electric-railway plants. Reports are received from plants representing
over 95% of the total capacity. The output of those plants which do
not submit reports is estimated; therefore the figures of output and fuel
consumption are on a 100% basis.
(The Coal Division. Bureau of Mines, Department of Commerce. cooperates in the preparation of those reports.]
Magnitude of Electric Power Output in United States
in 1927-Equivalent in Man-Power.
The estimated output of nearly 80,000,000,000 kilowatthours of electric power for the United States in 1927, if it
could be converted into equivalent man-power, would provide the average family of about four persons in the United
States with the services of eleven able-bodied mechanical
laborers working eight hours daily, including Sundays and
holidays, at a total cost for the eleven of about $75 a year.
The total production of electricity by public-utility power
plants In 1927 is estimated by the Department of the Interior, through the Geological Survey, at about 79,700,000,000 kilowatt-hours, an increase of about 8% over the output
for 1926, which was 73,791,000,000 kilowatt-hours. The estimate for 1927 is based on reports of monthly output of
electricity by public-utility power plants for the eleven
months January to November and estimated figures of output for December. The latest monthly report, released Jan.
4, contains the figures of monthly output for September,
October and November.
Loading of Railroad Revenue Freight Continues Low.
Loading of revenue freight for the week ended on Jan. 21
totaled 884,095 cars, according to reports filed Jan. 31 by
the Car Service Division of the American Railway Association. This was a decrease of 22,639 cars under the preceding week, with increases being reported in grain and grain
products,live stock,forest products and merchandise, L.C.L.
The total for the week of Jan. 21 was also a decrease of
52,065 cars under the same week in 1927 and likewise was a
pecrease of 37,548 cars compared with the corresponding
week two years ago. Details follow:
Miscellaneous freight loading for the week totaled 309.696 cars, an
Increase of 3,153 cars over the corresponding week last year but 9.247 cars
below the same week in 1926.
Coal loading amounted to 167,773 cars, a decrease of 56,731 cars under
the same week in 1927 and 13,064 cars below the same period two years ago.
Grain and grain products loading totaled 48.787 cars, an increase of
4.313 cars above the same week last year and 3,011 cars above the same
Period in 1926. In the western districts alone, grain and grain products
loading totaled 34,764 cars, an increase of 6,500 cars over the same week
in 1927.
Live stock loading amounted to 33,473 cars, an increase of 2,645 cars
above the same week last year and 2,682 cars above the same week in 1926.
In the western districts alone, live stock loading totaled 25,466 cars, an
Increase of 1.998 compared with the same week in 1927.
Loading of merchandise and less than carload lot freight totaled 243,118
cars, an increase of 282 cars above the same week in 1927, but 4,078 cars
under the corresponding week two years ago.
Forest products loading totaled 62,710 cars, 2,611 cars below the same
week last year and 7.328 cars under the same week in 192C.
Ore loading totaled 7,994 cars, 1,163 cars below the same week last year
and 1.747 cars below the same week two years ago.
Coke loading amounted to 10,544 cars, 1,953 cars under the same week
in 1927 and 7,777 cars below the corresponding week in 1926.
All districts reported decreased in the total loading of all commodities
compared with the corresponding week in 1927 while all except the Southwest District reported decreases compared with the same period in 1926.
Loading of revenue freight in 1928 compared with the two previous
Years follows:
1926.
1928.
1927.
Week ended Jan. 7
907,622
754,062
933,890
Week ended Jan. 14
931,735
942,731
906,734
Week ended Jan. 21
921,643
884.095
936,160
Total
2,544,891
2.812,781
2,761,000
Expenditures of $200,000,000 in New Buildings for
Colleges and Universities Proposed This Year.
New buildings for higher educational institutions will cost
approximately $200,000,000 this year, says a survey by the
640
FINANCIAL CHRONICLE
Indiana Limestone Co. "College students are increasing at
the rate of 50,000 a year," it is declared. "In the year 1890
there were less than 30,000 students. In 1927 registration
totaled 750,000. This steady increase necessitates the construction of many new buildings." The company adds:
"Civic pride and Alma Mater interest are largely responsible for the
growing tendency to build these temples of learning for permanence and
beauty. Trainloads of stone from the Bedford-Bloomington district go
into the erection of such structures. More and more, colleges and universities are adopting stone in their present and future construction programs.
Beauty in architecture has taken an important place in the construction of
today's educational centers. Fine sculpturing and artistic design are making some of the buildings architectural triumphs.
"Besides the building needs of colleges and universities there is a continued shortage in grade and high schools throughout the country. The
little red school house is gone. In its place are being erected modern,fireproof, sanitary structures. Recent statistics from representative cities
show that ten years ago about 13% of the population attended the public
schools. Five years later, this figure was increased to 14% and today the
total is approximately 15%.
"Higher education seems to be America's definite aim and it is quite
likely the wave of school building will continue active until there are adequate structures to properly take care of the increased population.",fignal
Contemplated Construction and Contracts Increased
Last Week.
Building and engineering contracts awarded in the metropolitan district of New York last week amounted to $38,987,800, according to F. W. Dodge Corporation. This was an
increase of nearly six million dollars over the previous week,
and brought the total from Jan. 1 to Jan. 27 up to $119,420,200. Last week's figure shows increases of 30% over the
1926 weekly average and 46% over the 1927 weekly average.
Last week's contract record included $6,221,400 for commercial buildings and $18,470,000 for residential buildings.
Contemplated new work was reported last week of $146,736,800, being more than three times the amount reported
in the previous week. This total included three very large
projects: the $15,000,000 office and memorial building of
the International Benjamin Franklin Society; the $50,000,000 development project of the City Housing Corporation at
Fairlawn, N. J., and the $10,000,000 development of the
Gibson Corporation at Valley Stream, L. I.
Labor Conditions in the Building Industry.
M
"Although the decline in building activity has been felt
in a number of localities, and a surplus of skilled mechanics
as well as laborers is developing, union leaders are calmly
accepting the situation and preparing to resist wage reductions," according to a statement just issued by the Economic Research Bureau of the American Bond and Mortgage Company.
"There is a possibility, however, of further reduced building activity. This may create an oversupply of mechanics
which will give encouragement to the possibility of wage
cuts in the smaller communities such as have been suggested
In Miami, Florida, Lowell, Mass., and Richmond, Va. The
larger cities such as New York and Chicago have agreements extending through the year and no change in the situation is expected.
•
"At this time labor conditions in the building industry
throughout the country are fairly quiet and there is little
possibility of any important strikes or wage controversies
before Spring. Taking the situation as a whole, the prospects are bright for unusually stable labor conditions until
April 1st.
"In endeavoring to foresee labor changes for the next
year it is apparent that labor costs have been consistently
mounting during the past twenty years, except during the
years of business depression in 1921 and 1922, when there
was some downward and retarding movement.
"Data from the United States Bureau of Labor Statistics shows that increases in the skilled trades ranged from
103 to 170%, the largest gain being made by the stone masons, with the carpenters a close second and the structural
iron workers third. The wages of building laborers rose
nearly 140%.
"The larger factors in fixing wage rates are apparent.
During the ten years before America's entry into the war,
union organizations secured slow increases. The war and
post-war demand raised wages quickly and definitely. The
fall of wage rates in 1922 resulted from the defeats of labor
in its strikes of 1921 when the general business depression
gave all the advantage to the employers. Since then, the
trend has been less steady, but constantly upward, reflecting
first, the organized power of the building trades unions,
[VoL. 126.
and second, the demand from the heavy building program
of the last few years.
"According to Government figures, the average hourly
wages of the building union trades workers in 1927 was
$1.323 as compared with $1.278 in 1926, which represents
an average increase in the year of 4.5c. In hoping for material relief from present high wage schedules, it must be
remembered that the building trades unions are numerically
and financially stronger to-day than at any previous time in
their history, and a greater degree of harmony and co-operation exists among the various organizations than ever
before.
"The membership of the building trades department of
the American Federation of Labor has increased 26,000 in
tile last year and to-day totals more .than one million.
Executives of unions have served notice on the building
industry that wage reductions are out of the question and
are determined to maintain scales at any cost."
Business Conditions in New England—Sharp Curtailment in Cotton Consumption Reported by Boston
Federal Reserve Bank.
Surveying the business situation in New England, the
Federal Reserve Bank of Boston in its monthly ,review issued Feb. 1 states that "in general New England business
activity compared favorably with the rest of the country"; it adds that "there was no marked depression in New
England industries, although there was a continued liquidation in the textile industry." The bank continues:
Between March and October there was little fluctuation in the rate of
business activity in New England, while most indexes for the country as
a whole fluctuated materially during the year. The Bureau of Labor
Statistics index of wholesale commodity prices in December was at practically the same level as in November. There was a sharp curtailment
in cotton consumption by New England mills in December, the average
daily figure being less than any December since 1920, and substantially
below any other month of 1927. Less raw wool was consumed by New
England mills in December than in November or during December a year
ago. For the entire year 1927, however, the total consumed was about
7% larger than in 1926. Production of boots and shoes in New England
declined from November by more than the usual seasonal amount. Pro-t
duction for the year was about 4.5% larger than in 1926. For the
country as a whole, production in 1927 was approximately 6% larger
than in 1926. Orders in the machine tool industry were better than in
any other month during the year. The value of new building contracts
awarded in New England in December declined more than 28% from November, and 6% from December 1926. The volume of new building during
1927 was smaller than in either 1925 or 1926. Commercial failures in
New England during 1927 were more numerous than in 1926, the actual
increase amounting to 2.8%, while the liabilities increased in 1927 by
about 16.5% over 1926. There was a further decline of about 3.7% in
December in the number of wage-earners employed in identical manufacturing establishments in Massachusetts. The largest declines took place
in the boot and shoe and cotton goods industries, and were partly due to
seasonal influences. The sales of new automobiles in New England declined in 1927 by 12.8% from the 1926 total. Sales of reporting New
England department stores in December were slightly less than during
the same period a year ago, but for the entire year were about 1.6%
greater than in 1926. Money rates werep ractically unchanged during
the latter part of 1927, but there has been a firmer tendency since the
turn of the new year.
Business Conditions in Philadelphia Federal Reserve
—Signs of Improvement Reported.
"Some signs of improvement in business in the Philadelphia Federal Reserve District have appeared since the
first of the year, although industrial and mercantile transactions have continued in reduced volume," says the Federal
Reserve Bank of Philadelphia in its February Business Review. In its summary the bank continues:
December sales of reporting stores were over 3% less than those a
year previous while the total volume for the year fell nearly 4% behind
that of 1926. Eacceptions to the general downward tendency were found
in shoe and women's apparel stores which reported larger sales in December. Stocks of retailers showed a decline almost corresponding to that
in sales but accounts receivable were heavier than a year earlier and collections somewhat slower. Since Jan. 1 retail business has experienced
usual seasonal quiet. Wholesale trade in December also was substantially
less than a year earlier, as was the case in practically every month of
1927. Declines occurred in every line but Jewelry, which showed a slight
gain, and, except in drugs, stocks also were smaller than a year earlier.
Railroad freight shipments in the Allegheny district in recent weeks have
been lower than last year, the decline being only partly attributable to the
coal strike.
Factory employment in Pennsylvania continued to decline and, in December, was 11% lower than a year earlier. Leather and textile industries,
however, showed considerable strength, the metal manufactures being chiefly
responsible for recent declines. Production of iron and steel products
and anthracite and bituminous coal was substantially less in December
1927 than a year earlier. Building contract awards in December also
were smaller than in 1926, although the total for the year was over 8%
above the previous year. December real estate transactions in Philadelphia
were in much larger volume.
Iron and steel operations in the district are still severely curtailed,
but demand has improved recently, as evidenced by the large increase in
the Steel Corporation's unfilled orders and some strengthening of pig
iron prices. A dull market and reduced operations characterize both the
FEB. 4 1928.]
FINANCIAL CHRONICLE
anthracite and bituminous coal industries as a result of continued mild
weather and restricted industrial operations.
The building industry is fairly active, though in somewhat smaller
volume than a year ago. Indeed, this branch of industry during the
past year has been relatively more active in the Philadelphia district than
in the United States as a whole. The year's volume of contracts showed
a considerable gain for this district, but a slight decline for the United
States. Seasonal slackness now prevails in building materials and some
price reductions lime been reported.
Leather and shoe industries report improvement in the market. Demand
for hides and leather is strong and prices have advanced, while local shoe
manufacturers also report larger sales and higher prices.
The silk industry after months of dullness has now shown some signs
of improvement. Sales have increased somewhat and raw silk prices are
stronger since the first of the year. The wool market has been more
active with higher prices for raw and finished products. After a fairly active Fall season operations in the cotton industry recently have slackened
considerably. Seasonal quiet prevails in the clothing, hosiery and carpet
.and rug industries.
Slight Decline in Industrial Employment in Chicago
Federal Reserve District
-Increased Activity in
Iron and Steel Mills.
Employment at industrial plants of the Seventh (Chicago)
Federal Reserve District showed an aggregate decline of
0.7% for the Nov. 15 to Dec. 15 period, according to the
Feb. 1 "Monthly Business Conditions Report" of the Federal Reserve Bank of -Chicago. The bank states that "the
comparatively small curtailment was the result of an upturn
in the demand for iron and steel, which to a large extent
counteracted the continued slowing down in other industrial
lines." It adds:
641
in order to cope with the problem of excessive productive capacity. In
New England there have been wage reductions.
Business failure records in 1927, reaching the highest level since 1925,
called attention to the need for measures that would re-establish fair profits
in the fields of production and distribution. Looking toward this end is the
growing tendency for co-operation and a reduction in fixed charges.
Manufacturing Activities in Chicago Federal Reserve
District-Midwest Distribution of Automobiles.
The situation as to manufacturing activities and output in
the Chicago Federal Reserve District is summarized as follows in the Feb. 1 "Monthly Business Conditions Report"
of the Federal Reserve Bank of Chicago:
Shoe Manufacturing, Tanning and Hides.
Shoe factories in the Seventh Federal Reserve District were loss active
in December than in the promrling month or a year ago, with shipments
6.1% below current production. Twenty-five companies had stock shoes
on hand Jan. 1, equivalent to 99.7% of the volume of their December shipments. Unfilled orders on the books of 21 companies gave assurance of
eight weeks' operations at the December rate of distribution.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY 1/4 DECEMBER
1927 FROM PREVIOUS MONTHS.
Per Cent Change From
Companies
Nov. 1927. Dec. 1926. Included.
Production
Shipments
Stock shoes on hand
Unfilled orders
-12.0
-110
+ 5.0
+ 0.5
--12.2
-jog
+15.2
-- 4.8
28
28
25
20
Leather production in the Seventh District increased over November but
showed some recession from Dec. 1926; sales billed to customers totaled
considerably heavier in both comparisons, according to reports sent direct
to this bank by representative tanneries. Prices continued to strengthen.
Trading in packer green hides at Chicago increased slightly in December
over the preceding month; the market for calf skins remained rather quiet.
Shipments of hides and skins from the city and purchases by tanners in the
Seventh District were reported heavier than in November. Chicago quotations for December showed an advance over the preceding month.
Increased activity at many of the iron and steel mills, as well as at foundries and machine shops, was reflected in the gains reported for the metals
and metal products group, 1.1% -In men and 4.1% in payrolls offsetting
about one-half of the losses of the preceding month. The rubber products
group also aided in maintaining a stable volume of employment by adding
1.3% to working forces, while paper and printing showed a somewhat smaller
increase for the period. In the manufacture of clothing and of boots and
shoes, there was practically no change in the volume of employment, but
increased working hours resulted in substantial increases in the amount of
Automobile Production and Dsitribution.
payrolls. All other reporting industrial groups registered declines from
November, with the heaviest losses occurring in vehicles and in building
For the year 1927. production of passenger automobiles in the United
materials.
States fell 22.8% under 1926, and was the lowest since 1922, while truck
A comparison with employment a year ago reveals heavy declines in
most of the reporting lines, vehicles leading with a drop of over 15% and output declined 7.1% and was smaller than in 1925 or 1926. December
metals following with a reduction of approximately 10%. The only statistics show production of passenger cars, totaling 105,784. as 3.6%
marked advance was registered by the rubber products group, in which below November and 24.4% smaller than a year ago. Truck output aggreIndustry both men and payrolls are about one-third larger than a year ago. gated 27,394, an
increase of 11.2% over the preceding month and 2.4%
In the non-manufacturing industries, employment experienced a decline
similar to that of manufacturing concerns. While wholesale and retail under December 1926.
dealers added 11% to their forces during the month, building and construcRetail and wholesale distribution of new cars in the Middle West and
tion laid off more than one-fourth of the men that were still at work in used car sales continued to decline in
December. as compared with the
November. Employment at coal mines continued to gain but is still
preceding month and December 1926. With few exceptions, retail dealers
almost one-third lower than in December, 1926. At most of the reporting employment offices, the proportion of workers to available positions reporting to this bank sold less cars during the year 1927 than in 1926;
showed a considerable increase.
more than half of the wholesale distributors reported a smaller volume sold
this year; used car sales averaged slightly under 1926. Average monthly
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE DIST.
stocks of new cars have been higher this year, while the number of used
cars was less and the value larger. Deferred payment sales of 33 dealers
Number of Wage Earners.
Total Earnings.
were 41.8% of their total retail sales in December. as compared with 45.2
Industrial Groups.
In the preceding month and 41.2 in December 1926.
Week Ended.
Week Ended.
Per Cent
Per Cent
Dec. 15 Nov 15 Change. Dec. 15
MIDWEST DISTRIBUTION OF AUTOMOBILES
Nov. 15 Change.
1927.
1927.
1927.
1927.
Companies
Year 1927.
December 1927.
All groups (10)
309,405 311,682
18,590,112 $8,544,485 + 0.5
Included.
Change From.
Changes From.
Metalsand metal products
(other than vehicles)-- 115,558 114,321 +1.1 3,373,820 3,240,242 + 4.1
Year
Nov. Dec. Year
Dec.
Nov.
Vehicles
23,020 24,102
645,755 698,596
7.6
1926. 1927. 1926. 1926.
1926
1927.
Textile & textile products 26,069 28,088
625,590
590.719 + 5.9
Food & related products_ 46,358 48,688 -0.7 1,257.568 1,289.164
New carsStone. clay & glass prod_ 11,953 12,837 -6.9
337,938
376,671 -10.3
Wholesale
Lumber and Its products_ 27,992 29,101
671,283
716.808 - 6.4
Number sold
32
38
34
-35.0 -51.4 - 4.1
Chemical products
9,973 10,255
269,524 + 1.0
272,096
Value
32
34
38
-33.2 -44.7 -12.1
Leather products
14,813 14,814 -0.0
308.092 + 8.0
326,561
Retail
Rubber products
4,188
4,136 +1.3
107,764 + 1.8
109,740
80
84
85
Number sold
-12.3 --48.2 -29.8
Paper and Printing
29,481 29,340 +0.5
946,815 + 2.4
969,761
85
Value
84
80
--10.7 --21.0 --14.9
On hand Dec. 31
46
54
Number
+ 1.0 + 7.8 + 1.1* 55
54
46
+ 0.2 +13.5 + 8.4* 55
Upward Turn For Industry Seen by Franklin Fourth UsedValue
cars
85
Number sold
84
-30.1 -21.8 - 1.3
78
Street National Bank of Philadelphia.
Babble on hand
Number
52
46
+ 9.9 -10.0 - 4.9* 53
The Franklin Fourth Street National Bank of Philadelphia
Value
52
+ 0.2 +15.7 +13.7' 53
46
in its February letter, "Trade Trends" finds that "the first •Average monthly.
month of the new year has brought definite evidence of an
upward turn for industry." The Bank goes on to say:
Improvement has boon particularly noted in the great basic and barometric lines of iron and steel, automobiles, railroad equipment and building.
In addition, the year has begun with business under the impetus of an
agricultural income from 1927 crops some $635,000,000 in excess of that for
1926. Wholesale commodity prices also are firmer.
Conditions in the iron and steel industry were especially significant of
the slump in general activities in 1927, and they point equally to the improvement since the start of the year. Operations of steel mills have expanded from a low level of about 60% of capacity last autumn to more than
77%. At least 12 idle blast furnaces were placed in acitvity during the first
half of January the largest gain for a like period in more than two years.
The increase in unfilled orders of the United Steel Corp. in December was
the largest gain for any month since Dec. 1924.
Interest is centered upon the automobile industry because of the Opening
of the large motor car shows in January, together with important developments in the trade. Continuance of the keen competitive situation has been
emphasized by the appearance of numerous new models and many price
reductions. However, there was an underproduction of cars in 1927, and
the new year has an accumulated demand to provide for. Production is
increasing and employment at automobile plants is running at a higher
level than one year ago.
Building construction remains one of the chief supports of general activities. In 1927, total building was only 4% below the great 1926 record.
Although residential building is declining there has beenm notable expansion
or large public utility and public works projects. This trend has continued
during the first month of the now year.
In the cotton manufacturing industry the progress of adjustment is
proceeding Through agreement among leading mills, both in New
.
England
and in the South, production has been curtailed by approximately 20%
Merchandising Conditions in Chicago Federal Reserve
District-Declines in Wholesale Trade-Retail
Trade Gains.
Increases in retail trade and declines in wholesale lines are
indicated in the following survey of merchandising conditions taken from the Feb. 1 "Monthly Business Conditions
Report" of the Federal Reserve Bank of Chicago:
Wholesale Trade.
All of the five wholesale lines reporting to this bank, showed a decline
in aggregate sales for December from November; in the comparisons with
December 1926. drugs and shoes increased. Total sales for 1927 were less
than 1926 in all lines, declines averaging 2.3% for groceries, 3.2 for drugs.
4.8 in hardware. 6.7 in shoes, and 8.7% for dry goods With few exceptions prices are reported as firm, and in groceries and shoes the trend is
indicated as slightly upward.
WHOLESALE TRADE DURING THE MONTH OF DECEMBER 1927.
Net Sales During Month.
Per Cent Change from
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
Shoes
(35) -10.0
(17) --12.3
(14) -22.3
(15)- 6.9
(8) -24.7
Same Month
Last Year.
(35)
(17)
(13)
(15)
(8)
-4.1
--1.9
-1.7
i-2.2
+1.8
Stocks at End of Month.
Per Cent change from
Preceding
Month.
(22)
(11)
(11)
(13)
(5)
Same Month
Last Year.
-8.3 (23) -13.4
--2.8 (10)- 5.3
+1.9 (10) + 3.9
--4.8 (13) -- 2.2
-2.7
(6) +10.9
642
FINANCIAL CHRONICLE
Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
Collections During Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
(31)-11.8 (31) -2.1 (31) 111.2 (26) + 4.0 (26)- 3.1
(17)- 8.4 (16) +0.8 (17) 209.5 (14)- 2.1 (13)-15.9
8.9
(12) -16.9 (11) -4.1 (12) 323.2 (10) +18.3 (9)
(9)- 4.6
(9) +17.2
(13)-10.3 (14) -5.5 (13) 140.5
(5)- 5.6
(5) + 7.1
(8) 339.1
(6)-15.7
(7) -3.9
parentheses indicate number of firms included.
Department Store Trade.
December sales of 79 department stores in the Seventh District increased
seasonally 51.9% in the aggregate over the preceding month and exceeded
December 1926, by 3.9%. Total sales for the year 1927 were 2.1% larger
than in 1926. Of the larger cities in the district. Chicago, Detroit, and
Indianapolis showed gains for 1927 over 1926: the total for 54 stores in
smaller cities was 3.4% less. Stocks were seasonally lower on December 31
than a month previous, and were also smaller than a year ago. Stock turnover (the ratio of sales to average stocks) of 51 stores was 54.6% for December 1927, and 51.5% a year ago; for the entire year, turnover averaged
399.3%, compared with 387.0% for 1926. Collections and accounts receivable increased in the monthly and yearly comparisons; the ratio of
December collections to accounts outstanding Nov. 30 was 41.7% in-1927
compared with 40.6% in 1926, according to the reports of 56 firms.
Groceries_ _
Hardware Dry goods_
Drugs
Shoes
Figures In
[VOL. 126.
posits at these banks increased during 1927, but the increase in time deposits was greater, both actually and relatively, than the increase in demand deposits. Member banks have used these additional funds to liquidate their indebtedness at the Reserve Bank, and to increase their investment holdings. Condition statements of the Federal Reserve Bank of San
Francisco at the opening of 1928 showed little change from similar statements issued at the beginning of 1927. Interest rates ranged generally
lower during the first weeks of January 1928 than during January 1927.
Automobile Models and Price Changes.
The outstanding event in the retail automobile field
during the week just brought to a close, was the announcement on Feb. 1 by Nash Motors Co. of a reduction in price
of from $30 to $90, affecting five models in the standard
line and one model each in the special and advanced lines.
The new prices, with reductions noted, are as follows:
Srandard Six Line.
New Price Reduction
-door sedan
4
$925
$70
4
-pass. cabriolet
925
70
2
-door sedan
845
50
-pass. coupe
2
845
30
Landau sedan
995
90
Special Six Line.
4
-door sedan
1,295
40
Retail Shoe Trade.
Advanced Six Line.
-door sedan
1,495
50
shoes at retail in December aggregated 53.7% more than in 4
Sales of
November and 8.6% above a year ago, according to the reports of 23 dealers
and the shoe sections of 16 department stores of the Seventh District; Rubber Declines 100 to 130 Points
in Record Market On
Individually, all but 6 of the firms indicated increases in the month-tothe Rubber Exchange of New York on Feb. 1.
month comparison and almost two-thirds in the yearly. Total sales for
the year 1927 declined 3.0% from 1926, with about two-thirds the indiCrude rubber futures with an approximate value of over
vidual records showing decreases. Stocks on Dec. 31 of 31 firms totaled
16.3% under a month previous and 2.6% below the corresponding date a $4,000,000 changed hands on Feb. 1 in the most active sesyear ago. Fifteen dealers reported December collections 6.9% larger than sion on the Rubber Exchange of New York since June 9,
In November, but aggregating 32.5% smaller than in December 1926; 1927. Total sales for the day aggregated 2,000
lots, or
accounts receivable on Dec. 31 Increased 0.3% and declined 38.9% in the
respective monthly and yearly comparisons; the ratio of accounts receivable 5,000 long tons. The previous high record for turnover
at the end of the month to sales during the month was 53.0% for December was 1,667 lots. Although the great volume of business in
this year, 60.5 for November, and 78.5 a year ago.
both cases was caused by heavy selling activity, the declines
Retail Furniture Trade.
in Wednesday's market were not as severe, the maximum
December furniture sales of 20 retail dealers and of 21 department stores
In' this district gained 26.5% in the aggregate over the preceding month loss being recorded in the May position, which dropped
and exceeded December 1926, by 5.3%. Stocks of 29 of these firms totaled 130 points. Values in six other active deliveries ranged
4.6% less at the end of the month than on Nov. 30, and 0.6% larger than from 100 to 120 points. An
authoritative announcement
a year ago. For 15 furniture dealers. December installment sales increased
29.4% in the monthly comparison and were 7.9% above December 1926. further says:
Collections on this type of sales averaged about the same as in November
The session opened on Wednesday with a slight improveand a year ago. Total collections of 17 dealers increased 15.7 and 3.0%. ment in values over the final
figures of Tuesday, but the
respectively, In the month-to-month and yearly comparisons, and accounts
character of the buying which boosted initial prices was
receivable on Dec. 31 gained 1.3% and 3.4%.
short covering prompted by a continued upward tendency
Chain Store Trade.
-Nov. increase in the sales of 25 chains with 2,157 stores, totaled in the London cables. The brief upturn provided a margin
The Dec.
59.2%, and the gain over December a year ago 8.9%. All groups reported for profit takers and reductions
reaching to 60 points from
gains in the month-to-month comparison: grocery, drug, five-and-ten-cent,
and men's and women's clothing chains showed increased over Dec. 1926, the highs were made before midday. The trend in the
while shoes, musical instruments, cigars, and furniture declined. The afternoon turned definitely downward under an avalanche
number of stores operating during December exceeded those in November of offerings which proved entirely
too heavy for the marby 39, and there were 260 more in operation than in December 1926.
Business Conditions in San Francisco Federal Reserve
-Decline in Industrial Activity-ImproveDistrict
mentlin Agricultural Conditions.
In the Twelfth (San Francisco) Federal Reserve District
the year 1927 witnessed a decline in industrial activity, the
maintenance of trade at active levels, improvement in the
economic position of agriculture, and a slight downward
movement of the general price level, according to Isaac B.
Newton, Chairman of the Board and Federal Reserve Agent
of the Federal Reserve Bank of San Francisco. Under date
of Jan. 27 Mr. Newton says:
Decreased activity in building, lumbering, and food products industries
were principally responsible for the lower level of industrial activity preveiling during 1927 as compared with 1928. Industrial production decreased during the last three quarters of the year and employment in industry declined. An unusually large migration of workers into the district
during the last months of the year added to the volume of seasonal midwinter unemployment.
In contrast to the reported decline in industrial activity, trade was well
maintained during 1927, and the volume of goods distributed through retail and xholesale channels was probably greater than in 1926. The trend
of distribution and trade was upward during the first eight months of
1927 and, although figures of carloadings afford some evidence of contraction during the fonrth quarter of the year, trade generally was more
active during that period than it was a year earlier.
The general level of wholesale prices in the United States averaged 5%
lower during 1927 than in 1926, and there is reason to believe that a
similar movement of prices occurred in this district. Wholesale prices
for farm products, hides, and textile products, however, were higher at
the close of 1927 than at the end of 1928.
Agricultural yields in the district were larger and prices of farm products in general were higher in 1927 than in 1926. Increased purchasing
power per unit of agricultural product accompanied increased gross farm
income, so that the farmer's economic position was somewhat improved.
Physical conditions over the year•end have favored agricultural operations.
As to banking and credit conditions, Mr. Newton states:
the year have reflected,
Changes in banking and credit conditions during
other changes in the general
with considerable accuracy, seasonal and
holiday or year-end
business situation. The usual Spring, Autumn and
the latter half of the year
peaks of credit demand were experienced, but in
seasonal movements in
changes in the pace of business served to modify
loans of reporting memdemand for funds. Over the year period commercial
while loans on securities and other
ber banks declined 11 million dollars
collateral increased by twice that amount. Both time and demand de-
ket to absorb and further declines of 60 to 70 points were
recorded around mid-afternoon.
Various explanations for the drastic decline were offered, many operators being of the opinion that the failure
of the British authorities to further tighten the Restriction act for the coming quarter was somewhat disappointing in view of its ineffectiveness to date. The fact remains,
however, that there is sufficient crude available to meet
present consumption and arrivals during the past few
weeks have been particularly heavy.
The May position was the hardest hit, closing at 37.90
with a decline of 130 points. June, July and September
wound up with a 120-point decline. March consumed considerable of the volume and closed 110 points down at
37.60. Other active deliveries finished a full cent lower.
Twenty-eight transferrable notices were issued during
the day. Switching from May to July was done at a premium of 50 points.
The London market also displayed weakness after showing advances extending to 4d. at the outset. Spot and
February closed 14d. lower and the distant months showed
/
losses of %d. Singapore closed quiet with prices 1 4d. down
,
to 1 3d. higher.
,(
On Thursday, Feb. 2, the market opened as much as 60
points below Wednesday's close, but rallied during the
day, owing to speculative covering, to within a fraction of
the previous finals.
On Friday, Feb. 3, the market closed easier with recessions of 50 to 80 points from the previous close.
British Rubber Export Restrictions to Remain Unchanged
in Next Quarter.
In indicating that there would be no change in the regutions governing the export of rubber from Malaya and
Ceylon, copyright advices from London Jan. 31 to the New
York "Times" Said:
The Colonial Office announced tonight that the percentage of the
standard production of rubber which may be exported at the minimum
rate of duty from Ceylon and Malaya in the next quarter will remain
at 60.
FEB. 4 1928.]
FINANCIAL CHRONICLE
It had been hoped in some quarters that the statement would be
accompanied with an explanation of the attitude and future policy of
the Government in regard to the Stevenson restriction scheme. It has
now been operated at 60% for nine consecutive months, but for the
sixth successive quarter—in fact, ever since the reduction of the British
export quota from 100%—the price has failed to average a shilling and
ninepence a pound.
Any further tightening of the scheme is considered almost impossible,
since the growers standard output has recently been" drastically reduced, their arrears coupons are virtually canceled and they are prevented from exporting much more than half of their actual capacity.
There is a growing feeling that the Stevenson scheme has failed of its
purpose and should be abolished, and, according to Singapore advices,
discontent is also being voiced by shareholders in some of the larger
producing companies in Malaya.
643
1926. Inventory of both high and low pressure inner tubes
at Nov. 30 amounted to 10,188,834 as against 10,154,694
at Oct. 31 last and 12,453,021 on Nov. 30 1926.
The Association also released the following figures, estimated to represent 75% of the industry:
Consumption of Cotton Fabrics and Crude Rubber in the Production of Casings, Tubes,
Solid and Cushion Tires.
Period—
Cotton fabric (lbs.)
Crude rubber (lbs.)
Month of 11 Mos.End. —Years Ended Dec. 31—
1926.
1925.
Nov. 1927. Nov. 30 '27.
12.822.414 148,793,259 165,963.182 168,295.927
33.844,511 431,007,694 518.043,062 552,389.272
The Association also issued the following statistics
A further London cablegram to the same paper (copy(representing 100% of the below-named allied industries):
right) Feb. 1 stated:
November last year 1,024,380,000 gallons of
During the month of
An admission that the Stevenson rubber restriction scheme had not gasoline were consumed, making a total consumption for the first 11 months
been a success was made by Arthur A. Baumann, Chairman of the 10,256.442,000 gallons, as compared with 10,766,451,000 gallons in the
Culladen Consolidated Company, at the annual meeting of the company full year 1926 and 9,325,094,000 gallons in 1925.
The number of passenger cars and trucks produced in the month of
today.
November were 114,916 and 25,743, respectively, and brought the total
At the same time he declared it would be madness now to abandon it, for the 11 months ended Nov. 30 1927 to 2,544,702 cars and 381.185
specially since Secretary Hoover had been predicting a world shortage trucks. These figures compare with 3,929,535 cars and 535,006 trucks
produced in the full calendar year 1926 and 3,817.638 cars and 496,998
of rubber before a committee of Congress.
It was inferred from Mr. Baumann's speech that Secretary Hoover's trucks in the year 1925.
prophecy had put new hope into the hearts of the supporters of the
Stevenson scheme.
Lumber Industry Gaining—Now Ahead of Last Year.
"We have never been able to get the Dutch producers to come in,"
The National Lumber Manufacturers' Association conhe said, "and that is the fatal weakness of the Stevenson scheme.
Perhaps we ought never to have embarked on it. As we are in it, cludes from a study of reports received by telegraph from
however, it would be simple madness to abandon it. Some people are
464 of the leading lumber mills of the country that the indusrunning about and talking of its abandonment while they are gnashing
their teeth and tearing their hair. But would it not be wise to just try is gradually speeding up. Although the number of retake a glance at what the enemy is doing."
ports received was 24 less last week than for the week before,
Mr. Baumann then read a cable report that Secretary Hoover had
less, as was the
told a committee of Congress that a world shortage of rubber was the reported production was only slightly
case also with new business, while shipments showed a net
imminent on account of the operation of the British restrictive plan.
"These are official statements by Mr. Hoover," he continued, "who reported increase of 17,000,000 feet. As a whole the indusknows Europe and the East as well as any man in this room. Our
position cannot be so bad if the Americans are looking forward to a try is far ahead of last year in all departments.
shortage and calling upon their manufacturers to put up a large pool.
The softwood industry, with five fewer mills reporting
It ought to give us all courage and hope. I trust we have heard the
showed a slight actual increase of production, a negligible
last of this talk of the abandonment of restriction."
Production and Shipments of Tires in November
Reach New Low for 1927, but Show Increases Over
the Corresponding Month in 1926—Inventory
Larger Than in Preceding Two Months.
According to statistics compiled by the Rubber Association of America, Inc., from figures estimated to represent
75% of the industry, a total of 3,376,152 pneumatic casingsballoons, cords and fabrics, and 31,542 solid and cushion
tires were produced. This is a new record low figure for last
year and compares with a total output of 3,243,499 pneumatic casings and 43,619 solid and cushion tires in the month
of Nov. 1926.
Total shipments for the month of Nov. 1927 were 3,229,164
pneumatic casings and 33,901 solid and cushion tires, also
record low figures for the year, but represented an increase
of 419,556 tires as compared with shipments for the month of
Nov. 1926 which amounted to 2,800,154 pneumatic casings
and 43,355 solid and cushion tires.
During the first eleven months of 1927 a total of 45,482,050
tires were produced as compared with 43,109,555 tires in
the corresponding month of the previous year, while shipments were 45,447,087 tires, an increase of 4,238,425 tires
over the total for the same period in 1926.
The Association, in its bulletin dated Jan. 23, gave the
following figures:
1926
1927
Month of November—
Tires:
Balloons
Cords
Fabrics
Total pneumatic tires___.
Solid and cushion tire......
Total
Inner Tubes:
Low pressure
High pressure
Total
Production.
Shipments.
First Eleven Months—
Total pneumatic tires
Solid and cushion tires._
Total
Inner Tubes:
Low pressure
High pressure
Total
Shipments,
1,601.372
1,713.842
60.938
1,612,347
1,556.780
60,037
1.396.292
1,694,257
152.950
1.273,562
1,399.176
127.416
8.376,152
31,542
3,229,184
33,901
3,243.499
43,619
2,800.154
43,355
3,407,694
3,263,065
3.287.118
2,843.509
1,263,065
2.318,229
1.460.933
2,080,995
1,283.455
2.355.665
1,243.944
1.790.429
3.581.294
3.541.928
3.639.120
3.034 373
1926
1927
Tires:
Balloons
Cords
Fabrics
Production.
Production.
Shipments.
Produaion.
Shipments.
24,212.784
20,037.654
705.793
23,401,010
20.365.804
1,154.059
20.321.765
19,841.906
2.428,180
18.838,758
19,498.239
2.377,675
44,956,231
525,789
44,920.873
526,214
42,591,851
517,704
40,714,672
493.930
45,482,020
45,447,087
43,109,555
41.208,602
24.100,654
25,289.611
22,409.795
27.728,082
22,062,007
31,443,119
20,457.927
29,858,994
49.390,265
50,137,877
53,505,126
50.316,921
Total inventory at Nov. 30 1927 totaled 7,601,898 pneumatic casings—balloons, cords and fabrics—as compared
with 7,248,724 on Oct. 31 last and 7,797,939 on Nov. 30
decrease in new business and a 17,000,000-foot gain in shipments. Compared with last year, increases were heavy in
all three factors, but especially in new business.
On the face of the reports, the hardwood industry revealed
a falling off in all three facters, as compared with the preceding week; but allowing for a smaller number of reporting mills,
it appears that there was an increase in shipments, but little
increase in production, and a decline in orders. Compared
with last year, however, there was a marked gain in shipments and some increase in production and a rather heavy
recession in new business, according to the National Association's report, from which we add:
Unfilled Orders.
The unfilled orders of 217 Southern Pine and West Coast mills at the end
of last week amounted to 607,281,245 feet. as against 597.581.858 feet for
217 mills the previous week. The 103 identical Southern Pine mills in
the group showed unfilled orders of 218,486,982 feet last week as against
217,885,752 feet for the week before. For the 114 West Coast mills the
unfilled orders were 388,794,263 feet, as against 379.699,106 feet for 114
mills a week earlier.
Altogether, the 340 reporting softwood mills had shipments 109% and
orders 117% of actual production. For the Southern Pine mills these percentages were respectively 104 and 101:and for the West Coast mills 99 and
108.
Of the reporting mills the 340 with an established normal production for
the week of 219,785.524 feet gave actual production 101%,shipments 109%
and orders 118% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the three weeks indicated:
Preceding Week 1928
CorresPOndintl
(Retised)
Week 1927
Past Week
Softwood: Hardwood
Softwood: Hardwood
Softwood: Hardwood
345
143
111
319
124
Mills
340
ProductIon_220,941.000 19,601,050 169,220.000 18,172,000 217,000.000 22,000,000
222,930.000
Shipments _239,969,000 19,104,000 176,101,000 15,799,000 260,659,000 r..,49.000
24,161.000
Orders
258,694,000 18,802.000 180.575,000 21,053,000
Note.—"Normal" production as now reported by all but two of the nine
reporting associations to the National Lumber Trade Barometer is an average of past actual production over a period of from two to five years, immediately preceding 1928. The two exceptions base reports on estimated
capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 114 mills reporting for the week ended Jan. 28 was 8%
above production and shipments 1% below production, which was 111,291.034 feet as against a normal for the week of 103,773,181. Of all new business taken during the week 49% was for future water delivery, amounting
to 58,707,116 feet, of which 39,477,942 feet was for domestic cargo delivery and 19.229,174 feet export. New business by rail amounted to
56,773,750 feet, or 47% of the week's new business. Fifty per cent of the
week's shipments moved by water, amounting to 55,158,389 feet, of which
41,682,347 feet moved coastwise and intercoastal and 13,476.042 feet
export. Rail shipments totaled 50,363,410 feet, or 46% of the week's shipments, and local deliveries 4,165,809 feet. Unshipped domestic cargo
orders totaled 119,587.373 feet, foreign 108,280.238 feet and rail trade
160,926,652 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 103
mills reporting, shipments were 3.54% above production and orders were
4.46% above production and 0.89% above shipments. New business
taken during the week amounted to 68.319,769 feet (previous week 73.670.716); shipments, 67,718,539 feet (previous week 63,529,970); and production 65,404.187 feet (previous week 65,503.460). The three-year average
normal production of these mills is 68,430,243 feet. Of the 102 mills re-
644
porting running time, 71 operated full time, 7 of the latter overtime. Two
mills were shut down and the rest operated from two to six days.
The Western Pine Manufacturers' Association of Portland, Ore., reports
production figures for 33 mills as 11.517.000 feet, as compared with a
normal production for the week of 15,940,000. The previous week 32 mills
reported production as 9,927,000 feet. Shipments increased nominally
and orders showed a good gain.
The California White and Sugar Pine Manufacturers' Association of
San Francisco reports production from 18 mills as 9,191,000 feet, compared with a normal figure for the week of 9,323,000. Nineteen mills the
preceding week reported production as 8,061,000 feet. Shipments were
larger this week and new business considerably larger. Eleven mills were
closed.
The California Redwood Association of San Francisco reports production
for 16 mills this week as 8.766,000 feet, as against a normal of 6,577,000.
Fifteen mills last week reported production 8,827,000 feet. Shipments
were about 75% larger and orders were well ahead of the previous week.
The North Carolina Pine Association of Norfolk, Va., reports production
from 35 mills as 6,745,022 feet as compared with normal figures of 9,876.000. Twenty-four mills the week earlier reported production as 6,471,876
feet. Shipments increased slightly and orders showed a notable advance.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reports production for the week of 8 mills as 6,551,000 feet compared with
a normal production of 4,228,100. Ten mills the previous week reported
production as 6,780,100 feet. There was a slight increase in shipments
this week and a good gain in new business.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis. (in its softwood production), reported production from 13
mills this week as 1,475,000 feet, as compared with a normal production of
1,638,000. Fourteen mills last week reported production as 1,139.000
feet. Shipments showed a noticeable decrease and orders a heavy decrease.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, WLs., reported production ffom 13 mills as 4,338,000 feet, as
against a normal figure of 3,843,000. Fourteen mills last week reported
production as 4,224,000 feet. Shipments declined somewhat and new business fell off heavily.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
production from 111 mills as 15,263.000 feet, as compared with a normal
Production for the week of 18.648,000. Last week 129 mills reported production as 17,776,000 feet. Shipments increased slightly and new business decreased considerably.
West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen's Association for the week ended Jan. 21 1928
manufactu.red 106,842,054 feet, sold 122,689,793 feet and
shipped 96,447,831 feet. New business was 15,847,739 feet
more than production and shipments 10,394,223 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS
SHIPMENTS AND UNFILLED ORDERS.
Jan.21 1928. Jan. 14 1928. Jan. 7 1928. Dec. 31 1927.
Week Ended109
113
114
115
No. of mills reporting-49,238,474
99,383,914
63,876.727
106,842,054
(feet)
Production
67,317,914
122,689,793 105,614,992
64,681,074
New business (feet)
96,447,831
95,784,424
68,365,560
66,522,971
Shipments (feet)
Unshipped Business
154,700,218 140.434.374 127,739,196 120,154,784
Rail (feet)
Domestic cargo (feet).-- 122,265.301 112,357,129 111,533.253 105,772,575
98,498,080
102,733.587
98,408,210 100.515,723
Export (feet)
Total (feet)
First 3 lVeeksAverage number of mills_
Production (feet)
New business (feet)
Shipments (feet)
[VOL. 126
FINANCIAL CHRONICLE
379.699,106
1928.
114
270,102,695
292,985,859
260,913,329
351,199,713
1927.
102
248.059,895
278,691,262
239,410,506
339,788,172
1926.
103
189,552,427
274,713,573
237,186,275
324,425,439
1925.
118
256,191,606
245,417,772
273,567,000
Brookmire Economic Service, Inc., Sees Lumber Industry
Working Out of Depression Through Lower Production and Elimination of Weak Firms.
The long period of depression in the lumber industry is
nearing an end according to The Brookmire Economic
Service, Inc. Production, which formerly had maintained
a ruinously high rate, declined sharply during the past
month, and, it states, figures for the present month justify
the expectation that output will show a further reduction.
It is noted that at the present time orders are coming in
at a fairly rapid rate and exceed current output by a wide
margin. Some improvement is undoubtedly of a seasonal
character but a gradual betterment of conditions is in
prospect. The decline in prices of both hardwoods and
softwoods was definitely checked in December and since
then prices have remained much firmer. One of the most
remarkable features of the current situation according to
Brookmire, is the fact that the present high rate of failures of lumber concerns, normally an unfavorable factor,
Is at present the main reason for prophesying improvement. This weeding out of weak concerns will, it states,
keep supply in better adjustment with demand and prevent much of the ruinous competition which has proved
detrimental to the best interests of the industry. The
economists further report:
sumption of lumber by industrial users, such as the automotive and
furniture industries, is likely to grow in volume. Farmers will soon
begin to make their usual purchases for spring repair work. Their
large income this year will also enable them to build new houses and
barns, many of which have become obsolete. The export demand for
lumber is likely to continue in heavy volume since European countries
are gradually bettering their economic situation.
"Last, but not least, we have the basis for expecting building to continue in good volume for some months to come."
Pulp and Paper Statistics for December and Twelve
-Falling Off in Production for Month.
Months
The total production of paper for the month of December,
for all identical raids reporting to the American Paper and
Pulp Association, was 530,505 tons as compared with
557,392 tons for November, a decrease of 5%. Total
identical mills production of all grades of pulp for December
totaled 186,986, a 2% decrease over the production of
190,804 tons in November. Detailed statistics for December and the 12 months are furnished as follows by the
Association:
COMPARATIVE REPORT OF PAPER OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF DECEMBER 1927.
.
No. Practical
of Product'n
Mills Capacity
Grade.
Newsprint
Book
Paperboard
•
Wrapping
Bag
Fine
Tissue
Hanging
Felts and building
Other grades
P. C.
Prod- Coonduction city
71
66
116
73
20
74
46
9
13
60
147,498
113,516
264,238
62,498
15,496
33,670
14,352
7,202
13,702
20,510
119,312
94,683
175,519
48,849
12,340
30,509
12,943
5,806
9.310
21,234
81
83
66
78
80
91
90
81
68
72
123,883
96.539
173.225
46,464
11,059
29,812
13,092
6,137
10,065
21,219
84
85
66
74
71
89
91
85
73
72
20,877
53,436
44,331
48,276
10,166
40,835
13,814
3,257
2,029
17,698
701,682
530,505
76
531.498
76
984 71a
Total all grades.....
P. C. Stocks on
Capa Hand End
city of Month
Shipments
.COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF DECEMBER 1927.
No. On Hand Product'n
Used
of
First of
for
During
Mills Month
Month
Month
Grade
Ground wood pulp__ __ 85
38
Sulphite, news gr
22
Sulphite, bleached
7
Sulphite, easy bleached..
Sulphite, MItseherlleh_ '6
10
Sulphate pulp
11
Soda pull)
2
Pulp, other grades
.
Total all grades_ _ __ _
Shipped On Hand
During
End of
Month
Month
91,756
9,384
2,495
1,844
408
2,918
2,378
162
83,546
36,435
23,536
3,484
7,378
15,237
17,325
45
80,900
33,214
21,348
3.107
5,868
14,173
13,016
3.978
2,508
1,945
285
1,263
1,103
3,768
42
90,424
10,097
2,738
1,936
655
2,879
2,919
165
111,345
186.986
171.626
14.8e2
mitt:I
PAPER REVIEW FOR TWELVE MONTHS IN 1927.
No.
of Production
Mills
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Flanging
Felts and building
Other grades
71
63
113
74
23
74
53
9
13
60
Stocks on
Shipments Hand End
of Month
(Net Tons)(Net Tons)(NetTons)
1,485,495 1,474,521
20,877
1,101,348 1,094,414
53,018
2,301,768 2,303,656
43.022
617,396
48,756
601,338
151,668
150,560
10,166
359,051
359,922
40,835
173,183
171,875
14,662
68,760
68,460
3,257
121,818
122,026
2,029
263,889
17,698
263,172
Total all grades
6,644,376
6.609.944
254.320
WOOD PULP REVIEW FOR TWELVE MONTHS IN 1927.
Grade
Ground wood pulp
Sulphite. news grade
Sulphite, bleached
Sulphite. easy bleached
Sulphite. Mitscherlieh
Sulphate pull)
Soda pulp
Pulp, other grades
Total all grades----- _,
. .
No.
of
Mills
Production
Used
Shipped
On Hand
End of
Month
91
38
23
7
6
10
11
2
1,025,656
481,093
284,661
48,135
81,791
198,717
200,283
524
1,033,039
447,276
253,758
40,964
70,278
180,974
146,811
186
32,597
32,467
31.576
6,153
11,664
17,090
53,275
185
90.424
10,097
2.738
1,936
655
2,879
2,919
165
2
.320,860
2.173.286
1/14 007
111513
Committee Representing Silk Association of New York to
Visit Japan to Demonstrate System of Raw Silk Classification..
Practical demonstration of the system of raw silk classification Committee of the Silk Association of America, Inc.,
will be given to Japanese reelers and raw silk dealers by
a commitee, appointed by the executive committee of the
Silk Association of America, Inc., who will visit Japan this
spring at the urgent invitation of the Raw Silk Association of Japan, official organization representing Japanese
filatures. This demonstration of testing raw silk accord"For the entire year 1927 there were 850 fatalities of lumber cornrn
ing to the system recommended by the Raw Silk Classificapanies against 644 in 1926, the previous high year. Failures in December, 927, equalled 95, the largest number for any month on record. tion Committee will form, it is believed, a valuable step in
During 1927 liabilities involved in these failures amounted to $43,- the development of an
international system of raw silk
982,000, more than double the 1926 record figure of $21,218,000. These
classification.
figures are ample proof of the trying period witnessed by the lumber
William C. Cheney will head the committee which will
industry during the past few years and afford some basis to the belief
that in 1928 the industry will be left in the control of the stronger firms. sail from San Francisco on
the President Taft on March
demand is expected. General business is show"Some improvement in
ing signs of revival and at least during the next few months, the con- 30 and return the later part of May, and which will in-
FEB. 4 1928.]
FINANCIAL CHRONICLE
645
bound to rise between now and June 1 if wool rates continue to maintain
elude Albert Bosshard of Stehli Silks Corporation; D. E. their recent strength.
and J. A. Nary of the United States
Douty, H. B. Arundale
Change in Terms.
Testing Company, Inc.
The change in terms from 10% 10-days, or 8% 60-days, or 7% 4-months,
which have been in vogue since the organization of the company 30
years ago, to a new basis of 3% 30-days, 1% 60-days, or net 4-months, necessitated a complete revision of prices to incorporate the new terms, so
Year Since 1877 for British Cotton that the comparison shown in the appended table indicates the advance
1927 Most Disastrous
in prices on a net basis.
Spinners.
In other words, last Spring's prices, which were unchanged from those
In a recent issue of the London "Financial News" it of a year ago, were pared 10% to get the net cost, and the new list for
shareholders in Fall 1928 was reduced by 3% to the same base for purposes of comparison.
was stated that "not since 1877 have
savings occasioned to the buyer by
Lancashire Cotton Spinning Companies experienced such However, this does not represent the a season dating of "June 1," the
The article, in reason of the change in terms, for on date in which he msy anticipate to
a disastrous year as the one just closed."
buyer has an extra 20 days after that
presenting several tables, one of which shows the dividend get credit of the discount.
There is a further concession to the buyers this season in an increase
declarations during the past three years of 310 Lancashire
of discounts for volume purchases, those effective on more moderate
Spinning Companies, said:
enough to spur efforts among the smaller
of the in- purchases being quite material
order to derive the benefit of rebates.
Throughout 1927 trade in the American spinning section
section, clothiers to use greater yardage in
counts
dustry was deplorable. It was much better in the fine
The radical change in terms by the leading factor has created the im•
less profit than in the
mills will have to change terms to
but even those spinners had to be content with
general strike pression that some of the competing
three preceding years. There is no doubt but that the
net-60 days instead of net-30 as is now the vogue.
stoppage of 1926 dealt many firms a fatal blow. When
and the long coal
the majority
Cheaper Goods Firmer.
demand for yarn was very brisk in January of last year,
that they
of spinners of American yarn were so exhausted financially
It is noteworthy that advances on cheaper fabrics are more material
better prices, and a tremendous than on dearer goods, on the average, apparently because of the fact that
were unable to make a firm stand for
of firms were
in value more sharply than the
business was done at a loss. In the spring a number
pressing the medium to low-end wools have risen
compelled to seek the protection of the Chancery Court against
in the raw materials market seems
sort of panic better-grade wools, and this situation
creditors, and during April and May there was a mild
for the new heavy weight
of firms that to be reflected in the repricing of fabrics
among loanholders which undermined the financial position
season.
the trade depression otherwise. The
2
/
would probably have weathered
While the new Fall prices show an average advance of 5c. to 71c. a
Their investactually they
consequences were disastrous for shareholders generally.
and lost on yard over the Spring opening levels and those of a year ago, Spring list,
ments slumped in the market to unprecedentedly low levels,
the last
directors of have not changed materially when compared with
balance about one-fourth their value. During the year the
ranged from
unpaid share for there have been several advances since last Fall which
89 spinning companies called up a portion or all of their
2c.
/
2c.
/
21 to 121 a yard. The actual advance over the previous opening list
aggregated £4,547,490, and were made upon
capital. These demands
by is not believed to have averaged much more than 3%, whereas wool
investors whose financial position generally• had been impoverished An prices have risen sharply, and are likely to lead to further advances
income.
the prolonged depression of trade and consequent loss of
that before Fall manufacturing gets into full swing.
analysis of the appended dividend returns of 310 companies shows
The American's popular No. 414-1 cheviot, 14-ource, which has been a
was
compared with previous years since the boom of 1920 the past year
leading volume number for several seasons, opens at $1.86 a yard, which,
as disastrous as 1923 and 1924 when the severe post boom slump ocon a net basis, is up 11.6c. a yard, while No. 3750 cheviot, the cheapest
curred.
de- cloth in the line, is up 12c., and No. 3657, at $1.72, is up 15.8c. The
Compared with 1926, the number of companies that piad dividends
$2.16, which is advanced only 4.7c.,
creased from 145 to 101, and over £20,000,000 of capital in spinning key serge, 11-ounce 3192, opens at
up 5.2c. The heaviest advances
companies has now been in use for seven years without any return in net, and No. 3844, 16-ounce serge, at $3, is
10.3c. on No. 9627, which
the form of dividends or interest having been made to the shareholders. in the serge family were 10c. on No. 9606 and
The Cotton Yarn Association functioned for a comparatively short are 14 and 16 ounce fabrics.
time during the year, but its efforts were nullified to a large extent by
Mink Prices Too Low.
the dislike of many spinners for any sort of combination. The op,1
Their well known No. 9613-1 unfinished worsted is up 91 2c. to $2.07 and
ponents, however, would have had less influence on the general situation
No. 3333, a 12-ounce number, is marked up 13c. to $2.13. The highif they had not derived a gerat deal of support from the foreigner.
compared with the
During the time that spinners were endeavoring to improve their priced French-backs are only slightiy advanced as
or 6c.
margins, Belgian spinners assisted the customers of Lancashire, and in serges, cheviots and unfinished worsteds, averaging only Sc.
big a yard.
the Netherlands market especially, to keep down prices by dumping
Comments in the trade were that prices are opening too low, the
weights of coarse and medium yarns in Manchester at prices much bethrough
low those of the cheapest Lancashire producer. This practice did not impression being that the staple goods market has been passing
lead to any great volume of foreign yarn being bought, but it had the rather severe competition for new business, which precludes the ability of
the large mills to secure a more material mark-up. Nevertheless, it is
desired effect of crippling the Oldham spinner.
agreed that the big company is making a legitimate bid for business, and
Average Return.
that on a faltering clothing market it was futile to expect an advance of
The 310 companies in the appended tables have a total paid-up share sharp proportions.
discapital of £50,017,486, and the aggregrate amount of dividends
Sales executives stated yesterday that the company has had a very
tributed in 1927 was £901,897, which represents an average return of satisfactory year, probably the best in the last five, and that prospects
with 2.7% in 1926. The average return for the past for the present year are very promising. It is credited in the open
1.8%, compared
seven years is 2.6%.
market that if the company had not been set back financially by the flood,
As in previous years, the firms who did not recapitalize or reconstruct which loss will probably be charged up to depreciation, a tidy profit would
sixty-five com- have been shown. Nevertheless, a manufacturing surplus is likely to be
in the 1919-20 boom have not done badly. Out of the
panies in this section forty-three paid dividends totalling £274,324, shown in the financial statement for the second half of 1927. In the
which, on the combined capital of £3,731,595, is equal to an average of first half of 1927 the company had a net profit of $239,202, against a
7.3% per company, compared with 9.6% in 1926 and an average of deficit in the whole of 1926 of over $2,000,000.
8.7%, for the past seven years.
The following comparison is from the same account:
The second table deals with thirty-five companies that increased their
capital out of reserves, and of these twenty-seven made some distribuAMERICAN WOOLEN CO. PRICES COMPARED.
tion. Their combined share capital is £6,128,563, and £378,540 was
paid out in dividends, and representing an average return per company
Spring 1928 Advance,
Fall 1928.
Cents
of 6.1%. against 8.6% in 1926, and an average of 6.9% for the past
& Fall 1927
Net,
Per I'd.
Net.
seven years.
Less 3%.
Oz.
Number.
In the third, but largest section of the trade, there are 210 companies
7.7
81.688
81.765
81.82
10%
which were reconstructed during the post-war boom. Their combined 9975
2.048
4.7
2.095
2.16
3192
11
capital is £41,157,388, and only thirty-one paid any dividend. These 8020
2.430
2.4
2.454
2.53
15
2.430
2.483
5.3
2.56
distributions totalled £249,013, which represents only 0.6% on a 1814-44
14
2.774
2.723
5.1
2.86
364
14
tremendous amount of capital. For the companies in this section the
2.871
2.768
10.3
2.96
16
past year was the worst in their history. Their average return for the 9627
2.858
2.910
5.2
3.00
3844
16
3.298
past seven years represents but 1.3% on the combined capital, and the
3.240
5.8
3.40
36
143
2.483
2.385
9.8
2.56
return in 1927 was 0.7 less than in the disastrous year 1926.
9187
13
9.7
2.415
2.318
2.49
9540
13
9.3
2.793
2.700
2.88
9625
16
8.6
2.201
2.115
2.27
9629
13
10.0
2.520
2.620
2.70
9606
14
7.6
1.912
1.988
2.05
11
Opening by American Woolen Company of Fall Lines 9748
5.9
2.939
2.880
3.03
9526
12
5.5
2.767
2.822
2.91
Prices.
9771
13
in Men's Suitings with Advance in
5.6
2.272
2.328
2.40
9308
12
5.1
2.092
2.143
2.21
on Jan. 30 by the American Woolen Co. of 9841
1294
The opening
2.687
2.77
3486
16
.2
5
.
2.144
iiii
2.21
10
men's staple worsted suitings for the fall of 192S disclosed 3554
5.5
2.565
2.620
4077
16
2.70
2.8
2.435
a very moderate advance in prices over the last Spring and 5048
2.907
2.51
15
5.0
2.435
2.385
2.51
14
Fall lists, ranging from close to 3e. to slightly over 10e. a 3194
5.5
2.632
2.687
2.77
200
14
5.6
2.767
2.823
2.91
18
Ac, to almost ltic. on cheviots, ric. to 13c. 4078
on sages, 111
yard
6.7
2.115
2.182
2.25
690
13
4.8
2.095
2.047
2.18
11
on unfinished worsteds and r)c. or Gc. a yard on better grade 6192
7.0
2.02
8066
11
1.890
1.960
2.7
French-backs. Tile foregoing is from the New York "Jour- 8095
2.340
2.44
2.367
14
Cheviots
12.1
nal of Connnerce," which In its account of the opening also 3756
1.373
1.494
1.54
12
15.8
1.530
1.72
14
3657
1.668
stated:
11.6
1.688
1.804
14
1.86
414-1
opening brought many buyers into tho market, largely from
Unfinished Wars tedsThe early
9.5
1.913
2.07
13
2.008
points, and a very nice business is reported to have been done yes- 9613-1
nearby
7.3
2.138
2.28
2.211
12
9812
terday in Department 1. Salesmen who went on the road with the new 9813-7
5.5
2.205
13
2.33
2.260
4.8
2.813
prices on Saturday are expected to book a fair volume of early orders
2.95
2.861
1414
81414-2
13.1
1.935
2.13
2.066
12
this week by reason of the "close" pricir.g of the lines, despite stiff ad- 3333
French Backs
vances in wool costs.
5.1
3.150
3.201
16
3.30
994
6.0
3.645
Observers expressed the opinion yesterday that the new list continues 9116-58
3.705
3.82
16
5.0
3.510
3.560
3.67
16
show comparatively low prices on the basis of the appreciated raw 9816-3
to
5.0
3.510
3.560
3.67
16
material costs in recent months, and the forecast is made that values are 0733
646
FINANCIAL CHRONICLE
Gasoline Continues at
High Rate.
According to the Bureau of Mines, Department of Commerce, the production of natural-gas gasoline in December
1927 continued at a high level but the daily average production of 4,760,000 gallons did not quite equal the record figure
of the previous month, 4,770,000 gallons. Production in
the chief producing district, Oklahoma-Kansas, showed its
usual increase but this was more than offset by the declines
in Texas and the Rocky Mountain States. Stocks of
natural-gas gasoline at the plants amounted to 30,847,000
gallons as compared with 34,440,000 gallons on hand the
previous month. This material decline was undoubtedly
due to continued heavy demand by refiners for blending
purposes. The Bureau also gives the following data:
Production
of
-Gas
Natural
OUTPUT OF NATURAL GAB GASOLINE (IN GALLONS) x.
Production.
Stocks End of Month.
Nov. 1927. Dec. 1927. Dec. 1928. Nov. 1027. Dec. 1927.
8,300.000 10,000,000
Appalachian
1,400.000 1,300,000
Ind., Ill. ace
53,700,000 57,300,000
Okla. Kans.,
27,500,000 27,000,000
Texas
'
Louisiana and Ark.._ 6,700.000 6.800,000
Rocky Mountain.._ _ 3.900.000 2,800,000
10,600,000
1,700,000
44,400.000
23,700,000
7,000,000
3,000,000
2,918,000 3,240,000
294,000
281,000
17,774,000 15,635,000
10,422,000 8,789,000
1,314.000
1,162,000
469,000
466,000
[VOL. 126
Crude Oil and Gasoline Prices Remain Unchanged.
No price changes of note were reported in the crude oil
and gasoline markets of the country during the week just
ended. On Feb. 3 quotations in the wholesale markets at
Chicago were reported as follows: Gasoline, motor grade,
5% to 6c.; kerosene, 41 to 43 water white, 4 to 44c.;
/
1
4
/
1
fuel oil, 24 to 26 gravity, 85 to 90c.
Agreement to Restrict Production of Oil in Seminole Field
(Okla.) Extended to April 1.
Supplementing the item in our issue of Jan. 28 (page
503) regarding the extension by Seminole Oil operators of
the restriction agreement, we quote the following Associated Press advices from Tulsa (Okla.) on Jan. 30:
Operators of the Greater Seminole oil field of Oklahoma today agreed
to extend the present shut-down rulings in that area until April 1.
The Little River Pool curtailment agreement was excepted from this
decision and the curtailment program there will terminate March 1.
The decision was reached at a meeting at which every operating
company and individual operator in the Seminole area was represented.
The action was on recommendation of the Curtailment Committee,
headed hy Ray M. Collins, umpire, and included a reservation that
the spacing of wells in the newly opened Maud Pool should be left
undecided until that district is officially opened up on or ,after April 1.
Production and Shipments of Slab Zinc in United
States Show Slight Decrease During First Half of
January-Stocks at Jan. 15 Total of 44,366 Tons.
Total United States_ 143,200,000 147,500,000 130,200,000 34,440,000 30,847,000
Daily average
4,770,000 4,760,000 4,200,000
During the first half of January, 24,729 short tons of
Approximately 97% net production; 3% gross.
slab zinc were produced and 21,114 tons were shipped, as
compared with 26,942 tons produced and 29,123 tons
shipped in the second half of December and 25,405 tons
Crude Oil Production Shows Substantial Decline.
A decrease of 25,650 barrels occurred in the daily average produced and 21,793 tons shipped in the first half of that
gross crude oil production in the United States during the month, according to the American Zinc Institute, Inc.,
• week of Jan. 28, according to statistics furnished by the which also reports:
on
Stocks of
American Petroleum Institute, which estimates that the 40,751 shortslab zinc the Jan. 15 totaled 44.366 short tons, compared with
beginning of the month and 29,912 short tons at
tons at
production for that week was 2,355,250 barrels, as compared Jan. 311927. an increase of 3,615 tons and 14,454 tons, respectively. Of
with 2,380,900 barrels for the preceding week. Compared the total shipments for the first half of January this year 18,504 tons went
and 2,610
exported. The amount of
with the output of 2,370,350 in the corresponding week of to domestic consumers delivered attons werewas
metal sold but not yet
Jan. 15
24,631 tons; total retort
1927, current output was a decrease of 15,100 barrels. The capacity at that date amounted to 128,120 tons; the number of idle retorts
current daily average production east of California was available within 60 days, 42,104; the average number of idle retorts operat15 days of January, 72,353; number of retorts operating
ing during
1,741,950 barrels, as compared with 1,764,300 barrels, a at Jan. 15 the first
were 72,668.
decrease of 22,350 barrels. The following are estimates of
For production, shipments, &c., of slab zinc for the 12
daily average gross production by districts for the weeks months ended Dec. 31 1927, see "Chronicle" of Jan. 14
indicated:
1928, page 179.
DAILY AVERAGE PRODUCTION.
Total east of Calif__ 101.500,000 105,200,000 90,400,000 33,191,000 29,573,000
California
41,700,000 42,300,000 39,800,000 1,249,000
1,274,000
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Jan. 28 '28. Jan. 21 '28. Jan. 14 '28. Jan. 29 '27.
870,250
676,950
883,050
807,250
110,800
108,600
105,500
115,750
78.900
76,900
74.950
127,450
72,450
73.05074,000
99,700
54,700
55,300
56,050
76,900
269,500
273,700
267,500
70,100
25,300
25,600
26.300
50,000
23,150
23,200
23,450
39,150
45,700
46,350
45,400
53,350
90,100
90,050
89,950
128,950
105,650
111,400
109,550
147,850
15,700
15,100
14,250
12,500
109,000
110,250
110,000
107,600
53,150
58,500
57,150
62,700
10,950
10,400
11,000
12,550
6,950
7,000
8,950
7,750
2,250
2,400
2,450
3,700
616,600
613,300
815,600
647,400
Crude Petroleum Output Shows Further Decline in
December-Production for Full Year 1927 Increased 123,561,000 Barrels Over Preceding YearStocksAgain Increase.
According to reports received by the Bureau of Mines,
Department of Commerce, from companies which operate
gathering lines the production of crude petroleum in the
during Dec. 1927, amounted to 74,108,000
United States'
barrels, a daily average of 2,391,000 barrels. This represents
another matenal drop in output, it being a decrease of 69,000
barrels from the November daily average. The Bureau adds:
Daily average production in Oklahoma fell off 70,000 barrels in December.
2,355,250 2,380,900 2,373,100 2.370,350 23,000 barrels of which was in the Seminole district. Texas, Louisiana, and
Total
Wyonting were the only States to show increased dally output in December.
The estimated daily average gross production of the Mid-Continent The increased output in Texas resulted
mainly from developments in West
field, including Oklahoma, Kansas, Panhandle. North, West Central. Texas, although the Gulf coast district
also showed an increase, the first
West Texas, East Central and Southwest Texas, North Louisiana and In several months. It is of more than
panting interest that December,
Arkansas, for the week ended Jan. 28 was 1,438,850 barrels, as compared 1927, was the first time since 1902 In
which production in Texas exceeded
with 1.448.700 barrels for the preceding week, a decrease of 9.850 barrels. that
in California. In general, the decreased output in December resulted
The Mid-Continent production excluding Smackover, Arkansas, heavy oil, from general decline in activity as
a
evidenced by the relatively small numwas 1,369,750 barrels, as compared with 1,380,000 barrels, a decrease of
ber of weds completed-905. This was the smallest number of completions
10,250 barrels.
since January, 1925.
The production figures of certain pools in the various districts for the
Stocks of crude petroleum east of California amounted to 351,646,000
current week, compared with the previous week, follow (figures in barrels
barrels on the last day of the year. This represents an increase over stocks
of 42 gallons).
of Nov. 30 of 2,761,000 barrels, which was the smallest addition to stocks
since January, 1927. Stocks of both light and heavy crude in California
OklahomaJan. 28. Jan. 21. decreased during the month.
Jan.28:Jan. 21. North LouisianaNorth Braman
6,300 6,300
3,000
3,100 Liayneaville
The production in the Seminole field during December, 1927, amounted
South Braman
8,300 8.350
1,700
1,900 Urania
to 12,347,000 barrels, a daily average of 396,000 barrels. This represents
Tonkawa
_ 15,050 14,950
Garber
Arkansas
a decrease in daily average production from the previous month of 23,000
9,950 9,050
Burbank
8.800 8,850 barrels. This was the greatest decline for any month, except August,
37,750 39,000 Smackover, light
Bristow Slick
69.100 68,700 since the peak was reached in July.
Smackover. heavy
24,550 24,600
Completions in the field totaled 70
Cromwell
10.400 10,050
as against 99 In November; average Initial production was 600 as against
Coastal Texas
Wewoka
8,550 8,300
Seminole
8.600 8,600 800 barrels in November. A total of 164 wells were (trilling at Seminole
57,050 56,600 West Columbia
3,850 4,150 on the last day of the year, as compared with
Bowlegs
99,600 99,650 Blue Ridge
220 the month previous.
10.000 10,350
Se,aright
19,350 20,050 Pierce Junction
Little River
12.050 12,250 Stocks at Seminole again increased, although not as much as In November.
37,150 36,650 Hull
The slump in production in the Panhandle was checked In December,
41,200 44,950
Earisboro
119,350 124,400 Spindletop
4,850 5,200 when the daily average production was the same as in November. This
Panhandle Taw
Orange County...-.
Hutchinson County_ _ 49,400 52,200
resulted from an increase in completions and in average initial production
Carson County
Wyoming
7,700 7,800
37,800 44,150 which counterbalanced the natural decline of the old wells.
Gray
18,300 15,600 Salt Creek
Production at Seal Beach again declined, while that of Long Beach again
Wheeler
1,450 1,250
Montana
West Central Texas
increased. Comparatively few completions were recorded in the latter due
8,500 9,000
Brown County
14,950 15,200 Sunburst
to the fact that sufficient time had not elapsed for the majority of tests to
Shackelford County__
5,700 5,500
reach the recently discovered deep sand.
California
West Texas
38,500 38,500
STOCKS AT SEMINOLE.
22,450 22,500 Santa Fe Springs
Reagan County
114,000 114,500
(Barrels of 42 U. S. Gallons.)
51,000 49,650 Long Beach
Pecos County
60,500 60,500
Crane et Upton Counties. 94,500 104,900 Huntington Beach
20,000 20,000
85,100 80,350 Torrance
Winkler
Nor.30 1927 Dec. 31 1927
13,000 13,000
Dominguez
East Central Texas
8,000 8,000
12,500 12,600 Eosecrans
Corsicana-Powell
462,000
479,000
31,000 31,000 Producers' stocks
1,800 1,850 Inglewood
Nigger Creek
14.211,000 14,918,000
80,500 80.500 Tank-farm stocks
Midway-Suniet
Southwest Texas
52,500 53,500
13,050 Ventura Ave
13,000
Total stocks
14,690,000 15,378,000
41,500 41,500
6,750 6,950 Seal Beach
Laredo District
WITH
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES
CLASSIFICATION BY GRAVITY.
(Barrels 01 42 U.S. Gallons.)
PRODUCTION.
(Bartels of 42 U. S. Gallons.)
Daily
Average
Total.
December 1926.
December 1927.
.11Iseember 1927.
Total.
Daily
Average
Total.
RECORD OF WELLS, DECEMBER 1927.
(Barrels of 42 U.S. Gallons.)
Total.
Gas.
70
0
23
3
1__
4
Seminole
Panhandle
Seal Beach
Lonsr Beach
Average
Total
Drilling
Initial
Initial
Dry. Production. Production. Dec. 31.
12
6
__
44,400
11,200
100
6.000
600
500
100
1.500
164
123
5
94
A distinct falling off in refinery activity, due to the
general decline in gasoline consumption, was evidenced in
December, 1927, when daily average runs to stills amounted
to 2,275,000 barrels as against 2,326,000 barrels the previous month. Daily runs to stills of foreign crude, however,
showed a slight increase, reflecting increased imports of
Venezuelan oil.
The decline in crude throughout resulted in a material
decline in gasoline production from the record figures of
November. Imports and exports of gasoline were also lower
than in the previous month. Daily average domestic demand for gasoline in December was 765,000 barrels, a: decline
from the previous months of 48,000 barrels, or 6%, but an
increase over December, 1926, of 11%. The decline in
consumption of gasoline was reflected in stocks which increased in every refinery district except California. The
total on hand on Dec. 31 was 32,323,000 barrels, an increase
over the previous month of 1,922,000 barrels. At the
present rate of total demand, these stocks represent 37
days' supply as compared with 32 days' supply on hand
a month ago and 49 days' supply on hand a year ago.
Among the minor products, the increased domestic demand for kerosene and wax were of particular interest.
Stocks of gas oil and fuel oil east of California were drawn
on quite extensively to meet the cold weather demand for
fuel.
The refinery data of this report were compiled from schedules of 318 refineries, with an aggregate daily crude oil capacity of 2,869,000 barrels. These refineries operated during
December, 1927, at 79% of their recorded capacity, as
compared with 322 refineries, operating at 81% of their
capacity in November, 1927.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
Including Wax, Coke, and Asphalt (in Barrels of 42 U. S. Gallons.)
•
November
1927.
December
1927.
December
1926.
-Dec.
Jan.
1927.
-Dec,
Jan.
1926.
New Supplymmestic production:
Crude petroleum:
65,378,000 65,784,000 60,220,000 784,149,000 633,726,000
Light
8,400,000 8,324,000 12,405,000 110.286.000 137,148,000
Heavy
73.778,000 74,108,000 72,625,000 894,435,000 770,874,000
Total crude
Natural-gasgasoline 3,410,000 3,512,000 3,100,000 38,751.000 32,305,000
176,000 2,563,000 2,112,000
212,000
205.000
Sento!
77,393,000 77,832.000 75.901,000 935,749,000 805,291,000
Total
Daily average_ _ _ 2,580,000 2,511,000 2,448,000 2,564,000 2,206,000
Occess of daily average domestic production over domestic
282,000
199,000
368.000
355,000
69.000
demand
.5,339,000 6.209,000 4.987,000 58,156.000 60,382.000
Imports-Crude.
755,000 1.318,000 13,352,000 20.938.000
1,159,000
Refined
'otal new supply all
83,891,000 84,796,000 82,206,000 1007257000 886.611,000
oils
2,796,000 2.735,000 2,652.000 2,760,000 2.429.000
Daily average
:bang° in stocks all
tolls
5.222,000
1,535,000
3,554,000 64,087.000 .124,764,000
Demand-'
78.669.000 83,261,000 78,652,000 943,170,000 911,375.000
'otal demand
2,622,000 2.686,000 2,537.000 2,584,000 2,497,000
Daily average
1,280,000 1,717,000 1,283,000 15,843,000 15,407,000
:xports b-Crude
Re
' fined
10,641,000 9,863,000 10.235,000 125,696.000 116.087.000
pomestic demand_ _. 66,748,000 71.681.000 67,134,000 801,631,000 779.881,000
2,225,000 2,312,000 2.166,000 2,196,000 2,137,000
Dally average
Stocks(End of Mo.)
'rude:
East of California c:
.
300,475,000 303,639,000,225.404,000 303,639,000 225,404,000
Light
48,410,000 48,007,0001 52,860,000 48,007,000 52,860,000
Heavy
California:
21,191,000 20,058,000 30,861,000 20,058,000 30,861,000
Light
92,555,000 91,797.000 87,270,000 91,797,000 87.270.000
Heavy d
462,631,000 463,501,000 396,395,000 463,501,000 396,395,000
Total crude
ratural-gas gasoline
734.000
455,000
734,000
455,000
820,000
St plants
119,198,000 119,949,000 123,247,000 119,949,000 123,247,000
otal refined
,rand total stocks all 582,649,000 584,184,000 520,097,000 584,184,000 520,097.000
oils
unker oil (Included
above ln domestic. 3.953.000 4.264.000 4.066.000 49.893.000 46 Rti2 non
1
Includes shipments to non-contiguous territories. c Exclusive
s Decrease. b
d Includes fuel oil.
of producers' stocks.
1927.
Daily As.
Total.
Daily As
1926.a-
I
Field
2,525.000 84,200 2,441,000 78,700 30,458,000, 28,572.000
Appalachian
1,833,000' 2,030,000
4,
129.000
4,411
. 131,000
Lima-Indiana..._
94,000
435.000
1,100
33,000
1.100
33,000
Michigan
19,200 7,751,000 8,418.000
625,000 20,800 595,000
-S. W. Ind
Ill.
1.467.800 543,343,000423,867,000
Mid-Continent _ _ 5,861,000 1.528,70045.500.000
49.679,000 45.275.000
3,801,11)0 126.700 4,007,000 129,
Gulf Coast
79,500 30,184,000 37,945,000
Rocky Moimtaln 2,286,000 76.200 2,484,000
18.516,000 617,20018.939,000 610,900 230,752,000 224,673,000
California
Completions.
Oil.
January-December. •
December 1927.
November 1927.
Daily
Average
12,641,000 421,000 12,347,000 398.000 4,483,000 145,000
2,525,000 84,000 2,600,000 84,000 4,590.000 148,000
295.000 10.000
1,500,000 50,000 1,340,000 43,000
3.050.000 102.000 3.400.000 110.000 2,924.000 94.000
Seminole
Panhandle
Seal Beach
Inne Beach
)
647
FINANCIAL 'CHRONICLE
FEE. 4 1928.]
1
770,874,090
II. S. total,... 3,778.0002,459,300 74,108.0002,390,600 894.435,000
97,400 2,807,000 90,1 I 40.179,000 58,332,000
2,923,000
2.923.000
Arkansas
18.516,000 617,200 18,939,000 610,900 230,752,000 224,673,000
California
7,000 2,787,000, 2,768,000
7.300 217,000
219,000
Colorado
17,100 7.024,000 7,760,000
561,000 18,700 529,000
Illinois
808,000
852.000
2,400
74,000
2,400
72,000
Indiana
658,000
727,000
2,100
66,000
2,100
64,000
Southwestern
150.000
125,000,
300
8,000
300
8,000
Northeastern
41,498,000
3,260,000 108,700 3,264,000 105,300 40,740,000 6,274,000
Kansas
17,900 6,733.000
554,090
586,000 19,600
Kentucky
23,201,000
1,634,000 54,500 1,721,000 55,500 21,061.000 4,140,000
Louisiana
10,000 3,087.000,
311,000
8,200
245,000
Gulf Coast- _ .._
45.500 17.974,000 19,061,000
1,389,000 46,300 1,410,000
Rest of State
94,000
435,000
1,100
33,000
1,100,
33,000
Michigan
11,100 5,048.000 7,727.000
361,000 12,000, 344,000
Montana
1,203,000 1,666,000
2,600
80,000
2.600
77,000
New Mexico....
6,100 2,239,000 1,956.060
6,200, 191,060
187,000
New York
18,200 7,529,000 7,272.000
591,000 19,700, 564,000
Ohio
14,300 5,821,000, 5.392,000
468.000 15,600 443.000
Cent. & East
121,0003,•00 1,708,000 1,880,000
4,100
123,000
Northwestern
3,689.000 789,60022,309,000 719,600277,274.000 179,195,000
Oklahoma
25,356.000
Osage County., 1.796,000 59,800 1,807,000 58,300 23,586.000 153,839,000
Rest of State._ . 1,893.000 729,800 20.502,000 661,300253,688,000 8,061.000
1
25,200 9,596.000
800.000 26.700 782.000
Pennsylvania
43.000
60,000
100
4,000
200
6.000
Tennessee_
18.156,000 605,29019,406,000626,000213,768,000 166,916,000
Texas
41.135,000
Gulf Coast
3,556,000 118,500 3,696,000 1115,200 46,592,000 125,781,000
Rest of State 14,600,000 486,70015,710,009 506,800 167,176,000 5,946,000
15,100 6,009.000
West Virginia... 478,000 15,900 467,000
58,800 21.146.000 25.776,000
1,629.000 54.300 1,823,000
Wyoming
39,600 14,299,000 18,010,000
Salt Creek__ 1,065,000 35.500 1,228,000
19,200 6,847,000 7,766,000
Rest of State._
564,000 18.800 595,000
Classification by
Gravity (Approz)
65,378.0002,179,30065,784,000 2,122,100784,149,000633,726.000
Light crude
Heavy crude_
1 8.400.000 280,000 8,324,000 268,500 110.286,000 137.148.000
a Final figures: total includes 3,900,000 barrel; consumed on leases, &c.. not
I
I
I
I
Included In 1927 figures.
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES
Nov. 30
1927.
At refineries (and Ot coastwise transit thereto)
reported by location of storage
East coast-Domestic
, Foreign
Appalachian
Indiana, Illinois. &c
Oklahoma, Kansas, &c
-Inland
Texas
Gulf coast-Domestic
Foreign
Arkansas and Inland Louisiana
Louisiana Gulf Coast
-Domestic
Foreign
Rocky Mountain
Dec. 31
1927.
Dec. 31
1926.11
8.045.000
2,726,000
1.822,000
2,692,000
4,924,000
1,656,000
7,653,000
204,000
457.000
6.104,000
1,150,000
1,394,004,
8,690,000
2.686,000
1,871,000
2.777,000
4,871,000
1,432,000
7,686.000
219.000
408,000
6,149,000
1,046,000
1,400.000
7.240.000
2.188,000
1,673,000
2,224,000
2,026.000
952,000
8,194.000
236,000
601,000
7,019,000
802.000
1,422,000
38,827,000 39.235.000 35,475.000
Total east of California
Elsewhere than at refineries
Domestic-Reported by field of origin
-N.Y.,Pa., W.Va.,east- Gross 6,797.000 6,613,000 6,855,000
Appalachian
6,501,000 6,285,000 6.570,000
Net
ern and Central Ohlo
Gross 1,216,000 1.168,000 1,350.000
Kentucky
1,090.000 1,041.000 1.220,000
Net
877,000
Gross 1,263,000 1,287,000
Lima-Indiana
._
666.000
1,109,000 1,134.000
Net
Gross 12,708.000 12,664,000 12.255,000
Illinois-Southwestern Indiana
12,189,000 12,170,000 11,770,000
Net
1,1 Id-Continent-Oklahoma, Kansas, Gross 229,7.54,000 233.997.000 1.54,558,000
218,378,000 221.5.58,000 142.208,000
central, north and west Texas_ -1Net
Northern Louisiana and Arkansas_(Gross 28,005,000 28,174,000 34,318,000
25,577,000 25,373,000 31,640,000
Net
Gross 18.007,600 17,969.000 20,430,000
Gulf coast
17,611,000 17.526.000 20,031,000
Net
Gross 27.298,000 27,279,000 28,129.000
Rocky Mountain
27,256,000 27,235.000 28,075.000
Net
258,772.000
Total pipe-line and tank-farnofGross 325,048,000 329,151,000 242,180.000
I Net 309,719.000 312,322,000
stocks east of California
165,000
52,000
106.000
Foreign crude petroleum on Atlantic Coast -444,000
37,000
233,000
Foreign crude petroleum on Gulf Coast
609,000
89,000
339,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crude
348,885,000 351,646,000 278.264,000
Petroleum east of California
Classification by Gravity (Approximate)
East of California
300,475,000 303,639,000 225,404,000
Light crude (24 deg. and above)
48,410,000 48,007,000 52,860,000
Heavy crude (below 24 deg.)
21,191,000 20,058,000 30,361,000
California-Light
92,555,000 91,797.000 87.270.000
Heavy (including fuel)
a Final figures.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM.
-1n Barrels.)
(From Bureau of Foreign & Domestic Commerce
November 1927,
Total.
Imports
From Mexico
From Venezuela
From Colombia
From other countries
Daily
.A verag
December 1927.
Total.
Daily
Average
January-December.
1927.
I 1926.a
1,864.000 62,100 1,327,000 42,800 26,019.000,40,398,000
2,748,000 91.6003.510,090 113,200 21,332,000,12,285,000
727.000 24,300 1,075,000 34,700 7,962.000, 3,621,000
I 297,000 9,600 2.843,0001 4.078,000
Total imports
5 339,000 178,00016,209,000 200,300 58,156,000160,382,000
Exports
Domestic crude oil:
To Canada
998,000 33,30011,412,000 45,600 13,036,000,12.983,000
To other countries.- _ 282,000 9,400 305,000 9,800 2,807,0001 2,423.000
1,000
Foreign crude oil
42.700 1.717.000 55.400 15,843,000115.407,000
Total exports
1,280,000
-No shipments to territories during December. •Final figures.
Note.
648
FINANCIAL CHRONICLE
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES.TO DOMESTIC CONSUMERS(BARRELS).
Domestic Petroleum by Fields
Of Origin.
November 1927.
December 1927.
Total.
Total.
Daily As.
January-December.
Daily As.
1927.
1926.a
Appalachian.__ 2,567,000
87.300 30,922.000 29,343,000
85,600 2,706,000
Lima-Indlana__
3,400 1,365.000 2,338,000
3,300
104,000
99,000
Michigan
1,100
1,100
435.000
33.000
33,000
94,000
ni.&S.W.Ind. 536.000 17,900 614,000 19,800 7,351,000 7,241,000
Mid-Continent 42,241,000 1,408,000 42,524,000 1,371,700 470,260.000 447.713,000
Gulf Coast__ _ _ 3,861,000 128,700 4,100,000 132,200 52,184,000 44,484,000
Rocky Mount'n 2,711,000
80,200 31,024,000 38,709,000
90,400 2,485,000
taffsel
, Deliveries de
exports._ _ 52,048,000 1,735,000 52,566,000 1,695,700 593,541,000 569,922,000
Or Deliveries_ 51,093,000 1,703,100 51,447,000 1.659,600582.971.000 559,900,000
Foreign petrol_ 5,298,000 176,600 6,459,000 208,400 58,676,000 60,179.000
"PS
Deliveries of
domestic &
for. petrol. 56,391,000 1,879,700 57,906,000 1,868,000 641,647,000 620,079.000
a Final figures.
NUMBER OF PRODUCING OIL WELLS COMPLETED.x
November 1927.
1
December 1927.
Jan.
-Dec. 1927.
Jan.
-Dec. 1926.a
I
14.680
905
19,013
x For States east of California, from "0 I& Gee Journal";for California, from the
American Petroleum Institute. a Final igures.
1,044
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES BARRELS).
Nov. 1927. Dec. 1927. Jan.
-Dec.'27 J'n.-Dec.'26a
Crude oil
Refined products
Gasoline
Tope
Gas oil
Fuel oil
Lubricants
864.000
1,466.000
940,000
886.000
1,549,000
934,000
10,691,000
23.010.000
11,675,000
382,000
75.000
69.000
542,000
72,000
1.000
4,028,000
6,952,000
355.000
11,104,000
23,149,000
8,453,000
224,000
5,800,000
8,115,000
557.000
a Final figures.
STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED
STATES DEC. 31 1927 (BARRELS).
Gasoline.
Kerosene.
Gas Oil &
Fuel Oil.
Lubricants.
East coast
Appalachian
Indiana. Illinois, &is
Oklahoma, Kansas, &o
Texas
Louisiana and Arkansas
Rocky Mountain
California
4,748,000
1,035,000
3,734,000
2,983,000
4,889,000
1,491,000
1,643,000
11,800,000
1,401,000
316,000
1,004,000
605,000
1,322,000
937,000
350,000
1,734,000
11,209.000
1,068,000
1,434.000
5,205,000
8,727.000
3,681,000
658,000
2,629.000
1,095,000
840,000
512.000
1,671,000
114,000
127,000
872,060
▪
P United States total
1927
32,323,000
30.401.000
4,197.000
1,413.000
7,669,000
7.841,000
1.236,000
911,000
131.982.000
133.637,000
7,004.000
3.120,000
7,860,0:*
7,524,000
1,606,000
113,000
U.S. total Nov.30
TOMO Gulf coast
Louisiana Gulfcoast
Other
Finished Unfinished
Coke
Asphalt Products
Was
Oils
(Pounds). (Tons). (Tons). (Bbls.). (Bids.).
East coast
Appalachian
Indiana, Illinois, sai
Oklahoma. Xantrae. ato
Texas
Louisiana and Arkansas
Rocky Mountain
California
56,754,000
24.890,000
16,353,000
2,904,000
8.745,000
43,875,000
13,642,000
51,000
33,300
1.200
36,700
58.000
82.800
63,600
69,500
89.500
500
23,900
1,600
10.900
32,700
9.400
52,300
90,000 6,666,000
105.000 1.151,000
433,000 3,627,000
101,000 2,259,000
10,000 9.327,000
143.000 2.016.000
23.000 1.522.000
316,000 y8.746,000
167,214,000 345,100 220.800 1221,000 35,314,000
United States total
171,700,000 349,200 196,200 1120,000 35,209,000
U.S. total Nov.30 1927
8.659,000 69,400 10.900
4,000, 8.167,000
Texas Gulf coast
43.875,000 61,100 32,300 136,000 1.582,000
Louisiana Gulf coast
x East of California. y Includes 1,615,000 barrels tops in storage.
Steel Industry Shows Marked Improvement in Demand
and Output With Rising Prices-Pig Iron Also Gains.
A marked increase in blast furnace operations in January,
fresh price advances and further evidences of heavier consumption reflect the growing strength of the steel market,
declares the "Iron Age" in its Feb. 2 market review. The
rapidity of recent gains in steel mill operations is given fresh
emphasis by the blast furnace statistics. A net gain of 16
active furnaces in the month, all of them steel works stacks,
is indicated by telegraphic reports of the "Age" on Jan. 31.
The nearest approach to this increase in recent years was a
gain of 14 furnaces in Dec. 1925. The Steel Corpporation
alone blew in 13 furnaces in the month and put out one, a
net gain of 12. The operations of this producer's plants now
average 84% as against 82 last week and 75 three weeks ago,
reports the "Age," adding:
I
For.,126.
Evidences of broadening demand are seen in the better showing in lines
that have been lagging, notably pipe and tin plate. Pipe mill operations
have increased to 70% of capacity, as compared with 60% a week ago.
Three orders for line pipe In early prospect total 300,000 tons, one alone
calling for 150.000 tons. An export inquiry for 15,000 tons of pipe is
active, and an order has been taken by an independent producer for 4,000
tons for Ontario, Canada.
In tin plate, specifications are expanding, and requirements this year.
according to reports from the canners' convention in Chicago, promise to
e:men those of 1927.
Wire mills are running at 70%, which represents virtually a peak rate
of operation in view of the surplus of producing capacity. Demand for wire
products has improved materially, and some mills are booked for 30 days.
The automotive industry has reached a good rate of production, although
not running at capacity. The payroll of the Ford Motor Co. numbered
90,000 as of Jan. 27, an increase of 4,000 since Jan. 14.
Railroad buying remains a major market factor. A Western road has
placed 14,000 tone of rails and Chicago mills are still figuring on 75.000 tons.
The Central RR. of New Jersey ordered 13,494 tons from the Bethlehem
Steel Co. Track accessories booked at Chicago total 25.000 tons. The
Pennsylvania RR. has purchased 600 passenger cars, an unusually large
order for such equipment, and freight cars bought by three roads number
1,250. For repairs to 1,000 cars the Norfolk & Western is inquiring for
8.000 tons of plates and small shapes.
Out of nearly 45,000 tons of fresh structural inquiry, 27,000 tons is for
railroad work. The Santa Fe alone will place 20.000 tons of bridge work.
Awards of fabricated steel total 29,000 tons, including 4,500 tons for a
bridge at Vicksburg, Miss., and 3,300 tons for New York subway work.
Pig iron shipments are increasing in some districts, reflecting better conditions among foundries, but sales, except at Cleveland, have not been
conspicuously large. Lake Erie furnaces sold 24.000 tons in the week,
much of It in small orders. Large stock piles on furnace yards are a deterrent to price advances. While current quotations are being fairly well
maintained, there are occasional concessions on the larger tonnages, true
particularly when furnaces of different districts meet In competition.
Total production of pig iron in January. according to preliminary estimates, was 2,866.468 gross tons, or 92.467 tons per day, a gain of 5,507
tons or 6.3% over the 86.960 tons per day in December. The net gain of
16 furnaces brought the total active at the end of the month to 185.
Exports of machinery from the United States in 1927 amounted to $435,476,591. a gain of9% over 1926. the largest total since 1920 and the second
largest total ever shipped abroad. Machine tools exported from the United
States in 1927 represented nearly double the value shipped In 1926, having
been $12,538,313. against $7,101,277.
Finished steel, on the basis of the "Iron Age" composite price, has advanced to 2.336c. a lb.. after holding at 2.314c. for six weeks. It is now
hither than at any time since early last October, but is 2)4% below the
level of a year ago. Pig Iron remains for a third week at $17.67 a ton,
according to the usual composite tables which we append:
Finished Steel.
Pig Iron.
Jan. 31 1928. 2.336c. a Lb.
Jan. 31 1928, $17.67 a Gross Ton.
One week ago
2.3140. One week ago
$17.67
One month ago
2.314o. One month ago
17.54
One year ago
2.396o. One year ago
19.21
10
-year pre-war average
1.689e. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at Valley
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago.
and black sheets. constituting 86% of the Philadelphia. Buffalo, Valley and BirUnited States output.
mingham.
Low.
High.
High.
Low.
1927_.2.453c. Jan. 4 2.293e. Oct. 25 1927...$19.71 Jan. 4 $17.54 Nov. 1
1926..2.453c. Jan. 5 2.4030. May 18 1926._ 21.54 Jan. 5 19 46 July 13
1925_2.560e. Jan. 6 2.396c. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
1924..2.789o. Jan. 15 2.460c. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923_2.824e. Apr. 24 2.446c. Jan. 2 1923__ 30.86 Mar.20 20.77 Nov.20
January with a pig iron total of 2,840,716 tons or an increase of 142,508 tons over December has arrested the eight
month decline in production and afforded further proof of
the expanding demand for iron and steel, observes the "Iron
Trade Review" of Cleveland in its Feb. 2 summary of conditions in the industry. The month's net gain of 15 active
blast furnace stacks, more than recouping the loss of capacity
in the entire fourth quarter, was largely made possible by
increased activity at steelworks, although heavy shipments
from merchant stockpiles indicate a much higher melt of iron
by foundries.
In both pig iron and finished steel the trend of consumption continues up. January steel ingot output will show
further improvement and the unfilled tonnage statement
of the United States Steel Corp, for Jan. 31 is expected to
reveal a moderate increase despite the fact contracting has
been subordinated to specifying and the wave of 1928 rail
buying is subsiding, the "Review" continues, adding further
data as follows:
Starting the year at a considerably lower level than in 1927, production
has overcome this handicap and almost registered the gain looked for
at this season. Steel corporation subsidiaries are operating this week at
about 85%. contrasted with 83% last week and 86% a year ago.' The
industry as a whole, at just over 80%. Is only a few points below last year's
gait. The Chicago district, again the pacemaker, is 5% better than a
year ago.
Several soft spots have developed, notably dragging specifications for
Encouraged by expanding business and, no doubt, more determined to sheets and tin plate in the Mahoning valley, but the
strengthening price
get better prices as a result of the poor showing of earnings for the last tendency is regarded as a corrective. All wire products save fencing
quarter of 1927. steel producers have announced fresh advances In quota- have been marked up $2 per ton. Most makers of autobody sheets now
tions. Following the lead of the Steel Corp. subsidiary, all makers of wire ask 4.15c, Pittsburgh, an advance of $3 per ton, and are
standing more
nails and plain wire have marked up prices $2 a ton. Most of the leading firmly on black sheets at 2.90c. Pittsburgh, blue annealed at 2.10c and
producers of automobile body sheets have restored the former base of 4.15c., galvanized at 3.75c. With makers of stripsheets firmer, blue annealed
pittsburgh, or $3 a ton above the recent ruling price, and there is more may be stepped up to 2.20c. Plates, shapes and bars, recently advanced
general acceptance of the $3 increase on cold-rolled strip announced by a $1 per ton to 1.85c, Pittsburgh, are scheduled for a further rise late in
February.
leading mill two weeks ago.
Steel bars are the most active of the heavy finished steel lines at both
The advance of Jan. 19 on plates, shapes and bars stimulated specifying
drove in considerable pending business. This reaction was most pro- PittsburAh and Chicago, specifications at Pittsburgh exceeding the weekly
d
flounced at Chicago, where the sales total for the week has been exceeded average for 1027. For this the cold bar finishers and forgers are chiefly
only twice in the past two years and the increase in specifications has pushed responsible, Indicating activity in the automotive industry not yet reflected
In sheets and other light products. Car builders are specifying plates
production up to 88% of ingot capacity.
From Chicago also come more definite indications of the gradual aban- heavier at Chicago. Shapes are passing to fabricators at a rate that is high
donment of short-term buying. Diminishing caution on the part of con- for the season and structural Inquiry, featured by 25,000 tons for New
sumers is reflected in longer commitments and corresponding improvement York subways, 23.000 tons for the Chicago Civic Opera !louse and 20,000
tons for Santa Fe RR. bridge work, still points to an active Spring.
In mill scheduling.
Mos. 4 1928.]
FINANCIAL CHRONICLE
Buyers of semi-finished steel are a little more disposed to order ahead
and,as in most finished lines, there is talk of higher prices on second quarter
material.
The $2 rise in wire products, except fencing, will have no real effect until
present contracts are worked off, but the new quotations are based upon
plain wire at 2.50c, Pittsburgh or Cleveland, and nails at $2.65. For wire
rods $44 is now asked at Pittsburgh and Cleveland and $45 at Chicago.
Heavier specifications are resulting in increased wire mill operations.
Track fastening sales have been brisk at Chicago, reaching 25,000 tons
in the past week. Rail inquiry at Chicago totals 75.000 tons. The
Pennsylvania RR. has set a new high record for passenger coach purchases
by placing 613. The St. Louis-San Francisco has broadened its car inquiry
to include 4,500. The Norfolk & Western, in addition to ordering 250
gondolas, will have 1,000 hopper cars repaired. The Chesapeake & Ohio
has awarded 500 gondolas.
Demands of automotive foundries in the Detroit and Cleveland districts
have brought January shipments of pig iron well over December, and February promises further expansion. Fifty cents more, or $18. furnace, is
now asked for iron at Detroit. Heavy sales in the Milwaukee district
marked the week at Chicago. Inquiry is moderately heavier in the New
York district. Pittsburgh presents a dull market, with prices unchanged.
Sales in eastern Pennsylvania mounted to 40,000 tons.
January pig iron output of 2,840.716 tons compares with 2.698,208 tons
in December. It is the best monthly total since last August but falls about
8% short of the 3,101.346 tons of January 1927. The January daily rate
of 91,636 is the highest since September, comparing with 87.039 tons in
December and 100,043 tons last January. At the close of January 184
stacks, or 15 more than at the end of December. were in blast. Not since
the last of August, when 189 stacks were active, have so many been producing.
The "Iron Trade Review" composite of 14 leading iron and steel products
is unchanged this week at $35.45.
649
BITUMINOUS COAL.
The total production of soft coal during the week ended Jan. 21,including
coked at the mines, is estimated at 9.729.000 net tons.
lignite and coal
This is a decrease of 1,136,000 tons, or 0.5%. from the output in tee
preceding week. Production during the corresponding week in 1927
amounted to 13,474,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons), lad. Coal Coked.
1926-27
1927 28-Week year to Date
Week year to Date
9,848,000 359,718,000 13,253,000 440.587,000
January 7
1,861.000
1,520,000 b2,209,000
1,858,000
Daily average
10,865,000 370,583,000 13,571,000 454,158,000
January 14_b
1.871,000
2,262,000
1,528,000
1,811,000
Daily average
9,729,000 380,312,000 13.474,000 467,632.000
January 21_c
1,880,000
2.246.000
1,530.000
1,621,000
Daily average
a Minus one day's production first week in April to equalize number of days in
the two coal years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the present coal year
to Jan. 21 (approximately 249 working days) amounts to 380.312.000 net
tons. Figures for corresponding periods in other recent coal years are
given oelow:
456,745,000 net tons
1926-27
467,632,000 net tons 1923-24
332,281,000 net tons
1925-26
430,246,000 net tons 1922-23
above, the total production
As already indicated by the revised figures
of soft coal for the country as a whole during the week ended Jan. 14 is
estimated at 10,865,000 net tons. This is 1,017,000 tons greater tnan the
output in the preceding week, in which working time was curtailed by the
Preliminary Figures Show Sharp Gain in January
Pig Iron Output.
Preliminary estimates of the January pig iron production,
gathered by wire by the "Iron Age" on Tuesday Jan. 31,
indicate a sharp increase over December. With the output
for the last day or two calculated by producing companies,
the production of coke pig iron last month was 2,866,468
gross tons, or 92,467 tons per day. This compares with
2,695,755 tons, or 86,960 tons per day, in December, also a
31-day month. The January increase in daily rate was
therefore about 6.3%.
The feature of the January operations was the net gain of
16 furnaces. The incomplete returns indicate that 20 furnaces were blown in and four blown out or banked. This is
the largest net increase in many months, the nearest approach having been one of 14 furnaces, in December 1925.
The United States Steel Corp. is credited with 13 of the 20
furnaces blown in, seven being Carnegie Steel Co. stacks
and five furnaces located in the Chicago district. Only one
Steel Corp. furnace was blown out, giving that organization
a net gain of 12 stacks for the month. There were six independent steel company stacks blown in and two blown out,
with one merchant furnace started up and one shut down.
According to the data, there were 185 furnaces operating on
Jan. 31.
The actual output will be published next week.
New Year holiday.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Soft Coal by States (Net Tons).
Total Production for Week Ended- January
Average
Jan. 16
Jan. 15
Jan. 7
Jan. 14
1923.a
1926.
1927.
1928.
1928.
State434,000
474,000
338,000 499,000
375,000
Alabama
283,000
282,000
285.000
286.000
329.000
Ark., Kan., Mo.& Okla
257,000 226,000
240,000
210,000
231,000
Colorado
1,408,000 1,495.000 1,948.000 1,762,000 2.111.0(0
Illinois
659,000
585,000
640.000
326,000
467,000
Indiana
140,000
108,000
144.000
65,000
70,000
Iowa
607,000
997.000
911,000 1,008.000
981,000
Kentucky-Eastern
240.000
404.000
363,000 379.000
388,000
Western
55,000
71,000
80.000
49,000
62.000
Maryland
32,000
20.000
17,000
17,000
16,000
Michigan
82,000
64.000
70,000
81,000
81,000
Montana
73,000
65.000
63.000
60,000
70,000
New Mexico
50,000
28,000
31.000
56,000
51,000
North Dakota
814.000
657.000
782,000
140,000
187.000
Ohio
2,616,000 2,309,000 3,410,000 3,485,000 3,402,000
Pennsylvania (bituj_
130,000 133,000
136,000
103,000
116,000
Tennessee
26.000
22,000
25,000
18,000
24,000
Texas
103.000 109,000
105,000
129,000
133,000
Utah
297,000 211,000
284,000
225,000
254,000
Virginia
74.000
53.000
61,000
46,000
48,000
Washington
West Virglnia-Southern.b 1,982,000 1,742,000 2,255,000 2,123,000 1.168,000
728,000
809.000
935.000
710,000
770,000
Northern _c
186.000
157,000
172,000
167,000
203,000
Wyoming
7,000
4.000
2,000
2,000
3,000
Other States
10,865,000 9,848,000 13,571,000 12,957,000 11,850,000
Total bituminous
37,000 1,968.000
1,591,000 1,286,000 1,834,000
Pennsylvania anthracite
12,456,000 11,134,000 15,405,000 12,994,000 13,818,000
Total all coal
a Average rate maintained during the entire months. b Includes operations on
the N.& W.. C. & 0., Virginian, K.& M., and Charleston division of the B. & 0.
c Rest of„,State, including Panhandle.
ANTHRACITE.
Tne total production of anthracite during the week ended Jan. 21 is
estimated at 1.103,000 net tons, a decrease of 488,000 tons, or 30.73.
from the output in the preceding week.
Estimated United States Production of Anthracite (Net Tons).
1926-27
1927 28--Cal. Year
Cal. Year
to Date.*
Week.
to Date.
Week.
Week Ended1,368,000 74.554.000
63,427,000
7
1,286,000
January
1.834,000 76,388,000
1,591,000 65,018,000
January 14_13
1,488,000 77,876,000
1.103.000 66,121.000
January 21_c
a Minus one day's production first week in April to equalize number of days In
c Subject to tevision.
the two years. b Revised since last report.
BEEHIVE COKE.
Toe production of beehive coke for the country as a whole continues at
a rate between 80,000 and 90,000 tons a week. The total output during
the week ended Jan. 21 is estimated at 84,000 tons, a decrease of 6.000
tons from the output in the preceding week.
Estimated Production of Beehive Coke (Net Tons).1928
1927
Week Ended
to
tO
Jan. 21 Jan. 14 Jan. 22
Date.
1927
1928.b 1928.
424.000
174.000
61.000 146.000
57,000
Pennsylvania and Ohio
42,000
46,000
14.000 15,000 19,000
West Virginia
19,000
13.000
6,000
4,000
Ala., Kentucky,Term.& Georgia 4,000
20.000
13,000
7,000
4,000
4,000
Virginia
16,000
7,000
5.000
3,000
2,000
Colorado and New Mexico
12,000
8,000
3.000
3,000
3,000
Washington and Utah
537,000
257,000
84.000 90,000 186,000
United States total
30,000
14,000
14,000 15,000 31,000
Daily average
a Minus one day's production first week in January to equalize number of day
In the two years. b Subject to revision.
Coal and Anthracite Production Shows
Decline-Coke Output Also Falls.
Considerable declines in the production of both bituminous
coal and coke were noted by the United States Bureau of
Mines for the week ended Jan.21. The output of bituminous
coal fell from 10,865,000 net tons in the week of Jan. 14 to
9,729,000 net tons in the week of Jan. 21. Compared with
the output in the corresponding week of 1927, when production amounted to 13,474,000 net tons, the loss is 3,745,000
net tons. Anthracite production in the week of Jan. 21 was
1,103,000 net tons, compared with 1,591,000 net tons in
the week of Jan. 14. In the corresponding week one year
ago, 1,488,000 tons were produced, a loss in the current
From preliminary car loading figures the National Coal
year of 385,000 net tons. The statement of the Bureau of Association estimates the production of bituminous coal for
the week ended Jan. 28 as slightly under 10,000,000 net tons
Mines is as follows:
Bituminous
Current Events and Discussions
Larger holdings of discounted bills were reported by 7 of the Ite,er‘o
The Week with the Federal Reserve Banks.
banks, the largest increases. $18,800,000 and $17,800,000. being reported
consolidated statement of condition of the Federal by the Federal Reserve banks of Boston and Philadelphia, respectively,
The
decrease
Reserve banks on Feb. 1, made public by the Federal Re- while the Federal Reserve Bank of Chicago reports abought inof $5,400,000
open market
System's holdings of bills
serve Board, and which deals with the results for the 12 In discounted bills. The
of
increased $30,100.000 and of U. S. bonds $5.700.000. Thile holdings
Reserve.banks combined, shows increases of $38,200,000 in Treasury notes declined $11,200.000 and of certificates of indebtedness
holdings of discounted bills, $30,100,000 in bills bought in 51.800,000.
Federal Reserve note circulation was $7,900,000 less than a week ago.
open market and $50,000,000 in member bank reserve de- Increases of $2,500,000 at the Philadelphia bank. $2,200,000 at New York
decreases of $17,400,000 in cash reserves, $7,200,- and $1,200,000 at Boston being more than offset by decreases at the nine
posits, and
$6,100,000, being reported by
other
000 in Government securities and $7,900,000 in Federal Re- the Reserve banks, the largest decrease,
Federal Reserve Bank of Cleveland.
circulation. Total bills and securities were $61,serve note
The statement in full, in comparison with the preceding
100,000 above the amount held a week ago. After noting
week and with the corresponding date last year, will be founcl
facts, the Federal Reserve Board proceeds as follows:
these
(VOL. 126.
'FINANCIAL CHRONICLE
650
:on subsequent pagee—namely, pages 682 and 683. A sum- Complete Returns of the Member Banks of the Federal
mury of changes in the principal assets and liabilities of the
Reserve System for the Preceding Week.
•Ateserve banks during the week and the year ending Feb. 1
As explained above, the statements for the New York and
1928 is as follows:
Increase (-1-) or Decrease(—) Chicago member banks are now given out on Thursdays,
During
simultaneously with the figures for the Reserve banks themWeek.
Year.
—$17,400,000 —$158,000,000 selves, and covering the same week, instead of being held
,Total reserves
—20,100,000 —162,900,000
, Gold reserves
+61,100.000 +206,300,000 until the following Monday, before which time the statistics
,Total bills and securities
+38,200,000
+30,200,000
, Bills discounted, total
+33.700,000
Secured by U. S. Govt. obligations
+92,900,000 covering the entire body of reporting member banks, now
+4,500.000
Other bills discounted
—62,700,000 652, cannot be got ready.
In the following will be found the comments of the Federal
+30,100,000
' Bills bought in open market
+48,300,000
Reserve Board respecting the returns of the entire body of
—7,200,000 + 129,800,000
V. S. Government securities, total
Bonds
+8.600,000 reporting member banks of the Federal Reserve System for
+5.700,000
—11,200,000 +139,800,000 the week ending with the close of business Jan. 25:
Treasury notes
Certificates of indebtedness
—1,800,000
—18,500,000
--7,900,000
--109,500,000
The Federal Reserve Board's condition statement of 652 reporting member banks in leading cities as of January 25 shows declines for the week of
$176.000,000 in net demand deposits, of $126,000.000 in loans and discounts, and of $30,000,000 In borrowings from tho Federal Reserve banks,
'
Total deposits
+50,300,000 +153,700,000
and increases of 227,000,000 in time deposits and of $19.000.000 in
+50,000,000 +162,700,000
Members' reserve deposits
+2,200,000
—8,800,000 Investments.
Government deposits
Loans on stocks and bonds, including United States Government obligations, were 845,000,000 below the January 18 total at all reporting
banks, reductions of $21,000.000 and of $20,000,000, respectively, being
Returns of Member Banks for New York and Chicago shown for the Boston and Philadelphia districts, and
an increase of $14.000,Federal Reserve District—Brokers' Loans.
000 for the New York district. "All other" loans and discounts declined
Beginning with the returns for June 29 last, the Federal in nearby all districts, the decrease for the New York and Chicago districts
being $50,000,000 and $19,1)00,000 respectively, and for all reporting mem„Reserve Board also began to give out the figures, of the ber banks $81,000,000.
;member banks in the New York Federal Reserve District
Holdings of United States Government securities Increased 846,000,000
• as well as those in the Chicago Reserve District, on Thurs- In the New York district, $12,000,000 in the Chicago district, and $56,000,while
;days, simultaneously with the figures for the Reserve banks 000 at all reporting banks,in theholdings of other bonds, stocks, and securChicago district and $37,000,000 at all
ties declined $24.000,000
:themselves, and for the same week, instead of waiting until reporting banks.
Net demand deposits, .which were $176,000,000 below the preceding
the following Monday, before which time the statistics coverin nearly all d:stricts, the principal decreases by
week's
ing the entire body of reporting member banks—now 652— districtstotal, declined
being: New York $95.000,000, Chicago $29.000,000, Philadelphia
cannot be got ready.
$25,000,000, San Francisco $18.000,000, and Boston $17,000,000. Rethe Cleveland and Richmond disticts show In
; The following is the statement for the New York member porting member banks in$8,000,000,
creases of $10,000,000 and
respectively, in net demand deposits.
..banks and that for the Chicago member banks thus issued Time deposits increased $27,000,000 at all reporting member banks.
in:advance of the faL statement of the member banks, which
The principal changes in borrowings from Federal Reserve banks comprise
:Utter will not be available until the coming Monday. The an increase of $28,000,000 at reporting member banks in the Now York district, offset by declines of $19.000,000 in the Chicago district, $15,000,000
; New York statement, of course, also includes the brokers' In the Cleveland district, $7,000,000 in the Philadelphia district, and
reporting member banks, which this week show $6,000,000 In the Boston district, all reporting member banks showing a
loans of the
decline of $30,000,000 in
an increase of $27,135,000, the grand aggregate of these loans net summary of the principal borrowings.
assets and liabilities of 652 reporting member
A
:lor Feb. 1 being $3,815,820,000. This total is only $3,753,- banks, together with changes during the week and the year ending Jan.
follows:
000 under the record total of $3,819,573,000 as reported on 25 1928,
Increase +) or Decrease (-1
Jan. 11.
During
Jan 25 1928,
Year.
Week.
• CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES,
Loans and investments—total
21.762,762,000 —107,372,000 +1,922,609,000
New York-49 Banks,
Feb. 1 1928. Jan, 25 1928, Feb. 2 1927. Loans and discounts—total
15,199,703.000 —126,402,000 +953,338,000
$
Loans and investments, total
7 222,043,000 7,201,773,000 6,270,217,000
Secured by U.S. Govt. obligations 123,996,000 —2,646,000
—19,185,000
Secured by stocks and bonds
6,486,874.000 —42,878,000 +905.999,000
Loans and discounts, total
5,219.403,000 5,189,848,000 4,515,410,000
All other loans and discounts
8,588,833,000 —80,878,000
+66,524.000
Federal Reserve notes in circulation
Secured by U.S. Govt.obligations_ 60,255,000
48,907,000
56,136,000
Secured by stocks and bonds
2,612,346,000 2,566,875,000 2,057,204,000
2,546,802,000 2,576,066,000 2,402,070,000
All other loans and discounts
2,002,640,000 2,011,925,000 1,754,807,000
Investments, total
U.S. Govt.securities
Other bonds, stocks and securities_
1,098,405,000 1,103,545,000
_ 904,235,000 908,380,000
Reserve with F. R.Bank
Cash in vault
778,017,000
48,468,000
722,753,000
51,824,000
854,353,000
900,454,000
667,348,000
57,052.000
5 607,377,000 5,497,155,000 5,031,796,000
1,097,260,000 1,102,154,000 925,687,000
23,218.000
24,442,000
33,518,000
110,746,000
99.016.000
96.690,000
1,435,240,000 1,316,944,000 1,100,362,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R.Bank, total
74,758,000
Secured by U.S. Govt. obligations_ _
All other
84,000,000
44,540,000
69,200.000
5,558,000
68,600,000
15,400,000
40,600,000
3,940,000
Loans to brokers and dealers (secured by
stocks and bonds):
brown account
1 267,004,000 1,275,055,000 885,123,000
For account of out-of-town banks_ _1,496,999,000 1.472,135,000 1.123,780.000
For account of others
1,051,817.000 1.041,495,000 721,098,000
Total
3 815,820,000 3,788,685,000 2,730,001,000
On demand
On time
2,914,263,000 2,893,797.000 2,050,325,000
901,557,000 894,888,000 679,676,000
Chicago
-43 Banks.
Feb. 11928. Jan. 25 1928. Feb. 2 1927.
oans and investments, total
1 970,408,000 1,976,739,000 1,844,251,000
Loans and discounts, total
1 459,454,000 1,459.839,000 1,418,237,000
Secured by U.S. Govt. obligations_ 14.208,000
Secured by stocks and bonds
747,234,000
All other loans and discounts
698,012,000
Investments, total
510,954,000
237,527,000
U. S. Govt. securities
Other bonds, stocks and securities_ _ _ 273,427,000
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
189,013,000
17,129,000
14,015,000
753,293,000
692,531,000
13,241,000
703,407,000
701.589,000
516,900,000
426,014,000
240,374,000 178,416,000
276,526,000 247,598,000
190,202,000 161,714.000
17,715,000 20,259,000
1.287,319,000 1,304,017,000 1,209.470,000
648,251.000 641,239,000 583,925,000
3,739,000
3,805.000
5,644,000
142,863,000
374,369,000
137,788,000
368,287,000
144,907,000
367,186,000
Borrowings from F. R.Bank. total
10,576,000
14,525,000
15,824,000
Secured by U.S. Govt. obligations
Another
7.835,000
2,741,000
9,000,000
5,525,000
12,878,000
2,946,000
Investments—total
6,563,059,000 +19,030,000
+969,271,000
U. S. Government securities
3,016,510,000 +55,989,000
Other bonds,stocks and securities. 3,546,549,000 —36,959,000
+647,016,000
+322,255,000
Reserve with Federal Reserve Banks 1,733,719,000 —70,536,000 + 127,608,000
Cash in vault
—19,252,000
249,337,000 —7,130,000
Net demand deposits
Time deposits
Government deposits
13,781,004,000 —175,969,000
6,661,646,000 +27,455,000
80,766,000 —8,506,000
Due from banks
Due to banks
+878,546,000
'(-728,136,000
—38.822,000
1,186,358,000 —58,187,000
3,595.885,000 —43,022,000
Borrowings from F.R.banks—total_
260,602,000 —30,033,000
+63,498.000
Secured by U.S. Govt. obligations
All other
193,737,000 —22,176,000
66,865,000 —7,857,000
+79,572,000
—10,074,000
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases
for publication to-day (Feb. 4) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
AUSTRALIA
Business continues quiet in all sections of Australia. General rainfall
has been reported during the past week from Victoria, South Australia
and the western part of New South Wales, The Railway Commission
has recommended an important reduction in personnel to cut this year's
deficit, which is estimated to be in the neighborhood of 11,000,000, and
New South Wales announces that its transport service will be reorganized during the first half of the present year. Keen competition and
very firm prices continue to characterize wool sales.
BRITISH INDIA
Economic conditions in India at the close of 1927 were better than
at any time since 1918. An unbroken series of good crop years, together
with good foreign demand for India's soil product and comparative
domestic tranquility, are mainly responsible for this state of comparative prosperity. The outlook for 1928 is good, with a healthy trend
indicated for practically all sections of the country.
CANADA
The extension of transportation and communication facilities of the
Dominion will figure prominently in the Parliamentary session which
opened on January 26. Harbor works at Fort Churchill, in anticipation
of the completion of the Hudson Bay Railway, an aircraft terminal for
trans-oceanic craft at Montreal, and provincial railway problems were
mentioned in the Speech of the Throne, and it is indicated that pro-
FEB. 4
19281
FINANCIAL CHRONICLE
651
prosperous in all lines. Bank deposits
be introduced. general situation appears to be
posals for commercial treaties with several countries will
collections have been slower. Retail trade has been
fostered through government are normal but
who have inIndustrial and scientific research will be
satisfactory as a result of larger purchases by tourists, last year.
with
aid in improving available facilities.
creased approximately 47% in number as compared
Montreal, CalTrade collections are reported as fair to improving in
JAPAN
gary and Edmonton, and somewhat slower in Halifax.
on January 21, and
The dissolution of the Japanese Diet took place
COSTA RICA
that the new Diet will convene probably early in April.
Rica is generally satis- it is expected
results of the general election to be held
The business of financial situation in Costa
although It is not anticipated that the
factory and there is every evidence of continuing prosperityChristmas on February 20 will have any serious effect upon business in Japan.
the
a slight natural depression in all lines of trade followed
MEXICO
grinding are well
and Lindbergh holidays. Coffee picking and sugar
during Janularger
While minor improvements in some lines were reported business deadvanced. The present coffee crop is estimated locally to be
attractive. ary, the basic economic situation remains unchanged and
than last year's and local and foreign market conditions are
The depression
pression continues without any substantial alleviation.
in sight.
DENMARK
in the textile industry continues serious, with no improvement
is noticeable in Denmark's economic During January business suffered from interrupted transportation on
A very limited improvement
in
traffic has again
situation. The depression caused by the deflation period is believed
both the West Coast and the Gulf. However, railroad
of the
Denmark to run its course, adding confidence to Danish industry and been resumed on the west coast. In view of the withdrawal
with a slight vessels of the National Navigation Line from the Gulf traffic, the
'trade. The money market remained tight during December
to carry coastwise
relief through the influx of foreign capital. Loans and discounts con- Federal Government is authorizing foreign vessels promulgated to the
tinued to increase while deposits again declined. Foreign exchange freight and passengers. A decree was recently first-class mail would
holdings advanced about 22,000,000 crowns. During the first three effect that beginning January 21 the postage on service.
weeks of January note circulation contracted and was about 57,000,000 be increased so as to provide a fund for air mail
The gold cover correspondingly
crowns less than on December 23.
NETHERLAND EAST INDIES
Chinese New
increased to 65 per cent. The stock exchange was bullish with a firm
Retail buying of the past week was active, following
All
anticipation of annual dividend payments.
'tendency largely in
volcanic disturbances in West Java are
celebration. Continued
Insurance
groups showed a rising tendency for the period December 27 to January Year
some apprehension in nearby business centers.
21. The greatest gain was in banking shares which advanced six causing
sustained on the west
improvement. companies are refusing all consequential risks
points. Industrial and commercial activities show a slight
Java coast.
Shipping activity however, is low with an average idle tonnage of
NEW ZEALAND
54,000 tons for the month of January as against 28,000 tons for
Dairy
New Zealand's outlook for 1928 is considered to be good.
-December. The latter part of January brought a slight relief in Or
record proporproduction during the latter half of the old year was of
heavy unemployment.
wool
tions, and the wool clip was heavy and of good quality. High
it is
DOMINICAN REPUBLIC
prices have been maintained throughout the present season, and sales.
The continuance of grinding on the sugar estates and the resultant anticipated that good prices will be realized at all remaining
wider circulation of wages created a general improvement in business Banking returns indicate nearly normal financial conditions, unemand more active retail trade in the Dominican Republic in January. ployment is disappearing, foreign trade is being conducted on a normal
Imports are arriving in favorable volume and exports have been satis- basis, and, generally speaking, the business community is facing the
factory with stocks on hand sufficient for immediate needs although new year with optimism. Building activity has been renewed and imthe dry goods trade appears to be somewhat over-stocked. Coffee move- ports for December were very high for that month.
•ment continues active and 50% of the shipments made have been to
PERU
the United States and Cuba. The winter cacao crop has been shipped
not
January commercial transactions were below expectations, and did1927
entirely to the United States. Sugar grinding is somewhat retarded
reporting low profits on
cane caused by insufficient exceed the 1926 volume. Merchants are
by the reported low sucrose content of the
economic situation of the country
rainfall in the southern areas while the heavy rains in the north have sales and though they feel that the change in the existing trade dullbeen beneficial to the tobacco and cacao crops. Private and govern- is thoroughly sound, they expect no
mental construction has been active. The second installment of the ness before June.
Building activities exceed those of 1927, the employment situation, is
$10,000,000 loan authorized in 1926 has been awarded to an American
cotton
normal and collections have been satisfactory. Both sugar and
company.
crops are in good condition and give promise of exceeding the 1926
ECUADOR
crops.
The general business situation continues to be very unsatisfactory.
PHILIPPINE ISLANDS
Cacao receipts at Guayaquil since December 22 were 29,600 quintals,
With arrivals of copra at Manila practically nil during the past
and exports during the same period amounted to 29,200 quintals. The
soon to close, as
price of Arriba Superior grade of cacao in January 26 was 61 sucres week, three oil mills closed down and others are are above the oil
per quintal, as compared to 58)4 sucres in December 22. Prospects for reserve stocks of copra are depleted. Prices, whichof 139 pounds for
the cacao crop are considered still good, with no monilla and little parity, remain unchanged at 13.25 pesos per picul
12.75 pesos,
witchbroom, (two plant diseases) because of continued dry weather. resecado (dried copra) delivered at Manila; Hondagua, continues to
This weather condition however, has had an adverse effect upon the and Cebu, 13.75 pesos. (1 peso equals $.50.) Dullness early in the
rice crop. Stocks in hand as of January 26, together with recent characterize the abaca market, with little London business trading is
States. Local
average prices per quintal were: 14,000 quintals of cacao, 59 sucres; past week and no demand from the United continue steady. Present
2,000 quintals of coffee, 80 sucres; 500 quintals of hides, 75 sucres; only fair. Stocks are heavy, but receipts
picul for grade F; I, 28; JUS, 23.50;
600 quintals of rubber, the price of which has fluctuated between the price quotations are 32 pesos per
opening quotations of 114 sucres per quintal and the closing price of JUK, 18.75; and L, 17.50.
POLAND
104 sucres.
ESTONIA
Receipts of revenues from taxation and State monopolies for Decemshowing a decrease
On January 1, 1923 Estonia made regular payments on debt account ber totaled 225,000,000 zlotys (par ,value, $0.112),
from the same sources
to England in the amount of £7,530 and 52,000 crowns to Sweden and of 9,400,000 zlotys as compared with the receipts
tax collections in
in addition over 100,000,000 Estmarks were credited to the account of for the preceding month (the banner month for December of 1926.
the League of Nations trustee in accordance with the terms of the 1927), and an increase of 34,000,000 zlotys over December 31, 1927,
The balance sheet of the Bank of Poland as of
recent international loan.
gold reshows an increase for the month of 45,731,000 zlotys in the
FRANCE
of
serve and supplies of foreign currency and bills, bringing the total
The debate that began in the Chamber of Deputies on January 24 on
policy indicates practical unanimity in favor of early stabiliza- both items up to 1,207,400,000 zlotys.
financial
PORTO RICO
tion of the currency. However, no action along this line is probable
being
before the elections scheduled for May. The Government has announced
Business is seasonally dull in Porto Rico but the wages now Juan
its intention to present immediately a bill to provide for additional is- paid on the sugar estates and the forthcoming carnival in San
activity is expected in the
creases in import duties which would affect especially agricultural items have slightly accelerated business and more
on which the duties have not yet been modified, and certain industrial next few months. Weather is favorable to crops except in limited areas
products which presumably would be confined to those not covered in of the south coast where the drought is being slightly felt. As a
the Franco-German treaty lists.
result the sugar outlook is better and prospects are for an increased
yield over December estimates of 536,000 long tons. No important
GERMANY
tobacco sales have been made but continuous returns from steady shipThe cost of living in Germany during 1927 increased rather con- ments are enabling farmers to repay part of their obligations. Picking
siderably, from 144.6 in January to 151.3 in December (1913 equals of the new tobacco crop has started with reports of a leaf of better
10n0); the December index was the highest for the year. As a matter quality but of smaller size than usual, and the yield is expected locally
of comparison, the average general index for 1926 was 141.2.
to be about half of last year's which was 47,000,000 pounds. The
hardware and furniture trades shared in the general improvement in
GUATEMALA
still low.
General business in Guatemala during January was very good. Flour collections but the drug trade is
SALVADOR
sales were unprecedented for January and automobile sales were quickened. Building and construction were very active, and amongst the
A very evident tendency towards greater business activity has been
more important contracts were those for two steel frame store and noted during the month of January. Government finances are showing
office buildings. One company alone now has twenty-two houses under improvement. A local estimate of the 1927-28 coffee crop is placed at
construction. The coffee market is very dull; prices are slightly higher the record total of 800,000 bags. Heavy shipments of coffee and the
than in December, but few offers are being received as most of the good prices received for it have produced a feeling of general optimism.
The demand for money is strong,
crop was sold before January.
SPAIN
especially for long terms but the few loans being made are at the
The Spanish budget for 1928 which places expenditures at 3,257,rate of 12%. All the moving picture theaters are closed as a result
3,258,520,000 pesetas furthers the
of the excessive special tax. Practically 98% of all the films imported 590,000 pesetas and revenues atreflects the generally improved finanimprovement shown last year and
are from the United States.
cial condition of Spanish finances. The 1927 budget with an estimated
HAITI
deficit of 60,000,000 pesetas was a considerable improvement over the
received from shipments of the coffee crop during Decem- previous statements. This year there is an estimated surplus of
The returns
ber and January were reflected in the better commercial tone evident in revenue over expenditures of 900,000 pesetas.
Haiti during the past two months. However, it is not expected that
SWEDEN
there will be any significant increase in imports during the next few
Hoping that an early settlement would be possible the saw mill
months. Total exports and imports in the calendar year 1927 practically
to January 30. A referendum probalanced, but the total trade was below the average of the three preced- sympathetic lockout was postponed committee to the wood pulp workers
years, exports in 1927 showing an appreciable decrease as coin- posed by the Government mediation
ing
providing reduction of wages was rejected by the workers resulting in
pared with those of 1924, 1925 and 1926.
a prolongation of the lockout. A satisfactory settlement has not yet
JAMAICA
been reached with the Grangesberg mine workers in northern Swedish
strike because of a wage reduction
Economic and commercial conditions in Jamaica during January con- mines who declared a sympathetic Swedish mine workers employed by
the uninterrupted improvement of preceding months and the of ten per cent affecting Central
tinued
652
FINANCIAL CHRONICLE
the same company. The entire labor dispute on January 30 included
approximately 18,000 wood pulp workers, 17,000 saw mill workers, and
5,000 iron mine workers.
TRINIDAD
Improved weather conditions have increased the January cacao production to approximately 145,000 pounds daily and a considerable increase in the movement of this crop is expected in February. Exports
of cacao in the calendar year 1927 amounted to 51,934,857 pounds, an
increase as compared with shipments in 1926 which amounted to 50,067,881 pounds. The prospects for the sugar crop are excellent and
grinding has begun. The production of crude oil and asphalt continues
at a steady level and major agricultural and business conditions are
normal.
UNITED KINGDOM
The British balance of payments for the calendar year 1927, according to a British officials estimate shows a credit balance that is, the
net increased equity of the United Kingdom abroad in long-term and
short-term investments of £96,000,000, as against the revised estimate
of £7,000,000 debit balance for 1926. The estimate for 1927 indicates
an improvement of 142,000,000 over the balance calculated for 1925
and £10,000,000 over that for 1924. In foreign trade in merchandise
and bullion there was a net excess of imports of £392,000,000 which
was more than offset by invisible exports estimated to have totaled
£488,000,000. The latter figure includes a net shipping income of
£140,000,000; net income from oversea investments £270,000,000; and
net short-term interest, commissions and other services, £78,000,000.
The comparable estimates for 1925 were £124,000,000, 1250,000,000,
and £75,000,000, respectively.
In the coal trade an important marketing development is the agreement between the South Wales mine owners and exporters' associations
to standardize dimensions of steam sized coals and to sell by numbers
instead of by names as at present. It is thought, that the agreement
will come into effect on April 2. A similar move in respect to anthracite coal is under consideration. Also, the matter of fixing production
quotas under the Yorkshire scheme is now being considered and added
support indicates that 45% of the total British coal output may be
included in this scheme. A slight reduction in general unemployment
is indicated by the total of 1,194,000 persons on the registers as seeking
employment on January 16.
URUGUAY
The retail trade suffered a normal slight setback during the first
post-holiday weeks and, since the middle of the month the largest
retailing firms, have been featuring the usual January sales.
The
import and wholesale trade, however, has been maintained at a level
equal to that of the preceding month. This is a transition season and,
therefore, it is not expected that January imports, expressed in tariff
values, will amount to over 6,500,000 pesos. On the other hand, the
month was characterized by exceptionally heavy exports of wool, frozen
beef and other meats, hides and skins. Although the frigorificos killed
almost twice as many cattle in January as in December, cattle prices
continued low, but towards the end of the month frigorifico stock prices
showed considerable firmness, a condition which is taken as an indication that prices will rise. Sheep prices are expected to continue declining inasmuch as the killing season is drawing to a close. The cattle
hide market which broke slightly early in January recovered and
closed firm but buyers do not show any great interest in this commodity, in spite of the fact that few cattle hides have arrived on the
market and the visible stocks are light, estimated locally at about
100,000. It is stated locally that the entire 1927-28 wool crop will
be sold before the end of February. Exports up to January amounted
to about 80,000 bales. Wholesale prices of all grades of wool are firm
except that crossbreds are showing a tendency to rise.
The banking situation was good. The demand for accommodation
loans was greater and the field for investments funds wider. Bank
clearings are expected to be as large as those of December which
amounted to 95,300,000 pesos. Dollar and sterling exchange was firm.
Bank and trade collections were easy. No important commercial failure
has been reported.
WESTERN NICARAGUA
Business conditions in Western Nicaragua, although still satisfactory,
have not further improved during the month of January. Collections
were fairly good but recent heavy importations have resulted in an
increase of retail stocks and keener competition. Imports in the first
26 days of January through the port of Corinto amounted to 3,700 tons,
which is considerably larger than the total for December. Statistics
compiled from ships' manifests show that total imports arriving at
Corinto during 1927 were 44.975 metric tons, an increase of about
8% over 1926. The volume of exports to date in January amounted to
2,500 tons as compared to 1,038 tons for the entire month of December.
[VoL.126.
Mr. Bogert in declaring that control of Canadian banks
by American interests was impossible, said:
—The United States continued to invest heavily in all classes of Canadian securities during 1927 and bank stocks were in particular favor;
the buying movement in them has been so pronounced that rumors have
been circulated and articles have appeared in the press to the effect that
American interests were engaged in an effort to obtain control of Canadian banks, but there is no foundation for these stories, and such a
consummation is a practical impossibility. The fact is that United
States investors, individually and through the medium of investment
trusts, have been attracted to our bank stocks because the yield is more
remunerative than that of their own bank shares of equal class, which
have risen to very high prices, but considerable as the outside buying
has been the percentage of foreign-held shares, compared to the total.
still represents only a small minority. In the case of the Dominion
Bank, the number of United States shareholders increased noticeably
during the year, but this has no particular significance. Needless to
say, we welcome the newcomers, but it is appropriate to suggest to our
old Canadian shareholders that their investment, which appears so attractive to strangers, should be doubly so to them."
As to the Canadian debt, Mr. Bogert had the following
to say:
"We have to congratulate both the country and the Minister of
Finance upon the retirement during the year of $55,000,000 of the national debt. Our hope, of course, is that reductions will continue, but
we would prefer to see adopted a definite plan of repayment by annual
instalments, such as is now in force in the Province of Ontario.
"The outlook for the present year is excellent, the faith of Canadians
in their country's future is proverbial, but it has never rested upon a
firmer foundation."
In the course of his address Mr. Bogert summarized
the prosperous condition of Canada in the following
words:
"The confidence with which Canada began the year 1927 has proven
well justified. Sound progress has been made in most lines, and the
prosperity which has been re-established during the last two years appears likely to continue. The outlook for the present year is excellent.
The faith of Canadians in their country's future is proverbial but it has
never rested upon a firmer foundation."
A. W. Austin, President, said "that the year just closed has been in
many respects Canada's best since confederation. Those Canadians
whose recollections go back to 1867 cannot, when comparing conditions
then and now but feel satisfaction and pride in the progress that in
spite of periodical setbacks remains as the net result of sixty years.
We can now look forward with confidence to a reasonable measure of
fulfillment of a famous prophecy—The Twentieth Century will belong
to Canada."
New York Trust Co. on Credit Position of Great Britain
and America—American Investments in Foreign Sesurities Less Than Great Britain's.
Despite the vast amount of foreign security issues
floated in the United States in the past few years, the
total of American investment in foreign securities is still
less than Great Britain's, amounting to an estimate of 13
billion dollars as compared with 20 billion, according to
THE INDEX, published by The New York Trust Company, which points out that on the basis of the net credit
position of the two countries also, the United States has
not increased its net foreign investment of all kinds as
much as Great Britain.
The figure of 20 billion dollars for Great Britain's investment in foreign securities is about the same as it was
in 1914, indicating that the foreign issues floated in London in recent years have offset the securities which Great
Britain was forced to sell during the war. The foreign
securities issued in Great Britain during the past six
years have averaged about $600,000,000 a year as compared with $900,000,000 for the United States. The trust
company says:
Annual Meeting of Dominion Bank of Canada—C. A. Bo"Comparing the net credit position of the two countries, we find that
gert's Warning Against Speculation—Says Unfavorable the balance of international payments for the past seven years shows a
credit surplus of $3,252,000,000 for the United States as against $4,310,Conditions in U. S. Would Be Reflected in Canada—
000,000 for Great Britain. British net interest recepits were also
Control of Canadian Banks by Americans Impossible. greater. In 1926 on its long term investments
this country received a
Speculative conditions in the United States and Canada net amount of $528,000,000; on the interallied debts $160,000,000; and
on short term foreign borrowings a net of $21,000,000—making a total
were referred to by C. A. Bogert, Vice-President and Gen- of net interest receipts of all kinds of
$667,000,000.
"For Great Britain the Board of Trade estimates a net income from
eral Manager of the Dominion Bank of Canada at the
annual meeting of the Bank on Jan. 25. In his utterances overseas investments in 1926 of $1,350,000,000 which includes short
term interest and commission receipts of $300,000,000. Great Britain's
on the subject he said:
net interest receipts are therefore double those of the United States."
"It is opportune to point out that speculation is inseparable from
proseprity, and the present time provides no exception to the rule.
Capital is increasing in the United States at a rate that seems beyond French Gold in U. S. Still
Untouched--Metal Reserve and
the capacity of industry to employ; the yield on money consequently
Foreign Currency Will About Equal Circulation When
continues to be low, and the prices of investment securities have risen
to unprecedented levels, while those of many non-dividend paying comFranc Stabilized.
mon stocks clearly anticipate the future, several years ahead. In Can.
From the "Wall Street Journal" of Jan. 31, we take the
speculation is general and the public appears very willing to
and also
absorb new issues, largely based, in some cases, upon prospective earn- following Paris advices:
ing power.
Shipment of $17,000,000 in gold from New
"Some American bankers are drawing attention to a state of inflation count of the Bank of France, has been greeted York to Paris, for achere with keen satisfacnow actually existing in the United States—an inflation not of com- tion, because to the average Frenchman there is nothing
like gold packed
modities, but of stocks, bonds and real estate—and cautioning general away safe and snug at home. Gold owned by France
abroad is the next
business to recognize and check this condition before it goes too far. best thing, but a long way second best. Holdings
of gold currencies
Should unfavorable conditions develop in that country they would un- abroad are the third best, but they are regarded somewhat suspiciously.
doubtedly be reflected to some extent here, and not only should the The gold standard never has lost popularity here, and the gold standsituation on the other side of the line be closely observed, but our people ard means gold in the vaults of the Bank of France.
should be careful of the commitment they make on borrowed money and
But the Bank of France directors are not the men to bring gold to
restrain their disposition to discount Canada's future."
France just to earn popularity. This gold they have had shipped from
FEB. 4 1928.]
FINANCIAL CHRONICLE
London, because the
New York is gold bought with sterling they own in
out the cost of
sterling rates on New York are so favorable as to wipeholdings of curtransport of the yellow metal. It leaves the bank's
Some day or other
rencies and gold in the United States untouched.
too, but the dollars are
it may be found wise to bring that gold home
likely to be left in America in case of need.
The Reason Behind This Move.
gold in New
What, then, has determined the Bank of France to buy
operation costs
York and bring it to Paris, apart from the fact that the and especially
reserves,
nothing? It is the consideration of its metal
one item thereof.
banks returns
This is how the metal reserves are written down in the
of December 29 (in frances):
3,680,510,281
Gold in France
462,771,478
Gold free and available abroad
1,401,549,429
Gold non available abroad
5 544,831,729
Total
second made
The first entry scarcely has varied since the war. The loan to the
a
its first appearance last year, when the state had paid off against gold
Bank of France by the Bank of England during the war remained in
shipped there as guarantee. The gold thus released has
England. The
London in compliance with the wishes of the Bank of
made to
third item represents another deposit of gold against advances
the
the state during the war by the British treasury—gold which crossed
Atlantic long ago.
it disapThis third entry is fictitious. The bank would like to see
the debt
pear. Even in the Churchill-Caillaux war debt agreement, and the
which this gold represents—.£53,500,000—was left unsettled,
interest.
British government was to retain the gold in London, without
Elsewhere for Gold.
Looking
return of
It is fairly obvious that the Bank of France cannot expect
of the
It wants, then, to find its equivalent elsewhere. Part Supthis gold.
York.
operation may be seen in the recent shipments from New
in the
pose the bank already has $50,000,000 in gold earmarked for it up a
valuts of the Federal Reserve, this extra $17,000,000 would make entry
total of $67,000,000, or somewhat less than the equivalent of the
"gold non available abroad."
legally
Make a further reasonable supposition, and suppose the franc
stabilized at one-fifth of its old value in gold. This gold reserve then
of
would be rated at about 30,000,000,000 francs, representing a cover
to-day
50% for a circulation of 60,000,000,000—though the circulation
future will see
is only about 56,500,000,000. In all probability, the
legislation conforming to that in other states as to a fixed minimum
gold reserve for the circulation, at about 40%. The Bank of France,
therefore, would start with a good margin to spare.
This takes no account of the bank's holdings of foreign currencies.
That is proper, because these currencies have been bought on the market
with paper francs. They may be demanded back. But supposing the
at
bulk of them to be still in the keeping of the bank, there would be
the date of stabilization a Cover in gold and gold exchange of approximately 100%.
Reginald McKenna of Midland Bank, London, Says World
Is on Dollar Basis—Finds American Price Level Controlled by Credit Policy of Federal Reserve Banks.
In the view of Reginald McKenna, Chairman of the Midland Bank, Ltd., London, "Although gold is still the nomion of
nal basis of most currencies, the real determinati
movements in the general level of world prices is thus
the purchasing power of the dollar. In a very real sense,"
653
We quote further from the "Times" as follows:
The former Chancellor said:
was es"Nearly three years have elapsed since the pound sterling
are now
tablished on a gold basis, and the most important currencies
general reversion to gold gives
stabilized on a reversion to gold. This
matters of credit
the appearance of a return to pre-war conditions in
we shall find
and currency, but if we look further into the question
there has been a remarkable change.
of the United States has
"The development of the central bank policy
of making inshown that, while gold may be retained as the medium as the ultimate
ternational payments, it can be deprived of its function
standard of value."
experimenting
Mr. McKenna summarized the American experience in
with scientific gold control partially as follows:
coupled with
"In consequence of the enormous accumulation of gold,
would
movements into and out of the country, which it left uncontrolled attenprice level, the
prove disastrous to the stability of the American
controlling
tion of the Reserve banks was forcibly directed to their
utilize
powers. Beginning with only a partial use, they have learned to
these powers to the full."
full course from
He said the Reserve banks had let inflation run its
until
the beginning of the World War until 1920, first during the period
1919 when $1,000,000,000 in gold entered the United States, and second,
to
in the latter part of 1919, when America lost $400,000,000 in gold
South America and the Far East, but the Reserve banks continued
to such an extent
"freely to discount bills and to buy earning assets
that the supply of bank cash was considerably increased and an enlarged
basis was provided for further credit inflation."
Dates New Policy From 1920.
It was in 1920, Mr. McKenna said, that the Federal Reserve bank
authorities saw that if gold were allowed to function to its fullest extent
it would lead to a "perpetuation of the evils of inflation." He continued:
"They determined therefore to deprive the incoming gold of its creditcreating capacity until the demand of trade should call for a larger
credit basis."
Then ensued the experiments in the scientific control of gold by a
process heretofore unknown. As another $1,000,000,000 in gold flowed
into the United States in 1920-1922, the Reserve banks absorbed the
gold and held it in place of discounted bills.
"The immediate effect of the incoming gold was to increase the bank
cash, but the whole increase was used by the members banks to pay off
maturing gold bills held by the central banks, so that on the balance
column, bank cash was not increased," he asserted.
Later, said Mr. McKenna, in 1922-1924, when business was expanding
rapidly after a slump had created greater supplies of money, the Federal
Reserve Banks let gold imports again swell the nation's banking cash
and even stimulated the process by moving securities. In 1925, when
gold started again to flow into the United States, the whole amount
was sold by the Reserve Banks, which would not allow the nation's bank
cash to contract.
"As gold was withdrawn," Mr. McKenna said, "the bank cash was
maintained and credit actually increased in response to the needs of
business."
As a result of the successful application of this central banking policy,
Mr. McKenna declared, the "almost uninterrupted prosperity in America
has been attended by a large degree of stability in price level."
Protest Filed by New York Life Insurance Company
Against Offering of Russian Soviet Railway Bonds.
The New York Life Insurance Company on Feb. 1 filed a
protest with the Department of State in connection with
the recent public offering of Soviet Railway 9% bonds under which the Chase National Bank is the coupon agent.
The protest recites that the New York Life, at the time of
the Soviet revolution, owned Russian Railway bonds rephe adds "the world is on a dollar standard."
Mr. McKenna (formerly Chancellor of the Exchequer), resenting an investment of over $20,000,000, that these had
who thus spoke in addressing the annual meeting of the been repudiated by the Soviet and that the present Soviet
Bank on Jan. 24, referred to "the bearing of the American offering represents an attempt to realize here on the credit
monetary policy on the operation of the gold standard," of the Russian railways at the same time repudiating the
and said, according to the copyright advices to the New earlier obligations of the same railways to American investors. The following is the text of a telegram sent to
York "Times":
before the war, the price of gold in America is fixed, and Frank B. Kellogg, Secretary of State, by the New York
To-day, as
we are apt to assume that the value of gold continues to govern the Life Insurance Company:
value of the dollar. Such an assumption is no longer correct. While
February I, 1928.
an ounce of gold can always be exchanged for a definite number of
dollars, the value of the ounce will depend upon what these dollars will The Honorable,
The Secretary of State,
buy, and this in turn obviously depends upon the American price level.
Washington, D. C.
"If the price movement was in gold, the purchasing power or the
upon the value Sir:
value of the dollar would still depend, as it did formerly,
is not so. The American price level is conAdvertisements have recently appeared in the public press under the
of gold. But we know this
trolled by the policy of the Reserve banks in expanding or contracting caption "The State Bank of the U. S. S. R., Moscow," whereby there
is offered for sale to American investors bonds of the "9% Soviet Railcredit.
"The mechanism whereby the dollar governs the external value of way Loan of 1927," the payment of principal and interest whereon, it
America should rise be- appears from the advertisement, are obligations of the Soviet Governgold is obvious. If the price level outside of
cause of an increase in the supply of gold, America would absorb the ment, guaranteed by the Russian State Bank. The advertisement fursurplus gold. If the external price level should fail because of a short- ther bears the legend:
of
age of gold, America would supply the deficiency. The movement
"Coupons of this loan may be presented for payment to the Chase
gold would continue till the price levels inside and outside of America National Bank of the City of New York, Coupon Paying Department."
equilibrium."
We respectfully call your attention to the fact that, at the time of
were brought to a state of
the Soviet revolution in 1917, The New York Life Insurance Company
Mr. McKenna argued that "America is able to control
con- owned and had on deposit, principally with the Russian State Bank,
the world price level because of two conditons";
Moscow, over 45,000,000 rubles of bonds of the Russian railways either
copy- in the form of Russian Consolidated Railway bonds or bonds of specific
tinuing he said (according to the "Herald-Tribune"
railway and representing an investment of upwards of $20,000,000.
right account):
These bonds had been purchased by us pursuant to the Governmental
"In the first place, her gold stock is so great that she can afford to regulations with reference to investments by insurance companies doing
lose large quantities without risk of the reserves falling below the legal business in Russia. All of these bonds were obligations of or guarminimum, and, in the second place, her central banking system can ab- anteed by the Russian Government and in great part they were payable
sorb large quantities of gold, at the same time depriving it of creditat the option of the holder in dollars and other foreign currencies, as
creating powers. In a word, America is now rich enough either to lose
railway bond provided:
gold or gain it. She now holds half of the total monetary gold of the well as in rubles. The text of a typical specificproperty and the entire
"The loan is secured by the whole of the
world.
"Moreover, her creditor position creates a permanent magnet for gold receipts of the Company." in Russia, the Soviet regime by Decree of
After coming into power
in which creditors must pay if they cannot pay otherwise- The only
the Government obligation on the railway
condition under which America might be drained of her gold surplus is Jan. 12, 1918, repudiated
specific railways to repudiate the
that she would make foreign loans in excess of her capacity"—a con- bonds and subsequently caused the
bonds themselves.
thought unlikely.
tingency which the speaker said he
654
FINANCIAL CHRONICLE
The present offering is thus an attempt by those now in power in
Russia to realize on the credit of the Russian Railways, while at the
same time repudiating the earlier obligations of the same railways.
We respectfully request that the Department of State should take any
action which it appropriately can to prevent the sale by the Soviet regime
in the American market, of these Russian railway bonds at a time when
the same regime are refusing to recognize the obligation of the Russian
State railways previous contracted in favor of American investors.
We are,
Respectfully yours,
New York Life Insurance Company,
By Thomas A. Buckner, Vice-President.
[VOL. 126.
States $10,000,000 on its $400,000,000 war supply debt. This
debt, it is added, is consolidated with the war debt which,
however, has not been ratified. Total amount of this debt
will be $4,025,000,000 when ratified.
Japan Creates New Silk Exchange
Associated Press advices from Tokio yesterday (Feb. 3)
were published as follows in the "Evening Post":
Despite strong opposition from Yokohama silk merchants, the Government has decided to institute a separate silk exchange section in the
Kobe Stock Exchange. Thus there will be two quotations on silk in
the future.
Russian Soviet Rail Bonds—British Have Done Little Trading in Issue Barred Here.
From the New York "Times" we take the following Asso- Paris-Orleans Railroad Bonds To Be Offered Shortly—
First Important French Financing in American Marciated Press advices from London Feb. 2:
The Russian Soviet railway bonds, sale of which in the United States
kets Since Lifting of Loan Embargo.
is looked upon with disapproval by the American State Department, have
The first public offering of French securities in the
been on sale in Great Britain for several months, but it was learned
from Government quarters today that there has been little trading in American market since the lifting of the embargo against
French loans by the State Department on Jan. 15, 1928,
them.
It was stated that the foreign office at present has no policy to an- will be undertaken early next week with the offering of a
nounce regarding their sale. In parliamentary circles it is expected that
$10,750,000 Paris
-Orleans Railroad Company
questions will be put to the Government regarding the bonds when the new issue of
-year 5
/ 0 bonds. The proposed offering, which is for
1
27'
House of Commons convenes next week and it is probable that Premier 40
Baldwin or Winston Churchill, Chancellor of the Exchequer, will then refunding purposes, is the first important French financing
state Britain's policy in the matter.
In the United States in over three years. The proceeds
from the sale of this issue will be used for the retirement
S. Dr. F. W. von PratNew German Ambassador to U.
of all of the present outstanding 7% bonds of the Pariswitz—Gaffron Received by President Coolidge.
Orleans Railroad Company. The 7% bonds will be reThe new Ambassador from Germany, Dr. Friedrich
President funded on the next callable date, Sept. 1, 1928. The syndiWilhelm von Prittwitz-Gaffron, was received by
cate which will make the offering of the new issue next
Coolidge on Jan. 31. The new Ambassador, whose apthe same as that which offered the 7% bonds
these eolumns Nov. 12, page week will be
pointment was referred to in
several years ago, namely, Brown Brothers & Co., A. Iselin
2622, arrived in the United States on Jan. 24 on the Ham& Co., Halsey, Stuart & Co., Inc., and Hemphill, Noyes &
burg-American Liner Albert Bailin. President Coolidge
Co. The Paris-Orleans Railroad Company, organized in
In accepting the new envoy's credentials told him that
1838, is the second largest privately owned railroad sys"the friendfly relations now so happily existing between
tem of France. Its lines form a direct route between Paris
Germany and the United States are a source of particular
and the ports of Bordeaux, Nantes and St. Nazaire, and
gratification to me." Dr. von Prittwitz succeeds Baron
are part of the through route between Paris and southern
Ago von Maltzan, who was killed in an airplane accident
France and Spain. The tonnage handled by the road is
In September. In addressing President Coolidge the Amwell diversified. Nearly all of the main arteries of the
bassador said:
"Mr. President: Having been intrusted by the Government of the system are double track.
German Reich with the office of the German Ambassador to the United
States of America, it is a particular privilege and honor to me to Embargo on Loans Modified by Italy—Removes Prohibitransmit to Your Excellency the letter•of the German Reichspraesident
tion on Foreign Borrowings and Places Transactions
accrediting me in this capacity to you.
"A tragic fate brought to a premature end the activities of my
Under Permanent Government Supervision.
predecessor in office, whose death bereaved me of an old personal
From the "Wall Street Journal" of Jan. 31 we take the
friend. It is the desire of my Government that I, in taking over his
office, should follow the high aim that he had set himself—to further following:
'Italy has lifted the prohibtion against loans floated abroad, and in its
deepen the friendly relations between Germany and the United States.
The sincere wish of the German nation, the unwritten will of Baron place has promulgated a decree establishing government control of
Maltzan and my own conviction will be my incentive to devote all my foreign loans. In effect, borrowing abroad will be permitted only in
case the borrowers can prove the proceeds will be used for purposes
strength to the incessant pursuit of this aim.
"You, Mr. President, have in public enunciations more than once which are productive and desirable.
The decree is in part as follows:
laid stress on the fact that the pacification and reconstruction of the
Art. 1. Public bodies or private companies and firms intending to
present world, still suffering as it is. from the aftermath of the great
war, can only be realized through understanding and co-operation among borrow money abroad in any shape or form, or for any length of time,
are required to be thereto authorized by the government. For such
the nations. Germany desires such co-operation because she shares
the conviction that only peaceful reconstruction can overcome the authorization the demand will be forwarded to the Ministry of Finance,
producing all the documents showing the reasons for the loan, the predeepgoing consequences of the war.
"If in this so difficult work satisfactory progress can already be liminary conditions arranged for same, and all other necessary eleregistered, it is to a great extent to be ascribed to the understanding ments. The authorization is not required for ordinary discount operaand appreciation which this country showed towards the utterances of tions, or deferred payments ior goods purchased abroad, provided that
its President. Many problems and tasks are still to be solved. The such operations are cleared within a period not exceeding twelve months.
Art. 2. All assents in any form given prior to the issue of this
German people have the hope that in their solution the existing good
decree become void unless the authorized transaction is completed.
relations between Germany and the United States may take effect.
Art. 3. All demands for foreign loans will be decided upon without
"In order to fulfill the duties of my new office successfully, I bespeak, Mr. President, your confidence and your benevolent assistance. appeal by the Finance Minister, after consultation with a special comPermit me to ask you for both and allow me on this occasion to express mittee which includes the following members: Minister of National
to you in the name of the German people and of the German Reichs- Economy, Governor of Bank of Italy, and a director of the Italian
L ta t s
A rtn 4.Instioune of Exchange.
praesident the sincerest wishes for the prosperity of the United States Natio.a1
will
authorized only if intended for productive
Art.
of America and the heartiest wishes for your personal welfare."
purposes of general interest—namely, if their object is to improve the
President Coolidge in reply said:
market, expand exports, or develop the production in the kingdom
"Mr. Ambassador: It affords me great pleasure to receive the letters labor
which otherwise
which accredit you as Ambassador Extraordinary and Plenipotentiary of merchandise, for a foreign must be imported from abroad. When
loan, the Finance Minister may require
giving authority
of the German Republic to this Government.
order to prevent the influx of foreign capital in connection
In carrying on the noble task to which your predecessor—whose measures in
with the loans from disturbing the money market, and will be entitled
untimely end was a deep loss to both nations—had so earnestly devoted to
enforce in accordance with the
himself, you may rest assured, Mr. Ambassador, that the co-operation control to ascertain that the abovecompetent departments the necessary
and confidence of both the Government and the people of the United clusively used for the objects for foreign capital is actually and exwhich the loans were authorized.
States will be yours in full measure.
"The friendly relations now so happily existing between Germany
and the United States are a source of particular gratification to me. All Debt to Be Paid by
Czechoslovakia—Dollar Bonds to
They are charged with deep significance both in the light of the past
Be Called Feb. IS and Rest April 1—Will Float Loan
and in contemplation of the future, and point the way to that everincreasing collaboration in the paths of peace which constitutes the
at Home.
greatest hope for the future welfare of all the nations.
For the First time a foreign country which has borrowed
"You come as no stranger among us, Mr. Ambassador, and it is
pleasant to note that your distinguished career in the diplomatic service money in this market since the World War will repay its
of your country began in this capital. I am confident that your present obligation solely out of its internal resources says the New
sojourn may in every respect prove an agreeable one.
York "Times" of Jan. 28, which states:
"I trust that you will convey to your President my thanks for the
This country is Czechoslovakia. Its Consulate General in New York
sentiments which he was good enough to express in his message to- yesterday
announced that the Czechoslovak 7Y2% dollar loan, due in
gether with my best wishes for the continued friendly relations existing 1945,
will be called on Feb. 15, and the balance of $21,700,000 will be
between our Governments."
paid on April 1.
Funds necessary for the payments, it was announced, will be provided in part from 350,000,000 crowns derived from Czechoslovak
France Pays U. S. $10,000,000 On War Supply Debt.
The "Wall Street News" on Feb. 2 in a Washington dis- revenues, and the balance through flotation of an internal 5% sinking
fund loan. The nominal value of the
patch stated that France had that day paid the United crowns and the issue price will be internal loan will be 450,000,000
93. The loan will become due
FEB. 4 1928.]
FINANCIAL CHRONICLE
655
the constructiori of the Turkestanplace this year. automobiles, which will be used in
fifteen years after issue. The first drawing will takethe last week in Siberian Railway, through S. M. Ivanoff of the delegation. This cannot
in
of the sale of bonds to
The Czechoslovak 7/2% dollar loan was floated
& Co., be taken as an indication that the proceeds
October, 1925, by the National City Company and Kuhn, Loeb $25,- America will be spent here, observers hold, since the commission is
price being 96. The original principal amount was
the offering
itsmaterials and supplies where they can most advanthrough purchasing
out, can
000,000, but this has been cut down to the present balance
tageously do so. Some of the materials needed, it is pointed
operation of the sinking fund.
United States.
market have steadily risen bepurchased only in the
Since issuance of the loan the bonds in this
figures they
in price and yesterday they sold at 10514, around which Wall Street
have hovered several months. The general impression in would soon
Government Bonds—Part of ,.
for some time has been that the Czechoslovak Government some type Offering of 19,000,000 Greek
market
call the issue, but that it would introduce into the
Stabilization and Refugee Loan—$17,000,000 Offered in
714s. Conse•
of refunding issue to provide for the retirement of the received the
U. S. Oversubscription Here and Abroad.
quently it was with surprise that Wall Street yesterday
Czechoslovakian
on
news the bonds were to be paid entirely from internal
Speyer & Co. and The National City Company offered
resources.
on at 91 and interest, to yield
the Czechoslovakian National Jan. 31 for public subscripti
According to the Consulate General,
market
nt Forty-Year 6%
Bank at its latest meeting characterized that country's money institu- 6.55%, $17,000,000 Greek Governme
as "in very healthy condition." All of the country's banking
Gold Bonds due Feb. 1, 1968, part
credits are Secured Sinking Fund
tions are announcing rising deposits, it was said; building
foreign of the Stabilization and Refugee Loan of 1928, approved
being sought and employment is favorable. The volume of
continually increasing, and business in Czechoslovakia gene- by the Council of the League of Nations; $2,000,000 bonds
trade is
statistics
of
rally throughout 1927 was highly satisfactory, as evidenced by
were withdrawn for sale in Switzerland. The amount
of banking accounts and reports of clearing institutions.
the loan is limited to these $17,000,000 6% dollar bonds;
14,070,960 6% sterling bonds, and an advance of $12,167,Arrangements
by
State Department at Washington Objects to
000 from the United States Government, if authorized
for Sale of Russian Soviet Railway Bonds in U. S.
bonds which may be sold to.
Congress (or in place thereof
Objection to the arrangements for the placing in this others to yield the equivalent amount). 13,370,960 of the.
of the $30,000,000 9% Soviet Railway
Bank
country of a part
sterling bonds were offered in London by Hambros
Loan of 1927 has been voiced by the State Department at Limited and Erlangers, and 1700,000 bonds in Italy and.
Washington, its attitude being indicated in the following Sweden. The books here and in London were closed early
. statement issued Feb. 1 by Secretary Kellogg:
in the day Jan. 21; Speyer & Co. received cable advices
The Department is confident that the banks and financial institutions
employment of credit for from London late on Jan. 30 indicating that the 13,370,960,
tion of a loan in the United States or the
the purpose of making an advance to the Soviet regime. In accordance sterling bonds, the London portion of the loan, had been
with this policy the Department does not view with favor financial more than twice oversubscribed prior to the official openbonds
arrangements designed to facilitate in any way the sale of Soviet
ing of subscription books on Jan. 31. An oversubscription
in the United States.
The Department is confident that the banks and financial instittuions was likewise reported in this country.
will cooperate with the Government in carrying out this policy.
Under the terms of an agreement already approved by
The arrangements were referred to in these columns
ded by the State and
Jan. 28, page 512. In our item of a week ago we quoted the Greek Parliament and recommen
Treasury Departments of the United States, which is to
the "Times" the following:
from
The Chase National Bank, which for some years has been a corre- be submitted to Congress for its authorization. the United
spondent of the State Bank of the Soviet Union, will pay interest and
to Greece $12,167,000, to
principal due on the Russian railroad bonds sold here. The Moscow States Government is to advance
has made similar arrangements with the Amalgamated Bank bear interest at the rate of 4% per annum and to be reinstitution
of Chicago and the Bank of Italy in San Francisco.
paid through a sinking fund within twenty years. This
From Washington Feb. 2 the "Times" reported the fol- advance (if authorized) will be turned over in its enlowing:
tirety to the Refugee Settlement Commission for its refThe plan for the Chase Bank to act as agent for the payment of
looked upon by ugee settlement work. This advance will be equally seinterest and retirement charges on the bonds was
Government officials as only a means for arranging the flotation of a cured with the above $17,000,000 6% dollar bonds and
Russian loan and therefore under its ban against all public offering of 14,070,960 6% sterling bonds (equal at par of exchange to
Soviet securities in this country.
charges and
The attitude of the American Government, it was admitted at the $19,811,327) by a charge, subject to existing
State Department, would not prevent an individual from buying Russian ranking in priority to any future charge, on revenues unbonds by private transaction direct with Moscow. The number of such der the control of the International Financial Commission.
sales, however, it was felt, would be comparatively few and of such a
The Commission has accepted an irrevocable mandate of
nature that control of the sales would not be desirable or feasible.
Secretary Kellogg does not believe financial houses in this country the Greek Government to assure the payment, from the
will sell bonds of the Soviet railways when the Russian Government
of the interest and sinking
already has repudiated other bonds on the same railways which were revenues pledged for this loan,
fund requirements. The receipts from these revenues for
sold in the American market previously.
:
On the previous day (Feb. 1) a Washington dispatch the year 1927 were $49,526,507; after deducting the maxi.
mum annual prior charges, the surplus is $28,638,092, or.
to the "Times" stated:
The State Department has sent a formal notice to the Chase National more than 81, times the annual interest and sinking fond •
Bank of New York today that it objects to the project for floating part
requirements of the entire loan. The proceeds of the fowl
of the Russian railway lban of $30,000,000 in the American market.
attitude of the Department was based upon its general policy will be applied for stabilizing the currency, for paying
The
toward Russia as regards loans, but the definition given it was looked floating debt in order that the revenues of the State may
upon as a satisfactory answer to protests against the proposed loan
budget, and for continuing
received from the New York Life Insurance Company, the First Inter- be used to maintain a balanced
national Securities Corporation of New York and others holding old the work of the Refugee Settlement Commission. Greece
Russian securities that bave been repudiated by the Soviet Government. funded its war debt to Great Britain in 1927 and the Greek •'
The Chase National Bank had undertaken to act as an agent in the
such debt to.
payment of interest and retirement charges on railway bonds sold in Parliament has adopted a plan for funding
this country.
the United States, which together with the advance reThe protest lodged by the New York Life with the State ferred to above, is to be recommended to the United StatOs
Department is given in another item in this issue of our Congress for its authorization.
paper. From the New York "Journal of Commerce" of
The bonds offered this week will be dated Feb. 1, 1928, due
Feb. 2 we take the following:
Feb. 1. 1908. Principal and interest (Feb. 1 and Aug. 1) will
Bank Will Comply..
be payable in New York, at the office of Speyer & Co., or
It was stated at the Chase National Bank late yesterday afternoon at the head office of The National City Bank of New York,.
the letter from the State Department reaffirming the ban
that, although
coin of, or equal to, the present
on loans to Soviet Russia has not yet been received, the bank would, In United States gold
of course, comply with any request made. If the letter does request standard of weight and fineness, without deduction for
that the Chase bank disaffirm its arrangements for the payment of the any present or future Greek taxes. Principal and interest
coupons on the Russian Railway bonds in American money, a purely
banking and routine transaction, a new precedent will have been set will also be collectible, at the option of the holder, in
by the Government.
Switzerland at the office of Credit Suisse, Zurich, in Swiss
Inspection of a copy of one of the Russian Railway bonds reveals
its current buying rate for sight exchange On
that the $30,000,000 loan is characterized as an internal loan to be francs at
used exclusively for the development of a new 1,000 mile railway line New York. The bonds will be in coupon form in denominabetween the cotton growing region in Turkestan and the grain districts tions of $1,000 and $500. A cumulative sinking fund, Got
of Central Siberia, a project which will cost $110,000,000. The bonds
of these bonds at or before maturio
are being sold from the State Bank in Russia to those purchasing by ficient to repay all
will be applied to the semi-annual redemption of bonds by
order through the mail.
Since the provisions of the bonds, which are printed partly in Eng- lot at par, the first redemption to be on Feb. 1, 1929. The.
lish, state that the interest coupons shall be paid in the currency of
is made, the Chase Bank and others bonds will not be subject to call before Aug. 1, 1938, except
the country in which payment
to convert the Russian chervonetz into for the sinking fund. The government reserves the right.
in the United States agreed
dollars at the current rate of exchange. The bonds provide that the to repay at par, on that date, or on any interest date therepayment shall be made on the basis of the gold parity of the cherafter, all or any part of the bonds then outstanding, upon
vonetz, equaling about $5.145.
delegation from the Soviet Union has been in this country for three months' previous notice. Demetrius Caclamanos,
A
several weeks, having recently announced purchases of a number of Envoy
Extraordinary and Minister Plenipotentiary of
steam shovels and gas locomotives, drilling supplies and a number of
656
FINANCIAL CHRONICLE
[voL. 126.
nually by purchase of bonds at not exceeding 100% and
Interest or by redemption by lot at that price. The bonds
are redeemable also as a whole, at the option of the City,
The Loan is issued pursuant to the Geneva Protocol signed September on any interest date, up to and including Aug. 1, 1937 at
15, 1927 and approved by the Council of the League of Nations by 102% and interest, and thereafter at 100% and interest.
resolution of the same date and ratified by the Decree Law of the Greek
The bonds will be in coupon form, of $1,000 and $500, and
Republic on November 10, 1927 and signed by the President of the
Republic and ratified by the Greek Parliament and published in the will be registerable as to principal. Interest will be payOfficial Gazette on December 7, 1927. The amount of the Loan is
able Feb. 1 and Aug. 1 and principal and interest will be
limited to these $17,000,000 6% Dollar Bonds, £4,070,960 6% Sterling
Bonds, and the advance of $12,167,000 from the United States Govern- payable at the New York offices of White, Weld & Co. and
ment, if authorized by Congress (or in place thereof Bonds which may Brown Brothers & Co., fiscal agents, in United States gold
be sold to others to yield the equivalent amount).
The Loan will be the direct obligation of the Greek Government and coin of the present standard of weight and fineness, withwill be secured by a charge, subject to existing charges and ranking out deduction for any Brazilian national or local taxes,
in priority to any future charge, on revenues under the control of the present or future. As to the purpose of the issue it is
International Financial Commission, including receipts from the salt,
match and other monopolies and from customs, tobacco, stamp and stated:
Greece in Great Britain, and Emanuel Tsouderos, Deputy
Governor of National Bank of Grece, have authorized the
following statement on behalf of the Greek Government:
From the proceeds of this loan, the outstanding $13,000,000 principal
alcohol duties. The receipts from these revenues for the year 1927
were $49,526,507; after deducting the maximum annual prior charges, amount of 8% dollar bonds of 1922 are to be redeemed on April 1,
annual interest 1928 at 110% and interest. The city agrees to apply the balance of the
the surplus is $28,638,092, or more than 84 times the
proceeds to the retirement of the sterling loans of 1889 and 1909
and sinking fund requirements of the entire Loan.
The International Financial Commission, referred to above, was (aggregating approximately $4,269,000 principal amount), and other
formed in 1898 to control the collection of and to administer the revenues existing debt of the city, and to the extent of $7,200,000 for public
assigned to the service of certain Greek Government Loans. The mem- works.
bers of the Commission are representatives of the Governments of
Further advices regarding the issues state:
Great Britain, France nd Italy. The Commission has accepted an irreThese bonds are the direct obligation of the City of Rio de Janeiro,
vocable mandate of the Greek Government to assure the payment, from and upon completion of the present financing will be specifically secured,
the revenues pledged for this Loan, of the interest and sinking fund subject to prior liens, as follows:
requirements.
(a) By a closed lien or charge on the improved property tax (ImSince 1898, during which time the country has passed through two posto Predial), the largest and most important revenue of the city,
Balkan wars and the Great European war, Greece has consistently such lien or charge being constituted both directly and through the
maintained the service of the external debt.
deposit with Central Union Trust Company of New York of £7,500,000
Greek currency has been subject to relatively small fluctuations in ($36,495,000) principal amount of 454% bonds of 1912, which, pani
the past year and the Protocol provides for its legal stabilization in passu with the remaining £2,500,000 of such bonds (London issue), are
relation to gold within six months. A new Bank of Greece is to be secured by lien or charge on said tax.
established, which will be the only bank of issue, and it is planned
(b) By direct closed lien or charge on the revenues from commercial
that, on commencing business, its reserves in gold and gold exchange licenses, the taxes on transmission of property, and the vehicles, cattle,
will be equal to about 50% of the note circulations and other demand sanitary, slaughter-house and certain realty taxes.
liabilities; the legal reserve requirements will be 40%.
Revenues from these taxes for the past four years (after deducting
It is expected that Government revenues and expenditures for the prior charges, except those of the loans of 1889, 1909 and 1922 to be
will balance.
fiscal year ending March 31, 1928
retired as mentioned below) available for the service of this loan and
'The Refugee Settlement Commission was established in 1923 with of the 0/2% loan of 1912, have been as follows:
the approval of the League of Nations and the Council of the League
Improved
Other Taxes
Total
supervises the operations of the Commission and appoints two members.
Property Tax
Pledged
Available
one of them an American citizen to serve as Chairman. The Commis- Year
$2,691,377
sion has expended about $50,000,000 to establish in agriculture and 1924
$4,537,671
$7,229,048
industry Greeks who were obliged to leave other countries as a result 1925
3,216,942
5,119,321
8,336,263
of the war and subsequent treaties. The Government provided land for 1926
3,897,671
5,235,048
9,132,719
settlement an a large number of houses. The refugees, who number
4,437,210
6,211,391
10,648,601
about 1,500,000, have added materially to the production of tobacco, 1927
Maximum annual service of interest and sinking fund amounts to
cereals and other crops and to the development of industry, particularly
$2,582,600 on this loan, and to $669,075 on the London issue of the
the manufacture of rugs and other textiles.
Greece, with an area of about 49,900 square miles, has about 7,000,- 43/2% loan of 1912 (which has a charge only on the improved property
000 inhabitants. The country is mainly agricultural but industry has tax).
The revenues of the City have increased from $11,274,144 in 1923 to
made substantial progress. Greece has a merchant marine of about
1,000,000 tons.
$18,434,150 in 1927, and for 1928 are estimated at $19,983,600.
Expenditures of the City during the five years 1923-27 inclusive exAll conversions were made at 1.30 cents per drachma
ceeded revenues by approximately $8,500,000. During this
as otherwise stated, at $4.875 per pound ever the City expended from ordinary revenues on capital period howand, except
account an
sterling. Application will be made to list the bonds on almost equal amount.
Total funded debt of the City (including that to be retired by the
the New York Stock Exchange.
proceeds of this issue) reported as of December 31, 1927 was: External
$35,683,731, Internal $43,619,971.
Proposed English-American Greek Trust Co.
A Washington dispatch Jan. 27 to the "Wall Street
News" stated:
An English-American-Greek Trust Co. is to be formed with a capital
of £1,000,000 of which 40% will be immediately paid in, the Department of Commerce was advised today. Two-thirds of the capital will
be subscribed by the Hambros Bank of London and an American group,
and one-third by the National Bank of Greece.
The main office will be in London with a local board at Athens which
will survey, prepare and submit to the London Board of Trade final
proposals for the granting of loans to Greek enterprises.
Scope of the trust company will be negotiating, granting and issuing
long term loans to Greek manufacturers, municipalities, ports, and
organizations for the execution of productive or public works. Short
term loans also may be made.
The trust company will have the right to borrow up to five times
its paid-in capital, the proceeds to be used for additional advances in
Greece.
Greek Bank Clearing House.
The Central News in a cablegram from London Jan. 24
to the New York News Bureau said:
It is understood that a clearing house along London lines will be
established in connection with the new Greek hank of issue.
Offering of $30,000,000 6%% Bonds of City of Rio de
Janeiro (U. S. of Brazil)—Books Closed—Issue Oversubscribed.
At 97 and accrued interest, to yield 6.75%, an issue of
$30,000,000 City of Rio de Janeiro (Federal District of the
United States of Brazil) 6%% External Secured Sinking
Fund Gold Bonds was offered on Feb. 2 by White, Weld &
Co., Brown Brothers & Co., Stone & Webster and Blodget,
Inc., International Acceptance Bank, Inc., Illinois Merchants Trust Company of Chicago and Grace National
Bank of New York. The books were closed Feb. 2, the
offering, it is stated, having been oversubscribed. The issue
will be dated Feb. 1, 1928 and will mature Feb. 1, 1953. A
cumulative Sinking Fund, beginning Aug. 1, 1931, calculated
to retire entire issue by maturity, is to operate semi-an-
Offering of $20,000,000 5%% Bonds of Government of
Argentine Nation—Books Closed—Issue Oversubscribed.
Following the announcement earlier in the week that
the Chase Securities Corporation and Blair & Co., Inc.,
with Ernesto Tornquist & Co., Ltda., had purchased from
the Argentine Government $20,000,000 5%% external sinking fund gold bonds, public offering of the issue was made
yesterday (Feb. 3) by the Chase Securities Corporation,
Blair & Co., Inc., Ernesto Tornquqlst & Co., Ltda., Halsey,
Stuart & Co., Inc., Brown Brothers & Co., The Equitable
Trust Co. of New York, Graham, Parsons & Co., Blyth,
Witter & Co., E. H. Rollins & Sons, The Union Trust Company, Cleveland, Illinois Merchants Trust Company of Chicago, Continental National Company, J. G. White & Co.,
Inc., and Hemphill, Noyes & Co. The books were closed
early in the day, an oversubscription being announced.
The bonds Were offered at 97 and interest, to yield about
5.70%. The proceeds of this issue will be applied by the
Government to the funding of the floating debt falling due
this year. The new issue will be dated Feb. 1, 1928, and
will mature Aug. 1, 1962. The bonds will be redeemable
through the operation of a cumulative sinking fund of 1%
per annum, payable semi-annually, commencing Aug. 1,
1928. Sinking fund payments may be increased by the executive power if considered advisable. They will be coupon
bonds in denominations of $1,000 and $500 registerable as to
principal only. Principal and inteiest (Feb. 1 and Aug. 1),
will be payable in United States gold coin of the present
standard of weight and fineness at the principal office
either of The Chase National Bank of New York or of
Blair & Co., New York, fiscal agents for the loan, without
deduction for any taxes or other Governmental charges
present or future of the Argentine Government or any taxing authority thereof or therein.
FEB. 4 1928.]
657
FINANCIAL CHRONICLE
Dr. Victor M. Molina, Minister of Finance of the Argentine Government, says:
DIRECT OBLIGATION: These Bonds will constitute the direct
obligation of the Argentine Government and will be issued under
authority of Laws 11,266 and 11,378. The Government covenants
that, if, while any of these Bonds remain outstanding, it shall create
or issue or guarantee any loan or Bonds secured by lien on any of its
revenues or assets or assign ahy of its revenues or assets for any
guaranty of any obligation, the Bonds of this issue shall be secured
equally and ratably with such other loans or bonds or such guaranty.
FINANCES: The national debt of Argentine as of June 30, 1927,
at gold parities of exchange amounted to the equivalent of $1,090,525,643 U. S. Gold, or about $109 per capita. A substantial portion of
this indebtedness was incurred for the acquisition of revenue producing
properties and public works. According to the Government's census
of 1914, the total value of Government owned property at that time
amounted to -$1,125,000,000 including revenue producing properties valued
at $530,000,000. The national wealth, based on the figures of the same
census, was in excess of $1,500,000,000.
A gold reserve equivalent to approximately $465,000,000 U. S. is
held against notes in circulation, representing a ratio of about 78%.
Unlimited convertibility into gold of the Argentine national currency
was officially established by virtue of a presidential decree effective
August 27, 1927, thus placing Argentina on a gold basis.
Purchase by New York State of $1,000,000 Bonds of Land
Bank of State of New York.
The purchase of $1,000,000 of bonds of the Land Bank of
New York State for the sinking fund, bringing the total of
the State's holdings of such bonds to approximately
$6,000,000, was announced on Jan. 27 by State Comptroller
Morris S. Tremaine. One-half of the total of the new purchase will be taken up on Feb. 1 and the remainder on
March 1. The bonds are new issues of the Land Bank and
2
1
/
bear interest at 4 %.
$12,000,000 Bonds of Terni-Societa per l'Industria e l'Elettricta (Italy) Oversubscribed—Is First Italian Loan
heretofore privately placed (last November, it is understood), a small portion remaining undisposed of occasioning the present public announcement. The bonds, priced
at 95, were offered by E. H. Rollins & Sons, J. & W. Seligman & Co., and W. A. Harriman & Co., Inc. They are
part of an authorized issue of $20,000,000. They will bear
date Oct. 1, 1927, will mature Oct. 1, 1952, and will be redeemable, as a whole or in part, on at least 30 days' notice
at par and accrued interest. Central Union Trust Company of New York, Trustee. A cumulative sinking fund
payable semi-annually is calculated to retire entire issue
at or before maturity by redemption at par and accrued interest commencing April 1, 1928. The bank may deliver
bonds at par in lieu of sinking fund payments and may
also anticipate payments, as stated in the Trust Agreement. They will be coupon bonds in interchangeable denominations of $1,000 and $500 registerable as to principal
only. Principal and interest (April 1 and Oct. 1) will be
payable at the office of the fiscal agents, J. & W. Seligman
& Co. in New York City, in United States gold coin of or
equal to the standard of weight and fineness existing on
Oct. 1, 1927, without deduction for present or future taxes
levied by or within the Kingdom of Italy. The proceeds
of this issue are to be used exclusively for loans against
first mortgages or non-industrial agricultural and urban
real estate. The bank has already made preliminary contracts for such loans in the aggregate principal amount of
$5,000,000. Payment of such loans must be in dollars or
in lire sufficient to acquire the necessary dollars. Other
Information is supplied as follows by Riccardo Galli, President of the Mortgage Bank of the Venetian Provinces:
General.
The Mortgage Bank of the Venetian Provinces (Istituto di Credito
Fondiario delle Venezie), established under special charter approved by
Since Revaluation of Lira.
Royal Decree, was organized by Savings Banks of the Cities of Verona
One of the first Italian loans to follow the revaluation (established 1825), Padua (1822), Venice (1822), Udine (1876), Treviso
of the lira was offered Jan. 30 when W. A. Harriman & (1913), and The Federal Credit Bank for the Reconstruction of the
Co., Inc., Harris, Forbes & Co., and the Banca Commer- Venetian Provinces, and took over the business of the Real Estate Mortgage Department of the Savings Bank of the City of Verona, established
dale Italian Trust Co. placed on the market $12,000,000 in 1900.
Savings Banks of Trento (1855), Trieste (1842), Pola (1893),
2
1
/
6 % sinking fund gold Fiume (1859) and Gorizia (1831) have since become members.
first mortgage Hydro-Electric
e
The Bank has no capital stock, but in lieu thereof, a guaranty fund
bonds, Series A, of the Terni-Societa per l'Industria
l'Elettricita. The bonds priced at 90Y4 and interest to has been contributed by its member savings banks in an aggregate
amount equivalent to approximately $1,600,000, all of which has been
yield over 7.35% were oversubscribed the day of offering. paid in. In addition, a reserve fund equivalent to approximately 850,000
The "Tern!," as the company is known throughout Europe, has been set up out of profits, and until this reserve fund equals onethe annual
is one of the foremost Italian business enterprises. Prop- half the guaranty fund, at least one-tenth of the amount offund. The
net income of the Bank must be set aside in this reserve
erties now in operation include 4 hydro-electric power Bank has never incurred a loss on any loan made by it.
stations located in the Apennine Mountains about 60 miles
The principal office of the Bank is in Verona and its branches are
northeast of Rome, having a combined generating capac- operated through its member savings banks. It operates principally in
Italy, an agricultural and indusof
ity of 86,200 k.w., and reserve equipment with a capacity the sixteen provincesarea northeastern
an
of about 20,000 square miles and a population
resulting trial section with
of 6,800 k.w. To meet the increasing demand
exceeding six million. The Bank is now empowered to extend its oper-
from the general industrial growth of Italy the company
is building a new hydro-electric plant which will have an
initial generating capacity of 105,000 k.w. A subsidiary
company, Societa Elettrica dell' Alto Nera, has under construction a plant with an initial generating capacity of
9,000 k.w. The initial installations of both plants are expected to be completed and in operation by Sept. 30, 1928.
The bonds will be a first mortgage on all of the company's hydro-electric properties, subject only to a lien of
lira 48,660,351 ($2,561,071) of existing funded indebtedness which the company will covenant to discharge by
Aug. 10, 1928. The bonds will be further secured by a
first mortgage on the hydro-electric plant now being constructed by the subsidiary company. Earnings of the company and its subsidiaries from 1924 to 1926, inclusive, after
all operating expenses and deduction of earnings of subsidiaries applicable to minority interests were $1,598,811
in 1924, $1,886,896 in 1925, and $1,997,471 in 1926. On the
basis of earnings for the first 6 months of 1927 the company estimates the results for the entire year in excess of
2
1
/
$2,000,000, or more than 2 times the maximum interest
charges of about $790,000 on its entire funded debt to be
presently outstanding, including this $12,000,000 issue. The
bonds mature Feb. 1, 1953. A sinking fund has been
established calculated to retire the entire issue by maturity. Further data in connection with the offering will
be found in our "Investment News Department," page
ations throughout Italy.
on
The principal functions of the Bank include the making of loans:
for
non-industrial agricultural or urban real estate; to provide funds proland; to
the improvement, irrigation and drainage of agricultural
or low priced
vide for the acquisition or construction of so-called popular
houses.
Security.
will be direct obliThe Bonds of Series A, in the opinion of counsel,
reloan of the proceeds
gations of the Bank and will be secured, after the
al
equal to 100% 131 the
thereof, by first mortgage obligations in face value
obligation, in the opinion
Bonds of Series A. Each such first mortgage
mortgage on non-industrial
of counsel, will be secured by a direct first
appraised fair sale value (as
agricultural and urban real estate of an member banks) at least equal
determined by appraisers of the Bank or
obligation. Such obligato three times the principal amount of such
Bank and held solely as security
tions will be specifically set aside by the
through and approved by memfor the Bonds of Series A. Loans made
guaranteed by them.
ber banks of the Bank will be unconditionally
Supervision.
Ministry of National Economy,
The Italian Government, through the
the books and accounts of
is required by law to make examinations of
Bank is required to make bithe Bank at least semi-annually, and the
Government
monthly reports of its operations to the
Gold Transfer
Banco do Brazil Issues Defense of
Operation.
Government in
A defense of the policy of the Brazilian
pounds sterling in gold from the
transferring 2,500,000
or StabilizaBanco do Brazil to the Caixa de Estabilisao
contained
of the Brazilian Government is
tion Department
Jan 27
the bank received in New York on
in a cable from
according to the "Journal of Commerce,"
by Nortz & Co.,
from which we quote the following:
a great deal of
come in for
The cable says that this act, which has
Issuance of $5,000,000 Bonds of Mortgage Bank of Venetian
of Dec. 18, 1926.
criticism lately, was in accordance with the law the transfer of the gold
Provinces.
The Banco do Brazil states in its cable thatGovernment and also replans of the
An issue of $5,000,000 Mortgage Bank of the Venetian was a part of the stabilization
present operation. It
lieved the currency shortage resulting from the
Provinces (Istituto di Credito Fondiario delle Venezie) says:
requirements of production in
Twenty-five Year 7% External Secured Sinking Fund Gold
"The scarcity of currency to meet the
to the Caixa de Stabilisao
the country caused the transfer from the bank
Bonds, Series A, formed one of the public offerings of the of the 2,500,000 pounds sterling in gold. This sum was later made good
week. It is announced that the bonds of this issue were to the bank."
658
In explaining the transaction, Nortz & Co. state:
It appears that the Federal Government, when transferring this gold,
substituted its own guarantee in place of the gold as security for the
currency issued by the bank. The Government, in its turn, then issued
• additional currency, backed by the same gold, so that this gold had done
•
double duty. We are obliged to the Banco do Brazil for the great pains
which it has taken to make its position clear in this matter.
' "The Federal Government considered its action perfectly legal, being
covered by a law promulgated on Dec. 18, 1926. It seems to us that
the weakness, of their position lies in the fact that, in taking over the
"stock of gold of the Banco do Brazil, they naturally also assumed the
• charges connected with it and, while it may be possible to pass a law
, legalizing an illegal act, there is no escape from its consequence. We
fully realize that the Brazilian Government has been acting in a case of
•••• emergency and that far worse things have happened in other countries.
We have no reason to take issue with the Banco do Brazil on this
question."
•
[Vor.. 126.
FINANCIAL CHRONICLE
Outstanding Brokers' Loans on New York Stock Exchange at $4,420,352,541 Show First Decline in
Year.
For the first time in a year a decline (not of any great moment, be it noted) is shown in the monthly figures of outstanding brokers' loans on the New York Stock Exchange;
according to the statement issued yesterday (Feb. 3) by the
Stock Exchange, the combined total of time and demand
loans on Jan. 31 was $4,420,352,541, a decline of $12,554,780 from the figures of a month ago (Dec. 31), when the
amount, at $4,432,907,321, was the highest shown since the
issuance of the figures by the Exchange two years ago. The
Jan. 31 total is made up of demand loans of $3,392,873,281
and time loans of $1,027,479,260. The following is the
statement issued yesterday (at 3:30 p. in., after the close of
the market) by the Stock Exchange:
Commission to Study Peru's Currency With View
to Stabilization.
Total net loans by New York stock Exchange members on collateral,
According to the New York "Journal of Commerce" of
Feb. 1 the Republic of Peru will shortly return to the gold contracted for and carried in New York as of the close of business Jan. 31
1928, aggregated $4,420,352,541.
basis, but a thorough-going investigation of her finances
The detailed tabulation follows:
Demand Loans. lime Loans.
will first be made, according to present plans. The item in
(1) Net borrowings on collateral from New
that paper also stated:
York banks or trust companies
t2.882,072.402 $923,293,010
One of the questions about which uncertainty now exists is the point
at which stabilization is to be made. The par value of the Peruvian
pound is the same as the British pound, $4,8865. The Peruvian pound
has been moderately steady for a long time at or above its present
quotation of $3.86, however, and the great majority of opinion in
informed circles here is that the present level would be the proper one
, at which stabilization can be effected.
The Peruvian Government, on the other hand, is reported to favor
the return to par value, or at any rate a stabilization at a higher rate
• than is now quoted in the open market. This is thought undesirable
by the bankers here, but as a compromise, it is reported, it has been
decided to appoint a commission of experts to study the situation on
the spot and make recommendations as the result of a careful survey
of the internal and external economic situation of the country. Negotiations are now going on, it is stated, with Fred I. Kent, formerly
vice president of the Bankers Trust Co., with the purpose of inducing
him to head such an investigating commission.
•
As to the time of stabilization, it is generally agreed that the present
is propitious, as the economic conditions are sound and the credit of
•
the country is good. There has been an expansion of Peruvian business
• in the last few years with the further growth of mineral and oil
• production.
The Peruvian Government floated a $50,000,000 loan here last month,
partially for the purpose of currency stabilization. A portion of the
". proceeds of this loan, which was sold by a large syndicate, headed by
J. & W. Seligman & Co. and the National City Co., was segregated into
.'a gold exchange fund. This will constitute an important factor in
hastening the plans for definitive stabilization.
, There has been a sharp appreciation latterly in the valuation of
.• -Peruvian credit in this market. As a result, the republic was able to
,. • sell the last $50,000,000 bond issue on a 6.80% basis, the proceeds of
the sale of the bonds being used to a substantial degree for refunding
bonds bearing a considerably, higher rate of interest.
Millard J. Bloomer, representing J. & W. Seligman & Co., left this
.country for Peru last week, and it is expected he will aid in the
development of the stabilization plan. He has been elected a director
of the Reserve Bank of Peru, succeeding Broderick Haskell, Jr.,
resigned
•
•
J. P. Morgan & Co. Ask Tenders for Sale of Argentine
Government Sanitary Water Work Loan.
• J P Morgan & Co. and The National City Bank of New
- York as fiscal agents have issued a notice to holders of
'Government of the Argentine Nation external sinking fund
6%. gold bonds, Sanitary Works Loan, issue of Feb. 1,
• 1927, due Feb. 1, 1901, to the effect that $139,051 in cash
is available for the purchase for the sinking fund of such
bonds as are tendered and accepted for purchase at prices
.below par. Tenders of the bonds, with coupons due Aug. 1,
1928, should be made at a fiat price, below par, at the office of J. P. Morgan & Co., 23 Wall Street, New York, or
, at thd head office of The National City Bank of New York,
_ '55 Wall Street, prior to 3 p. m., March 1, 1928.
Increase in Capital of New York Joint Stock Land Bank
The following is from the "Wall Street Journal" of
Feb. 1:
An annual meeting of New York Joint Stock Land Bank, stockholders voted to increase capital from $800,000 to $1,000,000. Evan
Hollister and L. J. Taber were elected directors. Other directors and
officers were re-elected.
Under provisions of the Farm Loan Act a joint stock land bank
has the privilege of operating in the state where it is located and
one neighboring state. Stockholders voted to confine future operations
of the bank to New York and New Jersey.
Statement of the New York bank submitted to the stockholders shows
assets in excess of $15.000,000, including the assets of the New Jersey
Joint Stock Land Bank which was taken over as of December 31, last.
Effects of the New Jersey bank have all been moved to Rochester,
where the New York bank is located, and complete consolidation of the
two institutions has been made.
Samuel L. McCune, president. stated that the bank had a prosperous
year during 1927 and that' agricultural conditions appear to be improving rapidly. Officials consider prospects for the year encouraging.
(2) Net borrowings on collateral from private
bankers, brokers,foreign bank agencies
or others in the City of New York
510,800,879
104.188.250
$3392.873,281 $1,027.479,260
Combined total of time and demand loans, 84,420,352,541.
The scope of the above compilation is exactly the same as in the loan report issued by the Exchange a month ago.
The figures of the Stock Exchange since the issuance of the
monthly figures by it, beginning in January 1926, follow:
1926—
Jan. 30
Feb. 27
Mar. 31
AprIl 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
Aprll 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Demand Loans.
82,516.960.599
2,494.846,264
2,033,483.760
1,969,869,852
1.987.316,403
2,225.453,833
2,282.976,720
2,363,861,382
2.419,206.724
2.289,430.450
2,329,536,550
2,541,682,885
Tfme Loans.
$966,213,555
1,040.744,057
966,612,407
865,848,657
780,084,111
700,844,512
714,782,807
778.286.686
799,730.286
821.746,475
799,625,125
751,178,370
Total Loans.
i3,513,174,154
3,535,590.321
3,000,096,167
2,835,718,509
2,767,400,514
2,926,298,345
2,996,759,527
3,142.148,068
3,218,937,010
3,111,176,925
3,129,161.675
3.292.860.255
2,328,340,338
2.475.498.129
2,504,687.674
2,541.305,897
2.673,993.079
2,756,968.593
2,764,511,040
2,745.570.788
3,107.674,325
3.023,238,874
3.134.027,003
3,480.779.821
810,446,000
780.961.250
785.093,500
799,903,950
783.875,950
811.998,250
877.184,250
928,320,545
896.953,245
922.898,500
957,809,300
952,127.500
3,138,786.338
3.256,459.379
3.289.781,174
3,341,209,847
3,457,869.029
3,568,966,843
3,641,695,290
3.673.891,333
3,914,627.570
3,946,137,374
4,091.836,303
4.432,907,321
3,392,873,281
1.027,479,260
4,420,352,541
New System of Recording Transactions on New York Curb
Market To Be Inaugurated Feb. 6, With View to Facilitating Operations.
Plans for the introduction of a new system of recording
transactions on the ticker have been formulated by the
Commitee of Arrangements of the New York Curb Exchange, and will be put into effect for the first time on Monday, Feb. 6. This action folows the step recently taken to
facilitate operations in the bond crowd which was segregated into four units and which system has proved beneficial in the general scheme to speed up the ticker service.
The Committee of Arrangements believes that by eliminating what appear to be unnecessary figures on the ticker
tape, the speed of the ticker system in reporting transactions will be increased considerably. To that end, in the
reporting of all transactions begining Feb. 0, ciphers will
be eliminated wherever possible. The following plan will
be put into effect, for example:
200 shares will be reported ABR
2.791% instead of ABR
200.794
1000 shares will be reported ABR 10.79% instead of ABR 1000.791
%
3500 shares will be reported ABR 35.79% instead of ABR 3500.79%
10000 shares will be reported ABR 100.79% instead of ABR 10000.79%
So as to avoid confusion in the event that the number of shares may
conflict with the price of the security, for example, 200 shares of PCF
sell at 3, the same will be printed 2S3 instead of 2.3 in accordance
with above plan.
Securities traded in at a sixteenth will be printed, for example, 100
DCD sells at 4-3/16, the same will be printed 1.S4.3 instead of
100.S4.3.
Securities traded in at cents per stare will be printed, for example,
1000 shares of XYZ sell at 16c, the same will be printed 10.16c.
In the printing of transactipns where the unit of trading is under
100 shares, the same will appear on the ticker, 25SS95% instead of
25S95%.
Transactions in bonds will be reported as heretofore.
To Speed Curb Ticker—New System of Reporting Share
Transactions on Exchange to Be Instituted Monday.
In order to speed up the printing of transactions, New
York Curb ticker Monday, Feb. 6 will omit the last two
FEB. 4 1928.]
659
FINANCIAL CHRONICLE
3. The action came unexon each trans- 3%% to 4% effective Feb.
ciphers in the number of shares of stock sold
had been the general impression that the
into effect: 200 pectedly, as it
action. The following plan will be put
of its rate inABR local Reserve Bank would defer the raising
will be reported ABR 2.79% instead of
shares
asmuch as the directors of the Boston, Philadelphia and
35.79% in200.79%; 3,500 shares will be reported ABR
s day (Feb. 1) had
reported St. Louis Reserve Banks the previou
of ABR 3500.79%; 10,000 shares will be
stead
decided to hold to the 3%% rate. The New York Federal
ABR 100.79% instead of ABR 10000.79%.
to advance its rate to 4%, the
the number of Reserve Bank is the third
To avoid confusion in the event that
d the move last week
, for Chicago Reserve Bank having initiate
the security
shares may conflict with the price of
in the establishment of the new rate on Jan. 25, the Richwill be
example, 200 shares of PCP sell at 3, the same
mond Reserve Bank folowing, the 4% rate in that case
plan.
2S3 instead of 2.3 in accordance with above
printed
having become effective Jan. 27. References to these
printed, for
Securities traded in at a sixteenth will be
Jan. 28, page 519. Acbe printed changes were made in our issue of
1
example, 100 DCD sells at 41 1, the same will
cording to a Washington dispatch Feb. 2 to the New York
1.84.3 instead of 100.84.3.
Bank of New
printed, "Times" the action of the Federal Reserve
Securities traded in at cents per share will be
approved
will York in raising its rediscount rate to 4% was
the same
for example, 1,000 shares of XYZ sell at 16c.,
by the Federal Reserve Board Feb. 2 after a somewhat exbe printed 10.16c.
said:
of trading tended discussion. In part the account
In the printing of transactions where the unit
The best information obtainable here is that disregard by the Stock
the ticker
on
is under 100 shares, the same will appear
Market of similar action which had been taken by the Reserve Banks
.
1
/
258895% instead of 258952
of Chicago and Richmond, indicated by an increase of $27,000,000 durre.
ing the week in brokers' loans made by the New York member banks
Transactions in bonds will be reported as heretofo
and a continuation of the bull market in face of small discouraging re- -on,
of Abbre- ports by several of the railroads and the United States Steel Corporati
Curb Will Shorten Ticker Quotations—System
influenced the directors of- the New York Reserve Bank.
and Richmond,
Be Put Into Operation
That the Reserve banks, other than New York, Chicago
viations to Speed Service to
which still maintain a 354% rediscount rate, will fall into line and
Monday.
next Mon- adopt the 4% level was the inference drawn from such comment as
The New York Curb Exchange, begining on
Young and other members of the Reserve
the New York Stock could be obtained. Governor
day, will follow the example set by
Board were reticent about discussing the action of the New York bank
quotations or possible developments in other directions.
Exchange in December and abbreviate its ticker
The fact that the New York bank acted before the rate had been
the last two
to speed up their transmission. It will omit
Philadelphia, Boston and in the
whenever stepped up by the Reserve Banks in came as something of a surprise,
ciphers from the numbers of shares transferred
Midwest sections, other than Chicago,
ns of the and there were reports that a division of opinion existed among Board
possible, but will not abbreviate the quotatio
procedure
members as to the wisdom of this course. A more usual
stocks, as is done on the big board.
would have been for New York to act after the other banks had taken
s of the Curb Market yesterday the lead, but
conIn a letter sent to member
apparently, in the viewpoint of observers here, the deed the
the Committee of Arrangements said:
tinued speculative activities on the Stock Exchange precipitat
, cision to adopt the other course.
"In the reporting of all transactions begining Monday
acted
While no admission is made that the Federal Reserve system has
.
here is
Feb. 6, 1928, ciphers will be eliminated wherever possible
directly in an effort to quiet market activities, the viewpoint
:
te to
The following plan will be put into effect, for example
that there have been sufficient developments recently to demonstra nt
Governme
"Two hundred shares will be reported ABR 2.79% in- the operators on the market just how those in control of
stead of ABR 200.79%.
/
"One thousand shares will be reported ABR 10.7912 in/,.
stead of ABR 1000.791
"Three thousand five hundred shares will be reported
h
35.791 instead of ABR 3500.79%.
"Ten thousand shares will be reported ABR 100.79%
instead of ABR 10000.79%.
So as to avoid confusion in the event that the number of
shares- may conflict with the price of the security, for
example, 200 shares of PCF sell at 3, the same will be
printed 283 instead of 2.3 in accordance with above plan.
"Securities traded in at a sixteenth will be printed, for
example, 100 DCD sells at 4, the same will be printed
1.84.3 instead of 100.54.3.
"Securities traded in at cents per share will be printed,
for example, 1,000 shares of XYZ sell at 16c, the same will
be printed 10.16c.
"In the printing of transactions where the unit of trading is under 100 shares the same will appear on the ticker
258895% instead of 25895%.
"Transactions in bonds will be reported as heretofore."
Curb To Speed Up Ticker.
The Committee of Arrangements of the New York Curb
Market in order to speed up the Curb ticker tape, has ordered that beginning Monday, Feb. 6, the two final ciphers
be omitted from the amount of shares transferred wherever
possible. For example: 200 shares of ABR will be printed
A.
2.79% instead of 200.791
by the
finance felt. About $200,000,000 of Government securities held
weeks, and
Reserve banks had been sold in the open market within three
decided
in any ordinary money situation this would probably have a
of stocks.
effect in tightening up rates and reducing speculative buying
all credit
But under present conditions, with money over-plentiful for
purposes, these heavy sales proved only a drop in the bucket.
their
The action of the Chicago and Richmond banks in increasing
in New
rates to 4% recently also failed to check the brokers' loans
were at
York classified as "for account of out of town banks," which
00 over
$1,496,999,000 as of yesterday, an increase of about $24,000,0
loans as
the mark set for the previous week. The total for all brokers'
25. This
of Feb. 1 was $3,815,820,000, against $3,788,685,000 on Jan.
peak figures
increase of about $27,000,000 brings the total nearly to
the sale of
again, despite the efforts which had been made, such as
check on these
Government securities by the Reserve banks, to put a
loans.
the volume
In stating that an increase of $27,135,000 in
ement of the
of brokers' loans, coupled with the announc
4% gave rise
increase in the New York rediscount rate to
ent and Congressional
to varied expressions in Governm
New York
circles, the Washington correspondent of the
2 added:
"Journal of Commerce" on Feb,
that the
expected
In view of the general situation, it having been
rate before the New
other Federal Reserve banks would increase their that Secretary of the
York bank would act, and because it was thought
such a delay, there were
Treasury Mellon might be expected to favor Secretary Mellon and the
rumors here this afternoon of a split between rumors by even denying
the
Board. High officials would not dignify
met with the Board today and
them. It was stated that the Secretary
it was speedily acted upon
that when the New York matter came up Mellon is inclined to leave
declared that Secretary
With approval. It is
It was apparent that the
to the banks such questions as affect rates.
New York bank acted upon its own initiative.
by the New
The following is the announcement made
York Federal Reserve Bank:
FEDERAL RESERVE BANK
OF NEW YORK
February 2, 1928.
Curb to Speed Tickers—Will Eliminate Last Two Figures
Rate of Discount
From Number of Transfers.
the Second Federal Reserve District:
Facing the same problem that perplexed the Stock Ex- To all Member Banks in effective from the opening of business on FriYou are advised that,
change for several years, the New York Curb Market will day, February 3, 1928, until further notice and superseding all existing
4% for all rediscounts and
omit the two final ciphers from the amount of shares trans- rates, this bank has established a rate of
wherever possible beginning Monday in an effort to advances.
ferred
Very truly yours,
BENJ. STRONG,
speed its ticker service. The New York Stock Exchange
Governor.
done this for some years and last fall found it feasible
has
on
further change by omitting the first figures of
been established by the bank
/
The 312% rate had
to make a
price quotations in certain cases.
Aug. 5, 1927.
/
For example, the quotation for 200 shares at 9712 will
Provisions of AntiHouse Passes McFaden Bill Amending
be printed 2.79% instead of 200.79%.
•
king Bank Directorates—
Trust Act Regulating Interloc
Federal Reserve Board
Measure Designed to Enable
Federal Reserve Bank of New York Increases Discount
Effectively.
Rate From 3%% to 4%.
to Administer Law More
1 passed a bill inon Feb. 2 anThe House of Representatives on Feb.
The Federal Reserve Bank of New York
the
Representative McFadden, which amends
d by
nounced that its discount rate had been increased from troduce
660
FINANCIAL CHRONICLE
[VoL. 126.
Bern amendment to the Clayton Anti-Trust Act regulating gress indicates no intention of diminishing the expected
interlocking bank directorates. With reference to the bill surplus." Noting that "we have the public debt to which to
apply every dollar of whatever surplus may accrue," the
and its purpose Representative McFadden said:
In its original form section 8 of the Clayton Anti-Trust Act, ap- President referred to that as "Indirectly" tax reduction.
proved Oct. 15, 1914, absolutely prohibited interlocking directorates Intimating that he would withhold approval of a larger
and officerships between certain classes of banking institutions having
resources in excess of $5,000,000 or located in the same city of more tax cut than that already endorsed, namely, $225,000,000,
than 200,000 inhabitants. It was the apparent intention of Congress to the President made the statement that "I have indicated
preserve competition between these classes of banking institutions and the maximum reduction we can now afford. There was
prevent the formation of bank monopolies. These prohibitions, however,
were found to be unnecessarily severe, and in 1916 Congress enacted no partisan thought in that recommendatton. I hope there
the so-called Kern amendment to the Clayton Act which gave the Fed- will be none in its final consideration by the Congress."
eral Reserve Board discretionary power to permit interlocking director- Another matter to which the President referred in his adates between a member bank and not more than two other banks coming
within the prohibited classes of the Clayton Act, provided such hanks dress was the Administration's Naval Program as to which
were not in substantial competition. This amendment made it possible he said:
for a maximum of three banks to have interlocking directorates, but
only on condition that such banks be not in substantial competition.
The experience of the Federal Reserve Board in administering these
provisions of law, however, has shown clearly that the Kern amendment
in its present form does not work out in the way in which it was intended. It operates in an illogical way and instead of carrying out the
purpose for which it was enacted, often defeats that purpose.
The experience of the Federal Reserve Board in attempting to administer the law in conformity with the intent of Congress has proven
this to be the case. The mere absence of substantial competition between banks is the wrong basis for permitting interlocking directorates.
If non-competitive banks are permitted to interlock, it is quite possible
—and this has happened frequently—that they will become substantial
competitors in spite of their interlocking directorate. Yet in such cases
they may not have additional common directors, notwithstanding that
they have permitted the salutary growth of competition, which is just
what Congress desired. On the other hand, competing banks which desire common directors but are unable to have them because of the competition will naturally strive to eliminate competition and thus bring
themselves in line with the terms of the law, so that they may be authorized to interlock. In addition, the present law discriminates against
national banks in that it restricts them in their choice of directoratei
but does not prohibit interlocking directorates between State banks and
trust companies where no national banks are involved.
The Federal Reserve Board is frequently confronted with cases of
interlocking directorates which have lawfully existed for a number of
years but which have eventually come within the prohibitions of the law
because of the resources of one of the banks involved has grown to an
amount in excess of $5,000,000. Cases of this kind occur most often in
small towns, where the enforced resignation of a director from one of
the banks involved, in order to comply with the strict requirements of
the law, is quite likely to cause public misapprehension or distrust with
regard to that Bank.
The important question is not whether the banks involved are in substantial competition but what effect the interlocking directorates will
have on the banking and credit situation in the community. Accordingly, the proposed amendment to the law would make the test for permitting interlocking directorates whether or not the granting of permits
for such directorates be incomputible with the public interest.
The above discussion should demonstrate clearly that the Kern amendment in its present form operates in an illogical way and often defeats
the very purpose for which it was enacted. It is believed that the law
should be further amended in such a way as to enable to Federal Reserve Board to administer it more effectively and more nearly in harmony with the apparent purpose and intent of Congress in regulating
interlocking directorates. It is the purpose of the proposed amendment
—H. R. 649I—to redraft the Kern amendment in simpler form giving
the Federal Reserve Board discretionary power to permit interlocking
directorates between any three banks, if in its judgment it is not incompatible with the public interest and preserving the Board's power to
revoke any such permit when the public interest requires.
The text of the bill follows:
Be it enacted, etc., That the last proviso of the second paragraph of
Section 8 of the Act entitled "An Act to supplement existing laws
against unlawful restraint and monopolies and for other purposes approved Oct. 15, 1914, as amended, is amended to read as follows:
And provided further, That nothing in this Act shall prohibit any
private banker from being an officer, director, or employe of not more
than two banks, banking associations, or trust companies, or prohibit
any officer, director, or employe of any bank, banking association, or
trust company, or any Class A director of a Federal Reserve Bank,
from being an officer, director, or employe of not more than two other
banks, banking associations, or trust companies, whether organized under
the laws of the United States or any State, if in any such case there
is in force a permit therefor issued by the Federal Reserve Board; and
the Federal Reserve Board is authorized to issue such permit if in its
judgment it is not incompatible with the public interest, and to revoke
opporany such permit whenever it finds, after reasonable notice and
tunity to be heard, that the public interest requires its revocation.,
-Annual Meeting of Business Organization of
Semi
Government—President Coolidge Stands for Moderate Tax Reduction—Better to Have No Reduction
Than Too Much—Naval Program.
Declaring that "it is far better to have no tax reduction
fourthan too much," President Coolidge in addressing the
semi-annual budget meeting of the Government on
teenth
we
Jan. 30 said "we cannot stand the cost of things which
have if we adopt excessive tax reduction."
should and must
in Federal
With a continuation of the efforts for economy
President, "we can have a moderate
operations, said the
meet
reduction in taxes and at the same time adequately
national problems which are now confronting
the urgent
that "the budget
us." The President referred to the fact
forecast a surplus of $252,540,000 is now
for 1929 which
the Conbefore the Congress. The action so far taken by
A construction program for the navy is now receiving the consideration
of the Congress. The authorization of 1916 was the last complete navy
program, and that has been practically completed.
The recommendation now before the Congress to replace obsolete naval
vessels and moderately increase our naval strength contemplates an orderly
construction procedure; nothing more. It contemplates that the construction program will be carried out as conditions dictate and Treasury
balances warrant. It considers our own requirements alone and carries no
thought of entry in competitive construction with any other nation.
The plan I have endorsed does not contemplate any limitation of time
as to the beginning or the completion of this tentative program. But
it does contemplate the building of the ships as fast as possible.
In lauding the budget system of the Government the
President said that "the enormous importance of constructive economy in Federal operations has been established. It
is here to stay. The prosperity, peace and contentment
of the people demand it. They furnish the money to run
the Government. They have a right to have it run for
their benefit." The President observed that "on Dec. 31
last the public debt stood at approximately $18,000,000,000.
We can only visualize what is represented by that figure
by going back to the days of 1917-19, when our debt was
Increased from slightly over $1,250,000,000 to nearly $26,600,000,000." He also noted that "from April 1917 to December 1927, covering a span of more than ten and onehalf years, we paid in interest alone over $8,500,000,000.
Since the declaration of war, in April 1917, we have paid
In interest and principal more than $17,000,000,000." The
President's address and that of General Lord, Director of
the Budget, was broadcast. We give herewith the President's address in full.
Members of the Government's Business Organization:—In spite of the
fact that this is the fourteenth of the semi-annual budget meetings, there
are, no doubt, many who are still wondering why they are held and just
what their purposes may be. Nearly every one connects them with economy
in Government expenditures. But that is not the real answer. The orderly
and proportionate use of the resources of the people of the United States
is certainly being sought. But that is only the method and the means
of accomplishing our main object.
The real purpose is nothing less than the true and scientific progress
of humanity. It is the major effort in undertaking to establish the correct relationship between needs and resources. It works out into conservation of human energy. It is immediately translated Into concrete results,
not only for the people at large, but for the people in the Government
service. For the unemployed it makes the prospect of employment more
certain. For the employed it makes hours shorter, tasks lighter, wages
higher and positions more permanent. It makes the cost of food and clothing less. It reduces rents. It makes the home easier to buy, and, having
been bought, easier to pay for. It makes investments give better returns
and increases the opportunity for saving. The margin for the comforts,
and even the luxuries, of life is widened. The ability comes for broadening educational advantages. Leisure is secured for the better appreciation of literature, music and art. Means exist for the ministrations of
charity. Contentment and peace of mind come under these conditions,
because people have the feeling of success and the consciousness that they
are rising superior to their environment Our efforts are not based on
any mean and sordid materialism, but are inspired by a desire to promote the mental, moral and spiritual welfare of the people.
That, in short, is the meaning of the budget system of the United States.
If it is not worth working for, then I do not know anything that is worth
working for. The members of this business organization are certainly
entitled to take a great deal of pride in what they have accomplished.
We are not only working for our own benefit, but undertaking to promote the general welfare of all the people of our own nation and carry
the same influences to every quarter of the globe.
Prosperity, with peace and contentment, is an enviable situation. We
have that within our own nation. We would not have it if the business
of our Federal Government had not been well managed. The results
of that management are portrayed in the present condition of our nation.
The enormous importance of constructive economy in Federal operations
has been established. It is here to stay. The prosperity, peace and contentment of the people demand it. They furnish the money to run the
Government They have a right to have it run for their benefit.
In this great business of the Federal Government problems of magnitude are constantly arising. Each day brings forth its differing problems,
so that it is essential that we keep our principles constantly before us.
We gather here twice each year for that purpose. Our record is represented by what has already been done. But all of this could be undone
if we did not proceed carefully and wisely in our future operations. We
are here to prepare for those operations in the light of past experience.
The best gauge of the possibilities of the future is the successes of the
past We are not perfect. We do not claim to be. But since the inauguration in this nation of the budget system we have been steadily improving our business management You have your individual tasks. It is
essential, however, that you know the effect of your task upon the Federal
finances as a whole. This is an essential factor to successful organized
action. It is one of .the basic reasons for these meetings.
FEB. 4 1928.]
FINANCIAL CHRONICLE
Results of Seven Years' of Budget System.
We are now facing the time when it is even more essential that we
proceed in an orderly manner. The result under seven years of the
budget system has been to the advantage of the people. It is for that,
and that alone, that we labor. The advantages to the people have
been manifold. It has been direct expression in vastly diminishing our
public debt and in three reductions in taxes. Both of these would
have been impossible without careful and prudent management of the
expenses of our nation.
On Dec. 31 last the public debt stood at approximately $18,000,000.
We can only visualize what is represented by that figure by going back
to the days of 1917-19, when our debt was increased from slightly over
$1,250,000,000 to nearly $26,600,000,000. This increase in our debt
from $1,000,000,000 to $26,000,000,000 occurred within the short space
of slightly more than two years. But despite the heroic efforts of both
the executive branch and the legislative branch of the Government, it has
required eight and one-third years to reduce the debt by $8,500,000,000.
This shows how much easier it is to borrow money than to pay it. From
April 1917 to December 1927, covering a span of more than ten and onehalf years, we paid in interest alone over $8,500,000,000. Since the
declaration of war, in April 1917, we have paid in interest and principal
more than $17,000,000,000.
We cannot overestimate or overemphasize the importance of the reduction which has been made in our debt.
Our interest cost is still a great burden. This cost for next year,
however, will be $1,000,000 a day less than it was at the peak of our
interest charges. Two hundred thousand men at $5 per day is what this
represents. All of this labor has been released for productive employment for the good of all the people. What a saving of human energy!
The people are concerned in tax reduction. They are, therefore, concerned in everything that makes such reduction a possibility. In slightly
more than six years we have seen three reduction in taxes. A real relief
has been afforded the taxpayer. The conditions which made that relief
possible did not occur by accident. They were the result of carefully
conducted Federal business. The executive branch and the legislative
branch of our Government coordinated their efforts to make this possible.
Through those efforts the budget has been balanced and a surplus shown.
The benefits of this result have gone to the people.
/n Favor of Moderate Tax Reduction.
1 have expressed myself in favor of further moderate tax reduction. I
have indicated the maximum reduction we can now afford. There was
no partisan thought in that recommendation. I hope there will be none
in its final consideration by the Congress. We should not depart from
the wise policy established, and thus far rigidly followed, of keeping our
expenditures within our receipts. That I had in mind in making my
recommendation. It has made a rich contribution to the present splendid
financial status of the country. It has enabled us to hire money at a
lower rate than any other business in the world. It has been effective
in the maintenance of prosperity. It has the hearty endorsement of the
taxpayers.
That policy of a balanced budget—expenditures within receipts—must
not be molested. It must not be endangered. The great good which has
come to this country from a balanced budget is too measureless, too
far-reaching, even to suggest any other course. This nation is neither
too weak nor too improvident to meet its obligations as they occur.
The budget for 1929 which forecast a surplus of $252,540,000 is now
before the Congress. The action so far taken by the Congress on that
budget indicates no intention of diminishing the expected surplus. With
a continuation of the efforts for economy in Federal operations we can
have a moderate reduction in taxes and at the same time adequately
meet the urgent national problems which are now confronting us. Past
economy has given us the means for internal improvements and developments and more adequate national defense.
No Tax Reduction Better Than Too Much.
But we cannot stand the cost of things which we should and must
have if we adopt excessive tax reduction. It is far better to have no
tax reduction than to have too much. We have the public debt to which
to apply every dollar of whatever surplus may accrue. That, indirectly,
is tax reduction. Every dollar applied to the debt saves perpetually the
Interest on that dollar. It is a contribution to the welfare of the people,
a logical step nearer adequate tax reduction.
To you of the Federal service comes the duty—I may say the privilege—
of continuing the campaign of rigid economy of public funds. The success which has crowned your past efforts is even more essential for the
future. Last year, 1927, our expenditures reached the lowest level since
the world conflict. This year they have necessarily taken an upward
curve. We must hold that curve in check.
We are wiser from the effort which brought our expenditures to the low
ebb of 1927. That effort was started in June 1923 and had for its objective a reduction of our annual expenditures to $3,000,000,000. In
fixing that amount we excluded alone the amount applied to the reduction of the public debt. It was a courageous undertaking. We spent
in 1923 $3,295,000,000. Our campaign, therefore, contemplated the elimination of $295,000,000 from our expenditures. Unafraid and unterrified
by that formidable $295,000,000, you bravely sought your objective.
While in some of those fighting years you lost ground, the average tendency was downward. Despite what must have been at times most discouraging conditions, you never lost hope. Notwithstanding legislation
that swelled expenditures by many millions, you still fought on, undismayed. At the end of the fiscal year 1927 you saw your brave effort rewarded with complete success. The expenditures for that year, exclusive of
reduction of the debt, was $2,974,000,000. This gives a reduction below
1923 of $321,000,000. Truly you fought a good fight. I congratulate you
upon your very great and constructive achievement.
If we added the constantly arising new and urgent requirements to
what we are already doing, Federal obligations would simply be a mathematical addition. We have not been doing this. Each year all of our
expenses which are not specifically fixed by law are given exhaustive examination. In this way we have excluded old activities no longer necessary
or have curtailed them where curtailment was proper. This has made
contribution toward meeting new and urgent needs without the
requirement
for greatly increased funds. This progressive and systematic examination
on all of our activities must constantly go on. It is the only way to bring
real economy into the Government's business. This applies to our continuing work.
This scientific estimate of our requirements has not prevented substantial saving in their actual executon after the appropriations have been
granted. The Congress has wisely protected its appropriations by laws
to prevent their over-obligation. Those laws require an orderly apportionment of appropriated funds so as to prevent obligations being incurred
661
in one part of the year which would give rise to a deficit in another part
of the year. We have carefully observed that requirement. We have gone
further in our apportionment of funds by setting aside a general reserve
to provide for the unexpected.
Saving Through General Reserve Policy.
Requirements that cannot be scheduled, needs that cannot be foreseen, are always arising. They generally result from conditions that make
the need urgent. If the need does not arise, the money is saved. The
wisdom of that policy has been definitely shown. It has justified itself so
fully that there is little need of my expressing to you again my expectation that you will continue to adhere to it.
The budget gives the President the opportunity of expressing to the
Congress what he requires. The appropriations which may be granted
by the Congress constitute the maximum which you can spend. They
do not constitute the spending minimum. From the reserve balances which
have been set up in the budget years to June 30 last $380,000,000 has
been saved. This has gone to debt reduction.
It may add to the understanding of the concrete benefits of this course
to state that the amoent saved through the general reserve policy exceeds
the amount which the engineers estimate is required for Mississippi flood
protection. It should be a matter of gratification to Federal administrators that their loyal adherence to this reserve policy has resulted so happily.
This splendid result is the policy's eloquent and unanswerable advocate.
Economy in Federal operations is here to stay. True economy means the
discouragement of unnecessary expenditures. It carries no thought of
unwise, unscientific limitation. Rather, it makes ample provision for
things that must be done. Pressure for retrenchment, insistence upon wiser
spending, have furnished capital to meet our new demands without expansion of our expenditure program. We cannot absorb by economy all
of our prospective new requirements. If we absorb as much as possible,
we have realized the true meaning of economy. By saving money where
money can properly be saved we have developed what is more properly
termed a constructive economy program in our Federal service.
Expense Affindant on National Defense.
A large source of expense is our national defense. The cost of this
for next year is estimated at approximately $850,000,000. That means
an average expenditure of $1,233 for every minute, or $20.50 for every
second of the year.
We are also perfecting our physical plant. The building program
as now planned will cost approximately $350,000,000. Of this amount
$211,000,000 has already been approved for custom houses, post offices
and other building needs for the public service.
The army program contemplates an expenditure in excess of $100,000,000.
The sum of $10,000,000 has been authorized for the purpose of properly
housing our foreign representatives. This is an expensive but amply
justified program. The buildings are necessary. Constructive economy
has made them possible. We have other great programs of expenditure
which could not have been financed without economy in our operations.
Program for Navy.
A construction program for the navy is now receiving the consideration
of the Congress. The authorization of 1916 was the last complete navy
program, and that has been practically completed. The recommendation now before the Congress to replace obsolete naval vessels and moderately increase our naval strength contemplates an orderly construction
procedure; nothing more. It contemplates that the construction program
will be carried out as conditions dictate and Treasury balances warrant.
It
considers our own requirements alone and carries no thought of entry
into competitive construction with any other nation.
The plan I have endorsed does not contemplate any limitation of time
.
as to the beginning or the completion of this tentative program. But it
does contemplate the building of the ships as fast as possible.
In preparing your estimates for 1929 you were advised that only $3,300,000,000 would he available for that purpose, exclusive of tax refunds
and certain other excepted items. The budget now before Congress
carries for the comparable items which that limiting amount was intended to cover a total of approximately $3,261,000,000. It will be seen
that we were well within the limit.
Meaning of Constructive Economy.
This proved most fortunate, as it enabled us to provide for urgent
needs not contemplated when the maximum was established. One of these
was the item of nearly $20,000,000 for meeting the Government's obligation in connection with the retired pay of Federal employees. We were
enabled, because of that margin between your estimates and the limiting
amount, to provide for other equally urgent requirements.
That is the meaning of constructive economy. It is not a policy of
negation. It calls for positive action. It proceeds in accordance with
the dictates of common sense and the principles of sound business.
It is
provident. It looks ahead. It undertakes to make plans to-day for the
needs of to-morrow. It is because of care in expenditure that the
surplus
has been accumulated which reduced our debt, which cut down our
interest,
which gave relief from taxation and which has still left a
margin for
public buildings, for internal improvements, for national
defense.
All of this is pre-eminently constructive. As I indicated
at the outset,
it has brought brighter opportunities to every
home in the land. If
there is any one thing on which the people of this nation
should insist,
it is the continuation of this policy in the handling
of their national
finances.
Budget Bureau.
One of the very Important elements of the Budget
Bureau is coordination. It is by this method that the bureau maintains
contact with
all the departments, and to a certain extent the
departments maintain contact with each other. This enables a considerable
body of men to have
a very clear comprehension of the entire financial
structure of the Government.
This has been brought about, not by bringing
in experts from the
outside, but by taking people already in the service
of the various branches
of the Government and securing the full
benefit of their knowledge and
experience. In the functions which they perform the co-ordinators are
the representatives of the President and
entitled to his protection. It
is an exceedingly important work that is
done by them, and they are entitled to great credit for the success of our efforts.
It would be impossible to designate all the people
who have contributed
to the success of the efforts for the orderly financing
of our national revenues under the budget system. In the
first place, it has been a success
because it has had the active and energetic support of the people
themselves. To this has been joined the approval of almost every
one connected
with the Government, both in and out of the Congress.
As all appropriation bills originate in the House, it is evident
that the
Chairman of the Appropriations Committee, Representative
Madden of
662
FINANCIAL CHRONICLE
our expenditures in
Illinois, has had a very large part in wisely balancing
chamber this problem
accordance with the policy of economy. In the other Senator Warren of
of
has had the advantage of the experienced wisdom
Wyoming.
Commended.
Genera/ Lord's Work
the budget to
While it is the President who determines and submits
investigations and
the Congress, he has to rely to a great extent on the
Bureau of the
recommendations carried on under the Director of the of our country
confines
Budget. If there is any organization within the appropriation, I do not
that has ever made a request for cutting down an
in advocating increased
know where it is. The number who are engaged
has been a success
appropriations is more than legion. General Lord judgment to say yes
the
as the head of the Bureau because he has had no when the facts warwhen the facts warranted and the courage to say
ranted.
requires, and recomHis only desire is to find out what each situation appropriation, could
mend that it be met. Any worthy object, any needed Government financhave no better friend. He has had great experience in
benefactor to those
ing. He is a clear thinker and plain speaker, a great
Government.
who administer the affairs of the United States
to listen to the
One of the chief reasons for holding these conferences is
,counsel of General Lord, who will now address you.
•
Budget
Director of Budget Gen. Lord on Saving Through
System—Continued Campaign to Hold Government
Expenditures Within $3,000,000,000.
In again urging, as on previous occasions, the holding
,
down of annual Federal expenditures to $3,000,000,000
General H. M. Lord, Director of the Budget, in addressing
30
the Business Organization of the Government on Jan.
expensaid that "exclusive debt reduction, the estimated
behold!
diture for this year is $3,085,129,211. And lo and
again, big
Here is our $3,000,000,000 campaign facing us
the courage—
as life and full of trouble. * * * I have
of
you may call it temerity—to hope for the elimination
us and
that $85,129,211, which is the only hurdle between
another $3,000,000,000 victory. * * * Call your execus,
tives together, study the balances of your appropriation
your people to the standard of further saving."
rally
General Lord pointed out that "the surplus indicated for
next year is only $252,540,283," and added that "In that
estimate no allowance has been made for major projects
under consideration by Congress. Some of these projects
are assured of enactment into law, with subsequent call
upon the Treasury." He referred to the fact that "the
President has recommended tax reduction with $225,000,4)00 as a maximum and to the further fact that the President in his budget message called attention to his (the
President's) duty to withhold approval of projects and
expenditures that would threaten a balanced budget."
"From now on" Gen. Lord went on to say, "every doubtful project is condemned; every questionable expenditure
•under indictment. That only which is imperatively necessary for the public welfare has right of way." General
Lord observed that "the seven annual budgets which have
been sent to Congress carried a total of $27,000,475,970.55,
which is $1,690,623,459; 16 less than was asked. That surprising amount—$1,690,623,459.16—was cut from executive
estimates for those seven budgets and yet the business
operations of the Government were never conducted so
efficiently." His address follows:
Mr. President and Members of the Business Organization of the
Government:
This is the fourteenth budget meeting and the twelfth appearance of
the present Budget Director before this organization. It is something
of a task, twice a year, to appear before you and discuss matters concerning many of which you are presumably as well informed as the
speaker. Your patient forbearance and courtesy alone make it possible.
The Budget Director Confesses there are times when he longs for a spot
where budgets cease from troubling and budget problems are at rest.
Referring to the Budget Director and his duties, President Coolidge in
one of his addresses said:
"He does not occupy a place of ease • • • but a place of
•*."
difficulty
We have in the Federal service many brilliant administrators. They
handle projects as ambitious and as important as any in the world.
They are as able and as competent as any executives and administrators
in the world. In the very nature of things they are almost exclusively
absorbed in their own great undertakings and can have little or no
thought of all the other projects which must be financed out of the Federal Treasury. Their combined requests for appropriations always exceed
available funds by millions. For 1929 the executive departments asked
$128,000,000 more than could be granted. That was the amount cut
from the estimates by the Budget Bureau acting for the President.
Amounts Carried in Seven Annual Budgets.
The seven annual budgets which have been sent to Congress carried
a total of $27,000,475,970.55, which is $1,690,623,459.16 less than was
asked. That surprising amount—$1,690,623,459.16—was cut from executive estimates for those seven budgets and yet the business operations of the Government were never conducted so efficiently.
The Budget Director has the simple task, under the personal direction
of the President, of fitting these executive estimates within the limiting
amount established by the President after careful study of controlling
conditions—study that keeps forever in mind the welfare and interest
,of the taxpayer who foots the bill. In all the stress, pressure and
appeal for funds for projects and purposes which the director, with his
knowledge of the entire field of Federal operations knows should not be
iVoL. 126.
his courapproved, he steadies himself, clears his mind and strengthens
age with the words of President Coolidge:
"The taxpayers' interests are our only concern."
It cost $3,493,584,519.40 to run this great Government in 1927. Of
remainthis amount $519,554,844.78 was applied to the public debt. The
der, used for the ordinary functions of government, was $2,974,029,674.62. Here, in simple, plain figures, is the triumphant realization of
exclusive
our years of campaigning to bring annual Federal expenditure,
of debt reduction, down to $3,000,000,000. We got down to the $3,000,000,000 and bettered it by $25,970,325.38.
At the last meeting of this organization, in June, the speaker confidently prophesied this splendid achievement and stated that when we
could point to the glorious result and say "There it is" we would
celebrate the victory with appropriate fireworks. What may constitute
a proper celebration is a puzzling problem. Firecrackers are not appropriate, for there has been nothing explosive about our campaign. It
was a long, steady, grinding pull. Skyrockets are out of the question,
for our expenditures went down, not up, while roman candles are too
tame and commonplace for so signal an achievement. Inevitably we
reach the conclusion that this great triumph in Federal economy requires
no formal celebration. It is its own most effective celebrant. Like the
Washington Monument, it is most impressive unadorned. It stands out
eloquently as the smallest annual expenditure since 1917.
Somebody scoffed, Oh, you'll never do that,
At least no one has ever yet done it,
But we took off our coats and we took off our hats
And the first thing we knew we'd begun it.
With a lift of our chin and a bit of a grin,
Without any doubting or quiddit
We went in with a swing as we tackled the thing
That couldn't be done, and we did it.
—Edgar A. Guest (altered).
Estimated Expenditures for Current Year.
Against a total disbursement last year of $3,493,584,519.40 we have
an estimated expenditure for the current year of $3,621,314,285, a
threatened increase of $127,729,765.60 over last year's record. This
increase is all accounted for, and more, by $32,000,000 additional for
the Veterans' Bureau, $71,000,000 more for national defense, and
$34,000,000 increase for internal revenue refunds over last year's need.
These total $137,000,000 added to the current year's burden, and are of
a character that affords little or no opportunity for executive modification.
Exclusive of debt reduction, the estimated expenditure for this year
is $3,085,129,211. And lo and behold! Here is our $3,000,000,000
campaign facing us again, big as life and full of trouble. I fear you
may have thought that having once attained that $3,000,000,000 objective, it would be definitely relegated to history and that we had given it
a heartfelt good-night. Some of you, doubtless, felt like the little man
who, somewhat excited after a heated controversy, fired this parting
shot at his adversary:
"The sooner I never see you again the better it will be when we next
meet."
I have the courage—you may call it temerity—to hope for the elimination of that $85,129,211, which is the only hurdle between us and
another $3,000,000,000 victory. I know it is a large order. You have,
however, honestly earned a reputation for doing big things. Call your
executives together, study the balances of your appropriations, rally
your people to the standard of further saving. What a God-given
opportunity for high-grade administration! I am not proposing the
postponement of any necessary expenditure. I am urging and expecting
the elimination of every item that can be cut out without detriment to
the public service. We may not make the grade. We will not, however, ignominiously surrender without an honest effort.
The surplus indicated for next year is only $252,540,283, a result
reached after the most careful and studied estimate of possible receipts
and expected expenditures ever made by the Bureau of the Budget. In
that estimate no allowance has been made for major projects under
consideration by Congress. Some of these projects are assured of
enactment into law, with subsequent call upon the Treasury.
Tax Reduction Recommended by President.
The President has recommended tax reduction with $225,000,000 as a
maximum. In his budget message he stated that this recommendation
is based on an uninterrupted continuance of national prosperity and the
enforcement of a policy of drastic economy in national spending. At
the same time he called attention to his duty to withhold approval of
projects and expenditures that would threaten a balanced budget.
There can be no doubt where our duty lies. We follow the President's lead. His policy is our policy; his wish our desires; his fight
our fight; his victory our victory. From now on every doubtful project
is condemned; every questionable expenditure under indictment. That
only which is imperatively necessary for the public welfare has right of
way. If ever opportunity and duty knocked at the same door at the
same time it is here and now.
The Budget Director has been accused of assuming authority not his
own; of interfering with the prerogatives of Congress; of being a sort
of trouble-maker unfortunately created to meddle with the legitimate
functions of Federal agencies and worthy organizations who could thrive
mightily with easier access to the Federal Treasury. For the following
appropriate story I am indebted to Governor Moore of New Jersey:
An Irishman bought a parrot that could speak several languages and
had it sent to his house. On arrival home in the evening he asked his
wife:
"Mary, how's the bird?"
"He's not done yet," replied Mary.
"Not done yet? What do ye mean?"
"I'm cookin' it."
"Cookin' it? Why, that bird could talk fluently .in nine languages."
"If he could do that why didn't he say something?"
For these many months the Budget Director has possessed his soul in
patience, comforting himself with the thought that while to be able to
converse in several languages is valuable, to be able to hold your tongue
in one is priceless. This policy, however, did not work out well with
the parrot. He should have said something. The Budget Director
derives his authority solely from the law and the President of the United
States whose policies he tries to carry out. These policies have always
been clear cut. He has never promulgated a policy that was not thus
clearly outlined by the President; he has never enforced a program that
was not the President's program; he has never knowingly assumed
authority beyond that definitely delegated to him by the Chief Executive.
He has tried to be humble. Chagrin at his own shortcomings has greatly
assisted in the maintenance of a becoming humility.
Report of Budget Director.
I call your attention to the report of the Budget Director for 1927.
and modest pamphlet of 219 pages makes no appeal
This unimpressive
to the uninitiated. It has no pictures, no charts. It contains nothing
FEB. 4 1928.]
FINANCIAL CHRONIOLV
[7_
to attract the attention of the casual reader. It is, however, illuminaed
with intriguing stories of faithful service by our Federal workers.
Within its salmon-colored covers is the romance of Federal economy.
In terse, dry-as-dust statement is a revelation of the loyal, successful
and patriotic effort of the people all through the service to conserve the
taxpayers' money. The most casual survey of these reports of economies
effected by the departments and establishments will convince the most
skeptical that saving has become a habit in the service; that the practice
of economy is not a perfunctory performance, but an interesting, inspiring and highly profitable pursuit.
Exclusive of savings made by the coordinating boards, which are by
no means negligible, the various items, big and little, that can be stated
in figures, total $19,016,760.49, and most of the savings are modest.
The navy heads the list with savings amounting to $3,734,373.93, which
became available for needed equipment. The army follows with a record
of $3,535,546. The United States Shipping Board and Merchant Fleet
Corporation claims third place with $2,527,000 to its credit. Fourth in
the list is the Veterans' Bureau, reporting economies amounting to
$2,066,543.90.
An alert employe of the Department of Agriculture devised a contrivance to use glue instead of sealing wax on stoppers of tuberculin
bottles. As a result one man can do the work that required ten under
the old method. The Bureau of Standards, where they do so many
wonderful things, showed that waste from condemned mail pouches
made high-grade bond paper and saved $17,000. The General Supply
Committee, instead of buying piecemeal, made a definite quantity purchase of paper clips—those rather indispensable desk contrivances—saving $3,280. If we can supplement that with a crusade to limit the use
of these clips to the purposes intended, and use less for bobbed hair
holders, pipe cleaners, watch chains, ear reamers, shirt-sleeve adjusters,
Ford repair parts, toothpicks, bachelor buttons, cuff links and toys to
use while telephoning we can add something to that saving.
Saving in Post Office Department.
We were all interested in the saving made by the Postoffice Department in eliminating the blue stripe from its mail sacks. That saving of
1 cent a yard on the 3,000,000 yards of canvas used annually goes on
from year to year just as the unnecessary expense had previously gone
on from year to year. The postoffice people conic to usnow with
another interesting saving. I hold in my hand an "Application for
Domestic Money Order." Approximately 250,000,000 of these forms
are used each year. The department has reduced the size of that application by one-quarter of an inch, saving thereby $8,152 a year. To
show that our savings are not all confined to small figures, please note
that the Government Printing Office saved $209,000 in the cost of postal
cards and domestic money orders for the Postoffice Department, very
largely through improved production methods.
The use of rubber drilling and rag board instead of woolen blanketing
on the flat-bed printing presses in the Bureau of Engraving and Printing
saved the taxpayer $105,000. And these were all constructive economies—funds saved from waste by improved methods and made available for important and essential needs. A correspondent cautions us not
to so emphasize the subject of economy as to interfere with necessary
'Government functions. Fie sends the following story to illustrate his
point:
A hunter lost his dog, a valuable setter. He inserted an advertisement
in the local paper, offering a reward of $25 for the dog's return. On
the afternoon of the day of issue he applied at the newspaper office for
a copy of the paper, and found no one there but the negro janitor.
"Isn't there going to be any paper today?" he asked.
No, sub," replied the janitor. "No paper today. Everybody's out
huntin' fo' dat dawg."
The story is a good one, but the warning is not needed. Stressing
economy has not interfered with Federal efficiency. It has materially
and markedly improved it. We have not stopped anything necessary in
order to find a saving . We not only find the dog, but we issue the
paper, and a better paper at that.
2% and Other Federal Clubs and Savings Effected Thereby.
The speaker, prior to entering budget work, was not much of a club
man. For years his only affiliation of that character was the Army and
Navy Club of Washington. That is his only club connection today with
the exception of certain Federal clubs which he has assisted in organizing. A little honest effort and a sacrifice now and then in the interest
of the Government is all that is necessary to win and retain membership
in good standing in these Federal clubs.
The first of these, organized in Jan., 1925, was the 2% Club,
instituted to reduce the Federal expenditure program for that year by that
amount. It secured at once a large and virile membership
and saved
$60,000,000. In June, 1925, the 1% Club came into being, and
quietly
and effectively reduced the Government's expenditure
$62,000,000. In January, 1926, the 2% Personnel Club program by
was organized
for the purpose of saving at least 2% of the money appropriated for the
Federal executive civil service. This plan did not contemplate
discharge of any person or persons from the Federal service. the
The
average normal overturn amounts to 9%. It was proposed that at least
2% of the allotment for salaries be saved by permitting a sufficient
number of these vacancies to remain unfilled. Today we have
the
inspiring and satisfying detail of that effort to save.
Of twenty-eight departments and establishments listed as eligible,
twenty qualified for full membership. Considering all factors involved,
the Interior Department heads the list with a record of 7.683%. The
Navy Department. with a record of 4.875% and an actual saving of
$634,494 is No. 2. The actual saving effected by the 2% Personnel
Club was $21,573,436. And this very material economy resulted in
no loss of efficiency in the service.
And this constructive organization—the 2% Personnel Club—is operating again this year.Its policy applies to every Federal agency. Some
of the Federal establishments are slow in reporting progress this year.
I hope they may not be found wanting when the check-up is made at
the end of the twelve months. If after honest effort Federal agencies
are crippled or fall in the struggle, that is honorable, but to be missing
from the fighting front is indefensible.
A year ago we inaugurated the Correspondence Club. Through its
efforts we hoped to make worth-while reduction in Government correspondence. While real improvement has been effected, it is proving
a difficult task to properly organize the effort. The Federal Board on
Simplified Office Procedure is preparing standard recommendations,
which I am satisfied will be effective in curtailing the great output of
communications.
As a result of practical tests with a group of stenographers it has
been found that it costs the Government an average of 26 cents a letter
to carry on its profuse correspondence. This figure is not final, but
accurate enough to be significant and startling. It would be an excellent plan for Government personnel responsible for correspondence to
663
have that surprising "26 cents" given prominent place on their desks.
It may serve as a deterrent.
Woodpecker Club.
The Woodpecker Club is our newest and in some respects our most
interesting organization. It was instituted June last for the sole purpose of affording opportunity for the rank and file of our army of
employes to enlist in a 100% campaign for small savings. No reports
are called for. It is a settle-with-your-own conscience organization.
Some reports, however, have reached us. The Postmaster at Richmond, Va., June 20, ten days after the launching of the movement here,
organized his workers. This same Richmond Postmaster is a high light
in our saving campaign. In 1926 he effected economies in the expense
of lighting the Richmond postoffice that lowered the cost from $6,435.35
to $1,819.70, a reduction of 71.7%. July 1 the Oakland (Cal.) postoffice organized a Woodpecker's Club with a complete list of officers.
Aug. 5 the Internal Revenue Office in Honolulu reported a 100% enrolment of its force in the Loyal Order of Woodpeckers. Sept. 20 the
customs service in Duluth joined the honor roll, followed Sept. 22 by
the Kansas City (Mo.) postoffice.
Since the announcement of the Woodpecker Club campaign we have
been reminded by friends that the woodpecker always works with his
head and tells the world what he is doing. The Budget Director guarantees that the members of the Loyal Order of Woodpeckers are using
their heads in the interest of constructive retrenchment. The speaker
is proud of their loyal efforts and glad of the privilege of telling the
world what they are doing.
Announcements that Federal expenditures have been reduced by
billions and that a policy of constructive economy has made rich contribution thereto are followed inevitably by statements that we are making
no reduction in Federal spending and that Federal economy is a myth.
The record shows that in 1921 we spent $5,538,209,189.30. In 1927,
the last complete fiscal year, we spent $3,493,584,519.40, a reduction of
$2,044,624,669.90 below 1921, which was the last pre-budget year. These
figures can easily be verified from the records.
While people generally are appreciative of what we are doing in the
way of retrenchment, we occasionally run across those discouraging individuals who insist upon comparing our expenditures now with what
they were before the World War. I wonder they do not revert to the
Revolution for comparison. There have been great national changes and
developments since the declaration of war in 1917. A man who stuttered
moved from a comparatively small community to New York City. Some
months after this change an acquaintance from the old home town met
the man with the hesitant tongue. After a few minutes of conversation
the friend remarked:
"You stutter more here than you did back home."
"D-de-darned s-s-ight b-b-bigger t-town," was the answer.
We are called upon to-day to administer the affairs and provide for
the needs of a much larger nation, with greatly enlarged and more important and more diversified interests. The care of World War veterans,
the post-roads program, and other important and permanent additions to
our pre-war needs cost us more than $600,000,000 in
1927. And this
total excludes $787,000,000 for interest on the debt and also
excludes
$519,000,000 for debt reduction.
While there will be no slackening in the effort for economy,
there is,
of course, an irreducible minimum of expenditure below
which we cannot go. We may possibly have reached that terminal.
The country
grows and develops. The bigger the country the bigger
the operating
costs. But as long as there is a Federal employe not fully
committed to
the doctrine of honest service, as long as there is an
article of Federal
supply wasted or not completely and properly utilized,
as long as there
is a taxpayer's dollar not profitably employed,
the drive for constructive
economy will go on. If we cannot reduce expenditure or
check its
growth we can and will see to it that every increase is amply
justified,
and if we are obliged to spend more we can and will see that
more is
spent wisely.
Mr. President, on your shoulders rests full responsibility for the administration of the manifold and tremendously important activities of
that great corporation doing business under the firm name of the United
States of America. Never before in history has there been such extraordinary assignment of responsibility—so absorbing in its intricate
detail, so widespread in its ramifications, so crushing in its demands.
We have been privileged to assist you in your great administrative work.
You have never asked from us anything unreasonable. To the extent we
have endeavored to measure up to your ideals to that extent we ourselves have benefited and the country has profited.
The business of the United States Government was never conducted
so efficiently as now; its methods never so adequate; its activities never
in such healthy condition; its physical plant never so amply financed; its
business organization never so equal to its great task; the morale and
esprit of its faithful army of employes never so marked; never such
devotion to the public welfare; and never such interest in the public
service. This wholesome and fortunate condition of things, Mr. President, is not the work of chance. Efficiency does not happen. It is the
logical result of the whole-hearted effort of the people in the service
to
confirm your claim that the Federal Government to-day is the
best-conducted business in the world. As a result of these years of
struggle
under your masterly leadership there have developed that
sense of responsibility that made these things possible and that "plain devotedness
to duty" which is the hall mark of real service.
The longer on this earth we live
And weigh the various qualities of men,
Seeing how most are fugitive,
Or fitful gifts, at best, of how and then,
•
•
•
•
•
The more we feel the high stern-featured beauty
Of plain devotedness to duty,
Steadfast and still, nor paid with mortal praise,
But finding amplest recompense
For life's ungarlanded expense
In work done squarely and unwasted days.
—James Russell Lowell.
$26.40 Tax Suit Sets a Precedent—Thacher Rules
Sum
Paid for Securities Should Be Estate Levy
Basis—
Opposed to Duplication.
Federal Judge Thacher to-day decided a tax case
involving $26.40 and thereby created a precedent
which doubtless will be referred to in future cases
concerning impressive amounts.
664
FINANCIAL CHRONICLE
The Judge Refused to dismiss a suit brought by the
Bankers Trust Company, as executor of the will of Mary
B. Brower, against Frank K. Browers, Collector of Internal
Revenue. The suit was for the $26.40, already paid in
taxes under protest.
Foreign Holdings of United States Steel Corporation
Common Increase, but Preferred Holdings Decline.
According to the figures as of Dec. 31 1927, issued last
week, foreign holdings of common stock of United States
Steel Corp. showed an increase compared with figures for
the previous quarter, while preferred shares owned abroad
fell off. On Dec. 31 1927 the holdings abroad of common
stock aggregated 177,452 shares, compared with 173,122
shares as of Sept. 30 1927, and preferred shares owned abroad
totaled 111,262 shares against 112,835 shares. The shrinkage in foreign holdings is very striking when compared with
the period prior to the war. On Dec. 31 1914 common
shares held abroad totaled no less than 1,193,064, while
foreign holdings of preferred amounted to 309,457 shares.
Below we furnish a detailed statement of the foreign holdings at various dates since Dec.31 1914 to the latest period:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION
Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
1927. 1926. 1925. 1924. 1923. 1922. 1914.
Common Stock.
Africa
Algeria
Argentina
Australia
Austria
Belgium
Bermuda
Bolivia
Brazil
British India
Canada
Central America
Chile
China
Colombia
Denmark
Ecuador
Egypt
England
Finland
France
Germany
Gibraltar
Greece
Holland
India
Ireland
Italy
Japan
Java
Luxembourg
Malta
Mexico
Norway
Peru
Poland
Portugal
Rumania
Russia
Scotland
Servia
Spain
Sweden
Switzerland
Turkey
Uruguay
Venezuela
Wales
West Indies
No address
Total
Preferred Stock
Africa
Algeria
Argentina
Australia
Austria
Azores
Belgium
Bermuda
Brazil
British India
Canada
Central America
Chile
China
Colombia
Denmark
Egypt
England
France
Germany
Greece
Holland
Hungary
India
Ireland
Italy
Japan
Luxembourg
Malta
Mexico
Morocco
Norway
Poland
Peru
Portugal
Russia
Scotland
Serbia
Spain
Sweden
Switzerland
Turkey
Wales
West Indies___.
Total
178
125
--20
- 50
189
4,095
2.502
150
-ffi
27
2,737
2.290
100
1
164
2,364
2,388
200
120
2,080
2,346
196
107
1,636
2,318
191
104
2.472
2,214
190
2
340
8
3
690
3,509
46
-NO
-ia
-142
-145
--ii
125
--NI
139
190
135
--48
--96
--ri
17
42r.574 29r,11 23:066 227.858 23,42 24:648 54,269
322
243
226
244
260
75
382
8
235
165
230
209
187
326
172
50
46
141
76
13
34
1
1
1
1
1
1
---36
26
26
26
26
16
---2
2
3
2
2
2
------------60
60
60
46,513 29,385 26,217 100.689 101.118 160,876 710,621
4
4
,65 ICAO§ 64,887
147.515 9,937 9,990 10i,621 111,271
520
291 1,281 2,664
663
632
100
5
38
6
s
s
6
48,991 36.168 40.285 45,606 51,054 48,827 342,648
127
14
96
106
____
35
147
184
228
399
353 2,991
250
134
317
273
146
734
461
500
386
62
46
24
19
66
6
23
11
15
41
--__
1
1
1
1
21
1
40
40
40
40
40
--ti
56
24
92
211
225
340
338
300
84
60
60
60
60
60
70
20
55 33
---553
-558 -.168
3
503
---____
-NO
------- - -7
7
8
8
9
8
4
3
3
3
8
14
--16
3,814 3,037 2.781 2,489 2.199 2,197 4,208
8
8
8
8
-879
642
561
232
1,102
340 1425
385
157
104
178
557
1
165
2,076 2.229 3,409 2,793 2,473 1,980 1,470
199
197
197
16
218
199
197
[VOL. 126.
COMMON.
PREFERRED.
DateShares. Per Cent.
Shares. Per Cent.
DateMar. 31 1914
8.67
1.285,636 25.29 Mar. 31 1914
312,311
June. 30 1914
8.67
1 274.247 25.07 June 30 1914
312,832
Dec. 31 1914
1,193,064 23.47 Dec. 31 1914
8.59
309,457
Mar 31 1915
1,130,209 22.23 Mar. 31 1915
8.55
308,005
June 30 1915
957.587 18.84 June 30 1915
303.070 8.41
Sept. 30 1915
826,833 16.27 Sept. 30 1915
8.26
297,691
Dec. 31 1915
696.631 13.70 Dec 31 1915
7.62
274,588
Mar. 31 1916
634,469 12.48 Mar. 31 1916
7.27
262,091
Sept. 30 1916
4.75
537,809 10.58 Sept. 30 1916
171,096
Dec. 31 1916
502,632 9.89 Dec. 31 1916
4.34
156,412
Mar. 31 1917
494.338
4.21
9.72 Mar. 31 1917
151,757
June 30 1917
481.342 9.45 June 30 1917
3.94
142,228
Sept. 30 1917
477.109 9.39 Sept. 30 1917
3.59
140.039
Dec. 31 1917
3.88
484.190 9.52 Dec 31 1917
140,077
Mar. 31 1918
485.706
9.56 Mar. 31 1918
3.90
140,198
June 30 1018
491.464
9.66 June 30 1918
4.13
149,032
Sept. 30 1918
495.009 9.73 Sept. 30 1918
4.10
147.845
Dec. 31 1918
491,580
4.11
9.68 Dec 31 1918
148.225
Mar. 31 1919
4.16
493.552
9.71 Mar. 31 1919
149.832
June 30 1919
465.434
9.15 June 30 1919
4.07
146,478
Sept. 30 1919
394,543
7.76 Sept. 30 1919
3.99
143,840
Dec. 31 1919
368,895
7.26 Dec 31 1919
138,566
3.84
Mar. 31 1920
348,036 6.84 Mar. 31 1920
3.54
127,562
June 30 1920
342.567 6.74 June 30 1920
3.48
124,346
Sept. 30 1920
323,438 6.36 Sept. 30 1920
3.28
118.212
Dec. 31 1920
292,835 5.76 Dec. 31 1920
3.09
111,436
Mar. 31 1921
289,444
5.69 Mar. 31 1921
106,781
2.96
June 30 1921
288,749
5.68 June 30 1921
105,118
2.91
Sept. 20 1921
285,070 5.60 Sept. 30 1921
103.447
2.87
Dec. 31 1921
280,026
5.50 Dec. 31 1921
3.58
128,818
Mar. 31 1922
280,132
5.51 Mar. 31 1922
3.55
128.127
June 30 1922
275.096
5.41 June 30 1922
3.43
123,844
Sept. 30 1922
270,794
5.32 Sept. 30 1922
3.43
123,710
Dec. 30 1922
261,768
5.15 Dec. 30 1922
121,308 3.38
Mar. 29 1923
239,310
4.70 Mar, 29 1923
3.32
119,738
June 30 1923
207,041
4.07 June 30 1923
117,631
3.27
Sept. 30 1923
210.799 4.14 Sept. 30 1923
3.29
118,435
Dec. 31 1923
203,109
3.99 Dec. 31 1923
3.10
113.155
Mar. 31 1924
201,636
3.96 Mar. 31 1924
3.14
112,521
June 30 1924
203.059
3.99 June 30 1924
112,191
3.12
Sept. 30 1924
201.691
3.97 Sept. 30 1924
111.557
3.01
3.89 Dec. 31 1924
Dec. 31 1924
198.010
3.19
111.759
Mar. 31 1925
195.689
3.85 Mar. 31 1925
111.463
3.10
June 30 1925
127,335
2.50 June 30 1925
3.10
111,800
127.078
2.50 Sept. 30 1925
Sept. 30 1925
3.12
112,679
119,414
2.35 ec.
Dec. 31 1925
3.16
1925
113,843
122.098 2.40 Mar. 31 1926
Mar. 311928
3.13
112.844
129.020 9.53 June 30 1926
June 30 1926
111.908
3.10
123,557
2.43 Sept. 30 1926
Sept. 30 1926
3.12
112,822
Dec. 31 1926
123.090
2.52 11Po. 31 1026
3.14
112,562
Mar. 31 1927
120.348
2.371 Mar. 31 1927
3.15
113,478
168.018
June 30 1927
2.36 June 30 1927
3.15
113.432
177,452
Dec. 31 1927
3.08
2.49 Dec. 31 1927
111.
In the following table we also show the number of shares of
the Steel Corporation distributed as between .brokers and
investors as on Dec. 31 1927 and Dec. 31 1926:
CommonDec. 311927.
Brokers, domestic and foreign_ _1,787,162
Investors, domestic and foreign_5,329,073
Preferred
Brokers, domestic and foreign__ 205.033
Investors, domestic and foreign _3,397.778
Ratio.
25.11
74.89
5.69
94.31
Dec. 31 1926. Ratio.
28.99
1,473,606
71.01
3,609,419
186,972
3,415.839
5.20
94.80
The following is of interest, as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
Preferred
Brokers
Investors
Dec. 311927. Ratio.
1,699,974
23.88
1,678,892
23.59
182,677
1.452.126
5.07
40.30
Dec. 31 1926. Ratio.
27.51
1,398,797
22.39
1,138,085
161,251
1,472,628
4.47
40.87
Spencer Turner Re-elected President Association of Cotton Textile Merchants of New York-Mr. Turner on
Major Problems of Industry,
Spencer Turner of Turner, Halsey Company was reelected President of The Association of Cotton Textile
Merchants of New York at an organization meeting of the
Association's new Board of Directors on Jan. 26. Other officers were chosen as follows: S. Robert GlassfOrd, Vice.
--B --iii
President; Saul F. Dribben, Treasurer; Perry S. Newell,
623
6,307
00 ar.gi; 3,785 3,888 3.942 3.587 1,872 Secretary. The Board of Directors appointed an Execu---------_
3
------_
---tive Committee including Mr. Turner, Mr. Glassford, ex177,462 123.090 119,414 198.010 203,109 261,768 1,193,064
officio, Mr. Dribben, Norman S. Hope and Bertram H.
116
58 Borden.
339
89
47
393
392
75
"One of the major problems of the cotton textile Indus11
--i8 --i8 --i8 --i8 --i8 --i8
90
113
113
484 try lies within the field of distribution," says Mr. Turner
90
90
60
428
422
282,086
410
483
120
120
-No „ in the current issue of "Trade Winds," published by the
120
120
120
292
192
287
-691
257
614
619
430
476
430
21 Union Trust Company, of Cleveland, Ohio. In Mr. Turner's
349
747
747
36
168
29
31
174
---six factors have contributed to the complexity of
81 opinion
- 27,t18 34,673 this problem during recent years. These factors, discussed
14
- 8
.§8
27,g.756 28 - 28,2S0 28,R9 27;7i
140
182
127
146
74
24
---41
12 in a review of "Distribution of Cotton Textiles" are:
15
45
15
15
16
138
5
260
139
139
106
100
92
42
260
55
50
70
58
--40
s
s
s
s
38,098 42rA39 44:863 45:444 487.815
17.156 14,337 16,317 14,170 15,644
961 1,134 1,374 1,101
1,080
5
5
s
5
18
11,120 11,040 10,210 10,616 10,742
sls
523
1.579
1
63
50
66
--.
0
-IMO
-50
971
1,884
1
23
50
114
989
1,880
1
23
50
56
--N
--N
--i§
----------
o
-g)§
756
1,724
1
63
50
154
9
--18
---i
--18
1.318
-§(-)
1,95
93
8
9
1
23
50
116
s
140
54- §61 174,906
.
15,675 36,749
4,131 3452
38
5
9,180 29,000
-58
1,049
1,791
1
23
4,119
1,678
81
so
-iiii
96
235
7
____
____
--18
-18
1,448
1,468
6
1,305
1.648
1,438
-'Ta'i
753
3,804
105
-Air?'
-Afi
749
2.606
105
102
3,189
105
84
2,745
105
84
2,772
115
74
2,128
115
37.58r7
0
37.6,-
2,045
.
1- 884
-986
-ff.8
,148
-08 1,688 1-
a
120
43
13,747
220
432
1,137
2,617
100
1,068
874
111.262 112,562 113.843 111.759 113.155 121.308 309,457
Rapid style changes;
Changes in size of orders
-band-to-mouth buying;
Drastic and erratic changes due to fluctuations in the cotton market;
New methods of merchandising;
Population changes and new consumer habits;
Enlarged industrial outlets.
Mr. Turner adds in part:
"Almost without exception the effect of these new forces has been to
test every link in the chain of distribution as it has rarely been tested
before. At one end the consumer asserted new powers and new habits
which were speedily communicated to the other end of the chain where
stood the producer. The economic law of supply and demand threw
the manufacturer and consumer into bold relief, with the result that
the manufacturer found he had not only production but also distribution to think of.
"It would be difficult to say specifically when this new cycle began.
In some respects there is evidence that it had started before the World
War, and there is rather general agrement that the post-war rehabilita.
tion and readjustment accentuated the movement. Since 1920 in particular a new attitude on the part of the buying public has been evident.
"It is generally recognized that style is the most important factor
affecting the demand for the finer goods used for wearing apparel. in
the past, quality used to be the distinctive characteristic, but now quality
but
goods must be superior not only for their texture and construction
FEB. 4 1928.]
FINANCIAL CHRONICLE
also for the beauty and excellence of their design. In other words.
style comes before quality and quality fabrics now represent the combined best efforts of the skillful manufacturer and talented designer.
"The great importance of style contributes to the second factor—
limited orders or hand-to-mouth buying. Its effect in the cotton textile
industry has been as profound as in every other industry, necessitating
a modification of many fundamental methods of mass production. Until
hand-to-mouth buying made itself drastically felt some seven years ago
the cotton industry had been pledged to the theory of mass production.
Indeed it had reached a high state of development on that basis. It was
typical that orders were placed in sufficient volume for future delivery
and that mills could operate for long runs on relatively standard goods
and patterns.
"A third important factor, related in some respects to the new buying
habits of recent years, has been the fluctuation in the supply of cotton.
Since 1920 the American crop has ranged from slightly less than eight
million bales in 1921 to nearly eighteen million bales in 1926. Prices
of cotton, too, have fluctuated widely, varying during the season of 19201921 alone from a little more than 10 cents to 40 cents a pound. During the season of 1926 with a record crop of cotton, prices declined to
nearly 12 cents a pound and then almost doubled in ten months as the
smaller crop of 1927 was indicated.
"Changes in communication and transportation have had an effect on
the distribution of cotton textiles. From all the evidence which has
been accumulating in recent years, it appears that the small country or
general store does not occupy the same position as an outlet for dry
goods which it held in the past. The automobile and higher standards
of living have taken the women shoppers to the larger towns or cities for
frequent buying trips and in many cases the trend in rural communities
has been definitely toward the larger industrial towns or cities.
"If within a decade new habits of dress have made themselves felt in
the textile industry with such force it is equally true that the use of
cotton textiles has been greatly stimulated by the new and expanding
outlets in other industries. The automobile may very well represent
much more of the annual consumption of raw cotton than was required
for petticoats in the decades before both dress and transportation were
so revolutionized. The electrical industry, the rubber industry, the
metal industries and the manufacture of machinery are consuming large
quantities of cotton fabrics which may be expected to increase as the
cotton textile industry takes steps to extend the use of cotton.
"Manufacturers who have brought the productive capacity of this
country to such high levels have now turned to a closer study of the
markets for their products as well as the improved processes by which
those products may be supplied."
Secretary of Commerce Hoover to Serve as Chairman of
Committee of Business Men to Inquire Into Trend of
Business Currents.
The appointment of a committee to study shifts and
trends in American business was announced in an oral
statement Jan. 26 by the Secretary of Commerce, Herbert
Hoover, according to the United States Daily of Jan. 27,
which says:
Under the chairmanship of Mr. Hoover himself, the committee will
comprise business men and executives and will be assisted by a staff
of economists and specialists.
"Our purpose," said Secretary Hoover, "will be to see what are the
general shifts and trends in American business. We are not interested
this time so much in business cycles but in general trends in business
as a whole. This will be a clear and exhaustive survey by 10 or 12
members of the committee aided by a special staff."
Mr. Hoover announced that he had obtained financial support from
private individuals, to cover the costs of the survey which he estimated
would amount to $100,000 to $150,000. The fact-determining body of
the survey will be the Bureau of Economic Research, of New York,
he said.
Personal Announcement Later.
Following is the full text of a statement later issued by the Secretary
of Commerce to amplify his oral announcement:
Secretary Hoover has appointed a committee of leading business men
and economists, whose names will be announced later, to supervise a
far-reaching inquiry into the changes in economic currents in the
country. Private individuals have subscribed the necessary money to
enable the committee to pay the expenses of the Bureau of Economic
Research of New York, to make the fact-finding background, and the
cooperation of the Department of Commerce will be given.
It is proposed to determine facts with regard to such questions as
the shifts in employment, changes in methods of production in industry
and agriculture, and in distribution, shifts in relative price levels and
profits, movements in the business cycle, shifts in standards of living,
foreign trade and foreign credits, and other allied subjects which bear
upon an understanding of the general business situation of the country.
It is expected that the inquiry will take some months and will be made
of most exhaustive order.
Five years ago a similar survey was made under similar auspices
from which came a greatly improved understanding of major business
currents.
Wesley C. Mitchell, Director of Research of the National
Bureau of Economic Research, at 474 West Twenty-fourth
Street, said on Jan. 26 that the purpose of the proposed
survey of business differed radically from Presisent
Harding's motive in calling an economic conference in 1923.
The New York "Times" from which the foregoing is taken
went on to say:
"The purpose of the Harding conference," Mr. Mitchell said, "was
to learn why things had gone wrong in business following the war.
Our work will be to find out why the nation has done so well economically since 1923.
"There are some puzzling things in the present business cycle for
which economists are unable to account. Since 1923 the nation has
enjoyed an unusual degree of prosperity. It is true that the farmers
have not done well, that there have been complaints of unemployment
and that profit margins in many lines of business declined during 1927.
As a whole, however, the country has been exceedingly prosperous.
"The anomalous feature in this prosperity is that it has continued
in spite of gradually declining price. Normally, falling prices coincide
665
with periods of depression and rising prices come with periods of prosperity. Economists are thoroughly at sea in endeavoring to explain the
current phenomenon.
To Cover All Angles.
"Twenty economists would probably advance twenty different reasons
to account for the prevalent prosperity.
"In an attempt to arrive at an explanation, our research work will
embrace the development of new industries, new processes of manufacturing and new methods of marketing, as well as the European situation. Any new development in business during the last five years
which might account for the large national income in the face of falling
prices will be thoroughly studied.
"The committee of the National Bureau of Economic Research will
not make any suggestions to Secretary Hoover's committee. It will
merely ascertain the facts and turn them over to the committee at
Washington for analysis. Edwin Eyre Hunt, econoniist of the Department of Commerce, will edit our report. Twenty economists and business men will compose the research committee of the bureau here. Some
of these will have two or three assistants. The personnel of the
committee has not been fully determined as yet. Dr. Edwin F. Day of
Harvard University and I will direct the work.
"We do not believe that our repbrt will be completed before the
Spring of 1929. The cost will be at least $150,000. If our work is
successful, it will furnish the Department of Commerce with a basis
for drawing rules for continued prosperity in the future."
Income Tax Decision—Value of Securities of Estate at
Time of Death of Owner Basis of Computing Tax.
Judge Thacher, in a decision handed down in the Federal District Court at New York on Jan. 31, held that
securities of.an estate should be computed for income tax
purposes on the basis of their value at the time of the
death of their owner and not on the basis of their value
at the time of purchase. Judge Thacher in rendering his
decision denied a motion by the government to dismiss a
test suit brought by the Bankers Trust Co. for the American Bankers Association against Frank K. Bowers, Collector of Internal Revenue, for the recovery of taxes alleged overpaid for the year 1926. The suit was for $26.40
paid in taxes under protest. In its account of the action
the "Evening Post" says:
Assistant United States Attorney Coleman, appearing for Collector
Browers, contended that the Federal tax on securities sold by the
executor should be computed on the amount paid for them by the
maker of the will. Counsel for the trust company held that their
value at the time of her death was the proper basis.
"The sole question," wrote Judge Thacher in his opinion, "is whether
profits upon the sale of property acquired by a decedent during lifetime
and sold by an estate after death, are to be calculated for tax purposes
upon the value of property at the time of death, or upon the cost to
decedent during his lifetime."
After reviewing the Government's contentions in support of the
motion, Judge Thacher continued:
"The result is unfair because it imposes a double tax upon the
accretion in value during the decedent's life, i.e., an estate tax upon
the value of property at death and an income tax upon the accretion
in value prior to death, realized by sale after death. Such duplication
is to be avoided unless required in exact words."
It is pointed out that prior to April 6, 1927, the regulations of the Treasury Department provided that in determining gain or loss upon the sale of property forming part
of the decedent's state, the value of the property at the
death of the decedent should be used as a basis. On that
date, however, the regulations of the Treasury Department applicable to the present income tax law and to the
income tax laws of 1924, 1921 and 1918 were changed and
the cost to the decedent was prescribed as the basis for
determining gain or loss on such sales. Executors and
administrators found that the amended regulations were
in most cases impossible to follow, as the actual cost of
the property to the decedent could not be ascertained. In
addition, the new regulations subjected many estates to a
great hardship in that accretion in value during the lifetime of a decedent was subjected to estate and inheritance
taxes and would be subject to income tax as well upon
the sale by the state. A decision sustaining the new regulations of the Treasury Department would have required
the revision of substantially all estate income tax returns
since the year 1918. The Treasury Department has not
yet indicated whether the decision will be appealed.
Decision Reverses Income Tax Ruling—Federal Court
Computes Value of Estate's Securities from Time of
Owner's Death—Had Been Based on Cost—Judge
Thacher Says Treasury's Present Method Is Unfair—
Millions Affected.
The decision opposes the present method of the Treasury Department which figures the tax on the cost of the
securities to the decedent. The suit was instituted by the
Bankers Trust Company, as executor of the estate of
Mary B. Brower, who died on Aug. 7, 1924, and in behalf
of the American Bankers' Association, for the purpose of
establishing the correct method of discovering the value
of securities held by estates for taxing purposes. The
amount involved relates to an item of only $26.40 in the
666
FINANCIAL CHRONICLE
[VOL. 126.
"The actual sufferer, therefore, is the small investor or the very individual the protection of whose interests has appealed most strongly to
the governmental authorities. If the protection of the investor has not
been accomplished during a rising and very f ivorable bond market, there
is much less likelihood that the investor will benefit during a period of
declining prices. For at such times not only is the large Institutional buyer
unwilling to purchase offerings unless priced exactly on current market
conditions, but his experience even then -muses him to hold back because
of his expectation of lower prices for all investment securities.
"Another phase of the recent marketing of Equipment trusts, in addition to the over-pricing of offerings, seems to be a willingness at times to
offer equipment trust securities which do not exactly conform to the conditions established as correct equipment trust procedure. If an issue is
offered, for example, with the maturities deferred from three to 'our or
five years, so that there is not ample provision to cover the depreciation
of the equipment pledged, experienced houses avoid the purchase of such
Issues by sending in low bids or not bidding at all, and the real sufferer
again is the investor who probably purchases on the erroneous belief that
one equipment obligation is as safe as another.
"A few years ago an open hearing was held at Washington before the
Inter-State Commerce Commission to determina the advisability of Competitive bidding as applied to the sale by railrcads of equipment trust
securities and following this hearing came the announcement of competitive bidding under what was believed to be at the time more or less
of an experimental procedure.
"Testimony given at that time by representatives of leading banking
houses, including that of a member of the firm of Freeman SE Co., established the opinion that competitive bidding would in all probability
result in the railroads receiving higher prices for equipment trust securities but that certain other negative factors might later enter into the
situation which might in time perhaps tend to nullify the price benefits to
be received.
"A growing opinion in the banking frateinity that certain of these
Tax Decision on Estates—Value of Property at Intestate's
negative factors actually have come into existence and that some modificaDeath Basis for Computing Income, Federal Court tion of the present situation would be wise and beneficial to Ell eoncerned
Rules.
has been given impetus during the past few days through the methods
two
Executives of estates in computing income taxes are en- recently employed by trust large and very well known railroads in handling
financing. These roads sent out letters to a
proposed equipment
titled to use as a basis of computation the value of securi-- number of banking houses inviting bids on several million dollars 1.f
equipment trust securities and stipulated that separate bids were to be
ties at the time of intestate's death and not the value at
4%
the time of purchase, according to an opinion handed down entered for securities bearing 4,termsand 4%% coupons. Having received
of the invitations sent out, both
bids in accordance with the
in Federal Court by Judge Thomas D. Thatcher.
roads notified the bidders that it had been decided to reject all bids
submitted in response to the letters sent out and publicly to invite bids for
Federal Court Decision in $26 Tax Case Expected to Affect equipment trust certificates bearing 4% coupon exclusively. Our firm
and associates went to considerable effort and some mense in organizing
Payment of Millions in Taxes.
a banking group to bid and because of the unsatisfactory outcome, declined
In a decision of great importance to executors and ad- to bid at all on the new 4% security.
"The sincerity of the position of the Inter-State Commerce Cummission
ministrators throughout the country, Judge Thatcher, Fedsituation is unquestioned, but it is believed
competitive
eral District Judge for the Southern District of New York, In the present been given a fair trial, should again be that
thoroughly conbidding, having
has held that the gain or loss on the sale of property of sidered before being regarded as a permanent institution. One f the
an estate by an executor or an administrator should be de- theories of the supervision exercised by the commission over financial
termined by using as a basis the value of the property at operations of the railroads is that through such supervision the general
the date of the decedent's death rather than its cost to the public is protected from the payment by the roads of exorbitant discounts and that securities must be sold at fair market prices."
decedent.
tax for 1926, but it was said that it would effect the payment of millions of dollars in taxes.
Samuel C. Coleman, an assistant to United States Attorney Tuttle and a tax expert, said that the action was begun to test the correctness of a regulation of the Treasury
Department, after a decision of the Court of Claims, in
the case of McKinney against the United States on May 3,
1926. Before this decision it had been the practice of the
Treasury Department to arrive at the income tax due from
an estate by taking the value of the property at the time of
the death of the decedent and not what it cost.
The decision said that the present method was unfair
because it imposed a double tax upon the accretion in
value during the decedent's life, an estate tax upon the
value of the property at death and an income tax upon the
accretion in value prior to death, and that such duplication
should be avoided unless it was required by law in exact
language.
Mr. Coleman said that the proposed Revenue Act of 1928,
if enacted, would make it clear that the first ruling of the
Treasury Department, adhered to for many years, was the
correct one, as it provided that the value of the property at
the time of death was the starting point.
Although the case involved a tax of only $26.40, it is
estimated that the decision will affect payments of taxes
Task of Inter-State Commerce Commission in Valuation
aggregating millions of dollars.
of Railroad Properties to be Substantially ConThe suit which led to this decision was instituted by
cluded this Year.
Bankers Trust Company of New York City, as executor of
the Estate of one of its clients. The purpose of the suit
-year 'task of the original valuation of American
The 15
was to establish the correct method of determining gain or
railways will be substantially concluded by the Inter-State
loss on the sale of property of an estate by the executor or
Commerce Commission this year, according to the National
administrator.
Association of Owners of Railroad and Public Utility SeWashington, D. C. It has been the greatest underModification of Position of Inter-State Commerce Com- curities,
taking of its kind in administrative and economic history.
mission Respecting Competitive Bidding for Railroad Securities Advocated in Behalf of Investor—E. Nothing even approximating its magnitude, character and
L. Nye of Freeman & Co.Seeks Support in Movement. complexity has ever been done in any country. The "Association" adds:
Competitive bidding for railroad securities should be
The story of this accomplishment was reviewed, in an intimate and perthoroughly reconsidered before the Inter-State Commerce sonal fashion, at a dinner given last evening to Theodore P. Artaud, who
Commission makes this practice a permanent institution, in has been Supervisor of Land Appraisals from the beginning, and ExecuArtaud's
for the last
the opinion of Ernest L. Nye, of Freeman & CO., who an- tive Assistant associates In 7 years. The dinner was given in Mr. guests
the Land Appraisal Section; the invited
honor by his
nounced on Jan. 28 that he is prepared to seek support on included all the members of the Inter-State Commerce Commission and
this point from more than 2,000 dealers in investment se- numbered about 75.
Mr. Artaud recently resigned his post In the Valuation Section, to becurities throughout the country by means of a letter to be
come Director of Research for the National Association of Owners of Railsent broadcast this week. Should the expected support be road and Public Utility Securities.
The task of appraising railroad lands was perhaps the most difficult,
forthcoming, Mr. Nye believes sufficient basis will exist for
important part of the valuation work. From 15 to 20% of
an application to the commission for a modification of its complex and
the entire $19,000,000,000 valuation placed on the country's railroads, is
present attitude on the subject. Himself a specialist in the represented by real estate; everything front rights of way through desfinancing of railroad equipment, Mr. Nye asserts that nega- erts to enormous areas of the most valuable property in great cities. A
which at the peak numbered several hundred, was required to be
tive factors have come into the situation which nullify the staff
organized and directed, while the most difficult questions of law and
benefits predicted for the practice of competitive bidding policy had constantly to be dealt with.
The Association aims to provide methods for collective action by owners
when first tentatively adopted by the commission. Explainof railroad and other securities to the end that the credit of corporations
ing his reasons for moving for a reconsideration of the ques- issuing such securities shall be sustained and proved; to protect and constructively assist in steps for stabilizing the security issues of railroads
tion of competitive bidding, Mr. Nye said:
"Due to extraordinarily easy conditions in the money market, banking
firms have been basing bids in competition for equipment trust securities
on a narrow margin of profit not at all commensurate with the services
performed or the banking risk entailed through a possible reaction in
bond prices with the corresponding loss which such an eventuality would
produce.
"As a result, equipment trusts have been offered at prices which many
of the former large buyers of car trsuts, such as insurance companies,
have not hesitated to call excessive and out of line with the market. The
small investor and less experienced buyer has been invited to pay prices
for equipment trusts which the large and better versed purchasers of
these securities consider to be above the market and in fact the large
buyer, by avoiding the original offering, has been able to wait out a
situation and make a 'close out' bid at a lower price for an unsold
balance, which more than once 'has remained on the shelves.
and other public utilities; and to continue in the public interest the informative campaign to enable the public more clearly to comprehend the
extent to which all citizens are concerned in maintaining the welfare of
railway and other public utilities securities.
Plan Proposed by Melvin A. Traylor for Reorganization
of American Bankers' Association—Commercial, Savings, Trust and Investment Divisions Suggested.
Melvin A. Traylor, President of the First National Bank
of Chicago, and formerly President of the American
Bankers' Association, presents, in the February number of
the "Bankers' Monthly" the following plan for the re-
FEB. 4
FINANCIAL CHRONICLE
1928.]
organization of the Association with a view to preventing
the formation of more and more independent organizations:
1. Leave four divisions as at present but make them represent the
present functional activities of American banks. This will mean that
the four divisions will be the Commercial Division, the Savings Division, the Trust Division, and the Investment Division.
2. Permit every member bank in the association to be represented,
if it desires, in all four of these divisions.
3. Preserve the freedom of each division to discuss and act on
matters pertaining exclusively to its functions, to elect its own officers
and appoint its own committees.
4. Leave such special sections as the Clearing House Section, the
State Secretaries Section, and the American Institute of Banking
Section exactly as they are.
5. Add to the efficiency and prestige of certain other bodies such as,
for example, the Federal Legislative Committee and the State Legislature Committee by having these composed of representatives from
each of the functional divisions. This would also tend to cut down
the number of committees of the various divisions which at present
overlap to some extent.
6. Leave the Administrative Committee to be constituted as at
present, namely the president, first and second vice-presidents, and last
living ex-president of the association, the treasurer of the association;
and the presidents of the Commercial, Savings, Trust, and Investment
Divisions, the American Institute of Banking Section, Clearing House
Section, and State Secretaries Section, as well as four elective
members.
In submitting his proposal Mr. Traylor says in part:
As at present constituted the association offers a member bank its
choice between belonging to one of four water-tight divisions, known
as the Trust Company Division, the National Bank Division, the State
Bank Division, and the Savings Bank Division. It goes without saying that the courtesies of each division are wide open to the members
of all the others. But voting power, committee membership, eligibility
to office and practical influence, as far as a division is concerned, are
restricted to the banks who form the membership of that division and
no bank can be a member of more than one division.
The Present Water-tight Divisions.
Consequently, the activities of the officer of any bank is restricted
to the division of which his bank is a member regardless of what his
own activities in his bank are. Thus an officer exercising trust functions in a National Bank can hold no office and wield no direct influence in the Trust Company Division in whose work presumably
his chief interest lies. This anomaly has already led to interchange of
facilities and uplication of activities which are as confusing as they
are unnecessary. It has already produced a special trust-function
movement among National Banks, excluded by the organic system
from membership in the Trust Company Division.
There is some danger that the rigid division of banks into compartments may lead to the formation of more associations of banks outside of the framework of the American Bankers Association. There
is already an Association of Reserve City Bankers which was organized to bring together banks who had common interests which
could not be taken care of because of the segregation into divisions
on the part of the American Bankers Association. Likewise the Investment Bankers Association of America is an organization which to
some extent, overlaps, certain activities of the American Bankers
Association.
I hasten to avoid misunderstanding by saying that I believe these
separate organizations often have a distinct reason for being. This
seems to me particularly true of the Investment Bankers Association,
but I take the liberty of pointing out that more than half of the
members of the Investment Bankers Association are operating either
under state or national bank charters or as subsidiaries of deposit
banking institutions. As such they should participate in the activities
of the American Bankers Association and there should be a place
somewhere in the American Bankers Association for the investment
officers of all member banks, not only of the 2,500 which sell securities, but also of the 20,000 which buy them or lend money on them.
Protect A. B. A. Unity.
Even tinder the most favorable conditions, there are likely to be
formed separate associations which may gradually become more important to certain classes of banks than the American Bankers Association itself. And, obviously, there is some menace to the future of
the Association in such movements as these are.
Thus, one of the chief arguments for revamping somewhat the organiiation of the American Bankers Association is to prevent the
formation of more and more independent organizations. If these were
to grow sufficiently in strength, the time would soon come when the
American Bankers Association no longer represented the united
strength of banking resources in this country. There would no
longer be an effective unified body to act in times of crises for the
banks of this country.
•
•
A survey of American banks to determine how many are exercising
more than one of the four functions recognized in the proposed plan
proves clearly the desirability of accepting most of the changes. No
one of the twenty odd thousand institutions reporting disclaimed commercial banks activity except mutual savings banks and trust institutions in states where law or custom have created abnormal situations.
Practically every bank reporting, announced a savings department, except in New York where by state law they had to call them compound interest departments. Possession of trust powers was reported
by 5,965 banks, though not all are exercising them. Most interesting
of all, 2,511 banks asked to be recorded as operating bond or investment departments.
The question of timeliness is purely relative anyhow, and, if the
accuracy of the facts just given be admitted, one may be forgiven for
asking what difference a larger percentage of departmentalized banks
in the future could possibly make. There is nothing in the suggested
plan to prevent a specialized bank from confining its interest and
activity to one or two of three divisions, but there is something in the
present system to hamper the two-or-more-department banks from full
participation in and full benefit from membership in the association.
A hasty glance at the plan might suggest the possibility of more
representation for the larger banks, but the very opposite is the case.
At present, a member bank can be forced by the character of its
business to join a numerically small division. This is particularly
true of trust companies and savings banks.
Secretary Mellon's Report on Refunds of Taxes Illegally
Collected.
A report covering refunds of taxes illegally Collected in
1925, 1926, 1927, 1928 and prior years, submitted by were-
667
tary of the Treasury l'\,1311on to thealouse of Representatives,
.
shows the total of such refun dra7a$103,858,W7liarefunds being madelto 240,000 taxpayers. Secretary Mellon's
letter transmittingjthe refund list was-made public as follows
on Dec. 29: v. . st,
‘Treasury Department.
tat:tit:Y.
Folk Washington, Dec. 5 1927.
The Speaker of thellouse of Representatives.
ft Or.
Sir.—In compliance with Section 1,315 of the Revenue Act of 1921.
approved Nov. 23 1921, Volume 42. Page 314; Section 1011 of theRevenue Act of 1924, approved June 2 1924, Volume 43, page 342, and Section 1111 of the Revenue Act of 1926, approved Feb. 26 1926, Volume 44,
page 115, there is transmitted herewith a statement showing claims,for
refund approved by the Commissioner of Internal Revenue during the fiscal
year ended June 30 1927. and forwarded to the disbursing clerk of the Treasury Department for payment or to the General Accounting Office for
direct settlement.
The statement consists of 12,133 sheets, and shows, individually, the
names, addresses and amounts approved for refund to various taxpayers.
payable from the following appropriations:
Refunding taxes illegally collected 1925 and prior years, $63,528.03.
Refunding taxes illegally collected 1926 and prior years, $654,691.39.
Refunding taxesIllegally collected 1927and prior years.$34,751,602.80.
Refunding taxes illegally collected 1928 and prior years,$68.388,865.56.
Total—$103,858,687.78.
Since the enclosed report is on the basis of claims for refund approved
by the commissioner of Internal Revenue and forwarded by him to thedisbursing clerk of the Treasury Department for payment, or to the general
accounting office for direct settlement, the figures differ somewhat from
the actual cash expenditmes during the year on account of internal evenue
refunds as shown in the daily Treasury statement for June 30 1927.
Respectfully,
A. W. MELLON, Secretary of the Treasury.
The refunds ranged from one cent to one amounting to
$5,062,893 to the Standard Oil Company of Indiana, paid
to Elisha Hanson, Washington. The following from Washington Jan. 2 appeared in the New York "Journal of Commerce":
Criticising the Treasury Department's recent report on refands of illegally
collected taxes for its lack of uniformity in the listing, Representative
William Williamson, of South Dakota. chairman of the new House Committee on Expenditures, said he would attempt to have the Treasury
arrange its next report by States.
In attacking the form of the recent report, Chairman Williamson described it as being presented in the "most confusing way possible." He
charged the report, which covered 12,133 typewritten pages and told of the
refund of $103,858,687 to approximately 240,000 individuals, was not
systematically arranged and was confusing to anyone desiring information
as to whom the money had been paid.
Senate Agrees to Resolution Calling for List of Those
to Whom Taxes Have Been Refunded.
At the instance of Senator Heflin, the U. S. Senate on
Jan. 27 agreed to a resolution, as follows, calling for a list
of names of those receiving tax refunds:
Resolved. That the Secretary of the Treasury be, and he is hereby requested to furnish to the Senate a list by States of the names of people
to whom taxes have been refunded amounting In each case to $25.000 or
more in the last refund of taxes made by the Secretary of the Treasury.
The Washington correspondents of the New York "Journal
of Commerce" in referring on Jan. 27 to the resolution, said:
This information has heretofore been furnished the Congress, but in such
form that it was difficult for interested members to get a complete picture
of the tax refunding operations of the Treasury.
Several hundred thousand names were contained in the list sent to Congress last month. The amounts involved ranged upward from lc. to approximately $5,000,000 in a single case. The names on this list were
entered without regard either to locality of taxpayers'residences or amounts,
but were entered simply in order of dates on which refunds were granted.
Proponents of the resolution adopted to-day at first demanded the revision of the complete list, grouping the taxpayers by States. This met
with opposition on the ground that it would put the Treasury Department
to a very heavy expense in making such-a, compilation.
The compromise was finally agreed upon that only amounts of $25.000
or more will be shown.
Increased Revenue Requirements in New York State
Looked For By National Industrial Conference
Board—Centralized Control of Local Government Expenditures Urged—Income Tax on Unincorporated Business Favored.
Revenue requirements in New York state inevitably will
increase considerably in the near future despite all economies
and restrictions that may be effected in the expenditures of
the State and local governmental bodies, according to an
investigation made by the National Industrial Conference
Board, 247 Park Ave., into the fiscal problem in New York
State. A summary of the findings of the Board was presented
on Jan. 13 to the Industrial Survey Commission of the New
York legislature, meeting at the Bar Association Building,
by William J. Shultz, financial economist of the Conference
Board, who also testified before the Commission in detail
as to the results of the investigation. Mr. Schultz said:
The upward trend of local expenditures of cities, towns, villages and
counties of course is bound to continue with the expansion and improvement of governmental services rendered. Also, in view of the expenditures
of the State government already authorized and of the growing obligations
of its debt service, a decided increase in State tax revenues cannot be
avoided for long. In determining the impact of additional tax burdens,
however, it is imperative that the distribution and the method of raising
such revenue be equitable. just and so designed as not to discourage or
668
FINANCIAL CHRONICLE
handicap business enterprise. Justice requires that the already heavy tax
burden on the farmer should not be increased; the tax burden on business
must be given most careful consideration if New York State is to maintain its present leading industrial position.
The Board,in the report submitted to the Industrial Survey
Commission, strongly urges centralized control of local
governmental capital expenditures and debt incurrence and,
for the raising of such additional revenues as may be needed,
favorably considers a gasoline tax, a filing fee to be paid
with personal income tax returns, irrespective of exemption,
and a retail sales tax.
The Board furthermore views favorably an income tax on
unincorporated business, the profits from which are now
taxed as personal incomes, in order to remove the existing
tax discrimination against incorporated business. Under
the New York State tax system, the Board finds taxes on
incorporated business consume from 5 to 7% more of the
net income of corporations than they absorb of the net
income from unincorporated business, and represent a heavier
burden on industry than in most of the competing industrial
States. The two levies bearing most heavily on business,
particularly on manufacturing business, are the general
property tax and the corporation taxes, the Board declares,
and warns that "it would be unwise to raise such additional
revenue as will be needed by increasing either the general
property tax or the corporation taxes." There is evidence,
the Board finds, that the factor of New York tax burdens on
industry already is beginning adversely to influence decisions
as to the locations of factories.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Four New York Stock Exchange memberships were reported posted for transfer this week, the consideration in
three instances being $290,000 each; that of William Brandriss to D. J. Carey; that of Franklin A. Plummer to George
K. O'Hara, and that of La Motte T. Cohn to James S.
Marsh. The membership of Malcolm S. Mackay was
reported sold to Alfred B. Mackay for a nominal consideration.
The New York Curb Market membership of Reeves
Taylor was reported sold this week to John C. Benedict for
$60,000. Last preceding sale was for $67,000.
It is stated that the New York Produce Exchange has
elected eleven new members, the price for membership being
reported as $6,800 for memberships and $4,500 for associates. Two regular seats were reported sold at $7,000, while
earlier in the week a sale was reported at $7,100.
It is stated that two bids have been made of $100,000 for
memberships on the Toronto Stock Exchange. Sales at
$65,000 were reported last year at auction.
The Corn Exchange Bank of New York on Feb. 1 celebrated the seventy-fifth aniversary of its establishment.
organized on Feb. 1, 1853 with a capital of $500,000 for the
purpose of providing banking facilities in connection with
the old Flour and Grain Exchange, the Corn Exchange
Bank has expanded its field of operations and service until
to-day, with sixty-four branches and aggregate resources
of $259,250,699, the institution is represented directly in
every major residential and business district of the city's
five boroughs. As the pioneer in the branch banking movement in New York City, the Corn Exchange established its
first branches nearly thirty years ago. In 1898, the State
Legislature passed a law enabling state banks in cities of
more than one million population to open branches within
their own city limits. The Corn Exchange soon took advantage of this privilege and on March 20, 1899, through
merger with the Astor Place Bank and the Hudson River
Bank, laid the foundation of its present city-wide branch
system. The move of the bank to take the lead in establishing branches here hinged upon the narrow margin of
a four-to-three vote taken by the directors in 1865 on the
question of continuing the bank under State charter or of
reorganizing it as a national bank. It is pointed out that
had the vote gone the other way, the bank would not have
been in position to benefit from the amendment to the
State law. In carrying out its expansion program, the
Corn Exchange Bank has followed the policy of opening
branches in districts promising development as well as in
established neighborhoods.
The headquarters of the Corn Exchange have remained
at the corner of William and Beaver Street, the site selected as a permanent location when the bank was organized. The bank moved to this site when its new build-
[VoL. 126.
ing was completed April 1, 1854, having as a tenant for the
first six months, the New York Stock Exchange, "the upper
floor having been specially prepared for their use." By
1892, the expansion of the bank's business called for larger
quarters and additional property, adjacent to its home, was
acquired. A new building was ereeted in which the bank
took occupancy April 16, 1894. Still more property was
acquired on William Street a few years later and an addition to the building was completed in 1903. The institution
was the first state bank in New York to enter the Federal
Reserve System. The capital of the bank has risen by
progressive increases from the original figure of $500,000 to
$11,000,000 at present. Its capital, surplus and undivided
profits, as shown by its statement of conditon as of Dec.
31, last, amount to $27,527,809. The first dividend was
paid at the close of the first year's business at the rate of
4% for the year. Regular dividends have been paid without intermission since then, the present rate of 20% having
been established on May 1, 1919. During the seventy-five
years of its existence, the Corn Exchange Bank has had
only four presidents. Edward A. Dunham, the first President, served eighteen years, being succeeded in 1871 by
William A. Falls, a member of the original clerical force
of eight men with which the bank opened for business.
William A. Nash succeeded Mr. Falls in 1883 and served
as President until 1911 when he became chairman of the
Board, Walter E. Frew assuming the Presidency which he
still holds.
Harry S. Haynes, head paying teller of the Corn Exchange Bank of this city and who has been associated with
the bank for nearly forty-three years, was presented with
a check for $5,000 by Walter E. Frew, President of the
bank, on Jan. 25 on behalf of the directors of the institution. Mr. Haynes will depart to-day (Feb. 4) for a three
months' Mediteranean cruise on the Canadian Pacific
Steamer Empress of Scotland.
The Chemical National Bank of New York anuounces
the election on Feb. 2 of Frederic Stevens Allen to its
Board of Directors. Mr. Allen succeeds on the Board his
grandfather, the late Frederic William Stevens, whose
death occurred on Jan. 20 just as he was entering on his
58th consecutive year of service as a director of the Chemical Bank. Since its earliest history the Chemical Bank
has had a member of this family on its Board, and the
election of Mr. Allen carries on this tradition. Mr. Allen
is a graduate of Harvard, class of 1916, and a member of
Phi Beta Kappa. He attended the Harvard Law School
for one year and then went into the service as a Senior
Lieutenant in the Naval Reserve Flying Corps. At the
close of the war he entered the Chemical Bank and started
his banking career as a runner. Since that time he has
been in practically every department, and in January, 1926
he was appointed an Assistant Vice-President at the Madison Avenue Branch of the bank. Mr. Allen is also Secretary and a Director of the Chemical Safe Deposit Company.
The New Netherland Bank, at 41 West 34th Street, became on Feb. 1 the New Netherland Office of the Seaboard
National Bank of this city, following the completion of the
merger of the two institutions, the plans regarding which
were referred to in these columns Dec. 3, page 3013 and
Jan. 14, pag 202. As indicated in our previous items in
furtherance of the consolidation the capital of the Seaboard has been increased from $8,000,000 to $9,000,000. In
its annuoncement this week the Seaboard says in part:
The New Netherland has grown up with the neighborhood it serves.
Now, with the two-hundred-thirty-million-dollar resources of the Seaboard behind it, this banking office will grow faster.
Sometimes when companies consolidate, the operation calls for painful "personnel surgery." Official heads are lopped off, faithful workers
cut off pay rolls, steam-roller methods applied.
To be sure the name Seaboard will be over the door at 41 West 34th
Street. But inside you will find the familiar faces. The same family
of officers—the same experienced men and women will be there.
The directors of the Chatham Phenix National Bank &
Trust Company of this city on Feb. 2 approved the recommendation of the Executive Committee to form a securities
company. The new company will be known as the Chatham Phenix Corporation. The plans call for the issuance
of 135,000 shares of no par value. These will be offered
share for share at $10 per share to the present stockholders
of the Chatham ,Phenix National Bank & Trust Company.
FEB. 4 1928.]
FINANCIAL CHRONICLE
Interests connected with the Corn Exchange Bank of
this city on Feb. 2 completed arrangements for the purchase of the Stapleton National Bank of Stapleton, S. I.,
which will be converted into a State institution and merge
it as the sixty-fifth branch of the Corn Exchange. The
Stapleton National Bank has a capital of $200,000 and a
surplus of $175,000.
The Chase Securities Corporation of New York announced on Feb. 1 the election of Charles A. Stone and
Walter P. Chrysler to its board of directors. Mr. Stone
is chairman of the board of Stone & Webster, Inc., and
Mr. Chrysler is President of the Chrysler Motor Car Company. Schuyler B. Terry was elected Vice—President. As
the next step in building up a national retailing organization the corporation announced that it plans shortly to
open an office in Chicago. Mr. Terry will be in charge of
operations in that city. The corporation recently inaugurated retail distribution of securities. Retail offices were
opened on Dec. 1, last, in the metropolitan New York district and met with immediate success. Capital, surplus
and undivided profits of Chase Securities Corporation,
which was formed in 1917 as an affiliate of the Chase National Bank, amounted on Dec. 31, 1927, to more than
$29,500,000.
669
Presidents; Edward Press, Assistant Secretary; R. E. Roberts, Treasurer; J. H. Rolling and E. T. Cole, Assistant
Treasurers; Ida M. Henry, Manager of women's department,
and J. E. R. Walser, Assistant Trust Officer.
Extensive alterations and a- dditions which the Syracuse
First Trust & Deposit Co. of Syracuse has been making in
its main office at the corner of South Warren and Washington Streets have been completed and the handsome new
banking quarters were formally opened on Jan. 7. The official staff of the company, which has a combined capital
and surplus of $5,250,000 is as follows: Albert B. Merrill,
President; Mercer V. White, Lucius M. Kinne, Frederick E.
Maurer, Thomas J. Waldorf and Roy W. Bell (and Trust
Officer), Vice-Presidents; Claude B. Woolworth, Secretary;
Harry W. Parrett, Treasurer; Arthur W. Stover, and William N. Pope, Assistant Vice-Presidents; Robert B. Porter,
George W. Gehm, John C. White, and Irving J. Woese (and
Manager of Butternut Street office), Assistant Secretaries;
Robert R. Garlach and Edward A. Dunn, Assistant Trust
Officers; George W. Cooper, Manager of South Side office;
Bruce H. Quackenbush, Manager East Side office; Arthur
A. Klein, Manager of West Side office, and William J.
Klinck, Manager of Eastwood office.
Henry Colvin Brewster, for-mer President of the Traders'
The annual dinner and dance of the United States MortNational Bank of Rochester, N. Y. (now the National
gage & Trust Co. of New York took place at the Park Lane
Bank of Rochester) and connected with the institution
Jan. 27. About 375 officers, employees and guests were in
for sixty years, died in that city on Jan. 29 in his eightyattendance.
third year. The deceased banker was a descendant of the
John J. Leugers has - appointed Vice-President of William Brewster who was the ruling elder of the colony
been
the Harriman National Bank of New York. Mr. Leugers which landed at Plymouth, Mass. in 1620 from the Maywas formerly with the Colonial Bank and recently Vice- flower. Born in Rochester in 1845, Mr. Brewster received
President and Cashier of the Claremont National Bank, his education in the schools of that city. At the age of
New York City.
eighteen he entered the Traders' National Bank of which
his father, Simon L. Brewster, was the organizer. Five
An application to organize the National Fruit & Produce years later he became Cashier
of the institution and in
Bank of this city was received by the Comptroller of the 1898 President, a position he held up
to four years ago
Currency on Jan. 17. The institution will have a capital when he retired. Mr. Brewster founded
the old Alliance
of $1,000,000.
Bank, now the Lincoln Alliance Bank, of Rochester and
Arthur W. McCain was elected a Vice-President of the also the Genesee Valley Trust Co. of the same city. He
National Park Bank of this city on Feb. 1. Mr. Cain, who was a member of the Fifty-fourth and Fifty-ninth Conis at present sub-manager of the Buenos Aires branch of gresses in 1895-1899. In 1899 and 1900 he was President
the First National Bank of Boston, will be in charge of the of the New York State Bankers' Association, and was
foreign department of the National Park Bank and will Vice-President of the National League of Republican
Clubs in 1897. He was a former President of the Rochesassume his new duties on July 1.
ter Chamber of Commerce and of the Rochester Clearing
Announcement was made in our issue of Jan. 14 (page House Association.
202) of the election on Jan. 10 of Thomas I. Parkinson
At a meeting of the Directors of the First National Bank
and H. C. pouch as additional members to the Board of
of Cooperstown, N. Y., on Jan. 31, a regular dividend of
Directors of the National Park Bank and the election of
3% and an extra distribution of 4% was declared payable
Walter S. Jelliffe (formerly Assistant Vice-President) as
Feb. 1 to stockholders of record Jan. 31. This declaration,
Vice-President of the Bank. Mr. Parkinson is President of
if maintained, would indicate an annual return at the rate
the Equitable Life Assurance Society of the United States;
of 14%. At the same meeting, the surplus of the bank was
and Mr. Couch is President of the Southern Power & Light
Company; Louisiana Power & Light Company; Mississippi increased to $350,00, making it, with the $150,000 capital,
an institution with combined capital and surplus of $500,Power & Light Co.; Arkansas Power & Light Company,
000. The bank's surplus has been increased to the extent
and a Director of the Electric Power & Light Corporation.
of $250,000 since Feb. 1, 1923.
Mr. Jelliffe was born in Mansfield, Ohio, June 18, 1886—
attended public schools there and graduated from Oberlin
An attractive brochure, containing the comparative stateCollege in 1908. That year he engaged in the lumber in- ments of
condition as of Dec. 31, 1927 of the National
surance business on the Pacific Coast with headquarters Shawmut Bank
of Boston and its auxiliary, the Shawmut
in Portland, Oregon. He came to the National Park Bank Corporation,
together with the remarks of President Walin June, 1918; was elected Assistant Cashier in 1920; and ter S. Bucklin
at the stockholders' annual meeting on Jan.
Assistant Vice-President in 1924.
10, has just been received. The bank's statement shows
total resources at the date mentioned of $243,928,326 (as
The Bronx County Trust Company of this city at its
compared with total resources of $226,629,838 on Dec. 31,
annual meeting held Jan. 25 made the following promo1926) of which $56,206,586 are cash assets. On the debit
tions: Charles E. Merrifield, Secretary, was elected Viceside of the statement combined capital, surplus and profits
President; Jacob It. Zeller, Assistant Secretary, was made
are given at $26,256,928, and total deposits at $189,317,108,
Secretary, and John M. Ireland was appointed Assistant
the latter comparing with deposits of $171,693,046 as of
Vice-President.
Dec. 31 the previous year. Total resources of the ShawThe Citizens' Trust Co. of Utica, N. Y. announces the mut Corporation are shown at $75,473,544, as against $56,election of William I. Taber, heretofore President of the 907,666 on Dec. 31, 1926. Besides Mr. Bucklin, the prininstitution, as Chairman of the Board of Directors, and cipal officers of the National Shawmut Bank are: Norman
Chester R. Dewey as President of the company. The per- I. Adams, Frank C. Nichols, Frank A. Newell, Louis J.
sonnel of the institution is now as follows: W. I. Taber, Hunter, John Bolinger, Edward A. Davis, Frederick A.
Chairman of the Board; Chester R. Dewey, President; Wat- Carroll, George E. Pierce, Christopher L. Billman, William
son T. Dunmore, E. C. Thurwood (Secretary), L. Floyd F. Augustine, Frederick E. Jackson, Ernest H. Moore,
Smith, D. G. Jones (and Trust Officer), S. B. French (and Leon H. White, James E. Ryder, R. Edwards Chambers,
Manager of the bond department), and Clifford E. Brophy Kenneth L. Fleming, Jr., Clarence E. Dunaven and Joseph
(and Manager of People's branch), Vice-Presidents; C. W. A. P.rickson, Vice-Presidents; W. Rudolph Cooper, CompBushinger, S. E. Taber and E. J. Maloy, Assistant Vice- troller, and Stanley P. Wyatt, Cashier.
670
FINANCIAL CHRONICLE
[VoL. 126.
Feb. 1 to stockholders of record at the close of business
Jan. 31, 1928.
The Philadelphia "Ledger" of Jan. 30 stated that Robert
E. Aldrich, an Assistant Cashier of the First National Bank
of Philadelphia, has been elected Cashier of the newly organized City National Bank & Trust Co. of Philadelphia,
while W. H. Faas of the Franklin Fourth Street National
Bank, has been made Assistant Cashier of the new institution.
At a meeting of the Board of Directors of the Corn Exchange National Bank of Philadelphia on Jan. 31 Otis
Mouser was elected a director, according to the Philadelphia "Ledger" of Feb. 1. Mr. Mouser is active in coal,
cement and railroad companies as chairman of the Board
of the Interstate Railroad, the Hazelbrook Coal and General Coal Companies and president of the Stonega Coke
A charter was issued to the First National Bank in and Coal, Raven Run Coal and Whitehall Cement ManuLodi, N. J., by the Comptroller of the Currency on Jan. 10. facturing Companies and of the Wentz Corporations.
The institution has a capital of $100,000 and surplus of
F. E. Robinson, heretofore Cashier of the Northern Sav$20,000. The bank will begin business about Feb. 15. The ings Bank of Columbus, Ohio, was elected President of
officers are Benjamin Dausen, Jr., President; One Contant the institution at the annual meeting of the directors on
and E. H. Suhuen, Vice-Presidents, and Cyril J. Mason, Jan. 26, according to the "Ohio State Journal" of Jan. 27.
Cashier. The price at which the stock has been placed is Mr. Robinson succeeds C. L. Dickey, who became Chair$130 per share—par $100.
man of the Board of Directors. The latter, who is now in
Florida, it was stated, asked to be relieved of the PresiThe Guardian Trust Company of Newark, N. J., on Jan.
dency because of illness in his family which necessitates
22 elected William E. Nieman, and Clifford A. Rothfuss to
his absence from Columbus a considerable part of his time.
the post of Assistant Secretary-Treasurer .
Mr. Dickey had been President and Mr. Robinson Cashier
years ago.
Newark & Essex Banking Company of of the bank since its organization twenty-three
The National
At the same meeting J. H. Zinn was re-elected ViceNewark, N. J., on Jan. 19 made the following promotions:
R. F. Armstrong, formerly Assistant Cashier
William E. Hecker, Trust Officer, was elected a Vice-Presi- President;
James E. was promoted to Cashier to succeed Mr. Robinson, and G.
dent and Trust Officer, and C. G. Hemingway,
and Arthur Hull were elected Assistant
Pittinger and Harry I. Parkhurst, Assistant Cashiers, were Dwight Wood
Cashiers. Mrs. Sarah Deshler was appointed savings
of Assistant Vice-Presidents.
advanced to the posts
teller.
Joseph A. Jackovics was elected a Vice-President and
According to the "Ohio State Journal" of Jan. 12, George
Treasurer of the Hobart Service Trust Company of Passaic, W. Bright at his request was not re-elected Chairman of
N. J., on Jan. 18. Mr. Jackovics, who is 25 years of age, the Board of the Citizens' Trust & Savings Bank of Cowas born in Scranton, Pa. Before the amalgamation of lumbus, Ohio, at the recent stockholders' annual meeting,
the Hobart and Service Trust companies Mr. Jackovics and no successor to Mr. Bright was named. Mr. Bright
was assistant to Harry H. Weinberger, President of the was reported as saying that his health would not permit
Service Trust Company.
him to continue as head of the Board. James R. Coppings
was elected a director. The directors at their meeting
The Verona Trust Company of Verona, N. J., on Jan. 18
elected Warren S. Park an additional Vice-President, and
elected Roland A'. Jacobus, President to succeed Ralph M.
Leland A. Stoner an additional Assistant Cashier. All the
North. Mr. Jacobus is President of the firm of A. G. Ja- other officers were re-elected. R. H. Schryver is President
cobus Sons, Inc., brush manufacturers. He had been a of the institution.
Vice-President of the trust company since its formation
In its issue of Jan. 25 the Detroit "Free Press" stated
In 1916. H. M. Appleton, formerly Treasurer of the company, has been elected Executive Vice-President and Dr. J. that in connection with an announcement made the previous
Roland Teed, Vice-President. John C. Hunter, Jr., hereto- day by George H. Kirchner, Chairman of the Board of the
fore Assistant Treasurer, has been elected Treasurer and Griswold-First State Bank, that Calvin H. Newman had
A. H. Brangwin has ben made Assistant Secretary- resigned as President of the institution, information was
also jointly given out by Mr. Kirchner and John J. Barium,
Treasurer.
President of the American State Bank of Detroit, that the
An application to organize the Third National Bank & negotiations that have been under way for the past several
Trust Company, N. J., was approved by the Comptroller of weeks looking towards the consolidation of the two instituthe Currency on Jan. 19. The institution will have a captions had been definitely called off. The "Free Press"
ital of $200,000 and surplus of $50,000, the stock being disfurthermore stated that Mr. Kirchner, who for fifteen years
posed of at $125 per $100 share. The Directors are: Jowas President of the First State Bank, has assumed the
seph Carr, Raymond Donges, Louis Everly, Wm. M. GarPresidency of the Griswold-First State Bank in lieu of Mr.
wood, Martin Hambrose, Joseph Hornet!, Henry Lippincott,
Newman.
William McCully, Marion McGee, E. S. Mason, Dr. A. LinCarlton S. Evans, Ellis Parker,
Raymond A. Baur, for the past five years a representacoln Sherk, Paul Rheinman,
Joseph F. Wallworth and H. F. Stephenson. The election tive of the Sinclair Consolidated Oil Co. in France, has
of officers will occur in a week or two. The institution been elected a Vice-President of the Omaha National Bank,
Omaha, Neb., and of its affiliated institution, the Omaha
will begin business about June 1.
Trust Co., according to an announcement by the directors
A special meeting of the s- tockholders of the Tenth Na- on Jan. 26, as reported in the Omaha "Bee" of the followtional Bank of Philadelphia will be held on Feb. 17 to ing day. The new Vice-President who is a son-in-law of
vote on a proposal to increase the capital stock of the Walter W. Head, President of the Omaha National Bank
bank from $500,000 to $1,000,000. The price at which the and the Omaha Trust Co., will assume his new duties
additional stock will be disposed of is $300 per $100 share. about May 1. With regard to Mr. Baur's career the paper
The enlarged capital will become effective May 16.
mentioned said:
While Mr. Baur has spent the last several years in Europe, he prestockholders of the Pen- n's Grove National Bank of viously had been in the service of the Sinclair corporation for several
The
on Jan. 19 authorized an increase of years in this country, first at Coffeyville, Kan., later at Chicago and
Penn's Grove, N. J.,
Philadelphia. He was born in California and lived in New York during
$25,000 in the capital of the institution, raising it from his boyhood.
The rights expire March 1, 1928. The
He is a graduate of the University of Lausanne, Switzerland, and
$75,000 to $100,000.
served in the French ambulance service. When the United States
stock is offered at par, viz: $100 per share.
new
became a combatant he enlisted in the American navy and served two
and one-half years. He closed his services as a petty officer on the
The Directors of the Tradesmen's National Bank of George Washington on its two round trips to Europe with President
have declared the regular quarterly di;iidend Wilson.
Philadelphia
of $3.50 per share, at the rate of 14% per annum, payable
The Boston "Herald" in its issue of Jan. 29 stated that a
new national bank, the First National Bank of Revere, located at 254-256 Broadway, Revere (Boston), would be
opened for business on Feb. 1. The new institution, which
is capitalized at $100,000 with surplus of $25,000, was
founded, it was stated, by a group of prominent business
and professional men of Revere and has 110 shareholders,
of which six are non-residents of the city. So eager was
the demand for the purchase of the shares that it required
less than a week to dispose of the stock. Andrew A. Cassassa, a former State Senator, is President of the new
bank, and his fellow officers are as follows: C. F. Chisholm, Forrest C. Toward and Alfred S. Hall, Vice-Presidents, and Eldon F. Everett, Cashier. The National Shawmut Bank of Boston will serve as Boston correspondent
for the new institution, it was said.
FEB. 4 1928.]
FINANCIAL CHRONICLE
Clarence L. Green, a Vice-President and head of the
trust department of the Denver National Bank, Denver,
'died suddenly of heart disease at Thermopolis, Wyo., on
Jan. 23. Mr. Green was born in Arizona in 1886 and
moved to Denver at the age of twenty-four. Starting as
an assistant collection agent, he worked his way up to a
Vice-President of the Denver National Bank within 17
years.
The following officers were elected by the directors of
the Peoples First National Bank of Charleston, S. C. at
their recent annual meeting: R. G. Rhett, Chairman of the
Board; E. H. Sparkman. Vice-Chairman of the Board;
R. G. Rhett, Jr., President: E. R. Croft, Vice-President
and Cashier, and J. L. Walpole, K. E. Bristol, W. H.
Schroeder and Dwight Hughes, Assistant Vice-Presidents.
671
Act, permitting among other things, the profitable operation of savings
banks in the national system.
Activities of the new bank, Mr. Evans said, will be devoted wholly
in the interests of savings depositors. The plan does not include a
commercial department or any of the banking operations related to
commercial banking. Capitalization is small, the charter calling for a
capital of $300,000, and surplus and undivided profits of $75,000.
Announcement is expected soon of the location of the bank, which
will be in the downtown business district. Extension of the permit
to organize has been granted by the comptroller of currency to obtain
suitable quarters, purchase equipment, and complete the list of directors and officers.
Banking activities of the McCook brothers in California date from
1916 when R. D. McCook organized the American National Bank of
San Bernardino, of which he is still President. In 1919 Nelson McCook founded the California National Bank of Long Beach which he
heads as President. J. B. McCook became affiliated with the American National Bank of Pendleton, Ore., in 1913 and in a few months
consolidated the business of his bank with the First National Bank
of Pendleton.
Advices from Los Angeles on Jan. 28, appearing in the
"Wall Street Journal" of Jan. 30, stated that the CaliThe directors of the Houston Land & Trust Co., Houston, fornia Superintendent of Banks had granted a permit to
Texas, at their annual meeting on Jan. 17, made several the Security Trust & Savings Bank of Los Angeles to open
changes in the personnel of the institution as follows: A. a new branch at 12th Street and Maple Avenue, that city.
R. Cline, formerly Secretary and Treasurer of the comReports that the United Bank & Trust Co. of San Franpany, was promoted to *Vice-President and Trust Officer;
Charles L. Bybee and Herman L. Weyrich, heretofore cisco was to consolidate with the Security Bank & Trust
Assistant Secretaries, were advanced to Secretary and Co. of Bakersfield, Cal. a subsidiary of the United Bank &
Treasurer, respectively; August J. Heinze, formerly an Trust Co. formed several months ago by the FrenchAssistant Secretary, was made Assistant Trust Officer, American Corporation, (the United bank's auxiliary comand Curtis W. Stalnaker and W. Oliver Monroe, formerly pany) under the name and charter of the Security Bank
tellers, were advanced to Assistant Secretaries. The fol- & Trust Co. and with assets aggregating $200,000,000,
lowing officers were re-elected: P. B. Timpson, President; were verified on Jan. 23 when the directorate of the United
R. E. Paine, W. M. Rice, 0. R. Weyrich (active) and G. A. Bank & Trust Co. approved the details of the merger, acSwaim (active) Vice-Presidents; Mrs. H. P. Youngblood, cording to the San Francisco "Chronicle" of Jan. 24. In
Assistant Secretary; J H. Schnell, Jr., Auditor; R. N. its issue of Jan. 20- the paper mentioned had the following
Eddleman, Manager bond department; T. L. Cumings, to say in regard to the approaching union of these banks:
Consolidation of practically all of the banks within the United Bank
Manager rental department; V. J. Rose, Manager real & Trust Company system into one gigantic statewide branch banking
estate department, and Robert Ring, Auditor. All the pres- organization with total resources of $200,000,000 is under discussion
and is expected to be completed within the next few days.
, ent officers of the Houston Land & Trust Co. entered the
If the new combine, which would be known as the Security Trust &
Institution in some minor capacity. Mr. Cline, the new Savings Bank, is completed, it would include the banks now comprising the United Bank & Trust Company, the Security Trust & SayVice-President and Trust Officer, has been with the Hous- ings Bank of Bakersfield and the French-American Corporation systems
ton Land & Trust Co. for twenty-one years. He was born and which number approximately sixty-five.
Such a consilodation
extending from
in Houston and is a graduate of the Houston High and the north to San Diego would have offices would be headedDunsmuir on
on the south and
by the leadHouston Law schools. He was admitted to the bar in ing independent unit bankers of the State who have pooled their resources and
modern
1916. During the World War he served as a second lieu- rank as third have created a Francisco branch bank system. It would
largest in San
and fifth in the State.
tenant in the Field Artillery Officers' Reserve Corps at
According to plans, said to be in contemplation, the headquarters
remain in San Francisco, but with the probable
Camp Taylor, Louisville, Ky. He is a charter member of for the present will of a Los Angeles
ultimate acquisition
banking institution, headquarters will then be moved to the southern city. This would give San
the American Institute of Banking.
Francisco the Bank of Italy and Los Angeles the new Security Trust
Announcement was made on Jan. 22 by 0. C. Williams, a as great State-wide branch banking institutions. At present the
United has but one branch in Los Angeles.
Vice-President of the Seaboard National Bank of Los
Heading the United system at present are the following officers, who
Angeles, of the promotion of two executives as department are expected to be retained in charge of the projected branch bank.
They are: President Leon Boequeraz and Executive Vice-President
heads of the institution, namely that of Van C. Browning, W. F. Duffy, formerly heads of the French-American Bank; Robert
Assistant Cashier, as Manager of the public relations de- R. Yates, Vice-President and Cashier; W. F. Morrish, Chairman of
the Executive Committee, who was formerly President of the First
partment, and that of E. A. Lang, formerly commercial National of Berkeley; Howard Whipple, Chairman of the Finance Comteller, as Manager of the Savings Department. Referring mittee, former President of the First National Bank of Turlock; F. N.
Belgrano, Vice-President, former President of the Fugazi Bank;
Arthur Crites, President, and Alfred Harrell, former Chairman of the
to these changes, the Los Angeles "Times" said:
Since the organization of the Seaboard bank Mr. Browning has been
holding various important positions. He is well known in banking
circles in this city and Oklahoma. Before he became identified with
the Seaboard Mr. Long was for many years with the Hollywood branch
of the Security Trust and Savings Bank.
Board of the Security Trust of Bakersfield; Hilliard Welch and John
M. Perry, Vice-Presidents, and former Cashier G. B. Campbell and
President W. J. Edwards of the Security Bank of San Jose.
Iti s believed that Whipple will be moved to Los Angeles, if plans
are ultimately completed, to take charge of the southern situation.
That an increase in the capitalization of the Security
Bank & Trust Co. of Bakersfield from $5,000,000 to $7,500,000; the reduction of the par value of its stock from $100
a share to $25 a share, and an amendment of its articles
of incorporation to permit the increasing of the number of
its directors from seven to twenty-seven, had been approved by Will C. Wood, State Superintendent of Banks
for California, was noted in the San Francisco "Chronicle"
of Jan. 21.
Acquisition by the • United Bank & Trust Co. of the
Bank of Williams at Williams, Colusa County, Cal., an institution capitalized at $100,000 and having deposits in excess of $750,000, was reported in the San Francisco
"Chronicle" of Jan. 8, which stated that the newly acquired
bank made the sixty-fourth in the United Bank & Trust
Co. system. Again, in its issue of Jan. 13, the same paper
stated that the First National Bank of Berkeley, Cal., and
the Berkeley Bank of Savings, noted as two of the most
substantial finacial institutions in the Bay region, with
combined resources of $10,000,000 had been taken over by
the United Bank on Jan. 12.
In a dispatch from Chino, Cal., on Jan. 27 to the Los
Angeles "Times" it was stated that negotiations had been
completed for the acquisition of the First National Bank
of Chino and the Chino Savings Bank by the French-Americharter for the National Bank for Savings in Los Angeles was
The
I
can Corporation. This dispatch went on to say:
he first issued by the comptroller of currency for a savings bank
Purchase of a substantial portion of the capital stock
of the National Bank for Savings of Los Angeles (an institution in course of organization) by R. D. McCook, President of the American National Bank of San Bernardino,
Cal., together with his brothers, Nelson McCook, President
of the California National Bank of Long Beach, Cal., and
J. B. McCook, former President of the American National
Bank of Pendleton, Ore., was announced on Jan. 24 by
the organization committee of the institution, according
to the Los Angeles "Times" of Jan. 25. Completion of the
bank's organization will be effected immediately, W. C.
Evans, Chairman of the committee, was reported as saying.
Interested with the McCook brothers, it was said, are several associates, many of whom belong to Los Angeles.
While the personnel of the directorate has not been completed or definite selection of officers made, it was stated,
the "Times" said, that several representative Los Angeles
business men and bankers will be identified with the management. J. B. McCook will represent the interests of the
McCook brothers, the others retaining their present. banking connections in San Bernardino and Long Beach. With
Mr. Evans, Mr. McCook will be in executive charge of the
institution. Continuing the paper mentioned said:
The charter was issued soon after the passage of the
tx
e
hl:Fadden bill, which liberalized and modernized the National Bank
lusively.
The First National was organized as the Chino State Bank in 1901,
while the Savings Bank was organized by the same directors a few
672
FINANCIAL CHRONICLE
years later. According to to-day's announcement, no change will be
made in the personnel, the board of directors or officers.
The following officers and directors will head the combined institution: Edwin Rhodes, President; 0. J. Newman, Vice-President; A. J.
Tolle, Cashier; Walter Brant, Assistant Cashier; J. A. Latham, Assistant Cashier; Directors, J. C. Reber, C. A. Marks, H. G. Shafer, 0. J.
Newman, Edwin Rhodes, J. H. Tolle and William T. Clark. The combined resources of the two merged institutions amount to $750,000 and
will now a become part of a banking system with resources in excess of
$170,000,000.
Hugh C. Gruwell, heretofore an Assistant Cashier of
the People's Bank & Trust Co. of Seattle, has ben made a
Vice-President of the institution, according to the Portland
"Oregonian" of Jan. 12. Prior to his going to Seatle about
nine months ago, Mr. Gruwell was in the credit department of the United States National Bank of Portland. He
is a graduate of Harvard and was very active in the latter
city in the American Institute of Banking. Mr. Gruwell
obtained all his bank training in Portland, it was stated.
[VOL. 126.
account, making a grand total of $14,093,065 available for
distribution. Of this aggregate $2,500,000 has been appropriated for contingency account and $500,000 has been
allocated to the reduction of bank premises and adjoining
property account, while dividends are maintained at the
Arne rates as in preceding years, namely, 10% on the "A"
shares and 14% on the "B" and "C" shares.
We are in receipt of the annual statement of the National
Bank of Scotland, Ltd. (head office Edinburgh), covering
the fiscal year ended Nov. 1 1927. The report, which was
presented to the proprietors of the institution at their annual general meeting on Dec. 15, shows net profits, after
providing for all bad and doubtful debts, rebate, interest,
&c., of £286,060. To this amount was added £08,198, representing the balance brought forward from the preceding
year, making together £354,258 available for distribution.
From this sum it was resolved to appropriate the following amounts: £140,800 to pay a dividend at the rate of 16%
per annum (this being exclusive of income tax of £35,200);
£50,000 to reserve fund; £30,000 to heritable property account; 160,000 to the officers' pension fund, and 0,000 to
staff widows' fund, leaving a balance of £68,458 to be carried forward to the current year's profit and loss account.
The institution's total resources are shown in the report
as £36,286,867. The subscribed capital of the bank is £5,000,000, of which £1,100,000 has been called up; 1900,000 uncalled, and 0,000,000 reserve liability, while the reserve
fund now stands at £1,450,000. The National Bank of Scotland, Ltd., is affiliated with Lloyd's Bank, Ltd. The Right
Hon. the Earl of Ronaldshay is Governor of the institution
and William Carnegie General Manager.
The 57th annual statement of the Dominion Bank (Canada), with head office in Toronto, covering the twelve
months ended Dec. 31, 1927, makes a very gratifying showing. Net earning for the period, after deducting charges
of management, interest accrued on deposits and making
full provision for all doubtful assets, were $1,328,496.
There remained from the preceding twelve months a balance to credit of profit and loss of $1,032,555 and this when
added to the net profits made the sum of $2,361,051 available for distribution, which was appropriated as follows:
$780,000 to pay four quarterly dividends at the rate of 12%
per annum ($720,000), together with a bonus of 1%
($00,000); $45,000 contributed to officers' pension fund;
$165,527 to cover Dominion and Provincial Government
taxes; $250,000 written off bank premises, and $1,000,000
transferred to reserve fund, leaving a balance of $120,524
-PER CABLE.
ENGLISH FINANCIAL MARKETS
to be carried forward to the current year's profit and loss
The daily closing quotations for securities, &c., at London,
account. Total assets of the institution are shown in the
report at $141,482,754 (as compared with $127,780,858 last as reported by cable, have been as follows the past week:
&IL,
Frt..
Mon..
Tues.,
Wed.,
London
year) of which $69,776,354 are liquid assets, or 57% of the WentEnd.Feb.3. Jan. 28. Jan. 30. Jan. 31. Feb. 1. Thurs., Feb. 3.
Feb. 2.
2634
d 26
263
2634
2634
26.f
bank's liabilities to the public, while total deposits are Silver, per oz
s. 84.1135 84.1135 84.1034 84.1134 84.1134 84.1134
Gold, per tine ounce
'
5534
given as $108,756,920, as against $98,860,581,581 in 1926. Consols, 234 per cents
553(
5535
5534
5534
10131
10134
10134
10134
British, 5 per cents
15134
The bank's paid-in capital is $6,000,000 and its reserve British, 434 per cents
9734
9734
9734
9734
9734
68.75
Paris)--fr.
67.60
67.05
67.25
68.95
fund (including the $1,000,000 transferred out of earnings French Rentes (in(in Parle)
87.30
88.10
87.85 x86.40 86.20
French War Loan
noted above) $8,000,000. A. W. Austin is President of the
The price of silver in New York on the same days has been:
Dominion Bank, and C. A. Bogert, Vice-President and Gen- Silver in N.Y., per oz.(eta.):
5834
5635
5634
Foreign
5634
5734
5634
eral Manager.
Ex-Interest.
The 72nd annual report of the Bank of Toronto, Toronto, Ont., Canada, covering the fiscal year ending Nov. 30,
1927, has just recently been issued and is noted as the best
statement ever put out by the institution. Outstanding
features of the report are an increase in deposits of $12,863,000 to $101,302,650 and an increase in commercial
loans of $10,208,000 to $65,681,344. Net profits for the
period, after providing for bad and doubtful debts, etc.,
the report shows, were $1,165,432 and when added to
$480,772, the balance to credit of profit and loss brought
forward from the previous fiscal year, made $1,646,294
available for distribution. After appropriating from this
amount $650,000 to pay the usual quarterly dividends at
the rate of 12% per annum ($600,000) together with a
bonus of 1% ($50,000); $50,000 to cover tax' on circulation; $100,000 reserved for accrued taxes; $50,000 contributed to officers' pension fund, and $150,000 written ofP
bank premises, a balance of $646,204 remained to be carried forward to the 1928 profit and loss account. Total
assets are shown in the statement at $129,295,378, of which
$57,141,403 are readily available assets, or 48% of the
bank's liabilities to the public. The bank's paid-up capital
is $5,000,000 and its rest fund stands at $7,646,204.
Further growth of Barclays Bank, Limited, one of the
big five British banking institutions, is revealed in the
statement of condition as of Dec. 31, 1927, which was received by cablegram on Jan. 10 at the office of the New
York representative of the bank. Total assets amounted
to $1,786,561,788, compared with $1,742,190,337 at the end
of 1926. Deposits, showing an even greater increase and
establishing a new high record, aggregated $1,591,867,359,
against $1,549,418,453 a year ago, a gain of approximately
$42,000,000. Advances to customers and other accounts
were reported at $809,339,529 as compared with $777,273,975 in 1926. All figures are converted on the basis of $5
per pound sterling. The net profit of the bank for the
year ended Dec. 31, 1927, amounted to $11,531,640 to which
must be added $2,561,425 brought forward from the 1926
THE WEEK ON THE NEW YORK STOCK EXCHANGE
The stock market has been decidedly reactionary the
present week, with the drift of prices generally downward.
The noteworthy features of the week were the statement of
brokers' loans on Thursday showing an increase of $27,135,000 since a week ago and the advance in the rediscount rate
of the Federal Reserve Bank of New York from 3%% to 4%
which was also announced late on Thursday afternoon.
Pronounced reactionary tendencies were apparent in the
stock market during the brief session on Saturday and
many of the recent speculative favorites yielded from 3 to 8
points. Some of the specialties were strong, notably Colorado Fuel, American Zinc Lead pref., Chicago Pneumatic
Tool and Phoenix Hosiery, all of which sold at the top prices
for the year. As the day advanced many issues such as
Greene-Cananea, Montana Power, Vanadium and Byers
& Co., were swept sharply downward. United States Steel
common and General Motors were under heavy selling
pressure at the close and local utilities, which had been
strong in the first hour, were also in supply as a result of the
liquidation of holdings in speculative accounts. Railroad
shares yielded with the rest of the list, Canadian Pacific,
St. Louis Southwestern and New York Central being tho
hardest hit. Motor shares also were weak, though Hudson
continued in demand and closed somewhat higher. Remington-Rand was also strong and reached its highest peak
since dividend payments were suspended.
Reactionary tendencies were again manifested in the
early trading on Monday, and with the accumulations of
week-end selling orders profit-taking became quite general.
Later in the day the market improved and many of the early
losses were cancelled. The two market leaders, General
Motors and United States Steel common, were moderately
firm, though both closed the session with fractional losses.
Heavy selling was in evidence in the railroad group, Missouri Pacific receding about two points, followed by Reading, Atchison, North West, New York Central and St. Louis
Southwestern, all sharing in the decline. On the other
FEB. 4 19281
FINANCIAL CHRONICLE
673
hand, independent motor stocks were active and strong, Goodyear and Goodrich moving briskly forward to higher
Hudson Motors moving up to 88/, Dodge Bros. advancing levels. Other noteworthy advances included Commercial
two points and Hupp Motors selling above 40 at its high Solvents five points and Case Threshing Machine six points.
On Friday the market opened generally lower as a result
for the day. Patino Mines was again bid up and crossed
30 and both Montgomery Ward and Remington Type- of the announcement after the close of the preceding days
writer continued to move forward, followed by Beech Nut session of the advance in the rediscount rate of the New York
Packing which moved into new high ground. Public Federal Reserve Bank from 33/2% to 4%. As the day
utilities were the strong stocks on Tuesday and continued advanced prices improved, but again turned downward in
to absorb most of the speculative attention, Montana Power the final hour. Railroad shares were weak and sharp
making a spectacular jump and crossing 161 to its highest breaks occurred in Seaboard Air Line, St. Louis Southon record, followed by Brooklyn Edison, which reached a western and Erie common, though there was an occasional
record top, and Brooklyn Union Gas, which reached a new exception like New Haven, which was bought in large blocks
high for the present share capitalization. Federal Light above 67
-bringing it close to the highest level since 1916.
& Traction was the strong feature of the low-priced utilities United States Steel common broke about two points in the
and reached its highest level above 55. Railroad equip- early trading and closed with a loss of 33/2 points. The
ment shares joined the leaders under the guidance of Ameri- feature of the group was the strength of Vanadium Steel
can Locomotive, which moved to its best since 1926, and which reached its highest price since it was listed in 1919.
American Car & Foundry, which advanced to within a Motor shares were weak, General Motors receding nearly
fraction of its record high. Motor stocks were in strong two points, followed by many of the independent stocks.
demand, interest centering in Hudson, Hupp, Chrysler, The final tone was weak.
Nash and Studebaker, all of which reached higher levels.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Colorado Fuel & Iron moved forward about three points.
DAILY. WEEKLY AND YEARLY.
The market was somewhat mixed on Wednesday, early
State,
Railroad.
Stocks,
United
strength giving way to recessions as the day advanced.
Week Ended Feb. 3.
&c.,
Number of
Municipal &
Stoles
Bonds.
Shares.
Foreign Bonds.
Railroad stocks were under pressure and declines ranging
Bonds.
from one to five points were recorded in such representative Saturday
84,563,000
1.401.100
81.848,000
5444.500
Monday
7,133,000
2,167,744
3.143.000
1,484,000
issues as Atchison, New York Central, Balt. & Ohio, South- Tuesday
3,718,000
7,414,000
2.130,510
868,000
Wednesday
3.422.000
6.254,000
2,038,640
430,750
ern Pacific, Rock Island and Missouri Pacific. Western Thursday
3.344,000
8,676,000
2.152,740
908.000
Maryland was particularly weak and slumped about five Friday
3.550.000
7.747.000
2,639.500
788,000
points to below 40. The merchandising stocks were fairly
Total
12.530.234 541.787.000 $19.025.000
54.923.250
strong, Montgomery Ward advancing to 132, as compared
Sales at
Jan. 1 to Feb. 3.
Week Ended Feb. 3.
with its previous close at 129/, and Sears-Roebuck moving
New York Stock
Exchange.
1928.
1928.
1927.
1927.
up to 85/. Montana Power continued its remarkable advance and raised its top to 1633/2, though it slipped back to' Stocks-No,of shares_ 12,530,234 9,264,605
63,750,275
41,479,536
Bonds.
1593/2 at the close. Price movements were again irregular Government bonds_ _ _ $4,923,250 $3,316,000 522,707.500 528,145,850
foreign
19,025,000
131.352,200
95.531.500
trading was comparatively light on Thursday. State and& misc. bonds 41,787,000 28.583.000 202.576.300 277,716,700
and the
Railroad
bonds
58,355,500
Montana Power continued to attract considerable specu- Total bonds
$65.735,250 $90,254,500
8437.214,750
$320,815,300
lative attention and again reached new high ground with
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
an advance of six points, Peoples Gas advanced to the highBALTIMORE EXCHANGES.
est level in all time and Detroit E dison registered a net
five points. Motor stocks were somewhat mixed,
gain of
Boston.
Philadelphia.
Baltimore.
Week Ended
though General Motors was strong and spurted briskly
Feb. 3 1928.
Shares. Bond Sales. Shares, Bond Sales. Shares, Bond Sales.
forward to 136 at its high for the day. Steel stocks were
Saturday
*22,981
58,000 a42,979
$8.100
52,466
811.200
in strong demand at improving prices, United States Steel Monday
*36,576
59.250 a58.526
4.600 b 5.732
25.000
*41,472
34,500 a31.616
39,900
05,048
32.000
common selling up to 1463, followed by Crucible, Bethle- Tuesday
Wednesday
*29,134
51.550 a46,604
100.900
82,274
33,900
Thursday
*38,444
182,300 a59,628
Republic Iron & Steel and Inland Steel with sub- Friday
48.100
hem,
51,763
26.000
22,542
33,000 a38,365
26.000
52.609
30,000
stantial gains. The so-called specialty stocks also were in
Total
191,149 5368,600 277.718 $257,600
19.892 5158,100
demand, particularly Diamond Match which reached a new
'S./
record price at 161, though it receded later in the session FTev. week revised 210 ns9 S1R7 (wan SSA 9AS V. cnn 97 RSA 117R ton
and closed at 155. Gold Dust gained about three points, • In addition, sales of rights were Saturday, 221; Monday, 855; Tuesday. 5501
Canada Dry Ginger Ale reached its highest top since listing Wednesday, 692; Thursday, 665.
a In addition, sales of rights were Monday. 300: Tuesday. 900;
Wednesday. 200
;
at 593/2 and Electric Auto Lite sold within a fraction of its Thursday, 800: Friday, 1,600.
b In addition, sales of rights were
record top. Rubber shares were in brisk demand, both Wednesday. 123: Thursday, 33; Friday,Saturday. 5: Monday, 151: Tuesday. 228
102.
.
.
.
Course of Bank Clearings
Bank clearings this week will again show a satisfactory increase over a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday,
Feb. 4), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 7.8% above those for the corresponding week last year.
The total stands at $12,202,064,816, against $11,324,128,943
for the same week in 1927. At this centre there is a gain
for the five days of 12.8%. Our comparative summary for
the week is as follows:
Clearings-Returns by Telegraph.
Week Ended February 3.
New York
Chicago
PhIladellihia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1928.
1927.
Per
Cent.
56.433,000.000
602,846,288
475.000,000
457,000,000
112,229,094
123,000,000
176,043,000
154.787.000
161.149,066
137,702,048
105,869.321
*80.000,000
60.098.045
55,710,000.000 +12.8
610.736,498
-1.3
487.000,000
-2.5
513.000.000 -10.9
122.862.745
-8.7
123.200.000
-0.1
171,541,000
+2.6
162,635,000
-4.8
223.827.161 -28.0
131,937.656
+4.4
101.440,566
+4.4
89,470.535 -10.6
58.974.547
+1.9
Thirteen cities. 5days
Other cities, 5 days
89.078,723,862
1.089,663,485
58,506.625.708
1,041,675.040
+6.7
+4.6
Total all cities, 5 days
All cities. 1 day
510.168.387,347
2,033.677,469
$9,548,300,748
1,775,828,195
+6.5
+14.5
$12,202,064.816 511.324.128.943
+75
.
Total all cities for week
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 Jan. 28. For
that week the increase is 14.1%, the 1928 aggregate of clearings for the whole country being $10,725,797,869, against
$9,397,248,048 in the same week of 1927. Outside of New
York City the increase is only 2.6%, the bank exchanges
at this centre showing a gain of 22.8%. We group the cities
now according to the Fede.al Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District qncluding this city) there is an improvement of 22.3%, in the Boston Reserve District of 3.5%,
and in the Philadelphia Reserve District of 4.4%. The
Cleveland Reserve District shows a gain of 2.0%, but the
Richmond Reserve District has suffered a loss of 3.0%, and
the Atlantic Reserve District of 0.7%, the latter due partly
to the falling off at the Florida points. Miami having a
decrease of 53.6% and Jacksonville of 13.3%. In the Chicago
Reserve Iiistriet, the totals are larger by 3.2%, in the St.
Louis Reserve District by 4.8%, and in the Minneapolis
(Vol,. 126.
FINANCIAL CHRONICLE
674
The course of bank clearings at leading cities of the country
Reserve District by 6.1%. The Kansas City Reserve
District shows a decrease of 3.4%, and the Dallas Reserve for the month of January in each of the last eight years is
District of 2.0%, but the San Francisco Reserve District shown in the subjoined statement:
enjoys a gain of 8.6%.
BANK CLEARINGS AT LEADING CITIES IN JANUARY.
In the following we furnish a summary by Federal Reserve
1928. 1927. 1926. 1925. 1924. 1923. 1922. 1921.
districts:
$
$
$
$
$
$
3
S
SUMMARY OF BANK CLEARINGS.
Week End. Jan. 28 1928
Federal Reserve Diets.
1st Boston__ _.12 cities
2nd New York_11 "
3rd Philadelphial0 "
6th Cleveland__ 8 5th Richmond _ 6 "
5th Atlanta__..13 "
7th Chicago _ _ _20 "
6th St. Louis._ 8 "
Dth Minneapolis 7 "
'
10th Kansas City12 "
5 "
11th Dallas
12th San Fran_ _17 "
129 cities 10.925,797,869
Total
4,114,233,966
Outside N.Y. City
91
/•1•100
1927.
1928.
$
544,209,818
6,723,543,336
575,570,030
400,040,119
171,136,764
195,571,230
09,901,690
218,530,090
104,587,027
252,979,090
73,062,046
532,366,636
/10
Inc.or
Dec.
1926.
1925.
%
+3.6
+22.3
+4.4
+2.0
-9.0
-0.7
+3.2
+4.8
+6.1
-3.4
-2.0
+8.6
$
516,791,822
6,728,753,787
604,568,458
396,433,951
190,627,339
259,256,791
963,446,057
217,016,605
109,547,630
229,676,418
79,679.471
486,557,026
$
430,294,897
5,025.575,349
533,129,975
355,646,515
173,417,625
209,231,340
878,230,731
218,259,748
113,640,465
129,002,674
71,565,090
435,913,423
9,392,248,048 +14.1
4,011,830,37e +2.6
9,782,355,355
4,165,983,058
8,673,903,932
3,749,407,987
-Lry o
*on IAA 115
050 17.1 001
$
525,842,739
5,497,396,510
551,168,627
398,959,261
188,119,270
199,895,499
901,567,549
208,806,173
98,608,471
261,992,712
74,551,653
490.239,584
teen gin
015 Tag
RAO
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
31,043 25,562 27,101 26.721 20,689 19,775 17,296 18,573
3,187 2,890 3,133 3,070 2.676 2,797 2,123 2,414
2,466 2,217 2,228 2,059 1,922 1,735 1.285 1,329
2,547 2.437 2,637 2,511 2,175 2,194 1,701 1,853
678
665
703
829
593
655
697
550
760
772
774
763
720
688
499
702
923
824
832
764
606
724
703
582
465
490
496
443
364
433
419
277
353
338
346
315
296
308
235
265
579
631
588
586
724
534
628
575
.555
527
528
496
471
483
344
531
321
299
342
359
276
290
338
251
270
266
281
296
291
264
210
216
778
708
720
661
594
537
377
389
157
182
159
156
140
152
109
105
178
168
175
182
153
195
140
173
65
71
67
72
57
56
49
189
188
185
172
156
156
118
127
831
823
738
660
683
545
410
365
237
228
256
227
199
196
173
159
1213
138
135
133
141
154
119
150
136
132
148
143
136
92
82
91
107
99
86
102
93
93
71
66
218
243
244
188
241
247
173
204
120
110
98
105
93
116
74
75
196
170
199
176
180
153
130
124
84
80
68
80
53
80
69
71
76
66
83
66
69
44
54
41
ao
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of January. For
that month there is an increase for the whole country of
14.0%, the 1927 aggregate of the clearings being $51,544,486,293, and the 1926 aggregate $45,209,424,035. While the
present years total does not establish a new high monthly
record, it is the largest total ever reached in the month of
47,649 41,264 43,377 42,177 34,853 33,843 38,030 30,704
January. Outside of New York City, the increase for the
Total
3,895 2,945 4,234 3,990 3.629 3,262 2,450 2,551
month is only 4.3%. The New York Reserve District shows Other cities
a gain of 21.0%, the Boston Reserve Distil of 11.4%, and
51,544 45,209 47,611 46,167 38,482 37,331 30,480 33,255
Total all
the Philadelphia Reserve District of 4.3% The Cleveland Outside New York City 20,501 19,647 20,510 19,442 17,793 17,753 13,184 14,682
Reserve District has an increase of 2.5%, but the Richmond
Our usual monthly detailed statement of transactions on
Reserve District suffers a decrease of 6.8%, and the Atlanta
Reserve District of 3.2%, the latter due largely to the falling the New York Stock Exchange is appended. The results
off at the Florida points, Miami showing a loss of 52.4%, for January in 1925 to 1928 are given below:
Jacksonville, of 24.7%, and Tampa of 28.8%. Clearings
Month of January.
in the Chicago Reserve District better last year's figures by
Description.
1928.
8.6%,in the St. Louis Reserve District, by 3.5%, and in the
1927.
1925.
1926.
Minneapolis Reserve District by 6.3%. The Dallas Reserve Stock, number of shares... 56,919,395 34,275,410 38,987,885 41,570,543
Railroad and miscell. bonds_
District falls 8.9% behind, and the Kansas City Reserve State, foreign, Ac., bonds_ _ 3179,899,300 $233,688,200 8212,055,000 $225,712,300
85.215,500 112,475,700
55,146,250 49,414,550
District, ,7%,but the San Francisco Reserve District has an U.S. Government bonds_ _ _ 20,580,750 25,627,650 30,311,300 59,440,300
increase of 5.3%.
8285.695,550 $371,701.550 $297,512,550 8334,567,150
Total bonds
January
1928.
Jaw ary
1927.
Inc.or
Dec.
January
1926.
Jam ary
1925.
$
$
$
%
$
Federal Reserve Diets.
2,512,500,575 2,326,742,794
let Boston_ _ _ _14 cities 2,765,144,151 2,483,038,758 +11.4
31,774,747,748 26,265,749,393 +21.0 27,811,212,491 27,353,524,389
2nd New York_14 "
2,736,207,440 2,623,168,962 +4.3 2,820,750,714 2,688,761.197
3rd Philadelphial4 "
1,879.603,237 1,834,503,328 +2.5 1,849,443,573 1,755,657,653
4th Cleveland_ _15 "
882,402,751
933,084,936
897,261,108 -6.8
835,891,699
5th Richmond _10 "
975,383,907 -3.2 1,271,664,371 1,045,550,510
943,904,097
Atlanta_ _ _ _18 "
6th
4,646,121,884 4,277,564,885 +8.6 4,622,678,144 4,375,963,883
7th Chicago- - -29 "
1,056,660,599 1,021,266,190 +3.5 1,095,133.205 1,076,031,877
8th St. Louis_ _10 "
574,094,481
656,029,058
500,195,832 +6.3
531,615,500
9th Minneapolls13 "
1,225,939,657 1,260,094,553 -2.7 1,120,131,730 1,219,648,857
10th KI111898 City16 "
593,648,235
605,938,474
603,228,273 -8.9
549,299,829
12 "
11th Dallas
2.598,980,452 2,467,968,844 +5.3 2,412,891,927 2,199,088,678
12th San Fran_ -28 "
193 cities 51,544,486,293 45,209,424,035 +14.0 47,611,459,198 48,167,061,022
Total
20,50006,334 19,847,510,562 +4.3 20,510,360.922 19,441,822,438
Outside N. Y. City
90 nittag 1.931.668.896 1.507.997.324 +28.1 1.349.288.843 1.407.802.296
The volume of transactions in share properties on the
New York Stock Exchange for the month of January in
1925 to 1928 is indicated in the following:
1928.
No. Shares.
56,919,395
Month of January
1927.
1926.
1925.
No, Shares, No. Shares. No. Shares.
34,275,410
38.987,885
41,570,543
We now add our detailed statement showing the figures
for each city separately for January and for the week ending
Jan. 28 for four years:
AND FOR WEEK ENDING JAN. 28.
CLEARINGS FOR JANUARY, SINCE JANUARY 1,
Week Ended January 28.
Month of January.
Clearings at
1928.
I
1927.
Inc. or
Dec.
1926.
I
1925.
1928.
$
$
First Federal Reserve D istrict-Bosto n4,079.966 -26.3
3.006,047
-Bangor
Me.
16,191,548 +15.3
18,677.800
Portland
2,216,982,138 +11.2
2.460.340.263
-Boston
Mass.
8,672.009 -4.0
8.322,366
Fall River
+1.1
4,269,569
4,314,530
Holyoke
+2.1
5,476,670
5,593,808
Lowell
a
a
a
Lynn
5,173,649 -1.9
5,074,098
New Bedford
+2.2
20,170,503
26,741,297
Springfield
+1.7
16,309,767
16.589,611
Worcester
68.570.985 +21.6
83,366,552
Conn.
-Hartford
34,499,819 +12.1
38,680,193
New Haven
11,138,600 +15.9
12,914,400
Waterbury
62,359,900 +15.8
72,202,000
R. I.
-Providence
+5.6
3,143.635
3,321,186
-Manchester
N.H.
3,286,453;
15,471,9221
2,228,000,0001
9,428,892
4,584,290
4,038,835
a
5,984.600
27.803,157
17,211,868
76,198,689
33,202,622
11,272,900
3.690,5471
71,425,800
3,222,472
14,150,421
2,059.462,354
10,449,403
4,543,864
4,921,408
a
6,115,789
26.987,899
17,018,135
66,421.716
31.826.954
11,303,100,
67,185.900.
3,133,3791
422,798
4.187,574
485,000.000
1.683.206
a
980,060
a
944,758
5.706,822
3,111,645
19,262,750
7,842,721
+11.4
2,512,500,5751
2,326,742,7941
544.209,818
Total (14 cities)
2,765,144,151
2.483,038.758
1927.
14.513,800
553,684
1 Inc. or ,
Dec. 1
I
1,062,874
3,343,816
477,000,000i
1,920,603
a
1,033,361
a
1,077,340
5,199,579
3,098.305
12,661,476
7.564,541
11,379,500
501,344
525,842,739,
-New York
Second Federal Reserve District
4,698,837
28,450,533
4,879,719
27,776,153.
+2.8
26,411,258
27,163,511
-Albany
N. Y.
1,274,300
1,083,400
5.574.500;
5,767,600
5,594,893 +11.2
6,220,762
Binghamton
44,896,270
227,005,8821
46,368,4871
255,975.421
+3.8
227,971,692
236,628,768
Buffalo
903,674
1,218,546
4 237 159'
4.694,052
-1.2
4,671,864
4,615,541
Elmira
d 1,150,396
1,083,855
6,175.186
7,114,512.
6,654,740 -9.3
8.034,009
Jamestown
9
26.720.693, 86 6.611.063,903 5,385,417,672
31,043,479.929 25.561,913,470 +21.4 27,101.098,266.
New York
4.322.317
4.557.633!
4,891.440 +20.2
6,068,888
Niagara Falls
12,087,821
59,547,514
11,008,463
63,483,693,
61,797.757 +10.6
68,361,909
Rochester
5,459,590
25,327,956
4,925,917
27,661.6221
+1.9
29,167.507
29,729,430
Syracuse
c3.601,411
11,862.005,
3,618,759
14,680.7091
15.140.899 -0.1
15,102,311
Conn.-Stamford
620,680
982,073
2.392,6971
533
3.936.764 +10.0
•
•
4,332,320
-Montclair
N. J.
91,294,221.
115,554,584
112.181,161 +10.5
123,972,438
Newark
37,786,454
161,143,5491
36,829,619
173,418,452,
197,657,645 -0.1
197.230,209
Northern N. J
5,496.8841
6,568,2611
7,758,297 -11.4
6.876,611
Oranges
59 6,723.543.336 5.497.390.510
+21.0 27,811,212,401 27.:152.524.3
31,775,916.636 28 265,749,393
Total (14 cities)
1026.
1925.
$
% 1
694,383
-60.2
2,757,296
+25.2
-- - 460,000,000
1,763,100
-12.4
a
a
909,586
-5.2
a
a
1,012,409
-12.3
+9.8
5, 6.
32 337
+0.4
2,973,188
15,323,052
+52.1
6,87.3,997
+3.7
594,550
2.610,052
382,000,000
2,134.782
a
901,457
a
3
1.467,82
5,141,893
2,872.415
13,633,313
5
6,086,42
+27.5
+10.4
12,491,400
667,074
0
12,212,80
638,787
+3.5
516.791,822
430,294,897
4,500,417
4,997,264
-3.7
1,113,000
1,194,200
+17.6
45,636,660
51,625,145
-3.2
971,513
045,448
-25.8
1,223,881
1,377,005
+6.0
--__ 5,616,372,197 4,924.495,845
+9.8
+ los
-0.5
-35.5
11,747,615
4,828,404
2,890,874
547,672
10,678,364
5,009,442
2.431,748
435,151
+2.6
32,227,813
28,985,828
+22.3 5.729.753.787 5.02:5.571.340
FEB. 4 1928.]
FINANCIAL CHRONICLE
675
CLEARINGS-(Continued).
Month of January.
Clearings of
1928.
1
1927.
$
$
Third Federal Reserve District
-mml adelphla-Altoona
6,492.592
Pa.
8,214,640
Bethlem
17,856.604
18,199,467
Chester
5.785,762
6,574,164
Harrisburg
19,216,005
21,026.891
Lancaster
9,832,718
8,670,210
Lebanon
2,874,190
2,534,410
Norristown
4,155,701
4,231,258
Philadelphia
2,547,000,000 2,437,000.000
Reading
20,402,497
18,192,368
Scranton
29,050,274
30,476,489
Wilkes-Barre
18,884,824
17,800,284
York
9.004,541
7,425,971
N. -Camden.
-J.
11.424.573
13,609,365
Trenton
34.427.159
29.213,444
a
a
Total (14 cities)
2,736,207,440
2,623,168.962
Inc.or
Dec.
-21.0
-1.9
-12.0
1,879,983,237
1926.
1925.
1928.
1927.
1,341,678
4,290,350
1,225,861
1926.
1925.
1,540,195 -12.9
4,149,296 +3.4
1.193.054 +2.8
1,478,620
4,731,437
1,471,264
1,176,601
3.693,058
1,077,798
2,110,697
1.738.735 +21.4
2,194,403
2.045,961
544,000.000
3,730,008
5,754,269
d3,675,733
1,662,277
521.000.000 +4.4
3,482,999 +7.1
6.966.246 -17.4
3,748.422 -1.9
1,405.211 +18.3
576,000,000
3,293,800
5,478,581
3,208,795
1,599,039
508,000.000
2,839.256
5,449,606
3,586.962
1,256.180
7,770,157
5,944,469 +30.9
a
a
5,112,519
a
4,004,553
a
+5.0
+21.3
-16.1
+17.9
a
6,057.740
15,667,402
5.868,968
21,956,686
11,504,160
2,321,882
4,073,407
2.510,855,000
16,078,045
30.620.946
16.854,586
7,806,104
12,824,806
26.276,485
a
+4.3
2,820,750,714
2,888,781,197
575,570,030
551.168.627
+4.4
604.588.458
533,129,975
28.398.000
18,253,962
345,798.010
528,174,996
74,292,300
a
3,735,410
a
1,802,653
9,287,809
a
d5,171,000
3,408,183
78,431,075
112,414,883
•15,000.000
a
4,742,000 +9.0
3,450,618 -1.2
69,645,222 +12.6
122,654.863 -8.3
14,712,300 +1.9
a
a
6,909.000
3,459.177
75,786,701
116,000,000
14.794.600
a
9,999,000
3,919,012
62.453.360
98,916.818
12,169.900
a
.
23,573,736
3,221,200
a
1.661,495
5,580,941
774,441,558
11,130,108
20,093.395
41,419,000
21,221,758
315,474,274
495,691,001
64,958,900
a
4,822,175
a
1,843,404
8,090.304
a
a
23,960,534
3,290,258
a
1,485.905
7,241,703
762,722.642
14,390,934
19,074,861
1.841,319
a
a
5.058,545
1,818,219
a
a
4.792.915
178,235,970
176,965,617
+0.7
172486,609
161,577,300
400.040.119
398,959,261
+2.0
398.433.951
355,646,515
+13.4
+13.4
-1.8
+4.5
+2.1
a
d 1,908,791
a
a
d5,470,237
a
1,834,503,328
+2.5
1,849,443,573
1,785,687,653
Fifth Federal Reserve D Istrict-RIchm ondW. Va.-Huntington
6.818,474
6,709,768
Va.-Newport News
a
a
Norfolk
,
Richmond
187,606,385
217,884.000
-Asheville
N. C.
a
a
Raleigh
12,042,866
12,274,117
Wilmington
a
a
-Charleston
B. C.
11,070,210
11,016,968
Columbia
8,917,277
7.274,10
Md.-Baltimore
465.084,066
489.710,04
Frederick
2,043,197
1.881,31
Hagerstown
3,566,688
3,526,33
-Washington
D. C.
114,408,833
117,074.96
-16.3
a
-14.6
-13.9
a
-1.9
a
+0.5
+22.6
-5.0
+8.6
+1.1
-2.3
6,529,487
a
38,211,947
243,218,000
a
11,242,476
a'
12,936.052
7,002,998
495,521,978
1.998,482
3,570,075
112,853,441
8.541.838
a
38,451.460
244,113,000
a
11.277.914
a
13,682,884
8,886.751
443,104,749
1,937,863
3,043,676
109,582,616
897,261,108
--6.8
933,084,936
1182.402,751
Sixth Federal Reserve D 'strict -Allan taTenn.
-Chattanooga
35,094.152
33,490,129
Knoxville
*15,000,000
14,998,260
Nashville
102,354,403
94,524,061
Ga.-Atlanta
230,429,202
227,850.857
Augusta
8,726,467
9.053,918
Columbus
4,823,060
4,652,752
Macon
9.488,314
8,558,243
Savannah
a
a
-Jacksonville
Fla.
78,397,753
104,063,118
Miami
16,745,000
35,191.420
Tampa
18,445,512
25,182,431
-Birmingham
Ala.
112,422,595
110,920,130
Mobile
7,832,441
10,512,883
Montgomery
8,742,761
7,614,216
Miss.
-Hattiesburg
8.050,000
8,514.084
Jackson
10,506,111
7,890,576
Meridian
4,806,634
3,989.526
Vicksburg
2,126,140
2,234,127
-New Orleans
La.
269.913,551
266.143,176
+4.8
+0.1
+8.3
+1.1
-3.6
+3.7
+10.9
a
-24.7
-52.4
-26.8
+1.4
-25.5
+14.8
-5.5
+33.2
+20.5
+1.4
33,804,401
16,442,027
94,870.168
333,215,969
9.585,386
4,938,872
6.741,423
a
169,660,016
101,887,199
54,726,977
120,316,990
10,028,388
9,233,521
9,355,017
8.915,514
4,338,490
2,284,935
281,319,078
30,556,578
14,803,370
94,095,178
277,294,106
9,084,137
4,660,577
6.669,875
a
87.423,087
39,941,859
24,161,000
123,224,046
9,553,1591
7,827.792
7.235,101
8,172,822
3,550,449
2,841,772
296,455,802
-3.2
1,271,664,371
1,045,550,510
198,571,230
+11.1
-31.8
+9.8
+7.9
+0.4
+16.9
+19.2
+20.4
-3.1
Total (10 cities)
835,891,699
Inc.or
Dec.
6,445,467
17,893.257
5,955,158
20,175,294
10,656,081
2,604,244
3,791,591
2,637,000.000
17,775,122
28,184,205
16,200.165
8,065,208
18,453,728
27,751,194
a
Fourth Federal Reserve DIstrict-Clev eland
Ohio-Akron
26,868,000
23,315,000 +15.2
Canton
17.712,644
17.334,028 +2.2
Cincinnati
352,695,819
337,710.028 +4.4
Cleveland
554,877,964
526,600,813 +5.4
Columbus
77,397,800
75,408,700 +2.6
Dayton.
a
a
a
Hamilton
3,992,795 -9.4
3,816,485
Lima
a
a
a
Lorain
1,735,970 -6.1
1,629,838
Mansfield
8.528.300
8,367.360 +1.9
Springfield
a
a
a
Toledo
a
a
a
Youngstown
26,026,714
26,163,085 -0.5
Pa.
-Beaver Co
3.163.543 +2.9
3,253,785
Erie
a
a
a
Franklin
1,333,834 +6.8
1,424,853
Greensburg
9,314,514
6,239,597 +49.3
Pittsburgh
772,462.431 -1.6
759.810.379
Ky.-Lexington
16.907.632
10,888,430 +55.3
W. Va.-Wheeling__
19,918,512
19,787,708 +0.7
'l'otal (15 cities)
Week Ended January 28.
a
a
1,935,227 -1.4
a
a
a
a
4,853.414 +12 7
a
•a
a
1.108,125
1,384,271 -19.9
1,262,368
1.509.131
d5,370,028
43.900,000
6,234,264 -13.9
50,936,000 -13.8
8,817,597
57,156,000
7,542,672
54,258,000
d2,980,172
2.781,587
+7.4
3,709,837
2,645.341
95.044,092
103,578.098
-8.2
97.780,654
86,087.367
22,727,347
23,205,050
-2.1
21,900,885
21,375,114
171,136,784
188,119,270
-9.0
190,627,339
173,417,625
d7,887,838
*3,000,000
23,328,351
53,106.516
1,710,391
7,299,148 +8.1
2,902,807 +3.3
21,137.610 +10.4
51,755,668 +2.6
2.070,309 -17.4
7,372,516
2,996,409
20,188,849
74,159,881
2.000,349
6,128,448
2.722,137
18,648,234
59.723,206
1.727,362
2,238,388
a
19,579,647
3.598.000
1,783,331 +25.5
a
a
22,594.030 -13.3
7,761,921 -53.6
1,505,342
a
39,611.918
20.166.244
1,418,592
•
20.282,306
8,994.860
23,084.802
1,387.134
24,686,658
2,197,736
26,359.170
2,070.327
25,045,371
1,790,923
2.406,000
1.748,000 +37.6
1.667.934
1.308,826
334,360
56,859,803
441,549 -13.0
53,516,732 +6.2
400,200
60,757.652
441,075
61,000.000
259,256,791
209,231.340
1,254,532'
208,443
220.505 -5.5
176,737
4.684.548
718,993 . 1.287,023 -44.1
963,563
660,849,393
169,399,553 154,239,216 +9.8 150,187,581
9,969,554
34,978,276
7,287,751
7,108.862 +2:i
7,418.366
8.800,851
10,789,025
2,470,623
2,504,000 --1.3
*2.000.000
11,104,240
2,473,171 +12.3
2,776,472
2,230,773
19,501,712
85,667,000
21,408,000 -3:1
20,746.000
18,947,000
10,903,000
2,576,117 +0.8
2,596,000
2,393,000
30,381.260
4,713,86(1
5,652,384 -16.6
40551,443
14.421,066
172,396,451
36,199,332
38.867,443 -6.9
39,620,622
4,143,614
12,029,542
2,631,259
2,511,169 +1.8
2,336,378
52,024,094
48.648.661
8,070,000
7,772,007 +3.8
8.860.874
2.140,847
2,626,900
34,287,544
6.516,568
6,641,507
6,522,000
6,555,124
1.125,332
1,051,118 +7.1
875.097
5,331.526
7.155.853
1,404,877
1.382,411 +1.6
1,335,311
3.070,132,079 651,609,923 634,809,009 +2.6 703,904,436
a
a
a
a
a
7.162,141
1,214,656
1,230,481 -1.3
1,275,396
23,906,536
5,596,221
4,621,360 +21.1
4,535,816
11,631,136
2,978.861
2,852,936 +4.4
2,497,395
12,529,378
2,606.961
2,458,830 +6.0
2,814,269
217,271
752,579
153,782,047
-2.2
-13.2
-1.2
+0.6
-7.6
+5.0
+11.3
+4.2
+5.8
2
-1.5
-14.0
-32.8
+18.3
+10.3
a
-2.1
-20.0
-8.5
-5.2
1,040,237
5,154,311
719,714,637
12,556,558
37,307,938
9.052.056
12,198,713
12,190,996
24,604,570
98,810,000
12,244,300
28,678,498
15,614,062
185,108,880
3,736,533
12,180,152
48,186,833
45,534,835
1.861.675
1
30,994,339
4,648,000
8.808.589
6,876,443
3,133,022,937
a
6,157,274
22,807,255
12,700,688
12,906,837
1,347,071
624,768.903
a
1,423,106
4,733,958
2,340,282
2.508,596
4,277,564,885
+8.6
4,522,678,144
4,375,963,883
878,230,731
Eighth Federal Reserve District-St. L ouls-Evansville
13,179,088
23.376,523
Ind.
857,133
823,942
New Alnany
677,982,864i
Mo.-St. Louis
665,492,199
a
Springfield
a
182.310.0801
156,796,452
KY -Louisville
2,365,005
Owensboro
2,361,156
9,812.367.
Paducah
11,260,745
-Memphis
97,871.560
92,697,443
Tenn.
64,623,306
-Little Rock
60,885,987
Ark.
1,320,992
I11.-JacksonvIlle
1,632,298
6,328,204
5,939,445
Quincy
+15.6
+4.0
+1.9
a
+16.3
+0.1
-12.9
+5.6
+6.1
-19.1
+6.5
25,383,799
783,831
703.378,670
a
158,657,841
2,603.679
10,843,254
119,579,130
65,319,736
1,830,905
6,752,360
26.413,556
828,700
692,374,659
a
155,823,727
3,032,535
12,427.014
116,266.514
60,156,025
1,870,371
6,838,776
+3.51
1.095,133.205
1,076,031.877
Total (18 cities)
943,904,097
975,383.907
Seventh Federal Reserv e DIstrlet-Ch lcago-Adrian
Mich.
1,261,226
1,134,895
Ann Arbor
4,415,510
6,476,523
Detroit
778,147,063
708,486,570
Flint
15,528,297
14,514,847
Grand Rapids
37,760,927
37.599,219
Jackson_
11,536,274
9,868,140
Lansing
12,834,980
10,764,892
-Ft. Wayne
14,468,895
Ind.
12,028,627
23,259,863
Oar).
23.994,810
Indianapolis
102,307,000
106,838,410
South Bend
12,642,900
12,920,900
Terre Haute
25,901,263
29,832,249
Wis.-Madison
17,432,737
17,647,117
Mihvaukee
189,312,548
188,116,824
Oshkosh
3,906,242
4,229,062
12,736,226
Iowa-Cedar Rapids
12,131,208
Davenport
51,163,247
45,977,712
Moines
41,571,539
Des
39.908,498
2,065,230
Iowa City
1,951,621
II
Mason City
if
28.563,020
Sioux City
29.008,743
Waterloo
4,823.440
5,606,107
-Aurora
5,590,844
6.987,880
III.
Bloomington
7,491,842
6,335.342
3,187,210,151 2,890.292,746
Chicago
a
Danville
a
5.773,418
Decatur
5,897,823
23,351,537
peoria
22.075,258
13,307,203
Rockford
14,536,594
Springfield
11,758,882
12,402,268
Total (29 cities)
Total (10 eltiet0
4,646,121.884
1,056,650,599
1.021,266.190
930.901,690
199,895,499
-0.7
901,677,549
+3.2
-3.8
4.585.224
4,766,202
134.500.000
135.300.000
42,23,- - 9
1:0 6
432,301
33:3178A5
468.319
21.840,189
13,780,883
281,054
1,378,370
218,830.090
963,446,057
6,644,864
1,927,904
2,248.275
14,553,000
1,999,000
4,596,913
34,883,144
2.139,442
9.211,651
7,056,497
1.906,428
4,592.317
5,827.150
140,600,000
143,300.000
-7.7
31,522,672
489.000
32,476,785
583,004
21,147,159 -1 1 2.3
12,229,347 +12.7
302.930 -7.2
1.217,151 +13.1
24,361,655
13,814.830
343.448
1,292,683
22,378,241
12.086,146
335.338
1.273,084
217,016,605
218,259,748
208.806,173
+4.8
[VOL. 126.
FINANCIAL CHRONICLE
676
-(Concluded).
CLEARINGS
Week Ended January 28.
Month of January.
Clearings of
1928.
Inc.or
Dec.
1927.
neapolisNinth Federal Reserve District -Min
26,068,661
27,590.029
-Duluth
Minn.
299,402,015
320.933,231
Minneapolis
2.452,722
2,627.546
Rochester
125.553.135
132.772,180
St. Paul
8,141,674
8.365.156
o
N. Dak.-Farg
5,511,000
5,539,000
Grand Forks
1,144,494
1,499,764
Minot
5,275,203
5,185,304
El. Dak.-Aberdeen
7,391,494
6.575,150
Sioux Falls
2.656.325
2.556.000
Mont.
-Billings
3,853.200
*4,000,000
Great Falls
12.139.774
13,237.000
Helena_
606,135
735.140
Lewistown
500,195,832
531.615,500
Total (13 cities)
1926.
1925.
1928.
1927.
Inc. or
Dec.
1925.
1926.
+5.8
+7.2
+7.1
+5.8
+2.7
+0.5
+31.0
1.7
11.0
3.8
+3.8
+9.0
+21.3
30,102,085
342,542,225
2,230,095
137,651,171
7,312,319
5,370.000
1,012.505
6.155,009
5,114,039
2,539,695
3,127.672
12.263,380
608.863
32,873,443
358,679.859
1,823,257
135.351.135
8,079,506
6.521,000
1,003,201
6,193.475
4,401.980
2.797.262
2,998.216
12,997.147
375,000
d6.096,511
65,602,857
5,857,522
61,663,582
+4.1
+6.4
6.286,473
68.744,158
7,226,783
74,574,145
27.001,803
1,676,976
25.484,940
1,609,506
+6.0
+4.2
28.978.447
1.517,728
25,993,696
1.587,052
1,022.525
1,034.522
1.165,350
1,311,686
467.355
464,204
438,492
484,782
2,719,000
2,494,195
2,416,982
2.462.321
574.094,481
104.587,027
98.608,471
113,640.465
556.029.058
109,547,630
+6.3
-Kan sas City
1,718,637
Tenth Federal Reserve District
1,501,541
+7.4
1,658.991
1,782,153
2,458,029
Neb.-Fremont
2,669,147
1,810,410 +28.9
2.334.138
19,861.665
Hastings
20,242.752
+4.7
20,756,816
21,735.127
182.035.730
Lincoln
174.591,486
167.636.354 +6.0
177,745.307
19,095,586
Omaha
20,493,683
11,591,516 -5.8
10,914.164
a
-Kansas City
Kan.
a
a
a
a
a
Lawrence
a
a
a
a
15,521,692
15,998,420
Pittsburg
13,807.806 +18.9
16,420.521
33.838.844
Topeka_
33,313,197
+4.4
36,418,449
38,028.152
7.590,612
Wichita
8,208,216
10.3
7,142,743 6,410.035
585,845,490
Mo.-Joplin
587.502,163
631,318.552 -8.3
579.081,243
39,135,076
Kansas City
37.164.845
+2.1
31,410.332
32.075,945
a
St. Joseph
a
a
a
a
1,315,754
-Lawton
Okla.
1,265,610
666.407
a
McAlester
a
a
a
127.692.713
Muskogee
133.095,765
5.4
136,992.612 129.644,142
30.806.624
Oklahoma City
41.523.794
5.2
52,671,346 49.950.415
5.261.828
Tulsa
4.808.369
4.853,437 +23.0
5,968.918
142.757.857
-Colorado Springs- - Colo.
132.694.219
+9.0
135,685,125
147.951,107
4.710.720
Denver
5,058.523
+4.0
5,673.657
5,898,290
Pueblo
2.7 1,220,131,730 1,219,646,857
1,225,939,657 1.260.094,553 Total 16 cities)
-D alias
8.201,538
Eleventh Federal Reser ye District
7,975.178
6,550.377 +25 6
8.224,222
6.816,554,
-Austin
Texas
7.018,993
2.9
8.987,000 8,723.000
221.291,763
Beaumont
240,544,209
-0.1
229,992,906
229.304.531
22.371,653
-22.645,817
Dallas__
+7.6
22,385.871
24,076,411
60.561,871
El Paso
61.156.947
54.843,327 +11.1
60.945.928
61.632.313
Fort Worth
52,060.000
55.5
52.405,000 23.316.000
155.658.854
Galveston
155.806.991
14.7
167,662,258 142.946.353
2,380.608
Houston
2,669.506
2,640,569 -0.8
2,620,652
3,311,600
Port Arthur
3.714.560
2,789.230
2.718,212
14,335,605
Texarkana
10,895,855
11,135.438 --37 5
6,963,400
13,353,943
Waco
15,913.735
16,036,000 --21.5
12,590.000
23,731,933
Wichita Falls
25,536.683
-3.3
27,800,297 26,871,120
La -Shreveport_
593,648,235
605,938.474
8.9
603.228,273 549.299,829
Total (12 cities)
2,930,000
Twelfth Federal Reserv e District-So Francisco
3,411.000
3,366.000 +4.0
*3.500.000
-Bellingham
169.939.174
Wash.
195.622,410
180,278.772 +10.3
198.834 518
47,938,000
Seattle
50,366,000
51,188.000 +9.3
55.927,000
a
Spokane
a
a
a
6,653.712
Tacoma
6,557.285
+4.6
5.795,064
6.059.774
Yakima
4,841.752
5.339,372
4,949.917 +12.9
5,556,098
Idaho-Boise
1,876.180
2.283,815
11.0
2,007,000 1.786.000
-Eugene
150.202,123
Ore.
157.840.151
1.9
150,277.284 147.386.131
Portland
6,355.000
7,032,000
6.082.186 +33.7
8,129,059
-Ogden
80,369,494
Utah.
79,577.971
80.187.498 +4.9
84.088.874
Salt Lake City
2.803,847
2.889.906
7.3
2,978,092 2,760.184
Nev.-Reno
11.320,000
11.900,000
13,377.000 +17.1
15,663.000
Aria -Phoenix
5.142.967
5.893,994
6,310,351 -8.3
5.784,129
-Bakersfield
Calif.
20.060,232
21.855,672
22,415,098 +10.3
24,730,243
13.959,131
Berkeley
17,257,396
17,429.610 -4.9
16.584,106
31.750.353
Fresno
33,209.370
+4.6
32,496.201
33,979.424
Long Beach
660.128.000
737,906,000
+1.0
822.832.000
831.077.000
3,711.969
Los Angeles
3,858,078
4,197,995 -0.3
4.186.965
83.966.088
Modesto
95.429,938
+4.7
82,780,668
86,695,203
28.781,393
Oakland
30.454,597
4.3
34.678,246 33.189.030
4,417.581
Pasadena
4.685,102
5,805.071 -15.6
4,897,201
34,982.231
Riverside
37.083.767
38.311.671 -15.7
32,296,944
20,983,517
Sacramento
26,727,200
29,425,995 -16.2
24.668.248
764.328.336
San Diego
831.541.107
824.336.036 +12.0
923.022.177
11,942,132
San Francisco
12,956,675
0.1
14,295.427 14,261,178
5.960.443
San Jose
6,760.311
6,517,771 +18.5
7,725,028
8,795,846
Santa Barbara
9,514,527
5.2
9,735,533 9.232.883
2.070.177
Santa Monica
2.028,583
1,972,958 +18.5
2.169.036
12.879.000
Santa Rosa
12.909.700
2.0
13,940.800
13,658.200
Stockton
2,199,088.678
2.598,980.452 2.467,968,844 +5.3 2.412,891.927
Total (28 cities)
46.167.061,022
51,544.486,293 45,209,424,033: +14.0 47.611.459,198
Grand total (193 Mies)
+4.3 20.510 3r0.632 10 441.8'2,416
20.501.006.364 19.647.510.562
Outside New York
d394,060
463,026
4,622,801
39.992,108
376.850 +4.8
333.884 +38.7
4.110.612 +12.5
38,156,058 +4.8
249,677
528.557
3,730.395
36.789,068
292,579
517,793
3.934.963
37,362,806
d3,018,033
d7.985.273
2,444,373 +23.5
2.4
7.798.934
3,274,665
6.741,533
2,948.768
7,009,265
+1.2
124,736,430
8.023,629
122,096,654
7,701,234
a
a
31,972.860 -12.5
a
a
889.900 +14.5
30.981,697 +11.0
+4.9
1,0.17,938
a
26,623.592
a
878.361
17,000.792
1.099,719
a
26,107,487
a
1,001,676
19.103.152
926.297
--3.4
229,676,418
229.002,674
125.246.577
d6.670.001
d27,980,236
a
1,018.723
c34.376.938
e1.151,314
252,979,090
1,809.565
47,634,535
137,235.562
6,594.044
261,992,712
.
+13- 6
1.793,558
1,912.650
49,928,577
1,157,054 +56.4
46.881,043
41,970,517
12,723,884
10,643,900
a
d13,602,227
4,581,000
a
11,441,641
10,465,000 -56.2
a
a
13,502,070
9,683,000
a
5,434,719
4,606,915 +10.0
4,772.266
4,314.139
73.062,046
74.551.653
-2.0
79,679.471
71,565,090
41,346,214
11.650.000
a
1,126,901
36,889,132 +12.1
10,193,000 +14.3
a
a
999,629 +12.7
41,042,368
10,363,000
a
1.128.054
34,999,755
8,491,000
a
1,122,864
32,086.710
30,011.819
+6.9
35,115,638
29,144,943
16,238.984
a
a
14,923,233
a
a
+8.8
a
a
15,644,511
a
•'
13,583,457
a
a
3,233.079
7,256.268
172.894,000
3.276,698
6,732.836
172.387,000
-1.3
+78
+0.1
3,269.166
6.670.651
149.996,000
2,741,100
6,182,893
000
133.854.
17,291.095
6,926.777
17,260.439 +0.1
14.5
8.097.827 -
19,087,704
6.551,896
16,461.51i
6.572.519
d6,974.767
5,007.712
201,933.000
2.807.611
1,426.283
2,001,828
5.2
1,355,959 37.2
7.968.598 164,975,000 +22.4
2,757,274
+1.8
4.9
*1.500,000 6.2
2,134,540 -
7,219,492
5,081,107
177.304.000
2,400,738
1,354,914
1,901,687
6,419,051
3,700.224
165.310,290
2,157.952
1,121.852
1,765,616
c2.165.400
490,239,584
2,409.100
2.776,600
532,366.629
+8.6
2,284.000
486,557,026
423
435,913,
832
10,725,797,869 9,397.248,048 +14.1 9,782.355,355 8,673,903,
987
3,749,407,
4.114,733,066 4,011.830.376
-1-2.8 4,165.983,058
.26.
JANUARY, SINCE JANUARY 1, AND FOR WEEK ENDING JAN
CANADIAN CLEARINGS FOR
Week Ended January 26.
Mcmth of January.
Clearings at
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quenec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peteroorough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
7;hatham_x
5arnia_x
+.-. ,o. ......-.
$
634.110,058
669.303,580
225,858,842
92.163,790
30.621.869
27.511.409
12.670,408
25.644.406
50.838.438
11,681.204
9.964.443
14.871,374
27.879,204
21.042.017
2.383.181
2.675,029
10.658.289
5,919.874
5.329,900
4,017.216
3,105.115
1.634.664
4,349,027
3.708.609
5,392.255
19:304.723
1,87.1.600
3.759,611
3.454.761
4.099.775
2.843.051
1927.
$
474.437,219
512.802,497
186,980,986
74.237.750
26,451.654
25.476.827
13.021,236
22,424,319
32.305,225
11,264,095
8.411.576
13,201,261
23,075.499
17,766,630
2,200,520
2,196.287
7.223.320
5,381.946
4,640.192
3,442.593
3,139.985
1.096.905
3.739.527
3.587,305
4.517,366
16.687.365
1,670.553
3,657.757
2,958,926
Inc. or
Dec.
%
+33.7
+ 0.5
+20.8
+24.1
+15.8
+8.0
-2.7
+14.4
+57.4
+3.7
+17.7
+12.7
+20.8
+18.4
+8.3
+21.8
+47.6
+11.9
+14.9
+167
-1 1
+49.0
+16 3
+3.4
+19 4
+15.7
+123
+2.8
+16.8
1926.
$
411,663.291
407,878,163
202.911.318
73.298.095
25.999,303
23.599.720
13.390.887
19,590.474
35,237,730
11.451.202
10.466.745
11,023,528
22,472,747
18.667.226
2,135.976
2,779.092
7.675.963
5.024.150
3.989,583
3,887.622
2.764.200
1,194.679
3,055,868
3,108,346
4.153.308
13.927,053
1,539,540
3,514.740
2,838.004
1925.
$
460.698.109
422.607,063
209,592.521
65,908,014
27,706.840'
29.156.274
13,318,206
19.519,011
32,651.188
10.425.873
8,298.260
12.991,163
22.212.770
17,233.859
2,392,860
2.081.129
6,505.443
5,059.642
3,684.647
2.958.749
2,341.663
1.154,304
3.321,459
2.989,895
4,031.545
11,614.512
1,487.708
3,105.694
2.753.805
---1.349.286.643 1,407.802.296
1.507.997.324 +28.1
figures. c Week ended Jan. 25.
b Do not respond to requests for
a No longer report clearings.
x Excluded from total.
,
1 011
AAR 1406
1928.
1927.
Inc. or
Dec.
$
$
%
148,198,627 106,146.848 +39.6
147,919,269 119.639.088 +23.6
46,035,681
37.804.376 +21.8
19,951.578
16,499.050 +20.9
6,479,266
5,269.698 +230
4.667.924
5.384.001 -13.3
2,572.184
2.743.073 -6.2
6.015.931
4.561.672 +31.9
10,576,460
6.994.246 +51.2
+8.1
2,477.947
2,291,947
2,378,159
2.157.868 +10.2
2,897.822
2.704.840 +7.1
6,213.750
5,319,955 -2.0
4,165.949
3,177,409 +31.1
453,951
400.479 +13.4
360,334
507,028 -29.1
2,146.047
1.331.021 +61.2
1,016.788
1.104,976
+8.7
1,183.507
1,013,191 +16.8
+7,1
743,941
796,931
661.285
661.285
330.607
190.867 +73.2
834.901
762.407 +9.5
833,667
750.074 +11.1
1,12 4,985
908,437 + 23.8
+9.8
4,117,556
3,749,981
360.711
329.947 +9.3
759,269
758.225 +0.1
767,906
637,307 +20.5
818,066 +25.3
1,025.067
478.463
+3.4
462,62
1926.
$
81.644,843
85,700,519
40.936,867
20,392,319
4.621.963
4.146.060
2.510,235
4,341.994
7330.826
2,370,961
3.924.188
2,115,762
4,387,986
3,523.947
398,631
633,693
1,366,787
926.550
779.110
7711,207
568.712
194.403
663,492
662.855
868,727
2,650,721
315.420
689.390
568.207
1925.
$
73,369,831
82,135.123
44.385.030
13,795.568
4,150.188
4,834,018
2,456,126
0
4,004,49
6.451.724
2,012,483
1,478.859
1,827,473
892
4,262,
930
3,030,
429.584
441.299
1,232.581
1,010.147
607,327
567.888
474.074
235,201
586.193
514,006
850,612
2,564.167
301,304
610.442
463,743
------------
259,174,291
426,890.210 335.736.569 +27.2 280.384.275
•Estimated.
d Week ended Jan. 26. a Week ended Jan. 27.
FEB. 4 1928.]
FINANCIAL CHRONICLE
THE CURB MARKET.
Higher call money rates caused a lowering of prices early
in this week's session of the Curb Market but values quickly
recovered until to-day when an increase in the local Federal
Reserve Bank re-discount rate caused a general trend to
lower levels. Public Utilities were made conspicuous by a
jump in Amer. Light & Traction com. from 1713/i to 191,
the close to-day being at 184. An advance of over five
points was made by Amer. Gas & Elec. com., to 128 with
the final figure to-day 126. Commonwealth Edison rose
from 167 to 188, and ends the week at 185. Elec. Bond &
Share Securities after early loss from 863/b to 823, ran up
to 93% and reacted finally to 885 . Nat. Elec. Power
%
Class A sold up from 273 to 323, and at 32 finally. Among
4
industrials Celanese Corp. dropped from 933' to 843, recovered to 88 and closed to-day at 86%. Celluloid Co.
corn. moved up from 100% to 109 and sold finally at 108.
Deere & co. corn. rose from 230 to 254, eased off to 2413
and sold finally at 249. Evans Auto Loading Class B
%
was off from 733' to 673/2, the close to-day being at 675 .
Adolf Gobel corn. gained some nine points to 83, the final
transaction to-day being at 80%. Fanny Farmer Candy
Shops advanced from 37 to 44 and reacted to 42. Melville
Shoe sold up from 1313 to 159 and at 152 finally. Oil
stocks were quiet. Cumberland Pipe Line moved up from
96 to 105 and finished to-day at 103. Northern Pipe Line
improved from 97 to 1025 and rested finally at 1023'.
%
A complete record of Curb Market transactions for the
week will be found on page 702.
677
A correspondent in Bombay states that the Mints in Bombay and Calcutta are now prepared to refine coined silver to the extent of 25 bars a
day at each place, and if necessary to increase the output still further.
Though the quantity might be proportionately small compared to India's
total requirements, the existence of such a source of supply could not fail
to be a factor in Bazaar operations.
The following wore the United Kingdom imports and exports of silver
registered in the week ended the 11th inst.:
ImportsExports
Franco
£30,990 France
£7,890
United States of America__ 68,685 British India
241,544
Mexico
112,601 Other countries
6,290
Other countries
13,466
Total
£225,742
Total
£255,724
INDIAN CURRENCY RETURNS.
(/n lacs of rupees.)
Dec. 22. Dec. 31. Jan. 7.
Notes in circulation
18264
18265
18165
Silver coin and bullion in India
10954
10853
10756
Silver coin and bullion out of India
Gold coin and bullion in India
§f/n3
2976
No
Gold coin and bullion out of India
Securities (Indian Government)
3790
3692
3692
Securities (British Government)
343
143
343
Bills of Exchange
400
400
400
The stock in Shanghai on the 14th instant consisted of about 47,800.000
ounces in sycee, 81,900,000 dollars, and 2,740 silver bars, as compared
with above 48,500,000 ounces in sycee, 74,000,000 dollars, and 580 silver
bars on the 7th inst.
Bar Gold,
-Bar Silver, Per Oz. Std.QuotationsPer Oz. Fine.
Cash.
2 Mos,
Jan. 12
263id.
84s. 11Md.
26 h d.
13
266-166.
26d.
845. i1)4d.
14
26 d.
84s. 1135d.
263(d.
16
265-18-i.
84s. 11d.
26)4d.
17
26d.
0.
84s. 103
,
26 3-16d.
18
26 1-16d.
84s. 11d.
26 3-16d.
Average
26.187d.
84s. 11.1d.
26.281d.
The silver quotations to-day for cash and two months' delivery are each
5/16d. below those fixed a week ago.
Zommercial anclWiscellantonsBays
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended Feb. 3.
STOCKS (No. Shares).
Ind&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
00.
Mining.
BONDS (Par Value).
Domestic. Foreign Govt.
229,325
208,740
288,975
281,515
278,928
265,865
54,950
164,820
68,100
94,200
101,480
89,770
47,300
108,630
119,520
138,780
140,930
87,050
$1,835,000
3,514.000
3,502,000
3,698,000
4,937,000
3,316,000
$163,000
548,000
562,000
634,000
829,000
876,000
1,553,348
573.300
642,210 $20,802,000
$3,612,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 18 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £154,163,790 on the 11th inst., as compared with £151,412,225 on the previous
Wednesday.
Gold to the value of £709,000 was available yesterday in the open market.
The Home and Continental Trade absorbed E120,000 and India £40,000.
the bulk of the remainder being taken by the Bank of England as shown
below.
The following movements of gold to and from the Bank have been
announced:
Jan. 12. Jan. 13. Jan. 14. Jan. 16. Jan. 17. Jan. 18.
nil
nil
Received
nil
nil
£503,000
nil
Withdrawn_
£12,000 £15,000
nil
nil
£16,000
nil
The receipt yesterday was in bar gold from South Africa. The £43,000
sovereigns withdrawn were destined as follows: Spain £27,000, India
£11,000 and Holland £5,000. During the week under review £460,000 on
balance has been received by the Bank, increasing the net influx this year
to £3,779,000. Since the restoration of an effective gold standard there
has been a net efflux of 42,760,000, as set out in the daily bulletins at the
Bank.
New York reports the receipt during the week ended the 17th inst. of
$14.250,000 in gold from Canada, and the shipment of $5,800,000 to
Brazil and $3,000,000 to Argentina.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 11th inst.:
ImportsExports
£883,406 Germany
British South Africa
£35,050
500,000 Netherlands
Canada
23,600
1,000 British India
82,060
Other countries
Other countries
8,385
£1,384,406
Total
Total
£149,095
The following was the composition of the Indian Gold Standard Reserve
on Dec. 311927:
nil
In India ________________________________________________
In England Bank of England
£440
Cash _at the
2,152,334
Gold
-value as on Dec. 31i927
-2,573,811
1
811
British Treasury Bills
-value
Other British and Dominion Government Securities
25,273,415
as on Dec. 31 1927
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Jan. 24
-The Commercial National Bank of Lafayette, La
$100.000
Correspondent, L. P. DeBlanc, Lafayette, La.
Jan. 24
-The Monroe National Bank of New York, N. Y
350,000
Correspondent, Louis Karasik, 570 Seventh Ave., New
York, N. Y.
Jan. 27
-The North Liberty National Bank, North Liberty, Ind_
25,000
Correspondent, Earl M. Bettcher, North Liberty, Ind.
Jan. 28
-The First Bank of Fair Lawn, N..1
50,000
Correspondent, Nicholas A. Kuiken, Fair Lawn, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
Jan. 27
-The La Jolla National Bank of San Diego, Calif
200,000
Correspondent, R. C. Bulger Box 296, La Jolla, Calif.
Jan. 27
-The Union National Bank of Jersey Shore,Pa
125,000
Correspondent, Dr. S. M.Carter, Jersey Shore. Pa.
CHARTERS ISSUED.
Jan. 23
-First National Bank at Smithfield, Ohio
$50.000
President, M. B. Cole: Cashier, W. W. Thomasson.
Jan. 26
-The Northfield National Bank, Northfield, Mass
25.000
President, William F. Hoehn.
Jan. 26
-The First National Bank of Whippany, N. J
50,000
President, Robert B. McEwan, Jr.: Cashier, Arthur F.
Townsend.
CHANGES OF TITLES.
Jan. 23
-The Farmers and Merchants National Bank of Winchester, Va., to "Farmers and Merchants National
Bank & Trust Co. of Winchester.
Jan. 24
-The First National Bank of Ludington, Mich., to "The
First National Bank & Trust Co. of Ludington."
Jan. 27
-The Harrisburg National Bank, Harrisburg. Team,
to "The Harrisburg National Bank of Houston,
necessitated by reason of the annexation of Harrisburg.
Texas, to Houston, Texas.
VOLUNTARY LIQUIDATION.
Jan. 28
$25.000
-The First National Bank of Parco, Wyo
Effective Dec. 31 1927. Liquidating Agent, Geo. A.
Bible, Rawlins, Wyo. AbsorlDed by Parco State Bank.
Para), Wyo,
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per Cent.
$ per oh. Bonds.
150 Reilly & Callaghan Inc, pref.
$14,600 Macedon Creamery Corp.,
together with 40 com, as bonus 53 lot
1st in. gold coup. bond
$250 lot
100 Pyrograph Advertising Sign
$500 Michigan RR. 1st M. 5-yr.
Corp. of U. S. Cl. A, no par
bond, ser. "A" ctf. dep.
$71 lot
$1 lot
120 Hoosick Foundries Inc., cam.
v. I. c., no par
Shot
By R. L. Day & Co., Boston:
Shares. Stocks.
Spec oh.
5 First National Bank
511
10 Beacon Trust Co.
290X
5 Old Colony Trust Co., Boston- --413%
£40,000,000 50 Townsend (Mass.) Nat. Bank,
CURRENCY.
•
Townsend, Mass
1261-i
The correspondent of the "Near East and India" reported on Dec. 20 3 Central National Bank, Lynn...... _28134
10 Dartmouth Mfg. Co.„
ao
1927 from Jeddah that "among recent developments in the Hedjaz not the 5 West Point Mfg. Co com.
148H
least important is the new silver currency which is expected to be placed in 15 Naumkeag Steam Cotton Co
174H
some time next month (January). The issue consists of RiyaLs 50 Lancaster Mills, pref.
circulation
16
(or Arabian dollars), half-Riyals and quarter-Riyals of exactly the same 30 U. S. Worsted Corp., 1st pfd.__ 1.15
150 U.S. Worsted Corp.
IX
fineness and silver contents as the Turkish Medjidie and its corresponding 5 Nashua Mfg. Co.. corn corn
57,H
parts, which they displace." (The Turkish Medjidie weighs 371.2253 15 Naumkeag Steam Cotton Co._ 174.4
parts in the 1,000 fine silver.)
3 Worcester Consol. St. Lty. Co.,
grains, and contains 830
1st pref., par $80
19
SILVER.
35 Quincy Mkt. Cold Storage dc
trend of prices has been downward, neither India nor China has been
The
Whse. Co. com
39%
the support has come from China bear covering 2 U.S. Envelope Co., corn
334
In good heart. Most of
120
against limits which in some cases have been long outstanding. The extent 2 U.S. Envelope Co., pref
1000-1071
position has been liquidated naturally deprives the 15 Boston Insurance Co
to which this boar
10 Towle Mfg.Co
160X
market of potential buying. America has again kept fairly in touch with Mass. Util. Inv.Trust,corn
12
2 Mass.Lhtg.Cos.6% pfd.undep _.110H
th market.
Shares. Stock.
$persh.
6 Units First Peoples Trust
30)4
51 Pine Tree Packing Co., corn_ _ -- 1534
300 Old Colony Invest. Trust, com. 38)4
200 George P. Ide & Co., Inc. pfd._ 29
50 George P.Ide & Co.,
com_. 4%
2 Mutual Fin. Corp. p1., par $50.__ 28
5 Quincy Mkt. Cold Storage &
Warehouse Co., pref.
72
15 Laconia Car Co., 2nd pref
6
52 No.Boston Ltg.Prop. pf. v.1.0
603£
par $50..
25 Brockton G.L.Co.,v.t.c. par $25 5434
1 Winchester Rock & Br. Co. corn.;
1 Winchester Rock & Br. Co. pfd;
$200 Winchester Hoek & Br. Co.
$85 lot
65 Dec. 10 1927
30 Boston Wov. H.& Rub. Co.corn 91
96
21 Plymouth Cordage Co.
25 Maas. Utilities Inv. Trust, com_ 12
25 Quincy Mkt. Cold Star. & Whim.
72;i
Co., pref.
10 Maas. Lt. Cos.,6% pf. undep.--110 h
Sperrighl.
Rights.
1.10
25 American Founders Trust
[VOL. 126.
FINANCIAL CHRONICLE
678
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
20 Arlington Mills
444
10 Pepperell Mfg. Co
104
72-10 Indian Orchard Co
1094
4 Acadia Mills
84
104
3 Pepperell Mfg. Co
40 Farr Alpaca Co
15634-157
104-1044
19 Pepperell Mfg. Co
45 Nat. Fabric & Finishing Co_ ___ 3514
10 Pepperell Mfg. Co
10454
174
50 Fixed Trust Shares
75 Great North. Paper Co.. par $25. 75
985
4 Boston Insurance Co
5 Attleboro Steam & Electric Co.,
9434
voti g trust Ws., par $25
10 Towle Mfg. Co
1684
142 West Boston Gas Co., voting
3834-39
trust certificates, par $25
5 Great North. Paper Co., par $25_ 76
644
308 Western Mass. Co
40 Bankstocks Corp. of Maryland,
114
class B
20 Unites Bankstocks Corp. of
63
Maryland
14 Western Real Estate Trust..186 & div.
100 Boston R. R. Holding Co., pref 774
5 Municipal Real Estate Trust_115 & div.
11914
9 U. S. Envelope Co., pref
14 Nor. Bost. Ltg. Prop., common.
55
undeposited
15 Quincy Market Cold Storage &
724
Warehouse Co., pref
$ per sh.
Shares. Stocks.
4 Webster & Atlas National Bank_1874
15 Mass. Box Co., pref
10
50 Nor. Bost. Ltg. Prop., common,
86
voting trust certificates
50 U. S. Envelope Co., common__.330Si
350 Old Colony Invest. Trust
common
3834-384
12 Edison Electric III. Co. of
Brockton, par $25
67
1 Boston Library Society, par 510_ 20
4 Quincy Market Cold Storage &
Warehouse Co., common
38
125 Edison Electric III. Co. of
Brockton, vot. tr. ctfs., par $25. 674
6 New Hampshire Fire Ins. Co_ _..530
10 Rockland Light & Power Co..
cony. pref undep., par 550.8834
10 Boston Personal Prop. Tr._ 181 & div.
14 Old Colony Invest. Trust., corn. 384
16 Quincy Market Cold Storage &
Warehouse Co., common
36-37
8 Sullivan Machinery Co
5114
674
25 Merrimac Hat Corp., common
5 Quincy Market Cold Storage &
Warehouse Co., common
1634
100 Western Mass. Cos
6434
50 Financial Investing Co. of N. Y.M
Ltd., par 510
233.4
Bonds.
Per cent.
-D. Service Garage of
$1,000 Y.
Worcester 6345, July 1955__ - _88 & Int
.
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continue
-Q.
Brill Corporation, class"A"
*51.25 Mar. 1 *Holders of rec. Feb. 14
Preferred (quar.)
•134 Mar. 1 *Holders of rec. Feb. 14
Cabot Manufacturing (quar.)
*31.50 Feb. 15 *Holders of rec. Feb. 2
Canada Malting (quar.)
*3714c Mar. 15 *Holders of rec. Feb. 29
Casein Co. of America,corn.(quer.) _ _ _
14 Feb. 15 Holders of rec. Feb. 7
Chatterton & Son
20c. Apr. 1 Holders of ref. Mar. 15
Chicago Mill dr Lumber (quar.)
*51 Feb. 15 *Holders of rec. Feb. 8
Consumers Company, pref. (semi-ann.) *3,1.6 Feb. 20 *Holders of rec. Feb. 10
Prior preferred (guar.)
*14 Apr. 1 *Holders of rec. Mar. 31
Cumberland Pipe Line (quar.)
$2
Mar. 15 Holders of rec. Feb. 29
Extra
58
Mar. 15 Holders of rec. Feb. 29
Congoleum-Nairn Co.. pref. (quar.)
*14 Mar. I *Holders of rec. Feb. 15
Curtis Publishing Co., corn.(mthly.)_ _ _ *50c. Feb. 2 *Holders of rec. Jan. 20
Fansteel Products Co -Dividend omitte d.
General Asphalt, pref.(quar.)
14 Mar. 1 Holders of rec. Feb. 140
Gorham Manufacturing, 1st pfd. (guar.) 14 Mar. 1 Holders of rec. Feb. 15
First Federal Invest. Trust (guar.)
*$1.75 Feb. 15 *Holders of rec. Feb. 7
Hale Bros., corn. (quar.)
*50c. Mar. 1 *Holders of rec. Feb. 15
Happiness Candy Stores(stock div.)_
w
Mar. 15 Holders of rec. Feb. 20
Hollinger Consol. Gold Mines
*10c. Feb. 25 *Holders of rec. Feb. 9
Hoorrac Cotton Mills, pref.(guar.)
*14 Feb. 15 *Holders of rec. Feb. 4
Horn dr Harden of N.Y., pref.(au).... *14 Mar. 1 *Holders of rec. Feb. 2
Im pedal Royalties, pref. (monthly)
114 Jan. 30 Holders of rec. Jan. 25
Inland Steel. corn.(quar.)
*6234c Mar. 1 *Holders of rec. Feb. 15
Common (extra)
*44 Mar. 1 *Holders of rec. Feb. 15
Common (payable in corn.stock.) _ _ _ *114 Mar. 15 *Holders of rec. Feb. 15
Preferred (quar.)
514 Apr. 2 *Holders of rec. Mar. 15
Interstate Iron dr Steel, pref.(quar.)- --- *14, Mar. 1 *Holders of rec. Feb. 15
Kresge (8.5.) Co.,corn.(quar.)
30c. Mar. 31 Holders of rec. Mar. 10
Common (extra)
40c. Mar. 31 Holders of rec. Mar. 10
Preferred (quar.)
..134 Mar.31 Holders of rec. Mar. 10
By Barnes & Lofland, Philadelphia:
mew's, Inc., pref. (quar.)(No. 1)-- -$ 1.624 Feb. 15 Holders of rec. Feb. 1
Mar. I *Holders of rec. Feb. 15
$ per share. May Department Stores, corn. (quar.) *$1
$ per share. Shares. Stocks.
Shares. Stocks.
McCahan(W.J.)Sugar Ref.& Molasses,
$1,000 lot 4 Market St.Title & Tr.Co.,par $50 468
35 John G. Holmes
pref.(quar.)
14 Mar. 1 Holders of rec. Feb. 17a
15 Aldine Trust Co
254
25 John B. Stetson Co.,corn ono par 103
*250. Mar. 1 *Holders of rec. Feb. 20
Murphy (G. C.) Co.(quar.)
2 Holmesburg Tr. Co., par $50._..200
1 Pennsylvania Academy of the Fine
525c. June I *Holders of rec. May 20
Quarterly
500
254 5 Bk of No. Amer.& Tr. Co
Arts
Quarterly
.25c. Sept. 1 *Holders of rec. Aug. 20
50 General Elec. Co. of Yucatan__ _$3 lot 10 Broadway Merchants Tr. Co..
*250. Dec. 1 *Holders of rec. Nov. 20
Quarterly
Camden, N. J
377
18 Amer. Hot Cast Porcelain Co..
*14 Feb. 7 *Holders of rec. Jan. 31
Nashawena Mills (quar.)
51 lot 5 Burlington Co., Tr. Co., Moorespar $50
550c. Feb. 15 *Holders of rec. Feb. 1
Nineteen Hundred Washer A (quar.)
town. N. J
366
$110 lot
400 New Creek Co., par 510
550c. Feb. 15 *Holders of rec. Feb. 4
Ohio Seamless Tube, corn.(quar.)
792 Victoria Rock Oil Co., par 335_ _52 lot 10 Farmers & Mechanics Tr. Co. of
Fender (D.) Grocery Co., el. A (quar.)_ 5874c Mar, 1 *Holders of rec. Feb. 20
West Chester, Pa
140
100 Greene Consol. Gold Co. of W.
14 Mar. 1 Holders of rec. Feb. 11
Pittsburgh Steel, pref. (quar.)
$1 lot 10 Curtis Publishing Co., com., no
Va.. par SR:
14 Feb. 1 Holders of rec. Jan. 26
par
1924 Providence Ice, 2nd pref. (quar.)
1 Library Co. of Philo
51214e Mar, 1 *Holders of rec. Feb. 10
Pure 011, corn. (quar.)
2 Associated Dental Products, Inc.,
336
13 Phila. Co. for Guar. Mtge
14 Feb. I Holders of rec. Dec. 20
Quebec Daries, Ltd., pref. (quar.)
common, class A
75
1163.4
112 Union Pass. Ry.
2
Quissett Mills (quar.)
Feb. 15 Holders of rec. Feb. 4
11 Hestonv. Mantua & Fairmount
797
1 Phila.-Girard Nat. Bank
Rigney & Co., pref.(quar.)
250. Apr. 2 Holders of rec. Mar. 200
Park Pass. By. corn
797
28
2 Phila.-Girard Nat. Bank
Rolls-Royce of Amer., pref
Dlyi dend P eased.
25 Drovers & Merchants Nat. Bank2004 100 Wallace Turnbull Corp., corn..
*1
Mar. 1 *Holders of rec. Feb. 15
par S50
$50 lot Savage Arms Corp., corn. (quar.)
10 Drovers dr Merchants Nat. Bank200
14 Apr. 2 *Holders of rec. Mar. 15
1st pref.(quar.)
4 Bryn Mawr Ice Mfg.& Cold Stor560
20 First Nat Bk of Phila
*114 May 15 *Holders of rec. May 1
2nd pref.(quar.)
age Co., par $25
5920 lot
4 Union Nat. Bank of Atlantic City,
Scotten-Dillon Co. (quar.)
530c. Feb. 15
450
25 Indepence Fire ins. Co., par 810. 25
N. J
*40c. Feb. 15
Extra
5 First Camden Nat. Bk.& Tr. Co_428 Si 10 Philadelphia Bourse. corn., par
Shreveport El Dorado Pipe Line (quar.). 550c. Apr, I *Holders of rec. Mar.20
$50
38
2 Mitten M. & M. Bank & Trust
30c. F b. 15 Holders of rec. Feb. 1
Smith (A. 0.) Corp., corn, (guar.)
17 Pennsylvania Mutual Life Ins.
105
Co., stamped
134 Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
Co., par $10
4
15 Fox Chase Bank & Trust Co.,
*2 Feb. 15 *Holders of rec. Feb. 3
18 Keystone Telep. Co., pref
398
544 Soule Mills (quar.)
par 550
514 Mar. 1 *Holders of rec. Feb. 15
Spear & Co., 1st & 2d pref.(quar.)
5 Glenside Trust Co
55
10 Logan Bank & Tr. Co., par 550_ _ 93
5624c Mar. 15 *Holders of rec. Feb. 15
Standard Oil (Calif.) (quar.)
1 Penna. Co. for Ins., &c
356
998
2 Union Bank & Tr Co
116214c Mar.15 *Holders of rec. Feb. 16
Standard 011 (Ind.) (quar.)
10 Hotel Sylvania
85
10 Empire Title & Tr. Co., par $50
*25c Mar. 15 *Holders of rec. Feb. 16
Extra
60
$25 paid
Bonds.
Per cent. Standard Oil of N.Y.(quar.)
*40c Mar. 15 *Holders of rec. Feb. 17
8 Guarantee Tr.& Safe Dep. Co_ _ _515
$1,000 General Electric Co. of YuStandard Sanitary Mfg., corn. (guar.)._ $1.25 Feb. 20 Holders of rec. Feb. 7
269th St. Terml. Title & Trust CO..
catan 1st 1\1 8s, July 1 1913
$10 lot
14 Feb. 20 Holders of rec. Feb. 7
Preferred (quar.)
124
par 550
$200 Temple University 1st & ref.
Stlx, Baer & Fuller Co., corn. (quar.)
3713e Mar. 1 Holders of rec. Feb. 15
35 Columbia Ave. Tr. Co., par 550.450
65, 1942
100
Studebaker Corp., corn.(quar.)
*51.25 Mar. 1 *Holders of rec. Feb. 10
2 Franklin Tr. Co
550
Preferred (guar.)
Mar. 1 *Holders of rec. Feb. 10
Rights
1 integrity Trust Co., par $50
7004
$ per riyht.
10 63d St. Title & Tr. Co. par 550 46
5 Nat Bk. of Germantown
3514 Tennessee Copper cfc Chem.(quar.).... 1214c. Mar,15 Holders of rec. Feb. 290
•6
Waltham Watch, pref
Feb. 1 Holders of rec. Jan. 31
5 Manheim Tr. Co., par $50
65
2-3 Nat. Bk. of Germantown
351
Western Dairy Prod., cl. A (quar.)
*21 Mar. 1 *Holders of rec. Feb. 9
5 Market St.Title & Tr.Co.,par 350 4684 1-3 Nat. Bank of Germantown_ -362
•134 Feb. 1 *Holders of rec. Jan. 25
Western Grocery, corn
134 July 1 *Holders of rec. June 20
Preferred (quar.)
By A. 3. Wright & Co., Buffalo:
White (J. G.) Co., common
6
Mar, 1 Holdres of rec. Feb. 10
Preferred (guar.)
13.4 Mar, 1 Holders of rec. Feb. 15
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh.
White (J. G.) Engineering Corp., Pf.(qu) 5134 Mar, 1 *Holders of rec. Feb. 15
100 Strong Steel Foundry
474 4 Buff.. Mag.& East., Pf• Par $25- 2634
11340 White (J. G.) Manag. Corp.. pf.(qu.)_ _ *fli Mar, 1 *Holders of rec. Feb. 15
4 Buff., Mag.& East. Pow no par
363.4 500 Chaput Hughes, par $1
Will dr Baumer Candle (quar.)
25c. Feb. 15 Holders of rec. Feb. 2
1000 Columbus Kirkland, par $1634c
Williams Tool Corp., pref. (quar.)
2
Apr. 1 Holders of rec. Mar. 20
Wolverine Portland Cement (q uar.)_ _ _ _ *I5c. Feb. 15 *Holders of rec. Feb. 6
Zimmer Knit, Ltd., pref. (quar.)
14 Feb. 1 Holders of rec. Jan. 25
DIVIDENDS.
Dividends are grouped in two separate tables. In the
Below we give the dividends announced in previous weeks
first we bring together all the dividends announced the and not yet paid. This list
does not include dividends ancurrent week. Then we follow with a second table, in nounced this week, these being
given in the preceding table.
which we show the dividends previously announced, but
which have not yet been paid.
Books Closed
Per
When
Name of Company.
Cent. Payable,
Days Inclusive.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Bangor & Aroostook, corn (quar.)
Preferred (guar.)
Buffalo, Rochester & Pittsb., corn
Preferred
Cleveland dr Pittsburgh;(quar.)
Special guaranteed (quar.)
Green Bay & Western
Illinois Central,corn.((mar.)
Preferred
Missouri
-Kansas-Texas, pref. A (quar.)_
N.Y., Chic.& St. L., corn. pf.(qu.) - New Orleans, Texas dr Mexico (qu.)-
Public Utilities.
Amer. Water 1% ks. & Elec. 1st pf.(qu.)_
Canadian Hydro-Elec., 1st pref. (quar.)
Cleveland Elec. III., pref.(quar.)
Conn. Ky.& Ltg., corn. & pref. (quar.).
Federal Light & Tract., corn. (qtr.)
Corn.(payable In corn. stock)
Preferred (guar.)
Federal Water Service, Cl"A"(quar.)- -General Gas & Elec., com. cl."A"(qu.)_
$8 class"A" pref.(quar.)
$7 class"A"& class'13" pref.(quar.).
North American Edison pfd.(qu.)
Ottawa & Hull Power, pref.(quar.)
Public Serv. Elec.& Gas 7% pr.(quar.) _
West Penn. Elec. Co., cl "A"(quar.)_ - _
West Penn Railways,6% pfd.(quar.)_ _
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
88c. Apr. 1 Holders of rec. Feb. 29
14 Apr. 1 Holders of rec. Feb. 29
Feb. 15 Holders of rec. Feb. 6
2
Feb. 15 Holders of rec. Feb. 6
3
58713c Mar. 1 *Holders of rec. Feb. 10
550c Mar. 1 *Holders of rec. Feb. 10
Feb. 6 Holders of rec. Feb. 4
5
*14 Mar. 1 *Holders of rec. Feb. 9
53
Mar. 1 *Holders of rec. Feb. 9
*14 Mar. 31 *Holders of rec. Mar. 15
•134 Apr. 2 *Holders of rec. Feb. 15
•13.1 Mar. 1 *Holders of rec. Feb. 15
$1.50 Apr. 2 Holders of rec. Mar. 12
*13.4 Mar. 1 *Holders of rec. Feb. 10
*14 Mar. 1 *Holders of rec. Feb. 15
14 Feb. 15 Feb. 1 to Feb. 15
20c. Apr. 2 Holders of rec. Mar. 13
150. Apr. 2 Holders of rec. Mar. 13
114 Mar. 1 Holders of rec. Feb. 15
50c. Mar. 1 Holders of rec. Feb. 8
3734c Apr. 1 Holders of rec. Mar. 12
$2 Apr. 1 Holders of rec. Mar. 12
51.75 Apr. 1 Holders of rec. Mar. 12
$1.50 Mar. 1 Holders of rec. Feb. 15a
513,4 Mar. 15 *Holders of rec. Feb. 29
14 Mar. 31 Holders of rec. Mar. 6
$1.75 Mar.30 Holders of rec. Mar. 15
14 Mar. 15 Holders of rec. Feb. 25
Miscellaneous.
American Multigraph, corn. (quar.)_ -_ - 550c. Mar. 1 *Holders of rec. Feb. 17
*$1.50 Mar. 31 *Holders of re . Mar. 15
Amer. Railway Express (quar.)
Mar. 10 Holders of rec. Feb. 29a
$1
Atlas Powder,corn.(quar.)
134 Mar. 1 Holders of rec. Feb. 13a
Bomberger(L.)& Co., pref.(quer.)_ _ _ 134 June 1 Holders of rec. May 12a
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. ha
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 10a
Preferred (quar.)
Railroads (Steam).
Alabama Great Southern preferred
Preferred (extra)Atch. Topeka & Santa Fe, corn.(guar.).
Common (extra)
Augusta 6. Savannah (extra)
Baltimore & Ohio. wormer](quar.)
oraferred (quarterly)
Centralof NewJersey(quar.)
Delaware & Inidson Co. (quar.)
Green Bay & Western
Hudson & Manhattan. prof.(semi-ann.).
Internat. Rys. of Cent. Am.. Pref. (qtr.)
Louisville & Nashville
Malne Central. corn. (quar.)
Preferred (guar.)
Norfolk & Western, corn. (quar.)
Ad). preferred (quar.)
Pennsylvania RR. (quar.)
Reading Co., corn. (quar.)
First preferred (quar.)
St. Louls-San Francisco, pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Wabash, pref. class A fquar.)
Preferred 13
Feb. 13 Holders of rec. Jan. 13
Feb. 13 Holders of rec. Jun. 13
Mar, 1 Holders of rec. Jan. 270
Mar. 1 Holders of rec. Jan. 270
•y, July 5 *Holders of reo. Juno 15
114 Mar. 1 Holders of rec. Jan. 140
1
Mar. 1 Holders of rec. Jan. 14a
2
Feb. 15 Holders of rec. Feb. 60
24 Mar. 20 Holders of rec. Feb. 270
5
Feb. 6 Holders of rec. Feb. 4
214 Feb. 15 Holders of rec. Feb. la
14 Feb. 15 Holders of rec. Jan. 310
34 Feb. 10 11,4(lers of rec. Jail lea
1
Apr. 2 Holders of rec. Mar. 15
14 Mar. 1 Holders of rec. Feb. 15
2
Mar. 19 I folders of rec. Feb. 290
1
Feb. 18 Holders of rec. Jan. 310
8734c Feb. 29 Holders of rec. Feb. la
$1
Feb. 9 Holders of rec. Jan. 12a
50c. Mar. 8 Holders of rec. Feb. 160
11.4 May 1 Holders of rec. Apr. 70
14 May 1 Holders of rec. Ayr. 7a
14 Aug. 1 Holders of rec. July 140
14 Nov. 1 Holders of rec. Oct. 15.1
14 Feb. 25 Holders of rec. Jan. 250
5
Feb. 6 Holders of rec. Dec. 310
$1.75
$1.50
14
75c.
Public Utilities.
Amer.Superpower, partic. pfd.(guar.)...
50c. Feb. 15 Holders of rec. Jan. 31
Amer Water Works & Elec., CM.(qu.)_
250. Feb. 15 Holders of roe. Feb. la
Common (1-40th share corn. stock)._ 4
1 F
2c. Mar.eb. 3151 Holders of rec. Feb. la
Arkansas Natural Gas (quar.)
*Holders of rec. Feb. 24
Associated Gas & Elec., $6 pref. (au).. /$1.50 Mar. 1 Holders of rec. Jan. 31
$834 preferred (quar.)
6214 Mar. 1 Holders of rec. Jan. 31
Brazilian Tr., Lt. & Pow., ord (quar,),. 14 Mar. 1 Holders of rec. Jan. 31
Brooklyn Edison Co. (quar.)
2
Mar. 1 Holders of rec. Feb. Da
Bklyn.-Manbat. Tran., pf., ser. A (q11.) $1.50 Apr. 16 Holders of rec. Apr. la
Central Ill, Pub. Servo Pref. (quar,)... $1.50 Apr. 14 *Holders of rec. Mar. 31
Central & S. W. Utilities
Prior lien and preferred stocks (quar.) $1.75 Feb. 15 Holders of cre Jan. 31
Chic. Rapid Tran., prior pref.
65c. Mar. 1 Holders of rec. Feb. 210
Prior pref. series B (quar.)
flOc. Mar. 1 Holders of roe. Feb. 210
Community Pow. & Gas, 2nd pref. (qu.) *$2
Mar. 1 *Holders of rec. Jan. 21
Consolidated Gas(N. Y.), corn. (altar.). $1.25 Mar. 15 Holders of rec. Feb. 60
FEB. 4 1928.]
Name of Company.
679
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Compant,
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Public Utilities (Concluded).
Holders of rec. Jan. 310
Feb.
Burroughs Adding Mach., (special)--- $1
Apr. 2 Holders of rec. Mar. 15
Consumers Power, pref.(quar)
*50c. Feb. 15 *Holders of rec. Feb. 3
Butler Bros. (quar.)
1.65 Apr. 2 Holders of rec. Mar. 15
6.6% preferred (quar.)
*500. Mar. 20 *Holders of rec. Mar. 6
By-Products Coke, corn. ((Mar.)
7% preferred (quar.)
114 Apr. 2 Holders of rec. Mar. 15
Mar.15 Holders of rec. Feb. 296
$1
California Packing (quar.)
50c. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
Holders of rec. Feb. 3a
25c. Mar. 1
California Petroleum (quar.)
50c. Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
50c. Mar. 15 Holders of rec. Feb. 236
Calumet & Hecla Consol. Corp.(quar.).
55c. Mar. 1 Holders of rec. Feb. 15
preferred (monthly)
6.8%
Feb. 15 Holders of rec. Jan. 31
15
Canadian Converters (quar.)
55c. Apr. 2 Holders of rec. Mar.
8.8% preferred (monthly)
1% Feb. 15 Holders of rec. Jan. 31
Canadian Vickers, Ltd., pref.(quar.)
Eastern Mass. St. Ry.Mar. 31 *Holders of rec. Mar.20
*2
Canfield Oil, corn.(quar.)
Feb. 15 Holders of rec. Jan. 31
3
First pref. and sinking fund Stocks
June 30 *Holders of rec. June 29
*2
Common (quar.)
Havana Elec. & Utilities Co. 1st Pt (qu.) 21.50 Feb. 15 Holders of rec. Jan. 20
*2
Sept. 30 *Holders of rec. Sept.20
Common (quar.)
$1.25 Feb. 15 Holders of rec. Jan. 20
Preference(Oilar.)
Dec. 31 *Holders of roc. Dec. 20
*2
Common (Oiler.)
Havana Elec. Ry., pref. (quar.)
114 Mar. 1 Holders of rec. Feb. 10a
4
Dec. 31 Dec 21 to Jan
Preferred (guar.)
uKansas City Pow.& Lt., pf. A (quar.)_ *$1.75 Apr. 1 *Holders of rec. Mar. 14
Mar. 31 *Holders of rec. Mar.20
Preferred (quar.)
Feb. 20 *Holders of rec. Feb. 1
Kentucky Utilities, Junior pref. (guar.).
June 30 *Holders of rec. June 20
Preferred bluer.)
Mar. 1 Holders of rec. Feb. 17
Keystone Telephone, pref (guar.)
Sept. 30 *Holders of rec. Sept.20
Preferred (quar.)
Feb. 15 *Holders of rec. Jan. 31
Los Angeles Gas & Elec., pref. (quar.)
Dec. 31 *Holders of rec. Dee. 20
Preferred bluer.)
Mar. 24 Holders of rec Feb. 29
Louisville Gas & Elec.(Del.). A & B (go) 43
Mar. 15 Holders of rec. Mar.10
4.8d Jan. 27 Holders of coup.No.28m Carter (William) Co., pref. (quar.)
Marconi Wirel. Tel., Lond., ord. coupon
*35c. Feb. 25 *Holders of rec. Feb. 15
Caterpillar Tractor (quar.)
$1.50 Feb. 15 Holders of rec. Jan. 31
Middle West Utilities, com. (quar.)
*20e. Feb. 25 *Holders of rec. Feb. 15
Extra
20c. Mar. 1 Holders of rec. Feb. 140
National Power & Light, corn. (quar.)__
•154 Mar. 1 *Holders of rec. Feb. 10
Celluloid Co., pref. (guar.)
National Power & Light, com.(quar.)__ *25c. June 1
First preferred (quar.)
111.75 Mar. 1 *Holders of rec. Feb. 10
Mar. 1 Holders of rec. Feb. 15a
$1.50
North Amer. Edison, pref.(quar.)
15e Feb. 15 Holders of ree. Feb. 56
Centrifugal Pipe Corp. (quar.)
No. Amer. Util. Securities 1st p1.(qu.) - $1.50 Mar. 15 Holders of rec. Feb. 29
Century Ribbon Mills, pref. (quar.)
1% Mar. 1 Holders of rec. Feb. 186
.
$1.50 Mar. 15 Holders of rec. Feb. 29
First pref allot. ctfs.(guar.)
to Mar. 11
C. G.Spring & Bumper, corn. (quer.)-- - 200. Feb. 15 Holders of rec. Jan. 280
Mar. 12 Feb. 5
Northern Libor,ies Gas Co
Chicago Yellow Cab (monthly)_____ _- 33 1-3 Mar. 1 Holders of rec. Feb. 200
Apr. 2 Holders of rec. Mar. 15
Northern Ohio P.& L.,8% pf.(quer.)_ _
Childs Co., corn. (quar.)
60c. Mar. 10 Holders of rec. Feb. 24a
154 Apr. 2 Holders of rec. Mar. 15
7% preferred (quar.)
15.4 Mar,10 Holders of rec. Feb. 24
Preferred (Oiler.)
114 Feb. 15 Holders of rec. Jan. 31
North West Utilities, pref.(quar.)
Chile Copper Co.(quar.)
62 Sic Mar. 30 Holders of rec. Mar. 23
Ohio Edison Co.,6% pref.(quar.)
154 Mar. 1 Holders of rec. Feb. 15
•54 Mar. 1 *Holders of rec. Feb. 14
Cities Service, corn. (monthly)
1.65 Mar. 1 Holders of rec. Feb. 15
8.8% preferred bluer.)
Corn.(payable in common.stock)_... .73j Mar. 1 *Holders of rec. Feb. 14
Mar. I Holders of rec. Feb. 15
Seven per cent preferred bluer.)
Mar. 1 *Holders of rec. Feb. 14
Preferred and pref. BB (monthly)___
50c. Mar. 1 Holders of rec. Feb. 15
cent preferred (monthly)
Six per
'Sc. Mar. 1 *Holders of rec. Feb.
Preferred B (monthly)
55e. Mar. 1 Holders of rec. Feb. 15
8.6% Preferred (monthly)
City Ice & Fuel (Cleveland) (quar.)---- 75c. Mar. 1 Holders of rec. Feb. 10a
Pacific Gas & Elec.. pref. (quar.)
'3754c Feb. 15 *Holders of rec. Jan. 31
Cleveland Stone bluer.)
50c. Mar. 1 Holders of rec. Feb. 150
Holders of rec. Feb. 15
Penn-Ohio Edison Co., 7% Pf• (quar.)... 154 Mar.
Quarterly
50c. June 1 Holders of rec. May 150
Holders of rec. Feb. 10
$1.25 Mar.
Philadelphia Co.,5% pref
Quarterly
Holders of rec. Feb. lfla
50C. Sept. 1 Holders of rec. Aug. 15a
Phila.Suburban Water. prof.(qu.)-----114 Mar.
Feb. 25 *Holders of rec. Feb. 10
*2
50c. Mar.31 Holders of rec. Mar. 8a Colorado Fuel & Iron. pref. (quer.). _
Public Ser. Corp. of N. J., corn. (qu.).._
Mar. 31 Holders of rec. Mar. 86 Consumers Company. prof
354 Feb. 20 Holders of rec. Feb. 100
7% preferred (quar.)
$1.25 Feb. 15 Holders of rec. Feb. 60
Mar. 31 Holders of rec. Mar. 8a Continental Can., Inc., com. (quar.)
2
8% preferred (quar.)
*31.25 Mar.30 *Holders of rec. Mar. 16
500. Feb. 2 Holders of rec. Feb. 30 Coty. Inc. (quar.)
6% preferred (monthly)
*8
mar -12 *Holders of rec. Mar. 1
Stock dividend
50c. Mar. 31 Holders of rec. Mar. 8a
8% preferred (monthly)
Mar. 1 Holders of rec. Feb. 150
$1
Cushman Sons. Inc.. corn. (guar.)
Mar. 31 Holders of rec. Mar. 8
Public Service Elec. & Gas,6% pf. (qu.)
Common (payable in 8% pref.)
183 Mar. 1 Holders of rec. Feb. 15a
Radio Corp. of Amer., pref. A (quar.)__ 87 A c. Apr. 1 Holders of rec. Mar. In
Mar. 1 Holders of rec. Feb. 150
50c. Feb. 15 Holders of rec. Jan. 20a
7% Preferred (quar.)
Southern Calif. Edison, corn. (quar.)___
8% preferred (guar.)
Mar, 1 Holders of rec. Feb. 150
Feb. 15 Holders of rec. Jan. 31
Southern Canada Power Co., com.(qu.) $1
Decker (Alfred)& Cohn,corn.(quar.)
*50c Mar. 15 *Holders of rec. Mar. 5
Southern Colorado Pow.. corn A. 6)11.1._
50c. Feb 25 Holders of rec. Jan. 31
Preferred (quar.)
154 Mar, 1 Holders of rec. Feb. 20a
South Pittsburgh Water Co.. 5% pref._ $1.25 Feb. 20 Holders of rec. Feb. 6a
Preferred (guar.)
500. Feb. 15 Holders of roe. Jan. 25
1% June 1 Holders of rec. May 19a
Tampa Electric Co., com.(quar.)
Preferred (Guar.)
1% Sept. 1 Holders of rec. Aug. 200
Common (one-fiftieth share cons. stk.)
Feb. 15 Holders of roe. Jan. 25
Apr. 2 Holders of rec. Mar. 15
'Tennessee East Elec.. 6% Pref. (quar.). 114 Mar. 1 Holders of rec. Feb. la Deere & Co., corn.(No. I) (guar.)
Mar. 1 Holders of rec. Feb. 150
$1.75 Mar. 1 Holders of rec. Feb. la
Preferred (quar.)
$7 pref. (quar.)
Feb. 14
Fob. II Feb. 5 to
of rec. Mar. 15
Delaware Division Canal
Tennessee Electric Pow.,6% 1st pf.(qu.) 114 Apr. 2 Holders
$1
Diamond Match (quar.)
Mar. 15 Holders of rec. Feb. 280
2
7% 1st preferred (quar.)
154 Apr. 2 Holders of rec. Mar. 15
Extra
Mar,15 Holders of rec. Feb. 280
1.80 Apr. 2 Holders of ree. Mar. 15
1
first preferred (quar.)
7.2%
Dome Mines. Ltd.,(guar.)
60c. Mar. 1 Holders of rec. Feb. 15
6% first preferred (monthly)
25c. Apr. 20 Holders of rec. Mar.31
Dominion Bridge Hoar.)
50c. Apr. 2 Holders of rec. Mar. 15
6% first preferred (monthly)
65c. Feb. 15 Holders of rec. Jan. 31
Dominion Engineering Wks.(quar.)____
60c. Mar. 1 Holders of rec. Feb. 15
65c. Apr. 14 Holders of rec. Mar.31
7.2% first preferred (monthly)
Dow Chemical, common (quar.)
60e. Apr. 2 Holders of rec. Mar. 15
*S1.25 Feb, 15 *Holders of rec. Feb. 1
7.2% first preferred (monthly)
Preferred (quar.)
Feb. 15 *Holders of rec. Feb. 1
West Penn Electric Co.7% Md. Mari_
154 Feb. 15 Holders of rec. Jan. 200
6% preferred (quar.)
Apr. 10 Holders of rec. Apr. la
IA Feb. 15 Holders of rec. Jan. 20a Dunhill International, corn. (quar.)._-- St
Wilmington Gas Co., preferred
Ebsarv GVPR,IM Co- Inc
10
Mar. 15 Holders of rec. Dec. 31
3
Mar. 1 fielders of rec. Feb. 10a
Erie Ste
-am Shovel. Prof. (quar.)
Holders of rec. Feb. 29
Wisconsin Power & Light. pref. (qu.)___
Mar. 15
13( Mar. 1 Holders of rec. Feb. 15a
Banks.
Ewa Plantation (extra)
Mar. 15 'Holders of rec. Mar. 5
*$2
Fairbanks, Morse & Co., corn. (quar.)_.
Berardini(M) State Bank (in stock)__ *e50
736. Mar.31 Holders of rec. Mar. 12a
Preferred (quar,)
Public Nat. Bank & Trust, stock div.. e20
Mar. 31 Holders of rec. Mar. 1
154 Mar. 1 Holders of rec. Feb. Ila
Trust Companies.
Fair (The). corn. (monthly)
20c Mar. 1 Holders of rec. Feb. 203
Manufacturers, extra
Common (monthly)
4
Feb. 15 Holders of rec. Feb. 6
20c Apr, 2 Holders of rec. Mar. 210
Common (monthly)
Mar. 31 Holders of rec. Mar. 22
'20c May 1 'Holders of rec. Apr. 20
Title Guar.& Trust (extra)
5
Fire insurance.
Preferred (guar.)
"1M May 1 *Holders of rec. Apr. 20
Pam, Players, Caned. Corp., lot pf.(qu.) 2
Apr. 10 Holders of rec. Mar. 31
4
Mar. 1 Holders of rec. Jan. 31
City of New York (quarterly)
General Reinsurance Corp.(quar.)
$1.25 Feb. 15 Holders of rec. Jan. 310 Federal Knitting Mills, corn. (guar.)._ *62;ic May I *Holders of rec. Apr. 15
Common (extra)
& Rutgers Insurance (quar.)
Jan. 31 Jan. 24 to Jan. 31
•12 Ste May 1 *Holders of rec. Apr. 15
Globe
11
Federal Motor Truck (quar.)
Apr. 9 Holders of rec. Mar. 31
Home Insurance (quarterly)
20c Apr. 2 Holders of rec. Star. I70
5
Stock dividend
Mi.cellaneoos,
e2 54 Apr. 5 Holders of rec. Mar. 170
Fifth Ave. Bus Securities (quar.)
Acme Steel(guar.)
*31.25 Apr. 1 *Holders of rec. Mar. 20
•16c. Apr. 17 *Holders of rec. Apr. 3
Finance Service Co.(Baltimore), corn_ _ _ 4
Feb. 10 Holders of rec. Jan. 31
Mar. 1 Holders of rec. Feb. 15
Alaska Packers Assn. (quar.)
$2
Preferred (quar.)
Extra
Feb. 10 Holders of rec. Jan. 31
154 Mar. 1 Holders of rec. Feb. 15
$2
Allis Chalmers Mfg., com. (quar.)
81.50 Feb. 15 Holders of rec. Jan. 290 Firestone Tire & Rubber,7% pref
134 Feb. 15 Holders of rec. Feb. 1
Amalgamated Laundriee. pref.(mthiy.)_ 59rnr vlar. 1 Fir era of rec. eel) lig, Fisk Rubber, 2nd pref. (quar.)
154 Mar. I Holders of rec. Feb. 15a
z'mons R. Connell Dred-Dock,com.qu. *50e. Mar. 1 "Holders of rec. Feb. 18
Preferred (monthly)
581,c ter. 1 Holders of rec Mar. 150
Preferred (monthly)
Foster & Kleiser Co.,corn.(guar.)
581m slay I Linkers of roc. Apr. 15a
•25c. Feb. 15 *Holders of rec. Jan 31
Preferred (monthly)
581re lute. 1 Routers of roe. May 15a General Cigar. pref. (quar.)
1% Mar, 1 Holders of rec. Feb. 213
American Can.common bluer.)
50c. Feb. 15 Holders of rec. Jan. 31n Gen. Outdoor Advertising, cl A (quar.) _
$1 Feb. 15 Holders of rec. Feb. 80
American Chicle, coin. (quar.)
Preferred (guar.)
75c. Apr. 1 Holders of rec. Mar.150
*51.50 Feb. 15 *Holders of rec. Feb. 6
Prior preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 150 Gillette Safety Razor (guar.)
$1.25 Mar. I Holders of rec. Feb. la
Glidden Co., prior pf. (quar.)
Amer. European Securities Co., of. (qtr.) $1.50 Feb. 15 Holders of rec. Jan. 31
*154 Apr. 1 *Holders of rec. Mar. 15
Amer. F .rk cir floe, corn (guar.)
154 Mar. 15 Holders of rec. Mar 50 Globe-Dernocrat Pub. Co.. pref. (qtr.).
154 Mar. 1 Holders of rec. Feb. 20
Amer. Home Products (monthly)
20c. Mar. 1 Holders of rec. Feb. 14a Globe Grain & Milling, corn. (quar.)... *31.50 Apr. 2 'Holders of rec. Mar. 28
American Metal,com.(quar.)
First preferred (quar.)
75c. Mar. 1 Feb 19 to Mar. 8
'1.75 Apr. 2 *Holders of rec. Mar. 28
Second preferred (quar.)
Preferred (guar.)
154 Mar. 1 Feb. 19 to Mar. 8
Apr. 2 *Holders of rec. Mar. 28
American It trilator. con]. (quar.)
Mar. 1 Holders of rec. Feb. 100
$1.25 Mar. 31 Holders of rec. Mar. 15a Goodrich (B. F.) Co., corn.(quar.)
$1
Preferred (guar.)
Peb. 15 Holders of rec. Feb. Sa
Preferred (quar.)
154 Apr. 2 Holders of rec. Mar. 9a
Preferred (guar.)
154 Mar. 1 Holders of rec. Feb. 3a
Amer. Smelt. & Refg., Prof.(quar.)_ _
154 July 2 Holders of rec. June ha
. 154 Mar. 1 Holders of rec. Feb. 15
Gohel(A.) Inc. Prof.(quar.)
Amer. Sumatra Tobacco, pref. (Quer.).
151 called I or redemption Feb. 10
American Tobacco, corn. dr corn. B (qu.)_ $2
Mar. 1 Holders of rec. Feb. 100 Gossard (H. W.) Co., corn.(monthly)..' 33 1-30 Mar. I *Holders of rec. Feb. 17
•
1
• 33 l-3e Apr. 1 *Holders of roe. Mar. 21
Feb. 10 *Holders of rec. Jan. 31
Amparo Mining bluer.)
Common (monthly)
• 331-3e May 2 *Holders of rec. Apr. 20
Anaconda Copper Mining (quar.)
Common (monthly)
75e Feb. 20 Holders of rec. Jan. 146
• 33 1-3c June 1 *Holders of rec. May 21
Archer-Daniels-Midland Co., corn. (gu.)
Common (monthly)
75c Feb. 28 Holders of rec. Jan. 210
Preferred bluer.)
I'4 Feb. 28 Holders of rec. Jan 210
Common (monthly)
•33 1-3c July 1 "Holders of rec. June 20
Corp., pref. (quar.)
Mar. 1 Holders of rec. Feb. 170
*1% May 1 *Holders of rec. Apr. 20
Artloom
Preferred (Oilar.)
134
155 Mar. 1 Holders of rec. Feb. lla Gotham Silk Hosiery
Associated Dry Goods, 1st pf. (guar.)._
sei.oriii preferred (qilla%)
Feb. 15 Holders of rec. Feb. la
Corn, voting (In voting corn. stock) -. f4
154 ,
lar. 1 Holders of rec. Feb. html
Feb. 15 Holders of rec. Feb. la
Babcock & Wilcox Co.(quar.)
154 Apr. 1 Holders of rec. Mar. 20a
Corn. non-vot. (in non-vot, corn. stk.) f4
Feb. 15 Holders of rec. Feb. 8
Great Lakes Dredge & Dock (guar.).--- 2
Balaban & Katz. cons. (monthly)
*25c. Mar. 1 *Holders of rec. Feb. 20
Feb. 15 Holders of rec. Feb. 8
Common (monthly)
Extra
.25e. Apr. 1 *Holders of roe. Mar. 20
2
Preferred bluer.)
Great Lakes Steamship (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 220
'154 Apr. 1 *Holders of rec. Mar. 20
Hamadan Corp., class A & B
6254e Feb. 6 Holders of rec. Jan. 18a
•25e Feb. 15 *Holders of rec. Jan. 31
HammermIll Paper (quar.)
Bastian.Blessing Co.. pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar.20a Harblson-Walker Refract.. corn. (qu.) _ 114 Mar. 1 IRAders of rec. Feb. 200
Preferred (quar.)
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
134 Apr. 20 Holders of rec. Apr. 100
Preferred (0 oar.)
$1.75 Oct. 1 Holders of rec. Sept.20a Hart Schaffner & Marx, Inc., corn.(qu.) *2
Feb. 29 *Holders of rec. Feb. 15
31.8755 Feb. 15 *Holders of rec. Feb. 1
Hawaiian Comml & Sugar (monthly).
Beacon Oil, pref.(quar.)
- *25c Feb. 6 'Holders of rec. Jan. 25
60c. Apr, 10 Holders of rec. Mar.24a Hazeltine Corp. (guar.)
Beeeti-Nut Packing (quar.)
*25c Feb. 24 *Ilolders of rec. Feb. 4
154 Apr. 2 Holders of rec. Mar. 5a Hercules Powder, pref.((mar.)
Bethlehem Steel, pref. (quar.)
•15( Feb. 15 "Holders of rec. Feb. 4
Hershey Chocolate, prior. pref.(qu.) _
155 Feb. 15 Holders of rec. Jan. 250
Bloch Brothers Tobacco, corn (quar.)_ 3755c. Feb. 15 Feb. 10 to Feb. 14
3755c. May 15 May 10 to May 14
Feb. 15 Holders of rec. Jan. 250
Common (quar.)
Convertible preferred (guar.).- ______
1
Aug. 14
to
3755e. Aug. 15 Aug 10
Hibbard. Spencer, Bartlett & Co.(mthlY)
Common( uar.)
350. Feb. 24 Holders of rec. Feb. 17
Common bluer.)
3754c. Nov. 15 Nov. 10 to Nov. 14
Monthly
35c Mar.30 Holders of rec. Mar. 23
155 Mar. 31 Mar. 26 to Mar. 30
Preferred (quar.)
Higbee Co., 2nd pref.(quar.)
Mar. 1 Holders of rec. Feb. 18
2
Preferred (quar.)
154 June 30 June 25 to June 29
Hollander(A.)& Sons.(quar.)
623.4c Feb. 15 • Holders of rec. Feb. la
115 Sept. 30 Sept. 25 to Sept. 29
Preferred (quar.)
Homestead Funds Corp., corn
236. Mar. 1 Holders of rec. Feb. 25
14 Dec. 31 Dec. 26 to Dec. 30
Hood Rubber Products. pref. (quar.)--- *154 Mar. 1 *Holders of rec. Feb. 20
Preferred (qular.)
$1
Jan. 31 Holders of rec. Jan. 14a Household Products (quar.)
8755 Mar. 1 Feb. 16 to Mar. 12
Bon AIM Co..corn. Cl. A (quar.)
•s3
Houston 011, preferred
5
Feb.' 15 Holders of rec. Feb. 8
Bond & Mortgage Guarantee (quar.)___
Feb. __
$1.50 Mar. I Holders of rec. Feb. lba Hudson Motor Car (quar.)
51.25 Apr. 2 Holders of rec. Mar. 120
Borden Company, corn. (quar.)
255 Feb. 15 Holders of rec. Jan. 31
Illinois Brick (quar.)
Apr. 18
60e. Apr. 14 Apr. 4 tr
Boss Manufacturing,com.(quar.)
154 Feb. 16 Holders of roe. Jan. 31
Quarterly
Preferred (quar.)
600. July 14 July 4 to July 15
Quarterly
60c. Oct. 15 Oct. 4 to Oct. 15
Brit. Col. Fish & Pack., com.(quar.)-,, $1.25 Mar. 10 Holders of rec. Feb. 28
154 Mar, 10 Holders of rec. Feb. 28
Imperial Oil, Ltd. (guar.)
Preferred (quar.)
*25c.
-00llender, corn. (qu.). 75e. Feb. 15 Holders of rec. Feb. 4a
Extra
13runswick-Balks
•1255c
Mar. 15 Holders of rec. Feb. 17
31
Imperial Tob.of G.B.dr Ire., ord.(extra) *734 Mar. 1 *Holders of rec. Feb. 14
Pipe Line bluer.)
Buckeye
Mar. 15 Holders of rec. Feb. 17
Final dividend
51
*10 Mar. 1 *Holders of rec. Feb. 14
Extra
25c. Apr. 2 Holders of rec. Mar. 10a Incorporated Investors (stock dividend)- e2
July 16 Holders of rec. June 296
Bucyrus-Erie Co.. corn. (No. 1)
6255c Apr. 2 Holders of rec. Mar. 100 Indiana Pipe Line (guar.)
Convertible preferred (No. 1)
51 Feb. 15 Holders of rec. Jan. 20
31.75 Apr. 2 Holders of rec. Mar. 10a
Extra
$I Feb. 15 Holders of rec. Jan. 20
Preferred (quar.)
ConIngersoll-Rand Co., corn.(quar.)
75c Mar. 1 Holders of rec. Feb. 9a
Bunker Hill & Sullivan Mining &
Apr. 1
.25c. Feb. 4 *Holders of rec. Jan. 31
Interlake Steamship (quar.)
$1.50 Apr, 1 Nfar. 18 to
centrating (monthly)
*50c. Feb. 4 *Holders of rec. Jan. 31
Internat. Harvester, Prof. (quar.)
154 Mar. 1 Holders of rec. Feb. 40
Extra
32
600. Feb 15 Holders of rec. Feb. la
A (quar.)
Feb. 15 Holders of rec. Feb. la I nternat lonal Paper,corn.(guar r
Burns Bros., corn. cl.
154 Apr. 2 Holders of rec. Mar. 13a International Silver, corn. (quar.)
Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
14
114
154
'114
*$1
•155
54c.
154
•15,1
'154
'134
•154
154
$1
155
1.54
14
154
155
154
(1)
155
154
*154
134
680
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. 126.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded)
Interstate Term. Warehouse, of. (guar.) 25c Feb. 10 Holders of rec. Jan. 31
Standard 011 (Ohio). pref.(guar.)
134 Mar, 1 Holders of rec. Feb. 10
Intertype Corp.,corn.(guar.)
25e. Feb. 15 Holders of ree. Feb. la Stewart-Warner Speedometer (quar.)__
$1.50 Feb. 15 Holders of rec. Feb. 40
Common (extra)
25.0 Feb. 15 Holders of rec. Feb. la Stromberg-Carlson Tel. Mfg.(quar.)_ *25c. Mar. 1 *Holders of rec. Feb. 14
First preferred (guar.)
$2
Apr. 1 Holders of rec. Mar.21
Extra
*1290 Mar. 1 *Holders of rec. Feb. 14
Isle Royale Copper
500. Mar.15 Holders of rec. Feb. 28
Sun Oil, preferred (guar.)
.430 mar. 1 Holders of rec. Feb. 100
1 1Mar.
5
Jaeger Machine, core. (guar.)
'6234c Mar. 1 *Holders of rec. Feb. 17
Swan-Finch 011 Corp., pref. (guar.)._
*Holders of rec. Feb. 10
413,4 Mar. 1 *Holders of rec. Feb. 15
Jones & Laughlin Steel, corn. (quar.)..
Swift International
60e. Feb. 15 Holders of rec. Jan. 14
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. lra Thatcher Mfg., pref. (guar.)
90e. Feb. 15 Holders of rec. Feb. 40
*75c. Feb. 20 *Holders of rec. Feb. 6
Joske Bros.(guar.)
Thompson (John R.) Co (monthly)__.. 30e. F .15 Holders or rec. Feb. 23a
1x Mar. 1
Kaynee Company, common (extra).
- 1230. Apr. 1 Holders of rec. Mar.20a Tide Water Oil, cony. pref. (guar.)._ _
Holders of ree. Jan. 16a
12 I9e July 1 Holders of rec. June Sgm Tobacco Products Corp., class A (guar.). 134 Feb. 15 Holders of rec. Jan. 270
Common (extra)
Kentucky Cash Credit Co. Corn.(guar.) 15e. Mar.24 Holders of rec. Mar. 12
Transue & Williams Steel Forg. (guar.).
25e. Mar. 15 Holders of rec. Mar. la
15c. Mar.24 Holders of rec. Mar. 12
Preferred (quar.)
Union 011 of Calif.. corn. (guar.)
50e Feb. 10 Holders of rec. Jan. 19
150. Mar.24 Holders of rec. Mar. 12
Preferred (extra)
Union Storage (guar.)
'6234e Feb. 10 *Holders of rec. Feb. I
2
Mar. 1 Holders of rec. Feb. 17a
Quarterly
Kinney(G.R.) pref.,(guar.)
'62340 May 10 *Holders of rec. May 1
134 Apr. 2 Holders of rec. Mar. 15
Knox Hat, pref. (guar.)
Quarterly
*6290 Aug. 10 *Holders of rec. Aug. 1
Kroger Groe. & Bak., corn.(qu.)(No. 1) 25c. Mar. 1 Holders of rec. Feb. 10a
Quarterly
•6234c Nov. 10 *Holders of rec. Nov. 1
15 Apr. 2 Holders of rec. Mar. 10a Union Sugar, pref. (guar.)
Cora.(payable in corn stock)
*44c. Feb. 10 *Holders of rec. Feb. 3
500. Feb. 15 Holders of rec. Jan. 31
Kruskal & Kruskal, Inc.(guar.)
Un. Biscuit of Amer., corn.(qu.)(No. 1) 40e. Mar. 1 Feb. 19 to Feb. 29
Feb. 10 *Holders of rec. Feb. 1
Laguna Land & Water(monthly)
United Drug, corn. (guar.)
234 Mar. 1 Holders of rec. Feb. 150
•I
Mar. 10 *Holders of roe. Mar. 1
Monthly
United Engineering & Fdy., corn. (qu.)_ *40c. Feb. 10 *Holders of rec. Jan. 31
Apr. 10 *Holders of rec. Apr. 1
Monthly
Common (extra)
*20c. Feb. 10 *Holders of rec. Jan. 31
May 10 *Holders of rec. May 1
Monthly
Preferred (quar.)
*$1.75 Feb. 10 *Holders of rec. Jan. 31
Mar. 1 Holders of rec. Feb. 15
Lake of the Woods Milling, corn.(guar.) 3
United Paper Board, prof (Quar.)
1 ti Apr. 15 Holders of rec. Apr. 2a
6
19‘ Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
U.S. Cast Iron Pipe & Fdy.,corn.(qu.). 234
Holders of rec. Mar. its
a
Mar.20 *Holders of rec. Mar. 10
Lamson & Hubbard Corp., pf. acer.div.) li*5
Common (guar.)
234 June 15 Holders of rec. June la
•1H Feb 29 *Holders of rec.
Lanston MonotyPe Mach. Mari
Feb. 18
Common (guar.)
234 Sept. 15 Holders of nee. Sept. la
•1
Feb. 29 *Holders of rec. Feb. 4
Lehigh Coal & Navigation (guar.)
Common (guar.)
234 Dec. 15 Holders of rec. Dec. la
1 u mar.
Liggett&Myers Tob.,com & cony. B (qu) $1
Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
Holders of rec. Mar. la
$1
Mar. 1 Holders of rec. Feb. lba
Common and common B (extra)
Preferred (guar.)
of rec. June la
Sept.Holdrs
194 June 15
Mar. 1 Holders of rec. Feb. 15a
Lima Locomotive Wks.. Inc., corn.(qu.) 1
Preferred (guar.)
19( Sept.15 Holders of ree.
la
17tic Feb. 10 Holders of rec. Feb. 4.
Lindsay Light. pref. (guar.)
Preferred (guar.)
191 Dec.
Holders of rec. Dee. la
50e. Feb. 20 Jan. 26 to Feb. 9 U.S.Dairy Products. 1st pref.(quar.) •51.75 Mar. 1 *Holders of rec. Feb. 15
Lit Brothers Corp
1 3.4 Mar. I Holders of ree. Feb. 17a
Lord & Taylor, 1st pref.(guar.)
Second preferred (quar.)
•52
Mar. 1 *Holders of rec. Feb. 15
Louisiana Oil Refining. Pref.(guar.)._
134 Feb. 15 Holders of rec. Feb. la U.S. Hoffman Machinery (guar.)
*51
Mar. 1 *Holders of rec. Feb. 17
$1.25 Feb. 15 Holders of rec. Jan. 28a U.S. Realty & Improvement (guar.)
Macy (R. H.) & Co., corn. (guar.)
$1
Mar. 15 Holders of rec. Feb. 240
Common (Payable to common stock).. /5
Feb. 15 Holders of rec. Jan, 280 U.8. Rubber, 1st pref. (guar.)
2
Feb. 15 Holders of rec. Jan. 200
Manufactured Rubber, pref. (guar.).--15e. Feb. 10 Holders of rec. Jan. 31
Vanadium Corp (guar.)
75e. Feb. 15 Holders of rec. Feb. la
Massey-Harris Co., pref.(guar.)
134 Feb. 15 Holders of rec. Jan. 31
Venezuelan Petroleum (guar.)(No. D._
So Feb. 15 Holders of rec. Jan. 31
$1.50 Apr. 2 Holders of rec. Mar.16a Vulcan Last (guar.)
Mathieson Alkali Works, corn. (guar.).•75c. Apr. 2 *Holders of roe. Mar. 15
134 Apr. 2 Holders of rec. Mar. 16a
Preferred (guar.)
Stock dividend
*5
Apr. 2 *Holders of rec. Mar. 15
McCord Radiator & Mfg., cl. B (quar.). •50c. Feb. 10 *Holders of rec. Feb. 4
V. Vivaudou, corn. (Pay in eom• aka-. 1234 Mar.31 Holders of rec. Mar. 5
250. Mar. 1 Holders of rec. Feb. la Wayagamaek Pulp & Paper, corn. (qtr.). 75e. Mar. 1 Holders of rec. Feb. 15a
McIntyre Porcupine Mines (guar.)
25c. Feb. 10 Feb. 1 to Feb. 9
McKesson & Robbins, com.(quar.)- Wilcox (H. F.) 011 & Gas (guar.)
500 Feb. 10 Holders of rec. Jan. 15
250. Feb. 10 Feb. 1 to Feb. 9
Common(extra)
Wilson & Jones (guar.)
•500. Mar. 1 *Holders of rec. Feb. 24
134 Feb. 10 Feb. 1 to Feb. 9
Preferred (guar.)
Extra
*250. Mar. 1 *Holders of rec. Feb. 24
g Feb. 10 Feb. 1 to Feb. 9
Preferred (extra)
Winter (Benjamin), Inc., pref. (guar.)._ $1.25 Feb. 15 Holders of rec. Feb. 1
Feb. 15 Holders of ree. Jan. 31
Mercantile Stores Co., Inc.. corn. (q11.)- 51
Woolworth (F. W.) Co.(guar.)
$1.25 Mar. 1 Holders of roe. Feb. 1041
134 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
Wrigley (Wm.)Jr. Co.(monthly)
250. Mar, 1 Holders of rec. Feb. 20a
234 Mar. 1 Holders of rec. Jan. 17
Merrimack Mfg..corn.(guar.)
Monthly
25e. Apr. 2 Holders of rec. Mar. 20a
234 Mar. 1 Holders of rec. Jan. 17
Preferred
Zonite Products Co.(No. 1)
25c. Feb. 15 Holders of rec. Feb. 4
3734e. Feb. 15 Holders of rec. Feb. la
Miami Copper Co.(guar.)
Mid-Continent Petrol Corp.. pf. (guar.) 134 Mar. 1 Holders of rec. Feb. 15a
• From unofficial sources. t The New York Stock Exchange has ruled that stook
2
Mar. I Holders of rec. Feb. 10
MUler Rubber. pref.(quar.)
will not be quoted ex-dividend on this date and not until further notice. 5 The
Minneap-Honeywell Regul. corn.(No. 1) 62)4c Feb. 15 Holders of rec. Feb. 4
New York Curb Market Association has ruled that stock will not be quoted ex.
$1.25c Aug. 15 Holders of rec. Aug. 4
Common
dividend on this date and not until further notice.
134 Feb. 15 Holders of rec.
Preferred (guar.),(No. 1)
4
a Transfer
I Payable in preferred stook.
134 May 15 Holders of rec. Feb. 4 d Correction. books not closed for this dividend. common stock. g Payable In
Preferred (guar.)
May
e Payable in stock. f Payable in
Preferred (quar.)
134 Aug. 15 Holders of rec. Aug. 4
strip. h On account of accumulated dividends.
191 Nov. 15 Holders of rec. Nov. 3
Preferred (quar.)
Associated Gas & Electric dividends payable either In cash or class A stook
Mohawk Mining (guar.)
$1
Mar. I Holders of rec. Jan. 28
Montgomery Ward & Co.. corn. (guar.) $1
Feb. 13 Holders of rec. Feb. 2a as follows: On 56 pref. 3 40-100ths share of class A stock; on $6.50 pref. 3 69-100ths
$1
Common (extra)
Feb. 13 Holders of rec. Feb. 2a share of class A stock.
m Ex-dividend on N. Y. Curb Market Jan. 27.
•51.75 Apr. 1 *Holders of rec. Mar.20
Class A (guar.)
.51.50 Feb. 15 *Holders of rec. Jan. 14
Mulford (H. K.) Co.. corn
r Power & Light Securities Trust extra dividend is three one-hundredths of
Common (extra)
41
Feb. 15 *Holders of rec. Jan. 14
share of beneficial interest on its shares of beneficial interest.
Munsingwear, Inc.(guar.)
75e. Mar. 1 Holders of rec. Feb. 160
t Changed from monthly payment to quarterly payment.
National American Co., (quarterly)._ *50c May 1 *Holders of ree. Apr. 15
t Knox Hat (class A) dividend Is payable in prior pref. stock.
Quarterly
*50c. Aug. 1 *Holders of rec. July 15
Quarterly
*50c. Nov. 1 *Holders of rec. Oct. 15
o Called for redemption April 1.
National Biscuit, corn. (guar.)
$1.50 Apr. 14 Holders of rec. Mar.30a
Payable In class A stock.
Preferred (guar.)
134 Feb. 29 Holders of rec. Feb. 15a
to One share for each forty shares outstanding.
National Brick. Ltd., pref. (guar.)
1 Si Feb. 15 Holders of rec. Jan. 31
s Holders of record date changed from Dec. 31 to Jan. 10.
National Food Products. cl. A WO
62)40. Feb. 15 Holders of rec. Feb. 4a
National Lead. pref. A (quar.)
134 Mar. 15 Holders of rec. Mar. 2a
National Supply, corn.(guar.)
$1
Feb. 15 Holders of rec. Feb. 4a Weekly Returns of New York City Clearing House
Nelson (Herman) Corp.. stock dividend.•el
Apr. 2 *Holders of rec. Mar.16
Banks and Trust Companies.
•el
July 2 *Holders of rec. June 19
Stock dividend
*el
Oct 1 *Holders of rec. Sept.18
Stock dividend
The following shows the condition of the New York City
500. Feb. 20 Holders of rec. Feb. 3a
New Cornelia Copper (guar.)
*2
Feb. 10 *Holders of ree. Jan. 20
Clearing House members for the week ending Jan. 28. The
New Jersey Zinc
*500. Apr. 16 *Holders of rec. Apr. 2
N.Y. Transportation (quar.)
figures for the separate banks are the averages of the daily
*55
Feb. 7
Nichol Oran & MIling
.
$1.75 Apr. 1 Holders of rec. Mar. 15
results. In the case of the grand totals, we also show the
Nichols &Shepard Co.. pref.(guar.) _
Preferred (ace't worn. divIdendS)--- $5.25 Feb. 4 Holders of rec. Feb. 1
actual figures of condition at the end of the week.
15e. Mar. 1 Holders of rec. Feb. 10
Central Texas 011 (guar.)
North
$2
Apr. 2 Holders of rec. Mar. Ha
NEW'YORK WEEKLY CLEARING HOUSE RETURNS.
Omnibus Corp.. pref.(guar.)
Ontario Steel Prod., corn., 5100 par(qu.) 194 Feb. 15 Holders of rec. Jan. 31
(Stated in thousands of dollars
-that is, three ciphers LOOM omitted.)
3730. Feb. 15 Holders of ree jam. 31
Common (no par), (guar.)
191 Feb. 15 Holders of rec. Jan. 31
Prefened Mar.)
Net
$1
Feb. 15 Holders of rec. Jan. 27
Oppenhelm, Collins & Co., corn.(qu.)
Capital.Proflts4 Loans,
AO
Feb. 15 Holders of rec. Jan. 27a
Corn. (payable in corn. stock)
Reserve
Week Ended
Feb. 29 Holders of rec. Feb. 150
$1
Discount Cash
Otis Elevator, corn. (extra)
Time Ban*
with
Net
25e. Feb. 29 Holders of ree. Feb I5n
Jan.28 1928. Nat'l. Dec. 311 investPackard Motor Car, monthly
Os
Legal Demand
De- CircuState, Nov.l5 meats, Vault, Deposi- Deposits. Posits. tatLots.
250. Mar.31 Holders of rec. Mar. 15a
Monthly
250. AIM 30 Holders of rec. Apr. 14a
(000 omitted) irr.Cos.Nov.I
&a.
Monthly
tories.
250. May 31 Holders of rec. May 15a
Monthly
Members of Fed. Res] Banki Average. Average Average Average. Average Acge.
Parker Rust Proof Co.,corn.(guar.) - 37940 Feb. 21 Holders of roe. Feb. 10
.
s
35e. Feb. 21 Holders of rec. Feb. 10
Bank of N Y &
$ I
$
Preferred (guar.)
50c. Apr. 1 Holders of ree. Mar. 15
Trust Co__ 6,000, 12,690 80,740
Fender (David) Grocery, el. B
547 7,653
57,717 7,374 -13k of Manhat'n 12,5001 18,884 184,056 3,320 19,786
25e. Apr. I Holders of rec. Mar. 15
Class B (extra)
143,465 30,015 -.Bank of America 6,5001 5,425 85.307 1,042 11,32
Feb. 15 Holders of rec. Feb. 6
Penmans Ltd.. common (guar.)
51
86,209 4,06
Nat City Bank_ 75,000 71,176 886,581 4.970 87,200- '874,820150,203
Feb. 15 *Holders of rec. Feb. 1
Peoples Drug Stores, pref.(guar.)
$2
99
Phillips-Jones Co.. common (guar.).
Chemical Nat'l. 5.000 19,076 150,265 1,475 17,785
Mar. 1 *Holders of rec. Feb. 20
*51
134,510 5,023 348
Pick(Albert),Barth A Co.. part. pf.(qu.) 43910 Feb. 15 Holders of roe. Jan. 26 Nat Bk of Comm 25,000, 44.439 394,101
457 42,8411 327,385 24,666
Pillsbury Flour Mills, corn.(guar.)
400 Mar. 1 Holders of rec. Feb. 15a ChatPhN13&Tr 13,500 14,356 225,323 2,511 23,549
,
169,072 42,952 6 i86
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 154 Hanover Nat'l.) 5,000, 28.474 147,222 1,450 17,588
134,873 2,937 _Pines Whnerfront Co., cl. A A D (guar.) 75e. Mar. 1 Holders of rec. Feb. 15a Corn Exchange. limo, 16,494 206,768 4,220 24,635 170.909 30,450
Pratt & Lambert,Inc.,corn.(quar.)075e. Apr. 2 *Holders of rec. Mu. 15 National Park_ 10.006 24,719 191,884
847 18,9441 142,431 17,00
Pressed Steel Car, pref. (guar.)
lg Mar.31 Holders of rec. Mar. la Bowery & E Rio 4,0001 7,115 76.223 2,099 7,387
49,768 22.838 3,023
Procter & Gamble, corn. (guar.)
*2
Feb. 15 *Holders of rec. Jan. 25
First National_ 10.000 82,799 358,478
567 32,497 247,020 13,006 6,790
32,0001 31,015 468,148 3,124 54,488 406,319 55,217 -.*2
Preferred (guar.)
Am Ex Irving Tr
Feb. 15 *Holders of rec. Jan. 25
•16 Mar.15 *Holders of rec. Feb. 29
8,563
Pro-phy-lac-tic Brush. pref. (quar.)_ _
Continental Bk. 1,000, 1.353
128 1,162
500
6,693
Pullman. Inc. (quar.)
$1
Chase National_ 50,0001 55,674 697,919 4,797 78,002 *599,568 69,800 2,474
Feb. 15 Holders of rec. Jan. 24
500, 3,261
Pullman Company (guar.)
$1.50 Feb. 15 Holders of rec. Jan. 31a Fifth Avenue_ _
29,333
712 3,608
384
27 377 1,928 _ _17 68
.
.2
Quaker Oats, preferred (guar.)
134 Feb. 19 Holders of rec. Feb la Garfield Nat L
17,423
1,0001 1.871
538 2,714
R.8. Music, common (guar.)
•500. Apr. 16 *Holders of rec. Apr. 2
Seaboard Nat'l_ 8.0001 12,213 136,130
48
125,309 5,058
732 16,546
Preferred (guar.)
Bankers Trust_ 20,0001 41.374 388,010
*194 Mar.31 *Holders of rec. Apr. 2
912 41,025 *349,968 46,818
Republic Iron & Steel, corn.(guar.)._ - 51
Mar. 1 Holders of rec. Feb. 150 U S Mtge & Tr_ 3.000 5,497 67,617
730 8.113
61,883 3,911
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 15a Guatanty Trust 30,000 33,980 531,817 1,402 55,454 *478.368 89.929
River Raisin Paper (guar.)
Fidelity Trust__ 4,0001 3,459 47,246
20e. Feb. 15 Holders of rec. Feb. 1
594 5,541
40.814 4,151
10,000 23,539 187,876
N Y Trust
St. Joseph Lead (guar.)
50e Mar.20Mal.1
to Mar.20
143,133 30,696
704 19,247
Extra
Farmers L & Tr 10,000 21,385 143,923
250 Mar.20 Mar. 1
to Mar. 20
592 15,377 •115,304 19,547
Quarterly
Equitable Trust 30.000 25,155 292,406 1,234 31,137 *343,618 29,381
500 June 20 June 1
to June 20
Extra
25e June 20 June 1
to June 20
Quarterly
50c Sept. 20 Sept.
Total of averages383.000003,4226.003,359 39.704643,606c4,748,673715,86023,598
to Sept.20
25e Sept.20 Sept.
Extra
to Sept.20
Totals, actual condition Jan. 28 5,999,008 41,128641,907c4.723,187719,25723,874
50e Dee. 20 Dec.
Quarterly
to Dec. 20
Totals, actual colndition Jan. 21 5,989,342 40,734 621,831 c4,750,456 715,01723.535
25e Dee. 20 Dec.
to Dee. 20
Extra
Totals, actual condition Jan. 146,074.926 42,115616.728 c4,810,521 718.24623.416
50c. Feb. 15 Holders of rec. Jan. 31
St. Louis Car Co., corn.(guar.)
State Banks
•134 Feb. 15 *Holders of rec. Feb. 1
Savage Arms, 2d pref.. (guar.)
8730 Mar. 1 Holders of rec. Feb. 154 Not Membersof
Schulte Retail Stores, corn.(guar.)
8734c June 1 Holders of ree. May 15a Fed'I Rea. Bk.
Common (guar.)
87)4c Sept. 1 Holders of roe. Aug. 15a State Bank... _ 6,000 6.292 106,254 4,897 2,385
Ccmmon (guar.)
39.629 81,680
1,400 3,520
871.4e Dec. 1 Holders of rot. Nov. 15a Colonial Bank
35,003 3,526 1,641
28.0611 6,504
Common (gun)
75e. Feb. 15 Holders of rec. Jan. 31
Sherwin-Williams Co., corn.
Total of averages 6,400, 9,812 141,257 8.423 4,026
1234c Feb. 15 Holders of rec. Jan. 31
67,690 68,184
Common (extra)
194 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Feb. 15 Holders of rec. Feb. la Totals,actual condition'Jan. 28 140,799 8,231 3,716
67,127 68,033
- 2
Sinclair Consolidated 011. pref.(guar.)
500. Mar. 15 Holders of rec. Feb. 15a Totals,actual condition Jan. 21 141,707 8,220, 5,4131
69,362 68,340
Skelly 011 (guar.)
Totals,actual condition Jan. 14 145.900 8,2131 4,0411
Feb. 15
71,971 68,636
Square Deal Investment Corp., stk. div. *5
,
4- 666
'
Average Averag Average Average Average As ge
Trust Co's
5
5
Notblembersof
Res. Bk.
Ferri
40,928 1,883
68,645 1,735 4,413
Title Guar & Tr 10,0001 21,171
20,172 1,749
966 2,110,
Lawyers Trust. 3,000 3,602 25,540
Total of averages 13.0001 24,773
Totals. actual co nditionlJan. 28
Totals,adual co ndttion kan. 21
Totals,actual co million Jan. 14
1
94,185
93,952
96,112
94,753
6,5321
2,701
2,535
2.820
2,856
6,8621
7,1631
6,6621
61,100
60,984
62,717
62.251
Gee aggr..°leas 402,400638,0376,238,801 50,828654,1641 4,877,463787,67623,598
Comparison wit h prev.iweek _ -26,389 -43-11,470' -63,682 -158 +75
Gr'd aggr., ad' ond'n an. 286,233,739 51.894652.485 4,851,298790,948 23,874
Comparison wit prev.Week. _ +6,578 +120 +18078 -31,237 +3,977 +339
Ged aggr., ad' ond'n Jan. 216,227,161
Gr'd agar., act' ond'n Jan. 146.315.587
Gr'd aggr., act' ond'n Jan. 76.444,863
Gr'd
sal ond'n Dec.31 6,597,933
or'd env.. curl ond'n Dec.24 6,205,670
51,774834,407
53,184027,431
59,511605,702
58,392637,837
68.546664,781
4,882.535786,971 23,535
4,944,743 790,41423.416
5,022,767 794,46923,564
5,193,108 768,110 23,524
4,861,625 747,78123,645
Note.
-U. S. deposits deducted from net demand deposits In the general totals
above were as follows: Average total Jan. 28. 321,703,000. Actual totals. Jan. 28.
820,067,000; Jan. 21.823,448,000: Jan. 14, 329,334,000; Jan. 7, 836,635,000; Dec.
31, 548,052,000; Dec. 24, $50,051,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Jan. 28, $834,982,000; Jan. 21, 5807.204,000;
Jan. 14. 8862,620,000; Jan. 7, 5890,035,000; Dec. 31, $891,128,000; Dec. 24, 5830.487,000. Actual totals Jan. 28, $871,244,000; Jan. 21, 5796,808,000; Jan. 14.
$816,893,000; Jan. 7, 3856,564,000; Dec. 31 .5865,148.000; Dec. 24, 5883,220,000.
•Includes deposits in foreign branches not Included In total footings as follows:
National City Bank, 8252,498,000; Chase National Bank. $14,233,000; Bankers
Trust Co., 546,151,000; Guaranty Trust Co.. 876.775,000; Farmers' Loan & Trust
Co., $2,902,000; Equitable Trust Co.. $112,578,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, 839,072,000;
Chase National Bank, $1,961,000; Bankers Trust Co., $904,000; Guaranty Trust
Co.. $3,231,000; Farmers' Loan & Trust Co., $2,902,000; Equitable Trust Co.,
$5,835,000.
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:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks.
Trust companies*._ _
Total
Total
Total
Total
Jan. 28..__
Jan. 21....
Jan: 14_ __
Jan. 7- __
Total
Reserve.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Reserve
Required.
643.606,000 643.606,000 638,803.290
8,423,000 4.026,000 12,449,000 12,184,200
2,701,000 6,532,000 9,233,000 9,165,000
Surplus
Reserve.
$
4,802,710
264.800
68,000
11,124,000 654,164,000 665,288,000 660,152,490 5,135,510
11,404,000 665.634,000 677,038.000 668.506.540 8,531,460
11,493,000 677.295,000 688,788,000 676.089,070 12.698,930
11,463,000 697,319,000 708,782,000 699,755.520 9,026,480
• Not members of Federal Reserve Bank.
I, 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:
Jan. 28, $21,475,800; Jan. 21, $21,473.880; Jan. 14, $21,469,950; Jan. 7, $21,252,300; Dec. 31. 520,387,940; Dec. 24. 819,794,210,
Week EndedOct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov.26
Dec. 3
Dec.10
Dec. 17
Dec. 24
Dec. 31
Jan. 7 1928
Jan 14
Jan. 21
Jan. 28
Members Federal
Reserve Bank.
banks*
Trust companies.._ _
State
Total Jan.
Total Jan.
Total Jan.
Total Jan.
28....
2L...
14_ _ _
_
7 __
8,231,000
2,535,000
Total
Reserve.
a
Reserve
Required.
Reserve in
Depositaries.
$
5,897,049,400
5,971.040,300
5.903,629.300
5,952.316,600
5,960,174,600
6,030,524.900
6,056,967,900
6.148.900,500
6,183,811.700
6,266.367,500
6,286.819,400
6,292,581.100
6,261.887.800
6,324.178.700
6,578,552.700
6,403,172,400
6,336,686.500
6.279.035.900
3
82,314.800
83.304,200
86,248.000
82.589,900
84.457,300
83,515.500
87,395.500
85,950,800
86,031.600
86,962,900
89,085,500
97.111,000
105.223.300
98,285,100
90,382,500
87,029,800
79.986.800
78.740.100
$
760,172,600
774.359,100
770.304,400
777,194,400
773.177.400
791,129,000
778.667.000
802.801.300
800.450.800
818,811.500
811.488,000
822,545,300
803.138.600
825,703,100
873.495.100
842,208,300
832,138.000
814.959.800
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
.
CLEARING HOUSE.
(Stated in thousands of dollars. *ha is, three cipher+ (000) omitted.)
CLEARING
NON-MEMBERS Capital. ,
Week Ending
Jan. 28 1928.
Member of
Fed'I Res've.Bank
Grace Nat Bank__ _
Trust Company
Not Member of the
Federal Reserve Bank
Mach Tr, Bayonne.
1,000
r"ins.
Discounts.
Nei
Profits. Investmenu.
&c.
2,003
Surplus
Reserve.
10,768,000 652,485,000 663,251,000 656.822,480 6,428,520
11,040,000 634,407,000 645,447,000 660,902,500 15,455,500
11,069,000 627,431,000 638,500,000 669,207,540 30.707.540
11,296,000 605,702,000 616,998,000 679,372.630 62,374.630
• Not members of Federal Resrve Bank.
•This Is the reserve required on net demand deposits In tile 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:
Jan. 28, 521,577,710; Jan. 21, $21,450,510; Jan. 14, 821,547,380; Jan. 7, 521,654,450; Dec. 31, 820,840,130; Dec. 24, 820,251,410.
State Banks and Trust Companies Not in Clearing
--The State Banking Department reports weekly
Ho use.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department)
Differences from
Previous Week.
Jan. 28.
81,458,381,000 Inc.$13,5138,900
Loans and Investments
5,040,600 Dec. 295.100
Gold
22,871,500 Dec. 908,600
Currency notes
115,358.100 Dec. 3.839,700
Deposits with Federal Reserve Bank of New York_
1,487,790,100 Dec. 1,364,600
Time deposits
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companics in N.Y.City, exchanges & U.S. deposits. 1,400,572,903 inc. 5,031,400
188,707,000 Dec. 6.911,900
Reserve on deposits
Percentage of reserve, 20.6%.
RESERVE.
-State Banks
-Trust Companies
$35,607,100 16.80%
$107,663,100 15.30%
Cash in vault
34,541.300 4.91%
Deposits In banks and trust cos.... 10,896,400 5,14%
0
Se/ 45111
546.503,500 21.94%
5142,204,400 20.21%
Total
deposits with the Federal Reserve Bank of New York, which for the
•Includes'
cnnbined on Jan. 23 was $115,358,100.
State banks and trust companies
Reserve
Net
Net
with
Legal Demand Time
Dorval- Deposits. Deposits.
tortes.
Cash
in
Vault.
Average. Average. Average. Average.' Average.
$
$
4,287
9,711
1,492
92
17,431
500
745
9,423
326
1,500
Gr'd aggr., Jan. 28
Comparison with prey. week
2,748
26,854
+1,239
418
-46
ord agar.. Jan. 21
2,748
2,747
2,747
2,682
25,615
25,889
26,248
25,832
464
530
511
418
Gr'd aggr., Jan. 14
Gr'd aggr., Jan. 7,
Gr'd aggr., Dec. 31
1,500
1,600
1,500
1,500
3,473
5,788
1,683 a13,184
+198 +1,200
10,075
+9
191
1,485
1,523
1,558
1.447
11,934 10,066
13,247 10.003
13,637, 9.917
12.7801 9,749
a United States deposits deducted, $69,000.
Bills payable, rediscounts, acceptances and other liabilities, $3,569,000. Excess
In reserve, $7,300 increase.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Feb.1
1928.
8
641,907,000 641,907,000 635.592,020 6,314,980
3.716,000 11,947,000 12,082,860 -135,860
249.400
6,862,000 9,397,000 9,147,600
Total Cash
in Vaults.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns"in the foregoing:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Demand
Deposits.
$
7.304,600.300
7.406,023.400
7,315,962,900
7.307.457.600
7,322,436,700
7,369,553,800
7.421.396,000
7.501.257,200
7,526,722.000
7,601,347,100
7,587,309,500
7,567,275,900
7,632,582,400
7,757,544,200
8,004,166,800
7.818,901.000
7,709,982,100
7_697_182_000
3,632
3,658 ._ 3,614
,
-The
Banks and Trust Companies in New York City.
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:
$
Capital
78,400,000
Surplus and profits_ _
94,215,000
Loans,(Meta & invest. 1,102,933,000
Individual deposits.... 705,557,000
Due to banks
166,531,000
Time deposits
274,832,000
United States deposits_
7,533.000
Exchanges for Cl'g Erse
35.580,000
Due from other banks
85,740.000
Ites've in legal deposles
86,722,000
Cash in bank
10.356,000
1 lot anti
Res'w.rxrevat in V 12 RV
Jan. 25
1928.
Changes from
Previous Week.
;u5u5uutv;tf
Rp8p8RapR
,
gn
"
'!tZtt=i74:1:gEir
PPP5.S4:4P°'.aa
inn=
Net
Reserve
Capital.Profits. Loans,
Time Bank
Net
with
Discount, Cash
Week Ended
OenDeLegal Demand
in
Jan.28 1928. Nat'l, Dec. 31 InvestState, Nov. 15 ments, Vault. Deposi- Deposits. posits. ation.
etc.
tories.
(000 omitted) Tr.Cos.Nov. 15
_
681
FINANCIAL CHRONICLE
FEB. 4 1928.]
Jan. 18
1928.
1
$
78,400,000
78,400,000
94.215,000
94,215,000
1,103,498,000 1,114,182,000
704.412.000 722.363.000
168,541,000 182.005,000
276,012,000 279.708,000
5,505,000
10,299,000
40,065.000
32,247,000
98,619.000
88,435,000
88.032.000
86.612,000
11.087.000
10,789,000
651.000
832.000
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Jan. 28, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Jan. 28 1928.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
Jan. 21
1928.
Jan. 14
1928.
Total.
81.800,0
61,800.0
61,800,0
9,500,0
Capital
52,300,0
17,449,0 183,289,0 183,289,0 183,289,0
Surplus and profits_ _ _ _ 165,840,0
Los, dIsc'ts & invest._ 988,079.0
97,134,0 1,085,213,0 1,106,970,0 1,119,911,0
45,753.0
38.945,0
38,387,0
807,0
Exch. for Clear. House
37,580,0
98,195.0 100,655,0 101.219,0
Due from banks
295,0
97,900,0
3,834,0 145,198.0 150,853,0 152,156,0
Bank deposits
141,364,0
49,322.0 674,189,0 693,798.0 707.493.0
Individual devostw
625,567,0
26.687,0 221,615,0 217,988.0 217.052,0
Time deposits
194,928,0
79,843,0 1,041.702,0 1,062,639,0 1,076,701,0
Total deposits
961,859,0
9.362,0
9,179,0
8,804,0
8,804,0
Res. with lentil depos.
74,084,0
74,336,0
71,997,0
Res. with F. R. Bank.
71.997,0
12,985,0
12.413,0
12,268.0
2,750,0
Cash in vault
9,518,0
96,431,0
95.928,0
93,069,0
11,554,0
Total res. & cash held_
81,515,0
83,257,0
82,260,0
80,466,0
9,809,0
Reserve required
70,657,0
Excess reserve & cash
13.668,0
13,174.0
12,603,0
1,745,0
in vault
10.858,0
• Cash in vault not counted as reserve for Federal Reserve members
682
FINANCIAL CHRONICLE
[Vol,. 126.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 1, 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) give sdetails regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 649, 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 JAN. 31 1928.
Feb. 1 1528. Jan. 25 1928 Jan. 18 1928. Jan. 11 1928. Jan 4 1928. Dec. 28 1927. Dec. 21 1927. Dec. 14 1927.1 Feb, 2 1927.
RESOURCES.
S
$
3
9
9
8
$
$
$
1,419,336,000 1,465,875,000 1.530.476,000 1,524.657,000 1,477.638.000 1.469,255,000 1,505,098,000 1,585.009.000 1,552,754,000
Gold with Federal Reserve agents
46.973,000
47,455,000
53,955.000
51,447.000
Gold redemption fund with U.S. Trees_
51,068,000
54.681,000
53,925,000
52,926,000
47.952.000
Gold held exclusively agst. F. R. notes 1,466.309.000 1.513.330.000 1,584,431,000 1,575,725.000 1,529.085.000 1,523,936.000 1,559,023.000 1.632.961.000 1,605,680,000
697,839,000 636,954,000 551,153,000 572,502.000 594.958.000 595.110.000 554,358,000 487,463.000 594,679,000
Gold settlement fund with F.R. Board
Gold and gold certificates held by banks_ 634,830,000 668,794,000 672,044.000 659,672.000 618,458,000 620,054,000 628,942,000 671.778,000 761,504,000
Total gold reserves
Reserves other than gold
2,798,978,000 2,819,078,000 2,807,628,000 2,807.899,000 2,742,501.000 2,739,100,000 2,742,323,000 2 792.202.0002,96t,863,000
171,652,000 168,956,000 167,934,000 159,324,000 146.719.000 123,096,000 115,219.000 125.764.0001 166,786,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2.570,630,000 2,988,034,000 2,975,562,000 2,967,223.0002,889.220.000 2.862,196,000 2,857.542.000 2,917,966.000 3,128,649,000
84,434,000
92,538,000
93,146,000
94,118.000
81.352.000
69.647,000
55.211,000
56,310,000
71,849,000
296,528,000
126,504,000
262,785,000
122,439,000
284,781,000
127,278,000
297,370,000
141,771,000
350.933,000
169.946.000
411.824.000
197,385.000
390.830.000
187.326,000
347,586,000
147.387.000
203,661,000
189,610,000
393,271,000
329,072,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
423,432,000
377,393,000
385,224,000
347,305,000
412,059,000
369.035,000
439,141,000
392.567.000
520,879.000 609,209,000
387,131,000 385,527.000
578,156,000
365,722.000
494.973,000
381,125,000
61,901,000
233,082,000
138,078,000
56,184,000
244.266.000
140.447.000
65,033,000
243,857,000
190.478,000
226.765.000
100,581,000
217,917,000
293.322,000
104.583.000
229,498.000
287,748,000
82,531.000
252.849.000
276,390,000
53.907.000
257,655.000
Total U. S. Government securities...
Other securities (see note)
433,661,000
500,000
440,857.000
500.000
499,368.000
500.000
545,263,000
760,000
627.403.000
880.000
603,126.000
980,000
587.952.000
980.000
270,980,000
53,351,000
59,245,000
93,320,000
267.670.000 157,208,000
--- 597,895.000 303,879,000
950,000
2,500,000
Total bills and securities (see note)... _ 1,234,986,000 1,173,926,000 1,280,962,000 1,377,731.000 1,536,293,000 1,598.842.000 1,532,860.000 1.474.943,000 1,028,722,000
568.000
Gold held abroad
621,207,000
568.000
568,000
Due from foreign banks (see note)
566,000
566,000
568.0000
569,000
657,000
568,000
58,755,000 618,190.000 705,805,000 670,056.000 860.067.000 728,018.000 759,246.000 828,912.000 636,827,000
Uncollected Items
10,455,000
58,731,000
Bank premises
58,724,000
57,972.000
58,122,000
60,185.000
60.190.000
58,269,000
60.176,000
10,515.000
11,122,000
All other resources
15,043.00(1
14,888.000
14.383,000
14.462.000
12,195,000
14,759.000
4,981,035,000
4,942,522,000 5,126,861,000 5,181,732.000 5.440.513.000 5,333.839,000 5,280,080.000 5.353,632,000 4,937,168,000
Total resources
LIABIT.ITIES.
1,576,985,000
1,584,922.000 1,623,785,000 1,679,624.000 1.760,710.000 1,813.198,000 1,821,332,000 1,766,735,000 1,686,515,000
F. R. notes in actual circulation
2,404,673,000
Deposits:
24,006.0002,354,712.000 2,431,764.000 2,473,358,000 2,485,757.000 2,431,845,000 2,394,335.000 2.418,572.000 2,241,946,000
Member banks-reserve account
5,045,000
Government
21,78)3.000
15.752.000
17,134.000
15.160.000
16.680.000
32,768,000
15,425,000
4.040.000
18,178,000
5.806.000
Foreign banks (see note)
5,658,000
5.652.000
4,825,000
4,423,000
4,866,000
4.338,000
4.473.000
--19,310,000 - 19.061,000
Other deposits
29.138,000
22,126.000
20.328.000
18,631,000
19,905.000
20.894.000
2,451,902,000
-573,990.000 2.401,614.000 2,471,643,000 2,517,443.000 2.536.299,000 2.473,276.000 2,434.003,000 2,447.979,000 2,298,211,000
Total deposits
134,440.000 577,945,000 654.526.000 609.065,000 768.1350.000 666.322.000 044.451.000
Deferred availability items
587,680,000
233,319,000 134.209.000 133,775.000 132.585,000 132,512.000 132,460.000 132,403.000 758.776.000 125,748,000
Capital Paid In
10.399,000 233,319,000 233.319,000 233,319,000 233,319,000 228.775.000 228.775,000 132,315.000 228,775.000
Surplus
228.775.000
10,513.000
All other liabilities
9.813,000
8,823,000
9,696,000
19,808,000
10,289,000
19,116.000
19,052,000
4,981,035,000
Total liabilities
4,942,522,000 5,126,881,000 5,181,732,000 5,440.513,000 5,333,839,000 5,280,080,000 5,353,632.000 4,937,168,000
Ratio of gold reserves to deposits and
60.5%
F. It. note liabilities combined
70.7%
68.6%
66.9%
63.9%
63.8%
64.4%
74.3%
86.2%
Ratio of total reserves to deposits and
73.7%
F. It. note liabilities combined
73.0%
72.7%
67.2%
70.7%
66.8%
67.2%
78.5%
69.2%
Contingent liability on bills purchased 237,364,000
for foreign correspondents
231,881,000 232.291,000 233,812,000 232,181,000 226,904,000 223,870,000 201.112.000
77,780,000
Distribution by Maturitiess
$
$
a
$
$
$
$
$
1-15 days bills bought In open market. 122.331,000 122,510.000 149.752.000 172.388.000 182,427.000 172.348.000 141,772,000 153,976,000
153,851,000
1-15 days bills discounted
318,991,000 347,115.000 372,923,000 449,909.000 537.482.000 515,415.000
362.922,000
438.526.000 296.490,000
1-15 days U. S. certif. of Indebtedness_
5,000,000
93.000
1,606.000
93,000
15,272,000
20.851.000
22.479,000
48,165.000
1-15 days municipal warrants
100.000
100.000
100.000
73.298,000
73,182,000
72,232,000
80,578,000 102,698,000 110.201.000
16-30 days bills bought in open market..
93,787,000
99,627.000
88,522,000
14,912,000
15,929.000
18,059,000
16-30 days bills discounted
15,342,000
14.383,000
18,330,000
26,748,000
16.835.000
20.455.000
35,473.000
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
20.000
120.000
120.000
100.000
74,684,000
. 97,967,000
67.676,000
75,568,000
79.449,000
31-60 days bills bought in open market
78.434,000
60,322,000
98.268.000 107.092,000
26,751,000
22,552,000
28,255.000
27.010,000
31-60 days bills discounted
27,294.000
26.892,000
38,881,000
20,781.000
19,288.000
57,519,000
55,577,000
90,841,000
31-60 days U. S. certif. of indebtednessmunicipal warrants
31-60 days
90.000
73,660,000
. 80,845,000
26.341.000
57.376.000
61-90 days bills bought in open market
23,207,000
16,810,000
29.673.000
24.786,000
17,352,000
15,571,000
17,995.000
75.015,000
16,186.000
61-90 days bills discounted
18,617,000
21,560,000
13,368.000
11,844,000
14.264.000 105,220,000 114,569.000 153,370.000 157,098.000
61-90 (lays U. S. certif. of Indebtedness_
61-90 days municipal warrants
3.269,000
4,0)8,000
2,776.000
2.099.000
Over 90(lays bills bought in open market
1.337.000
4,302,000
1.862.000
1,319.000
7.318,000
3,294,000
7.906,000
6,458,000
8.355,000
Over 90 days bills discounted
7,888.000
9,592,000
8.480.000
8.137.000
82,835,000
7,083,000
78,101,000
27.738,000
77.850,000
Over 90 (lays certif. of Indebtedness
78,628.000
12,225.000 221,505,000 157,208,000
99,544.000
Over 90 days municipal warrants
-F. R.. notes received from Comptroller__ 2,924,622.000 2,945.157.000 2.971,203,000 2.991,317,000 3.020,347.000 3,043,440.000 3.037,792.000 3,017,610.000 2,954,551,000
900,570,000 900.551.000 845.755,000 817.415.000 801,857.006 779.860.000 776,640,000 704,750,000 865,848,000
F. R. notes held by F. R. Agent
2,024,052,000 2,044,606,000 2,125.448,0 2,173,902,000 2,218.490,000 2,263,580.000 2,261,152,000 --Issued to Federal Reserve Banks
2.222.860.000 2,088,703.000
How Secured
•
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board- By eligible paper
405,495,000
112,742,000
901,095,000
765,210,000
414,240.000 411,341,000 408.950.000
97.197.000 100,781.000
107.902.000
943,733.000 1,021,938.000 1,014,926,000
704.650,000 755,142.000 808,940.000
407.951,000
105,359.000
964,328.000
873.849.000
407,928 000
106.794.000
954.533.000
938.890.000
406,579,000 405,778.000 357,927,000
96,904,000
100.483,000
99,126,000
000
998,036,000 1,080.105.000 1,097,923,
907.392.000 826.502.000 694,440,000
. .
. .
, .
.
•
• '
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. "Ail other earning assets." Previously made tiP of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to -Total bills and securities." The latter Item was adopted as a more
description of the total of
the discounts, acceptances and securities acquired under the Provision of Sections 13 and 14 of the Federal Reserve Act, which, It wasaccurate
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. 1 1928.
Two ciphers (00) omitted.
Federal Reserre Bank of
-
Total.
Boston.
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,419,336,0 108,148,0
Gold red'n fund with U. S. Treas.
46,973,04,376,0
Gold held excl. nest. F. It. notes 1,466,309,0 112,524.0
Gold settle't fund with F.R.Board 697,839,0 29,057,0
Gold and gold certificates
634.830,0 33,952,0
Total gold reserves
Iteserves other than gold
2,798,928,0 175,533,0
171.652,0 14,425,0
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago, St. Louis. Vinneap, Kan.Cily. Dallas, ISanlran.
S
$
$
$
$
$
$
$
$
299,259,0 96,392,0 181,125,0 45,503,0 128,171,0 226,927,0 33,527,0 47,123,0
53,616,0
14,657.0 5,403,0 3,418,0 2,190,0 2.202,0 3,947,0 2,732,0
1,782,0 2,111,0
313,916,0 101,795,0 184,543,0 47,653,0 130.373,0 230,874,0 36,259.0 48,905.0
55,727,0
309,145,0 36.094,0 45,040.0 13,320,0 13,583,0 134,161,0 18,361,0 18,097,0
345,0
396,3[10,0 24,113,0 43,716,0 9,716,0 7,985,0 55,021,0 13,324,0 5.070,0 25
7,81 ,0
9
1,019.451,0 162,002.0 273,299.0 70,729,0 151,941,0 420,056.0 67,944.0 72,072.0 88,891,0
32,586.0 11,839,0 14,132,0 11,095,0 15,859,0 21.142,0 15,281,0 4,804,0
7.604,0
2,970,630,0 189,958,0 1,052,037,0 173,841,0 287,431,0 81.824,0 167,800,0 441,198,0 83.225,0 76.876,0
Total reserves
84,434,0 8.581,0
28,852,0 2,334,0 5,988,0 8.083.0 4,586,0 8,761,0 4,727,0
1en-reserve cash
1,197,0
311Is discounted:
Sec. by U. S. Govt. obligations 296,528,0 17,207,0 100,623,0 36,261,0 29,287,0 10,687,0 5,692,0 27,335,0 7,760,0 2,191,0
13,671,0 12,064,0 4,705,0 18,481.0 20.588,0 12,434,0 11,090,0
126,904,0 18,384,0
bills discounted
Other
1,570,0
--423,432,0 35,591,0 114,294,0 48,325,0 33,992,0 29,168,0 26,280,0 39,769,0 18,850,0 3,761,0
Total bills discounted
377,393,0 38,768.0 103,615,0 29,134,0 33,417,0 26,692,0 10,825,0 57,961,0 13,821,0 14,211,0
3111s bought in open market
J. S. Government securities:
61,901,0 1,094,0
5,211,0
944,0 1,171,0 1,286,0
159,0 20,913,0 7,3/10,0 4,692,0
Bonds
233,082.0 12,993.0
48,685,0 19,522,0 39.087,0 4.494,0 5,595.0 27,433.0 18,068,0 9,558,0
7reasury notes
37,800,0 15,779,0 11,082,0 3,180,0 4,630,0 19,743,0 7,448,0 4,599,0
138,678,0 9,194,0
ertlficates of Indebtedness
All RR' n 92 9521 n
ol 090 n 28 94% n AI 3.in n g nen n in 154 0 RR 080 n (,Ong. ,0 ..... n
3
I
$
28,358,0'171,187,0
0
1,439,01 2,716,
25,797,0 173,903,0
0
21,611,0 34,025.
0
7,898,0 29,826,
4,
55,306,0 237,75 0
10,554,0 12.331.0
96.405,0 60,860,0290,086,0
2,434,0 3,583,0 5,310,0
7.929,0
6,215,0
2,057,0 49,499,0
2,431,0 5,271,0
14,144,0 4,488,0 54,770,0
13,738,0 18.282,0 16,929,0
481,0
10,479,0 8.091,0
12,221.0 11,314,0 24,112,0
6.462,0 10,240,0
8,621,0
u, 00, n 05 507 0 24833.0
683
FINANCIAL CHRONICLE
FEB. 4 192,8.]
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
Total.
New York.
$
ither securities
Total bills and securities
hie from foreign banks
incollected Items
lank premises
di other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas, San Fran.
Phila.
$
3
$
500,0
3
$
$
$
3
$
500,0
$
$
$
309,615,0 113,704,0 118,749,0 64.820,0 47,489.0 165,819.0 65,567,0 37,321,0 59,103,0 48,637,0 106,532.0
18,0
17,0
13,0
35,0
21,0
46,0
51,0
25,0
21,0
216,0
68,0
171,700,0 50,925,0 56,155,0 47,701,0 26.286,0 73,137,0 29,874,0 10,671,0 35,297,0 24,677,0 32,880,0
16,516,0 1,756,0 6,865,0 2,890,0
2,829,0 8,615,0 3,791,0 2,202,0 4,308,0 1,785,0 3,374,0
460,0
525.0
632,0
731,0 1,101,0
190,0
1,066,0
398,0 1,379,0 1,289,0
2,598,0
1,234,986,0 97,640,0
568,0
37,0
621.207,0 61,904,0
58,755,0 3,824,0
10,455,0
86,0
Total resources
4,081,035,0 362,030,0 1,581,524,0 342,796,0 476,303,0 205,741,0 251,390,0 698,887,0 187,936.0 129,381,0 198,115,0 149,084,0 398,848,0
LIABILITIES.
r'. R. notes in actual circulation_ 1,576,985,0 124,095,0 344,481,0 120,486,0 193,772,0 68,050,0 133.856,0 229,549,0 53,287,0 55,844,0 61.420,0 40.089,0 152,056,0
)ePosits:
Member bank-reserve AWL_ 2,404,673,0 148,939,0 958,445,0 138,264,0 138,087,0 81,247.0 74,089,0 346.389,0 86,282,0 52,033,0 89,572,0 69,661.0 181.665,0
679.0
979,0 1,122,0 1,078,0
1,201,0 1,785,0 2,448,0
827,0
10.307,0 1.124,0 1,310,0
Government
24,006,0 1,146,0
161,0
328,0
165,0
124,0
638,0
197,0
1,750,0
436,0
477,0
234,0
193,0
Foreign bank
5,045,0
344,0
76,0 4.228,0
792,0
246,0
361,0
131,0 1,015,0
142,0
93,0 1,067,0
9,823,0
Other deposits
18,178,0
204,0
Total deposits
)eferred availability items
)apital paid in
urplus
,llother liabilities
980,325,0 139,955,0 190,889,0 72,824,0 76.160,0 350,542,0 87,667,0 53,382,0 91,651,0 70,976,0 186,898,0
149,303,0 47,110,0 52,319,0 45,462,0 24,864,0 65,757,0 30,555,0 9,285.0 31,272,0 24,881,0 33,617.0
41,846.0 13,218,0 14.124,0 6,247,0 5,171,0 18,097,0 5,340,0 3,025,0 4,251,0 4,265,0 9,452,0
63,007,0 21,662,0 24,021,0 12,324,0 9,096,0 32,778.0 10,397.0 7,039,0 9,046.0 8,527.0 16.629.0
346,0
196,0
475,0
834.0
806,0
2,562,0
365,0 1,178,0
343,0 2,164,0
690,0
2,451,902,0 150,633,0
573,990,0 59,565,0
134,440,0 9,404,0
233,319,0 17,893,0
440.0
10,399,0
Totalliabilities
4,981,035.0 362,030,0 1,581,524,0 342,796,0 476,303,0 205,741,0 250,390,0 698,887,0 187,936,0 129,381,0 198,115,0 149,084,9 398.848,0
Memoranda.
73.8
62.9
74.7
58.1
63.0
70.4
79.4
66.7
79.9
76.1
59.0
teserve ratio(percent)
69.2
73.7
)ontingent liability on bills pur67,054,0 22,534,0 24,669,0 12,097,0 9,963,0 32,971,0 10,200,0 6,404.0 8,539,0 8,302,0 16,841,0
chased for foreign correspond'ts 237,364,0 17,790,0
P. R. notes on hand (notes reed
from F. R. Agent less notes In
. 447,067,0 32,120,0 133,825,0 43,906,0 39,865,0 21.742,0 30.185,0 46,667.0 7,375,0 5,256,0 9.013,0 9.438,0 67,675.0
circulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEBRUARY 1 1928.
Federal Reserve Agent at-
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Two ciphers (00) omitted.
$
$
F.R.notes rec'd from Comptroller 2,924,622,0 235,435,0
F.R.notes held by F. R. Agent__ 900,570,0 73,220,0
$
$
$
$
$
3
3
$
$
3
3
770,386,0 197,892,0 278,317,0 115,391,0 226,421,0 462,516,0 77,832,0 82,789,0 109.253,0 70,159,0 298,231,0
292,080,0 33,500,0 44,680,0 25,599,0 62,380.0 186,300.0 17.170.0 21,689,0 38,832.0 20,632,0 78,500,0
156,215,0
478,306,0 164,392.0 233,637,0 89,792.0 164,041,0 276,216,0 60,662,0 61,100,0 70,433,0 43.527,0 219,731.0
35,300,0
14,848,0
58.000,0
74,359,0
8.358.0 40,000.0
42,600,0 31,020.0 20,000,0
205,150,0
8,900,0 14.167,0
19,019.0 10,015,0 13,525,0 7,983,0 8,671,0 1.927,0 2,127,0
958,0 4,756,0 13,000,0 15.825,0
75,000,0 86,377,0 125,000,0 6,500.0 99,500.0 225,000.0 22,500,0 32,000,0 48,860,0 7,000,0 115.263,0
200,721.0 70,302,0 64,857,0 49,071,0 36,622.0 97.565,0 32,481,0 17,725.0 27,753,0 22.589,0 7,165.0
2 104 Ms 0 Ion 01570
499.000.0 166.694.0 245.982.0 94.574.0 164.793.0 224 402 0 An(m0 n 04 0400 $11.360.0 50.947.0 242.352.0
F. R. notes issued to F. It. Bank- 2,024,052.0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates__ 405,495,0
Gold redemption fund
112.742,0
Gold fund-F.R. Board
901.099,0
Eligible paper
765,210,0
TWAlredlittarn,
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 652 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 Dee. 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 650, immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JANUARY 25, 1928. (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phito.
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan.City' Dallas. San Fran.
-total
:Alma and Investments
$
$
$
$
$
21,702,762 1,505,930 8,386,951 1,208,205 2,098,955
$
703,932
$
$
619,726 3,151,929
$
729.952
5
378,880
,oans and discounts-total
15.199,703 1,034,990 5,984,909
$
ss
845,080, 437,543 1,915,679
780,790 1,385,646
526,532
492,122 2,260,595
514,552
246,147
48,512
6,121
382,281 2.941,504
646,588 2,914,893
8,348
424,904
347,538
15,681
615,871
754,094
3,354
164,610
358,563
5.230
19.149
118,826 998,908
368,066 1,242,538
4,034
209,630
300,888
2,304
77,766
166,077
422,620
_
3,313
124,970
294,337
3,347
86,820
245,365
4,803
340,784
949,881
6.563,059
470,940 2,462.042
427,415
713,309
177,400
127,604
215,400
132,733
222,460
102,011
620,411
._
U. S. Government securities_ . 3,016,510
Other bonds,stocks and securities 3,546,549
176,098 1,203,053
294,842 1,258,989
120,768
306,647
317.065
396,244
79,117
98,283
61,697
65,907
387,308
504,026
85,755
129,645
69,557
63,176
104,682
117.778
71,192
30,819
340.218
280,193
787,851
65,098
83,662
14,601
130,763
30,174
44,206
12,492
42,968
10,917
263,274
41,633
51A53
7,099
25,400
5,766
56.386
11,949
33,200
9,315
113,960
20,975
Secured by U.S. Gov't obliga's__
123,996
Secured by stocks and bonds.. _ 6,486,874
All other loans and discounts__ 8.588,833
Invetaments total
-
Reserve balances with F. R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,733,719
249,337
100,596
19,318
891.334
335,532 1,295,268
13,781,004
6,661,646
80.766
958,748 6,084,710
485,203 1,628,116
26,945
6,998
772,560 1,072,520
299,124 900.410
6,962
8,109
395,096
244.960
2,797
344,281 1,879,626
240,692 1,203,444
4,382
6,819
431,636
246,919
1,500
220,737
138,420
695
491.061
163,767
1,729
302,298
116,400
4,435
827,731
994,191
9,395
1,186,358
3,595,885
65,544 137,547
166,129 1,385,175
58,388
178,491
112.979
269,289
56,231
128,199
77,639
128,811
214,123
514.818
58,431
157,151
46,439
97,485
126,802
226,644
62.844
115,454
169,391
228.239
27.867
8,158
1.520
7,219
3.692
46,990
3,725
3,494
1,645
2,047
45,419
1,571
115
45
5'
Borrowings from F. It. Bank-total
260,602
3,855
92,725
9,583
25,253
15.094
18,646
Secured by U.S. Gov't oblIga'ns.
AU other
193,737
66,865
888
2,967
76.199
16,526
7,150
2,433
20,615
4,638
6,965
8,129
6,568
12,078
17,600
10,267
5443
2,715
1,520
052
20
83
48
71
An
99
..‘ 4
WI
94
nr,,a,h, of renorting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Jan. 31 1928, in
comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. It. Board..
Gold and gold certificates held by bank_
Taal gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations__
Other bills discounted
Total bills discounted
Bills bought in open market
-U.S. Government securities
Bonds
notes
Treasury
Certificates of indebtedness
Total U.S. Government securities__
Total bills and securities (See Note).
Feb. I 1928. Jan. 25 1928. Feb. 2 1927.
s
299,258,000 324,359.000 394.075.000
12.666,000
11.327.000
14,657,000
313,916,000 335,686.000 406,741,000
309,145,000 235.079.000 152,167,000
396,350,000 422.130.000 500,023,000
1,019,451,000 992.895.000 1,058,931,000
32.051.000
33,407,000
32,586,000
-1,052,037,000 1,024.946.000 1,092,338,000
23,149,000
28,852,000
31,538,000
100,623,000
13,671,000
91.326,000
23.747,000
61,553,000
15.190,000
114,294,000
103,615,000
115,073,000
79.983,000
76,743,000
92,706,000
5,212,000
48,685,000
37.799.000
3,384.000
48,136,000
33,910,000
2,156,000
1.2,557,000
39,405,000
91,696,000
85,430.000
54,118,000
30,605,000
280,486.000
223,567,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Feb. 1 1928. Jan. 25 1928. Feb. 2 1927.
$
$
$
216,000
171,700,010
16,516,000
2,598,000
210.000
158.505.000
16,498.000
2.610.000
657,000
160,576,000
16,276,000
1,980,000
1,581,524,000 1.514,799,000 1,518,543,000
LiabilitiesFedi Reserve notes in actual circulation
Deposits
-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
344,481,600
_58,445,000
10,307,000
1,750,000
9,823,000
342,292,000
910,546,003
4,040.000
2,331.000
10.011.000
406,771,000
845,227,000
13,170,000
2,141,000
9,885,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
980,325,000
149,303,000
41,846,000
63,007,000
2,562,000
926,928,000
138.361.000
41.613,000
63.007.000
2,598.000
870.423,000
140,432,000
37,059,000
61.614,000
2,244,000
Total liabilities
Ratio of total reserves to deposit and
Fedi ites've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,581,524,000 1,514,799.000 1,518,543,000
79.4%
80.8%
85.5%
67,054,000
64.614,000
9,728.000
NOTE.-BegInnIng with the statement of Oct. 7 1975. two new items were added in order to show separately the amount of balances held abroad and amounts due to
the caption -all other earning assets." previously made up
foreign correspondents. In addition,
of Federal
Credit bank debentures, was Changed to
earning wet - to -Total mils and securities." The latter term was Intermediate
s
"Other securities,- and the caption "Total
adopted as a more accurate description of the total oh he
discounts, acceptances and securities acquired tmder the provisions 01 Sections 13 and 14 of the Federal Reserve Act, which,It wasstated.are the only items Included therein.
684
FINANCIAL CHRONICLE
[Vol.. 126.
New York City Realty and Surety Companies.
AU prices dollars per share.
kian h ere' qszazette_
, Bid
Alliance Why: 71
Amer Surety.: 330
Bond & M 0_, 475
Lawyers Mtge 333
Lawyers Title
& Guarantee 345
Bid
445j Mtge Bond.
72
175
340 1 N Y Title &
485
Mortgage.. 558
338 U S Casualty. 510
Ask
185
Bid
.
Realty A8900 8
(Bklyn)com 270
1st prof.... 94
26 pref
89
Westchester
Title & Tr_ 600
Al,
280
418
92
565
Wall Street, Friday Night, Feb. 3 1928.
Railroad and Miscellaneous Stocks.—The review of the
351
050
Stock Market is given this week on page 672.
The following are sales made at the Stock Exchange this Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
week of shares not represented in our detailed list on the
Jul.
Jul.
Maturity.
Bid. Asked.
Rate.
Asked
Rate. I Bid
pages which follows:
Maturity.
STOCKS.
Week Ended Feb. 3.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
dk
390
216
66
680
675
250
305
298
218
565
660
327
930
157
7
400
612
450
2325
3650
515
Banks.
Harriman_
Manhattan' _
'gag nal City
Park
Penn Each...
Port Morris_ _
Public
Seaboard.
Seventh
States
Trade*
United
Yorktown* _ _
Brooklyn.
Dewey•
First
:llobe
Mechanics Municipal* _
Nassau
People's
Bid
890
568
746
646
220
650
690
775
235
595
270
300
200
435
25"
336
417
400
850
iiio
'State banks.
t New stock.
x Ex-dividend.
v Ex-stock dividend
All prkerdollerrs Pe share
Li
-rights.
,
Ask
573
753
653
227
750
696
785
242
610
285
220
300
445
290
343
424
415
9977, Mar. 15, 1028..
3% 99%
99"31 Sept. 15. 1930-2 312% 9911:1
99271 1r 15,19311-32 3 4 4 9911
,,
”
Dec. 15, 1930 32 334% 9901:
9915,2
9934
99%
99%
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86 9-16®
4.8634 for checks and 4.86 29 320j4.8734 for cables. Commercial on
banks, sight, 4.86 5
-16(414.8634. sixty days 4.8234&4.8234, ninety days
4.811814.8134, and documents for payment 4.81%@4.82%
. Cotton for
payment, 4.86, and grain for payment, 4.86.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9234181
3.9234 for short. Amsterdam bankers'guilders were 40.21040.27 for short.
Exchange at Paris on London, 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Checks.
Cables.
High for the week
4.87
4.87%
Low for the week
4.86 9-16
4.86 29-32
Paris Bankers' Francs—
High for the week
3.92%
3.93%
Low for the week
3.9234
3.92%
Amsterdam Bankers' Guilders—
High for the week
40.33
40.3434
Low for the week
40.21
40.26
Germany Bankers' Marks—
High for the week
23.85
23.8634
Low for the week
23.79%
23.82
Feb 81
Jan 98
Jan 7412
Jan 116
Jan 110
Jan 7412
Jan 931
Jan 37%
Jan 400
Jan 87%
Jan 187
Jan 634
Jan 46%
Jan 12
Jan 29%
Jan 37%
Jan 111
Jan 146
Feb 136
Jan 99
Jan 115%
Jan 98%
Jan 199
Jan 1231,
Jan 107%
Jan 22%
Jan 60
Jan 4034
Jan 314
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
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.
,
Jan 110
Jan 20%
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Total sales in $1.000 units- - •
-___
___-Converted 431% bond1111g b 1031
:I
____ 103
--3,2
-- -1:: 103
103
- -1:: 103
of 1932-47 (First 4%s) Low
103
103
— -- 10231:: 10211n 103
Clots 103
---- 103
1031
:: 1031:: 1033n
Total tales In $1,000 watts_
14
____
4
10
7
4
Second Converted 4.31% 1110b
---__ _ ..
____
_
---____
__
."-:
_______
bonds of 1932-47 (First Low_
Second 432s
Close__—
_
____
Mkt/ sales in $1,000 untie. _
_
('bird Liberty Loan
High 100134: 10 - an 100 ; 10 -11-32 10 -11n 10i1-31711
0
- -17
0
0
431% bonqs of 1928_ _ _ LOW- 100"11 100"11 100 31 100,, 1001, 10011
:2
1,
,
,,
(Third 412s)
(Close 10013
.: 100118: 10013n 100"32 10011n 10011ts
Total sales in $1,000 units__
76
14
48
33
12
17
Fourth Liberty Loan
High 1030:t 103
:1
,:
0
"3: 103un 103 :3 10313 10311
434% bonds of 1933-38.. _ Low. 10311,: 10333n 10312n 10311
.2 10311n 10311st
(Fourth 434s)
Close 10311n 10331n 10313: 1033M 10313
:: 10313s:
Total sales in 51.000 units_
44 1,029
136
244
29
96
{High 1150: 1141113
treasury
_ _._ 1151n 1151n
11514:
Low. 1141141 11411,1 114142
434s, 1947-52
.
:: 115
____ 1151
Clots 11413
:: 114121,1 1151 2__ 1151
:: 115
:
Total sates in $1,000 mitts_
16
27
8
72
336
--(High 1101ir 109",, 110 110 — 1107,1 110 st
,
Is. 1944-1954
{Low. 10913n 10911:: 10910n 110
11034: 110
(Close 110
,1
10934: 110
1101
:: 1103
110
Total sales In $1,000 units...
65
116
274
9
50
175
{High 10711, 107
:s
1073
:2 1073n 10713n 1071
5% S, 11140-1956
Low_ 106111: 107
1043
:: 1071n 170
107
Clog,. 107
.: 170
107
1071
:1 1071
:: 10711
Total sates in $1,000 units__
285
152
1
114
215
35
IIIIgh 1038n 1021
:I 102,, 1021, 102",,102%1
a3
s1
5325. 1943-47
Low. 103
1023n 1021111 10213:1 102,, 10213st
n
,Clow 103
,
1021n 10213:3 10213r: 10211:: 10211:11
Total sales In SLOW !mfrs.__
166
a,
al
34
1K
'
Jan 106
Jan 30
Jan 28
Jan 37%
Feb 74%
Jan 103%
Jan 112
Jan 111%
Jan 11014
Feb 8014
Feb 6112
Jan 40%
Jan 98%
Jan 119
Jan 4
Jan 10832
Feb 95
Jan 80
Jan
32
Jan, 26
Jan; 27%
Jan' 27%
Jan 25%
Jan 42%
Jan 118
Jan 84%
Jam 6
Jan! 5434
Jan 103
Jan' 56%
Jan' 27%
Trust Co.. Bid
New York.
Am Ex Iry Tr. 405
Bank of N Y
& Trust Co. 680
Bankers Trust 1035
Bronx Co Tr. 371
Central Union 1340
County
450
440
Empire
Equitable Tr. 414
Farm L & Tr. 705
Fidelity Tru
335
Fulton
530
Guaranty Tr. 613
Interstate__ _ _ 265
Lawyers Trust .
Manufacturer 790
Murray
335
,Mutual(West
chester)
350
.N Y Trust_ _ _ 671
Terminal Tr_ 235
Times Square 185
Title On & Tr 770
US Mtg & Tr 455
United States_ 2825
, Westchest'r Tr 1000
Brooklyn.
Brooklyn... _ 1270
Kings Co_ _ 2800
Midwood _ _
270
Daily Record of U.S. Bond Prices. Jan.28. Jan.30. Jan.31 Feb. 1. Feb. 2. Feb. 3.
--(High 10121s: 101311: 10111n 10113,1 10114n 10131ss
Myst Liberty Loan
LOW_
312% bonds of 1923-47.. Low. 1011112 1011.32 101"11 101,211 101,131 101141
- 1Closr 101",, 1012” 10121 1 10113s: 10114n 10113n
(First 330)
0
Total sales in $1,000 units_.
2
22
70
134
123
34
{
Converted 4% bonds ofHigh
Low.
1932-47 (First 45)_ _
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
New York City Banks and Trust Companies.
Banks—N.Y
Bid
America. —. 380
Amer dnion•_ 210
Bowery East Ft e45
Bronx Boro•_ 660
Bronx Nat_ _ _ 625
Bryant Park* 220
Capitol Nat.
Bank & Tr_ 290
Cent Mere Bk
& Trust Co. 290
Central
213
Chase
562
Chath Phenix
Nat Bk &Tr 650
Chelsea Exch• 322
Chemical.. _ 920
Colonlal
I100
Commerce... 552
Continental. 375
•
Corn Exch... 605
Coarnoplan•_ 400
Fifth Avenue_ 2250
First
3800
Garfield_ _ _ 500
325
Grace
Hanover
1275
9925:2
99"as
9925.,
Highest.
Par. Shares S per share. $ per share. $ per share. per share.
Railroads—
1
Atch Top & S Fe rights__ 44,700 334 Jan 30 3% Jan 28 3% Jan 3% Jan
Jan 30 59
100
900 59
Feb 3 60
Feb 61
Boston& Maine
Jan
Cleve & Pittsburgh_ _ _50
70 8434 Feb 3 8412 Feb 3 8414 Feb 8434 Feb
100
900 334 Feb 1 434 Jan 31 3% Feb 6% Jan
Duluth S S& A
Preferred
1 300 632 Feb 3 7 Jan 30 6% Feb
9% Jan
50
20 87
Jan 31 8612 Jan 8734 Jan
Morris & Essex
Jan 31 87
40183
Feb 1 185% Feb 1 180
Nash ehatt & St L-100,
Jan 200
Jan
N Y Lack & West__ _100,
40 109
Feb 3 11132 Feb 1 109
Feb11134 Feb
Northern Central__ 50
10 88
Feb 2 8832 Feb 2 8834 Feb 8832 Feb
50,
Jan 30 56
Phlla Rap Tran
10 56
Jan 30 56
Jan 56
Jan
Pitts Ft W & Chi pf_ _ 100
10016334 Feb 3 16311 Feb 3 63
Jan 16414 Jan
Pitts Young & Ash pi
.100
Jan 30 70
50 170
Jan 30 170
Jan 170
Jan
So Ry M &0 ctfs__ _100 1,550 127
Feb 3 13512 Feb 2 00
Jan 15934 Jan
Twin City Rap Tran_100 400 50
Jan 30 5014 Jan 28 48
Jan 50% Jan
Preferred
100
Jan 30 105% Jan 2 105
100 105
Jan 10514 Jan
Indus. & Miscell.
•
Abitibi Pr & Pap new__*
100 81
Feb 1 81
Feb 1 81
Adams Express pref_100
200 9634 Jan 3 9634 Jan 31 93
Alliance Realty
*
30 _
Feb 2 7432 Jan 28 53
Am Mac & Fdy pf ex-war
2011234 Jan 3011334 Feb 3 112%
Am Wholesale pref_ _100
10 110
Feb 3 110
Feb 3 07%
Austrain Credit Anstalt.l 300 7334 Jan 30 74
Jan 30 72
Autosales
•23,700 812 Jan 30 931 Feb 1 612
50 11,500 33
Jan 31 3734 Feb 1 30
Preferred
Bank of America_ _ _ 100,
10396
Jan 30 396
Jan 30 388
Belgian Nat Rys part Pf_ 3,000 sog Feb 3 8614 Jan 30 86
50 3,600 167 Jan 3017014 Jan 28 163%
Borden Co
Brit Empire Steel_ _ _100 10,500 334 Jan 30 634 Feb 1 .1%
First preferred_ _ __100 3,200 41
Jan 30 4631 Feb 1 32
Second preferred
144.00! sq Jan 28 12
Feb 1 2%
Bucyrus-Erie Co
10 6,900 2714 Jan 30 2914 Jan 28 2634
Preferred
9,000 3534 Jan 30 3731 Jan 28 34%
Cent Alloy Steel pref_100
20 110
Feb 111014 Feb 1 107
1
City Investing
80 142
Jan 28 146
Peg 3 142
20 136
Colo Fuel & Iron pref.100
Feb 3 136
Feb 3 136
Cr'n-Willamette let pf_•
100 98
Jan 31 98
Jan 31 96%
Devoe& Rayn st pf_ 00
300 11331 Jan 2811414 Feb 1 108
Eisenlohr & Bros pref 100
20 9732 Jan 30 9732 Jan 31 88%
Equit Off Bldg pref_100
10 199
Feb 2 199
Feb 2 178%
Fairbanks Co pref.- _100
20 1114 Feb 2 1214 Feb 2 11
Fuller(GA) prior pref _• 1,100 106% Feb 210714 Jan 30 106%
General Cable
• 500' 2114 Jan 28 2231 Feb 2 21%
Class A
• 1,4001 58
Feb 1 5932 Jan 30 56%
General Gas & El cl B_ _• 1001 3912 Feb 3 3932 Feb 3 37
Goodrich rts
63.100, 234 Jan 30 312 Feb 2 1%
Gotham Silk Hos priori
ex-warrants
100'
101109
Feb 3 109
Feb 3 109
Graham Paige Motors_• 3,3001 1814 Jan 31 20
Jan 28 1711
Gulf States 813 lstpf 100
40,10512 Feb 110514 Feb 1 104
Hackensack Wat pref_25
80 2914 Feb 3 30
Feb 1 26
Preferred A
25
1401 2614 Jan 30 28
Feb 3 2532
Hershey Chocolate .• 1,7; 3014 Jan 31 32
Jan 28 30%
Preferred
* 5,6
7112 Feb 3 7334 Jan 28 7132
Prior preferred.. _100 1,4001101% Jan 28,10234 Feb 3 101%
_100
Internet Nickel pref _ 100
200112
Jan 31'112
Jan 31 110%
Kan City Lt & Pw ser B• 100111% Jan 28,11114 Jan 28 111%
Kelsey
-Hayes Wh pf_ 100
Jan 28 106%
160110634 Jan 30 110
Feb 3 8034 Jan 28 76
Kroger Grocery 5:Bak_* 46.1001 76
* 1,2001 56
McCall Corp
Feb 3 59
Jan 28 56
• 3.2001 3634 Jan 30 37
Jan 28 3611
National Radiator
Jan 30 9634 Feb 1 96
Preferred
• 701 96
Jan 31 117
10 118
Jan 31 118
National Supply pref 1001
Norwalk T & R oret_loo' 1101 3734 Jan 31 3834 Jan 30 33%
Penick & Ford pref_ 100
8010634 Jan 30 107 Feb 2 103%
1
Phillips Jones Corp pf100
9334 Feb 2 9334 Feb 2 93%
Feb 3 80
Feb 3 6912
Prophylactic Brush Co_•
70 75
% Feb 3 1-128
42.2 1-128 Jan 28
PS of N Jersey rts
1024.00 2234 Jan 21 2534 Feb 2 22%
Reo Motor Corp
Richfield Oil of Callf_25 4.4
2534 Feb 3 2612 Jan 30 2531
Sloss-Shef St & Jr pf.100
10011014 Feb 315014 Jan 30 25%
Tub Prod dlv ctfs A_ _10
200 2534 Jan 31 2534 Jan 31 25
Dnitd Biscuit
• 2,700 3834 Feb 1 4032 Feb 3 38
Feb 3 1412
Feb 3117
Preferred
100
200 117
Jan 30 73
Universal Leaf Tob____* 2,600 7432 Feb 3 77
U S Express
100
200 434 Jan 30 434 Jan 30 3%
Warren Bros pref.--.50
Jan 30 5432 Feb 2 50
780 50
West Penn El pr (6)_100
36010134 Jan 2810234 Feb 3 101
West Dairy Prod A_._.*
80 55
Feb 3 5532 Feb 3 53%
C1aasB
25
Jan 28 2734 Jan 31 20%
• 9,1
•No par value.
June 15 1928._ 314%
Mar. 15 1928...
30:1
Dee. 15 1928... 33 %
1
,
16 3d 41141
1001n to 100o:2111 4th 4%s
102
0n to 103"s,
Ask
410
690
1045
390
1350
465
450
420
715
363
550
619
269
800
345
677
250
191
780
465
2900
1100
1325
290
The Curb Market.—The review of the Curb Market is
given this week on page 677.
A complete record of Curb Market transactions for the
week will be found on page 702.
CURRENT
NOTICES.
—E.N.Townsend Co., II I Broadway, N.Y., are distributing a monthly
analysis and quotation pamphlet of Long Island banks and trust comPanles
.
—The Empire Trust Co. has
been appointed transfer agent of the common stock of American Neon Light & Sign Corp.
—Albert Oldecker has become associated with Vilas & Hickey, 49 Wall
St., N. Y., in their public utility department.
—James Talcott. Inc., 225 Fourth Ave., N. Y., has been appointed
Factor for Gigerich & Huber. 180 Madison Ave.
—Otis & Co. announce that Jesse W. Sweet.ser has become associated
with them in their New York office.
—Frederick W. Wright and C. E. Tuttle have been elected Vice-Presidents of Taylor, Ewart & Co., Inc.
685
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 28.
Monday,
Jan. 30.
Tuesda, ,
Jan. 31.
1Vednesday, Thursday,
Feb. 2.
Feb. 1.
Friday,
Feb. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Highest
I
Lowest
PER SHARE
Range for Previous
Year 1927.
Lowest
Highest
'
per share $ per share
$ per share
Par $ per share
Railroads.
5 per share $ per share Sper share $ per share $ per share $ per share Shares
Fe__100 18618 Jan 30 19534 Jan 6 1611 Jan 200 Aug
4
8
8
4
5 Jan 1065 Dec
18812 1883 1864 1877 18714 18814 1863 188% 1863 1884 18618 187% 12,000 Atch Topeka & Santa
99
Jan 5 10514 Jan 25
100 10212
300 Preferred
10412 10412
•105 10512 905 10514 105 105 *10412 10514 *10412 105
Aug
8
3,600 Atlantic Coast Line RR_ 100 182 Feb 3 18614 Jan 4 1747 Apr 20512
4
183% 1833 183 18312 18212 182% 182 183
18414 18414 18312 184
Oct
10612 Jan 125
100 11118 Feb 3 119 ,Tan
27,300 Baltimore & Ohio
8
8
4
8
8
114 1147 11353 1147 1135 1141.1 113 1133 1125 11314 11118 113
7314 Jan 83 June
Jan 16
8
100 813 Feb 3 84
400 Preferred
,
8
813 81 3
*8112 8212 *8112 8218 *8112 824 .8112 83
*8112 83
Jan 10312 May
44
8414 Jan 11
50 69 Jan
79% 5,50 Bangor & Aroostook
76
7712
754 7618 75
7614 75
7513 77
78
78
115 Jan 10 10112 Jan 122 June
100 1101z Jan
Preferred
12
112 112
8
8
11214 114 *112 1127 112 1127 11212 11212 112 112
53 Aug 707 Jan
62 Jan 28
6012 19,40 BkIn-Manh Trac v t c_No par 532* Jan 1
8
8 593 6012 5918 6012 6018 60% 59
6018 613
62
61
Jan
7818 Oct88
88 Jan 30
No par 82 Jan
Preferred v t a
5,30
,
8614 8712 8612 8612 8714 87 3 874 88
712 Oct193 Dec
86% 8612 88
86
8
1914 Jan 23
1712 7,90 Brunswick Term & Ry Sec _100 1412 Jan
17
1712 18
8 17
173
17
17
1714
8 17
1712 177
Apr 58 June
40
5012 Jan 13
100 50 Feb •
4 Buffalo & Susq pref
5014
50
51
4 504 5014 *50
523
4
523 *50
5014 501 1 *50
70 Dec 115 Mar
3 Buffalo Rochester & Pitts_100 7414 Jan 6 80 Jan 7
4
753 75 4 *754 7512
,
4
*753 80
*7518 76
7514 7514 *7518 80
59 Jan 65 Dec
100 6212 Jan 19 63 Jan 14
Canada Southern
*6212 64
*6212 64
*6212 64 .6212 64
6212 64
*6212 64
Jan 219 Dec
4
100 20214 Jan 30 2153 Jan 7 185
*
20513 20712 20314 2063 26,300 Canadian Pacific
204 207
20314 207
20512 20612 20214 205
203 Feb 2 2124 Jan 6 20318 Dec 21512 Dec
200 2nd Ins% Paid
4
*202 208 *200 ___ *200 210 *202 2063 203 203
83% Jan 9514 Dec
100 95 Jan 4 96 Jan 14
Caro Clinch( & Ohio
,
95 2
9512 *94
9512 *94
9512 *94
9512 *94
9512 *94
•94
Oct
9812 Feb 106
8
-----100 1035 Jan 14 1035* Jan 14
Cortifs stamped
-*1033*
8
•1033
,
*103 8
8
8
8
*1033 ____ *1033 ____ *1035
Jan 348 June
Central RR of New Jersey _100 300 Jan 10 30912 Jan 18 285
•300 303 *295 302 *295 202 *295 310 *295 iio *295 310
100 194 Feb 1 20514 Jan 6 1515 Jan 21812 Oct
9,300 Chesapeake & Ohio
19712 194 1974 195 1963* 194 195
198 19812 19514 19712 19614
43 Jan
8
105 June
714 Jan 3
8
55 Jan 30
100
4 5,600 Chicago & Alton
6,
688 83* •6
63*
6
4
614 6,
3 612
53
4
64 63
712 Jan
181 July
9 Jan 30 1214 Jan 6
100
918 918 6.8001 Preferred
94 912
9 12
9
,
8
93
918 9 2
9
4
93 10
304 Jan 51 July
100 3912 Feb 2 4312 Jan 4
1,300 Chic & East Illinois RR
92
3912 3912 394 3 ,
*4012 4112 4012 4012 4012 4012 40 40
43 Jan 84% Oct
100 67 Feb 3 76 Jan 3
3,5001 PrtfJrred
68
6812 6812 67% 6814 67
694 6912 6812 69
.6912 71
22', May
812 Jan
7,900 Chicago Great Western_.100 104 Jan 30 133* Jan 6
8
105 11
103* 11
1018 1114
1018 1112 101. 11
12
12
8
2314 Jan 447 June
8
100 233* Feb 1 293 Jan 6
3 15.4001 Preferred
8 2114 25 4
252* 263* 233* 2618 2518 263
274 2712 254 27
3
19 4 Dec
9 Jan
Jan 11
8
1512 Feb 2 207
153* 1618 19,100 Chicago Milw & St Paul_ _100
16
1612 1512 16
1688 17
1714 1714 163 1714
4
194 Dec
Jan
9
8
155 Feb 2 20 Jan 9
100
1618 153 1614 20,700 Certificates
4
8
165* 153
1714 173* 165* 1718
16
8
165* 167
18% Jan 3712 Dec
8
100 303 Feb 3 39 Jan 11
8 303* 3114 13,100 Preferred
* 3012 307
8 31
313
3214 315* 317
32
8
325 33
8
8
187 Jan 373 Dec
2 3818 Jan 9
8
31
3112 303* 3118 303 3112 18,194 Preferred certificates_ _ 100 308 Feb 1 8812 Jan 6
325* 33
8
317 3214 3112 315
785 Jan 974 Sel)
,
*
8
7,100 Chicago & North Western_100 825 Feb
8318 8314 8212 8314
84
83
4
833 84
8318 84
8"
84
Oct
Jan 24 12414 Jan 150
100 143 Jan 18 148
100 Preferred
144 144 *143 144
*144 148 *144 147 .144 147 *144 147
6812 Jan 116 July
3
10812 1083
110
4 9.500 Chicago Rock lel& Pacific_100 108 Jan 5 11214 Jan 3 1023 Jan 11134 Dee
109
10912 10912 10812 10912 110 11012 109 110
4
100 108 Feb 3 110 Jan
100 7% preferred
108 108
4
*1073 10914 .107 109 *107 109 *106 108 *106 108
9514 Jan 104 Nov
100 102 Jan 3 10212 Jan 7
300 6% preferred
8
3
•102 10212 *102 10212 10218 10218 10218 10218 *10218 10212 1023 1023
Jan 137% July
84
100 110 Feb 1 116 Jan 6
200 Colorado & Southern
114
110 112 .110 114 *104
•110 116 ,•110 115 *110 118
Jan 78 Dec
70
100 75 Jan 14 78 Feb 2
380! First preferred
78
77
7712 78
77
.7512 76 1 *7614 76% 764 7614 77
Oct
7 Jan 3
Jan 75
68
100 7218 Jan 3 75
2101 Second preferred
7418
74
74
7512 7512 7512 74
7512 *74
75121 *74
•74
65 Aug 77 May
100 6918 Jan 26 7212 Jan 3
1,800 Consol RR of Cuba pref
4
7014 7018 7018 7014 7014 7014 7014 70, 7014
70
70
70
794 Apr 93 Dec
8812 Jan 19
100 8814 Jan 16
100'Cuba RR Pre
*8814 90
*8814 90 .8814 90
8814 8814 *8814 90
*8814 90
100 17212 Feb 3 186 Jan 6 17118 Jan 230 June
5,200 Delaware dr Hudson
17212 173
173 173
173 175
1745 1753 175 175
8
17514 176
1,100 Delaware Lack & Western_ 50 13234 Feb 3 140 Jan 5 13018 Oct173 Mat
4
4
1323 1323
133 133
13312 13312 133 134
13314 13314 133 133
4
414 Jan 673 June
4
500 Deily & Rio Or West pref _ _100 56 Jan 4 543 Jan 5
5618
*5512 5612 56
*5512 56
*5514 57
56
56
57
*56
3
3912 Jan 69 4 Sept
100 5518 Feb 3 6612 Jan 4
6012 5938 603* 573* 595* 5614 5814 5518 573 43.300 Erie
60
8
603 61
523* Jan 6614 Aug
7
3 63 8 Jan 7
100 585* Feb
6014 5912 60
5914 594 58% 593* 10,500 First preferred
60
61
6118 60
61
Jan 6412 Aug
49
IGO 58 Feb 2 62 Jan 6
300 Second preferred
59
*58
58
58
59
*58
59
59
958
59
60
.59
8
8
795 Jan 1037 Sept
9412 5,100 Great Northern preferred_ _100 91 Feb 3 98 Jan 4
9414 9514 9412 9453 94
9518 9518 948 9514 948 95
8518 Mar 101 Sept
100 92 Feb 3 963 Jan 7
9212 1,900 Pref certificates
92
94
9312 937 *921 2 94
925* 923* *93
*938 94
18 July 28% Sept
2214 Jan 16 25 Jan 24
2318 2314 7,500 Iron Ore Properties _ _No Pa
4 233
233
2334 24
4
233 2412 231 24
8
2412 241
765* July
3.518 Jan
5318 2.500 Gull Mobile & Northern _ _100 5214 Jan 31 5814 Jan 7
51
53
. 5214 53
53
531
5238 53
53
55
*54
Jan 11214 Apr
100 106 Jan 16 10712 Jan 7 105
300 Preferred
10612 10612
10612 10612'106 107 *106 107
.106 107 *106 107
1412 Dec 307 Jan
4
124 Jan 30 123 Jan 30
100 Havana Electric Ry___No pa
15
15 *
4
4
123 123 *____ 15 *____ 15
4
•123 14
68 Dec 8312 July
64 Jan 23 69 Jan 26
100' Preferred.
70
*88
70
68
_ 70
0_
70 .
*68
68 68 "
70
*68
Oct
Jan 425
100 355 Jan 12 370 Feb 2 200
10 Hocking Valley
370 370 *350 370
.350 370 *350 369 *351 370 *380 370
4012 Jan 65% May
dr Manhattan __100 51 Jan 3 5712 Jan 9
4
4 533* 533* 523 5312 3,300 Hudson
534 535* 5314 533
.53% 5414 534 543
Jan 9012 May
78
100 88 Jan 7 92 Jan 10
500: Preferred
*83
8812 *821 2 87
*8214 8512 .8214 8512
88
8812 88
8814
4
100 1313 Jan 11 14434 Jan 27 12118 Jan 13933 Oct
4
4
140 14018 139 1393 13,800 Illinois Central
13812 1433 14112 1423 1383 141
14018 142
Oct
8
100 1301s Jan 13 144 Jan 27 1207 Jan 140
500: Preferred
141 141
142 143
140 140 *139 145 *137 145
139 143
Oct
Jan 83
74
190 Railroad Sec Series A _ _1000 80 Jan 4 817 Jan 12
81
4 81
8112 *8014 813
4 8114 81, *8012 813
81
4
2
**8112 811
23 Apr 4213 Oct
Rys of Cent Atnerica_100 3714 Jan 18 414 Jan 26
300 Itit
8
407 407 . 8 408 *3912 407 *3912 40%
393 398
393
*393* 41
7414 Oct
82
AP
100 697 Jan 3 7112 Jan 5
8
2701 Preferred
8
*7012 7112 *7012 7112 270I2 7012 7014 7014 7014 703 *6912 7014
5218 Feb
3012 Au
8 367 357g 357 373
371
3718 3812 3714 3812 22,700 Interbore Rapid Tran v t c_100 29 Jan 5 383* Feb 2
3712 35
8
1
35
813 Feb
Jan
1
212 Jan 16
100
212 Jan 16
Iowa Central
,
*'212 3 4 *212 34 *23* 3 4
,
,
*212 34 *212 3 4 *212 314
414 Jan 7012 July
100 55 Feb 1 6318 Jan 7
567 11,900 Kansas City Southern
8 55
5814 575 583
8 55
5614 577
58
573
59
59
64% Jan 7312 Dec
100 7218 Feb 2 737 Jan 25
3 74
9001 Preferred
7212
*7314 74
8
7212 7314 723 7212 *715*
*73
4
*723 74
8812 Oct 13712 June
50 89 Feb 1 975 Jan 14
9012 4,500 Lehigh Valley
89
8918 91
89
8912 90
9012 8912 90
004 91
100 14812 Jan 17 155 Jan 11 128% Jan 159,3 Oct
1,400:Louisville & Nashville
14812 149
8
1497 1491 149 149
150 15014 .14914 150 •14134 150
7814 Dec 90 Feb
190 Manhattan Elevated guar_100 75 Jan 9 8514 Feb 2
85
8514 *80
82
84
843 *83
85
8214 8214 85
*77
8
41% Dec 547 Feb
100 40 Jan 10 457 Feb 2
4414 443* 6,3001 Modified guaranty
4
4 4412 4412 444 457
4 4414 443 *423 443
4
4414 443
8
67 June
8
43 Nov
414 Jan 17
47
200 Market Street Railway.._ _100
8
6
58 Jan 17
*5
6
*4
4 6
*43
43
4 4%
48
4 6
*43
18 Feb 2518 June
100 25 Jan 17 25 Jan 17
Preferred
28
*20
28
30
*20
30
*20
*20
30
30 .20
*20
41% Feb 59% Aug
100 48 Jan 13 5112 Jan 17
300 Prior preferred
4912 5112 *4912 51 12 *48
4818 4818 5012 5012
51
51 .
*4914
1112 Oct 174 June
100 15 Jan 17 15 Jan 17
Second preferred
16
*10
16
16
*10
*10
16
*10
10
18 .
16
*10
4% Feb
1% Jan
314 Jan 11
28
23* 27
8 2,000 Minneapolis & St Louis_.100 424% Jan 25
4 2%
28
23
4 3
*23
23* 28
8
2% 27
Jan 5613 Dec
27
52% Jan 6
Feb
1,600 Minn St Paul & 58 Marle_100
47
*43
44
471
45
45
45
44
44
441
47
47
Apr 8812 Dec
50
84 Jan 11
100 79 Jan 31
600 Preferred
80
*77
79
801
79
84
80
79
7918 791
85 .
*81
ES14 Mar 71 Nov
100 6714 Jan 10 71 12. Jan 9
60 Leased lines
7118 7118 *703 7114 714 7114 *7012 7034 *7012 703
4
*7012 711
314 Jan 5812 June
4112 Jan 3
13,000 Nfo-Kan-Texas RR _ _ _ _No par 3538 Jan 31
37
364 36
8 353 3612 35% 3612 36
3512 365
4
363 37,
95% Jan 10912 Dec
3
8
100 1065 Feb 2 109 Feb
8,300 Preferred
8
1065 106% 107 109
*
10712 107% 107 1073 107 10718 107 107
37% Jan 62 Apr
4
100 453 Feb 2 53 Jan 6
4
453 4612 27,100 Missouri Pacific
,
50 8 4714 4812 473* 4914 4618 4812 453 47
49
904 Jan 118% Nov
19,500 Preferred
,
100 108 3 Feb 3 1155* Jan 9
8
10914 11012 10912 11014 109 11018 1045 109
110 11118 109 110
314 Oct
14 Aug
3 Jan 7
212 Jan 26
28 2% 1,400 Nat Rya of Mexico 2d pref_100
8
212 212
212 288
23* 23
,
212 2 8
8
23
212
Jan 15973 June
30 New On Texae & Mexico_ _100 13614 Jan 6 139 Jan 11 121
13712 13712
138 138 *13714 139 •13714 139 *13712 139
•136t4 139
4
4
18,400'New York Central
100 1573 Feb 3 16412 Jan 3 13714 Jan 17112 Oct
160 16012 159 15978 15912 16014 1583* 1597 15812 1591 1573 159
13712 Jan 23 b110 June 2104 May
2
4
8
13312 13312 1315 13312 131 13314 131 13214 *13112 132' 1303 13112 3,2001N Y Chic & St Louis Co_ 100 128 Jan 10 110 Jan 4 102 Ma 110 Dec
4001 Preferred
100 109 Jan 10
4
4 1093 1094 1093 *1083 109% *1083 10912
1093
4
4
*10913 110 •10912 110
Apr
70N Y & Harlem
50 168 Jan 3 188 Jan 28 167 Dec 185 Dec
185 185 .187 189 •187 189
18512 18512 183 18312
188 188
8
415 Jan 6314
8
8
100 595 Jan 16 675 Feb 3
8
8 648 658 64% 6612 6538 675 115,700:N Y Nil & Hartford
644 6512 835* 648 647 857
8
8
3
,
113 8 Jan 3 115 4 Feb 3 1103 Oct 1143 Nov
9,3001 Preferred
4
4
8
1147 11514 1147 11588 1153* 1155
8
11412 114% 1143 1144 1143 115
2314 Jan 41% Sept
4
2812 10,200 N Y Ontario & Western,. _100 25 Feb I 323 Jan 4
8 253 2614 25
254 263
2512 2612 26
26
27
27
458 liec
15% Jan
814 Feb 2
2.400N Y Railways pref etfs_Na par
514 Jan 24
7
*6
4 8
73
.5i2 7
"618 7
73* 814
718 73
3718 Jan 64': June
1 4912 Jan 11
200 Norfolk Southern
453
100 41 Feb
48
*44
48
*45
44
*45
46
453 *44
49
*45
Jan 202 Nov
6,900Ncrfolk & Western
100 18414 Jan 19 192 Jan 6 156
4
8
18552 185 8 18518 1853 146 18612 18414 18612 1845 18514 18414 185
,
90 July
83 Jun
1 Preferred
88
100 87 Jan 5 874 Jan 25
*86
89
*87
89
88
87
*86
88
*86
89 .
*87
Jan 10218 Dee
78
8
100 9378 Feb 31 9878 Jan 3
96
9453 955
94
9453 9418 943
4 937 94's 7.400 Northern Pacific
1 95
9434 663
8
997 Dec
84 Jul
8
2,700' Certificates
100 925 Feb 21 974 Jan 4
9218 93
934 93% 9318 94
93
3
4
9314 923 923*
933 93%
31% Dec
154 Fe
*22
28 • 1,000 Pacific Coast
100 26 Jan 12 26 Jan 12
28
28 .22
28
*22
*22
28
*22
28
*22
Oct
56% Jan 84
50 644 Feb 3 6514 Jan 23
6514 z6412 643
65
64% 65
4 643* 64% 6418 6453 9.500 Pennsylvania
,
65 4
65
4
Jan
20
463 July
2912 2912
100 2912 Feb 3 35 Jan 6
100 Peoria AL Eastern
35
*28
32
30
34
35 .30
28
34 .
*32
100 125 Jan 5 12912 Jan 13 11412 Jan 14012 May
Pere Marquette
501)
4
12714 12714 12714 12714
•1274 129 •12712 1283 *12713 12812 12713 128
Jan 9914 Dec
93
300. Prior preferred
100 99 Jan 19 10012 Feb 2
99
4
2
.983 10012 10012 100, *99 100
*9812 1001 *984 10012 99
4
893 Jan 9712 Dec
100 9712 Janall 9914 Jan 13
98
300 Preferred
9712 971 *9712 981 *9712 99,2 98
.
*9712 9812 .1174 99
*
100 134 Jan 27 1473 Jan 3 12212 Jan 174 May
3,41)0 Pittsburgh dr West Va
13418 136
13453 1345 134% 135
13512 1351 13414 136 *136 138
.
Jan 123% June
94
13,900 Reading
50 9712 Feb 3 10512 Jan 3
99'2 9712 99
9912 9912 1003
9818 1002* 95
694 100 2 98
,
4012 Jan 4312 1)ec
43 Jan 11
3
100 First preferred
50 423 Jan 2.
*425* 431 *43
43
4312 *43
,
43 2
4312 *43
4312 43
*43
Feb
50
43% Jan
45
*44
200 Second preferred
45
50 44 Jan 26 4518 Jan 6
417 *44
45
*44
44
44
*44
45
*44
Jan 69 may
43
57
57
1001 55 Jan 10 5714 Jan 5
*53
.53
100 Rutland RR pre!
57
*53
57
57
*53
*55
56
56
3 Jan 11714 June
100 10912 Jan 4 1157 Jan 7 100
112 113
11112 112
11212 11212 11118 1113* 7.50081 Louls-San Francleco
111% 11212 11114 112
Jan 104 July
96
300, Preferred A
100 100 Jan311 102 Jan 4
*97 101
100 100 .98 10012 100 100
*98 101
*98 101
Jan 93 June
61
8
70% 7214 8,100'St Louis Southwestern
100 701 4 Feb 1 797 Jan 7
7014 73
7114 733
7514 7612 7318 7514 7318 741
8
767 Jan 942 Dec
600 Preferred
941
100 9112 Jan 11 95 Jan 3
9412 .94
94
94
*94
.9312 9414 9312 94
94
94
2818 Mar 4114 Feb
3
100 2018 Feb 3 3012 Jan 3
2018 233 16,300 Seaboard Air Line
25
* 2414
8
2312 237
8
235 24
4
233 263
2612 27
8
3212 Apr 453 July
.100 2914 Feb 31 38 Jan 3
8 338 337
355
3312 34
343* 343* 2914 3312 4.500 Preferred
3512 34
35
8
8
100 11853 Feb 1 124 Jan 3 10614 Jan 1267 1)ec
8
1183 1195s 1185 11912 19,300 Southern Pacific Co
120% 12114 11918 12018 1 19 12014 118% 120
Jan 149 Dec
Jan 3 119
100 142 Feb 3, 147
142 143
7,300 Southern Railway
4 14312 143 144
14212 143
143% 144% 143% 14412 1423
94 Mar 10118 Dee
100 100 Jan 261 10214 Jan 17
100 10012 100 100
10014 10014 100% 10012 1,400 Preferred
3
100 100 4 100 100
8
537 Jan 1037 Nov
4
100 9912 Jan 3 1193 Feb 1
113 117
21,400 Texas & Paelfie
112 117
4
1153 1193 11712 119
4
10814 109% 108 111
Feb
4
283 Aug 41
3,000 Third Avenue
32
100 2818 Jan i0 33 Jan 27
32
33
33
3114 3211 324 3212 3212 33
33
32%
4
6,600 Union Pacific
100 187 Feb 3 193 Jan 7 15912 Jan 1973 Dec
1873 188% 187 1873
,
18818 1893* 188 2 1891 2 1873 189
189% 190
77 Mar 853 Dec
Jan 20
3
100 843 Jan
8714
8 8812 8614 86
8
8612 8512 8512 854 854 1.200 Preferred
8612 8612 863 861
40t2 Jan
81 June
8
667 Jan 14
5812 6012 14,600 Wabash
100 5812 Feb
61
80
6312 624 63
6014 62
63
64
64
Jan 101 June
76
100 Preferred A
94 .
100 915 Feb 2, 95 Jan 10
*92
915 93
94
93
91% 915 *91
*9212 94 •92
Jan 98 June
65
90 .
90
100 88 Jan 6 9212 Jan 14
*87
100 Preferred 11
90
*86
*87
90
89
86
89
92
*89
4
133 Jan 6778 June
393 45
100 393 Feb 11 5014 Jan 7
4118 42% 4018 415 25,200 Western Maryland
8 45
453
457
45
454 46
Jan 6712 June
23
423 423
4 2,500 Second preferred
100 41 Feb 1' 50 Jan 8
45
463
4518 *42
41
46
*4518 46
•4514 47
2518 Apr 4712 June
100 3114 Feb 3 3712 Jan 13
31 14 3114 2,300 Western Pacific new
33
.32
3312 3412 324 3318 3212 3314 3218 33
8
Apr 763 Feb
55
-red new
100 59 Jan 30 6212 Jan 0
8 6018 603
3 1,809 Pre5,
6012 6118 60 603
6012 61
59
59
4.5712 59
Feb
2712 J.in 130
500 Wheeling & lake Erie Ry 100 70 ,Jan 27i 70 Jan 27
76
70 I
70
76 I 70
*70
70 .70
76
70
70 .
70
4712 Jan 97 May
10‘
77 Jan 11' 77 Jan 11
100 Preferred
79
*77
977
77
7718 •77
79
3 77
797
7712 *77
*77
• 1110 sad uskr.1 prices
x Ex-dividend. 0 Ex-div. & ex-rights.
New York Stock Record -continued-Page 2
686
For sales during the week of stocks usually Inactive, see second page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 28.
Moriarty,
Jan. 30.
Tuesday,
Jan. 31.
Wednesday, Thursday,
Feb. 1.
Feb. 2.
Friday,
Feb. 3.
$ Per share S per share $ per share $ per share! $ per share $ Per share
Sales
for
the
Week.
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan, 1.
On basis of 100
-share lots
Lowest
$ per share
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per share $ per share
Industrial & Miscellaneous.
162 16334 162 163
16112 163
160 162 *158 161 *155 160
3,100 Abitibi Power & Paper_No par 14012 Jan 11 1633 Jan
Jan 15014 Dec
4
28 83
•10314 105
102 1037 .103 104 .10214 105
8
10412 1041 2 •101 10412
800 Abraham &Straus
No par 100 Jan 16 1093 Jan 5 6214 Mar 1183 Nov
4
4
.111 11112 11112 11112.11112 112
112 112
112 112 .112 11212
190 Preferred
100 ill Jan 13 113 Jan 10 109 Aug 11312 Feb
*280 285
275 280 275 279
270 270 *270 280
275 285
1,200 Adams Express
100 195 Jan 4 295 Jan 24 124
Jan 210 NoV
1313 1312 1218 1212
13
133 1312 1238 123
8
8 13
13 s
8 1,800 Advance Rurnely
100 11 Jan 19 1312 Jan 26
1534 Feb
75 Oct
8
•38
40
3712 3712 3718 3912 38
39 1 *3814 39
373 3818 2,800 Advance Rurnely pref
4
100 3414 Jan 17 423 Jan 25 2218 Oct 453 Nov
4
4
3
3
318
3
3
318 318
3 18
318 318
318 318 3,000 Ahumada Lead
1
234 Jan 17
4 Jan 11
618 Sept
23 June
4
182 18218 182 18318 184 1873 185 18614 *185 186
4
18118 1847 10,400 Air Reduction, Inc.__ _No par 178 Jan 10
8
10812 Jan 25 13412 Jan 19918 JOY
135 14
8
1314 137
4 1314 135
8 1312 133
8 13
4 1314 133
133 57,000 Ajax Rubber. Inc
8
No par
1178 Jan 3 143 Jan 24
$
1334 Mar
712 June
27
8 33
3
3 14
314 418
8
7
3 8 418
37
8 414
312 4 127,000 Alaska Juneau Gold Mhz._ 10
1 Jan 5
414 Feb 2
1 June
214 Feb
29
30
2812 29
29
2914 283 29
4
29
293 • 8 29
285
3,800 Albany Pert Wrap Pap_No par
25 Jan 9 31 14 Jan 26
18
Apr 32 Sept
10712 10712 10712 108
10712 10712 10712 10712 10712 108
1075 108
8
510 Preferred
100 9812 Jan 17 10858 Jan 26 98 June 102 Sept
15514 15714 15418 15633 1547 1557 15412 15513 1547 1553 15414 15612 17,900 Allied Chemical Dye_No
8
8
8
4
par 15114 Jan 5 15812 Jan 9 131
de
Jan 18914 Sept
12312 12312 .123 12312 12312 12312 .123 125 *123 126 .12334 125
300 Allied Chemical & Dye pref.
_100 12214 Jan 4 12312 Jan 28 120 Mar 124 Aug
1153 1153 116 116
4
4
116 116
116 1163 .11618 11613 116 11913 5,400 Allis-Chalmers Mfg
4
100 11514 Jan 16 12012 Jan 6 88
Jan 1183 Dec
4
Preferred
100
109 Feb 11212 Apr
-1138
;12- 12 2 -123* 12 4 -127. -113; 14
-18
-3144 -133 148 - -1,15615 Amalgamated Leather_No par
8
1- 2
1112 Jan 3 143 Feb 2 ii3s Nov
4
2418 Feb
'69
71
.69
70
70
70
78 .74
75
78 .73
78
Preferred
70 Jan 16 78 Feb 1 68 Dec 108 Feb
3118 317
8 307 313
8
4
4 313 313
4 31
3112 30
3114 293 30
15,900 Amerada Corp
4
par 2934 Feb 3 323 Jan 61
8
2758 Apr 375 Feb
8
1812 185
8 18
185
18
8 18
18
1913 1913 2014 185 1912 10,500 Amer Agricultural Chem_o_ l130
8
N p
18 Jan 5 217 Jan 91
8
818 Apr 2112 Dee
633 6518 62
4
623
4 6218 6314 63
6614 66
677
8 65
66
11,500 Preferred
100 62 Jan 30 713 Jan 71
8
2814 Apr 7234 Dec
8312 8412 *8218 85
85
85
4 84
843 843
4
8518 84
84
1,100 Amer Bank Note
10 743 Jan 17 8714 Jan 27
4
41
Jan 98 Nov
623 63 .623 63
4
4
63 633
4 63
63 '63
6312 63 2
64
,
260 Preferred
50 62 Jan 23 657 Jan 3
8
5613 Jan 65 Sept
.17
1712 1612 1612 1614 1614 1612 1612 *1612 1714 .163 1712
400 American Beet Sugar_ No par
4
1614 Jan 28 1712 Jan 111
151a Oct 233 Mar
4
.3712 40
38
*3814 41
38
*3812 41
*39
41
*3912 31
200 Preferre 1
100 38 Jan 19 39 Jan 9
35 Dec 6018 Jan
2018 2018 197 197
8
8 19
1912 173 1814 17
8
187
8 173 18
8,500 Amer Bosch Magneto_ No par 17 Feb 2 227 Jan 4
4
8
13
Jan 263 Oct
4
4712 49
457 475
8
8 47
4 47
473
4712 4714 477
8 46
47
14,700 Am Brake Shoe & F newNo par 4258 Jan 5 4918 Jan 27
3512 May 46 July
.126 129 *126 128 .126 128 *126 128 .126 128 .126 128
I
Preferred
100 1244 Jan 4 1264 Jan 23 11714 Feb 128 Mar
155 16
8
1514 155
8 1512 18
163 17
8
1614 167
8 155 16
21,700 Amer Br wn Bover1 El_No par
8
1412 Jan 5 18 Jan 31
514 Aug 3912 Jan
•
593
6114 583 59
4 5812 5812 59
583*
60
623
4
5812 5812
940 Preferted
100 58 Jan 16 63 Jan 3
40 Aug 98 Feb
757 765
8
8 743 757 37514 767
8
8
8 7618 7714 743 7614 140.700 American can
8
8 753 767
4
25 7012 Jan 18 78 Jan 26
435 Mar 775 Deo
8
8
.138 139 *13818 139
139 139 .139 140
13918 13913 13912 1397
8 1,100 Preferred_
100 13634 Jan 10 140 Jan 3 126
Jan 1413 Dec
4
109 111
108 109
10918 1107 10912 110
10814 111
8
10712 109
14,400 American Car & Fdy__ _No par 105 Jan 16 11112 Jan 3
95 July 111
Deo
.132
____ 13312 13312 133
____
.133
100 Preterrea _
100 131 Jan 13 13313 Jan 30 1213 Oct 1315 June
4
4
1003 101 .100 En *too loolt Iowa 1- 11'16 16612 *lows 1011;
s
6
400 American Chain pref
100 1005* Jan 23 1017 Jan 5
8
9812 Dec 103 Sept
6912 70 .69
70
7212 7114 727
70
8 7112 7112 70
70
3,800 American Chicle
No par 69 Jan 12 73 Jan 3
38
Jan 7434 Nov
.108 109 .108 109
108 109 .108 109 .108 109 .108 109
30 Prlor preferred
par 107 Jan 5 110 Jan 3
00
Jan 110 Dec
1318 1312 1318 1312 13
133
si 13
133
8 13
133
8 127 13l 10,700 Amer Druggists Syndicate. lO
8 1318
N
124 Feb 3 14 Jan 10
ar
93 Apr
8
1512 Nov
•6412 66
65 65 18 •64
64
6512 .62
65
65
64
64
600 Amer Encaustic Tiling _No par 53 Jan 4 67 Jan 231 3838 Aug 5712 Nov
18118 183
179 181 .180 183 ,.180 183
18112 18312 180 18112 2,200 American Express.
100, 169 Jan 10 191 12 Jan211 127
Jan 183 Nov
25
2513 2412 2518 243 2514' 2414 25
8
2418 243
4 2414 2412 12,700 Amer & For'n Power.
.No parl 223 Jan 16 274 Jan 231 187 Feb 31 Des
4
4
10714 10712 107 107
107 10718 10612 107 I 10618 10612 .10614 107
1,900 Preferred
No par 10512 Jan 10. 10812 Jan 3
8612 Feb 10934 Dee
125 125
8
8 13
1338 1312 135
4
8 133 153*, 1414 141
4
137 1418 6,100 American Hide & Leather.100
8
1034 Jan 3 15 Feb 1
73 Apr
8
127 Oct
8
*6112 6212 6314 66
6514 663
4 6513 673
8 6612 663
4 63
653 16,000, Preferred
8
100 55 Jan 5 674 Feb 1
48 Mar 6678 July
6512 663
8 6512 663
8 64 8 661
7
8 6. 657
* 647 65
8
64
64b
4,800 Amer Route Products_ _No par 6218 Jan 20 6712 Jan 3
303 Jan 71 Nov
8
343
8 3213 3312 327 3414! 33, 34
33
8
4
33, 3414 3212 334' 54.400 AmerIcan Ice New
2
par
No 1co 28 Jan 10 31 18 Jan 27
253 Oct 32 Aug
4
*93
9312 93
9312 9314 9314 9312 94
*93
933 *93
4
94
800 Preferred
90 Jan 7, 94 Feb 1
84
Jan
Ms Mar
$
82
831$ 80 4 817
3
8 797 807
81 7712 80
80
823
3 783 803* 25,800 Amer Internat Corp__ No par 71 Jan 5 89 Jan 13
4
37 Mar 723 Deo
8
4
614
614
8' 614 63
68
6314 63
63
8
8
614 63
8
618 0141 4,700 Amer La France & Foarnite 10
514 Jan 12,
6 4 Jan27
3
4 June
Jan
10
.85
75 .65
70 .65
70 I .65
70
6518 6518 65
65
200; Preferred
100 56 Jan 101 6518 Feb 2
60 Dec 9018 Jan
5
663 683
8
4 6418 6714 653 69181 673 6912 693 71
4
8
4
683 7112 111,600 American Linseed
8
100 563 Jan 13. 71 Feb 2
8
2018 Apr 7212 Nov
92
9212 903* • 9218 9214 927
9212
* 021 9334 9312 943 .91
4
9341 5.6001 Preferred
100 8612 Jan 131 9434 For 2
464 Mar 9213 Nov
112 1137 112 11314 11212 115 I 11318 11418 113 1133 112 11318 29.400 American Locomotive_No par 1095 Jan
8
4
8
16 115 Jan 31
9914 Oct 116 May
•12612 128
12712 12712.12812 1273 1273 1273 1275 1275 *12614 12734
4
4
4
8
8
400! Preferred
100 12512 Jan 26 128 Jan 14 11912 Feb 127 Juts
,
170 173
1653 166
4
1683 1683 .166 170:
4
4
'1673 170
1
163 163
4
900'Amer Machine & Fdy__No par 163 Jan 10 178 Jan 25
7314 Jan 18812 Deo
*22912 ____ *22912
_ *22912 ____ *22912 ____ 22912 ____ *22912
11
Preferred
22512 Jan 17, 22512 Jan 17 12518 Jan 247
Dec
4312 447
8 4338 _- - 44
44
46 1 45
46 1 443 4412 437
8
Amer Metal Co Ltd__ No par 42 Jan 10 4612 Jan 3
8
8
3618 Nov 493 Dec
11512 11514 116 11712 1163 11712 1153 1153 11512 11512 117 11712
4
4
4
440, Preferred
100 11012 Jan III 11712 Jan 30 108
Jan 11312 Dee
.20
2012 20
20 .20
20[8 .20
20141 20
2018 2018 21
900 American Piano
par
No 10o 20 Jan 18 21 Jan 13
2012 Dec 4314 June
8612 8612 .855 89
8
81
883 .86
85
4
855 .87
883
4 87
87
701 Preferred
8314 Jan 21 90 Jan 3
84 NOV 11014 Mar
67
653 6612 663 67 1 663 68 1 6712 6814 66
68
8
8
4
ad% 13,400 Am Power & Light ___ _No par 6214 Jan 11 6914 Jan 27
54
Jan 733 Oct
8
13413 1363 13312 13413 134 13512 135 135
4
135 13512 133 134
5,500, American Radiator
25
;8 Jan 1
1 J p
Fab 22 11012 Jan 1477 Sept
J en 8
8
•121 127 *120 124
12112 12112 125 125
125 127
126 1293
4 1.0001 Amer Railway Express
100 113100
8 137
4 2634
8712 Apr 11614 Noy
6418 6518 5614 6318 5814 627
8 60
603 15,000 American Republics- --No Dar 5614 Jan 30 7612 Jan 3
625
4
4 5918 6014
3518 Jan 82 2 Dee
,
*56
5712 56
.567 5712 563 57
57
8
4
567 5712 5612 563
8
4 1,700 American Safty Razor __,_100 56 Jan 10! 5813 Jan 3
8
42 July 647 Nov
3912 39 2 40
40 40
40
40
40
393 4018 .3912 393
4
,
1,100 Am Seating v t C
No par 3912 Jan 281 40 8 Jan 7
1
,
8
387 Oct 51 July
4
414
4
418 418
4
41
4
418 418
.
418 418 1,400 Amer Ship & Comm__.No par
34 Jan 31
414 Jan 7
212 Oct
684 Jan
•108 110
108 108 *107 114 .105 112 .10' 112
111 111
10$ Jan 26' 119 Jan 6
60 American Shipbuilding__
4
80
Jan 1233 Nov
1755 17818 17412 1757 1753 17612 17512 1773 17614 177
8
8
8
8
174 176
33,500 Amer Smelting & Refining_ 106 1723 Jan 16 18412 Jan 4 1325 Jan
4
8
1883t 1)00
•134 13412 .134 13412 1343 13412 1345 13458 1345 135 *133 134
8
8
8
700, Preferred
100 13138 Jan 9 135 Feb 2 11914 Mar 133 Deo
145 145 .144 14512 *144 145 .145 14512 1455* 1453 144 1443
1,100 American Snuff
100 141 Jan 5 1483 Jan 14 1193 Jan 1463 Nov
8
4
4
4
8
*10538 1063 .1053 1063 .105 8 1063 1063 1063 .1053 107 •1053 107
4
4
8
4
3
4
4
8
8
20 Preferred
100 102 Jan 5
9412 Jan 10612 Oct
653 6714 653 6612 645 6614 27,900 Amer Steel Foundrles__No par 633 Jan 5 107 Jan 26
66
65
6418 65141 6514 66
4
4
8
8
703 Jan 11
$
4
41 13 Apr 723 Dee
1143 11412 114 11414 11312 11312 11384 1133 114 114
8
11414 11414
4
100 1123 Jan 71 115 Jan 21 11014 July 115
4
1301 Preferred
Jan
7512 745 7514 73
75
743
8
4 7212 73
7314 7314 72
731.. 7,900,Amer Sugar Refining
100 7012 Jan 5 7814 Jan 12
6514 Nov 953 May
4
11014 11014 .110 11012 .110 11014 110 110 .10912 11018 110 4 11014
300 Preferred
,
100 10812 Jar 5 11014 Jan 28 104 Nov 11612 May
61
613 6214 61
4
6012 6113 6014 6012 60
4,900 Am Sum Tob v t c
6012 593 80
4
No Par 5812 Jan 16 6212 Jan 7
41 12 Jan 6834 Oct
*3012 313 *3012 313 .3012 32 .3012 33
4
4
*30
32
*30
32
lAmer Telegraph & Cable_ _100 3014 Jan 6 32 Jan 17
4
Apr 363 Aug
26
1795 18018 17918 1793 1793 1797 17918 1797 1795 1797 17918 1793 10,100 Amer Telep Sr Teleg
8
8
8
4
8
8
8
4
100 17814 Jan 16' 181 Jan 6 14914 Jan 18512 Oct
168 169
4
16718 1683 1673 16814 16718 169 *169 170
4
168% 16812 1,600 American Tobacco corn
50 165 Jan 18 176 Jan 3 120
Jan 189 Nov
169 17012 1673 168 2 16712 16814 1675 16812 168 1697 167 2 1685s 5,500i Common Class B
8
8
,
8
,
50 16514 Jan 16 177 Jan 3 11914 Jan 188 NoV
11812 11812 11812 119 '11812 119
4
1193 1193 119 119 *11814 120
4
.
300' Preferred
100 118 Jan 10 120
Dec
8
•119 1197 119 119, 1187 119 *119 120 .119 120 *119 120
8
8
400 American Typo Founders_ _100 1173 Jan25 1263 Jan 4 11018 Jan 120 Feb
4
4 Jan 3 11978 Nov 146
11112 111 2 11012 11212 11212 11212 1123 1123 •11018 11212
4
11112 112
4
,
110: Preferred
100 1075 Jan 71 114 Jan 10, 10714 Feb 116 Sent
8
59 4 593
3
59, 3565 5718 5718 573* 57
8
1
4 5812 5912 59
573
4 3,500 Am Wtr Wks & Elc newNo par 564 Feb II 61 Jan
7218 Sep,
3! 46 Aug
10312 10312 .103 10412 .104 10412 104 10412 104 104 *104 105
400 18t preferred
10112 Jan 10, 10112 Feb 1 1 9978 Oct 10312 De,
4 217 223
8
8 215 225
4 2212 223
225 2258 213 223
8
8 2212 223
8
8 2,900 American Woolen
4
100 2018 Jan 31 233 Jan 13
4
1612 June 333 Jan
3
533 54
54
4
54
.5312 535
4
8 5314 5418 533 5412 54
5538 4,7001 Preferred
100 4978 Jan 3 5612 Jan 20
467 June 8612 Jan
8
1612' 1612 *1512 1612 .1512 1612 153 153
4 1612 1612 1812 17
4
1,500 Am Wilting Paper etts_No par
1534 Jan 11
1814 Jan 3
97 Slay 2414 Oct
8
4414 4412 *433 44 .433 4412 .4334 45
433 44
4
433 433
8
4
8
4
Preferred certificates_ _ _ _100 41 Jan 5
900
4512 Jan 23
253 Apr 5714 Aug
4
8
95 11
8
9
814 87 39,200 Amer Zinc. Lead & Smelt
97
8
8
87
8
4
83 1018
814 9
25
63 Jan 10 11 Feb 1
8
534 Sept 1014 Feb
52
5412 5114 54,
677
8 5914 6512 5618 597 41,3001 Preferred
64
8
25 40 Jan 16 677 Feb 1
8 5412 64
8
Oct 51 14 Feb
35
5514 5614 55
57
577
8
5712 553 57
557
54,800 Anaconda Copper Mining_ _50 54 Jan 18
8 55
4
5612 5618
41 14 June 6012 Dee
A93
59
587 59
60
60
8
58
4 2,500,Archer. Dan'Is. MicWil_No par 56 Jan 5 61 3 Jan 4
573 573
587
4
4
8 5912 593 .58
Jan 27
38 Mar 63 Dec
'114____ 114
•11214
114 114
_
70 Preferred
114 114
100 113, Jan 12 114 Jan 31 106
4
Jan 11311 Dec
9114 9114 91 - 917g 907 907 *9014 91 *11214--- 90
8
9014 907
3,000 Armour & Co (Del) pref _100 863 Jan 3
8
8
8
917 Jan 30
8
79
Oct 9614 Feb
133 143
4
8 135 14
8
8
4 133 133
4 1314 133 25,400 Armour of Illinois Class A._25
1312 137s 1312 133
4
1114 Jan 16 1438 Jan 4
8, May
4
8
73
4
83
8
1673 Jan
8
77
8 814
51,1110 Class B
75
8 8
73
4 8
77
8 818
25
65* Jan 10
812 Jan 5
Dec
5
918 Jan
7612 795
8 77
783
8 7812 79
13,400 Preferred
4 78
787
78
7614 78
79
100 6718 Jan 12 795 Jan 28
8
Apr 8614 Jan
60
50
50 4 4812 4812 50
3
49
5,100 Arnold Constable Corp_No par 44 Jan 17i
4 48
493 493
50
4
50
51
5114 Jan 24
Apr 5512 Nov
21
*2618 28 .263 27 .263 28
2713 *27
*27
13
27
200 Art Metal Construction_
2712
8
27
2512 Jan 10, 27 Feb 1
4214 4214 4212 4212 .4218 43 .4214 43
Jan 32 June
22
*42
*42
43
43
200 Artloom Corp
No par 42 Jan 4 43 Jan
4
5
403 Dec 543 Jan
4
•11012 11114 .111 11114 111 111 .111 115 .111 115 .111 115
50 Preferred
100 110 Jan 23 111 12 Jan26j 10912 Nov 11412 Nov
4614 467
8 4514 4512 48
46
46
46
45
[8 453
4 4,4001 Assoc Dry Goods
463
No par 4513 Feb 3 48 Jan 23
4 46
534 NoV
3912 Feb
•111 11212 .111 11212 111 111
400
111 111 .109 11112 11112 11112
Ist preferred
100 III Jan3I
9712 Mar 112
1124 Jan
•119 121 *119 121
200 2d preferred
11912 119, 112 118 .112 118 .112 118
100 112 Jan 3 1191 Jan 13
2
Dee
27 105 Mar 114
39
Decz
39
40
40
38323 3858 38 2 3812
400 Associated OH
39
39
,
39
39
25 3812 Feb 3 413 Jan
21
4
35
3
Oct 504 Feb
42
43
4118 413
4 43
441,s 4114 43
443
5.300 At' G&WISS Line__No par 39 Jan 111 455
8
4214
4 405 43
8 Jan 23
303 Mar 4312 Nov
8
*41
44 .40
43
44
44
43
44 .42
400: Preferred
44 .42
•42
100 39 Jan 10 414 Jan 24
8
293 Mar 415 Nov
4
10612 10612 106 107
4
9712 10212 983 10112 35,7001 Atiantle Refining _____
106 1083 103 107
100 974 Feb
8
1097 Jan 6 104
8
Dec 1314 Aug
*11614 11631.11614 1163 1163 11631 .11614 1163 *11614 1163 *11614 1163
4
4
4
100 Preferred
4
100 116 Jan 6! 11814 Jan 3
4
11512 Feb 119 Aug
65
65
66
65
66
1.100 Atlas Powder
66
No par 63 Jan 3 675 Jan 27
6614 .6612 6718 66
66
65,
4
8
564 Mar 70 June
•10414 106
106 106
107 107
107 107
180 Preferred
106 106
10712 107
100 10212 Jan 20, 10712 Feb
Jan 107 July
98
3
13
13
1258 13
14
1318 15
15
*
8
145 157
8 1518 167 25,500 Atlas Tack
No par
8 4 Jan 51 16. Feb 3
,
8
1218 Apr
714 June
53
8 53
8
514 514
512
5
600 Austin. Nichols&Co vtcNo par
5 14 *5
514
518 514
44 Jan 31
1014 Jan
414 Mar
612 Jan 5
.32
38
34
34 .30
3412 .3214 35
3413 .32
300 Preferred
3312
3412
100 26 Jan 5, 39 Jan 21
Jan
2312 Dec 61
45 45
45
8
4.18 45
8 453 4512 45
4512 2,400 Autostr Sat Razor A _ _ _No par 4318 Jan 101 4314
4514 457
45
'
s
43 Nov 467 Nov
250 25214 249 250
249 25012 2,100 Baldwin Locomotive Wks..100 219 Jan 30' 253 Jan 23
250 250
250 25014 .249 251
4
Jan 4 14318 Jan 2653 Sept
.120 121 .120 121 *120 121 .120 120 4 .120 1203 •120 1203
1 Preferred
3
100 1193 Jan 61 121 Jan
4
4
4
Jan 12514 July
13 116
.109 112 *109 112 .10914 112 *10014 112 *10914 112 510914 112
113amberger (L) & Co pref__100 1083 Jan 24
4
8
10634 Mar 1107 Dec
8 Jan
.46
4812 .46
52 .49
5212 52
48 .46
48
48
No par 4712 Jan 12 1117 Feb 5
5012 1,000 Barnett Leather
5212
8
1
Jan 597 Feb
40
•
_ .105
Preferred
*10514 -- .10514
_ .105
. .105
100 104 Jan 3 105 Jan 27
9514 Mar 106 Nov
105-8 2418 - 243 2
8 45
2412 24
2
4
2312 237
8
2412 233 24
25 23s Feb 3 2612 Jan 14
8 233 233* - 7,300.13arns1all Corp class A
,
203 Oct 3512 Feb
4
.24
25
*2312 25 .23
I Class 13
*23
25
23
25 253 Jan 13 253 Jan
*23
25 .
25
25
4
4
2012 Oct 3212 Feb
13
1065 113
8
112 12612 122 128
No par 10 114 Jan 18 128 Jan 31
121 12512 12312 12412 121 12612 28,900 Bayuk Cigars, Ins
4912 Jan 109 Dec
•10712 10812 10812 10812 10812 10812 10812 10812 10812 10812 10812 10812
380i First preferred
100 1073 Jan 10 109 Jan 4 101
4
Jan 110 Aug
16
16
16
16
16
1512 1512 1512 1512 1514 1512 2,400 Beacon 011
16
No par
15 Jan 20 1712 Jan 5
Oct 1814 June
14
7814 7912 7812 82
20 715 Jan 17 827 Jan 31
8 8012 81
8018 827
7912 801s 7718 793 25.900 Beech Nut Pack1ng
8
8
8
5014 Apr 744 Nov
Preferred
100 116 Jan 9 116 Jan 9 11412 Jan 119 Mar
-11 14 20
)
1914 161 -ioTs 1912 1918 -164 "1912 1 7- -611 167; 13,800 Belding Ilem'way Co __No par
4
.8
1818 Jan 20 22 Jan 12
6
1512 July 2714 Jan
553
4
543 544 543 557
4
5,900 Best di Co
4
553 57
55 4 56'2
8
8 55
3
55 4 56'2
No par 533 Jan 19 57 Feb 3
3
4
8
8
493 Aug 595 Nov
5812 567 58
28,200113ethIchem Steel Corp
5714 5812 5812 5712 563 575
8
8 57
573
100 5512 Jan 18 594 Jan 24
4
4 57
434 Jan 6612 Sept
iics 5,509
• rnd and asked prices: no sales on this day. 2 Ex-dividend. a Ex rights.
New York Stock Record-Continued-Page 3
687
For sales during the week of stocks usually Inactive, see third page preceding
Sales
HIGH AND LOW SALE PRICES- PER SHARE, NOT PER CENT.
- for
Friday,
the
Tuesday,
Wednesday, Thursday,
Monday,
Seattrday,
Week.
Feb. 3.
Jan. 31.
Feb. 1.
Feb. 2.
Jan. 30.
Jan. 28.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
-Highest
Lowest
PER SHARE
Range for Precious
Year 1927
Lowest
Highest
$ per share $ per share $ per share
Shares Indus. & Miscel.(Con.) Par $ per share
2,100 Beth Steel Corp pf (7%) _100 120 Jan 3 121 Jan 9 1044 Jan 120 Dec
34 June 528 Nov
600 Bloomingdale Bres____No par 4114 Jan 20 4412 Jan 5
10 Preferred
100 10912 Jan 11 111 Jan 11 1094 Jan 114 Nov
44
Jan 95 Dec
Jan 3 9612 Jan 20
100 9414
200 Blumenthal & co pref
5318 Jan 693 Dec
8
3
12,500 Bon Ami. class A
No par '6514 Jan 3 78 4 Jan 27
44 Sept
83 Apr
74 Jan 9
514 Jan 4
3,100 Booth Fisheries
No par
36 Sept 5714 May
lst preferred
100 457 Jan 4 49 Jan 11
18 May 304 Sept
900 Botany Cons Mills class A__50 184 Jan 28 23 Jan 4
1912 Sept 36% Feb
19,100 Briggs Manufacturing_No par 22 Feb 2 2514 Jan 4
Dec
4
100 2063 Jan 10 23512 Jan 31 14812 Feb 225
20,700 Brooklyn Edison, Inc
89% Apr 15712 Dec
5,900 Bklyn Union Gas
No par 14714 Jan 11 15614 Jan 31
3012 Feb 5014 Dec
Feb 2
20,800 Brown Shoe Inc
No par 47 Jan 10 51
8
257 July 38% Jan
2,700 Brunsw-Balke-Collan'r_No par 32 Jan 30 34 Jan 4
4
8512 June 1253 Jan
Burns Bros new clAcomNo par 99 Jan 10 9978 Jan 11
4
1614 Mar 343 Jan
8
400 New class B nom_ __No par
167 Jan24 17 Jan 5
Jan
90 June 100
120 Preferred
100 9818 Jan 20 994 Jan 5
165 Feb 3 s90 Mat 145 Dec
9,800 Burroughs Add Mach__No par 139 Jan 14
4
293 Jan 69 Nov
,
5,400 Bush Terminal new
No par 60 Jan 6 83 8 Jan 27
8
9114 Jan 1117 Dec
100 10714 Jan 4 10912 Jan 17
470 Debenture
5
3
100 118 Jan 3 118 4 Feb 1 103 8 Feb120 Anil
130 Bush Term Ridge, prat
4
117 117
1174 1183 *1173 119 *1173 119
4
4
116 116
*1153 116
4
8May
51
354 Ma
43
44 Jan 19
43* Jan 4
412 3,900 Butte Copper & Zino
5
414 414
438 43,
414 414
41
414
*44 412
/
1
Oct614 Feb
44
400 ButterIck Co
100 46 Jan 5 528 Jan 7
46
4612 46
*4612 4738 *4612 48
46
•464 473 *4612 47
4
0
1012 Feb 1
75* Nov11 4 Jan
10
9 Jan 11
104 1014 1012 4,900 Butte & Superior Mining
59
9 12 *9
91
94 1018 1014 1012 10
Jan 924 June
66
3,900 By-Products Coke
No par 68 Jan 26 743 Jan 27
72
70
/ 704 7018 7414 7014 74
1
4
7014 723
4 704 701 *70
5
42 Jan 102 4 Dec
Jan 18 11712 Jan 27
No par 9012
8
4
112 11712 10814 1145 11114 1131 1093 1123, 109 11114 107 11112 108,800 Byers & Co(AM)
4
100 11014 Feb 3 11212 Jan 14 1053 May 1124 Dec
390 Preferred
11014 11014
_ 11112 11112 *1104 111
4- *11014
•11014 112 .1101
9,400 California Packing___No par 74 Jan 16 7912 Jan 7 604 Apr 79 Dec
75
7514 74
7514 --753
7 4 758* 7614 75
7
75
7518 75 7
20 Oct 32 s Jaz
8
25 24 Jan 5 267 Jan 9
8
s253 255 28,700 California Petroleum
8
2618 253 26
4
26
281
26
26
2614 26
261
2 Jan
8g
114 Sept
8
17 Jan 5
25$ Jan 6
8 4,900 Callahan Zino-Lead
10
214 23
214
214
218
23,
218 218
24 214
2
/ 28*
1
4
6112 June 12312 Dec
10,300 Calumet Arizona Mining
16 12014 Jan 3
10 1013 Jan
4
103 10412
4
8
8
105 1073 1045 106
10512 1078* 1035 lOS's 105 107
1414 July 248* De(
25 2018 Jan 10 23 8 Feb 3
235 40,800 Calumet & Heels
8
22
2114 218 217 2214 2218 223
217 2238 214 22
8
k
36 Jan 6018 Au:
56% 57
567 573, 56 4 5714 5738 5912 57% 5812 45.800 Canada Dry Ginger Ale No par 547 Jan 5 5912 Jan 2
8
3
568 577
Jan 2834 00
1,900 Case Thresh Machine
100 250 Jan 18 276 Jan 9 132
2583 260
4
4
255 255
255 255 *255 260 2593 261
*257 260
100 Case Thresh Mach pref
100 126 Jan 30 12912 Jan 11 111 Feb 129 Dee
12712+125 12712 *125 12712
*126 1274 126 126 *125 1271 *125
24 Apr 33 Api
18,600 Central Alloy Steel____No par 281: Jan 18 324 Jan 4
295 3012
3012 32
30 8 3112 3012 31
5
30 8 303* 3011 31
3
8% Jan 2478 No,
100 2318 Jan 26 23.8 Jan 26
_
____ ____ ____ __-- -- - - _ ______ Central Leather
*23
25
*23
25
*25
27
1512 Mal
714 Jan
.Certificates
100
__ ____ ____ ---- ---- ---- ______
---- --- ---- -__ ____ ___
Oci
__
54 Jan 94
Preferred
100
4
54 Jan 783 Jul]
Preferred certificates_
100
164 Atn
104 Jan
600 Century Ribbon Mills_No par 113, Feb 3 12% Jan 26
4
1212 113 12
12
12
*12
124 .12
1212 12
12
12
4
Jan 883 Do
70
130 Preferred
8112 *Hos 82
100 8112 Jan 18 82 Jan 12
8112 80
811 *80
:
8112 *80
*75
8112 *80
58 June 724 Do
6512 9,100 Cerro de Paso Copper_No par 584 Jan 3 69% Jan 3
8 658* 6614 65
6518 6512 643 8512 854 65% 8518 663
4
42 Jan 653 Mal
Jan24
4
4
603* 6118 6012 6118 60 603 15,700 Certain-Teed Products_No par 544 Jan 3 6212
603* 6118 6014 814 8012 61
100 lot preferred
100 119 Jan 26 120 Jan 26 106 Feb 11814 De
8
120 120 *120 121 *120 1205 *120 121
*121_ •120 121
8
65 Dec 787 Atli
900 Certo Corp
No par 7314 Jan 5 77 Jan 12
7 76
76
*75
76
76
75
*75
7612 76
76 71 *78
14 Mai
41: Nov
53 Jan 3
7 Jan 4
6
600 ChandierClevelandMotNo par
6
6
818 618
6
8
618 618 *6
64
•618 65
/
1
4
13 June 26 Mal
8
NO par
153 Jan 16 177 Jan 4
4
164 1,700 Preferred
1612 16
8
•1612 1718 165 163* 184 16% 184 1618 *16
.
8
64 4 June 887 Oc
3
No par 76 Feb 3 8178 Jan 6
76
7612 9,200 Chesapeake Corp
4
78
77
7812 7612 775
8 764 763
7812 77
78
16.100 Chicago Pneumatic Tool_100 130 Jan 16 14114 Jan 30 12012 Jan 1374 Ma
137 137
,
136 13
94 138 141 2 13914 14114 13512 13914 137 138
Oc
38 July 47
300 Chicago Yellow Cab
No par 4014 Feb I 43 Jan 14
403 40 4
4
3
42
4 41
41
4014 4112 41
413 413
4
4
*40 4 413
3
8
485 Mar 854 Afil
k 4,600 Childs Co
No par 4614 Jan 30 524 Jan 7
49
497
50
47 14 4712 4712 48
48
4 4614 47
464 463
3
3318 June 44 8 Do
25 40 Jan 5 42% Jan 7
4112 404 414 21,800 Chile Copper
4012 4018 4012 4018 418* 41
4014 4012 40
2218 Jan 24 Ap
___ - _ __ Chino Copper
__ ____
5
_
_
__
_
8
6;000 Christie-Brown tern ctfahro par 85 Jan 4 131 Jan 23, 347 Jan 907 De
11412 1201O 1iti12 12212 1153 12018 122
8
i2
iii fii
•iii iii
78,300 Chrysler Corp
No par 548 Jan 16 63 Jan 35 3818 Jan 6312 De
568* 58
5614 5738 565 573
8
574 58
4 563 58
4
5712 59
Preterrea
Jan 10 1028* Apr 116 De
800
No par 1133* Jan 9 11518
114 114
115 115
1143 1144 *114 115 *114 115
4
11412 115
464 Mar 54 De
City Stores class A____No par 514 Jan 19 5314 Jan 4
*5214 5312 415214 534
*5214 5312 *524 531 *5214 5312 *524 54
414 Apr 6412 De
NO par
62 Jan 5 72 Jan24
70 4 71
3
70
705
8 6914 69% 8812 6912 3,500 Class B
704 704 7014 71
51 June 8412 Oc
17,700 Cluett Peabody az Co_No par 7712 Jan 10 92 Feb 2
8912 91
90'2 8914 9012 894 92
8818 0
0
89
911 89
/
4
70 Preferred
__.i00 11812 Jan 11 122 Jan 23 1114 Jan 12514 No
4
a
1197 119% *1194 122
8
•11912 1213 12014 12014 1194 12014 .1197 122
13212 1337 16,400 Coca Cola Co
8
No par 12734 Jan 3 1375 Jan 16 01312 Apr 1994 Ap
8
8
1313 13318 1323 1337 13312 1357 13318 13414
4
8
1334 135
86 Aug 1133 De
8
1104 10214 1003, 1013 1014 10212 100 1017 35.500 Collins & Altman new_No par 998 Jan 30 1115 Jan 3
102 10314 993* 102
3
500 Preferred
100 107 Jan 28: 109 Jan 3 1024 Sept 109 4 De
1074 1077 *10714 108
8
1077 1077 *10714 108 *10714 108
107 107
42 8 Jan 964 Jul
5
100 76 Jan 18 8412 Jan 31
8
4
8 793 8112 201,700 Colorado Fuel & Iron
844 814 827
784 82% 8014 8314 813 84's 81
664 Jan 10114 No
935
2.700 Columbian Carbon v t eNo par 9018 Jan 5 9814 Jan24
4
*923 95
944 98
95
94
954 954 92
'2 933
4 933
4
5
7
958 83,600 Colum Gas & Elec new_No par 893* Jan 4I 978 Feb 1( 82 8 Feb 98 Ma
963
4 93
978* 96
923 9338 928 943* 945* 074 06
4
9912 Jan 11018 De
900 Preferred new
100 108 Jan 4' 11018 Jan 3
108 108 *108 1083 1083 10812 108% 10812
8
8
10814 10814 *10712 108
1
5
3
8
66
66 12 671
66
677
8 65
68% 66% 677 17,300 Commonwealth Power_No par 6214 Jan 111 69 Feb 1.1 48 8 May 78 4 0
6712 89
88
2218 22'8 225* 2212 2218 2212 2218 2212 2,300 Commercial Credit___ _No par 2218 Jan 19 235 Jan 4, 14 June 244 De
8
224 2212 224 221
10 Preferred
25 23 Feb 3 24 Jan 24' 17 June 2412 Set
*2312 241 *2314 241 *2314 241 *2314 2412 234 2314
:
*234 24
7
100 Preferred B
18 8 June 25 De
2312 231 4,2312 243 *2312 243
243
8
25 233 Jan 27 25 Jan 71
4
8 23
243
4 233* 24
8
*24
600 1St preferred (614%)-"-100 873 Feb 2 89 Jan 9, 69 July 89% De
88
883 88's 885* 883
8
8 873 8814 88
4
88% 88% *8838 89
z41 May 62 De
18
Invest Trust-No per 571 Jan24 62% Jan 71
58
600 Com58
457
5912 *57
58
*58
591
58
58
58
58
944 Sept 102 DE
110 7% preferred
99
preferr
100 99 Jan 27 102 Jan 12
•100 10412 *100 1041 100 100 *100 1044 *100 10412 99
863 July 9814 De
8
100 Preferred (US)
100 95 Jan 4 9514 Jan 31
98
*95
*9514 96
954 951 *95
96
96
*95
*9514 96
4,000 Commercial Solvents__ No par 1574 Jan 18 1693 Jan 3 145 Nov 203 Set
4
1593 162
4
18212 l62's 160 161
161 165
15814 160
1804 161
39 Aug 53 De
5112 1,200 Conde Nast PublIca__No par 48 Jan 14 51%8 Jan 24
51% *51
51
51
51
51
*50
51
' 514 51% 51
3
174 Jan 29 4 De
36.600 Congoleum-Nairn Ine_No par 244 Feb 3 2912 Jan 3
25
2512 247 2518 2412 25
243 2538 254 251
4
2512 26
47 Mar 8812 Do
No par 78 Jan 18 817 Jan 3
7814 784 2.900 Congress Cigar
70
79% 7934 79
793
4 7814 79
*7818 7912 78
58 .15
14 Feb
Conley Tin Foil stpd
*14
Is
*14
12
*14
*14
12
14 Jan 10
*14
12
*14
1
No Par
14 Jan 10
12
3
7414 Oct86 4 Jul
No par 8114 Jan 25 85 Jan 4
9.100 Consolidated eigar
8418 8212 8318 8314 8378 8218 83
6
824 8412 827 8312 83
4
69% Aug 1063 At
4
100 Preferred
*994 100
100 98 Jan24 101 Jan
*99 100
*9914 100
*9914 994 *9912 100
*9812 100
:
1
4 Oct2 Fe
114
114 7,300 Consolidated DIstrib'ersNo par
112 Jan 12
13,
118
7 Jan 21
8
112
112
11
14
13
8
134
14 14
4
94 Mar 1253 De
126% 12914 113.100 Consolidated Gas(NY)No par 11938 Jan 10 12914 Feb 3
125 1267 12612 12712 1253 127
4
12614 128
12612 1278
93 Mar 103 De
8 2,500 Preferred
4
No par 10138 Jan 11 10212 Jan 4
8
4
102 10214 102 1023
101% 1017 1013 1017 1013 10218 102 102
718 Jur
34 Ma
35
34 312
34 33* 7,000 Consolidated Textile_ _No par
4% Jan 4
33
34 Jan 3
312
312
312 312
33* 35,
8
334 Apr 741 Jo
48,000 Continental Baking el13
60
4818 48
47
5118 5012 52
8 49
ANo par 47 Jan 30 5312 Jan
487 507
4712 51
4 May 1014 JO
55g
514 54
6 Jan 13
54 53*
512 58*
No var
54 55* 14,200 Class 13
5 Jan 3
/
1
4
514
514 54
$ per share S per sha.e $ per share $ Per shwa $ Per share $ per share
12014 121
4
4
0 4 03
0 12014 12014 121
12014 12014 1203 1203 12 3 12 4 12
4
4112 4112 *414 423
42
42
4
4218 4214 *423 43
*4112 43
4
111 111 *11012 111
*11012 111 *11012 111 *11012 1113 *11012 111
954
9514 95
95
*94
953
4 9514 954 *95
95
*943 96
4
723 7414
73
7312 74
7512 74
757
748 76
7412 76
7
*6
7
7
64 718
*6
7
*6
7
*6
7
50
*42
49
*42
50
*42
49 *42
50
49
4142
*42
*1918 21
19
1812 181
: 19
1812 181 *184 20
184 19
2214
223
4 22
, 2212 223
4 22
225 23
8
22% 227
227 23
8
4
4
2244 22712 2263 230 2293 23512 230 23318 2283 233% 230 23414
4
8
152 15614 154 15414 15312 1553 154 15412
15012 152
*152 153
49
50
8 5018 51
48
483
4 488 4912 493* 507
*4712 48
3212
3214 323
8 3212 3318 32% 3314 *32
335
3218 3214 32
*9614 99
*9814 993* *984 991 *9614 981 *9614 99
*99 100
*163 17
4
*164 17
17
17
17
*163 17
4
167 167
8
8 17
8
8
8
99
98% 983* *985 99
*985 99
8
985 98% 9812 985
99
156 185
14812 162
147 147
146 14612 2146,2 146's 148 148
623
8 62
62% 6214 62¼ 6112 8212
617 627
8
62
8212 63
8
8
109 1091 10914 10912
10814 10814 1083 1083 108 108'8 1083 109
96
943 9512 9514 953
4
4 9514 9514 943* 9514
4
943 9512 95
864 854 8612 853 87
:
4
864 88% 861 89
85% 8612 85
*125 126 *125 126 *125 126 .125 126 *125 126 *125 126
82
81
8112 8112 83
8112 818 8014 8112 8014 8112 *81
8
113
8 1078 1114 107 11
11
3
1118 1078 107
8 10 4 10s
11
695
8
887s 694 687 704 695 70 8 69
69
3
8
8
69% 68
6918
4
13914 13914 *1383 140
13912 13912 *139 140 *139 140
*1384 140
1353 13614 136 137
4
8
1353 1373 134 136'z
4
13518 138% 1348* 136
90
87% 90 8
3
867 89
8
88
86
86 12 87
*8612 87
88
115 115
115 115
•114 116 *114 116 *114 115 *11478 115
8
3
2512 25% 2512 28
4 25 4 253 254 2618 268* 28
253
263*
4814 7
*814 6% *
64 6's
614 8
/
1
4
614 614 *618 64
29% 294 28
2911 2712 28
2714 27's
30
278* 28
30
217
21
2118 21% 21
22
2114 201/ 20%
214 21
8
*217
108 108 *1057 108
105% 1057
8
•108 110 *108 110 *108 110
121s
1212 4111
8
124 *11
128 *11
121 *1114 1212 *11
*11
643
5
59% 6138 584 5012 5914 6014 5912 613
60
4 60% 62
4
8 603 61
814 623* 62
4
6112 62's
593 587
64
62
81
*125 12812 *125 1284 *125 12812 *125 12812 *125 128's
•125 12812
,
17e 17
164 1654
169 169
164 164% 185 169 4 170 171
118 116
4114 119 *116 119 *116 119 *116 120 *116 120
5314 5212 53
53
*5212 5312 53
5312 5214 53
*534 55
4
4212 43
4 413 4212 4214 43
427 4412 4178 43
428* 423
:
116 1161 116 1164 1154 1151_ 117 118
118 118
116 116
:
17454 17434 1721 17412 17412 17412 175 1817 183 1867 186 19434
8 49
4912
493* 4812 49
48
49
49
4914 494 4812 487
147 148
15114 15612
14712 180
155 161
1434 14612 144 147
195, 203* 195 20% 195 204 194 197
8
8
1938 194 1918 20
71
723
4
8
71
72% 704 7214
714 714 703* 7234 717 73
124 123
4 1212 12's 1214 1212 1218 124
4
*123 13
123 13
4
3,600 Preferred
100
28,700 Continental Can. Ine_No par
Preferred
100
6,600 Continental Ins temp ctfs 10
7.800 Continental Motors_ __No par
27,600 Corn Products Refintng__25
200 Preferred
100
6,900 Coty, Inc
No par
16,100 Crucible Steel of Amerina__100
400 Preferred
100
3.600 Cuba Co
No par
200 Cuba Cane Sugar
No par
10,300 Preferred
100
3,600 Cuban-American Sugar
10
200 Preferred
100
DuhanDem'canSugnewNo par
45,100 Cudahy Packing new
50
11.200 Curtis Aer & Mot Co__No par
Preferred
100
1,700 Cushman's Sons
No par
10 Cushman% Sono prat (7)_100
1,700 Cuyamel Fruat
No Par
14,000 Davison Chemical v to-No par
680 Deere & Co prof
100
5,500 Detroit Edison
100
7,400 Devoe & Raynolds A__No par
3,270 Diamond Match
100
44,200 Dodge Bros Class A__--No par
23,900 Preferred certif
No par
3,300 Dome Mines. Ltd
No par
Douglas Pertin
No par
,
8212 61 2 62% 6114 6112 7,500 Dunhill International_No par
613 627
4
8 613t 62
61% 6234 62
116
118 118
116 11618 116 116
1,100 Duquesne Light lot pref___100
116 116
*116 11618 116
164% 184 184
8
16434 16634 18634 1693 16514 1713 15,900 Eastman Kodak Co---No par
8
%
164 164% 1644
12938 1293, *1293, 130 *125 130
4
4
60 Preferred
8
4
100
•12914 1293 *1293 1293 1293 130
2714 27
284 14,300 Eaton Azle & Spring-No par
27% 28
2814 27
27 4 27
,
2712 27% 27
313 315
4 5,700 kf IduPontdeNemnew_No par
314 316
31318 315
316 31912 314 3163
317
316
1174 1174 *11612 117
117 117
400 6% non-vot deb
117 117
117 117
100
•117 118
184 163 17
4
15 4 1712 17
3
17
1718 1618 165* 9,900 Eisenlohr & Bros
25
16
16
8
1094 11212 13.900 Electric Autolits
1083 10912 109 1095 1083* 109
4
1083 111
4
NO Dar
109 110
1214 133
4 1318 138* 1314 143
4 1312 1478 24,600 Electric Boat
No par
133* 144 13% 14
8 3312 33
34,400 Electric Pow & Lt
3312 324 334 32% 33
No par
3314 334 324 334 327 ____ •122
123 123 41224
/
1
_
100 Allot Ms for pref 40% pd___ *122
.•122
•123
- 12 1,200 Preferred
.4
No pa;
107
-12 10718 107% 1073* 10712 1074 16714 1073 1074 10712 16i
10712
8
123
8 1112 117 13.000 Electric Refrigeration_No par
12% 1212 1218 1212 1218 128s 1214 1212 12
711, 71
ovn
1.,7.,
71
718* 703 71
4
7014 707, 5.500 Else Storsze Ratter. Na par
71134 71
• Bid and asked prices: no sales on this day s Ex-dividend. a Es rights b Er warrants.
-_
9612 Jan 20
89 Feb 3
125 Jan 23
83% Jan 17
4
113 Jan 23
715, Jan 11
1403 Jan 11
8
142 Jan 27
9038 Feb 2
11518 Jan 26
2812 Jan 13
714 Jan 12
32% Jan 12
233 Jan 3
4
108 Feb 1
12 Jan 4
643 Feb 3
8
643* Jan 3
1254 Jan24
171 Jan 31
125 Jan 20
553 Jan 20
4
465 Jan 6
8
1154 Feb 1 119 Jan 4
4
16612 Jan 11 1943 Feb 3
40 Jan 3 50% Jan 12
8
1343 Jan 18 181 Feb 2
8
187 Jan 19 2418 Jan 4
8
69 Jan 16 757 Jan 4
1218 Feb 3 1312 Jan 6
__
5512 Jan 9 65 Jan 23
1151 Jan 3 1164 Feb 1
:
16312 Jan 12 1713, Feb 3
129 Jan 3 130 Jan24
26 Jan III 2858 Feb 3
8
310 Jan 10 3237 Jan 4
11812 Jan 19 12018 Jan 4
1218 Jan 3' 19 Jan 23
98 Jan 3' 11212 Feb 3
8
1214 Jan 311 155 Jan 6
28% Jan 10 3412 Jan 19
1204 Jan 17 123 Jan 27
,
10611 Jan 10 1077 Jan 19
1114 Jan 10 137 Jan 3
891. Jan 18 753 Jan 3
9234 Jan 3
8014 Jan 10
123 Jan 5
765, Jan 10
:
101 Jan 5
8
643 Jan 3
13812 Jan 16
123 Jan 3
841: Jan 14
113 Jan 31
2518 Jan 10
6 8 Jan 23
274 Feb 3
201: Feb 3
10318 Jan 10
11'8 Jan 231
54 Jan 3
5818 Jan 18
1174 Jan 5
14434 Jan 13
114 Jan 111
51 Jan 3
4118 Jan 181
4
72 Apr 973 Na
8
683 Apr 867 134
4
Jan 126 Jul
120
7412 Dec9334 D(
3
8% Nov13 4 .18
467 Jan 68 Nc
8
Jan 14214 Di
128
Jan 123 Di
56
7612 Oct 963 M
4
Jan 115 Se
103
1812 Aug 3414 Jt
47 Oct
1034 3,
283* Nov 503 Ji
4
281: Ji
187 Nov
8
9711 Nov 107 At
1012 Nov 18 ..11
431: Apr 58 4 Se
3
45% Nov 694 D
111 Nov 118 D
103 Apr 152 0
107 Apr 125 D
30
Apr 5512 0
2614 Apr 4812 D
10512 Jan 12515 Ni
1334 Jan 17012 D
7
364 Aug 42 D
115 Feb 14734 Se
1314 Oct27 2 3.
,
5612 Oct85 F
1414 D
7 June
Jan 80 Ju
46
49 Aug 6212 C
11414 Mar 1178* N.
1264 Jan 17514 Se
/
1
11914 Jan 1313* C
3
214 Oct29 4 Ju
Jan 3437 0
168
10512 Feb 118 D
184 F
10 4 Nov
3
8312 Jan 102 D
134 Mar 2218 A
1612 Jan 323 D
8
1037 Jan12214 D
Jan 109 N
98
5 4 Nov37% J
3
834 May 7912 J
New York Stock Record--Continued-Page 4
688
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 28.
Monday,
Jan. 30.
Tuesday,
Jan, 31.
Wednesday, Thurst ay,
Feb. 1.
Feb,2.
Friday,
Feb. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MIscel.(Con.) Par $ per share
per share $ per share $ per share
*734 9
*73
4 9
4 9
3
4
*73
7% 7 4 *73
4 9
*73
4 8
100 Elk Horn Coal Corp __-No par
7 4 Jan 30
1
9 Jan 9
7 Dec is May
•16
19
*16
19
*16
19 "16
"16
19
19
*16
Preferred
19
ao
15 Dec 273 May
4
*714 754 *714 834 712 7% 8 933 9 9% 9 94 2,200 Emerson-Brant Class A.No par 614 Jan 23 958 Feb 1
Oct 13 Apr
3
"2812 33
*2812 3312 *284 33
*284 3312 *284 3312 *2
Emporium Corp
No par
84 3312
30 July 3718 Mar
7712 78
7714 784 7912 8214 814 827
8 8012 8112 784 8014 28,700 Endicott-Johnson Corp___ 50 75 4 Jan 10 824 Feb 1
3
643 Jan 8114 Deo
4
"12012 124 *12114 124 *122 124 *122 124 "122 124 "122 124
100 12114 Jan 27 1243 Jan 11 1163 Jan 125 Sept
Preferred
8
4
3612 3658 3412 3512 345 3518 343 3512 35
3514 35
4
8
3514 3,500 Engineers Public Serv-No par 3418 Jan 4 364 Jan 28
213 Jan 39% Oct
4
•10712 10812 *10714 108
3
108 1083 10812 10812 108 10818
108 108
700 Preferred
No par 107 Jan 24 109 Jan 4
8
933 Jan 1083 Dee
4
3712 3814 363 363
8
3714 363 388 *3612 3718 355 355
4
4 36
8
8 1,600 Erie Steam Shovel
6 35 Jan 10 3838 Jan 23 2434 Jan 3578 Deo
5 35 Jan 5 37 Jan 13
Certificates
3012 Sept 354 Dec
•
ffi-1118 11114 ff1 4 '111 116 •iii- fftf
100
100 Preferred
1
Jan
13
100 lows 10112 10234 10112 1033 Dm 10314 10112 10178 10114 10218 5,000 Equitable Office Bidg__No par 11114 Feb 7 116 Jan 27 10112 Sept 11358 July
8
9018 Jan
10338 Jan
9312 Dec
844
74
74
74
74
7514 74
74
74
7318 737
8 4,000 Eureka Vacuum Cleau_No par 7318 Feb 3 79 Jan 3
7512 74
50 Aug 777 Nov
8
21
22
20 20
'20
2112 2112 2112 *20
2112 "20
217
8
700 Exchange Buffet Corp_No par 20 Jan 30 22 Jan 28
1518 Jan 23 DeO
367 3673 37
8
*37
37
'37
3812
3812 *37
3812 '37
3812
600 Fairbanks Morse
No par 3212 Jan 5 4014 Jan 20
3014 Nov 4318 May
*106 110 *106 110 '106 110 *106 110
1064 10613 •107 110
100 104 Jan 9 1064 Feb 2 107 Dec 112 Mar
100 Preferred
11253 1137 112 113
112 113
8
11212 1133 1125 11312 11218 113
3
4
28,100 Famous Players-Lasky_No par 11114 Jan 16 117% Jan 9
8
92 July 1153 Dec
*1213 12212 "12134 12212 *1213 12218 •
4
4
100 12118 Jan 3 124 Jan 6 11478 July 1241 Jan
Preferred (8%)
8
3
495 50 4 49 4 52 8 5212 55
7
5018 53
3
5112 52% 5010 513 64.800 Federal Light & Trite
15 42 Jan 10 55 Jan 31
4
3712 Jan 47 May
10414 10412 10412 10412 102 102 *101 103
1033 105
4
10412 105
No par 98 Jan 6 105 Jan 25
310 Preferred
9112 Feb 100 Aug
*126 145 •126 145 •126 145 •126 145 *126 145 *126 145
Federal Mining & Smelt'g_100
60 Feb 187 June
95
*9312 95
95 '9412 95 4 '94% 943 *9412 943
3
*9312 95
4
100 9114 Jan 3 95 Jan 31
500 Preferred
4
7518 Jan 97 Mar
1912 1913 1912 193
20
4
3
20
4 193 19 4 197 20
194 1912 1,500 Federal Motor Truck_ _No par
1814 Jan 18 213 Jan 4
17 Dee 307 Jan
4
8
*201 205 20112 20112 201 201
205 207
207 214
207 20712 2,900 Fidel Phen Fire Ins of N Y. 25 18312 Jan 11 214 Feb 2
934 Feb 230 Dec
*1212 1278 12% 1212 1212 1212 *1212 123
4 123 123 *123 13
4
4
_No par 114 Jan 9 15 Jan 18
130 Fifth Ave Bus
4
10 Nov
147 May
3
106 106
106 106
10512 106 *10512 107 *106 112 *106 109
800 First Nat'l Pic, let preL-100 10514 Jan 13 106 Jan 23
9712 Jan 10612 Dec
4 3118 33
334 333
3114 3214 3112 3112 3112 32
31
313
8 9,800 First Nat'l Stores
No par 284 Jan 6 3334 Jan 28
1953 May 30 Feb
1614 16% 164 1653 164 1612 16
1612 1614 1612 1614 164 11,900 Fisk Rubber
No par
16 Jan 18 17% Jan
104 Oct 20 Apr
*897 90 *897 90
*895 90
8
8
90
90 "8953 91
8
897 90
8
300 1st preferred stamped_ __100 894 Jan 13 9112 Jan 10
Jan 100 Sent
81
'94
98 '964 98 "96
98 "964 98 "98
98
100 9614 Feb 3 973 Jan 51 9412 July 102 Sept
9614 9614
100 let preferred cony
4
73
7273 72 8 73
7212 73 3 725 7314 714 724 59,300 Fleischman Co new _ __No par 6814 Jan 5 7412 Jan 24
733
4 72
3
3
8
4618 Feb 714 Dec
47
463 47
4
46% 4914 4812 49
47
47
4812 4612 47
No par 43 Jan 10 5134 Jan 3
6,400 Foundation Co
35 Nov 884 Apr
84
85% 8214 843
8
3
3
4 827 83 4 815 834 80
81
No par 80 Feb 5 18414 Jan'*
8115 80
23,600 Fox Film Class A
294
50 June 8512 Dec
"111 112
111 111 *111 112 "111 112 "111 112 *111 112
100 111 Jan 5
30 Franklin-Simon pref
109 Dec 115 Aug
1034 1043 10012 10314 1015 1033 101 10214 10114 10212 9612 1013 58,400 Freeport Texas Co
4
8
3
4
tic/ Par 9612 Feb 3 10914 Jan 11
3414 Jan 10612 Dee
20
204 20% 217
234 237
8 2114 24% 234 24
22
38 Jan 27 2812 Jan 5
2318 25,500 Gabriel Snubber A
No par 19
22 Dec 59 Aug
134 1314
1312 14
135 13% 137 164 15
3
8
163
4 145 1512 92,800 Gardner Motor
8
No pa
, 115 Jan 17 163 Feb 2
4
64 Jan 1511 Deo
6252 63 8 6212 63
7
6312 64
6318 6312 6312 64
63 633
4 5,700 Gen Amer Tank Car_ _ _No par 6112 Jan 16 6612 Jan 4
46
Jan 643 Dec
8
•110 111 •110 111 *110 111
11018 11018 11014 1104 11018 11018
100 110 Jan 9 11012 Jan 26 1063 Mar 11212 Sept
400 Preferred
8
854 864 834 85 8 85
8312 8614 8212 843 31,800 General Asphalt
873
3 8413 86
3
100 81 Jan 3 9314 Jan 9
4
85 Aug 963 Mar
4
•127 135 *124 135
129 129 *125 131
129 129
129 130
Preferred
100 126 Jan 5 14014 Jan 7 10714 Aug 1447 Mar
500
8
*134 13412 13412 13412 13412 13412 1344 137 *126 138 "135 138
220 General Baking pref_ -Ne par 134 Jan 26 138 Jan 10 11812 Apr 140
Oct
70 4 717
3
8 71
72
7112 7212 72% 74 81 741s Mae 724 7312 23,100 General Cigar. Inc new _No par 67 Jan 19
5
Feb 3
F 2
52
Jan 744 Dec
*128
_
"128 ___'128
128 128
100 128 Feb 3 7128"
100 Preferred (7)
116
Jan 136 Sept
*583 8 5812 5812 58% 5853 585s 4.5842 117; "5813 /8 8
200 Gen Outdoor Ad. A---NO Par 574 Jan 17 587 Jan 3
.78
54 3 Apr 597 Nov
3
8
484 483
4 483 48% 4812 48% *4812 6872 5,800 Trust certificates__ .No par 477 Jan 3 523 Jan 7
4 4812 483
8
483 49
4
68
8
41318
8
37
Jan 587 Nov
8
131 1327 1294 131
130 1307 13013 1317 13012 13112 12812 131
3
8
37,900 General Electric New __No par 12812 Feb 3 13814 Jan 3
Jan 1464 Sept
81
8 113 114 113 1112 11% 113
8
8
1112 1114 1114 1114 113
8 4,100 General Electric special
_10 1114 Jan 23 1158 Jan 6
11 June 114 Jan
375 384 *38
3812 3813 3812 377 3818 1,500 General Gas & Elea A._No par 3514 Jan 18 39% Jan 26
8
39
3912 *3712 38
8
34 Apr 474 Feb
4
3
.11014 113 *110 113 *11012 1123 *11014 112 "11112 11212 •11112 11212
Gen Gas at Elec of A (7) No par 108% Jan 4 110 Jan 27 100 Jan 11018 Oct
*125 126 •125 128 *125 128 *125 130 •125 130 •125 130
Preferred A (8)
No par 123 Jan 11 12618 Jan 19 11314 Mar 12334 Nov
*106 107 *106 107 *106 107 *106 107 •106 107 •106 107
Preferred B (7)
No Par 1054 Jan 17 10614 Jan 27
Jan 10518 Dec
96
2
13312 13518 13214 13312 1333 1347 13312 1347 134 136
8
8
1335 1353 375,900 General Motors Corp new__25 130 Jan 10 13912 Jan 4 11314 Aug 141
8
4
Oet
124 124
1237 124
•12312 124
8
1244 1244 12418 12412 12434 125
100 12312 Jan 26 1265 Jan 6 11812 Mar 125.4 Dec
3,700 7% preferred
8
•108
•108
•108
•108
-•108
"108
Gen Motors Corp 6%deb pf100
104 Mar 10034 Dec
114 11614 1147 ffi
118 1194 11418 118
8
11412 1167 112% 114% - 1-Joo Gen Ry Signal new _ _ No par 1124 Feb 3 1234 Jan 3
4
8
8218 Jan 1534 Sept
7312 75
8 7212 7414 731 74
75
757
7212 7414 7112 73
13,500 General Refractories__ _No par 7112 Feb 3 82 Jan 3
Dec
38 Jan 81
1007 1014 10053 1013 299 100
8
10112 102
4
9912 10012 9812 99% 9.000 Gillette Safety Razor_ N0 par 9812 Jan 16 104 Jan 24
95 4 Nov 109% Oct
5
8 413 4338 415 427
8
8
8 4114 4178 41
3914 40
398 413
No par 357 Jan 10 433 Jan 31
8
4112 34,300 Gimbel Bros
8
35% Dec 59 Sept
96
96
7
96
9614 9612 9612 9612 9612
*95 8 96
1,200 Preferred
100 943 Jan 13 98 Jan 12
4
91 Nov 10812 July
8
21
2318 2312 2212 233
213
8 217 237
8 22% 243
8 93 4 244 100,600 Glidden Co
26114 9 2
3
No Far 20 8 Jan 27 243 Feb 2
6
8
1412 May 22 Mar
97
977
8 977 98
97
97
8
973 98
4
97% 98% 98
100 95 Jan 4 984 Feb 2
99
1,640 Prior preferred
86 Aug 101 June
8
93 4 9612 915 93 8 92% 9514 9314 953
3
7
8 9514 9712 9312 9653 98,900 Gold Dust Corp v 8 o__ _No par 71 Jan 16 9812 Jan 27
42 Mar 78.4 Dec
904 924 9212 931
917 93
8
92
9314 9313 95% 92% 95
89,500 Goodrich Co (B F)
.__.NoPar 8612 Jan 16 993 Jan 4
8
42 4 Jan 9612 Dec
5
11114 11114 III% 11112 *1111 112
112 112
112 112
1113 1104
100 11014 Jan 3 112 Jan 13
4
700 Preferred
95 Jan 1144 Dec
6612 6712 6738 703
67% 68
4 6814 697
6912 707
3 67% 6914 50,100 Goodyear T & Rub.-No par 657 Jan 18 7212 Jan 4
8
483 Aug 69% Dec
8
9918 9914 99
99
9918 991 4 994 9912 994 9912 994 9912 3,700 1st pref
No par 973 Jan 5 9912 Jan 13
4
Dec
9212 Nov
8312 84
2 83 8 827 28014 8118 80 4 8138 7978 833 18,700 Gotham Bilk Hosiery_No par 78 Jan 4 847 Jan 27
3
834 843
8
3
8
8
8
57% Jan 855 Dec
834 845
8 8318 84
8318 845 z8012 807
8
8 8014 8138 80
833 11,900 New
No par 7812 Jan 5 8438 Jan 23
3
mil Dec
58 Jan
1183 1183 119 11912 *119 120
•118 119
4
4
1194 120
1193 12018 4,300 Preferred New
100 1155 Jan 16 12018 Feb 3 104
4
8
Jan 122 Sept
8 93
4 10
107
9 4 9 4 '87
3
3
114 117
8 1114 1112 5,100 Gould Coupler A
8 114 126
No par 125 Feb 2
8
912 Jan 27
4
Oct 1114 Nov
40 4 40 4 404 403
3
4 404 403
4 404 4112 403 4114 40
3
8
403
4 7,600 Granby Cons M Sm & Pr_100 3912 Jan 18 43% Jan 3
3118 Jan 45 May
337
8 33
8
33
334 335 34
3312 3334 3312 33.8 33
33% 11,800 Great Western SugarnewNo par 31 Jan 26 38 Jan 7
5
3518 Dec 44 8 Sept
11958 1195 D.712 11912 *1171s 118
11714 1177 11714 118 •11712 118
8
8
100 11714 Feb 1 120 Jan 3 11612 Feb 123 Sept
510 Preferred
14014 14614 138 14212' 142 1453 14014 145
2
14112 143% 1365 142% 130,100 Greene Cananea Copper_ 100 124 Jan 10 16412 Jan 4
8
2914 Jan 1514 DCC
83
4 87
*83
4 9
*83
8
4 9
"812 9
812 812 "812 9
600 Guantanamo Sugar___ _No par
84 Jan 23
93 Jan 4
7 Oct 1114 Mar
•1063
4
4
'10634 - _ *10 4 ---- •1063 -•I063
-- •1063
100 10512 Jan 6 107 Jan 7
4
63
Preferred
957 Jan 106 Dro
8
5218 52 5218 52 - 53
5212 52% 52
5312 5312 5212 5318 2,500 Gulf States Steel
4100 51 Jan 9 54 Jan 23
Oct 84 Feb
40
'
2618 27
26
27
*234 2314 2318 2314 234 30
28
2612 3.420 Haokenfook Water
25 23 Jan 5 30 Jan 31
22 Aug 27 YulY
75
743 *74
4
74
71
7414 744 75
75
74
733 74
4
330 Hanna 15t pref class A__ -100 65% Jan 5 793 Jan 19
4
Jan 72s Deo
56
8
8
8 257 26
*26
*2512 2612 2612 263
2612 263 263
4 2614 27% 2,600 Hartman Corp class A _No par 24 Jan 5 275 Feb 3
8
2218 Oct 2714 Mar
233 25
4
8 2418 25
3
2314 237
2514 23% 24% 15,300 Class B
23 4 245
8 24
No par
1914 Jan 4 257 Jan 27
8
1818 Dec 295 Apr
No par
• Hayes Wheel
Me Feb 2818 Mae
*iii- 114ffi" Ii/3- 118
*iiLis 118r- 117 118 *Ili- 11425 112 Jan 17 118 Janie)
400 Helme(G W)
06
7612 Jan 125 0
128 128 "128
128
128 128
____ *128
_
100 121 Jan 3 128 Jan 16 11814 Jan 130 July
50 Preferred
2712 2712 2712 275
; 27% 27% .
2712 28
*128- -- "2712 28
273 273
4
4
No par 2714 Jan 19 30% Jan 20
700 Hoe(R)& Co
Jan 4178 J1117
22
8
3218 3212 317 32
"31
32
311
2912 3114 3,100 Hollander & Son (A). No par 29% Jan 10 3453 Jan 24
31% 3112 31
5
314 June 40 4 0 $
0
71
*139
71
71
*69
*70
*69
69
69
71
70
100 67 Jan 4 7412 Jan 7
300 Homeetake Mining
70
Oct
60 Jan 78
67
8
67% 67
68
6712 4,400 Househ Prod.Ino.tem cttNopar 6512 Jan 4 6912 Jan 28
6912 6914 6914 684 684 677 68
434 Jan 70.8 Nov
14212 147
140 1437 30,000 Houston 01105 Tex tam etls100 140 Feb 3 15618 Jan 3
14514 14734 126 1484 14618 149
14612 149
8
Oct
6018 Jan 175
4312 453
433
4 423 433
8 43
424 4212 42
4212 42
44% 29,400 Howe Sound
No par 42 Jan 12 45% Feb 2
4
344 July 4838 Dec
863 88
82% 86% 414,000 Hudson Motor Car___ _No par 75 Jan 16 89 Jan 31
843 8612 854 887
4
4
8612 88
873 89
3
nits Aug
4814 Jan
39% 4118 3812 4012 394 4014 39
4014 3918 4014 38
10 29 Jan 16 41% Jan 27
3912 143,700 Hupp Motor Car Corp
Oct 364 Dec
16
2618 263
2614 264 25% 2614 2512 25% 9,100 Independent OH & Oaa-No par 254 Jan 4 284 Jan 9 • 174 May 32% Feb
3 26
2612 2614 27
42
42
40
42
42
41% 1,400 Indian Motoeycle
42
41
No par 40 Feb 3 44% Jan
4112 4112 42
41
13 Mar 47 Dec
•1025 103
8
3
100% 10212
1023 1023 1023 1025 1024 1024 •1025 103
8
8
100 10014 Jan 3 105 Jan 9
8
110 Preferred
8
Jan 102% Dec
92
1114 1114 *10 4 11
10% 105
11
11
3 11
11
2,400 Indian Refining
10
11
3
11
93 Jan 3 12% Jan 13
4
1218 Sent
74 May
10
10
94 94
3
10
4
9 4 9%
3
3
93
4 97
94 93
8
9 4 9 4 4,400 Certificates
3
8% Jan 16 1033 Jan 13
3
714 June 12 Sept
*105 109
105 105
2,200 Preferred
106 106
100 101 Jan 4 109 Jan 19
106 106 *105 109 "105 109
99
Oct 112 Mar
*92
934 92
93
93% 9312 *9112 92
93
500 Ingersoll Rand new-.No par 91 Jan 3 94 Jan 6
9312 *92
*92
9612 Apr
8718 Nov
'116 118 "116 118 "116 118
Preferred
117 118 "117 118 *118 120
100 116 Jan 4 116 Jan 4 1063 July 120 May
4
5712 58
563 59
4
58
No par 56 4 Jan 30 63 Jan 3
5918 58
58
57
58% 17,400 Inland Steel
583 57
4
5
Feb 625 Dee
8
41
•11514 116 *1154 116 *11514 116
4
1153 1153
4
11512 116 •1153 116
100 11512 Jan 6 116 Jan 10 111
100 Preferred
4
Oct
Jan 118
• 1914 1912 19
194 19
197
8 4,800 Inspiration Cons Copper_ _ _20 1812 Jan 16 214 Jan 3
1914 1914 193
4 1912 1912 19
1212 June 25,2 Jan
177 18
8
lilt 18
17% 19
18
1714 171
17
17
6.500 In tercont'l Rubber....No par
18
17 Jan 31 2134 Jan 4
11 Nov 25 Nov
147 147
3
1412 1412 1418 1418 *1414 1412 141s 141s "14
1414
No par
500 lutenist Agrloul
13% Jan 25 157 Jan 3
8
64 Apr 165 De°
8
57
58
"56
*57
*5812 60
53
577 58
100 56% Jan 18
60
58
*58
800 Prior preferred
33 Mar 6811 May
1244 1223 122 1233 1223 12512 1254 13012 130 1393 136 147% 23.700 tat Businesa Machlnes_No par 114 Jan 16 60 Jan 3
8
4
4
4
4
147% Feb 3
5318 Jan 1193 Den
5918 5912 5918 593
8 60
4 59
8
618 603 61%, 6038 613
60% 11,600 International Cement No par 56 Jan 3 6214 Jan 6
5
4514 Jan 65 8 May
*109 110 "109 110 *10812 10912 *10814 10912 *10814 10012 1084 10912
100 10812 Jan 4 1097 Jan 9 100
Preferred
Oct 113 Dee
8
501 511
493 515
4
51% 5212 5013 5112 103,600 Inter Comb Eng Corp_ -No par 49 Jan 5 55% Jan 3
514 5314 513 535
404 Oct 64 Mar
•105 10514 *103 10514 105 10514 105 1054 •10412 105
100 104% Jan 5 10512 Jan 3 101
10412 10412 1,600 Preferred
Oct 10514 Dec
2357 236 '23214 23514 237 238
3
100 231 Feb 3 2473 Jan 7 13538 Jan 25518 Dec
236 23712 238 23712 231 2363
8 3,900 International Harvester
4
13912 13912 140 140
1397 140 *139 140
8
13914 13912 137 13912
100 13712 Jan 23 142 Jan 7 1263 Jan 1311 Dec
700 Preferred
4
44 44 *414 47
8
44 43
8
Int Mercantile Marine_ _ _ _ 100
43
8 43
8 47
414 414 .43
8
8
418 Jan 16
83 May
4
5 8 Jan 9
3
312 Oct
404 40 4 393 404 40
3
4
2012 38
413
3814 3918 3818 3812 19,300 Preferred
100 38 Feb 1
8
s
3213 Oct 853 May
8
1035 10514 1014 10312' 10218 10378 103 10714 10814 108% 102 10638 98,800 International Match pref _ -35 934 Jan 3 445 Jan 17
10812 Jan 7
62 Mar 881e Deo
97
9912 96
98 I 9712 99
9612 9838 97
9914 9514 973 120,200 Intenaationa Nickel (The).25 8114 Jan 5 993 Jan 27
4
3814 Jan 89Is Dec
4
7018 72121 72
7214 73
7214 570 4 7214 7118 73
15,400 International Paper-No par 6718 Jan 16 7614 Jan 24 a3912 May 8118 Nov
7012 73
3
•102 107 *102 107 "102 107
•102 107 "102 107
Preferred (6%)
__-100 102 Jan g 103 Jan 6
8514 July 106 Dec
10712 10712 107% 10712 10738 10712 10712 10712 10712 10712 10738 8,400 Preferred (7%)
10712
100 107 Jan 3 103 Jan 14
8
064 Jan 1125 Dee
*64
68 4 "64
3
6812 *64
6838 *64
67
67 .64
20 International Salt
67
6814
100 6518 Jan 10 68% Jan 12
83 Sept 75 Dec
International Shoe--_No par
Oct
Jan 239
160
igOi2
iiti- 111-2 18ii1. f80i-2
2 600 International S-Iver
100 18012 Jan 30 196 Jan24 13512 Mar 198 Nov
•131 13412 131 131
12814 130 "125 13014 •1283 135 "1283 135
8
8
30 Preferred
100 128 Jan 3 131 Jan 27 109 Mar 128
Oct
145% 1447 14512 143 148
144%
8
146 147
146 14612 145 145 4 8,000 Iuternat Telep & Teleg_-_100 14314 Jan 19 1493
3
8 Jan 4 12214 Jan 1584 Sept
36
3612 3512 3612 236
36
36
3612 *36
3612 1,300 Intertype Corp
3618 •36
No par 32 Jan 5 3812 Jan 20
194 Jan 3912 June
7 353 533 *53
54
*53
4
5312 .53
533 *53
5312
4
200 Island Creek Coal
537 53 , '
1 5212 Jan 23, 56 Jan 4
4812 Mar 67 Sept
86
85
87
83 4 88
3
81 85
863
8612 8712 844 8612 13,500 Jewel Tea, Inc
85
No par 80 Jan 171 88 Feb 1
534 Jan 86 Deo
'120 121 *120 121
121 121 *122 125 "121 125
100 Preferred
*120 121 1 3
100 120 Jan 18 123 Jan 18 11112 July 12512 Mar
12112 12112 "12112 122
12112 12212 12214 1223 12214 12212
4
280 Jones & Laugh dteel pref _100 1203 Jan 4 1223 Feb 2 117 Feb 123
12112 121121
Oot
4
4
363 377
8
8 355 367
8
375 373
8 6,200 Jones Bros Tea, Inc._ No par 3214 Jan 3 403 Jan
8
31 357 357
367
4 3618 373
36
.
8
10.8 Jan 345 Deo
4
10
97 1034
11
4
9 8 10
7
93 1038 5,600 Jordan Motor Car
4
1014 1012 •103 11 1 11
No par
812 Jan 16 1434 Jan 3
2211 Jan
8
125 July
*
11,53 1151 •11534 116
4
4
4
3
1153 1153
4
500 Kan City P&L 1st pi ANo par 115 Jan 9 1153 Jan 30 109 Dee 11612 Dee
4
3
*11519 115 4' 1153 1153 "113 4 116
4
•Bid anasked Priem no gales 00 this day. s Ex-dividend a Et rights,
New York Stock Record-Continued-Page 5
689
For sales during the week of stocks usually Inactive, see fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 28.
Monday.
Jan. 39.
Tuesday,
Jan. 31.
Wednesday, Thursday,
Feb. 1.
Feb. 2.
Friday,
Feb. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share jots
Highest
Lowest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
Shares Indus. & Miscel.(Con.) Par $ per share
$ per share 5 per share $ per Shari
49
Apr 854 Dec
11
4
10,100 Kayser (J) Co v t c----No par 62% Jan 5 663 Jan 18
912 Jan 3214 Nov
25 2212 Jan 5 274 Jan 3
12,500 Rally-Springfield Tire
35 Feb 102 Sept
8% preferred
100 77 Feb 3 84 Jan 6
44
Jan 9712 Sept
100 7512 Jan 18 80 Jan 26
200 8% preferred
19
Oct 27 July
1.600 Kelsey Hayes Wheel- No pat 2212 Jan 10 258 Jan 17
2
60 Feb 903 Dec
2
No par 803 Jan 18 87 Jan 3
23,100 Kennecott Copper
1 Mar
. 4 June
Keystone Tire & Rubb_No par+
49 4 June 45 Jan
3
No par 3812 Jan 16 52 Jan 19
z "
2
-. - li- -irl- li" ;45" 161 iii" :WI; i;ii" "iiili iii" Wi - -8615 Kinney Co
4
2
58 June 93 Dec
100 8914 Jan 6 97 Jan 24
870 Preferred
4
9214 913 9414
9318 9414 9314 9414 90
91
93
9414 95
2
49 June 627 Feb
25 5914 Jan 3 74 Jan 9
6414 643
4 6438 654 19,500 Kraft Cheese
4 6412 653
647
8
843 65% 84
4
4 647 653
45 8 Jan 7714 Sept
7
10 6612 Jan 10 7312 Jan 24
6812 6938 11,300 Kresge (98) Co new
8
703
4 885 7014 688 7012 683 70 I 6812 694
70
4
100 11314 Jan 19 117 Jan 3 1104 Feb 118 July
120 Preferred
4
0115 1153 *115 11534 1153 1153 11533 1153 *115 1153
4
4
11512 11512'
4
4
10 June 18 Dec
500 Kresge Dept Stores_ _ __No par 13h Jan 18 15 Jan 31
*1412 16
*1412 16
15
15
15
1414 1434 *1412 154 15
Jan
45 Nov 80
4
100 513 Feb 1 5314 Jan 6
200 Preferred
52
4
*5112 5412 *513 5412 52
513 513 *524 5212 *5218 5212
4
4
59
Jan 10512 Sept
No par 93 Jan 12 9714 Jan 25
400 Kress Co new
96
4
4
*94
98
96
96
*94
97
953 953 *95
95
95
1 Jan 26712 June
1.500 Laclede Gas L (St Louis)._100 200 Jan 10 260 Feb 2 173
255 255
24314 25612 25912 280
243 247 *235 250 *240 250
98
Jan 130 May
Preferred
100 100 Jan 5i 1244 Jan 26
*103 115 *106 115 *108 115 *107 115 *104 118 *104 115
2012 Jan 3733 Nov
333 337
4
333 333
4
8
4 333 348
4 333 3312 3212 3212 4,000 Lago 011 & Transport_No par 3212 Feb 31 357 Jan 14
4
4 3318 333
68
Jan 884 Oct
3 84
14 84% 8533 29
Jan 101 87 Jan 31
Lambert Co
No par 7912
.800
.
823 8512 8533 87
86
8
83
85
8614 85
7 Jan 181 Dec
72,4100 Lee Rubber & Tire-- No par 1714 Jan 31 222 Feb 2
22
1812 203
184 1833 1833 187
8 20
4 2018 2158 2012 225
325 Apr 43 Nov
8
4
No par 38 Jan 17 413 Feb 2
18,900 Lebo & Fink
4014 41
3812 39
3833 3912 393 414 4012 41
408 413
2
2014 Sept 3414 Dee
8
7
No par 3014 Jan 18 357 Feb 2
3512 18,700 Life Savers
1
3414
3512 35
34 343
4 327 3312 34
3512 35
35
4
1,900 Liggett & Myers Tobacco-25 1123 Feb 3, 12212 Jan 3 •874 Feb 128 Sept
4
s
118 118
1198 1197 *117 118
115 1157 1123 114
117 117
Oct
5
23 11212 Feb 2 12312 Jan 3 *86 8 Feb 128
11812 1188s 118 11812 118 11812 117 11712 11212 11612 11318 1144 8.700 Serle813
100 13514 Jan 30 13814 Jan 11 12433 Jan 140 Dec
100, Preferred
13514 13514 *135 139 *137 140 *137 140 *137 140
0135 139
49
Oct 76% Apr
No par 59 Jan 16 6514 Jan 3
5912 5912 1,300 Lima Loc Wks
62
59 59
60
60
61
62
6018 60 4 *59
3
45 4 Sept 7833 Dec
3
2
15,200 Liquid Carbonic certlfs_No par 70 Feb 31 777 Jan 13
71
74
7518 73
733
4 7212 7314 7112 724 70
733
4 72
7
487 Jan 63 2 Mar
6112 8312 6014 62
61
617
8 6012 6133 6012 6133 5918 604 50,600 Loew's Incorporated_No par 57 Jan 10 83% Jan 27
758 Jan
5 Oct
7 Jan 4
6 Jan 3
No par
614 638 1,800 Loft Incorporated
612
612
633 633
612 612
633 Ws
612 1312
254 Dec 43 Mar
No par 26 Jan 3 3534 Feb 3
3238 3233 3212 3212 3218 33
35 4 2,100'Long Bell Lumber A
3
3512 35
333 333
8
8 34
5518 573
8 5418 5612 547 56
8
35
564 5512 363
4 5333 5533 30,900 Loose-Wiles Biscuit new._ __25 4918 Jan 10 58 Jan 27 33512 July 5714 Dee
Jan 123 Nov
100 121 Jan 12, 123 Jan 8 118
80 lat preferred
•121 1213 *121 1213 121 121 *120 121 *120 121 *120 121
4
4
157 Mar 171 May
100
2d preferred
2312May 4732 July
25 3618 Jan 181 4014 Jan 24
-aiis ii- -aais lile -iiis lic -5iis 16 4 -5i" "isi" "Iiis 3812 10,800 Lorillard
-34
4
100 11212 Jan 18 1133 Jan 10 107 June 11812 Jan
400 Preferred
113 113
113 11314 *112 11314 11314 11314 *111 115
10
Oct 12 Aug
1012 Jan 3 1233 Jan 9
4
114 1118 104 1118 107 1118 11
-Kli4 181 4,830 Louisiana 011 temp ctfs_No par
8
16 4 11
3
11
8514 Dec 97 Feb
100 8912 Jar 9 91 Jan 6
Preferred
*8814 91
*8912 91
*8814 90
*89
*89
91
*8814 91
91
23 8 Jan 3012 Dec
5
287 2878 2818 283
8
4 283 283
4
283 283
4
4 2833 2812 1.800 Louisville 0& El A-__No par 2818 Jan 17 2912 Jan 25
4 2833 29
20 Oct 3314 Mar
No par 2533 Jan 11 34 Feb 3
23.500 Ludlum Steel
34
4
305* 3138 293 305* 3012 3012 304 3133 3012 3133 30
43 Nov 5814 Dec
4 1,200 MacAndrews & Forbes_No par 48 Jan 8 5112 Jan 4
*4814 49
493 492
4
4814 49
4812 49
50
50
50 50
8
100 115 Jan 12 1193 Jan 27 105 June 134 Aug
8113 117 *113 116 *111 116 *114 116 *114 116
100 Mackay Companies
115 115
67 Aug 74 Aug
100 6814 Jan 13 70 Feb 2
50 Preferred
*6912 7014 *8938 7014 *6933 704 *693 7014 70
*8912 7014
70
8
8814 Jan 1155
iMaY
No par 9812 Jan 181 1077 Jan 3
4
10112 103
1013 10212 10012 10414 103 10478 10312 10433 10112 1033 30,40&Mack Trucks. Inc
4
109 Jan 113% July
100
let preferred
102
Jan 1074 June
preferred
100
26
Jan 24312 Nov
No par 235 Jan 10 275 Jan 24 124
*iii" iiii" *181" 2763:1*235 lidi *Zia" iticr iii" i(i" .I.H)" iii" ---ioo Macy Co
a
52
2012 Aug 28 Oct
4
6,900 Madison Sq Garden-No par 2214 Jan 9 263 Jan 19
4
2538 243 25
4 25
4 2514 253
257
8 2518 253
2518 264 25
2912 Feb 5833 Dec
8
No par 493 Jan 16 5812 Jan 4
7,300 Magma Copper
51
51
515
8 504 5118 5014 517
4 50
513 5233 5138 513
8
1111 Apr 20% Dec
16 Jan 20 2012 Feb 3
2012 19,500 Mallinson (H R) le Co_No par
1712 177
2 1712 1712 1712 183
4 19
4 185 193
8
8 187 193
668 July 95 Dec
100 8718 Jan 30 92 Jan 3
230 Preferred
90
874 8718 89
90
91
8714 88
90
90
8812 90
27 Nov48 Feb
100 37 Jan 30 41 Jan 14
200 Manatl Sugar
37
37
*32
37
37
*37
*37
40
*32
37
40
37
Oct80 4 Dee
3
48
100 77 Jan 9 88 Jan 17
500 Preferred
80
*70
79
*70
77
7712 *72
570
79
79
79
*70
394 Dec 4934 Aug
No par 38 Jan 16 4012 Jan 24
400 Mandel Bros
4112 397 40
*39
40
40
40
.
540
40
4014 404 *39
43 Oct132 Aug
5012 5012 2,200 Manh Elea Supply___ _No par 50 Jan 11 547 Jan 3
5012 5212 5012 5012 5
04 5012 504 5038 50% 52
2414 Jan 353* Deo
8
25 3314 Jan 3 363 Jan 23
4
343 347
4
8 344 3912 3412 343 *344 3433 3438 353
8 3412 3412 3,800 Manhattan Shirt
40 Jan 60 Oct
*453 58
10 Manila Electric Corp__No par 50 Feb 3 50 Feb 3
*45 4 58
3
4
50 50
*453 58
*453 58
4
*453 58
4
12
Oct 2234 Jan
1,000 Maracaibo 011 Expl_ _No par
16
1818 Jan 13
1533 Feb 1
*1512 16
•16
163 *153 16
4
4
4
1612 1533 153 *153 16
31 June 5812 Jan
No par 3433 Jan 5 388 Jan 16
8 36
3512 50,700 Marland 011
367
357 363
2
35
8 353 363
4
4
354 3
614
8
8 347 353
7
27
Jan 55 8 Nov
No par 484 Feb 3 5212 Jan 6
4833 4914 4812 4812 4838 4838 4833 49
4838 48% 4818 4814 2,800 Marlin-Rockwell
1512 Dec 241* Feb
15 4 Jim 3
3
4
123 Jan 31
4
*134 1312 123 13
*1318 1312 1,400 Martin-Parry Corp- - No par
1312 14
13
1234 13
13
82 Jan 1323 Dec
8
3.300 Mathleson Alkali Workallo par 12014 Jan 10 1313 Jan 25
4
12312 1263 12612 12612 127 127
4
1275 129
8
12512 126 8 1243 126
,
Jan 120 Dec
100 115 Jan 12 117 Feb 2 103
60 Preferred
11612 1184 11612 11812 *11614 117 *117 11733 117 117 *11814 117
2
68% June 903 Nov
25 81 Jan 16 85 2 Jan 3
4
8212 1,900 May Dept Stores new
4
3
82
825* 825* 8233 834 823 823 .82% 83
823 83
4
8 323 32
3212 325
5
2333 Jan 3514 Dec
NO par 3212 Jan 30 344 Jan 12
1
4 2.900 Maytag Co
323 32
4
4 3212 323
32% 323
3212 323
*823 84
*823 84
4
55 Mar 90 Dec
20 McCrory Stores class A.No par 83 Jan 17 88 Jan 3
4
4
84
*823 85
8512
*83
8512 *83
84
564 Mar 9633 Dec
8614 8614 8814 867 *8634 87
*8614 87
NO par 85 Jan 16 8912 Jan 3
*8612 87800 Class B
*864 87
97 Mar 1164 Sept
Preferred
100 111 Jan 10 111 Jan 10
*109 11118 *109 114 •109 11118 *109 1111 *110 1114 *110 11118
3
244 Mar 28 4 Oct
McIntyre Porcupine Mines_ _5 267 Jan 11 273 Jan 16
4
4
8
*273 28% *2712 283 *2712 2833 *2534 283 .2714 283 *2714 28
4
4
2434 Jan 264 Feb
25% 26
*2558 253 *2533 253
257 26
4 1.000 Metro-Goldwyn Pictures pf _27 2513 Jan 6 28 Jan 27
26
26
3
4 25 4 253
518 54
518
5
518 *5
54 51
5
94 Feb
3 Aug
6
/
1
4
612 614 10,500 Mexican Seaboard 011_ _No par
83 Feb 2
4
433 Jan 19
13% June 20% Dec
4 18
4
5 173 Jan 5 194 Jan 7
193 11,000 Miami Copper
8
1812 185* 184 1812 1814 183
18's 1814 1812 18
254 Oct We Jan
4
277 2818 273 28
8
2712 2734 2714 274 2633 2714 11,200 Mid-Continent Petro__No par 28 2 Feb 3 294 Jan 3
28
28
97 Apr 105 Feb
8
100 104 Jan 11 1057 Jan 18
200 Mid-Cont Petrol pref
10512 10512 1054 10512 .105 106
*105 106 *105 106 *105 106
3% June
15 Jan
3
3
3
34
81
3
318
24 3
23 Jan 3
2
10
18,800 Middle States 011 Corp
24 3
35* Jan 5
238
/
1
4
*178 2
2 June
2
2
08 Jan
2
2
23 Jan 5
8
112 Jan 3
10
3,500 Certificates
*13
4 2
13
4 2
2
2
24312 251 *245 250
8,500'Midland Steel Prod prat_ _ _100 232 Jan 31 290 Jan 4 108 Apr 315 Dec
242 245
2483 249 23212 244 232 243
4
3
*2312 25
1712 Nov 36 4 Apr
25
900 Miller Rubber cite
2412 24's 2418 25
25
No par 24 Jan 3 27 Jan 3
2418 2412
*2438 25
8112 Jan 10913 Oct
4
8
100 10214 Jan 10 1653 Feb 2
8
1463 149% 1423 15812 156 16114 159 1631 16112 1653 15512 1624 152,300 Montana Power
4
12812 1305 1293 132 x12812 1294 12718 1293 145,400 Montg Ward & Co III oorp_10 117 Jan 19 132 Feb 1
1263 129
8
130112 Feb 1234 Dec
8
130
4
8
12718
57
6 June 1212 Jan
57
6
612
3 4 618
1
6
84
712 Jan 4
No par
8,000 Moon Motors
6
53 Jan 30
4
6
6
61s
4 2 Jan
3
14 Oct
4
23
4 23
34 Jan 4
2 8 28
6
4
25
2
4
24 234
2 4 Jan 271
28
28 3,800 Mother Lode CoalltIon_No par
234 27
8
52
8712 812 *7
612 Sept 18 Mar
*7
8
8
*7
812 Jan 27
No Pa
*7
8
712 Jan 111
200 Motion P1cture
8
8
8
3
2012 2018 2014 2018 207 *20% 21
17 Nov 38 4 Apr
2018 20
19% Jan 3 2314 Jan 12
204 21
20
No pa
2,200 Motor Meter A
7
8 284 2812 2614 901
20% Jan 27 2 Mar
8
2612 283 263
4
*26
2618 2614 28
No par 2512 Jan 12 263 Jan 13
2814 2,400 Motor Wheel
Jan 7914 Dec
10
8114 83
89
877 91
814 8312 81
No par 73 Jan 5 93 Feb 2
90
923 17,300 Mullins Body Corp
4
9012 93
4
Jan
20 Preferred
•107 1083 *107 108 *1074 108 *1074 108
10712 10712 108 108
53
4012 5011 5
2
54
736
S5 4 May 11P Nov
°
3
2g
49
5012 493 50
4 an )
7
491
494 497
*50
No par 1118. L°. 11 In'h
0
503
3,200 Munsingwear Inc
2412 2218 24
1614 Oct 43 Feb
24
2112 23
3112 Jan 41
8
2112 Feb 1
22
No pa
2518 23
247 25
2533 30,100 Murray Body new
g per share 5 per shape $ per share $ per share
657
8
8
6412 654 657 6814 65
8414 65
2312 245o 2418 2434
248 23h 24
24
85
*80
85
*78
81
*80
85
*82
*77
824 793 793
83
4
*79
4
*80
83
2318 234 2314 2312 2312 2312 2318 2312
813 82 8 8214 8314
7
82% 8314 8112 82
$ pe, share $ per share
6512 66% 647 66
2312 2412
2412 25
77
77
*79
82
80
80 •77
*77
2312
*2318 2312 *23
4
4 8112 823
823 823
8
877
8 86 8 8814 86
No pa
8618 87% 854 867s 8612 8818 37
875* 58,800 Nash MOM'S CO
,
1214 14
8 1218 1234
13
1352 124 134 12
10
1112 123
l21s 28,300 National Acme stamped.
582 507
8
8 57
*57
59
59
59
No pa
3,100 Nat Bellas Hess
60 8 593
*7 4 60
58% 59
99
997 100 *95
*95
100
900 Preferred
993 100 100
4
595 100
101 101
1744 17814 177 1787 1784 1801 173 1773 23,000 National Biscuit
172 175
25
177 179
100 Preferred
MO
*138 141 *138 14112 *138 14112'1404 1414 14012 14012 *141 142
493 501s 49
4
8
50
4 507 S2is 147,000 Nat Cash Register A w 1No par
4073 514 5119 534 524 533
7(188 72
71
724 705 724 70
8
8 7018 72
No par
707 86,900 Nat Dairy Prod.
6912 717
24
2413 2434 *2312 241s 2,300 Nat Department Stores No par
*2212 2312 2212 2272 2312 2334 24
*90
91
91
91
914 914 *90
200 1st preferred
*90
92
100
92
*9018 91
k
5112 5312 53
553
8 5312 5512 5333 543
4 5218 537 23,800 Nat Distill prod etts
534 537
No par.
4
8
v573 6838 687 673 *6712 68
4
68
800 Preferred temp etta No par
68
6714 87
52
89
69
.8
4
600 Nat Enam & Stamping__ WO
4
28% 28% 287 284 *283 2914 *283 2914 *2812 294 2814 2814
91
91
*9012 91
*904 92
*9012 92
400 Preferred
*9014 92
91
91
100
7 133 136
132 13434 1323 135
8
7,400 National Lead
133 135
4
100
131 1327 132 134
100 Preferred A
100
139 139 *139 140 *139 1394 *139 13912 *139 13912 *139 1391
11312 11312 *11314 118 *113 116 *11314 118 *11314 116
100 Preferred B
*11314 115
253 2578 2518 25% 2434 254 2414 25
8
26
2 2518
52,100 National Pr & Lt otts....No 10
0
25% 267
par.
927 93
8
93
*92
1,300 National Supply
94
925 934 *925* 9314 *92
93
60
93
311 314
1,860 National Surety
311333133* 311 3131k
100,
316 31912 31112 31512 31012 317
1644 164% *16212 168 *16212 16712 *16212 165 *16212 165
100 National Tea Co
v18212 187
No par
8 1818 183
8 1814 183
1814 1812 1818 183
185* 21'4 31,200 Nevada Consul Copper_No par'
4 188 19
8
457k 13,500 N Y Air Brake
8 4414 4633 46467s 453 46% 46
4612 45
453 487
4
No par
------ NY Canners
No par
Preferred
No par
m
6211 Wit;
53l
61l -1:5156 New York Dock
6134 62
1312 611* 114 60
*9014 93
*9014 93
•9033 93
300 Preferred
91
9014 9014 9014 9014
100
91
101 10114 10078 10134 10112 102
590 N Y Steam pref (6)......No par
1011s 10112
8
*10118 1017 10112 102
,
8
11112 11112 1124 113 8 *1124 1137 11212 112% 11312 11312
200 First preferred (7).- No Par
112 112
400 Niagara Falls Power pf new.26
,
8
284 *2812 28% 2812 28% *2814 28 8 2838 253 *2814 2812
*2812
6014 61
32,600 North American Co
80 8 6118 6018 62
3
10
61
61% 6014 6114 60% 61
8
8
300 Preferred
4
*534 5412 5314 5314 543 543 *5312 5412 *533 5412 533 53%
4
50
4
3
800 No Amer Edison Prof No par
10412 10512 10512 10512
1053* •105 105 4 *10514 1053 *10512 107
4
1053
*504 514 *504 5112 5112 52
40 Northwestern Telegraph._ _50
*52
52%
*5018 5112 *504 5112
32
8
312 312
200 Norwalk T1re & Rubber _ 10
8 *314
4 *314 312
*314 33
3 8 35
5
4 *314 33
*9
918 *9
*8
9
9
9
500 Nunnally Co (The)_---No par
9
912
84 813 *8
8 3512 3614 29,600,011 Well Supply
37
3812 3612 384 36% 37% 3614 3714 3618 367
23
4
2001 Preferred
10812 10812
,
100
•107% 1084 10812 10812 *10712 1073 10712 10812 *107 8 109
1278 1318 4,900'Omnibue Corp
1314 127 133
8
8
No par
•1334 137
s 1318 1312 134 1318 13
,
5001 Preferred A
94 8 94% 94% 95
95 • 95
95
95
95
594
100
94
94
*734 764 *734 7612
*73
764 *7312 76
100,Oppenbelm Collins & CoNo par
77
*73
78
78
24
2412 24
2312 24 ' 24
3,300,Orpheuro Circuit. Inc
24
24
24
244 2412 24
800 Preferred
*9912 101
101 101 *100 101
100
101 101 *100 101 *100 101
3,000 Otis Elevator
150 150
4
151 152
150 15212 1504 1513 13112 152 *150 152
4
50
150
100
*11914 11912 11914 1194 11912 11912 *11914 1194 1194 11912 11914 11914 7.300 Preferred
rill* Reel - - _
,
, 1112 113
,
. _ _No par
1112 II . 111* 117
, 1112 117
4
114 113
. 1112 117
•Bid and asked Mow no sales on Mb Oar, S Ex-dividend, a Ex-rtghta,
-. 5i-2
6
1
6014 Apr 1017 Dee
8
Jan 301 1013 Jan 3
74 Oct
5 Feb
Jan 4 14 Jan 31
3112 Sept 464 Dec
8
Jan 3 843 Jan 26
Apr
8514 Sept 97
Jan 3 101 Jan 26
3
94 4 Jan 187 Dec
Jan 19 182 Jan 27
Jan 142 Dec
Jan 19' 143 Jan 9 130
31)78 Jan 5158 Dec
Jan 16 5334 Feb 2
5914 May 687 Aug
8
Jan 5 7212 Feb 1
2014 June 2738 Mar
Jan 5 243 Feb 2
8912 July 944 Jan
Jan 10 92 Jan 23
17 Feb 60
Oct
Jan 30 5812 Jan 9
43 Mar 693 June
4
s
Jan 3 713 Jan 9
1918 Apr 35 June
12
Jan 17 3033 Jan 26
694 Apr 917 July
Jan 3 915* Jan 18
4
Jan 10 136 Jan 31 895 May 2021 May
Jan 3 139 Jan 3 11312June 139% flee
119:: Jan 27 1041 Zs 121,34514 SeptDee
u 5
,
197 ,
:
an
121% lan1g
13
78 May 977 Dec
s
92, Feb 1 9612 Jan 3
3104 Jan 20 355 Jan 3 a218 Jul 373 Dec
180 Jan 17 1734 Jan 3 108 Apr 180 Des
123 June 20 * Dec
4
5
2114 Feb 3 2114 Feb 3
3914 OctJune
4
50 Ju
4312 Jan 17 473 Jan 3
134 Apr 2172 Jan
43 Ma
72 Jan
34
Jan 8538 Nov
5812 Jan 21 8414 Jan 4
93% Nov
7212 Fe
9014 Feb 2 95 Jan 4
9311 Fe
10212 Oct
9914 Jan 3 102 Jan 30
Jan 1144 Oct
102 Jan 30 113% Jan 31 105
273 Jan 29 e MaY
4
1
28 Jan 3 2852 Jan 17
4558 Jan 644 Oct
585 Jan 5 6218 Jan 14
8
Jan 55 Aug
50
534 Jan 3 5412 Jan 18
Oct
105
96% la
1033 Jan 14 10534 Jan 27
47% Jan 56 Sept
50 Jan 5 52 Jan 14
538 Feb
1% Jul)
4 Jan 3
3 Jan 10
13
Jan
834 De
9 Jan 24
84 Jan 28
3114 Jan 38; Deo
3412 Jan 25 41 Jan 11
11012 Jan 11 10214 Ma 110 June
107 Jan 26
1712 June
11 Ma
1212 Jan 4 143 Jan 26
Jan 9912 May
81
90 Jan 11 95 Feb 1
8232 Dec
5812 Fe
78 Jan 28 8812 Jan 7
2378 Dee 35 Apr
227 Jan 5 2412 Jan 9
s
108',June
993 Jan 14 102 Jan 5 10234 No
4
155% Oct
14814 Jan 5 15812 Jan 17 z103 Fe
124 4 Aug
3
11914 Jan 24 1214 Jan 12 108 Fe
7 Fe
/
1
4
1212 June
1012 Jan 18 13 Jan 4
8514
714
41
904
16214
140
474
6412
217
8
91
514
6312
2518
91
126
139
690
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW- SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Jan. 28.
Monaay,
Jan. 30.
Tuesday,
Jan. 31.
Wednesday, Thursday,
Feb. 1.
Feb. 2.
Friday',
Feb. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
1PER SHARE
Range Since Jan. 1.
I
On basis of 100-share lots_
$ per share $ per share 5 per share 8 per share $ per share $ per share Shares Indus. & Mescal.(Con.) Par1
844 854 8512 8512 *8514 86
8514 8514 1,200 Otis Steel prior pref
100
84
4 847 *8418 85
8
*88
95
*8712 95
*88
95
*89
95
89
89
*88
89
200 Outlet Co
No par
773 773
4
4 77
4 7618 773
77
773 783
8
4 774 7812 7718 7712 2,500 Owens Bottle
25
*11512 117
11512 11512 *11512 11612 *11512 11612 *11512 11612 *11512 11612
100
10 Preferred
4818 4818 48
4914 49
4918 483 49
4
49
49
49
493
4 3,400 Pacific Gas - Elea new... _ 25
112
112
112 13
8
112 15
8
112
112
15
8 13
4
112
112 9,200 Pacific 011
No par
153 153
4
154 1543 154 154
4
154 15418 1533 15384
100
1523 155
4
500 Pacific Telep & Teleg
*11812 ____ *12012 ____ *12012 ____ *1215*_ *117
_ 123 123
100
10 Preferred
10
5812 597
8 5818 594 5812 587
8 583 - - 3
8 6 - 6014 - 3
04
61 8 59
603 68,600'Packard Motor Car
8
---- Paige Det Motor Car_ .No par
4212 *4212 42
4114 4112 4118 - 1, - 4200 Pan-Amer Petr & Trans- _ _60
;
,11T8 12- -4112 1134 -41E8 411
4238 4212 4218 4212 4218 4314 4218 4212 42
43
4218 427 21,900 Clam B.
8
50
1912 20
1012 20
197 20
8
193 203
8
193 197
8
8 1918 197
8 5,300 Pan-Am West Petrol B_No par
1512 1512 1512 1512 16
1618 1518 1512 1512 1512 1518 154 2,100 Panhandle Prod dr ref _No par
*7712 7018 7712 7712 *70
80
*75
100
78
78
80
*75
200 Preferred
80
3534 353
4
4 353 36
4
354 363
8 3512 353
353 353
4
4 353 36
4 3,600 Park & TlIford tern ctfa_No par
1178 1214
1178 123
1
4
8 117 1218 115 12
8
111s 1218 113 12
8
37,400 Park Utah C M.
31g
3
318
3
3
No par
8
312 *318 4
3.800 Pathe Exchange
314 33
314 314
8 135 14
8
14
1414
133 1412 133 137
4
8
14
1412 133 14
4
10,200 Pathe Exchange A new No par
29
2712 2812 2614 273 120,700
4
1918 178 1814
16 8 173 11,800
,
4
4
27
2612 27
2538 2614 10,200
11
*1012 11
*1012 11
100
273g 2614 27
2518 26
20,800
9612
9618 *95
100
9612 .95
Highest
$ per share
877 Jan 4
8
91 Jan 5
793 Jan 7
8
116 Jan 24
4934 Feb 3
131 Jan 27
157 Jan 6
123 Feb 3
6312 Jan 3
203 Jan 4
8
463 Jan 6
8
463 Jan 6
4
21 Jan 13
1612 Jan 6
81 Jan 4
373 Jan 4
8
1412 Jan 5
412 Jan 6
1812 Jan 14
304 Jan 30
23 8 Jan 4
,
283 Jan 24
8
141, Jan 5
2712 Jan 31
9512 Jan 31
Patino Mines & Enterpr..... _20
Peerless Motor Car
50
Peniek & Ford
No par
Penn Coal & Coke
50
Penn-Di xle Cement __
..No par
100
Preferred
Penn-Seaboard St'l vtc No par
4
4
4
- 2
1I7 1iz iiii, 1661: 173 175- fif- i7614 186-1- 18812 fi9 2 185 189 45,200 People's 0 L & C (Chic). _100 1513 Jan 6 18912 Feb -2
7
*160 175 *158 168
161 163 *160 165 *160 170 *145 165
800 Philadelphia Co (MUM)._ _ 50 14912 Jan 19 163 Jan 31
50 4612 Jan 18 4818 Jan 16
*4612 49
*4612 49
*4612 4818 4818 4818 *4818 49
10 5% preferred
*9612 49
50 52 Jan 3' 524 Jan 27
4 523 527
4
8 523 5272 527 5278 3,300 6% preferred
4
8
523 523
4
4 523 523
4
4 523 523
4
343g 34
_ No par 3312 Feb 31 3934 Jan 3
333 343
4
4 335 343
8
8 34
347
8 34
3412 3312 34
17,500 Phila & Read C &
Certificates of int ___ No par 373 Jan 19, 38 Jan 12
.33
36
*33
35
*33
35
*33
36
*3212 35
8
36
*33
1734 18
163 16 1s 1612 1714
8
8 1718 1814
17
8
17 8 193
,
1814 5,100 Phillfp Morris & Co. Ltd.. 10 154 Jan 1.11 193 Jan 31
No par 394 Feb 2 434 Jan 14
4112 413
4 413 413
4212 4012 4112 391g 4118 3914 393 98,400 Phillips Petroleum
8
4 41
4
6 28 Jan 12 363 Jan 28
34
*34
34
363 *34
4
36
*32
37
1,100 Phaer Ix Hosiery
4
36
3314 3314 34
100 96 Jan 9 10014 Jan 30
*9812 100
Preferred.
*9814 100
100 10014 *9812 100
100 100
130
*9812 100
12 Jan 17 153 Jan 3'
1212 124 1212 13
1312 1312
123 1314 123 123
4
4
8
4 4,300 Pierce- Arrow Mot Car_No par
46 2
100 4 3 Jan 28 5312 Jan 3
4
433 454 45
4
*45
47
3,600 Preferred
-TO2 - - -1- 4612 47
4512 4412 46
25
Jan 3
'Jan 3
3
4
5
8
5
8
5
8
5
8
84
5
4 1,500 Pierce 011 Corporation
4 4 4
3
4
100 1912 Jan 9 2012 Jan 10
Preferred
*1718 19
*174 19
*1718 20
*1718 1912 *1718 1912 *1718 19
4 4
*33
33 Jan 30
4
4
4
*33
4 4
1,000 Pierce Petroi'm tern ctfsNo par
438 Jan 7,
33
4 33
37
8 4
4
37
8 37
8
.No par 33 Jan 4 3712 Jan 9
8
8 3514 357
8 353 357
353
4 6,400 Pillsbury Flour Mills.
353 36
4
353 361g 354 357
8
8 35
1(10 108 Jan 5 11712 Jan 9,
11212 11212 *112 114 *112 114 *112 11312 *112 11312 *112 11312 1,000 Preferred
1
45
100. 43 Jan 27 5312 Jan 4'
444 4414 4312 433
4
433 44
4
433 4334 433 4512 44
4
4 3,900 Pittsburgh Coal of Pa
100 84 Feb 3 88 Jan 12:
*85
87
*84
87
86
84
84
500 Preferred
86
8612 863 863 *85
4
4
100 95 Jan 6 95 Jan 6,
*94
95 .92
95
*92
95
Pittsburgh steel pref
*9214 96
96
*9214 96
*92
*30
31
*30
100' 30 4 Jan 31
3
31
700 Pitts Terminal Coal
3114 32
303 31
4
*30
*32
33
3512 Jan 5
3012
100 78 Jan 9 7812 Jan 7
*78
79
80
*78
30 Preferred
79
*78
80
*78
80
*78
78
78
*7412 7512 7378 75
71
7514 6714 7114 6714 694 9,800 Porto Rican-Am Tob Cl A 100 6714 Feb 2 794 Jan 8
76
76
3212 2818 317
8 287g 303
No par 28 Jan 25 35 Jan 3
8 23
297 16.600 Class B
8
4
307 317
8
8 303 3212 31
125 1273 12512 127
8
. No par 123 Jan 16 1293 Jan 24
8
1244 12614 38,500 Posturn Co. Inc
8
8
1273 1284 12518 12714 1257 127
4
900 Pressed Steel Car new No par 23 Jan 11 264 Jan 3
*233 2414 2412 2412 2412 2412 2412 2412 234 2414 233 2384
4
100 85 Jan 23 88 Jan 4
*86
*86
88
88
*85
88
*85
87
Preferred_
*85
88
88
*85
237g 23
Corp 50 2212 Feb 3 26 Jan 10
2318
24
2312 233
4 2312 24
2318 2212 225* 4,000 Producers & Refiners
24
50 413 Jan 6 45 Jan 24
44
44
*433 443
4
8 433 437
4
770 Preferred
4
8 433 433
444 4412 434 44
4
4
433 443
8
4 4312 4414 433 4412 434 4418 04212 4318 27.500 PubServCorp of NJ newNo par1 4112 Jan 9 45 Jan 27
4
4414 45
100' 1033 Jan 6 10512 Feb 3
105 105 x105 10512 2,100 6% preferred
1043 105
4
105 105
1044 105
8
105 105
1041 118 Jan 21 1201s Jan 25
120 120 *118 120 *119 120 *119 120
200 7% preferred
•120 12018 120 120
.100 134 Jan 7 136 Feb 3
4
800 8% preferred
•12412 12518 135 135 *135 13712 *13312 13712 *13612 137 a1353 136
4
4
1093 1093 *10912 110 *10912 110
8
4
800 Pub Sec; Elec & Gas p131.100 109 Jan 11 11018 Jan 28
110 11018 *1093 110 *1093 110
8
843
8 83
8 83
843
4 84 847
8 83
833
4 813 8314 68.100 Pullman Company new No par' 813 Jan 10 854 Jev• 28
843 855
8
4
501 3012 Feb 3 347 Jan 3
3118 313
4 3118 3118 3118 3113 3118 3118 3012 3112 1,700 Punta Alegre Sugar
*314 32
8
25[ 19 Feb 1
2518 2514 25
2514 2218 2514 19
2012 207 163,700 Pure 011 (The).
8
215* 2018 21
2712 Jan 5
1001 112 Feb 3 112 Feb 3
*112 11412 *112 114 *112 114 *11112 114 *110 114
112 112
100 8% preferred
251 5812 Jan 3 65 Feb 2
64
64
64
644 6418 643
64
64
4 6412 65
4,700 Purity Bakeries class A
644 65
No 10o 9614 Jan 3' 13212 Feb
. par
126 1277 12612 1283 12712 13212 1297 13118 128 8 130
8
4
8
,
19.500 Class B
124 125
4
110 110
1093 110 *1093 110
1074 Jan 3' 110 Jan 17
109% 1093 1093 *1093 110
4
4
4
160 Preferred
1094
4
97
9918 99 1017
8 9912 10112 1004 10314 9812 10314 422,400 Radii. Corp of Amer__ _No par 8812 Jan 5 1043 Jan 9
983 100
4
4
50 5412 Jan 4 574 Jan 9
5512 5512 557 .55
*5518 5512 5514 5514 5514 5514 *55
8
56
1,800 Preferred
No par 404 Jan 3, 45 Jan 17
8
Rand Mines, Ltd
*4212 4712 *4214 4712 .423 4712 *425* 4712 *414 4712 *4214 474
Ray Consolidated Copper.. 10
8
ii- -ii- Iii -iiii8 ii- - 8i., 16- 111,666 Real Silk Hosiery ----- ... 10 247 Jan 17, 3014 Jan26
.
8
8
9
-2 7 -- -1- -2(if4 271- -28i2 -g s 2 2
.100 86 Jan 3 00 Jan 21
*88
8912 •88
8914 8614 88
*86
70 Preferred
89
8712
8912 8912 *88
82 Jan 6 9212 Jan 11
---- ---- ------ ---- ----' ---- ---- ---- ---- -___ ______ Reid ice Cream
---No 10 r 1103 Jan 6 1103 Jan 6
pa
0
8
Preferred
4
No par
614 Jan 31
ioo Rats(Robt)& Co
714 Jan 6
iiiT.
-ii- -1- -;
62
No par 2318 Jan 20 33 Jan 28
8
8 3018 3112 2924 30 4 227.000 Remington Rand
3
3038 3214 303 3134 3018 313
3112 33
93 Jan 16 9512 Feb 2
9514 9512 9512 *9412 96
1,200 First preferred
9412 9412 9412 95
94
94
94
100 9912 Jan 10 100 Jan 24
*974 100
*97 100
*97 100
597 100
100 Second preferred
*100 10014 100 100
4
Rem'ietn Type 7% let 10.100
•1023 110 *103 110 *103 110 *1023 110 *103 110 *103 110
4
100 102 Jan 7, 114 Jan 30
1,600 8% 2d preferred
112 114 *110 115 *110 115 *110 115 *110 115
•110 112
Replogle Steel
_
iv3i 6-1- ,i;i• 1;47
N° 100 59
i•i.,-1- ---s - i
iii-iiT8 - 8 -ai2 i525; -a- - 2 *11012 112 2 ---2 - 8 6218 64 18,900 Republic iron & Steel_... °ar 105 Jan 16 6512 Jan 20
100
*11012 112 *11012 112
Jan 3 1108a Jan 30
300 Preferred..
8
11012 1103 11012 11012
•11012 112
No par
83 Jan 16 1012 Jan 23
8
97
8
914 1014
93
4 98
9
7
9
9 14 11,700 Reynolds Spring
918
9
918 914
4
156 15612 15434 156
1523 154
4
10,000 Reynolds (15J) Tob Class B 25 1523 Feb 3 161 18 Jan 3'
4
*15114 15712 15612 15712 1563 157
25 163 Jan 10 18612 Jan 271
5,300 Rossla insurance Co_
17814 182
179 18312 180 18312 183 184
4
181 18412 1773 180
443 Jan 20 483 Jan 14
8
8 46
4612 4612 46 4 6.500 Royal Dutch Co(N Y shares) _
453 4614 4612 473
8
,
8
4
8 447 45
443 447
4
10 4112 Jan 18 4338 Jan 4
4112 4184 2,500 St Joseph Lead
423
4 4112 4238 4172 42
*4178 4214 413 4214 42
4
No par
----- Safety Cable.
8
7334
2 733X -iii Yi- 8
14,000 Savage Arms Corporation. 100 603 Jan 12 75 Jan 27
8 7i
8
i3
-73- - -1 7 ilia - -3- -i31. - - - -72j4 ---- -721 - -48
2 Jan 18
8
214
214
*214
218 23
212 2,400 Seneca Copper. .. _ .__Nn par
214 214
318 Jan 3
214 23
8
214 214
6314 64
623 6312 6112 6314 5,300 Shubert Theatre Corp_ .No par 61 12 Feb 3 693 Jan 9
4
4
4
6514 653
4 6518 6514 643 65
par 5012 Jan 14 533 Jan 19
8 513 523 11.100 Schulte Retail Stores_ No
8
8
5112 52
5112 52
513 52 • 5158 524 524 527
4
8
100 1119l2 Jan 31 1213 Jan 3
60: Preferred
120 120 *120 120 4
3
4
•11912 1203 120 120
4
11912 11912 120 120
No par
Seagrave Corp
124 Jan 31
123
4 1218 1218 1218 1212 1,000
141 1 Jan 3
*1212 1234 1212 1212 1218 1214 *12
854 8478 8538 8314 8434 30,800 Seam. Roebuck &Conew Nopar 8218 Jan 16 8914 Jan 4
84
844 834 8412 8312 8414 84
No par 8612 Jan 19 923 Jan 27
8914 8914 2,100 Shatuck (F 0)
90
*89
89
8
923 924 8914 9018 *89
89
8
91
100 Shell Transport & Trading.E2 39 Jan 24 427 Jan 13
4
4
4
8
*393 42
8
40 8 404 *403 433 *4112 44
3
*393 403 *393 41
4
8
4
No par 24 Feb 2 267 Jan 14
8
251 15,100 Shell Union 011
2
2514 247 2514 25
254 251 1 251g 2558 25
8
253
2 25
10 214 Feb 3 244 Jan 6
3,900 Simms Petroleum
8
213 2112
2212 2112 22
22
2212 224 2218 22
2212 •22
No par 6012 Jan 16 667 Jan 4
8 623 6314 6212 6314 18,000 Simmons Co
4
8
8
63
647
8 6212 64
634 627 637
63
100
1 Preferred
par 1814
81
). - -iii4 -I-61,
2
- 4
12 i6(8 -iii" -161- -iiis 107 , *104 106 8 49,100 Sinclair Cons Oil Corp_No 100 10212 Feb 3, 2114 Jan -5"
-1658 -1 3- -i6Ty 1618 "6. 100 Preferred
Jan 4 108 Jan 23
*10612 1073 *10612 108 *10712 108 x107 107 *10412
4
25 25•8 Feb 31 2814 Jan 13
13,300 Skelly Oil Co
263
4 2553 26
26
2718 2718 267 2718 27
8
274 264 27
900 Sloss-Sheffield Steel & Iron 100 121 Jan 16 12912 Feb 3
12712 12712 128 12912
127 128 *120 12612 *121 12712 *124 128
No par
123 Jan 3 17 Jan II
8
1512 1458 1512 8,100 Snider Packing
147e 1514
15
15
1514 154 1514 1512 *15
50No par 44 Jan 5 60 Jan 11
1,300 Preferred
8
5212 493 5014
50 50
4914
3
4912 51
50 4 50 4 *50
3
8
8
3718 3734 367 3714 9,700 So Porto Rico Sug new_No par 367 Feb 3 397 Jan 3
8
37
3712 3718 3712 374 3814 3738 38
100 133 Feb 1, 135 Jan 4
80 Preferred
4
*13414 13412'13414 13412 13414 13414 133 133 *13414 136 *13414 1353
Edison
25 4312 Jan 5' 4712 Jan 27
8
8 463 464 14,700 Southern Calif
4612 467
467 4712 463 473
8
47
4
8 463 4712 46
4
2712 2614 2714 4,100 Southern Dairies el A_No par 2412 Jan 251 274 Jan 5
25
25
2434 2514 2518 2512 26
2614 27
No par
9 Jan 23 1014 Jan 3
10
104 5,900 Class B
4
93 1018
912 94
3
92 9
,
,2
912 9 4
3
94 9 4
Spalding Bros lat pref ____100 09 Jan 7 113 Jan 25
_ *113
____
*113 115 *113
____ *113
__ *113 ____ *113
par
12 Jan 16 1634 Jan 3
133 15 ---ito Spear & Co
4
*133 - - 4 15
*133 15
4
•133 15
4
*133 15
4
*1334 15
°r
No 141O 81 Jan 6 84 Jan 23
350 Preferred
82
83
84
83
83
'82
83
84
83
83
*82
83
No lor 2312 Jan 12 2638 Jan 24
po
8,000 Spicer Mfg Co
4 244 25
*253 26
4
253
4 2512 253
26
26
2538 254 25
Preferred
1 11 Jan 10 111 18 Jan 12
_ *110
____
*110 ____ *110 ____ *110 ____ *110 ____ *110
8
13- 13
6314 i3- ,111 Standard Gas & El Co.No par 577 Jan 12 65 Jan 27
8 62 4 83
,
12 62
6414 6312 6412 6214 637
2 63
63 647
4
50 85 Jan 3 67,8 Feb 3
600 Preferred
663 6612 674 6718
8
67
67
*66
667 664 67
9
67
67
100 100 Jan 5 118 Feb 1
4
11512 1173 11314 11618 18,900 Standard Milling
111 1143 10912 11218 11212 113
11212 118
4
100 10018 Jan 3 1053 Jan 12
320 Preferred
4
4
10314 10314 104 1043
1033 105
4
1033 1043 10414 1053 10214 104
4
4
4
8
8
543 544 544 544 5412 543 10,400 Standard 011 of Cal newNoPar 544 Feb 11 563 Jan 14
8
543 55
4
5514 544 55
*55
87
393 41,300 Standard 011 of New Jersey.25 3 8 Jan 25 4014 Jan 7
8
393 3912 393 393
8
8
4 3918 395* 3914 3912 394 3938 39
8 2914 207 57,400 Standard Oil of New York..25 2914 Feb 31 314 Jan 3
8 2953 297
s
294 297
8 294 297
s 2959 297
4
8 293 297
214 Jan 3
338 Jan 23
2,000 Stand Plate Glass Co_.No par
3
3
8
318 34
27
8 27
8 •23
4 3
23
4 27
24 24
3
3
100
10 Jan IS 1212 Jan 18
50 Preferred
1178 117g *11
1214 *1112 1214 *12
1214
1214 1214 1214 *12
No par
14312 145
1423 14314 1423 143
8
4
142 14214 142 14212 14012 14112 5,800 Sterling Products Corp_No par 136 Jan 6 150 Jan 26
8018 Jan 16 8518 Jan 3
8278 83 8312 833 8518 z8118 8212 15,400 Stewart-Warn Sp
82
8218 8112 8112 82
4
1,800 Stromberg Carburetor_No par 44 Jan 3 5618 Jan 12
53
53
*50
52
53
5012 52
513 527
4
4 53
8 523 523
4
studeb'rCorp(The) newNo par 57 Jan 10 633 Jan 4
8
4
5818 59
584 5812 5812 60
597 614 6114 6314 613 6318 191,100
8
100 1224 Jan 14 125 Jan 9
50 Preferred
1233 1233
4
12312 12312 *1233 125 *1233 125
4
4
4
4
*12334 125 *1233 125
No par
312 Jan 28
43 Jan 4
8
312 312
312 312
32
8 37
8
33
4 334 3,700 Submarine Boat
312 312
:Pg 334
rights
• Bid and tusked price: no sales on thls day. a Ex-rights. ,Ex-dividend. b Ex dividend and ex
25
164
277
8
107
8
233
4
*9412
283
8 28
303
8 284 303
8 2712
1612 1612 1912 1818
1618 16
4 li , 2712 2612
s
2814 264 273
*1012
107 *1012 103 *1012 11
8
4
2312 24
24
233 2712 2612
4
9514 9512 *95
953 *9412 95
8
Lowest
8 per share
8212 Jan 10
8714 Jan 16
7412 Jan 3
1143 Jan 3
4
4714 Jan 6
14 Jan 31
151 Jan 5;
115 Jan 5'
5612 Jan 18
17 Jan 17
4l18 Feb 3
42 Feb 2
1918 Jan 26
143 Jan 10
8
7712 Jan 31
3412 Jan 4
934 Jan 3
234 Jan 27
1314 Jan 27
237 Jan 3
8
1618 Jan 27
224 Jan 7
104 Jan 27
,
2253 Jan 11
94 Jan 5
--ii. --614 --el; --612 -iii -.Jai.. --6-14 -i614 -Ty; ---
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
per share $ per share
614 Feb 9) Nov
523 Jan 99 Dee
4
73 Dee 8511 Dec
107
Jan 120 Nov
31
Feb 50 Deo
1 May
17 Jan
8
124 Mar 162 Dec
Oct
10312 Mar 116
333 Apr 62 Deo
4
778 Mar 183 Des
4
4018 Dec 654 Jan
4014 Dec 66:4 Jan
8
163 Oct 377 Jan
4
8
Apr
187 Jan
8
54 Sept 83 Nov
20
Jan 463 Get
8
6
Jan
1012 Dee
33 Dec
4
12 June
1812 Dec 434 June
184 Aug 277 Feb
2
20
Apr 32
Jan
1912 Sept277 May
2
1014 Jan 2512 May
2112 Dec 393 Jan
8
91 Sept 100 May
',June
1 14 Feb
126
Jan 1683 Nov
4
854 Jan 15312 Dee
40
Jan
41
Deo
50
Jan 5312 Sept
373 June 474 Mar
8
3714 June 47 Mar
18 Sept 4118 Jan
3614 Oct 6014 Feb
3518 Dec 527 Aug
8
103
Jan 1073 July
4
918 Oct 233 Mar
8
373 Oct 10212 Jail
4
118 June
14 Mar
134 Mar 24 June
24 Mar
54 June
30 Nov
3714 Aug
104 Aug 109
Oct
323 Mar 744 June
4
703 Mar 98 Sept
8
94 Dec 101
Jan
3012 Apr 55 June
74
Apr 8412 Dee
65 Aug 9112 Jan
15 Aug 527 Deo
8
923 Mar 12 14 Deo
8
3612 Feb 7814 Dec
761/ Feb 9212 May
8
163 Jan 337 May
4
541
Feb
364 Jan
32
4672 Sept
Jan
984 Feb 105 Nov
10812 Jan 12014 Nov
125
Jan 13514 Nov
102
Jan 11012 Des
733 Aug 84 4 Dec
4
3
27
Oct 467 Jan
8
25
Oct 3312 Mar
1113 Jan 1154 Dec
8
423 Mar 63 Nov
4
4184 Jan 687g Nov
,
101 14 Jan 110 Nov
Dee
41 18 Apr 101
49 May 57 Nov
Apr
39 Dec 46
1318 July
154 Sent
Apr
2012 Nov
49
80 June 99 Mar
384 Jan 8414 Dee
97 May 11012 Nov
Jan
9
8
53 July
2012 Nov
4714 June
8712 Nov 10212 Apr
90
Oct 110
Alm
106
Oct 11712 Feb
Apr
11,4
Dec 126
1312 Jan
94 Apr
8
Oct 757 Mar
53
9638 Jan 106 May
13 Deo
Feb
4
9818 Feb 162 Dec
Oct
Jan 194
74
4414 July 541, Feb
36 May
4
523 Jan
4312 Oct
I June
65 Aug
Jan
47
11614 Jan
83 Sept
4
Jan
61
563 Jan
8
413 Oct
8
244 Oct
1414 July
3312 Jan
1074 Jan
Oct
15
Jan
97
2418 June
11014 Nov
113 June
8
44 Nov
337 Aug
8
11812 Mar
31 8 Jan
,
15 May
63 Oct
4
Jan
103
834 May
73 Feb
2012 Jan
104 Feb
Jan
64
574 Jan
7014 Jan
Jan
84
503 Apr
8
3518 Apr
4
293 June
2 Mar
10 Mar
9012 Jan
5414 Mar
2618 June
49 June
Feb
118
212 Feb
434 Mar
744 July
7212 Mar
3% Jan
74% 7707
,
57 Sept
123 Aug
1538 Deo
9112 Dec
101 12 Oct
477 Feb
8
314 Feb
26 Deo
4
643 Deo
11138 Oct
223 -Tan
8
10412 Dec
373 Feb
8
13414 Apr
4
163 July
5214 July
423 may
8
137 Nov
45 Dec
453 Jan
8
Jan
20
11212 Nov
18 Deo
gg
Dec
287 may
8
Ill's Nov
4
663 June
em2 Nov
1043 Deo
8
103 Deo
603 Jan
4
4138 Feb
3418 Jan
43 June
8
157 June
8
14312 Nov
874 Nov
60 Sept
6312 Sept
12.512 Nov
818 May
New York Stock Record-Continued-Page 7
691
For sales during the week of stocks usually inactive, see seventh page preceding.
HIGH AND LOW SALE PRICES- PER SHARE, NOT PER CENT.
Tuesaay,
m onaay,
Saito any
Wednesday, Thu, sday,
'
Friaag,
Jan. 30.
Jan. 31.
Jan. 28.
Feb. 1.
Feb. 3.
Feb. 2.
$ per share $ per share $ per snare $ per share $ per share 5 per share
3612 363
364 3712 3634 37
4 36
364 36
365
8 3518 355
8
.101 10112 101 101 *101 102 *10138 102 *1013 102 *1013 102
3
8
i
33
8
314
314
314
314
33
8
313 314
318
313 314
*1812 21
*1812 21
*1812 22
*1812 _ _
21
233
8 2112 2313
•1313 1373 13
13
13
1314 *13
4
1312 13
-123 13
13
4 *5
*5
553
53
53
4 *5
514 614
614 67
(318 658
3
14
1412 15
134 1353 *1214 14
18
164 163 183
3 17
4
1514 154 1514 1514 1512 1512 1512 1512 *1513 153
1514 1514
4
103 1034 1053 107
10 4 11
4
3
8 104 103
4
4 103 104 103 103
4
4
5318 5313 5314 5312 534 5313 53
534 .525 5314 5214 5253
8
8 74
4 733 745
745 753
4
8
754 733 7474 737 7412 7218 74
4
8
1412 153g 143 143
147 15
15
8
15
1414 1412
4
4 1418 1478
2718 2712 2612 2714 2713 2812 27
8
277
8 265 2712 263 28
8
2612 27
26
2612 26
26
26
26
*2512 263
4 263 264
4
51
494 50
*4912 50
51
5014 .5014 5014 5014 250
5014
36
3612 37
3614 3612 363
4 353 363
4
3614
8 3618 3618 36
60
603 *59
4
59 59
60
*5912 603
*60
60
61
60
2
163 1612 1618 163
8
3 16
1614
16
1618
1614
1533 16
16
8512 8511 8514 8514 *85
*8512 86
8512 86
86
854 853
4
205 204 203 207
8
4
8 20
34 203
4 2012 2012 204 2014 *2014 21
89
*8812 90
89
*89
9012 *893 9012 *90
4
9012 *90
9011
8
8
8
12812 1295 1274 1295 1275 1283 1273 12938 1283 1303 1261g 12871
4
8
4
4
8
10714 1075 10612 10714 10653 10714 107 1073 107 10712 106 107
8
115 115
1 11412 11512 115 115
.
115 115
11514 11514 11534 1153
83
4 87
8
83
4 87
8
8
84 9
81
.
814 84
812 83
4
48
48
4 4714 52
4753 4814 4714 473
8 52
527 547
8
543
6612 671,
683 6914 6712 6814 6712 633
8
4 674 677
8
8 673 68
12014 12014 *12014 12414 *12014 12414 *12014 123 *12014 12414 *120 1241.
457 4613 4.512 46
8
471
46
46
46
493
4 4714 4812 47
14112 1433 14014 1414 141 14214 141 14214 141 14314 14018 1423
4
437 434 4312 4312 4312 435
8
431;
4314 4312 43
3 4314 44
125 125 *121 125 *121 125 *121 124 *121 125
120 121
313 317
317 32
4
8
4 314 313
8 313 317
4
4
4 314 313
8 313 313
10814 1083 1073 1073 108 108
4
4
4
1073 1073 10814 10814 10814 1081,
4
4
20012 2024 108 20018 199 200
1963 19712 196 200
197 198
4
5953 594 595 6014 5912 593
8
8 5912 593
8 5914 5912 594 5
0,,
*50
5712 *48
*483 57
8
5612 *4712 57
*4838 57
*4712 57
3
138 1381,
1384 1387 1374 138
138 139
13812 1394 138 139
9712 9712 97
9712 973 983
4
4 9712 9712 9714 9714 9712 991
244 2418 237 244 2414 245
8
8 2414 2412 2414 2412 233 24
4
.9814 101
*99 101
*9814 10074 *9314 101
*9814 10114 *9814 1001
210 211
208 211
209 211
205 210
20912 210
210 211
11714 1171
11714 11712 11714 118 *11714 11912 *11714 119
*11712 120
1818 181
18
173 1814 174 18
4
194 183 1914
1812 19
4
8712 8712 884 *8613 8712 *86
87,
2 86
*86
87'2 864 861
4 5412 55/
3
555
5512 5534 5438 5513 543 5553 5412 5514 55
8
4
10673 1067 10518 1064 10514 10712 106 107
10633 1061 1057 1071
*1171 1 11912 *11714 11912 *11714 11913 "11714 11912 *11714 119 *11714 119
8
3
8
245s 2514 245 254 253 264 2618 263
255 261
4 2614 2634
607g 593 633
4
4 625 634 634 643
6013 6113 59
4 6112 631
8
510712 108 *10712 108
10712 10712 108 1084 1083 10818 108 1081
8
8 634 633
8
6312 644 6353 634 63 637
4 633 6312 6212 631
3 59
6033 583 594 584 613
4
5914 6014 5818 593
3 584 591
4
1073 1071
3
107 1073 107 10712 10714 10714 10733 1073 10753 108
8
4113 413
42
4 4112 4112 42
42
4278 4212 4212 4113 411
*5212 521
53
5318 53
534 53
534 "53
53
*53
53
Sales
for
the
1Feek.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscel. (Con) Par
5,600 Sun Oil
No par
100 Preferred
100
6.300 Superior 011
No par
4,900 Superior Steel
100
800 Sweets Co of America
50
3.800 Symington temp etre_ _ No par
28,800 Class A temp ctfs_ _ _ _No par
2,500 Telautograph Corp__ _ _No par
2,400 Tenn Copp & C
No par
30,800 Texas Corporation
25
85.200 Texas Gulf Sulphur new No par
Texas Pacific Coal & 011 ...ICI
18,300
60.100 Texas Par. Laud Trust new_ .1
1,400 Thatcher Mfg
No par
800 Preferred
No par
6.100 The Fair
No par
1,200 Thompson (J R) Co
25
10,900 Tidewater Assoc OIL __No par
600 Preferred
100
1,500 Tide Water 011
100
200 Preferred
100
26,400 Timken Roller Bear1ng_No par
Tobacco Products Corp. 100
11,700
600 Class A
100
57,100 TranacTI Oil temettnewNo par
28,800 Trausue & ,
'
V.:llama At'; No par
13,500 Under. Elliott Fisher C.,.No pa
10 Preferred
100
6,500 Union Bag & Paper Corp_ _100
16,400 Union Carbide & Carb_No par
7,500 Union 011 California
25
.500 Union Tank Car new____100
1,700 United Cigar Stores new...
_ _10
800 Preferred
100
10,600 United Drug
100
40,500
let Preferred
59
United Dyewood pref
100
2,200 United Fruit .. ,. _ __No pa
200 Universal Pictures lat pfd.100
5,100 Unlversal Pipe & Rad. No par,
Preferred
100
2,600 US Cast Iron Pipe & Fdy RIO
.
1,000 Preferred
100
18,300 U S Dlatrlb Corp new. No par
1,400 Preferred.
100
4,300 U S Hoff Mach Corp vtcNo par
9.800 U S Industrial Alcohol__ _100
_
Preferred
100
2
1 13:400 U S Leather
No par
78,200 Class A
No par
800 Prior preferred
100
5,100 US Realty & Irnpt new.No par
41,000 United States Rubber
100
3,900 1st Preferred
100
2,100 0 S Smelting. Ref & Mln.....50
500 Preferred .
50
Unit States Steel Corp ,J00
3
- - 14
s
iiii 14714 144i4 14 7 144i2 146 i:6- 116 i:638 1461- i427 1451 277,000 New
4
14012 14054 14112 142
4
2,700 Preferred
14074 141
4
14112 1413 x140 1401
1403 141
100
94
*93
*93
9412 93
95
200 US Tobacco
*93
8
93
*913 9412 917 91/
4
No par
•12712
_ "12712 _ _ *12712 ___ *12713
Preferred
--127'2
100
- -4
•12712--- 4 *140 1543 *140 145 *140 145 *140 145 *140 145
1543
Utah Copper
*140
10
4
293 3014 293 2934 297 3014 2914 301
4
3018 293 30
6,100 Utilities Pow & Lt A__No par
4
3
30
73
714 733 x7118 7234 724 77
714 743
4
4 70
7512 821 4 226,600 Vanadium Corp
No par
300 Van Raalte.
84 812 *8
84 *8
84 81
•812 0
83
4
83
8 84
No par
4 4414 461s *44
4612 *4412 4612 4412 4412 4412 4412
60 let preferred
*4618 473
1001
59
59 12 5973 595 614 607 6114 5913 601
6018 59
8.100 Vick Chemical
8
8
60
No par!
3
5412 5314 5414 5358 543
28.100 Victor Talk MaehlneNo par!
4
3 534 54
533 5414 533 5418 54
10834 10912 110 1113 11012 11114 110 111
100 110
4
3,700 6% preferred_ .
10912 110
No Par'
4
3
600 7% prior preferred
103 103 *10214 1027 1025 1021
3
3
8
*1015 1025 10214 1923 103 103
1(10
8
8
1433 144 15
153
8 145 147
8
7,500 VIrg-Caro Chem
1538 145 15
1553 15
15
No par
477 474 471g 4714 4814 4812 4812 4812 475 471
8
2,200 6% preferred
3
4812 49
100
600 7% preferred
*9012 91
*9114 9112 9112 9112 9014 9114 901 t 904 91
91
100
38
*34
*34
38
38 .34
*34
Virginia iron Coal & Coke.100
*34
38
38
38
*34
8
8
8
Preferred
*6254 69 •625 6912 *624 6912 *625 6912 *6253 6912 *625 691
100
23
2312 234 237
3 2334 2453 2412 2478 24
24
, 10.200 VIvau louf Vl_
4
233 24
NO par
*96 103
*96 103
*97 100
200 Preferred
*97 101
100 100
100 100
100
32
*29
30
4 32
333
313 32
4
34
32
390 Vulcan DetInnIng
32
31
*32
100
98
*92
*92
98
*02
98
*02
*92
98
98
*92
98
Preferred
100
*29
30
*27
*27
30
32
*29
31
50 Class A
30
30
30
30
100
3
4 214 22
3
,
74,600 Waiderf System
2012 20 2 20 4 20 4 213
213 2213 2112 25
4
20
No par
174 177
8 1653 1633 017
173 *1612 18
4
"163 171
500 Walworth Co Ws
4
*163 18
4
No par
1157g 1157 116 120
117
11612
8
9,400 Ward Baking Class A_ ,No par
1171* 123 *115 122
11012 112
8
3 265 233
3 27
8 264 267
281 26,000 Class B
28
2712 284 27
264 267
No par
9612 9612 *96
480
963
92
4 9613 9612 9612 9612 9612 961
900 Preferred (100)
No par
23
23
23
23
223 23
4
6.300 Warner Brog P1ctures A._ ..10
2212 2N
2212 23
2278 23
3053 31
3053 31
3034 31
31
32: 10.700 Warner Quinlan
323
3 31
4 3112 323
No par
16712 170
16934 178
10.903 Warren Bros
175 178
176 182
17114 17312 16714 171
No par
4 20
4
213
4 21
4 193 203
in 193
2134 2012 2118 20
20' 15,000 Warren Fndry & PipeNo par
64
65
64
•64
*63
64
66
300 Weber & Hellbr, new c_No par
*63
*64
621g 62
64
4
*10012 10112 100 4 1003 *10012 10113 "101 10113 10112 10117 10112 101
,
300
Preferred
100
1703 17112 *170 171
4
17117 172
170 170
1,800 Western Briton Telegraph _100
171 172
170 172
5513 544 5512 54
8 55
74.000 Wranghse Air Brake NewNopar
8 5412 553
3 5314 54
553
554 567
954 963
4 943 97
8 9412 96
8
ea
977
9714 9412 95 4 74,100 Westinghouse Flee & Mfg_ _50
96
10112 10112 102 102
103 103
210 151 preferred
10112 102
102 10212 103 103
50
14
*1212 133
*13
8 124 124 1312 1312 *1312 14
14
400 Weston Elec Instruml_No par
14
3212 3212 33
3212 *31
*31
*31
3313 *31
33 4
3312 *31
500 Class A
No par
10914 10914 *109 112 *109
10 West Penn Elec CIA vtt No par
•109 112
*10918 111 *10918 112
110 3 1103 11013 III
3
4
4
380 Preferred
10914 1 - 3 1093 110 4
4
-10 4
111 11112 1103 111
100
4
4
1154 1157 11512 11512 11453 115 4
1183 1153 1153 1153 116 116
4
4
8
130 West Penn Power Drat_ _ _ _10(
1
3
4
4
1093 1093 109 4 110
II() 110 *1093 110
110
1093 109 4
60 6% preferred
4
*10934
4
100
2134 213 *207 213
22
22
4
8
*2114 22
1,500 White Eagle 011 &Refg_No par
4 207 22
22
8
22
38
353 3612 36
4
3612 374 3512 365
37
8 27,100 White Motor
3633
8 334 35
50
700 White Rock MIn Sp cif _No par
8
'8 *35, 36
*3512 36
3518 36
3518 3515 35
*35
35
35
4178 417 417
4
4 42
43
,1214 41
4,300 White Sewing Machine.No
4214 423
4 411g 42
42
Par
54
5312 54 .53
54
54
3
*5378 54
537 53 8
600 White Sewing Mach pt _No Dar
5312 54
Wickwire Spencer CU._No par
s 1;
64
, ).
.
'i6- I91, 951 11C, -iii -119- -i i -1- 3- -iiig -1-1if; -igh 10 8 82,800 Willy(-Overland (The)__ -_ -5
95
2 9512 9512 9513 9512 9512 ON. 9578 95
1,500 Preferred
8
953 9512
4
137 134 134 1312 *1353 14
8
1312 13'8 6,400 Wilson & Co Inc. new_No 100
1312 133
14
14
Par
25 8 2612 2614 263
3
2612 2753 2613 2631 2614 27
4 2618 27 2 12,400 Class A
No par
70
68
70
68
6812 7012 69 4 70
711
3,000 Preferred
70
5
72
72
100
38.900 Woolwortb (F W) Co
8
186 18612 18258 1854 1834 18534 18312 1854 184 1855 183 184
.25
4
8
3212 3212 313 3378 313 3318 "313 315 *305 31
2,600 Worthington p & gd
8
8
8
3333 34
100
5414 5414 5412 55
55
55
*5413 55
55
900 Preferred A
5414 5414 *52
100
4914 4912 4912 4913 4912 49
4713 47,2 4733 4812 49
2,000 Preferred 13
4712
84
867
8 8613 883
8317 8258 8514 834 84
85
84
87 4 34,200 Wright Aeronautical__ No 100
4
par
*693 70
4
694 80
*6914 70
4
•693 70
70
400 Wrigley (Wm In
693 70
4
•68
No par
*723 7312 7212 7212 *7213 7312 *7314 7312 73
8
73
300 Yale & Towne
*724 75
3 44 334 3412 34
8
3518 3312 34
71,700 Yellow Truck & Coach Cl 13_10
344 354 335 344 333 3
9112 92
93
91
93
Oils 915
93
8 91
•91
93
93
1,800 Preferred
100
997 100 2 10,400 Youngstown Sheet & T_No par
8
100 10112 100 10112 10012 10012 100 10012 10012 101
*558
*570
---650
*612
420
*1280
564 *558 .561 .557
578 "570 586 •570
561
576
557
*570
557
576
*558
*572
559 "556
569
576
557
569
6 (i1S- tiii- 613 etio- oli 651 680
.
.`i
1.., riii tiid- 6,618 *612 620 *606 610 *608 615 *608 615 *608 615
423 423
422 422
422 422 *41712 420
420 420 420
1300 *1285 1300 *1280 1300 *1230 1305 *1285 1300 *1285 131
6"
i (i.O- *- 656- *6,- 653 - «firit 6-56- .848 850
oiti-
6-
•did and asked prima.
120
talcs on 1111111 flay, a Ex-Hight..
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest
Lowest
Highest
$ per share
$ per share $ per share $ per share
30 Mar
8
31 12 Jan 9 397 Jan 18
3478 Jan
99 Aug 1014 Dec
100 Jan 6 101 12 Jan 27
314 Feb 1
3 Jan 23
318 Dec
612 Feb
18
Oct 28 May
18 Jan 18 2312 Feb 3
7
Apr
14 Dec
123 Jan 25
4
1512 Jan 9
218 Sept
413 Jan 8
6 8 Feb 3
7
6
Jan
183 Feb 2
6
8
Oct 15114 Nov
123 Jan 1
4
1113 Mar
1714 Nov
1514 Jan 28
163 Jan 12
4
813 June
1314 Jan
11 14 Jan 20
1013 Jan If
45
Apr 58
5214 Feb
,
554 Jan 13
Jan
49
Jan 814 Sept
7218 Feb
8
805 Jan 4
12
Apr
1873 June
14 Jan
17 Jan 14
154 Jan 40 June
2553 Jan 11 29 Jan 13
1612 Aug
2312 Sept
22 Jan
28 Jan 12
51 Jan 31
43 Aug 5012 Nov
4812 Jan 1
2414 Jan
36 Aug
34 Jan
3712 Jan 27
47
Jan 653 Dee .
59 Jan 31 61 Jan 5
4
19., June
15 8 Oct
3
157 Feb
1714 Jan 3
8
85
Oct 904 June
8514 Feb
873 Jan 6
4
2918 Jan
2014 Feb 2 2214 Jan 6
19 July
904 Sept
85 Nov
87 Jan 4 9034 Jan 26
Jan 14213 Aug
12613 Feb 3 134 Jan 4
78
8
106 Feb 3 11334 Jan 3
923 Oct 1175 Dee
4
Apr 1237 Dec
108
8
115 Jan 30,
1033 Nov
334 Apr
,
8 Feb 31 101 Jun 12
10 ?.;ay
453 Jan 31 547 Feb 2
50 Dec
4
8
Jan 70 1)ec
45
653 Jan 10 713 Jan 21
8
4
Jan 125 Dec
1201 4 Jan 24i 1244 Jan 10 120
3812 Jan 7314 June
4
4512 Jan 30 493 Feb 1
138 Jan .5 1453 Jan 3
9913 Jan 15412 Nov
4
395, June
43 Feb 3 4514 Jan 13
5613 Jan
Jan 12712 Dec
94
11914 Jan 25 125 Jan 23
3233 Dec 384 July
3114 Fell 31 34 Jan 7
1073 Jan 30 109 Jan 5 104 July 109 June
4
Jan 20012 Nov
190 Jan 5 204 13 Jan 26 159
5918 Feb 3 6012 Jan 4
5812 Jan 61
Dee
3614 July
4
49
453 Jan 20 47 Jan 25
Jan
13712 Jan 30 1423 Jan 3 1134 Jan 150 Sept
4
1163 Dtc 1033 Apr
4
3
4
9612 Jan 20 993 Jan 4
24., Sept 374 Mar
235 Jan 18 2753 Jan 3
8
813 Jan 98 Dee
4
88 Jan 5 102 Jan 12
205 Jan II 22214 Jan 14 1904 Aug 246 May
20 112 Mar 125 Nov
11714 Jan 301 12018 Jan
1414May
224 July
1753 Jan 301 2014 Jail 4
81 May 9614 Sept
86 Jan 30, 903 Jan 16
3
44 Oct 633 May
3
4913 Jan 3 5S Jan 23
,
69 Mar 11112 Dee
1023 Jan 16 11012 Jan 2i
4
119 Jan 13 1303 Jan 10 10714 APT 121
Dee
4
14 July 2512 Nov
2213 Jan 6 263 Fels I
4
52 Jan 5 6434 Feb 2
273
4Jime 5612 Dec
10514 Jan 4' 10812 Feb 3
89 July 10612 Nov
54 Apr 6974 Dee
6212 Feb 3 663 Jan 3
3
56 Jan 3 6314 Jan 4
374.1.ine 6713 Feb
104 Jan 3 10933 Jan 13
85 4June 1113 Apr
8
3
4013 Jan 17 4513 Jan 3
487 Dee
3
33
3 3 Jan
51
Dec
Jan 261 5373 Jan 3
455 Jan 54
8
._ed z15014seia 176 May
1424 Feb 3 1523 Jan 7 1114 Jan 16013 Sera
4
1384 Jan 5 142 Jan 31 129 Jan 141 14 Dee
0178 Feb 3
9712 Jan 13
67 Jan !1713 Dec
127.2 Jan 14 12712 Jan 14 123 Jan 127 Nov
134
Jan 17 158 Jan 6 111 Feb 162 Dee
28134 Jan 11 3 4 Jan 27
27 Jan
34 May
6
60 Jan 18 823 Feb 3
37 Jan 6713 Dec
4
544 Sept
753 Jan 7
9 Jan 20
143 Feb
3
437 Jan 6 4613 Jan 30
8
' 4214 Dec 64
Feb
58 Jan 17 61 Jan 24
48
Ja
63 3 June
3
5253 Jan 3 5812 Jan 7
543 Dec
32 Jul
3
10834 Jan 3 11612 Jan 7
8
Oct 1113 Dec
87
10112 Jan 6 103 Jan 13
964 Oct 10212 Dec
1314 Jan
1638 Jan 24
154 Sept
7', May
445 Jan 18 49 Jan 23
8
261 Apr 48 ( Dee
,
1
8812 Jan 16 9112 Jan 26
73 June 91 Nov
38 Jan 17 38 Jan 17
36 Dec 51
Jan
6212 Jan 6 624 Jan 13
8212 Dec 7612 Aug
21 12 Jan 18 253 Jan 4
2014 Dec 3914 June
3
977 Jan 3 100 Jan 28
8
95 Dec 11812 June
25 Jan 7, 433 Jan 11
80 Aug
1612 Jan
4
93 Jan 241 97 Jan 12
Jan 125 Aug
90
2253 Jan 10 38 Jan 11
AA Aug
Jan
16
1912 Jan 3 25 Feb 3
1814 Dee 25 Feb
1612 Jan 10
17 Dec 244 Apr
1853 Jan 24
(
110 Jan 5 123 Feb 2
891,, Apr 1183 Oct
53
2612 Jan 3 2953 Jan 13
1712 June 33 Feb
Apr I 001,1 Nov
9613 3an 9 974 Jan 19
84
1814 Dec 4512 Jan
22 Jan 5 2614 Jan 20
3412 Dec
3013 Jan 4 327s Jan 6
24 June
Jan 180 Nov
15013 Jan 4 182 Feb 2
65
194 Jan 24
62 Jan 3
1003 Jan 30
4
169 Jan 12
4618 Jan 4
8818 Jan 5
95 Jan 5
34
1212 Jan 6
303 Jan 3
4
I0612 Jan 3
10914 Feb 2
1143 Jan 18
3
1095 Jan 3
8
2012 Jan 3
33 Feb 3
3418 Jan 19
40 Jan 5
531* Jan 28
4
213 Jan3I
68-, Jan 23
103 Jan 3
17712 Jan 3
57, Jan 27
,
1003 Jan 23
3
105 Jan 19
1412 Jan 27
33 Jan 23
10914 Jan 31
1143 Jan 11
4
11658 Jan 4
113 Jan 5
2412 Jan 10
4138 Jan 4
36 Jan 9
44(s Jan 23
55 Jan 5
207 Jan 4
8
17 4 Jan 16
8
8
923 Jan 3 957 Feb 2
4
1112 Jan 3 15 Jan 14
22 Jan 3 274 Jan 28
66 Jan 3 727 Jan 27
8
17853 Jan 18 194 Jan 3
28 Jan 5 3412 Jan 27
6
4 14 Jan 19 55 Feb 1
41 Jan 4 4912 Feb 1
4
7614 Jan 10 883 Feb 2
69 4 Jan 27 75 Jan 6
,
7212 Jan 26 75 Jan 13
31 12 Jan 5 3612 Jan 12
875 Jan 9 93 Feb 1
8
95 Jan 10 1067 Jan 26
8
Bank & Trust Co. Stocks.
20 Bank of Commerce
555
10 Bank of Manhattan Co___100 564
.Chase National Bank
100 54812
750 Chat Phen Nat Ilk & Tr.,.. 100 568
Corn Exchange Bank.
100 606
90 Equitable Tr Co of N Y
100 410
'Hanover National Bank_. 100 1295
National City Bank.
100 745
10 National Park Bank
100 642
z Ex-dividend: • No tar value.
Highest
PER SII A RE
Range for Previous
Year 1927
Jan 17 575
Jan 24 574
Jan 3 580
Jan 3 680
Jan 7 608
Jan 17 422
Jan 17 1295
Jan 3 799
Jan 3 650
Jan 9
Jan 26
Jan 9
Jan 23
Jan 3
Jan 7
Jan 17
Jaa 7
Jan 26
Oet
18
6514 Dec
1013 Nov
4
1444 Jab
40
Oct
6753 Jan
82 Mar
11 Sept
30 July
97 8 Jan
7
102
Jan
III
Jan
10012
20 Dec
3014 Nov
26
Jan
2112 Mar
Feb
48
18 Oct
1312 Oct
87 June
10 May
1614 May
58
1173
4
204
44
37
2412
507
3
7014
25
8314
8013
504
556
528
495
593
390
1270
669
593
27 June
754 Aug
10353 Aug
176 Dee
5412 Sept
943 Dec
4
1037 Ilea
8
183 Feb
3
343 Apr
4
III
Aug
112 Sept
118 May
111
Dec
2712 Feb
3
583 Feb
41
Sept
5314
69
112
244
96
174
Aug
Jan
Feb
Mar
Aug
Feb
Feb
32%
Apr 843 Feb
4
Jan 19812 Dec
Jan 46 .11100
Dec 61 12 June
Oct 5412 June
943 Dec
4
AP
Jan 723 Dec
4
Jar, 84412 Aug
40 Aug
Jan
Aug 9953 July
Oct 10018 Dee
Oct 582
Oct 613
Dec 615
Oct 575
Oct 615
Oct 428
Oct 1310
Oct 745
Nov 655
Dec
Oct
Sept'
Dec
Dee
Oct
Dec
Dec
Oct
692
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jars. 1 1909 Um Exchange method of ousting bonds was changed and prices are now "and inierest"--excips for Income and defaulted bonds
N
BONDS
Y. STOCK EXCHANGE
Week Ended Feb. 3.
Price
Friday.
Feb. 3.
Week's
Range or
Lase Sale.
E
al
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 3.
.11
Price
Friday.
Feb. 3.
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
High
Bid
Ask Low
High No. Low
High No. Low
Ask Low
Higb
Bid
ment.
U. S G
4
8 10614 123 1051 10612
Gt Brit & Irel (UK of) 5345_1937 P A 106 Sale 1057
Finn Liberty Loan
1929 P A 11712 11812 11712 11818 23 11634 1181s
10-year cony 5148
D 10128,2 Sale 10110,110118u 414 1011%11011 n
of 1932-1947
334%
4
1083
4 24 1053 10914
1011%210118n Greater Prague(City)734e _ _1962 MN 10512 107 107
1011833Jan'28
J D 10110s3
Cony 4% of 1932-47
330
4
963 100
39 102814210310,3 Greek Governments f sec 78 1964 MN 9914 Sale 981s 100
D 103431 Sale 10281421038n
CODY 4%% 0:1932-47
9934 10118
1952 AO 993 Sale 9 3
4
9 4 1003
s 23
Haiti (Republic) s f 68
102283,Dee'27
10210,3
J
2d cony 41i% of 1932-47
2 10314 105
10418
Heidelberg (Germany) ext 71050 J J 10418 Sale 10418
Third Liberty Loan
78
4
983 100
9912 Sale 9914 100
3
,10010, 190 10012,110028n Hungarian Munle Loan 7145 1945 J
MS 100u% Sale 190183
434% 01 1928
56
96
94
96
Sept 11946 J J 96 Sale 95
External s f 7s
Fourth Liberty Loan
6
9814 100
8
995
.103u,, 1618 1032831104
Hungarian Land M Inst 7148 'Cl MN 99 100 9914
A 0 10323n Sale 10322
4%% of 1933-1938
4
10212 45 102 1023
115%, Sale 11428,111574, 459 1148%31160n Hungary (Magri of) s f 710_1944 FA 10218 Sale 102
1947-1952 A
Treasury 410
J D 9812 Sale 98
513
99%
98
99
1944-1954 .j D 1108,4 Sale 1092%3110732 689 109214111112n Italy (Kingdom of) ext'l 7/8_ _1951
Treasury 0
MS
9514 971s
9612 22
1946-1956 M S 1078,3 Sale 10627321071833 802 IOW:210810u Italian Cred Consortium 78 A1937 MS 9612 Sale 96
Treasury 330
125
96
94
4
953 Sale 9514
1947
96
Exti Sec a f 73 ser B
1943-1947 J D 10218,3 Sale 1028n 1038n 343 102 103143
Treasury 330
9514 9712
9712 265
Italian Public Utility eat 75_1952 ▪ J 9712 Sale 9612
State and City Securities.
4
1931 J J 923 Sale 9258
4
913 93
4 71
923
8 101 10112 Japanese Govt £ loan 45
10112
stock_1960 M S 10034 ____ 101%
N Y City
-410 Corn
1954 FA 10212 Sale 10218
1023 226 10114 102 8
5
s
2 105 10514
10514
-year s 6145
30
10434 10512 105
410 Corporate stock--1964 M
8
99 1003
Leipzig (Germany) s I 7s_ _1947 FA 10014 Sale 9912 10014 49
-1966 ,t 0 1049 10514 102% Mar'27
410 Corporate stock.
9912 22
9812 9912
Lower Austria (Prov) 710-195 J D 9912 Sale 9812
0
8
A 0 105 106 1055 June'27
610 Corporate stock-1972
8
995 10114
10114 37
-year 68_1934 MN 10114 Sale 101
Lyons (City of) 15
430 Corporate stock----1971 J D 10912 ____ 10918 June'27
9914 14114
10114 15
2 10914 111/% Marseilles(City of) 15yr 61._1034 MN 10114 Sale 101
094
- 130 Corporate stock-3u171967 J J 10914 ____ 094
9
4
33
8
3-ag 363
35
353 3478
410 1943
8
1148 Corporate stock----1985 J D 10918 11014 109% Jan'28 ---- 1095 109% Mexican Irrigat Aiming 1899 .5'45 QJ 493
3
4
943 Jan'28
4
493 49 4
4
Mexico(US)esti 58 of
410 Corporate stoek-___1963 ae 8 109 110 109 Dec'27
4
4
423
393 40 40
40
1945
4012 17
Assenting 58 of 1899
1005 Dec'27 1955 M N
45 registered
Dec'27
1003 Jan'28Assenting 58 large
4
4
1003 1003
4
1956 M N
45 registered
2712 91
2614 29
4
261 Eita- - 3 3
e 2 14
8
6
1 10118 1013
4
Assenting 45 of 1904
4 1013
4
4
1959 M N 10118 1013 1013
4% Corporate Melt
28 Sale 28
2818 71
4
273 .3012
4
Assenting 48 01 1910 large
2 10118 1011s
4 1013
4
1013 Sale 1013
13E4
6% Corporate stock
4
253 Sale 253
4 52
3
25 8 28%
283
of 1910 small....
4
Assenting 48
4
10118 1015 1013 Jan'28 ---- 101% 1013
4
6% Corporate stook
5
4114 4214 4114
4014 44
4
423
........
Treaa 6301'13 assent (large)'33
4
983 July'27_
1936 M N 10014
£a registered
4012
4012 43
4012 13
Small
1
434% Corporate stook -1957 MN 10814 108 4 10814 Jan'28 ---- 10814 10812
9112 92%
9212 145
ext'l 630'52 80 924 Sale 92
614% Corporate stock_ _ 1957 M N 10814 109 10914 Jan'28 ---- 10814 10814 Milan (City. Italy) 75_ _ _ _1952 J D 10 3 sale 10 28 10314 176 10238 10314
l
3
93
3
8
0811 fila
93
1
Montevideo (City of)
93
93
st_May 1954 MN
334% Corporate
108 4 11 10818 10814
3
4
93
93
93 ....
9312 Netherlands 65(fiat pr(ca)_ _1972 M
334% Corporate et_ _Noy 1954 MN
8
10278 23 102 10314
1954 AO 1027 Sale 102
_ 30
_
-year external 68
10258 Nov'27
flew York State Canal 48-1950
3
8
945 95 4
4 71
953
_ New So Wales (State) ext 5 / 1957 FA 9512 Sale 0514
Oct'27 - 0
10458
Canal Imp 45
76
98
4
943 96
Apr 1958 AO 96 Sale 95
External s f 58
8
1053 Oct'27
11115
Canal Term 410
31 102% 103%
4
1943 P A 1023 Sale 1023
s 103
Norway 20-year eat! 68
11212 June'27
_
4%a__ _1963 M S
Highway improv't
1944 P A 10212 Sale 10214 10314 74 10214 10418
-year external 68
20
Foreign Gov't & Municipals
8 10314 58 10138 10314
1952 A0 10214 Sale 1025
4
-year external 68
30
9658 81
9412 965
5
Antioqula (Dept) Col 78 A-1945 J J 9614 Sale 953
23 10118 10258
8
1965 J D 10112 Sale 10112 102
9814 39
4
-year 51 5148
40
94 3 9614
95/4 Sale 953
1945
.1
External s 7s aer B
MN 10212 Bale 102
1023
3
7 Sale 953
4 93 101 102 4
-year s f 68-1955
94
9614 65
4
9614 Oslo (City) 30
78 sertes C___ _1945 J J 95
External
22
4 100
1946 FA 100 Sale 993
99 100
4
Sinking fund 5148
933 95%
9518 39
4
1957 A 0 943 Sale 9412
1st ser
Ext f 7,3
4 10318 103 4
4
1033
4
1
26
9312 95
95
Sale 9412
(Rep) extl 5148-1953 J O 10318 1033 10318
Panama
4
1957 A 0 943
25 series trust rots
6 10214 103
8
5
1961 J O 1023 1025 10212 10212
acti sees 18348
4 100% 17
9912 10014
Argentine Govt Pub Wks 65_1960 A 0 10058 Sale 993
6
9512 97
4
961
Pernambuco (State of) extl 718'47 MS Ms Sale 9638
Argentine Nation (Govt of)
11038 37 109% 110 4
995 10014 Peru(Rep of) extl 85(of'24).1944 A0 11014 Sale 110%
1
4 10014 77
Sink fund Soot June 1925-1959 1 D 100 Sale 993
1944 AO 110% Sale 110111
11014 66 10912 lima
Ext1 88 (ser of 1926)
9912 10012
10014 33
Oct 102&.._1959 A 0 10014 Sale 993
Extl s f 8a of
10718 15 10614 107%
1940 MN 10718 Sale 10718
47 10018 10114
Ertl sink fd 7145
3
100 8 Sale 10058 101
1957 M S
Sink fund 6s series A
8
8 58
Ertl slace 7148(of 1926).1956 MS 10658 Sale 10614 10612 38 10818 1065
9912 1003
8
4 1003
External 6s series B__Dee 1958 .1 0 10012 Sale 993
1959 MS 103 Sale 103
10318 48 103 103%
9912 10012
Extl f see 7s
10012 107
Extl e I (is of May 1926-1960 M N 10018 Sale 9978 10018 243
9114 106
98118 ssidale 981142
1960 J D 931 Salee 902
9938 100.
Nat Loan extls f 68
9014 9114
External is f 6a (State Ry)-1980 M S 99% Sale 9934
8912 83,
8312 196
9958 10012 Poland (Rep of) gold 68_ _1940 AO
1961 F A 100 Sale 9914 10014 279
}Zit]85 Sanitary Works
7
9138 69
8912 9112
Stabilization loan if f 74_1947 A0
9958 10014
Extl 641 pub wks(Nlay '27)1961 MN 99 Sale 9934 10018 64
351
9812 100
1950.7) 100 Sale 9912 100
8
937
92
Exti sink Id g 83
3
93 4 50
9318 9312 9258
-1945 M
Argentine Treasury 58
972 983 Porto Alegre (city on 88-1061 J D 10712 Sale 10612 10712 149 10412 10712
4
9812 67
4
Australia 30-yr 5a__ _July 15 1955 J J 98 Sale 98
10212 10 10138 10212
Sale 975
300
1966 .7) 10238 Sale 102
8 98
Exit guar sink Id 710975
98
External 5a of 1927- Sept 1957 M S 98
7 1137 115%
8
30 10318 104% Queensland 'State) extl sf781941 .40 11374 Sale 11378 11414
104
1943 J D 10312 Sale 103l
Austrian (Govt) sI 78
9 107 10812
1947 FA 107 Sale 106
9812 sale 98
107
9834 32
96% 983
-year external 88
25
4
Bavaria (Free State) 6101-1945 F A
4 10612 108
43 114 115
Rio Grande do Sul exit 8188.1946 AO 10612 10714 10658 10714
a
4 115
1147 Sale 1143
Belgium 25-yr ext s I 7145 8-1945 J
4
s
8
s 25 1053 1087
1941 F A 1097 Sale 10912 11018 43 109 110% Rio de Janeiro 25-yr s 185_ 1946 AO 1063 Sale 10684 1077
-years 188
20
e 10048
12
1947 AO 101023144
11014 108 10512 11014
8
42 10314 105
25-yr art' 88
1949 M S 1047 Sale 10412 105
-year external 6148
25
Sale
1952 AO
9278 398
77
9878 100
Rome (City) eat'610
3
9112 9
1956J J 100 Sale 9934 100
Externals las
4
4
10758 131 10612 1075 Rotterdam (City) extl 6s.. _1964 MN 1043 Sale 10412 1043 365 10413 105
8
-year s I 78_._1955J 1) 10758 Sale 10714
External 30
11 11214 11912
119
276 10414 106
Sao Paulo(City)s188._Mar 1952 MN 118 Sale 118
1958 M N 1054 Sale 10512 106
Stabilization loan 78
9812 27
1957 MN 9812 Sale 98
4
963 9812
11314 14 113 11358
Extl a f 6145 of '27
1945 MN 11318 Sale 113
Bergen (Norway) f 843
4
8
10012 10034 10038 10012
985 101
San Paulo (State) extl e f 86_1936'.7 10714 Sale 10714 10854 68 10618 108%
1949 A 0
-year sinking fund 6s
15
1950 JJ 108 Sale 108
8
995
97
10812 17 10612 10812
8 42
External sec a I 10
995
4
1950 A 0 9912 Sale 981
Berlin (Germany) 6148
4
4
106
22 103 8 106
7
External s I 78 Water L'n..1956 MS 1023 Sale 10211 10314 15 1003 1031a
1945 A 0 106 Sale 105
Bogota (City) ext'l f 83
4
4 7
943 9
0614 22
Bolivia (Republic of) 88-1947 M N 105% Sale 10412 10514 50 10312 10514 Santa Fe(Prov, Arg Rep)78_1942 M S 9614 Sale 953
8
8
9314 957 Seine, Dept of(France) extl 78'42 JJ 1057 Sale 10512 10614 eo 10358 1063
9578 53
8
4
953 Sale 9514
1958
Ext1 sec 75 tern
995 10114 Serbs. Croats dr Slovenes 88_1962 MN 10014 Sale 9914 10014 105
0
8
9712 10 %
1
Bordeaux (City of) 15-yr 68_1934 M N 10114 Sale 100 4 10114 49
MN 997 Sale 982
8
86
1936
151 107 110
984 100
110
Soissons(City of) extl6s.
8 100
D 10912 Sale 1087
'irazil(175 of) external 8s_ _ _1941
Sale
1939 JO
92
1033 115 10314 105
9614 367
9614 Sweden 20-year 68
4
External a I 610 of 1926 1957 A 0 9618 Sale 9514
0:
41
1954 MN 1033 8
1041
99
8 68
97
987
8
External loan 5148
1952
3 4 10512 51 10418 10512
D 987 Sale 98
7s (Central Railway)
4
80 1112 11272
4
Swiss Conted'n 20-yr 81 88_1940 JJ 1113 Sale 11134 112
7148 (coffee scour) E(flat)1952 A 0 108 _-_ 10612 Dec'27
8
18 10414 10114
4 17 10118 10i- Switzerland Govt ext 5%8..1946 AO 1045 Sale 10414 105
1023
8
102 1027 102
Aremen (State of) extl 79-11)41;
7618 7814
9412 18
94
784 23
9412 Tokyo City 55 loan of 1912 1952 MS 7814 Sale 7734
94% Sale 94%
Brisbane(City)s 58
1961 AO
2
874 89 4
8
Esti a 510 guar
893 181
4
873 Sale 8712
8
8518 8854
883 167
--1962 J
Budapest(City)extl f
5 972 9812
098
; 0 14 0
4
8 47 100 8 1013 Trondhjem (Citil 18t 5)48- 1957 MN 89 4 8a1 :4 88:18
3
98
4
9
9814
J 10058 Sale 10058 1013
Buenos Aires (City) ext.'61411955
28
984
97
97
9612 9"Z Upper Austria (Prov) 78_._.1945 JO
9912 111
D 9914 Sale 99
Buenos Aires (Prov) eat' 78-1957
9618 99
73
Uruguay (Republic) ell! 88_1946 FA 11014 Sale 10914 11014 42 109 11012
99
4
1958 M N 983 Sale 9814
Extl s 713 of 1926
3
1960 MN 983 Bale 9778
9612 98 4
4
9114 26
External.168
4
4 73
4
983
893 913
4
Bulgaria (Kingdom) 5 f 78-1967 1 .1 913 Sale 91
1961 JD 953 Sale 953
4
962
4
94
8
8
2
95 4 89
98
9958 93
9958 Yokohama City) esti 65
of(Colombia)7148'46 1 .1 9918 Sale 987
Caldas Deft
Railroad
5 39 102 10212
10218 10212 10218 1023
Canada (Dominion of) 58-1931 A 0
4
4
4
55 1013 10214 Ala GC Sou 1st cons A 58-1943 Jo 1083 109 1063 Jan'28 -- 1061 10611
4
4
1929 F A 102 Sale 10134 102
-year 5148
10
s
108
162 107 109
Ala Mid lat guar gold 58
1928 MN 1003 -.-- 10012 Nov'27 - -1952 M N 10712 Sale 107
Ss
-50789114
1946 AO DO
9114 9114 Jan'28 8 33 101 1017 Alb & Sus(' 1st guar 310
8
8
1938 F A 1013 Sale 10138 1017
%a
921s
92
1954
J 10914.Sale 10812 10914 20 10614 10914 Alleg & West Ist g gu 48___ _1998 A0 9212 95 92 Jan'28 -Carlsbad (City) a S 8/
1942 MS 985 985 983 Jan'28 -2
974 98 4
8
8
Alieg Val gen guar g 48
27
9814 101
101
4
Cauca Val (Dept) Colom 710'46 A 0 101 Sale 100
July 1995 Q J 8418 85
8312 9418
I
8312
Ann Arbor lst g 43
8312
Agri° Bank (Germany)
Cent
2
-Gent 48_1995 A0 98 Sale 97'
9712 99
9812 195
30
9912 101
Ate!' Top & S Fe
1950 M S 101 Sale 10012 101
Farm Loan s f 78
A0
_ 963
9314 109
653
96% 9
5
Registered
96%
92
4
J 9314 Sale 9238
9314
Farm Loan s f 69 int ctf_ _ _1960
4
918 9318
s
8
931 181
4 27
Adjustment gold 45-July 1995 Nov 9314 Sale 0274
925 94,
933
Farm Loan 41168Bit ctf w 11060 A 0 93 Sale 9212
Nov 8812 _ _ _ 8914 Dec'27
11112 167 1087 11112
Registered
11114 Sale 11012
Chile (Republic) extl at 8a_ _1941 F A
937July 1995 M N 92 8 Sale 023
12 -527 - 8
7
.
;
93
43 1005 10214
Stamped
4
5
4
1942 M N 1013 Sale 10114 102
-year external s I 7s
20
MN 881
_
Registered
92 Dec'27 1946 M N 11012 Sale 11012 11012 79 10914 1114
25
-year external a f 8s_
1956.7 I) 92 2- - - 93
1
1
, 9234 242
Cony gold 45 of 1909
93
923
4
4
9158 9312
External sinking fuhd 8s-1960 A 0 923 Sale 92
3
93 ,1
1955 J
92
3
93
93 8 10
Cony 001 1905
93 93
921 310
4
4
9158 9312
1961 F A 923 Sale 9214
Externals,13t3
J D 8318 _ _ 9212 Dec'27
_
33
95 4 9712
97
Registered
3
4
963 Sale 9618
D
Chile Mtge Ilk 6145 June 30 1957
5
99
8
Cony g 45 Issue of 1910-.1960 JO 9212 _
98
4
933 Jan'27
8 I 610 of 1926_ _June 30 1961.71) 9834 Sale 981 98 8 69
997 100
2714 13
8 East Okla Div 1st g 413-1928 M
2518 2714
9914 Dec'27 _ _
Chinese(Hukuang fly)58-1961 1 D 2612 Bale
.• 1 9318 95 94
94 94
6 10114 10178
4
Rocky Mtn Div Ist 0_1965
1013
Jan'28 - -Christiania (Oslo) 30-yr sf581954 M S 101% Sale 10114
9312 95
-Con Short L 1st 48_1958 J J
6
9812
Jan'28 8
Trans
9614 985
95
9818 9812 9712
Cologne(City) Germany6101960 M
4
4
9099
10717188 ;9;4;1.4. 91
104 1043
9158 9212
9212 214
Cal-Ariz Ist & ref 410 A-_1962 M
0418 Jan'28 _
8
923 Sale 917
1961 J
Colombia (Republic) 68
_ 1075 107%
8
8
20 10034 1013 All Knoxv & Nor 1st ft be_ .._ 1946 J O 1075
3
10758 Jan'28
4
Copenhagen 25-years f 5348.1944.7 J 101 Sale 100 4 101
9914 9914
4
95 4 965 AU & Char] A L 181 A 410_ _1944 J J
963 116
3
4
1
9914
4
9914
1952 J D 963 Sale 9612
58
External
_1944 J
19 106 107
-year 58 series
1st 30
9812 77
96
107
107
999,
Cordoba (City) extl s f 75_ _1957 F A 9814 Sale 98
91
91
4
9914 100
AtlanUc City let eons 45_._1051 J J
Jan'28
30
8 100
Cordoba (Prov) Argentines 1942.7 J 100 Sale 997
1
13
9712 98 4
8
9512 29
8
9412 95 4 AU Coast Line 1s1 cons 4s July '52 51 8 975 Sale 9712
3
N 9512 Sale 947
Costa Rica (Repub) eat' 75_1951 M
1064 • D 10212 10314 10212
13 101% 104
13
General unified 410
03
9978 1007
8
8 100
997
997 100
1944M
Cuba 5s of 1904
94% 9514
LA N coil gold 4s. __ _Oct 1952 MN 9434 9514 0434
4
9514 13
4 10012 101
4 1003
4
External 5s of 1914 ser A.1949 F A 10018 1003 1003
1948 ii 833 8414 8312
2
83% 85
8312
9612 10 06 Iowa Atl & Day let g 48
4
External loan 410 der C 1949 F A 9612 sale 06
1948
8
715 7612
2d48
4
7612 15
753 7534
75
1953 1 J 10314 Sale 10314 10312 29 10134 10312
Staking fund 5148
1949 A0 90
12
8914 90
4
90
907 90
4 34
8
9312 94 4 Ati&YadlatggUar4a
943
3
8
78 '46.7 D 045 Sale 9412
-Col)
Cwidinamarea (Dept
4
k 83 1083 1117 Austin & NW lstgUgSa..l94i .7' 10214 ___ 1023 Nov'27
4
s
Czechoslovakia(Rep of)85_1951 A 0 11114 Sale 11114 1117
s
967 98
Balt & Ohio 1st g 45____July 1948 A0 9718 Sale 9678
112
67 10812 112
4
41113 111
9711 54
Sinking fund 85 ser B. _1952 A 0 1113
July 1948
6
Registered
Ms 9 %
e 9618
14 45 105 106
9618
5
External / 7%5 serie8 A1945 A 0 10518 Sale lO5I8 105
1933
98 1003 101
s
-year cony 434e
101 Sale 10058
20
101
11118
7 11018 11118
Danish Cons Municip 813 A..1946 F A 11114 Sale ilOIg
Registered
3 11014 Ill
4
1948 F A 11012 1101 i101i 111
B s f 8a
Series
iiiirsicii.
16:112 Sale
Refund & gen 5a series A _1995
3
8
._1942 J J 1055 Sale 10558 10618 34 105 8 10618
-year extl Si.
Denmark 20
1948 A
losu 110
let g $8
99
97
Sale
14
200
99
8
Deutsche Bk Am part ctf 68_1932 M S 987 Sale 9814
4
1995
Ref & gen 6a series C
1083 SaleSa e :
9912 10012
i 234
l 1'4
an°1 4
1
1
6
019861 838:
11985
1r
8 36
1003
2- 11114 1118
3
Dominican Rep Cuat Ad 510'42 M S 100 8 Sale 9912
PLEA W Va Sys ref 43_1941 51
9614 97
4 58
993
9758 10014
4
1940 A 0 991 Sale 9914
1st sec 5145 01 1926
8
1950
5504
Southw Div 181 56
8 13al
0 54 0 le 048821 106: 21
18538 . 10538 :4 1026 1052 1074
83
011
,4865344 77
10114
7 10014 10112
external 78_1945 M N 10114 Sale 101
Dresden (City)
8
882 911s
Tol & an Div let ref 48.4 1959
10514 28 105 10558
Dutch East Indies extl 65-1947 J J 105 Sale 105
104% 10514
2000 re
10412 saw
169 1047 1051
8
, Ref & gen 58 series D
8 105
105 Sale 1047
1962 M
-year external 138
40
103 106 105 Nov'27
8 1033
5
4 10 103 8 10414 Bangor & Aroostook lin 58_1943
103% 10414 1035
1953 M
-year external 5145
30
11111951
87 Con ref 48
15 1033 10412
88
8
4
885s 11
8858 884
1953 MN 1033 Sale 10358 104
-year external 510
30
71
71
4 10712 10914 Battle Crk & Stur let gu 343_1989
10914
Jan'28
7114 ---- 81
El Salvador (Re1,110) 8a...,.1948.7 J 10818 10914 109
98
9518 9634 Beech Creek let gu g 48..._.1936
97
9534 171
9714
Jan'28
98
4
962 Sale 96
Finland (Republic) extl 68_1945 M
Registered
22 100 101
101
4
aw 7
4
0
10018 .... 9712 Mar18,....
sink fund 72-1950 M 5 10014 1003 10014
External
"ii" If1938
2d guar g 58
4 53
9814 99 4
993
3
4
4
1959 M S 993 Sale 983
External s I 610
98
9912 25
9912 Beech Crk Ext 1st g 3%5_1951 AO
8512 Aug'27 - - -Finnish Mun Loan 6148 A 1954 A 0 9912 Sale 98
931s 94's
1944• D 943k --_ 9458
9914 Big Sandy let 48
98
9914 15
B._ _1954 A 0 9914 Sale 99
External 640 aeries
8412 88
1
88
8712 88
s 11014 Sale 11014
11058 187 11014 11053 Bost & NY Air Line 181 0..1955 P A 86 French Repub 25-yr ext'l 85.1945 M
1 .1 9734 9814 97
Oct'27 -.11612 304 1153 /163
4
8
4
1163 Sale 116
external loan 7125.1041 J
-year
20
105's 1064
Buffalo R A P gen gold 58_1937 M S 102% 1063 10612 Jan'28
562 106 108
108
4
Sale 107
1949 J D 108
External is of 1924
9814
96
1957,M N 967 Sale 96%
Conaol 410
4
1073 400 1063 107 4
3
8
8
34
4
97
0 1073 Sale 107
German Republic ext'l 75_ _ 194._
IM N
Registered
4 10314 12 102 10314
' 9734 Oct'27
_1954 M N 10314 Sale 1023
Gras (Municipality)85_ _ _
2911
1
New York Bond Record-Continued-Page 2
BONDS
•
N. Y. STOCK EXCHANGE
Week Ended Feb. 3.
a.
Price
Friday.
Feb. 3.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 3.
693
Pries
Friday.
Feb. 3.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
81/1
Ask Low
Nigh No. Low
High Cleve Cln Chic & St Louis (Cana)
Bid
Ask Low
Nigh No. Low
High
Burl C R & Nor lst 5s
1934 J 0 1023 -- 10212 Jan'28
_ 10212 10212
4
Cairo Div lot gold 4s. _ _1939 J
965
8
985 Jan'28
8
963 965
8
8
Canada Sou cons go A 58.- _1962 AO 10914
2 10914 11018
10914 10914
Cln W & M Div 1st g 48_1991
.▪1 92
92
Jan'28
915 92
8
Canadian Nat 44s.Sept 15 1954 M 8 10112 102 10112 1015
10 10014 10214
8
St L Div lstcolltrgg4s 1990 MN 934 96
934
9318
1
924 934
5
-year gold 4 4s__Feb 15 1930 F A 10012 Sale 1005
8 100 4 20 1003 101
8
3
Registered.
MN
914 Dec'27
30
-year gold 4348
1957• J 1015 Sale 1014
8
1013
4 57 1003$ 1024
8pr & Col Div 1st g 48___1940 MS
Jan'28
Canadian North deb s I 78-1940 J D 11618 Sale 116
11818 28 116 11612
W W Val Div 1st it4a____1940.5, 963 ____ 9612 Apr'27
8
25-years deb 6340
1948 J J 1224 Sale 1217
8 12212 29 1213 12212 iCC&I gen cons g 68.___1934 J J 10712 ---- 198 2 Jan'28
8
9 '2
8
K.18i2 108 2
07
:
.
1
10-yrgold 448-___Feb 15 1935 F A 101 1017 102
8
10314 50 100 10314
Lor & W con 1st g 5s1933 1.0 103 10 3. 1043 Jan'28
-. 4
4
1043 104 4
4
4
3
Canadian Pac Ry 4% deb stock__ • J 9038 Sale 90
42
91
92
90
Cleve & Mahon Val g 5s
_l938
' 10118
3
10012 Apr'27
Col tr 434e
1948 M S 1003 Sale 10012 10118 46 10018 10114
4
& Mar 1st gu g 414s _ _ 1935 MN 100
_ 100 Nov'27
Carb & Shaw DR gold 45.-1932 MS 983 99
8
983 Dec'27
4
Cleve dr P gen gu 430 ser B_1942 AO 1015 1044 9818 Aug 26
8 ____ _Caro Cent let cons g 48
1949 .1 1 89
89
3 8812
88 - 58812
168
Series A 449
1942 ▪ 1 190
10214 Nov:27
904 oet 27
015
4
Caro Clinch & 0 lot 30-yr 58 1938
D 10412 105 1023 Jan'28
- 1023 10514
4
4
Series C 3340
1948 MN
__-- -lot & con g 88 series A _
1952 J D 109 1001 109
10914 19 10814 10914
Stria D 345
1950 FA 8912 ____ 894 Nov'27
1981 • D 9512 96
Cart & Ad 1st gu g 411
Jan'28
95
944 95
Cleve Sher Line 1st iru 4345_1961 * 0 105
____ 10518 10514 11 i65; 10613
-.
Cent Branch UP iota 4a_ -1948 J D 8712 884 8818
8818
873 8812 Cleve Union Term 534s
1
4
1972 * 0 1093 Sale 1093
4
4 110
18 10914 11018
Central of Ga lot g 5s_Nov 1945 F A 1084 ---- 1073 Dec'27
8
1st
be ser B
1973 * 0 1063 Sale 1063
4
14
4 1064 11 10612 107
Consol gold 58
1945 M N 1065 Sale 1065
8
2 1063 107i4 Coal River Ry 1st gu 40
8 1065
8
1945 J D 933 --__ 9212 Nov'27
8
Registered
F A 10112 -- 10212 Sept'27._- _
.'olorado & South 1st g 4e.__1929 FA 993 Sale 993
4
993* l0O'g
99 4 48
3
4
10
-year secured 6s June 1929 .1 D 1015 Sale 10158 102
8
24 10158 iO2'i
Refunding & eaten 4348_1935 MN 99 4 100
9912 100
3
993
4
4 100
Ref & gen 648 series B....1959 A 0 1073 108 108
4
108
5 107 108
Col & H V 1st ext g 48
1948 A0 963 98
4
---- -9718 Dec'27
Ref & gen bs series C
1959 A 0 10312 1043 1043 Jan'28 104 10418 Col dr Tol lot ext 49
8
8
1955 FA 955 ___ 9612 Dec'27
8
Matt Div pur money g 45_1951 J D 954 96
Oct'27
92
Conn & Protium Ely let 44_1943 * 0 901s ---- 8818 Mar'27
Mac & Nor Div iota 58-1946 J J 106%
10712 Oct'27
Consol Ry deb 48
1930 FA
9612
9614 Nov'27
Mid Ga & Atl oily Ets
1947 ▪ J 1034
Oct'2
104
Non-cony 4s
1954 3' 815
8
8218 81
1
210
-.
2
813
Mobile Division be
1946 J J 106
10814 10814
10614 Jan'2
Non-cony deb 45._ _ ..J&J 1955 .1
82 8 83
81
83
7
78
83
1
Cent New Eng 1st gu 4s
1961 J J 87
5
865 885
8718
87g
8
8
Non.cony deb 48
_A&O 1955 A0 813 ____ 814 Jan'28 ____
8
80
8112
Central Ohio reorg 440.
1930 M 5 10018 1005 100 4 Jan'28
3
3
Non-cony debenture 4.....-1966 J
10012 1003
4
82
8312 8212
7133 8314
s
8314 16
Central RR of Ga coil g 58-1937 M N 10012 10112 101
101'i 18 101 1013 Cuba Nor Ry let 540
4
1942 J D 97 Sale 965
38
97
8
9612 9814
Central of N .1 gen gold 58-1937
J 11814 11912 11838 1183
1 1183 11912 Cuba RR Ist 50
8
8
-year 50 5.-19523, 99 Sale 99
4
973 100
9
100
Registered
1937 Q - 1173 1187 11818 Jan'28
1
8
4
118 11818
1st ref 734s tier A
1938• D 109 10912 10914 Jan'28 ____ 1084 1094
General 4s
1987 J
96 Sale 98
60
98
98
99
lst Ilen & ref 6a ser B
1936 3D 9912 100
9912 Jan'28
9912 100
Cent Pao 1st ref gu a 49
1949 F A 953 Sale 9518
8
957
8 34
9513 9812
Registered
17 A
Jan'28
94
934
94
94
Day & Mich let cow 4340-1931 J 1 9918 10012 10012 Jan'28
10012 10012
Mtge guar gold 3348_ _Aug 1929 J D 99 - 14 99
Jan'28
9.41 99
9914 Del & Hudson lot & ref 4a-1943 M N
9614 Sale 96
96 4 15
3
9512 98 4
3
Through St L lot gu 18
1
4
1954 A0 94
943
4
94
943
16 ear c ,is
94 i
,
30-year 6un y 59
1935 A 0 10132 Sa1;: 101
997314 il:977
1013
7 100 10134
4
Guaranteed g 5s
1980 F A 10414 grae 10414 1047 268 104 1047
s
8
1937 MN 10814 Sale 10614
10812
9 106 107
Charleston & Sayn'h let 78_1936 J J 1131s
1193 Aug'27 _ _
8
10
-year secured 75
1930.5 D 19 112 Sale 10418
10412
6 104 8 107
Chat & Ohio fund & kept 58_1929
J 10012 Sale 10012 10012 18 l00'x 101's D RR & Ildge 1st gu 4s ii_1936 F A 1
963 Apr'27
4
_
let C0131301 gold fa
1939 M N 1071s 1073 107
10714
4 10614 1073 Den & R CI 1st cons g 49_ -1936 J 3
4
93
94
9234 94
190
Registered
1939 MN 1084
,
8
1055 Dec'27
Consol gold 445
1936.5 3
9814 Jan'28
97
9814
General gold 430
1992 M 5 103 Sale 1027
8 10314 33 1025a l0312
Improvement gold 58
1928.5 D 1004 Sale 977
8
10018 18
974 1004
Registered
M 8 100
Jan'28
_ 100 100
100
Den & R0 West gen 5s_Aug 1955 MN
92 Sale 9012
92
417
8914 92
10
-year cony 4%o
1930 F A 1003 Sale 100 s 10041 47 loo3 101
5
Dee M & Ft D let itu 48 - -1935 J 1 27
4
s
.
49
2814
284 31
2814
2
Craig Valley 1st 511
1940• J
8
1023 1023
1023 Jan'28
8
Temporary Ws of deposit__.
s
2612 26
3 2714 Jan'28
27
2714
Potta Creek Branch let 40_1946
J
913
___ 9218 Nov'27
Det & Mac. lot lien g 48.-1995II) 80 --:: 80
8012
Jan'28 ____
80
R & A Div 1st con g 4s__1989'.5 9412 944 9412 Jan'28
4943* 94's
Gold 48 . .
1995.5 D 70 713 72
713
72
4
4
4
2d conga! gold 45
1989
.• 1 925 __ 92 8
8
8 15
8
925
5
91':91 12 923 Detroit River Tunnel 4 40_ -1961 M N 1014 Sale 1015
8 1015
8
1, 1014 10212
Warm Springs V 1st g 58_ _1941 M
10112 -- 10018 Feb'27
Dui MIssabe & Nor gen 541_1941 1 .1 10418
8
1037 July'27
I, hemp Corp cony be May 15 1947 MN
9914 Sale 9914
995 1428
8
9914 ioo
Dul & Iron Range tat 50.._ _1937 A 0 103 --- 103
103
4 1524 1631- 8
f hlo & Alton RR ref g 30_ 1949 1.0 737 Sale 733
8
734
4
733 74
8
Registered
A 0
1027 10278
1027 Jan'28
8
8
Ctf dep stixl Oct 1927 lot
7312 Jan'28
7212 74
7212 7312 Dul Sou Shore & AU g 5&..1937J 3 89 Sale 875
88
90
8
90
36
Railway first lien 3348_ _1950 ii 8112 62 6112
01121 46
Fast Ry Minn Nor Div 1st so '48 A 0 955 961 95 Dec'27
4
603 62
8
Ctfs dep Jan '23 & sub coup
61
803 Sale 6034
4
11 . 603 613 East T VS& Ga Div g 5e---1930 J
4
s
1007 _ - 104
8
104
1 la; 104
Chic Burl & Q-III Div 345_1949
904 91
9014
9014
2
9012 9118
Cons let gold 58
1956 M N 110
1 1097 11012
2
110
110
Registered
3,
9012 Dec'27
_
Elgin Joliet & East 1St g 58_1941 MN 1043 Sale 1043
4
54
09 4 0 12
5 1041 1093
Illinois Division 40
4
1043
4
1949 3, 97l 98'x 974
9812 24 -952 - - 3- El Paso & S W lot 55
9 4
8
1965 A 0 10914 1093 10934 Jan'28
4
General 48
1958 M
977 Sale 97
8
977
s 22
97
983 Erie lst consol gold 75 ext_1990 M S 10512 106 106
4
1936j J
105 4 10612
Jan'28
3
Let & ref 4%s ser B
1977 FA 102 Sale 1013
4 10218 47 1014 1023
4
1st cons g 49 prior
89
26
90
8912 Sale 8912
90 4
,
let & ref fat eerier A
1971 FA 108 Bale 108
1084 10 1074 10812
Registered
1997.5 J
86
86
Jan'28
Chicago dc East Ill lot 68_1934 1.0
86
__
10718 1074
6 1087 10718
8
1st consol gen lien g 40
1996 J J 853 Sale 855
4
86 -i05
8
8512 86 4
,
& E III Ry (new co) con 50_1951 MN 9012 Sale 9012
9012 93
913 152
4
Registered
1996.5 J
Ohio & Erie let gold 58
83
7
8312
83
83 12
1982 MN 1107 Sale 1107
8
8 11114
5 11012 11114
Penn coil trust gold 4s
1951 F A 102': 105 10312 1034
Chicago Great West lot 40_ _1959 MS 704 Sale
1 10212 10312
703
7112 244
4
70 4 7212
3
50-year cony 48 serlea A..1953 A 0 88 Sale 88
Chic Ind & Loulsv-Ref 68.1947• J 1184 Sale 11814
8712 8912
88 14 53
11814
5 11678 1181
4Series B
1953 A 0 88 Sale 88
Refunding gold be
8814 91 1 8712 8912
1947 J J 1043 ---- 116 Nov'27,____
4
Gen cony 48 series D
1953A 0 ____ 8812 135 Sept'27
,
Refunding 45 Series C
1947 .1
92 ____ 914 May'27
_
Ref & Mit 5s
1987,M N 9834 Sale 9812
General 55 A
99
294
983 993
4
1968 MN 106 Sale 10512
4
Erie & Jersey 1st 8 f 66.-1955'.1 .1 1124 1137 11412 Jan'28
1051± 1--f-i;106
General 68 B
8
11378 1147
May 1986 J J 11014 Bale
11 110 1114
8
11014
8
Genesee River 1st at 58-1957 3 1 11212 115 115
Chile Ind & Sou 50-year 45__1956 J J 957 961 11014 Dec'27
115
1. 11414 115
8
9614
Erie & Pitts gu g 3345 B
1940 .1 J 92
Chic L 8 & East 1st 4 40__1969• D 1021
94 102
102
102 102
9034 9034
2-- 10112 Nov'27
Series C 348
1940.5 1 90 4 94
CM & Puget Sd lot gu 48._1949
903 Jan'28
4
3
723 4 73
7178
7214
5 -iiit WI,. Est RR extl 8 f 75
1954 M N 1033 Sale 103
4
U El Tr certifs of deposit
104'9 406 1003 1044
4
73 Sale
73
44
71
7312 Fla Cent & Penn let ext g 5e.1930 .1 J 102
Oh M & St P gen g 40 Ber A_e1989 -3 924 Sale 7214
4
1003 Dec'27
9214
93
72
915 9312
8
Consol gold 58
J J 1023 --- 1023
Registered
1023
4
4
3 10218
Q
9118 Jan'28
914 Florida East Coast let 4340.1959.5 D 100
91
General gold 334s ser 13._01989 3
10014
2 100 10014
10014
-iaia 11 907
81
12
8
8038 813
25
4
1st & ref be aeries A
1974 M S 894 Sale
Gen 434s series C_May 1989 „I .1 1025 10312 1027
8814 8958
8
894 263
8
8 1033
4 38 10012 10114 Fonda Johns & Gloy 434s.._1952 M N 4714 Bale 885
47
49
Registered
47
16
52
100 Dec'27
- Fort St U D Co let g 4348_1941 J J 984
Gen & ref ser A 430._Jan 2014
Jan'28
9812 9812
744 Sale 7314
7418 107 -7258 /.8 Ft W dr Den C 1st g 53 5.1:1928J D 10814 -- 9812 Jan'28
7
1 46 1961 J
1
Guar Tr certifn of depaily _ _
1083 108 s
1083 1083
8
3
8
734
74
7353 162
7414
4
713 75
Ft Worth & Rio Gr 1st
Fen ref cony ser B ba Jan 2014 PA
4
993 997 9912 Jan'28
9914 9912
73 Sale 7158
73
64
7018 7314 Frem Elk & Mo Val let 88-1933 A 0 10614 1091 10712 Oct'27
Guar Tr certlfs of deposit- _
73 Sale 7158
73
7012 7114 0 H & 8 A M & P 1st 5s
49
1931 M N 10218 --- 1015 Jan'28
istser6s
icii
5
;
8
1934
1034 Sale 103,
8 1033
9 103 2 104
2d extens 58 guar ._
1931 3 J
,
1015
Debenture 4345
2 10114 101 2
8
4
-- 10114
1932
D 734 Bale 7212
731
71
88
7414 Gab" Hous & Head lot bet
1933 A 0 99 100
Bankers Tr certifs of deposit
9912 100 2
,
10
9912 100
7314 Bale 7214
735 245
8
71
741 1 Ga & Ala Ry 1st cons be Oct 19453 J 1001
9912 Jan'28
100 100 s
Debenture 45
3
1925 JD 7312 Sale 7238
731 138
71
73 4 Ga Caro & Nor 181 gu g 58..1929 3 J 10012 11 13 10012 10012
3
U S Mtge & Tr Ms of dep_ _
8- 5 10012 10034
7318 Sale 724
731 196
707 74
8
Georgia Midland 1st 30
1941 A 0 77
,
16
-year debenture 40
8612 Dec'27
78
1934
723 7314 7318
4
371
5
7012 734 Or R & I ext let gu g 4 45 _ .1941 J J 10014 10112 10012 1005
Farm L & Tr Ws of dep--__
5 106i. 166
8
- ;
5
4
72 8 Bale 713
7
73
7034 74
296
Grand Trunk of can deb 78.1940 A 0 116 Sale 118
4 116 11612
Chia & Ninon gen g 345.....1987 ivi
11612
787 85
8
85
85
85
5
86
15year e f Els
1936 M S 10914 Sale 10918
Registered
10912 13 10912 10912 .
• Q F 7818
8412 845 Grays l'oint Term 1st 58...„1947 3 D 983 Sale 983
8
8412 Jan'28
, ,
4
General 45
2 98 4 98 4
4
983
4
1987 MN 96 - - 96
96
963
96
1
98
s
Great Nor gen 7s series A
1938 .1 1 11538 Sale 1147
8
Registered
1153 131 110 11512
8
Q F
Nov'27
_
Registered
3 .1
11414 Oct'27
Stud 45 non-u Fed in tax '87 M N 95- 4 96
96
9612 11 9012 9612
983 9812
let & ref 4 , series A
0
1981 J.1 1025 __ 10214
952j J
8
Gen 44s stud Fed Inc tax_1987 84 N 11112 113 113
10212 11 10214 1021
;
Jan'28
113 113
General 534s series 13
11212 Sale 11212 1125
8 24 11214 11514
Den be stpd Fed Inc tax._ _1987 MN 11538
11514 Jan'28
11514 11514
General 511 series(•
1973J J 1073 Sale 10714
dinklug fund Os
4
10812 57 1067 10812
2
1879-1929 AO 1023 102 s 1025 Jan'28
8 - -78
1025 1025
8
8
General 4348 series D..,19763 J 994 10014 10018
Registered
10012
9 1001s 10114
* 0 ____ 1034 10238 May 27
'
General 445 series E_ _1977 1 .1
clinking fund 58
99 4 10034
10018 107
,
1879-1939 A0 1014 1014 10114 Jan'28
10114 1013 Green Bay & West deb Ms A... Feb 100 Bale 994
__
854 Nov'27
Registered
1870-1929 AO 10018 10114 10012 Oct'27
Debentures etre Li
Fel
864- 4 253
273 283
4
Sinking fund deb 58
2914 69
4
24l 2314
1933 MN 102 10314 103
Jan'28
103 103
Greenbrier Ry 1st gu 48_ -1940 MN
___ 953
Registered
8
953
8
3
135 ki 95 8
MN 1024
3
10218 10218 Gulf Mob & Nor lot 548-1950 AO 107 10714 107
10218 Jan'28
9512Jan'28
10-year secured 7e it
1930 J D 106 Sale 10512 10614
10612 10712
5 10512 10612
let M 5e series C
1950 A0 1033 104 10314 Jan'28
8
-year secured 63456.-__1938 MS 11312
15
10314 104
11312 11414
5 11278 11414 Gulf & S I 1st ref & ter g 58_91952 3.5 1077
8 -- 10814 Jan'28
Ist ref g bto
May 2037 J D 11214 1123- 11238 1125
10712 1084
- 4
8
1 11214 114
Hocking Val 1st cons g 4348- 1999
J 1054 15414 1055
999
May 2037 J
8
lot & ref 44e
1053
4 13 105 8 10712
5
1023 10314 103
4
4 93 103 10412
1033
Registered
3,
--__ 9514 Mar'27
Chic RI & P Railway gen 45_1988 J J 927 93
8
92 8
934 21
7
924 96
Housatonic Ry eons a 58-193 MN 10112 _--- 10112 Jan'28
1
Registered
J J 9112
11
9138 9112 H & T C let g lot guar
9138
9112
5
1937 .1 .1 10312 ---_ 10312 Jan'28 ---- 10312 1035
Refunding gold 4s
1934 * 0 9578 de" 9512
8
9618 331
954 9612
Waco & NW dly 1st 65
1930 MN 1013
4
Registered
10314 Nov'27
*0
_oil_ _ _ _. Houston Belt & Term let 58_1937 J J 1017
973
4
93 8 Oct'27
8
&toured 448 series A
1952 MS 96's Sale 967
10212 Jan'28
1013* 11-1
2
9612 214
Houston E & W Tex let 068.1933 MN 1001
Mem Div 45 1951
__ 10218
CO St LAN 0
D 917 923 924
10212
1024 10218
102
8
923
1
4
92
92 4
3
lot guar 58 red
1933 MN 101 4102 10218 Jan'28
0581 L & P 1st cons g 5s---1932 AO 10214 104 10212 1033
1024 10218
5 1023 103
8
8
Ilud & Manhat ba series A 1957 FA 1013 Sale 1013
4
4 10214 58 10112 10212
Chic St P M & 0 cone 6s.--1930 J D 10278 1031 10278 1027
4 1027 1033
8
8
8
Registered
FA
9714 June'27
Cons 65 reduced to 348_1930 ID 97
9614 hlay'27
Adlustmeut income 55 Feb 1957 1.0 9238 Sale 9214
Debenture 58
1930 MS 10012 102
92 4
3
3 is55- 1661; Illinois Central lot gold 48_1951
10012 10012
9858
Stamped
_ 99
Jan'28 ---9734 99
Jan'28
100
100 100
Registered
1951
98 98
8712 Sept'27
t hie T El & So East let 50-1960 3D jai'
s
-----10214
10258 31 10212 1035
8
lot gold 348
1951
Dec 1 1980 MS 9612 Sale 9612
9018 9112 9012 Nov'27
Inc gu 58
96I 983
963
4 14
8
Extended let gold 330_ 1951 * 0 895 9112 9112 Jan'27 -_-_
5
8
Chic Un Eita'n let gu 4348 A.1963• J 102 Sale 102
_-1021$ 17 10114 102
1st gold 38 sterling
1951 MS 78 --- 7612 June'27
1963 J , 104 104 10512 Jan'28
let 50 series Ii
105 106
Collateral trust gold 45_ 1952 * 0 9512 Sale 95
1944 J D 10412 Sale 10378
Guaranteed g 55
9512
2
10412
4 1037 105
8
Registered
*0
1963 J J 1183 Sale 11834 1183
lot 645 series C
--- 88 July'27 ____
4
3 11814 1187
4
8
let refunding 45
1955 MN
9712 Sale 9714
chte & West Ind gen 56s-91932 QM 10518 _ _ 103
98
86
1112
9714 - Jan'28
1023 103
4
Purchased Urea 3345
1952 J J 84
1952 Ji 913 921$ 9112
Control 50-year 48
893 9018 Jan'28 ____
4
4
90
904
92
47
9112 93
Registered
J J
1962 MS 105 Sale 105
let ref 5 348 ser A
9334 Dec'27_ _
10514 49 105 10512
Collateral trust gold 45._1953 MN
Gulf cons 58-1952 MN 1065
Sale 934
9318
Choc Okla &
8
£13 935
3s 13
- ;
Jan'28
107
107 107
MN
1937 J
_ 91 Nov'27
Chi 11 & D 2(1 gold 4345
__
9918 100
Jan'28
99
99
99
Retundluite
Regbiter g
1955 MN Hai iff 110 4 Jan'28
;
3
1103 1-1-113C I St L dr C 1st g 4s___Aug 1936 Q F 9818 987 100 Dec'27
4 :4
8
15
-year secured 64s g _ __ -1936 3
Aug 1936 Q F 9718 _
11334 116 1133
Registered
1133
5 11312 1144
4
4
964 June'27
40
-year 4%s
Aug 1 1966 FA 1015 Sale 10158
1942 MN 933
8
102
71 101 102
Lau Lob & Nor go 4s g
8 _
9314 Jan'28
4
4 93
Calm Bridge gold 4s
931 - - 19513 JO
Clearfield & Mah 1st VI 50_1943'.5 10078
974 971s
9718 Jan'28
994 June'27 _ _
Litchfield Div lot gold 38.1961 J J 805 ____ 80 4 Oct'27
5
3
Cleve CM Ch & St L gen 48-1993 JD 97 Sale 983
3. 4
.
19 .6i -67.1-2
97
4
Loulay Div & Term g 348.1953
J 88
1931'.5 10012 Sale 10012 1004
_ 87
Jan'28-87 87
-year deb 4140
40
4 10018 100 4
3
Omaha Div 1st gold 3s. _ .1951 FA 8012 Sale 8012
1993 J D 1154 Sale 11518 11518
2
7912 805
8012
8
General 50 Series B
3 "518 11518
St Louis Div & Term g 38_1951 3, 801
.. _ 805 Dec'27
8
J 10214 Sale 10214
Ref & Impt as series A-1929
1025
8 52 1024 103
Gold 3348._ .
_ .1951 ▪ e 8914 897 90 Dec'27
1941.5 J 1073 _ _
2- s
4
Ref & inipt 88 ser C
10758 1074
1 1075 108 8
8
Springfield Div 1st g 348_1951
5
Oct'27 -----------88
1963.5 .1 1047 Sale 10478 10512 13 10438 10512
8
Ref & ImPt 5eser
Western Lines lot g 4e. 1951 F A
9212 Jan'28 _ _ _ _
9612 93
93 93
1977 J J
Ref & lmpt 448 ser E
100
10014 306 100 1003
8
Registered
FA 90 8 9512 90
Jan'28 ____
3
90
90
Due May p Due Dee
1.,ue Feb
694
BONDS
N' STOCK EXCHANGE
Week Ended Feb. 3.
New York Bond Record-Continued--Page 3
Price
Fridag.
Feb. 3.
Week's
Range or
Last Sate.
High No.
Ask Low
Bid
Ill Central & Chic St L & N 0
10712 10
J D 10718 10714 107
Joint let ref 58 series A___1963
8 6:3
1963J D 9912 Sale 9912 1003
1st & ref 4 lie ser C
5
1951 J D 108 ---- 10812 10812
Gold 5s
10312 Nov'27
J D 108 ____
Registered
8412 Jan'27
1951 J D
Gold 3 1 is
.
Ind Bloom & West let ext 48_1940 A 0 9714 ____ 933 Sept'27
Jan'28
97
1951).3 1 9718
Ind 10 & Iowa 1st 1 48
9112 Jan'28
1956 1 J
Ind & Louisville let gu 4s
Ind Union Ry gen Is ser A 1965 1 J 104% -- -- 10412 Jan'28
104 Dec'27
1965 J J 10412
Gen & red Is series 13
4 22
IOC Az Grt Nor 1st 6s aer A 1052 J I 10713 gale 10712 1073
98% 71
Adjustment Sc der A July 1952 Aprl 98 Sale 97%
25
101
4
1956 .1 J 1003 101 101
184 be series 13
8 21
823
1972 M N
8218 Sale 8218
lot Rye Cent Amer let 5a
9518 16
1941 M N 9518 Sale 9518
let coll tr 6% notes
51
94
94 Sale 9312
1947 F A
1
1st lien & ref (3 .413
1
90
4112 40
Iowa Central let gold 5s...._1938 J D 39
4
403 Jan'28
40
38
Certificates of deposit
12% 24
1951 M El 1212 Sale 1212
Refunding gold 4s
15
9534
4
8
James Frank & Clear let 4a_1959 / D 963 967 9634
103 May'27
1938.3 1 103
Ka A & G R let go g 58
Jan'28
03
A 0
1990
___
Kan & NI let go g 4s
1928 M N 10014 10012 10014 10014 13
90%K C Ft 8 & NI cons g (le
9614 51
K C Ft 8 & M Ry ref g 4s_1936 A 0 954 Sale 96
7
8 100%
1003
IC C & M R dr B 1st gu 5s1929 A 0 100%
7912 31
7912 79
Kansas City Sou let gold 35_1950 A 0 79 - 4 1023
4 48
4
Apr 1950 J .1 1013 Sale 1013
Ref & Inapt 543
90
94
Kansas City Term 1st 4s____1960 J J 9312 Sale 9312
9612 Jan'28
Kentucky Central gold 4s___1987 J .1 9312
Jan'28
9212 92
Kentucky & liad Term 00.1961 J J 91
5
8
035
1961 .1 J 9312 ____ 93%
Stamped
9634 Dec'27
__
1961 J J 971
Plain
4
1937 1 J 1043 1043 10378 Jan'28
8
4- Lake Erie & West let g ba
3
1941 .1 1 1033 10414 10312 103%
4
2d gold 55
3
8712
Lake Shr & Mich 8 g 334s1997 .1 D 8514 8712 8612
3
86
86
1997 1 D 8514 86
Registered
99% 20
1928 M 5 99% Sale 99%
Debenture gold 4e
15
1931 M N 99% Sale 9978 100
-year gold 48
25
0914 Oct'27
M N
Registered
10612 Jan'28
Lob Val Harbor Term 5s__1954 F A 10612
102
Leh Val N Y let gu g 434e_ _1940 ./ .1 10112 -- 101
92% 21
9214 Sale 92
Lehigh Val (Pa) cons 1 4s. _2003 M N
Jan'28
91
M N
Registered
28
2003 M N 101 12 Sale 10112 102
General COD8 434e
M N
_ 98 Nov'27
99
Registered
5
11012
Lehigh Val RR gen Se serles_2003 M N 109 Sale 109
Leh V Term Ry let gu g 5s 1941 A 0 10512 10612 1054 Jan'28
A 0 103 2 10612 10312 Nov'27 -Registered
9212 Jan'28
Leh & N Y 1st guar gold 4s._1945 NI 5 92% 94
10
11514
Lax & East let 50-yr 58 gu ,J965 A 0 11912 11512 11514
9212 Jan'28 -Little Miaml gen 4s Ser A__1962 M N
8
8
1093
10938
1935 A 0 109%
Long Dock coneol g ela
Jan'28
s
Long laid let con gold 58July 1931 Q J 1017
- - 102
1
9818
9812_ 0818
let cons& gold 4s____July 1931 Q J
9512 10
1938 .1 D 95 6814 9514
General gold 4s
9614 Sept'27
1932 J D
Gold 45
4
9334
9318
1949 M S
United gold 413
4993
00
1
1934 J D 2036 888: 8s10;1:34. 10014 Nov'27
Debenture gold 56
1
1937 AA N 100 10012 10012 10012
-year p m deb 55
20
17
9414
93
Guar refunding gold 4s_._1949 M II
10114 Dec'27
Nor Sh 13 let con go 5a_Oct'32 Q J
944 10
9418
Lou & Jeff 13dge Co gu g 4s 1945 M 8 934 95
Jan'28
Louisville & Nashville 58_1937 M N 106 10714 106
8 34
987
1940 J J
8
987 Sale 9818
Unified gold 45
J 1
9638 May'27 Registered
10218 Jan'28 Collateral triad gold 5.,_, 1931 M N 192%
1930 M N 10512 Sale 1047
8 10512 12
-year secured is
10
2
10914 1104
let refund 5).4e series A_2003 A 0 109
4 36
2003 A 0 11044 Sale_ 10812 1083
8;4
0
let Az ref 55 series B
1
2003 A 0
10434 1043
4
let & ref 434s series C
1930J .1 10212 10312 1023
3
4
4 1023
N 0 & M 1st gold 6s
1930 J J 10212 10358 10358 Dec'27
2d gold 6s
9658 Nov'27
8
963
Paducah & Mem Div 48_1946 F A
2
70
St Louis Div 24 gold 3e 1980 M S 70 Sale 70
Jan'28
___ 102
Mob & NIontg Ist g 41.421_1945 M 5 1021
11
94
8
2joint Monon 443_1052 J J 93% 9414 933
South Ry
8
083 9812 Jan'28 -AM Mum & CM Div 4e_ A955 M N
4
_ 1003 Jan'28 -Loulay Cin & Leo Div g 43.48'31 MN 1005n
3
10312
- 1934 J J 10212 10412 10312
Mahon Coal RR 1st be
4
4
743
7412 74
74
Manila RR (South Lines) 46_1939 M N
5
4
1959 M N
823
4
8112 8214 823
let 45
___ 10112 Jan'28
Manitoba SW Colonizain 58 1934 1 D 100
88 Sept'27
Man 0 B & N W 1st 3 Ati__ _1941 J 1 88 90
Jan'28
Mich Cent Det & Bay City 5s_'31 5 M 102 10214 102
97% Jan'28
1940 J J 971.2
Mich Air Line 48
4
963 Nov'27 _
.1 J
Registered
90 Dec'27
1952 M N
let gold 330
30
100
997
1929 A 0 89%99% 100
-year debenture 4s
20
9934 14
1940A 0 983 9914 99
Mid of N J 1st ext 5is
1
3
8 100 8
Milw L 8 & West Imp g be_ _1929 F A 10033 10031 1003
975 Dec'27
Mil & Nor 1st ext 434e(1880) 1934.3 0 9912 100
___ 9912 Jan'28
1934 J D 991
Cons ext 434s (1884)
9612 16
96
2Mil Spar & N W let gu 4s__ _1947 M 9 9614 97
2
4312
4312
49
Minn & St Louis let cons 56_1934 M N 43
Jan'28
43
Ni N
4118 42
Temp ctfs of deposit
Jan'28
16
48-1049 M S 154 17
Ist & refunding gold
Jan'28
4
Ref & ext 50-yr Is ser A_ _1962 Q F 1112 143 13
21
92
4
M St P & 8 S NI con g 4s Int gu'38 J .1 913 Sale 915g
8812 Dec'27
Registered
4 12
993
4
1938.3 1 993 Sale 9934
let cons Is
4
4
4
1938 .1 J 1003 Sale 10012 1003
let cone be gu as to int
28
4 103
4
1931 M 5 1023 Sale 1023
10
-year coil trust 6 Sis
1
102
4
1946 J .1 1003 102 102
let & ref Ile series A
8 20
957
1940 M S 954 Sale 9514
25
-year 5345
_ 983 Oct'27
95t8
8
let Chicago Term s f 4s
1941 M N
1
9014
9912
1949 J J 975 - - - 9914
MI88156100 Central 1st 5e
8 31
923
Mo Kan & Tex let gold 4s 1990 1 D 9218 Sale 917
8
8
1043
8
Mo-K-T RR pr lien be tier A_1962 J J 10438 1043 10414
2
9112
9114 9134 9114
1962 .1 J
-year 45 settee B
40
1
8 1025s
1932 .1 J 10712 108 1021
-year 65 series C
10
481
109
Cum adjust Is ser A Jan_1967 A 0 10812 Sale 107
9
10312
Sale 1027g
1965 F A 10312
Mo Pac 1st & ref bs ser A
8214 278
4
1975 M S 813 Sale 8114
General 48
1977M S 102 Sale 10112 102 '290
let & ref 5s ser F
Dec'27
4
Mo Pac 3d is ext at 4% July 1938 MN 943 __-_ 9414
4
1945 1 J 10238 ____ 973 June'27
Mob & Mr prior lien g 5e
8
__ 993 Jan'28
.1 J
Small
9618 Jan'28 _ _
95
93
1945.3 J 99-let m gold 45
Jan'28
87
1.945 J .1 8612 89
Small
4
___ 973 Jan'28
Mobile & Ohio gen gold 4s 1938 M S
98Montgomery Div 1st g 58_1947 F A 10438 105 10412 Jan'28 72
99
4
1977 M 5 09 Sale 983
Ref & impt 434e
__ 0718 Jan'28
Mob & Mar 1st gu gold 48_1991 M 5
97-s
J J 112% 114 1127 Jan'28
1937
Mont C lat gu (3s
11112 Nlar'27
J .1
Registered
4
1937 J J 10512 ----1043 Jan'28
let guar gold be
48
85
Sale 85
Morris& Essex 1st Cu 3Sis 2000 J D 85
2
100
Nash, Chatt & St L 1st 5e 1928 A 0 100 10014 100
4
1937 F A 10312 ____ 1033 Jan'28
N Fla & S 1st Cu g be
_
30 Sept'24
Nat Ry of Mex pr lien 430_1957 1 /
4
1414
1412 144 1414
Assent cash war rct No 4 on
8712 Aug'25
-1077 A 61
-year e f 4e
Guar 70
16
20
1912
1914 21
Assent cash war rct No Son __-3812 July'25 ____
Nat RR Mex pr 1 4 Me Oct 1926 1 J
8 14
205
20
Assent cash war rct No 4 on
28 Apr'26
.
-1951 A el -1 1E8 12
1st comic.' 45
4
1
113
4
4
Assent cash war vet No 4 on _ P 113 Sale 113 Nov'27
86%
1954 M N 8712
Naugatuck RR let g 4e
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 3.
t
Price
Friday,
Feb. 3.
Week's
Range or
Last Sale.
3
n:1-
Bid
Ask Low
High No.
High
1945.3 .1 10 214 - - - 10134 Dec'27
New England cone 58
1945 1 .1
8918 Aug'27
Consol guar 4s
10634 10814
1986 F A
V 1 June RR guar 1st 413
- 8512 Sept'27
9912 101
8
10012
8814- 2
10812 10812 10 dt N E let ref & Imp434eA'52 1 J 1003 1014 10014
91% 9114
9112 10
Yew Orleans Term let 93_ 1953 1 .1 91
101
2
I0 Texas & Mex n-c Inc 58_1935 A 0 10014 102 10014
1954 A 0 100% Sale 10012 1007
8 13
1st 5e series II
1956 F A 1033 104% 10412 Jan'28
4
let 55 series C
97
07
1954 A 0 10518 Sale 105
10518
let 53.4s series A
9112 9112
1
100
100
104 10412 4 & C Bdge gen guar 43i81945 J J 100
10218 Dec'27
I Y 13 Az M 13 1st eon g 5s._1935 A 0 101
8 - 4
10812
-- N Y Cent RR cony deb 6s 19.35 M N 1083 1083- 107%
10719168
M N
_
11014 Nov'27
9612 991,
Registered
1998 F A
9612 Sale 9612
9714 40
Consol 45 series A
8
10014 1017
8 54
1043
Ref & Imp% 43.4e series A_2013 A 0 104 Sale 104
4
8218 833
2013 A 0 109 Sale 10814
10194 298
Ref & impt bs series C
4
943 95
A 0
_ 10512 Jan'27
Registered
91
954
8 68
867
40 1 2 N Y Cent & Hod Ely M 31-45 '97 J J 86% Sale 8612
40
1997 J J 851 1 86
86 Dec'27
Registered
4018 40 4
3
1934 M N
98% Sale 9818
981 125
Debenture gold 45
1212 1314
M N 9 4 -- 08% Jan'28
Registered
5
9612 963
4
1942 .1 J 98
Jan'28
-year debenture 49
30
- 99
4
85
8418 85
%13
8418
8
Lake Shore coil gold 3_1998 F A
91 1 2 93
___ 82% Jan'28
1998 F A
Registered
10014 10078
8618
8618 8712 8618
82%Mich Cent coll gold 334e 1998 F A
9614
06
_ 8118 July'27
84
1998 F A
Registered
100,s 10134
9733 9712
1
9712
4
7812 793 N Y Chic & St L let g 45 ....._1937 A 0 9712 9618 Jan'28
1937 A 0 9618
Registered
1013 1027
8
4
1931 M N
99%
3
_ _ 9958
-year debenture 48
25
9312 95
1931 M N 103 10318 1027
10314 37
9934- 2d 6s series A II C
9312 9612
8 53
1073
Refunding 530 series A_ 1974 A 0 10718 Sale 107
92
91
10712 18
Refunding 5SO series B__1975 J J 107 Sale 107
93% 94
8 10112 18
7- N V Connect let gu 4348 A1953 F A 10114 Sale 1007
5
let guar 53 series B__ ____1953 F A 10012 Sale 10012 10012
10334 fOi8
96% Oct'26
5.s
d4
&:xEtt
1
5,,, 87;
102 1037 N 1(he Erie letgold 4s 1947 M N 9212
M S 10018 -- 10034 Dec'27
gold
85s 8713
4
1930 A 0 1003 - - 1003 Oct'27
4
8514 86
1928 J D 9914 ____ 9914 Jan'28
5th ext gold 45
997 100
101 Dec'27
1946 M N
9912 100
N Y & Greenw L gu g 5s
8
Y & Harlem gold 330____2000 MN 8614 ____ 845 June'27 _ _ _ _
8218 Nov'27
M N
io6i8 106'z
Registered
80 July'26
101 1021? NY Lack & W 1st & ref 58 __1973 MN 103'4-1931973 M N 10618 10838 10718
1074 25
First & ref 4 is
9312
92
106 106 Feb'27
0 NI 5
NY LE& W let Mex$
91
90
1932 F A 10112 102 10078 Jan'28
8
10012 1023 N Y & Jersey 1st 58
Apr'27
NY & NE Bost Term 48_1939 A 0 92_ 91
1
66 88
1947 M 8 88 88
109 111 14 NY N H & II n-c deb 4s
Non-cony debenture 330_1947 M 8 8218 ____ 8212 Jan'28
4
10538 1053
8134 10
Non-cony debenture 3 W_ 1954 A 0 824 Sale 79
.
8712 8712
8712
1955 J J 87
1
Non-cony debenture 4a
-921.2 6212
87
88
8714 11
Non-cony debenture 4s...,1056 MN 87
8
11514 1153
79
1956 1 J 7812 79
71)
4
debenture 33.4e
Cony
9212 9212
1948 1 J 117 Sale 11612 11712 29
Cony debenture 65
1093 10912
*
J J 114 Sale 114
114
1
Registered
8
1017 102
1940 A 0 105 Sale 105
10514 59
Collateral trust (3a
9818 9818
A 0
10912 Dec'27
Registered
8
945 9512
1957 M N 8112 Sale 81
8112 17
Debenture 45
93
93
93
12
Harlem R & Pt Ches 1st 45 1954 M N 92
4
923 9312
8112 20
8012
NY O& W ref let g 4s_June 199281 5 80% 81
1955 1 D 783 Sale 7838
8
79
7
General 45
4
993 10012
4
95
5
95
4
4
923 943 N Y Providence & Boeton 4e 1942 A 0 913
A 0
_ 89% Jan'28
Registered
9612
96
Jan'28
64; N Y & Putnam 1st con go 45 1933 A 0 86-- - 95
"5:1" - -1
92
23
8
N Y Susq & West let ref 55_1937 J J 8112 8212 913
106 106
1937 F A 8112 Sale 8112
3
8112
24 gold 434e
9818 9914
1940 F A
7718 77% 78
7818
4
General gold 58
.
10214
1943 M N 10214 Sale 10214
5
Terminal let gold Is
- - -18
19218 102
8
4 46
903
104 10512 NY 'Arches & 11 151 ser I 43.48'46 J .1 903 Sale 00
1950 A 0 103 Sale 10214 103
116
10914 11012 Nord Ry ext'l s f 634e
8
967 Sale 963
4 20
963
4
10812 10834 Norfolk South let & ref A 55_1961 F A
8
3 Jan'28
10412 1043 Norfolk & South 1st gold 513_1941 MN 102%
4
- 8
10514
2
4
4
1023 1023 Norfolk & West gen gold 68_1931 M N 105 1655 10514
Improvement & ext 621_1934 F A 10914 -- 10912 Dec'27
New River let gold 613...._1932 A 0 10612 107 10612 Nov'27
1996 A 0 973 Sale 9714
8
97% 47
4 7
N.& W Ely let cons g 45
-13911 - 6
1996 A 0 96% 9712 97 Dec'27
Registered
102 102
9614 Sale 96
4
963
11
8
yl
933 94
10_' lo lle n
DIy r cty 08 & gen g 45.1944 J J
1929 M 5 187
18714 Jan'28
98
9812
1941 J I) 963 Sale 063
4
4
8 60
975
10012 10034
Pocah C & C joint 4s
1065 Sept'27
8
75
74
10312 10312 North Cent gen Az ref Is A 1074 M 8 107%
8
Gen & ref 430 series A._.1975 M S 103 104 1015 Jan'28
10218 Jan'28
8234
82
Stamped
_ 10138 Jan'28
10112 10112 North Ohio let guar g 5s____1945 A o 161E8
97
9 7 Q J
97
96
i
.f. 0
ioi 1_ _ . North Pacific prior lien 4s___ 109 Q .1 96% gale 9(114
95
96
Registered
9512 Jan'28
18
72
9738 97'N
Getel lien gold 3s__Jan 2047 Q F 72 Sale 7114
Jan 2(147 Q F 697 71
8
70 Nov'27
Registered
103% 17
Ref & Impt 4 %a series A.-2047 J J 10314 Sale 10314
J J 99% ____ 98 May'27
8
657 I-0-6Registered
Ref & Impt 65 aeries 13____2047 J .1 11618 Sale 11512 11614 59
9934
100%
J 1 11118
11514 Oct'27
00
197%
Registered
lot 10938 10914
10914 20
Ref & Sept 55 series C_ _2047
4
-66" W61.8
Ref & impt Is series 0___2047 J .1 1073 110 1094
1
10914
8
1097 Dec'27
96
9718 Nor Pac Term Co 1st g 6s__1933 1 .1 1097
19 0 A 3
4312 4312 Nor Ry of Calif guar g 5s___1938 j 0 105_ _ 106
Jan'28
3
10212 19312 10212 Jan'28
427 43
North Wisconsin let its
8712 88 Jan'28
1948 J J 87
8
153 18
Og & L Cham let gu 4sg
193, M S
8
955 Nov'27
1518 Ohlo Connecting Ry let 48_1943 J D
13
10412 Dec'27
9134 9212 Ohio River RR let g 5a
1937 A 0 1043
4
10418 Jan'28
General gold 55
-4
9918 993 Oregon RR & Nay con g 48-1946 1 D 95 Sale 95
95
6
1 1
_ 11014
9
10014 101
9
Ore Short Line 1st cons g 58_ 1946 J . 110
4
1103
46
102 110 ffoi8 11014
14 10318
Guar cons 58
7
8
1103
1929 J D 99% Sale 9938
102 10318
4 51
993
Guar refunding 48
1961 1 J 93% Sale 9314
9418 96
Oregon-Wash 1st & ref 4s
4 86
933
8
. 997
.. 87 _ _ 2 Pacific Coast Co 1st g5s......1946_..1946 1 D 88
8
883 88
88
4
8
9
055 Jan'28
Pac RR of Mo let ext g 413-1038 F A 0512 97
1938 J J
917 923
2d extended gold 58
10258 Jan'28
43.0_1955 J 1 i(56i8
10414 1043 Paducah & Ills 1st s f
10138 Jan'28
1958 F A 10014 gale 9812 10014 855
-Sled RR 6s
914 0212 Paris-Lyons
4
10238 10234
81
Sinking fund external 7a 1958 M S 1033 Sale 10312 104
107 1091? Paris-Orleans alt s f 7s_ .._1054 M S 10418 Sale 10314 1044 50
10218 10378 Paulista Ry let & ref a f 7s._1942 M 8 10312 Sale 10212 10312 21
8114 8314 Pennsylvania RR cons g 48_1943 MN
2
9918
99
1948 M N -9812 00 100
3
10112 1022
Consol gold 4s
100
99
2
99
---- ---48 sterl stud dollar_May 1 1948 M N 99 100
A 1053 106 10578 106
1960 F
4
80
Consolidated 4.45
1965 J D 10412 Sale 104
-65i8 -914
General 434e series A
1041z 42
1968 J D 113 Sale 11212 113
41
964 9618
General ba series B
1930 A 0 10512 Sale 10512 1053
4 50
88
87
-year secured 713
10
1936 F A 113% Sale 11234
8 57
1133
4
973 973
4
15-year secured 6 4i5
F A 113 11312 11118 Nov'27
10414 10434
Registered
33
4
0812 993
40
-year secured gold 58___1964 NI N 10412 Sale 10418 105
_ 93
93
9718 974 Pa Co Cu 334s coil tr A reg.1937 M 5
112% 112%
Guar 330 coll trust ser BA041 F A 93--90%
90% 0114 005
8
Guar 33.4s trust ctfs C____1942 J D 8014 90 8914 Jan'28
_90 Dec'27
4
194j4 1-64-%
Guar 334s trust ctfs D____1944 J D 883 _
7
8
993
8638
-25
85
Guar 15 -year gold 45__A031 A 0 9912 Sale 9912
1952 M N 94% ____ 9.113 Jan'28
100 10014
Guar 4s series E
4
10114 27
4
1033 1033 Pa Ohio & Oct let & ref 4345 A'77 A 0 10114 Sale 101
9114 923 91% Jan'28
& Eastern 1st conAep4risi_11999040
8
_i.i1_4
Apr, 4312 45
4312 Jan'28
Income 44
Peoria & Pekin Un 1st 514(1_1974 F A 1071
10712 Jan'28
8
8- _"fit; ii- Pere Marquette 1st set A 56_1958 J J 10412 1043 10438 1047 513
4
1
1956 1 J 94% 96
94
94
let 4s series Is
9814 9812 Jan'28
"26- I24 Phil/4 Balt & Wash 1st g 4s-1943 M N
1974 F A
;ti2
11414 Dec'27
General Os series B
4112 72
41 gale 4012
1112 1318 Philippine Ry let 30-yr a f 48 1937
4
4
_..... ____ line Creek registered let 58.10323 D 1053 108 1063 Nov'27
Low
1138
Range
Since
Jan. 1.
Low
High
1601 161 8
; - -39034 91 2
,
10014 10112
100 101
11)412 105
105 10512
100 100
4
10712 1083
-94313 0712
4
1033 10412
10814 1103
4
-gait, WE;
-9814
983
8
4
983
8338
82%
85
98%
90
85
82%
4
863
-9738
9618
9914
8
1017
8
1067
106%
8
1007
1(.012
97;
-- -5
9618
100
10314
10712
1074
10214
105
9914 9919
-------
ioifs10713
io6i8
-§g- 81-82
8212
4
773 813
4
8
853 8812
8618 8812
7714 7912
116 118
11334 115
105 10512
-8038
9218
794
7678
95
4
893
94%
4
903
8112
78
99%
90
100
9612
4
1023
10514
8238
9314
5
105
13058
05
4
803
06%
,
92 2
8112
8018
1024
92
103
07
103
10512
49838
-6i1
116
"66" - -3.;
18714 19012
96% 97%
10138
10218
99
9614
9512
7014
- 5161 8
10318
8
1013
:
971
97
7212
(
i634 1 W i8T211619
109
1656;
5
1093
106 108
10212 10212
,
87% 88 4
,8
f61106
05
11014 110%
11014 11012
8
993 100
9314 9412
8
873 884
8
055 95%
8
102% 1025
1003 101%
:
96 10114
10112 10418
101 10312
10114 10314
99%
99
8
987 100
9812 99
4
1053 107
8
104 1047
8
1123 118
s
1053 105%
112% 11312
inif8
93
90%
8914
foifs
93
00%
8914
2 66 4
-991 - 34
933 9412
101 10112
s
913 9134
4234 45
10718 10712
10418 105
9312 9412
9814 981
:
"4161'8 ill;
New York Bond Record-Continued-Page 4
BONDS
N.Y. STOCK EXCHANGE
Week Ended Feb. 3.
Price
Friday,
Feb. 3.
695
Range
BONDS,
Price
Week's
Range
871
N. Y. STOCK EXCHANGE.
Since
Friday,
Range or
Since
Jan. 1.
Week Ended Feb. 3,
Last Sale,
Jan, 1
4§3
Feb. 3.
_
Ask Cow
High Union Pacific (Concluded)High We Low
High
Low
Rid
Ask Low
Mph
1940 AO fild0114
PCC&StLgu 4148A
10138 102
Gold 4348
10138 Jan'28 _
1967 J J 1003 Sale 100
10012 122 100 10012
8
1942 AO 1024
Series 13 4 Ms guar
10215 10212
10 2
1
1st lien & ref be
__ 10218 Jan'28 _
June 2008 M S 1133 Sale 1133
4
4
4
1153
4 19 1133 1153
4
_
Series C 4 Ma guar
1042 Fl N
10218 1021x
10-year secured 65
10218 Jan'28
1928 J J 1005 Sale 1005
2
8 1003
8
4 30 1003 10078
Series D 45 guar
1945 Fl N
9714 ____ 973 Jan'28
__
973 973
8
8 1 N J RR & Can gen 4s___1944 M 8 9812 Sale 9812
8
9712 98
8
9812
Series E 3 SOs guar gold.._ 1941) FA
9712 9712 'tab & Nor 1st ext 48
,
9712 Jan'28
1933 .1 .1
983 Nov'27
4
1953 3D
Series F 45 guar gold
',tridents cons g 48 series A 1955 F A
9714 Apr'27 ---973 Dec'27
4
973
4
Series CI 45 guar...
1957 MN
9714
Vera Cruz & P assent 434s..11134
- 973 Nov'27
8
6 -514 115;
20 16 1 20
4
2012
Series Ii con guar 4s
196(1 FA
,Irginia Slid 58 aeries F___ _1931 ii -8 toils ---- 10112 Jan'28
10112 10112
965 Aug'27
8
1963• A 104
Series 1 cons guar 4 Ma
)
- 12
____ 1041/ Jan'28 ---- 1( 412 101
General 58
4
4
2 1033 1013
4
1033 -- 1033
4
1033
4
1969 MN
Series J cons guar 4 Ms
sra & Southw'n 1st gu 55_2 33 .1 N 10718
__ 10414 Dec'27
10714 10714
1006 M J
9
_ 10714 Jan'28
General NI 5s series A __ - _1970 J
lot eons 50-year 55
1133 114
4
- 2
104-- 11334
993 1017
4
8
1133
4 10 11334 11419
lot 16i 10114
1017
8
3D
Registered
8
8
11338 Jan'28 ---- 1133 1133 Virginian lty let 58 series A.1952 M 0 1085 Sale 10812 109
8
195S A N
51 1083 10914
8
Gen mtge guar be series B_1975 AO 11.534 114 - 11334
9 1133 11518 Wabash ist gold 58
4
4
114
1939 M N 10518 105:18 10518
15 1043 106
10514
AO
Registered
11312 11312
2d gold 58
11312 Jan'28.
1939 F A 10314 10312 104
_ 103,2 104
Jan'28
Pitts McK & Y 1st gu 68. _1932 J J 10458 ____ 106 Nfay'27 ---Ref a f 51-Os series A
2 10512 107
107
10618 1063 107
4
1934 J J 10718
16
-7- frif 24 guar 65
__ 102
Ref dt gen 58 series B
3 A 10318 Sale 10318
F .,
M S
8
Jan'28 _
1037
8 87 103, 10414
2 10312 105
Pitts Sh & L E let g 58
1990 AO 106
____ 105
Debenture 136s registered_11199773965
105
9
8314 Feb'26
9612
1st cense! gold 58
1943 3 3 10312 ....100l2 Apr'27
lot lien 50-yr g term 48. 1954 .1 J 8912
883 Nov'27
4
• N
Va & Char 1st 45
Pitts
1943
9618 ____ 95
Det & Chi ext 1st g 5s_ _1941 J J 1045
10413 16f 4
3Oct'27 ---8
1045s
8
_ 1045
Pitts Y & Ash let cons 55
1927 Fl N
913 913
Des Moines Div 1st g 4a 1939 1 J
8
100 July'27
4
8
9114 - 14 913 Jan'28
94
let gen 4s series A
1948 ▪ D
-97- 97'
Om Div 1st g 3)
97
8714 873
4
Jan'28 _
-Os
87
873 8714 Jan'28
4
1st gen 5s series 13
1962 FA 109871142
Tol dt Chic Div 148
10814 Dec'27 _
93 4 9314
,
9314 Jan'28
935
8
Providence Secur deb 4e____1957 MN
___ 7912 Dec'27 ---- _--- -_- _ Warren 1st ref gu g 3 Ma
110:11 M 1,S 821
14(8) F 1
Q 0
A
___ 8218 Nov'27
MS 80Providence Term 1st 45
1956
92
Wash Cent 1st gold 4s
9412 89 Dec'27
92 Nov'27
903 93
24
Reading Co Jersey Cen coil 48.51 AO 97 Sale 9 3o
957 97
8
22
901u 9637
Wash Term let gu 3 Ms
6
4
97
1945 F A
9012
903 Jan'28
4
AO
Registered
let 40-year guar 48
9512 00.'27 _
9614
- 96 Nov'27
Gen & ref 4 Me aeries A___1997 .1 3 10312 Sale 1033
4
166- 1668
1033
4 28 10314 1033 W Min W & N W 1st gu 55_194g F A 100 16E 100
193
Jan'28
Rich & Meek 1st g 48
1948 NI N
West Maryland 1st g 4s
8318 84
8212 Nov'27 847 8714
4
8514 Sale 847
8
853
4 32
Richm Term Ry 1st gu 5s_ _.1952 • 3
let & ref 534s series A..._1977 J3 10234 Sale 1017
___ 103
Oct'27
8
962 A 0
8
10218 93 1017 10312
Rio Grande June lot gu 55_ _1939 Jo 104141003 104 102 Dec'27 ---4
West N Y A Pa let g 5a
1937 J J 10318 104 10318
1 103,8 1031s
10318
RIO Grande Sou 1st gold 45..194)1 • J
5
Gen gold 48
7 4 73 Aug'27
3
4
923 93 8
4
,
1943 A 0 9318
2
93
93
Rio Grande West 1st gold 48.1939 ▪ J
7 -545s - -1.1 Western Pac let ser A 58
- 9
94
9514 945
8
9434 1946 M S 100 Sale 100
10058 72 100 1005s
1st con & coil trust 45 A._1949 AO 885o Sale 88
88
89
1st gold (18 series II
885
8 16
1946 M 8
8
_ 1027 Aug'27
RI Ark & Louis let 4 Ms_ _1934 M
46
965 99
8
West Shore 1st 48 guar
9812 Sale 9812
99
.
2361 .1 J 913 Sale 913
4
4
923
4 23 -914 9311
Rut
J 8412 86
-Canada 1st gu g 4e
Registered
1949
8412 Dec'27 _
2361 J 3 9112 Sale 9212
9112 9212
12
9214
.1
Rutland 1st con g 4548
iii; Wheeling & Lake Erie
1941
9512 97
9512 Jan'28 ---- -6533 St Jos & Grand lel 1st g____1947 J
7
89
9012
893
4
Wheeling Div 1st gold 55_1928 J 1 10018
90
10018 10015
10018
10018
St Lawr & Adir 1st g 548_ _1996 3 .1 1007 ____ 10018 Sept'27
Ext'n St impt gold 5s
8
100 100
1930 F A 101
100
Jan'28
al gold (is
Jan'28 ---- 107- 1518 Refunding 450s series A _ _1966 NI S 963 1996 AO 107.... 103
97
9812
4 9714 9812 Jan'28
9814 983
St L & Cairo guar g 4s
4
983 9914 983 Jan'28 _
4
Refunding 58 series LI
1931 J J
8
1966 M S 10112 102 1015 Dec'27
8
St L Ir Mt & gen COD g 58_1931 AO 1015 Sale 10112 1015
8
RR 1st consul 45
8 43 10112 10233
93
1949 NI S 93 Sale 93
93
2
93
Stamped guar 514
Wilk & East 1st gu g 58
1931 AO
_ 1013 Dec'26 4
7612 7912
1942 .1 D 763 Sale 763
38
3
4
4
763
4
Unified & ref gold 48
9912 10158 Will & SF 1st gold 58
1929 3 .1 995 Sale 995
8
8
9958 42
10414 -- 104 Aug'27
J
Registered
9812 Nov'27
Winston-Salem S II let 413.__1960 J 1 913
91% Dec'27
8
Riv & G Div 1st g 48
9614 975 Wls Cent 50-yr 1st gen 48_ _ _1949 J 1 89 8
8815 83's
1933 MN
973 Sale 963
3
4
97% 24
8914 89
89
81 L Tel Bridge Ter gu g 58..1930 AO 1007 101 10138 Dec'27 - -.8
Sup & Del div & term 1st 481'36 MN
923 93
4
2
9214
923 93
4
923
4
St L & San Fran (reorg co) 451950 J
915 Sale 913
8
Wor & Con East 1st 4 Ms _ 1943 1 J 9214
8
9212 261
92
92
92
Jan'28
Registered
J J
915 Dec'27 ---8
INDUSTRIALS
Prior lien series B bs
5 8 9
0
i
1950 J J 103 Sale 1027
8
1033
8 20 ; 2;8 1--9- -- Adams Express coil tr g 45..1948 M S 90
913 9312
4
3
913
92
4
9212
Prior lien series C
8
8
1928• .1 1005 Sale 10012 1008 37 1003 101
Ajax Rubber 1st I5-yr s I 80_1936 J D 10838 Sale
4
4 10718 1083
10814
1083
8
Prior lien 534o series D
1942 J J 10212 Sale 10212
412 6
10278 44 10212 10312 Alaska Gold NI deb 6e A...1925 M S
6
10
6
Jan'28
Cum adjust ser A 68_ _July 1955 AO 101 Sale lOO's
Cony deb 6,,, series II
412 6
10114 135 100 101 12
1926 M S
6
812 6
6
Income series A 6s_ _July 1960 Oct. 101 Sale 1007g
236
9918 101 18 Allis-Chalmers Mfg deb 58.A837 M N
101
4
29 10058 1023
101 Sale
1043 105
8
St Louts & San Fr Ry gen 68_1931 J J 1043 10,912 105
8
Jan'28
Alpine-Montan Steel 1st 718_1955 M S 953 Sale 10033 10114 17
93
95 4
3
4
943
4
953
4
General gold 55
1013 102 102
1931
8
102
10 10014 102
Am Agile Chem 1st ref s f 7 Ms'41 F A
4
112 1043 106
106 Sale 10518
106
4 10918 111
4
Bt L Peor & N W let gu 58..1948• J 1093 ___ 10918
Amer Beet Bug cony deb 68_1935 F A
100,
8
8014 89 2
,
6
84
51 Louis Sou 1st gu g 4s_ ...1931 MS 975
_ _ 975 Aug'27
8
American Chain deb a f 65_1933 A 0 84 Sale 83
4
104 1043
8
1043
8 16 100 10014
9118 9112 9118
21 -91i8 - -1- Am Cot Oil debenture 5s..1931 M N 1043 Sale 104
62 8
$)118
Bt LB W 1st g 4s bond ct1e.1989 M
1
101 10114 10014
10014
5
845 8712 Am Mach & Fdy is f 68
2d g 4e Inc bond ctfe_Nov 1989 J J 8712 Sale 85
8
8712
1939 A 0 10414
10414 10518
105 10518 Jan'28
JD 985 Sale 9833
Coneol gold 45
8
1932
98
99
Am Republic Corp deb 6s 1937 A 0
98,
8 29
10134 1023
4
4
3 1025 Sale 10212
4
1st terminal & unifying 58_1952
8
8
1025
8 22 10112 1025 Am Sm & It 1st 30-yr 5s ser A '47 A 0 1023 Sale 10212 1023
101 1023
4
10218 Sale 1015
8 1023
4 43 10712 1083
963 Sale 965
4
965 975
8
Bt Paul & K C; Sh L 1st 4;48.11)41 FA
8
8
9678 30
1st NI Os series B
1947 A 0 1073
4
14
4 10812 1075
8 108
1931 F A 1013 ____ 10212 Nov'27
4
..15. _ _ _ __ Amer Sugar Ref 15-yr 68_ _1937 J J
8
95
IR Paul & Duluth 1st be
10418 106
23
8 105
_
1st cone°, gold 45
1968 J O
Jan'28
Am 'Telep & Teleg coll tr 48_1929 3 J 105 Sale 1045
95
9958 100
9958 Sale 995
8
998
997 125
8
J
Paul E Or Trunk 4 Ms-...1947
4.___ 10014 Nov'27
St
Convertible 45
1936 M S 9914
93
997
8
997
8 33 1003 10214
St Paul Minn & Man con 48_1933 J 1 9812 99
99 Dec'27
20-year cony 4 Ms
1933M 8 1015 Sale 09
4
8
1013 Jan'28
4
10818 1111let consol g 68
1933 J
10714 109 11112 Jan'28 _
2
30-year coil tr 55
1946 J D
L 105 106
10514 Sale 105
j 10718 1083 108 Dec'27 _
Registered
10512
4
35-yr s f deb be
1960 J J
10514 1061
2
8
8 10612 142
1002
10038 101
tis reduced to gold 4 Ms._1933
4... 10033 Jan'28
20-year at 53
1943 NI N 10.57 Sale 1055
-Os
1083 10912
4
4
3 .1 99 1012 9912 Jan'28 _
Registered
1093 175 105 106
8
9912 9912 Am 'Type Found deb 65
1940 A 0 109 Sale 1083
16
106 Sale 105
Mont ext 1st gold 45
106
1937 J O
98
Jan'28
9812 Am Wat Wks & El col tr 55_1934 A 0
98
10018 10112
8
ID
Registered
8
10012 20 1063 1075
9512 June'27 _
94
Deb g 65 ser A
94
9
414 95
1975 NI N 1003 Sale 100,
8
4
9
4
Pacific ext guar 48 (sterling)'40 J J
4
2
107
94
947 km Writ Pap 1st g 68
8
94
1947 1 J 1063 Sale 1063
91
9314
7
913 Sale 9112
4
_ 10812 1095 Anaconda Cop Min 1st 618_1953 F A
92
93,8 9 - 8
8
8
St Paul Un Den 1st de ref 58_1972 J J 1093 __37_ 1(19% Jan'28
70 1051g 10612
1053 sale 1053
4
4
106
15
A dr Ar Pass 1st gii g 45_ _ _1943 • J
935
8
93
943
El
93
4
15
-year cony deb 75
1938 F A
111 12 113
Santa Fe Pres St Phen 5s___ _1942 Fl S 10218 ____ 102 July'27
Andes Cop Min cony deb 78.1943 J J 112 Sale 11112 11214 183 12012 126
4
12314 245
Say Fla & West let 1 6s____1934 AO 1083
4... 109
Jan'28 _ _ 166- 1116- Anglo-Chilean 75 without war.'45 NI N 1213 Sale 121
9618 10314
218
AO 10212 10412 10212 Nov'27
1013 Sale 10114
gold ba
4
Ist
1934
10314
Antilla (Comp Azuc) 7 Ms_ _ _1939 J J
95
963
4
4
8
9518
Scioto V & N E let gu g 48._1989 MN
96
972
4 98- Ark & Mem Bridge & Ter 5E1_1964 M 8 1027
9778
97,
8 17 -973 10212 10212
9214 Seaboard Air Line g 4s
1950 AO 8212 9212 10212 Jan'28
8312 8412 Armour & Co 1st real est 43-48'39 J D
85
8312 Jan'28
91% 93
-2401
Gold 413 stamped
1950 AO 8218 8318 8214
8
26
8214 837 Armour St Coot Del 5 Ms_ _ .1943 J J 9212 Sale 913
923
4
83
8
8712 92
Oct 1949 FA
Adjuetnient ba
4
7214 Sale 713
271
913 5011 102 34 10314
4
4
81
713 821
4
, Associated 011614 gold notes 1935 51 S 903 Sale 9038
9
Refunding 45
1959 AO
70 Sale 70
4 103
70
7212 Atlanta Gas L 1st 58
713
4 85
10314 10314
1947 J D 103 Sale 1023
1945 MS 9412 Sale 9412
let dt cons as series A
965 212
8
9412 953 Atlantic Fruit 78 Ws dep
8
4
1934 J D 1037 ---- 10314 Jan'28
Atl & Birm 30-yr 1st g 48_41933 MS 947 Sale 94%
8
12
20 Nov'27
94,
8
94
95
Stamped ate of deposit
J D
Seaboard All Fla let gu 6s A_1935 FA
933 Sale 93
4
116
18
Jan'27
11
93
94
947 ALI Gulf & WI SS L col tr 68_1959 J J
8
4 77
114 -723
9338 Sale 9338
Series 13
1035 FA
9
76 Sale 753
94
9338 945 Atlantic Refs deb 543
8
4
10214 1033
4
77
Seaboard & Roan 58 extd_ _1931 .1 .1 10012
103
101
Dec'27
10312 11 107,8 10712
isaidw Loco Works let 55_1 9 7 3 N 103
193 M j
40
2 10134 1- -1-7- liaragua (Comp Az) 7 3-4s
4
4
10714
0 8
1013
4
8
So Car & Ga 1st ext 51418...A929 MN 1013 Sale 1013
10312 1067
- 10714
1937 J J 1071
1936 FA
2 105 105
105
105% 10 10012 10212
2105
8& N Ala cons gu g 58
Barnsdall Corp (is with warr.1940 J D 10518 107 10518
194
Gen cons guar 50-yr 55_..1963 AO 115 gitie 11412 Jan'28
102
4
11412 11412
Deb 68 (without warrant)_1940 J D 10114 Sale 1003
9012 92
9112 Sale 9112
9175 71
9314 95
933
4 32
So Par con 48 (Cent Pac coil) k'99 3D 9312 Sale 9314
9812 9914
13elding-Heiningway 68
1936 1 J
4
3D
9812
Registered
Dec'27
983
--__ 90
4
Bell Telep of Pa 5s aeries 11 1948 J J 9812 983
1063 1073
4
4
4
June 1929 M S 997 Sale 9933
-year cony 48
8
1073
4 20 10912 111
56 -6612 19920
1st & ref 5s series 83-4s._.119501 j D 10714 10712 10714
9918 C
96 A O
43
103 10314 10314
110
liit 4558 (Oregon Lines) A.1977 M
8
10912 Sale 1087
1033
4 80 10314 104
9414 9,14
Berlin City Elec Co
142
D 1023 103 10212 Jan'28
1939 J
4
-year cony 5s
30
10218 10314 Berlin Elec El & Undg 6 Ms.1956 A 0 9718 Sale 9614
9714
94
9714
1944 M N 100 Sale 10212 Jan'28
20-year gold 58
97 4 69, 102 10314
,
100 10314 Beth Steel 1st & ref 58 guar A '42 M N
9714 Sale 9512
6 1017 103
'
9418 Jan'28
San Fran Terrul 1st 48_ _ 1950 A 0 9414 95
10314
9418 943
4
4
30-yr p in & imp a f bs_ _1936 J J 103 104, 102
8
1
A 0 8818
Registered
10212 16 10414 10512
92 Dec'27
8
8
Cons 30-year 6s series A 1948 F A 101 1015 1017
4 10518 134, 102% 105
so Pac of Cal 1st con gu g 58.1937 M N 10614 16714 10614 Oct'27
Cons 30-year 534s fuer 13_1953 F A 10514 Sale 1043
8 ___ 9718 Jan'28
J J 975
So Pac Coast 1st gu g
-9733 - - - Bing & Bind deb 61-Os
9718
1037 Sale 10312 10433 89
s
9614 973
4
1955 .1 J
9712 gale 9718
66
4
973
4 15
9718 08
9712 So Pee RR 1st ref 40
Booth Fisheries deb of 6s
1 92 M 0 98 Sale 963
9 13 A 8
66
J J
Registered
_ 97 Oct'27
Botany Cons Mills 6 Ms
"8012
1934 A 0 10214 -- 10118 Feb'27
8
38 1033
11318 --54 ii"A fli
Southern Ry 1st cons g 5a_ _1994 J J 1127 Ili 1125
8
82
.
. Bowman-1311E Hotels 75
4 105
1934 M S 8114 Sale 8012
J J 10418 111 11134 Dec'27
Registered
4
10412
4
B'way & 7th Av ist e g 58_1943 3 D 10414 1043 10414
6814 71
Gavel & gen 45 serlea A _..1956 A 0 915 Sale 9133
8
24
8
- .71
93
9214
6912 701 697
Ctrs of dep stmpd Dec '26 Int
1956 A 0 1187 119 1187
8
Develop & gen Os
733 Sept'27
4
8
11918 45 11878 1197 Brooklyn City RR lot 5s
8
-55- WI;
1941 1-i
.1956 A 0 1253 Sale 1253
4
26 12514 127
8
Dove! & gen 6 As
126
4
94 4
Ilklyn Edison Inc gen be A._1949 J J -9414 - 3- 933
9914 34 10612 1063
4
1990J J 1113 113 1113
4
2 11134 11318
MemDlVlstgS8
4
11134
8
1063
4
General 6s series B
1023 1043
4
4
1930 J J 10612 Sale 1063
1951 J J
9334 9474 937g
5
9334 94
9
8 1033
9372
St Louis Div let g 45
4
103 10418 1033
Bklyn-Nlan R. T sec 68
9614 98
reorg lien g ba 1938 St S 10314 ____ 965 Dec'26
East Tenn
8
7118 26
8
Bklyn Qu Co & Sub con gtd 58948 3 N 977 Sale 70
6412 7118
1 61 M 3
1938 NI S 9618 ____ 9633
2 -9618 - - 19633
2
Mob & Ohio coil tr 48
9 2
9
825 8212
8
1st be stamped
8212
81
8212 82%
Spokane Internal 1st g 58_ 1955 J J 8814 sate 8814
8814 1 88 90 Brooklyn R Tr let cony g 48_2042 3 j
8812 Nov'26
19 1 .11 J
0
---9314 ____ 9312 July'27
Sunbury & Lewiston 1st 46_ _1936 J
3-yr 7% secured notes__ 1921 J J 105-- _ - 13612 Nov'26
----8
Superior Short Line 1st 55_ _e1930 Fl S 100 __ 997 Nov'27 _.
34
4
Bklyn Un LI 1st g4-5a
94
9412 933
93% 9412
1950 F A 94
1st g 4545.1939 A 0 101 .... 10112
5 1991- 10112
10112
4 --33
941
8
Term Assn of St L
94 Sale 937
Stamped guar 4-58
4
933 9412
1944 F A 1064 107 106
Jan'28 ____ 1053 1063 Bklyn Un Gas 1st cons g 581945 M N 1083 1087 10812 Jan'28
4
4
let cons gold be
8
8
10634 10812
_ 1950 F A
19533
923 93 93
4
Jan'28 _--93
94
let lien & ref Os series A 1947121 N 117 11912 11738 Jan'28
Gen refunds f g 411
11738 1173
8
4
19 10614 10714
107
Texarkana & FIB let 5 Ms A 1950 F A 1063 Sale 10614
113 261 275
Cony deb 53-58
1936 1 J 271 Sale 26512 271
19433 .1 10212 103 10212 Dec'27
N 0 con gold be
1
Buff & Susq Iron s f be
Toz
933
4
8
933
4
9314 9412
1932 J D 933
2000 J D 11014 112 11212 11212
9 iirs ici- Bush Terminal
Texas & Pac let gold be
8
94
937let 4s
923g 94
1952 A 0 93 - 8 94
2 1003 103
10112
Consol ba
2d Inc 5e(Nlar'28 cp on)Dec2000 Mar 10312 110 100 Aug'27
10112 Sale 101%
4
1977 A 0 10234 Sale 10258 103
84 10212 103
- - -38 Bush Term Bldge be gu tax-ex 96 j 0 10312 104 10312 104
Gen St ref 58 series B
14 103 105
1'60 A 3
6
10112
1931 3 J 1013 __ 10112
8
5 101 12 10112 By-Prod Coke let
La Div B L 1st 1 58
51 102 103
8
103
1025 Sale 1025
8
53-4s
1 10612 10818 Cal CI & E Corp unit & A__ _1945 M N 10313 Sale 10314
Fag-MO Pac Ter 5;48-1964 M S 10818 ___ 10313 10818
10312 46 10314 104
Tex
ref 58_1937 M N
3 10218 104 102
Oct'27
70
Cal Petroleum cony deb s f 581939 F A 1003 Sale 10014
Vol & Ohio Cent 1st ICU 58-1935 J
102
8
95% 102
1935 A 0 1033
___ 10012 June'27 -_-_-_-_
Western Div let g ba
Cony deb a f 53-48
10214 69 100 102%
102 Sale 102
1935 J D 10134 103 1015 Jan'28
48
gold be
161E8 1015 Camaguey Sug 1st 8 f g 7e..1942 A O 10014 10012 10014
General
8
10012 16 100 10012
938 M N
J
12
19
15 Nov'27
Toledo Peoria & West 1st 45_1917 J
2 10112 10314
Canada S S L 1st 65
10318 Sale 10318
10314
8
1950 A 0 945 ____ 943 Jan'28
4
"
61 61- Cent Dist Tel 1st
1 105 105%
105
TOI St L & W 50-yr g 48
1943 J (1 105 10518 105
91 A 0
4
193lJ J 1003 ____ 1003 Jan'28 ---- 100 10034 Cent Foundry 1st30-yr 58
4
99
Toi W V & 0 gu 4 Ms A
99
Jan'28
99
9914 99
s 1 6s_Nlay1931 F A
8
1933 J J 1003 ____ 101
Jan'28 ---- 101 101
lot guar 43-45 aeries B
Central Steel 1st g s f 8s
1233
4 10 122 124
12318 Sale 123
8
1942 NI S na -__ 957 Jan'27
_ iii,. _ . _1; Cespedes Sugar Co Ist s f 7;0'39 5 N 1025
2 6
4
4
lot guar 48 series C
1023
4 10 100 1023
8
_ 102
1941 N1 S
1946 J D 9414 65
9412 Jan'28
69
68
Jan'28
Chic City & Conn Rye 5aJan1927 A 0
_67 68
Tor Hain & Buff lot g 45
1928 J D 6133 6112 62
Jan'28 -------6012 62
_ 10412 10412 14 10314 10112
Ch G L & Coke 1st gu g 58 1937 J 1 10418
Ulster & Del 1st cons g 5s
8
1952 A 0 325 35
3512 Dec'27
38
8
843 88
88
8
Chicago Rye let 5.5
1st refunding g 45
85 Salo 843
1927 F A
9812 Sale 98
io -6i 9812 " 99
953 96 4
4
3
963 1181
8
Chile Copper Co deb 5s
Union Pacific 151 RR & Id gt 4547 J J
9614 Sale 96
J J
Jan'28
_
97
102 103
97
102
Registered
97
Cincin Gas & Flee 1st & ref 5.5 46 j 0 102 10214 102
1957 A 3
8 9033 Sale 963
8
June 2008 NI
963
4 17
71 10412 10514
9833 977
105 4
,
6 Ma set B due
let lien & ref 40
Jan! 1961 A 0 10412 10514 10412
z
Week's
Range or
Last Sale.
Et:
-iia -5133
a Due May. e Due June. 8 Due August.
----1
696
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 3.
1:
..0
t 1a
Kt
...13..
Price
Friday.
Feb. 3.
Week's
Range or
Last Sale.
al
Elloh No
Ask Low
BIB
8
Clearfield Bit Coal 1st 48-1940 .1 J 88 ____ 1047 Oct'27
10
101
9712 101
Colo F & I Co gen a f 55__1943 F A 97
8
97%
Col Indus 1st & coil 55 gU_--1934 F A 97 Sale 97
10012 219
s
Columbia 0 & E deb 53__1952 M N 1003 Sale 100
8
8
Columbus Gas 1st gold 53-1932 J J 973 98 973 Jan'28
773 Jan'28
8
Commercial Cable 1st g 43..2397 Q 1 773 79
99
Commercial credit 5 1 69_1934 M N 9812 ____ 99
5
94
Col tr f 544% notes
1935
1 94 Sale 9312
8
106 Sale 10512 106
Computing-Tab-Rec s I 6s._1941 J
2
3
4
4 100 4
Conn Ry & L 1st& ref g 444e 1951 J .1 1003 103 1003
Jan'28
10118 10112 101
Stamped guar 4 He..... -1951 1
Consolidated Hydro-Elec Works
19
98
9734 sale 9712
of DC1Per Wuertemberg 78_1956
8112 25
Cona Coal of Md 1st & ref 58.1950 J D 8112 Sale 8078
107
55
Gonaol Gas(N Y)deb 544s_ _1945 F A 107 Sale 106
125
86
854 Sale 79
Conk Pap & Bag Mills 6 He._1944 F A
Consumers Gas of Chic gu 531936 J 11 10212 __ __ 102% Jan'28 --.9
4 105
1952 MN 105 Sale 1043
Consumers Power let 5s
20
993 Sale 993
4
4 100
Container Corp 1st 65
1013
4
7
8
1950 AO
Copenhagen Telep ext 63_194 j D 1004 101 101
1
8
Corn Prod Refit lst 25-yr a f 58'34 M N 1023 ____ 10212 10212
4
Crown Cork & Seal let (63_1942 F A 104% ____ 1043 Jan'27 -Crown-Willamette Pap 6s.__1951 .1 .1 103 Sale 10234 10314 37
9214 43
Cuba Cane Sugar cony 7s_ _ _1930.1 1 9118 9112 9112
9614 46
95 Sale 95
Cony deben stamped 8%_1930
19
8
Cuban Am Sugar 1st coil 88_1931 M S 1077 Sale 10734 108
1005
8 26
Cuban Dom Sue let 7448_1944 M N 10014 Sale 100
10318
8
Cumb'r&T1st&gen5s..1937J J 10318 10314 10318
43
Cuyamel Fruit 1st s I Si A _ _ _ 1940 A 0 9712 Sale 9912 100
9112 76 Dec'27 --_
A 0 88
Denver Cons Tramw 1st 521_ _1933
i
4
4 1013
Den Gm & E L let & ref f g 53'51 MN 10112 101% 1013
4
10158
MN 10118 Sale 10118
Stamped aa to Pa tax
20
55
Dery Corp(DO) lat s f 713._1942 M S 55 Sale 54
5
10212
Detroit Edison 1st coil tr 53_1933 J J 102 Sale 102
4
8
1043
4
1st & ref 56 series A_July 1940 M S 1043 Sale 1045s
1
4
105% 1053 1053
4
4 1053
Gen & ref bs series A
1088 16
*
1st & ref 65 series B__JulY
' 1074 1085 10814
1 C
14'4 e:
4 11
4 1053
4
Gen & ref 53 ser B
1955 1 D 1053 Sale 1053
16
106
106 Sale 106
Series C
6
963
4
4
963 Sale 963
4
Get United 1st cone
4
903 412
4
1940 M N 9014 Sale 893
Dodge Brea deb 68
14
82
Dold (Jacob) Pack let 6s_ 1942 M N 82 Sale 8114
9912 27
Dominion Iran & Steel 58-1939 M S 99 Sale 98
9634 68
95
Certificates of deposit
8 10
945
2
941. Sale 9412
Donner Steel 1st ref 7s
8 47
i
6
Duke-Price Pow 1st 65 ser A'62r 10614 Sale 10614 1067
194 M N
3
8 100 4 93
3
Duquesne Light let 444s A 1967 A 0 100 4 Sale 1003
24
105 Sale 10412 105
East Cuba Sug 15-yr erg 7418'37 M
Jan'28
9812 99 99
Ed El Ill Bkn 1st con g 48...1939
8
11512
11512 ____ 11512
Ed Elec III 1st cone e 5s.-1995
97% 20
9712 Sale 97
Elec Pow Corp (Germany)6448'50 m
97
9818 96
Jan'28 -- -Elk Horn Coal 1st & ref 6348.1931
90
9112 90
Jan'28 --- -1.16'31
Deb 7% notes (with wet
1
102
10212 ____ 102
Equip Gas Light 1st con 55_ _1932
2
9912
9912 100
9914
1942 m
Federal Light & Tr let 5e
994 Sale 9858
9914 32
1st lien sfSs stamped_ _ I942
3
105
10412 105 105
1942 M
151 lien 13s stamped
10112 1027 103
8
1954.1
1043
4
9
30
-year deb 68 ser B
8
4
98
1939.1 D 973 98 98
Federated Metals 8 I 78
10512 119
Flat deb 7s (with wary)
1946 1 . 105 Sale 1048
1
9412 30
94
95
94
Without stock purch warrants_
14
1183 119 1183
4
4 119
1941
Fisk Rubber let s f 83
9018 Sale 9018
9018
1
Ft Smith Lt & Tr lat g 55-1936 M
59
108
Framerici Ind de Deb 20-yr 734s'42J J 108 Sale 1072
11014
7
Francisco Sugar let s 17345.19 M N 110 Sale 110
42
239
4
103
Fr Inch Nat Mail SS Lines 78 1949
0 1023 Sale 10214
Jan'28 -Gas & El of Berg Co cons g 581949 J D
11412 11
Gen Asphalt cony 65
1939 A 0 11218 11312 113
1942 F A 948 - --- 95
Jan'28. -Gen Electric deb g 3443
Gen Elec (Germany) Jan 15'45 1 J 104 Sale 103
10412 11
7s
121
12
121
8 f deb 6 Ha with warr_1949 J D
8 32
e
Without warr'te attacb'd '40 J D jai; Eita-- 10112 1015
92
8
Gen Mot Accept deb tle
1937 F A 1035 Sale 10312 104
10238 17
1940 F A 102 10212 102
Gent Petrol 1st a 158
1
106
Gen Refr let f g lis ser A _ _1952 F A 106 Sale 1106
18
Good Hope Steel & I Bee 7s_ _1945 A 0 101 Sale 10012 101
4
4 10818 24
Goodrich (B F) Co 1st 6445.1947 .1 J 1073 Sale 1073
*
Goodyear Tire & Rub 1st 83_1941 MN ---- . -- 1097 Oct'27 --__
935 m A
10-years I deb g fie_May 1971 F N - -- - -.__ 11014 Aug'27 ---9512 sale 9533
9512 609
ist M coll tr 5a
1023
4 49
Gotham Silk Hosiery deb 621_1936 J D 10234 Sale 10218
8218 54
8
Gould Coupler 151 s I Os__ _1940 F A 8118 Sale 757
Granby Cons MS& P con Os A'28 M N 5001* ___ 10014 Dec'27
10018 _ _ 10014 Dec'27
Stamped
993
4 43
2
8
492 F A
01 Cons El Power(Japan)78_1944 144 N 993 Sale 9914
947 Sale 9414
8
948 52
1950
lat & gen e f 6 348
4
8
4 1053
4
5
Great Falls Power let a f be_ _1940 M N 1053 1067 1053
964
9
Gulf States Steel deb 5345_1942 J D 963* Sale 1 9614
6
9112
9112 Sale 903
4
Hackensack Water let 48-1952
85 ____ 9018 Nov'27 ---1930
Hartford St Ry 1st 4s
1
91
91
937 9018
1952
Havana Elec consol g 58_
764 16
Deb 534e series of 1926. 1951 M S 9012 Sale 76%
9914 46
Hoe(R)& Co 1st 6Hs ser A..1934 A 0 97'z Sale 97
1
104
8
Efolland-Amer Line 65(flat)_1947 M N 1035 104 104
9312 58
Hudson Coal 1st f 55 ser A-1962 J D 9314 Sale 9314
4
1
4
Hudson Co Gm 1st g 58__- _1940 MN 1063 10818 10714 1073
3
Bumble Oil & Refining 5445_1932 .1 J 1028 103 10278 103
10118 Sale 10012 10112 164
Deb gold 58
1937
10518 Sale 10518 1053
8 35
Illinois Bell Telephone 55....
.1
4
42
4
0
Illinois Steel deb 434a
1946 A 0 1003 Sale 1004 101
940
fm
14
100
1001s Sale 100
Raeder Steel Corps
3
Indiana Limestone 1st 51 68_1941 MN 100 Sale 10018 100 4 28
1
9912 100
lud Nat Gas & 0115a
1936 M N 994 100
9
1053
8
Indiana Steel 1st be
1952 M N 10514 10618 10514
Ingersoll-Rand 1st Si Dec 3119351.1 102% ____ 10012 May'27 8 34
Inland Steel oeb 541s
4
1945 MN 1033 Sale 10312 1043
3 17
Inspiration Con Copper 610.1931 M E3 101% Sale 1018s 1011
Apr'26
11
Interboro Metrop coil 43451956 A 0
20
456
79
Interboro Rap Tran let 58_1966
7812 Sale 78
835
Stamped
79
7814 Sale 78
10
7712 135
-year 68
4
32
007,46.„19 2 A O 763 Sale 7614
1 3 m s
218
10
99
-year cony 7%
4
983* Sale 973
17
lot Agri° Corp 1st 20-yr 55_ _1932 M N 90
91
91
91
Stamped extended to 1942....M N 80 Sale 80
Inter Mercan Marines f 63_1941 A 0 1053 Sale 1053
4
4 10614 62
International Paper fis
8
8 10218 47
1947.1 .1 1017 Sale 1013
Ref a f fie ser A
42
1955M S 1043* Sale 10438 105
11612 Nov'27
Cony deb de
1941 A 0
S
Stamped
_ 11618 Nov'27
.
tnt Telep & Teleg deb g 4Hs 1952.1 .1 9a7 Sale 953
4
9614 177
8
Jurgens Works Os Mai price)
106
9
106 Sale 105
.19471
Kansas City Pow & Lt 56_ __1952 M S 1047 Sale 1047
8 10514 21
8
let gold 444s series B
4
1957 ./ J 1013 ____ 10212 Jan'28. _ _
Kansas Gas & Electric 6s
10614 Sale 1057
8
10814 17
1952 M
Kayser (Julius) & Co 1st s I 75'42 F A 10818 10814 10712 Oct'27 _-_ _
8 10812 228
'onv deb 5418
108 Sale 1075
1047M
Keith (B F) Corp 1st 6s
1946 M S 10018 Sale 9912 10018 24
8 37
8
Kelly-Springf Tire 8% notes.1931 M N 1083 Sale 10814 1085
4
9714
3
Keyaton Telep Co 1st 513_1935 J .1 9714 Sale 963
____ 10412 Jan'28 _ _ _ _
Kings County El & P g 56_1937 A 0 105
2
_ 131
131
1997 A 0 no%
Purchase money es
5
8314
833* 8412 8314
Kings County Elev let g 45_ _1949 F A
84
5
8312 8418 8312
1949 F A
Stamped guar 4e
10512 10512
6
Kings County Lighting 58---1954 J
11914
1
.1 it iiii8 fid - 11914
1954
First & ref 634s
10718I
2
Kinney(GM& co 734% ninon° I D 107 Sale 107
IS:2
4%.„ .
r:
Range
Since
Jan. 1.
BONDS
t3
CHANGE
N. Y.STOCK EXFeb. 3.
h
...3.
Week Ended
Price
Pridau
Feb. 3.
Weei'e
Rangef
o
Last So go
11
0 1
:3,
Range
Sinai
Jan. 1.
Bid
High
12
/
Ask TAW
RCM 1 , Low
Kresge Found% coll tr 65-1936 I D 105 Sale 105
7
3 105 105 s
105
Lackawanna Steel let be A-1950 M
4
3 102 1033
10278 104 10318
10314
Lac Gas L of St L ref&ext 58_1934 A 0 10212 Sale 102
6 102 10413
10212
Coll & ref 5445 series C _ _ _1953 F A 1054 Sale 105
10512 33 1043 1053
4
4
Lehigh C & Nav a f 4 He A _1954 J J 10012
4
100 4 1013
3
101
Jan'23
.19331 .1 10112 _
Lehigh Valley Coal let g 5a.
101% 1021s
102% Jan'28
. J J 101 Sale 101
Registered
5 101 101
101
____ 9512 Aug'27
let 40-yr gu int red to 4% 1933 J J
1934 F A 10114 10112 1015 Jan'28
let&ref'Ube
8
1944 F A 101
Lot & ref if Ra
1013
4
101%
1954 F A 10034
lst &ref et 58
100 4 1003
3
1
4
1964 F A 9932 ____ 101% Nov'27
1st & ref 8 f 58
1974 F A
let & ref f 5a
9812
97
101 Nov'27
8218 Lax Ave & P F let gu g 1511._1993 M S
79
37 May'27
Liggett & Myers Tobacco 75_1944 A 0
106 107
1223
4 12318 10 iii 123
A 0
79
5.Registered
117% Sept'27
8714
1951 F A 10434 d/ife 1043
10212 102 1
5
4 105% 33 10414 lOPs
F A
Registered
10412 105
10412 Nov'27
983 10012 Liquid Carbonic Corp 65._1941 F A 121 Sale 121
4
123 121 111127
1003 1013 Loew's Inc deb fla with warr.1941 A 0 108Sale 10714
4
4
10814 97 106 108%
Without stock pur warrants. A 0 100 4 Sale 100% 101
10212 10212
3
74
9912 101
1944 A 0 116 1171/ 117
Lorillard (P) Co 73
117
3 11314 117
1951 F A 97 Sale 964
1021g fa. 53•99
' r
14
97
96% 9814
F A
Registered
9114 93
97 Dec'27
1937 J J 97 Sale 963
96I 97'h
ed
95
97
4
9714 87
Louisville Gas& Elee(Ky)55.'52 M N 1043 Sale 10414
10712 108
4
8
1043
3
4 23 1037 104 4
_1930 J J 97
Louisville Ry let cons 55
i af6 s
100 101
985 9812 Jan'28
8
98% 0812
10318 10412 Lower Austrian Hydro Elec Pow
1944 F A 89 Sale 883
9812 100
4
89% 30
883 89%
8
McCrory Stores Corp deb 5He'41 J D 101 Sale 101
10118 52 1007 1015
8
s
Manati Sugar 1st a f 7 Hs_ _1942 A 0 107 10712 I0 % 107
lair* 102
8 105 107
5
10118 1013 Manhat Ry(N Y)cons 140.1900 A 0 6912 Sale 694
4
7014 64
6812 7014
20131 D 5912 6014 6014
2d 43
5012 65
5
6014
60
61
102 10312 Manila Elm Ry & Lt a f 58_ _1953 M S 100%
994 Jan'28
9914 9914
104 1044 Mfrs Tr Co etfa of panic In
A I Namm & Son let 68_1943 J D 10514 Sale 10514
1053 10612
4
1051
8
9 105 106
9918 Sale 9918
1073 1087 Market St Sty 75 ser A April 1940 Q
4
8
99'8 18
994 10014
1053 1057 Metr Ed let & ref g 63 ear B.1952 F A 109%
8
1097
8
s
110
7 lows 110
8
let & ref 5a series C. _ _ _1953 J J 1037 10412 1037
8
10534 10614
104
11 10312 104
963 9714 Metr West Side El(Chic) 43_1938 F A 8114 8214 81 De3'27
4
4
8812 9218 Meg Mill Mach 7s with war_1956 J D 1003 10212 100
Jan'28
f66
.1 D 94 Sale 93
Without warrants
807 82
8
N
12
8912 94
85
9912 Mid-Cent Petrol 1st Hs_ __1940 M 8 10514 1053 105%
4
10512 42 1044 10512
76
963 Midvale Steel &0cony 81581936 M S 101% Sale 10112 102
4
43 101 102
Milw El Ry & Lt ref* est 440'31 J J 10012 100% 10018 10012
94% 95
9 1001s 1003
4
General & ref 53 ser A..-.1951 J D 104 105 105
1053 106%
4
1054
6 10312 10514
19813 D 1023 103 1023
10014 1003
4 10314 15 10212 1033
4
1st & ref 5s ser B
4
4
8
10318 1053 Montana Power let Se A.. 1543 J J 105 Sale 1043* 105% 35' 104 105'8
1962 1 D 101% Salo 1007
Deb 5s ser A
97% 99
8 1013* 661 9912 102
114% 11512 Montecatini Min & Aide
Deb 75 with warrants__ A937 3 J 10512 Sale 105
95% 981s
10118 235 10034 10712
.1 .1 9 4 Sale 943
Without warrants
99
4
95'
8 43
94
43
94% 95 4
3
J 10218
Montreal Tram let & ref 58.-1941
89% 91
1021s
10214
8 1003* 10214
_ 19 5 A 0 10118
95
Gen & ref f 55 series A_
102 102
101's Jan'28 - _ I
997 1013*
8
Series B
10118
_
98% 9912
9912 Jan'28
_
99
9912
4
9812 9914 Morris & Co let f 4 Ms.._ _1939 J .1 873 Sale 861
4
88
863 88
8
189
84
105 1053 Mortgage-Bond Co 4s ser 2.1966 A 0 83
8
8212 Jan'28
8212 8211
98
10 -year be aeries 3 _ _ 1932 J
-25
102 1013
4
9318
983 98%
10
4
98% 98%
.. 19341 D 91% 9212 90%
Murray Body 1st 61421
99
98
8
9212
9034 95 4
3
10014 10512 Murray Body 1st s f °Hs...1934 MN 10318
103 Dec'27
9314 943 Mut Un Tel gtd 6s ext at 5% 1941 MN 10212
4
1024
2 1021i 102'4
1024
118% 11912 Namtn (A 1) & Sou-dee Mfrs rr
8912 911s Nassau Elec guar gold 48.--1951 J J 581* Sale 57
II
583
56
s
611s
102
Nat Dairy Prod 6% notes-1940 MN 10358 ill_al_e_ 1100234
105 4 108
3
68 1033 104
8
1084 11014 Nat Emil]& Stampg let 55 1929 J D
Dec'27
1947 F A 997 Sale 997
101 103
Nat Radiator deb 6418
10014
101
0 ,
-year deb 5s 1930 J
1003 ____ 10014 Jan'28 .-2
Nat Starch 20
106 106
4
4
..! 400897,
National 'rube 1st s f 58.- 1952 M N 105
109 117
____ 104 8
105
5 1048 10514
Newark Conaol Gas cons 56_1948 J D 1065 . __ 1073 Jan'28 ---- 1074
8
96
95
4
108
95 1 fri N
102 10472 New England Tel & Tel 58 A 1962 .1 I) 1075* Sale 10718 107%
4 10611 1074
102 Sale 1014 103
1st g 4 Hsseries 13
118 121
131 . 101 I 1023*
99% 1015s New On Pub Sen. 1st 58 A 1952 A 0 99% 100
99'3
99 8 10 , 9934 100
Firat & ref 5s series 11- 1955 J
1023 104
4
161
9 : 910 9 4
07
102 10212 N Y Air Brake let cony 68_1928 51 N 1094 9 9 8 1093'8 Oct'2710 3 101714
0
99 4 99 2
0
1(10093184
-year 1st g 43-1951 F A 8
10512 1075 N Y Dock 50
1
84 883 881s
4
83's 23
881s 883*
N Y Edison 1st & ref 6 tis A 1041A 0 116 Sale 116
10012 101
116 8 19 116 11714
1944 A 0 105 10578 105
B
Ist lien & ref 5s ser
10714 10818
10'02
3 105 1053
4
NYGasElLtH&Prg 5s...1948J D 11032 ___ 1101
8 1103*
2 loos 1102
Purctase money gold 46..1949 F A
98 dale 977
4
18
98
974 98 11
'
9412 0134 NY LE & W C.14 RR 540_1942 M N 102 105 1023*
------------N Y L E& W Dock & Imp ts 1943 J J 10314 ____ 1033 Dec'27
102 3 103
8
743 8218 N Y & Q El L & P let g 5a...1930 F A 1007 Sale 100%
4
1001 "To ioOis 1-0-67
8
;
NY Rya 1st R E& ref 45 _.,11842,J J ---- 6234 8712 Dee'20 -----------Certificates of deposit
- 56
--year ad)Inc 5.s....Jan 1942 A (3
30
97
99 4
3
2NI 318 213 Jan'28 --.23 212
Certificates of deposit.......... ---.
923 94
4
572 512 Mar'27 ---- -_- -N Y Rys Corp Inc 65...Jan 1965 Apr 184 Salo 143
1053 106
4
4
13% 1912
191 516
Prior lien 68 series A -.1965 J .7 835 Sale 81
9614 9714
8
833 435
4
75 8 83 4
3
3
903 9112 NY & Richm Gas 1st 8s A_ 1951 MN 1065 10714 106%
8
4
10/ 18
1 10614 108
N Y State Rya let cons 440.1982 MN 53 Sale 53
8
531
21
5112 54 s
1st Cons 6413 series ....1962 M N 6514 6912 6912
652 lir
7014
6
65
72
75
783 NY Steam 1st 25-yr 6s ser A.1947 MN 10812 Sale 10814
4
108 8
9 108 1084
95% 9914 NY Telep 1st & gen s f 4443.1939 MN 102% Sale 10112 10214 50 10188 1024
30
-year debeo f 6s_..Feb 1949 F A 11112 Sale 11018 11112 59 1104 11112
102 104
9 A D
,
4
-year refunding gold 6819414 O 1083* Sale 1081
20
93
9412
8 1083
4 69 . 1088* 108%
10418 10418 101
10714 1083 NY Trap Rock 1st 69
4
7 ' 10058 10112
10114
Niagara Falls Power 151 53_1932 J J 10512 10612 104
102% 103
10414 55 1 1033 10412
4
Jan 1932 A 0 10512 Sale 10512 10512
Ref & gen 68
100 10112
1 10512 10614
10518 1053 Niag Lock & 0Pr 1st 53 A-1955 A 0 1044 Bale 10414
4
10412
9 1035* 104 2
'
194o M S 86 Sale 821s
21I
100% 101, Nor Amer Cem deb 6, A
2
8012 8618
8618 27
8
98% 10012 No Am Edison deb 55 ser A.1957 M S 1033 Sale 10212 1037 239 102 103%
10414 Sale 103
10114 Nor Ohio Tmc & Light 65.4__1947 M
99
10414 31 10218 10114
Nor'n States Pow 25-yr 53 A _1941 A 0 10314 Sale 10314
9912 100
3
1033* 14' 103 103 4
1st bt'ret 5-yr da series 13.1941 A 0 10514 1053 10514
10514 105 4
3
4
10512
9 10514 107
4448gtd_ 1937 1 A
94
4 ,3 99
North WT let Id g
4
4
9934
1 I 9934 993
4
- 993
10312 1043 Ohio Public Service 7345 A 1940 A 0 116 118 11614
1167 116
*
1
116
4
11714 117% 117
1st & ref 75 series B
101 102
117
13 1153 118
s
1944 .1 A 10712 Sale 107%
,8 F l
4
Ohio River Edison let 65
4
1075* 23 10712 1073
92 Sale 914
Old Ben Coal 1st 63
7412 79
92
9418
Ontario Power N F 1St 513 ..1943 F A 105% Sale 10512 105% 47 1 1034 10442
7412 79
I, 9134 .
7712 Ontario Transmission let 53_1945 M N 10412 10514 104 18 Jan'28 --II 10314 1045*
70
1953 M
98 Sale 97
Oriental Devel guar 65
9614 99
971z 58
961 98
Otis Steel let M es ser A _194 I M
92
984 sale 08
90
0311 ao
073 0834
2
19 3 3
37
Pacific Gas & El gen & ref 53_1942 1 1 10314 Sale 10314
81
8
80
1033
4 45 103 1037
l 5 m A
'0
1st& ref 20-yr ee932 il' N 101% Bale 10114
10518 10612 Pac Pow & Lt
10112 13 10114 1012*
10312 Sale 10312 104
1013 10212 Pacific Tel & Tel 1St 58
8
108 10312 10414
10638 Sale 1084 100
Ref mtge 5s seriee A
4
64 10614 1063
1041* 10518
193
0
4
Pan-Amer P & T cony sf 88_193 MN 103 Sale 103
1034 30 1022 104
4
F A 1053* 10512 los% Jan'28
1st lien cony 10-Yr 78
1031z 105%
Co(of Cal)cony 65'40 J
9312 Sale 93
9234 95
931
18
95 4 9612 Pan-Am Pet
3
Paramount-Bway 1st 540-1951 .1 J 10178 Sale 1018
104 106
1023
4 41$ 1014 104
881
104% 10514 Park-Lax at leasehold 648-1953 J J 88 Sale 8752
24
8612 88 4
'
El cons 58.1949 M
10714 ___ 107%
8
1071
44 1071s 10718
1015 102% Pat & Passaic &
79t5 8112
801
55
1057 1064 Pathe Each deb 75 with war.1937 M N 7912 Sale 7912
8
47 M S
Penn-Dixie Cement 65 A._ 1941 14 9 983 993* 9812
4
9928
99
43
98
____ 114
10514 1 14 Peep Gas & C 1st cons g 6s.._1943 A 0 115
(
Jan'2 ___ 1134 114
Refunding gold 55
9912 101
io558 --__ 10514 1051
1 105 106
M S
Registered
9914 Apr'2 ___ _
10814 10912
1,944
Philadelphia Co coil tr Os A-1996 .7AIF
ioi- ifil- 104 104 81 1171:1- 1.0 1e"
9812 99
.
-12
S ured 53 series A
ec 9912 Sale 9812
10412 10412
99
' 511
98
99,
MN 10012 Sale 1005*
Phila Elm Co i st 4345
4
1303 131
101% 70 100 10128
101 Sale 10034
1013
8314 831s Phila & Reading C & I ref 55.1973 J
28 le014 1023
4
Mot Car deb 8,3.'43 M S 947 Sale 94%
8
981
8318 8414 Pierce-Arrow
30
9872 9712
Pierce Oil deb s I 85. _Dec 15 1931 .1 D 10412 10712 105
108
10414 106
5 10458 106
119 11912 Pillsbury Fl Mills 20-yr 68..1943 A 0 10512 Sale 10512 10011 60 10412 10012
105 10718 Pirelli Co(Italy) cony 75_ ....1952 M N 1045* Sale 104
10415 44
9914 105
Pleasant Val Coal lat g a f 59_1928 ./
9912 101 100
Jan'28 ..... 100 100
Pocah COD Collieries let s I 58-'57 .1 J
9412 95
45
9515
95
6
94
Low
High
ioi 161
- 12
96% 97%
99% 101
97% 9812
77% 79%
99
98
93
943
4
10512 10612
100 100 4
3
9912 101
New York Bond Record -Concluded-Page 6
BONDS
pl. Y. STOCK EXCHANGE
Week Ended Feb. 3.
697
FINANCIAL CHRONICLE
FEB. 4 1928.]
Price
Pridall•
Feb. 3.
c.
POrt Arthur Can & Dk 6e A.1953 F A
1953 F A
let M es series B
R.1947 M N
Portland Elec Pow let
Portland Gen Elec let 5s_ _1935 J
Portland Ry 1st & ref Ea__ _ _1930 MN
Penland Ry L & P lat ref 58_1942 F A
F A
Registered
let lien & ref ee series B_ _1947 MN
lat Ilen & ref 7lie series A_1946 MN
Porto Rican Am Tob cony 651942 J J
Premed Steel Car cony g 5s__1933 J J
D
Prod & Ref f 8s(with war).1931
J D
Without warrants attached
Pub Serv Corp of NJ see 68_1944 F A
.1
1956
Bee g 53.0
Pub Sere Elec & Gas let 51481959 A 0
1964 A 0
let & ref 5345
let & ref 55
1965 1 D
Punta Alegre Sugar deb 7s_ _1937 J J
Pure 011 f 534% notes
=r
ff
Remington Arms es
Rem Rand deb 5.145 with warr '47 M N
Bepub I & 8 10-30-yr Ea s 1_ _1940 A 0
Ref & gen 5145 series A _ _1953 J J
Reinelbe Union 7s with war.1946
Without stk pure!' war'te_1946 3 J
Rhine-Main-Danube 7s A..._1950 M S
Rhine-Westphalia Elec Pow 7550 M N
Direct mtge es
1952 M N
Rims Steel lets f 78
1955 F A
Robbins & Myers 1st ci 7e_ _1942 J D
Rochester Gas & El 7eser B.1946 M S
Gen mtge 544e series C_1948 M S
Hoch & Pitts C.41 p m 58..1946 M N
Shoe Ry Lt & Pr let 55_ _ 1937 MN
St Joeeph Stk Yde 1st 4 yie_ _1930 J J
St L Rock Mt& P Ea stmed_1955 J
St Paul City Cable cons 58..1937 J J
San Antonio Pub Sere let 68_1952 J J
13aeon Pub Wks(Germany) 75'45 F A
Can ref guar 634s
1951 MN
110huleo Co guar 6
1946 J J
Guar f 610 series B
1946 A 0
Shaton Steel Hoop 1st 8s ger A '41 M S
Melt Union Oil f deb 5e. _ _1947 MN
Shubert Theatre (is June 15 1942 J D
Siemens & Haiskes I 7s
1935 J
Deb a 1 6145
1951 M S
614s allot etre 50% pd 1951 MS
Terra & San Fran Power 58.1949F A
Silesia Elee Corp ci 614e
1948]F A
Silesian-Am Exp col tr 7s
19411F A
Simms Petrol 6% notes _ _ _ _1929 M N
Sinclair Cons 011 15
-year 76_1937 M
let lien col es ser D
19301M S
let lien 810 series B
1938J D
Sinclair Crude Oil 3-yr es A_1928 F A
Sinclair Pipe Line s f 5a
1942 A 0
Skelly 011 deb 544e
1939 M 8
Smith (A 0)Corp let 610_1933 M N
South Porto Rico Sugar 78..1941 J D
South Bell Tel & Tel 1st s f 561941 J J
Southern Colo Power tis A._1947 J J
Tweet Bell Tel let de ref 544._1954 F A
Spring Val Water let g 5e
1943 M N
Standard Milliug let 55
1930 M N
let & ref 53.4s
1945 M S
Stand 011 of N .1 deb 5e Dec 1546 F A
Stand 011of N Y deb 4 Hs_ _1951 J
Stevens Hotel let Miser A_1945 J J
Sugar Estates (Oriente) 76..1942 M S
Superior 011 lets f 7s
1929 F A
Syracuse Lighting let g 5e....1951 3 D
Bid
1053
4
106
1023
4
101
98
9818
Tenn Coal Iron & RR gen 58_1951 J J
Tenn Copp & Chem deb el_ _1941 A 0
Tennessee Eleo Pow 1st es_ _1947 J D
Third Ave let ref 48
1960,1 J
Mi inc 58 tax-ex N Y Jan 1960 A 0
Ttdrd Ave Ry 1st g 5s
19373 J
Toho Elec Pow let 75
1955 M S
8% gold uotes_ __July 15 1929 J
Tokyo Elea Light 6% note& 1928 F A
Toledo Edison let 78
1941 M S
Toledo Tr L & P 51e% notes 193(13 J
Trenton G dr El let g be
1940 M
Trumbull Steel let R f 6s_ _1940 M N
Twenty-third St Ry ref 58_ _1962 J J
Tyrol Hydro-Elec Pow 7158_1955 Si N
Uligswa El Pow a f 72
1945 M 8
Underged of London 41414_1933 1 3
Income 65
1948 M
Union Elec Lt & Pr (h1o) 58_1932 M S
Ref & ext 5e
1033 M N
Un E L&P (111) 1st g 594s ser A'54 2 J
Union Elev Ry (Chic) 58_ _ _1945 A 0
Union Oil let lien a f 58
1931 J J
30-yr Os series A____May 1942 F A
let lien s f 58 series C Feb 1935 A 0
United Biscuit of Am deb 66_1942 M N
United Drug 20-yr 68.0et 15 1944 A 0
United Rye St L let g 46._ _1934 J J
1037 M N
United 88 Co I5-yr Os
On 8teel Works Corp 8 Me A..1951 2 D
J
Without stock our warrants_
Series C without warrants__ J D
2 D
With stock our warre
United Steel Wks ol Burbach
Esch-Dudelange 5 f 7s. _1951 A 0
(is Rubber 1st & ref boner A 11/47 J J
J J
Registered
10-yr 734% secured notes_ 1030 F A
U 8 Steel CorpiCoupoo Apr 1963 MN
5110-60-yr MIreglet. Apr 1963 MN
Universal Pipe & Rod deb es 1936 J
Utah Lt & Tmc let dr ref 5(4_1944 A 0
1944 F A
Utah Power & Lt let he
J
tic.a Elee L & P let f g 58_195(
Utica Gas & Rice ref & ext 5,11957 J J
Vertleotes Sugar let ref 76..1942 J 0
1953 J J
Victor Fuel 1st Bibs
Vs Iron Coal & Coke let g 501949 M 8
1934J
Ity Pow let & ref 511
Va
Walworth deb 01.15 (with war)'35 A 0
let sick fund es series A _1945 A 0
Warner Sugar Refin 1st 75..1941 J
Warner Sugar Corp 1st 75.„1939 J J
Wash Water Powers I 58_......1939 J J
Weetches Ltg g 5a stropd gtd 19503 D
1944M N
West Ky Coal let 7s
West Penn Power ser A 58„_1946 M 8
1963 M S
let Is series E
19531 A 0
let 6148 series F
let sec 58 series0
195612 I)
lii50 J J
West Va C & C 1st Oa
Westarn ree•tric deb fie_ _ _1944A 0
Week's
Range or
Lan Sale.
Ask
106
Sale
1033
4
bow
106
106
10312
102
9812 985
8
Sale 9818
9614
iöã.8 104 10338
10712 108 10714
1033 Sale 1033
4
4
9814 Sale 98
115 ____ 115
112 Sale 112
10712 Sale 10712
106 Sale 106
105 10518 105
10514
10518 Sale 10518
106 Sale 106
10014 Sale 10018
99 Sale 9812
9514 Sale 95
10358 105 104
10314 Sale 10314
11114 Sale 11112
101 Sale 10012
1013 103 1013
4
4
10114 Sale 101
9212 Sale 9212
963
4
96
97
45 Sale 38
11218 114 11178
8
10618 1067 1073
8
9018
9018
9812 9818
9818 99
781
1
7714 7812 98 2
9712 ____ 97
109 Sale 109
4
101 Sale 1003
96 Sale 96
10418 10434 104
1033 10378 10312
4
1077 Sale 10712
8
983 Sale 9812
4
9212 93
9212
10214 Sale 10214
106 10612 10678
10612 Sale 1053
4
104 Sale 10212
9518
100 Sale- 99
10412 Sale 10412
10038 Sale 10018
983 Sale 983
4
4
98 Sale 9514
997 10018 997
8
8
9512 Sale 9514
95 Sale 95
102 10238 102
110 11014 1097
8
1045 Sale 1045
8
8
1003 106 1053
4
4
10618 Sale 10618
10012
101
10138 ____ 10138
104 Sale 104
10338 Sale 103
997 Sale 975
8
8
1003 Sale 10012
4
1007 Sale 10012
8
1017 10212 1017
8
8
10712 ____ 10714
s
44
Range
Since
Jan, 1,
High
High He Low
4
1 1053 1063a
106
106 106
106
1033 1053
8
4
10312
2 102 102
102
8
9818 985
Jan'28 -98
9812
8
9812
Oct'27 -1033
4 13 103' 104'o
4
Jan'28 -- 10718 1073
4
10438 111 1023 105
4
9714 993
187
99
115 115
Jan'28
3 112 11218
11218
8
4
8 33 1065 1073
1075
10614 69 10412 10612
8
10518 11 105 1053
Jan'28 - - - - 104 10514
8
10518 27 1047 10558
7 10514 107
10614
997 101 2
s
,
10112 93
9912
97
19
99
943 9612
4
9612 291
4 103 104
104
10334 43 10314 104
1115
8 23 11112 11312
9938 101
136
101
6 10114 1021.2
10212
10112 16 101 102
9212 94
9318 38
955 9714
8
11
9714
38
45
10
45
15 111 112
112
1063 10712
4
Jan'28
9018 9018
Jan'28 9818 9818
1
9818
Dec 8
Jan:227
Jan'28 -- - 109
5
53
101
.
9618 38
10412 13
10378 22
8 10
1077
157
99
12
93
6
4
1023
20
107
10612 215
10414 21
4
9514
58
100
22
106
4
1003 107
99
79
8
983 124
Jan'28 -9512 31
953
4 64
10212 15
9
110
32
105
10614 15
10612 34
Jan'28 6
10112
4
104
100
104
93
199
84
101
45
101
Jan'28 -- -Jan'28
-'iii4 -7-914
97
97
109 1093
4
9934 101
05313 9638
103 1041*
1027 104
8
10712 108
0814 99
9212 94
10218 10318
10612 10712
1043 1063
4
4
1017 10414
8
93
95 4
,
98 100
10412 10812
100 101
9714 99
8514 99
997 10018
11
94
95 4
3
9412 9512
102 10234
1097 11014
8
10412 105
1053 10714
4
10618 106 2
,
10012 191
10014 10112
10312 104
103 1041
9738 9
8
2
100 101
100 101
10134 101771
1063 107,4
4
10514
10514
1035 104 1035
8
8
10714 Sale 10714
6912 Sale 6914
60 Sale 595
8
10012 ____ 10012
993 Sale 99
8
9912 Sale 99
100 Sale 100
1075 Sale 1075
8
8
101 12 Sale 10114
107
____ 10714
10212 Sale 102
5812 6538 57
100 Sale 9912
9912 100
9938
9512 963 9518
4
1037 ____ 10312
8
10214 1025 10258
8
1023 ____ 1023
4
4
10314 Sale 103
9418 - _
9418
1017 102 - 1017
8 8
1103 Sale 11038
8
9912 Sale 9912
102 Sale 10138
,6
%
14
1075 Sale 10712
8
85
85
987 Sale 9612
3
Sale 96
8
9614 9612 947
9434 9558 9614
9518 97
95
1053
4
3
1037
s
6
10814 33
6978 61
6012 306
1
10012
993
s 10
993
8 37
10014 117
10734 30
10112 27
Jan'28
48
103
_
Jan'28
16
100
993
4 15
Nov'27 -Jan'28 -1025
8
1
9
103
10314 18
4
945
8
102
6
1103
s
2
10514 106
10118 104
107 10814
66
703
4
553 61
4
993 101
4
98 1011
98 100
991s 100,4
1075 10812
8
1007 101,
8
2
10718 10714
10112 10312
5618 57
987 100
s
9812 100
1035 10414 10334
8
9614 Sale 953
4
953
4
10413 Sale 10438
1083 Sale 1085
4
8
10814
94
943 04
4
9714 Sale 9714
10178 Sale 10112
104
104
10612 107 10612
10014 Sale 10014
523 57
4
55
91
9112 91
101 10114 101
9614 Sale 9412
9614 Sale 96
1063 Sale 1063
4
8
87
8734 87
104
_ _ _104
1073
8
10738
104 gale 104
10414 Sale 10414
1053 Sale 1053
8
8
106 Sale 106
10414 Sale 10414
59 Sale 59
10378 Sale 1033
4
1045
8 18
9614 242
__
Dec'27
89
105
10918 159
10814 11
9438 22
973
4 56
25
102
Aug'27 _
Jan'28
4, 11
1003
Dec'27'3
91
10112 12
5
9614
9638 25
1067
8
9
9
87 12
10413
3
1073
3
1
10412 32
1045
8
8
1063
4 15
106
1
6
10414
0918 25
104
43
45
20
02
100
1075s 27
8514 20
967
8 10
963
4 96
Jan'28 - Jan'28 - - _ _
8
96
ioi" 163
-1;
10214
10214
1023
4
92
1013
4
10874i
99,
2
1005
8
107..8
85
95
4137
5
947
9414
94
1025
8
103
103,2
9458
102
1103s
100
102
10812
8512
9714
963
4
97
973
8
96 .8
10312 105
9514 9612
10438 1014
1085
8
10814
8914
97
101
109,
2
10814
95
98
102
1155T2 Ilidli
9912 101
91
91,8
101 102
9411 9614
95
9613
1053 1067
4
8
87
83
104 1011s
107 1073
8
1041 4 1043
4
103 1015s
105 1063
4
10532 106
10414 1043
4
60
59
10334 10412
13a
w c,
BONDS
1.'..17
N. Y. STOCK EXCHANGE =.
3.Z.
- gi.."
Week Ended Feb.
Western Union coil tr cur 58_1938 .1 J
Fund & real eel g 4%e____1950 Si N
15
1936 F A
-year 694s
1951 J 0
25
-year gold 55
Wetehouse E & MI 20-yr g 56_1946 M 5
Westphalia tin El Pow 630.1950 J 0
Wheeling Steel Corp 1st 554s 1948 J J
White Eagle Oil& Ref deb 534537
With stock purch warrants_ _._ M S
White Sew Mach 65(with war)'36 j J
Without warrants_
....___-- 1935 .1 ..1
Wickwire Spell St'l le- 75
tWickwire Sp St'l Co 78 Jan 1935 M N
1933 SI 5
Willys-Overland s f 6 lie
Wilson & Co let 25-yr s I 66_1941 A 0
tVincheeterRepeatArmn 73451941 A 0
YnAnrrat Rh...* A. A`Abe. RR
1075 I .1
Price
Friday
Feb. 3.
Week's,!,,*
Range or
F 21
Last Sale. in"j
,
3
Range
Since
Jan. 1.
Ask
Bid
1033 Sale
4
10212 1023
4
11278 Sale
10414 Sale
1043 Sale
4
10012 Sale
1023 Sale
4
Low
10312
10212
1115
8
10414
10412
100311
10112
High No. Low
High
9 10312 104 8
1037
8
5
1023
4 10 10212 10318
8
1127
8 30 1115 11278
10412 34 104 8 105
,
1047
8 37 10418 105
10012 72 9712 1003
4
4
1027
8 48 1003 1027
8
9514 Sale
130 Sale
10312 Sale
3418 40
30 Sale
10218 103
10212 Sale
10612 Sale
10078 Sale
9514
127
10312
3434
30
10214
102
10612
100IR
9618 14
12
130
4 42
1033
10
35
3012 20
21
103
10212 55
4 11
1063
359
101
Quotations of Sundry Securities
98
95
125 13112
1003 104
4
3312 35
2918 31
10178 103
101 102 2
,
106 10714
10018 10112
All bond prices are "and interest" except where marked' 'f".
Bid ASS
Railroad Equipments
Rid Ask
Standard 011 Stocks Par
4.85 4.70
8
Anglo-Arner 011 vot stock_El *203 207 Atlantic Coast Line 6e
4
4.25 4.15
Equipment61.4s
Non-voting stock
El *1938 20
4.85 4.70
Atlantic Refining
100 983 100 Baltimore & Ohio tis
4
4.30 4.15
Equipment 4 WS & 58
Preferred
100 11614 11634
Buff Roch & Pitts equip (Se. 4.70 4.50
Borne Scrymser Co
55
25 *53
4.50 4.25
Canadian Pacific 4SO & es_
Buckeye Pipe Line Co.__ .50 *613 6212
4
4.80 4 65
Chesebrough Mfg Cons_ _25 *135 140 Central RR of N J Os
4.85 4 65
8
Continental 011 v t c
10 *193 1918 Chesapeake .6 Ohio es
4.50 4.30
Equipment6 48
Cumberland Pipe Line100 103 10312
Equipment 58
68
Eureka Pipe Line Co. _100 67
::
:
82 1.1g
Chicago Burl & Quincy es
6
5
Galena Signal 011 com_ 100
4.85 4.70
Preferred old
100 3912 42 Chicago & North West Os
4.40 4 25
Equipment61.is
35
Preferred new
100 30
Humble Oil& Reflaing___25 *63$4 6414 Chic R I & Pac 4 Yie & 55_ 4.40 4.25
4.90 4.75
Equipment6s
Illinois Pipe Line
100 18312 184
5.00 4.80
Colorado .6 Southern 6s
Imperial 011
• *6012 61
4.85 4.70
7512 Delaware & Hudson es
Indiana Pipe Line Co_ ...50 875
4.60 4.35
8
International Petroleum._ _ t *3818 383 Erie 4 Fis & 58
5.011 4.35
Equipment6s
National Transit Co__12.50 *223 2212
8
4 80 4 75
New York Transit Co__ -100 4618 48 Great Northern 65
4.35 4 25
Equipment 5e
Northern Pipe Line Co__100 10212 103
4 4(1 4.30
Ohio 011
25 *6318 6312 Hocking Valley fre
4.90 4.75
Equipment6s
Penn Mex Fuel Co
25 *3812 3914
4.25 4.15
Prairie 011 & Gas
25 *4814 4312 Illinois Central 4yie & Ea
4.80 465
Equipment(is
Prairie I Me Line
100 186 18712
4.40 4.30
Equipment 75 & 6 34s
Solar Refining
100 176 179
4.90 4.75
3012 Kanawha & Michigan Be
Southern Pipe Line Co- - _50 *30
4
South Penn Oil
25 *373 38 Kansas City Southern 5 Sis.. 4.911 4.6o
Louisville .6 Nashville (ie.__ 4.80 4 65
88
Southwest Pa Pipe Lines.100 *86
4.40 4.30
Standard 011 (California) _. •5412 545
Equlement8 PiR
t
8
Michigan Central 518 & 65_- 4.50 4.30
4
Standard 011 (Indiana)_ 25 *773 78
Minn St P & 13 8 M 4 Fis & 55 4.70 4.50
Standard 011 (Kansas)._25 *1512 16
4.75 4.80
Equipment 6 Sis & 7s
Standard 011 (Kentucky)_25 *12412 125
Standard 011(Neb)
25 *4112 4212 Missouri Pacific 6s & 8%s... 5.10 4.80
4.50 4.30
39i4 Mobile & 0100 58
Standard 011 of New Jer 25 *39
Standard 011 of New York.25 *2958 293 New York Central 4 As & 55 4.30 4 20
4
4.80 4 65
Equipment 13s
7512
Standard 011 (Ohio)
25 •74
Equipment7s
Preferred
100 118 12012
1:15 1 111A
(
Swan .6 Finch
18 Norfolk .6 Western 444s
25 *17
4.4 4.30
Union Tank Car Co
100 120 124 Northern Pacific 75
4.40 4.30
Vacuum Oil
25 *14412 14512 Pacific Fruit Express 7s
Washington 011
10 ____ ____ Pennsylvania RR eq 5e & 13s 4.80 4.20
4.4' 4.30
PItteb dr Lake Erie 694s
Public Utilities
4.25 4.15
American Gas & Electric_ _ t 12534 12614 Reading Co 4 tis & Se
6% preferred
rred
t •10712 10s St Louis & San Francisco 5e. 4.45 4.30
Deb 68 2014
MAN 1 03 10914 Seaboard Air Line 5SO & es 5.00 4.75
18812
10
Amer Light.6 Trac corn_
190 Southern Pacific Co 4345.,. 4.25 4.15
4.40 4.30
Preferred
100 115 120
EquiPment 711
4.45 4.35
Amer POW& Light pref _ _100 10714 10712 Southern Ry 4 1is & fa
4.90 4.74
Equipment Os
Deb 682016
M&S 10712 10734
Amer Public Util cem__100 58
62 Toledo.6 Ohio Central es.- 4.85 4.70
4.35 4.25
Union Pacific Ts
7% prior preferred____100 97
Tobacco Stocks
Panic preferred__ ..l00 88 16Associated Elec 514e'46A&O 10312 10414 American Cigar com___-100 140 146
100 102
Preferred
Associated Gas & Elec com.t *19
21
4
4
Or
5512 Britleh-Amer Tobao ord_el *253 263
Original preferred
• *54
4
a *253 2614
98
4 •95
Bearer
56 preferred
9914 100
t *9812 10012 Cons.d Cigar pre.
$094 preferred
2512
$7 preferred
• *10412 106 Imperial Tob of 0 13 .6 Irel'd *x24
95
Blackstone Val G&E com-50 *132 134 Int Cigar Machinery new100 90
70
Com'w'Ith Pr Corp pref_100 103 10312 Johnson Tin Foil & Met.100 60
Elec Bond & Share pre(_100 110 11014 Stengel Co.
55
2
8
4
Elec Bond A Share Secur_ _ • *88(2 883 I.;til..n Tobacco Co corn..
90
87
Class A
Lehigh Power Securities__ .• •2414 24,2
00 .
100 107 1_14_ _
(10
Mississippi Riv Pow pref.100 10812 110 Young (J 8) Co
Preferred
First mtge 5e 1951_ _ _J&J 10414 1043
4
Stocks
Sugar r
S
4
Deb Sc 1947
983 993 Carsras
4
MAN
3
SO *1
National Pow .6 Light Ore!.' •109 11014
Cent Aguirre Sugar coin_ _20 *131 133
North States Pow corn.100 135 136
100 *156 157
7% Preferred
10812 11012 Fajardo Sugar
25
Nor Texas Elec Co com .110180
20 Federal d ar Ref com_100 20
18
Preferred100 42
48
Preferred
4
t *2
Ohio Pub Serv. 7% pref _100 151 15 4 Godchaux Sugars.Inc
113
13
25
100 20
Preferred
Pacific Gas & El let pref.-7025 2714 2734
60
.
4
Power Securities com
10;4 113, Holly Sugar Corp com _ t
*9
37
82
0
Preferred
*85
3
t .59 6014
Second preferred
9812 National Sugar Reftning_100 124 126
Coll trust (is 1949___J&D
t
Incomes June 1949 _ _F&A
95,4 9614 New Milner° Sugar
167 *112 1N
Puget Sound Pow & Lt...100 43
45 Savannah Sugar corn
Preferred
98
100 *114 116
100 96
p re f rre
8
7
1 tireferred
.56
pf _100 52
100
in 5, ref 548 1949__,&D 0109 111
V ae EeAteR Or pf
100 60
70te
10312 10412 8ieltir ntes Sugarieu
Rubh Stks (Clete'd paten)
48
South Cal Edison 8% pf..25 *45
_
t *5
Stand 0.6 E 7% pr pi_ _100 11012 11112 Falls Rubber corn
19
Preferred
25 *
Tenn Elec Power let pref 7% 10914 11012
Toledo Edison 6% pf
103 105 Fireetone Tire & Rub comb • ____ 225
7% prof
100 110
8% preferred
100 110 11012
10
100 10912 1 ;
Western Pow Corp pref _100 102 1025
7% preferred
1
8
General Tire & Rub com_ _25 *184 190
Water Bonds.
Arkau Wat let 5(4'56 A.Art.0 983 99,2
_
100
4
Preferred
Bina WW 1st 514eA'54.A&O 10312 10412 Goody'r T & R of Can pf.100 710712 1073
4
let Si as 1954 ser B_ ...1.1,0 1013 10214 India Tire & Rubber new _ _ t
20
18
4
ty
City W(Chatt)514re54AJ4 0 1023 10312 Mason Tire & Rubber corn_ t *1
3&1, 0 4
114
0
1st M 54 1954
Preferred
16
4
9,8 9
10
4
Miller Rubber preferred.100
City of New Castle Water
1
Mohawk Rubber
fs Dec 2 1941
34
98
96
100 36
J&O 1
Preferred
Clinton WW 1st 58'39_1 &A
77
,
100 75
9712 9812
445
8
Com'w'th Wat let 5 SisiL'47 10212 10313 SeiberlIng Tire & Rubber_ _t *42
Preferred
Connellsv W 5sOct2'39A&01 95 ________
100 103 10412
Indus. & Miscell
E St LA Int. Wat 58'42.J&J
9612
lst M 6s 1942
J&J 103 _ ___ Allied Ink Invest prof
13
4
)
Huntington let Os '54.8157S 103 ____ Americas Hardware
5
2f .12( 12 12
1054 9812 _ . Babcock & Wilcox
100 120 123
Bliss(NW)Co
Mid States WW 85'36 MAN 103
Preferred
95 li
Monm Con W Ititos'56AJAD
614
'152
WI 129812 1259
Mown Val Wt 514e '50..I&J 101 102 Childs Company pref
Hercules Powder
100 192 197
Muncie WW Ss Oc12'39 A01 96
Preferred new
St Joseph Water Se 1941A&O 98 - 36i 4
21
100 139
Shenango ValWat 5e'58A&O 95 ___ Internet Silver 7% pref..1°9 1 1014 135
125
100 124 219205
4
So Pitts Wat 1st Sc 1960 J&J 983 ____ Phelps Dodge Corp
FAA
99 __ Royal Baking Pow com..100 280
let NI 51(1955
100 410,06 109
Preferred
___ _
Ter H W W 6s '49 A._J&D 102
440
let M Si. 1956 ser H..FAD 9812 ____ Singer Manufacturing_ ID()
4
*514 6,
El
Stager Mfg Ltd
1 Wichita Wat 1st Os'49_M&S 102
____
let NA R. 1956 Re Ft FAA
981.
,
• Per share
Basle. a Purchaser R1110 pays accrued divIdeml
t No par value. 0
.
7 Canadian Quotation .-”.1 Price
ir Ex-rist...
n Nn1nit,s1 z Ex-dividend
698
BOSTON STOCK EXCHANGE-Stock Record se.B4).711...
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 28.
Monday,
Jan. 30.
Tuesday,
Jan. 31.
Wednesday, Thursday,
Feb. 1.
Feb. 2.
Friday,
Feb. 3.
Sales
far
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 00-share:Ns
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
Lowest
$ per share $ per Share $ per share $ per share $ per share 3 per share Shares
Railroads.
Par. $ per share
$ per share
$ per share
18312 185
184 185
18312 184 •184 186 •184 185
18312 184
270 Beaton & Albany
100 18312 Jan 28 187 Jan 16 171
an
94
94
93
94
924 93
9412 933 9412 93
93
4
1,325 Boston Elevated
93
100 9212 Jan 31 98 Jan 3 81 May
101 101 *2100 101 *2100 101
100 100
101 101
--------111 Preferred
100 100 Feb 1 10218 Jan 13
9812 Apr
117 117
116 116
116 116
116 116 *116 ------------60 let preferred
100 114 Jan 3 12014 Jan 18 109 Mar
109 109
107 10812 108 108
108 108 *109
__ 108 108
503 2d preferred
100 107 Jan 30 11014 Jan 24 101
Jan
60 60
593 593
4
4 593 60
4
5912 5912 60 10
59
1,149 Boston at Maine corn
60
100 55 Jan 3 6012 Jan 27
5118 Mar
---- ____ *6114
•26114 ___ *x6114 ___ *26114
_ ____ ____
Preferred unstamped_ _ _100 61 Jan 19 61
Jan 19
Jan
56
*___. 84 •____ 84
*81 82 •___ 92
82 --82
84
*82
100 Ser A 1st pre( unstamped 100 80 Jan 3 85 Jan 18
761 Jan
4
*115
*115*115
__ *116
__ *116 135 *116 135
17 Ser B 1st prat unstamped 100 130 Jan 9 130 Jan 9 118
Oct
•110 114 *110 114 *110 114 *110 114 *110 114 *114
____
Ser C Ist pref unstamped 100 114 Jan 4 114
Jan 4
97 Sept
__ •15212 ___ *15212 ___ •15212 ___ *152
__ ____
Ser D 1st pref unstamped 100 15212 Jan 3 160 Jan 4 15212 Dee
_._
*15212-•60
6012 559 4 90
3
5593 90
4
*593 90 •60 -- 8 *59 4
603
Common stamped
60
100 604 Jan 5 6114 Jan 5
6114 Nov
*613
4
*613
4
4
__ *613 62
•613 62
4
Preferred stamped
100 6114 Jan 26 6114 Jan 26
5512 Jan
111 11
-1 *11012 11
-1
11012 1
-1012 11012 11012 112 112
11012 11212
103 Prior preferred stamped_100 110 Jan 6 11212 Feb 3 10412 May
72 72 •1713 72
8
71
72 *x7114 73
73
73
*7114 73
401 Ser A 1st pref stamped 100 6912 Jan 4 73 Jan 12
64 Feb
115 115
115 116
114 114
114 114
116 116 *115 116
75 Ser B 1st pref stamped_ _1041 10612 Jan 3 116
Jan 30
90 Jan
•102
_ 103 103 *10214 103 *10212 103
103 103 *103
90 Ser C 1st pret stamped_ _100 98 Jan 3 103 Jan 30
90
Jan
*135 iio *135 140 *135 140 *13614 140 *1361 1 1423 *135 14
4
-0
Ser D let pret stamped_100 135 Jan 4 140 Jan 18 124
Jan
*105 ____ 1043 105 *1043
4
*1043 ___- *1044 ------------30 Neg receipts 40% paid
4
4
1043 Jan 4 105 Jan 30 103 Sept
4
*182 ____ *182 ____ •180 ____ *181
____ •181
____ ____ ____
Boston & Providence
100 175 Jan 4 182
Jan 20 178 Dec
*3112 33
3270 327
32
s 32
3112 3112 32
32
77 East Mass Street Ry Co.
...100 29 Jan 5 3278 Jan 30
25 Feb
78
79
79
80 27512 77
77
77
764 7712 77 497
17
1s1 preferred
100 72 Jan 4 80 Jan 30
54 Feb
72
•270
72
73 *271
*70
73
73
*70
73
70 Preferred B
100 70 Jan 23 73 Jan 4i 60 Mar
544 55
54
56
56
•55
5512 5512 56
56
56 56
700 Adjustment
100 54 Jan 14 56 Jan 10
12 Apr
62
62 62
63
62 62
*6112 62
*6112 62
6112 6112
510 Maine Central
100 6112 Feb 1 65 Jan 12
4711 Jan
644 654 63% 65
65
66
641s 6518 65
66
6514 6712 2,923 NY N II & Hartford
100 593 Jan 16 6712 Feb 3
4
4118 Jan
*104
____ 104 10414
_ _•10414 ___- •10414 -----------17 Northern New Hampshire_100 103 Jan 12 10414 Jan 30
ggr Jan
.132
___ 5132
_ *104- - •14212
132 132
_ •13212 ------------132 Norwich & Worcester pref_100 132 Jan 25 13712 Jan 6 127 l Jan
'137 138
137 137
136 137
137 137 *13711 139
13714 13714
77 Old Colony
100 135 Jan 3 13714 Feb 31 122
Jan
6514 654 643 654 64% 653
4
8 6412 643
4 6412 648 6418 643
4 1,523 Pennsylvania RR__
50 63 Jan 3 6538 Jan 24
63 July
118 116 *118 121
118 11812 118 118 *118 121
--------263 Vermont & Massachusetts_100 114 Jan 17 119 Jan 14 107
Jan
Miscellaneous.
37 -------*34 4
33
4 3 4 *3 4 4
3
3
33
4 33
425 Amer Pneumatic Service-25
4
3%
314 Jan 21
4 Jan 3
214 Jan
2212 2212 *2212 23
2212 23
23
23
2212 23
--------335 Preferred
50 21 Jan 3 2312 Jan 24
1512 Jan
49
49
49
49
49
49
*4812 49
4812 483 ---4
150 1st preferred
50 4812 Feb 2 4912 Jan 23
47 July
1793 1797 178%180
8
8
1794 180
1787 180
1793 180
8
1783 1793
4 ---4 1.731 Amer Telephone & Teleg._100 178 Jan 16 1803 Jan 6 14912 Jan
4
No par -------------------48
Jan
Preferred
732 Jon
_ _ _
4
_
_ __
No par
23 - 14 223 -- -14 2
21
-84 2234 24
2. 12
223 1312 223 123- 3,615 New stock
4 23
4
4
4
_--- Jan i6 - 20
aFeb 1I
1912 NOV
*2'483 4912 *148 4 4912 *2493 4912 *493 4912 v483 4912 ____ ____ _ _ _
4
3
4
4
4
Assoc Gas & Elea el A _No par --------------------363 Jan
4
124 123 *11
4
1112 13
14% 1412 1412 15
15
--------1,385 Atlas Tack Corp
912 Jan 12 15Feb 2
No par
712 Oct
*15
1612 ____
_ ___ _.- Beacon 011 cons tr etts_No par
1714 Jan 5, 1714 Jan 5
1612 Aug
e16412 9512 9512 9512 95 9512 16
95
95
96
96
--9614
221 Bigelow-Hartf Carpet_No par 91 Jan 61 9614 Feb 3
77 Feb
.36 .40 *36 .40 *.36 .50 4%36 .50 *.36 .40 --------100 Coldab Corp., class A T C___ .10 Jan 3 .40 Jan
19
.01 Dec
125 125
122 122 •121 125
120 122
120 120
--------192 Dominion Stores, Ltd_.No par 10512 Jan 17 125 Jan 28
67
Jan
*214 3
*214 3
*214 3
*214 3
*214 3
____ _
__
East Boston Land
10
212 Jan 11
3 Jan 4
114 June
13
13
4 13
8
112
4
112 114
112 212
112
112
112 14 3.100 Eastern Manufacturing
138 Jan 31
6
23 Jan 20
4
112 Dec
9112 93
9112 92 *19114 92
91
92
913 92
4
9012 92
905 Eastern 88 Lines, Inc
5 87 Jan 10 9512 Jan 23
45 Jan
*4812 49
*4812 49
49 49
4812 4812 4812 49
--------423 Preferred
No par 4712 Jan 6 49 Jan 9
35 Feb
*110312 104 *110312 104 104 104
104 104
104 104
104 104
70 181 preferred
100 10212 Jan 17 105 Jan 4
873 Feb
4
*1234 15
•123 ____ •123 15
1314 14
4
4
*1312 1414 --------180 Economy Groc'y StoresN• par
1112 Jan 3 14 Feb 1
10 June
262 26212 262 26212 26112 26412 26314 266
262 263
26312 26412 1,959 Edison Electric Mum
100 2259 Jan 10 268 Jan 4 217 Feb
*3412 36
*3412 38
*3412 36
*3412 3514 *32
3212 36
5 Federal Water Sery corn
36
34 Jan 18 36 Feb 3
27
Apr
3312 *32
33
*32
*32
334 *32
33
32
3212 --------265 Galveston-Houston Elec__100 313 Jan 5 3412 Jan 23
4
2212 Apr
8 1912 1912 *19
•1912 20
2014 2014 20 203
20
--------155 General Pub Serv com_No par
1612 Jan 16 2038 Jan 31
113 Jan
4
35
3412 3412 3412 3412 34
3412 3412 34
35
34
675 Gilchrist Co
35
No par 34 Jan 31 3512 Jan 21
3414 June
101 1013 10012 101
1001 10114 1995 100
8
4
8
100 101
99
99N 2.420 Gilette Safety Razor...Joe par 99 Jan 10 104 Jan 24
8413 Mar
114 111 *1112
8
•1112 12
_
1112 113 *1112 12
4
--------150 Greenfield Tap & Die
25 11 Jan 20 13 Jan 13
7. Oct
.4114 42
40 4 4114 40 4 10
3
3
3
; 4012 41
41
423
4 4112 42
2,345 Hood Rubber
No par 4012 Feb I
324 July
954 9514 *95 _ - 95
9514 *95 _ _ *95 ------------50 Kidder, Peab Accep A pref_100 95 Jan 16 4312 Jan 3
9514 Jan 16
94 Apr
91s 94
918 94 *94 94
8
94 - 18 *912 93
912 918
i
100 Libby, M.:Neill & Libby ____10
9 Jan 7
912 Jan 24
7 Aug
Vs 71
8
8
8
ealeo 8
*71
8 8
*73
4 8
45 Loew's Theatres
74 78
25
74 Jan 4
8 Jan 30
6
Jan
*2_ 113 •411__ *x___ 112
110 111
110 110
109 110
250 Massachusetts Gas Cos___100 109 Feb 3 11312 Jan 24
84 Mar
79
79
80 i0
80 80
81
81
80
80
80
81
161 Preferred
100 7812 Jan 4 81 Jan 27
70
Jan
10812 10812 10812 10812 *10812 10912 *108 109N,•108 10912 108 108
79 Mergenthaler Linotype-No par 10312 Jan 3 112 Jan 10 10312 Nov
41 a
4
4
4
418 418
4
4 1
4
418 414
418
328 National Leather
10
312 Jan 6 47 Jan 12
214 Mar
28
28
271 27 41 274 273 *273 29
4
3
4
28
28
28
229 Nelson (Herman) Corp__ _ 5 273 Jan 30 13114 Jan 3
28
4
2315 Feb
10312 10312 10414 10414 '105-... *106 ---- •106I2 ___ ____ __
165 New Eng Pub Eery $7 pt No par 102 Jan 3 1044 Jan 30
91
Jan
*10612 _-_- 10612 10612 107 107 *1073 ____ 108 108
4
--------30 Prior preferred
No par 104 Jan 3 108 Feb 2
9714 Jan
•.07 .10
.11
.11
.10 .10 •.08 .10
.12 .12 --------1,500 New Eng South Mills_ _No par .10 Jan 3 .12
Jan 20 .10 Dec
54
*4
412
412 *4
412 *4
412
4
4
____
25 Preferred
100
4 Jan 4
4 Jan 4
2 Apr
1397 140
139%140
13912 140
139 140
1394 140
13912 13914 1,081 New Eng Telep a, Teleg_100 13714 Jan 10 140 Jan 24 11512 Jan
39 3912 39
3912 3912 394 39
39
3118 3812 3812 3812 5,911 Pacific Mills
100 38 Jan 12 4018 Jan 3
3512 Mar
*20
•20
23
23
*20
23
2012
•20
23
*20
23
20
20 Plant (Thos 0). let pref....100 20 Jan 25 23 Jan 11
15 June
•1512 16
*1512 16
*1512 16
*1512 16
*1512 16
1512 1512
7 Reece Button Hole
10 1512 Feb 3 16 Jan 5 21414 Sept
•112 13
*112 13
4 *112 2
4 *112 14 *112
13 ---4
- ___
Reece Folding Machine
10
112 Jan 18
134 Jan 10
1 Mar
131 131
132 132 *131 132 *131 132
1314 13118 131 131
- 18
166 Swed-Amer Inv part pret__100 126 Jan 3 132 Jan 11 10512 Jan
4
4
128 12812 1271 1273 1273 12814 12712 128
4
12712 1277g 12712 128
484 Swift & Co
100 12434 Jan 6 12812 Jan 28 116
Jan
95
95
95
954 953* 95
94
95
9512 --------327 Torrington Co
95
25 92 Jan 12 96 Jan 3
66
Jan
214 212
24 21
8
4 *314 33
214 23
4
214 212
24 214
955 Tower Manufacturing
5
214 Jan 27
312 Jan 5
2 Dec
7
1914 19
19
19
1914 19
19N *19
*19
1914 --------305 Traveller Shoe Co TO
19 Jan 18 2012 Jan 3
16 Aug
1318 13
•1212 1312 1312 1312 13
13
13
13
--------235 Union Twist Drill
5 12 Jan 4 1312 Jan 21
918 Sept
644 6334 6414 6334 6414 64
64
3
64 6414 63 4 64
6412 2,358 United Shoe Mach Corp-26 63 4 Jan 21 641 Jan
3
8
5
50 Jan
*3018 31
3018 304 *3018 31
*3013 31
*3018 31
*3014 31
20 Preferred
26 30 Jan 5 3112
Jan
28
10012 101
10012 101
10012 101
984 9812 9812 100
10012 100 4 6,315 0 S & Foreign see 1st pref.... 95 Jan 3 101 Jan 19
3
Jan 31
83 May
814 912
8a 922
83
4 912 *814 94
814 814
83
4 84 4.300 Venezuela Holding Corp
8 Jan 14 11 Jan 23
412 July
2012 2012 2112 2112 22
2014 204 20
22
22
213 247
4
8 3.763 WaldorfSys,1nc,new oh No par 1912 Jan 3 247 Feb 3
Oct
19
*6114 66
*6114 66
*6114 65
62
62
•13114 65
--------115 Walth Watch cl B com_No par 60 Jan 5 64
Jan 16
4012 Jan
95
95
95
92 *290
99
95
4 92
911 913
--------170 Preferred trust MU
100 88 Jan 3 95 Feb 1
Jan
51
•10412 108 *10412 106 *10412 106 *10412 106
104 104
--------100 Prior preferred
100 104 Jan 5 105 Jan 3 1001
:June
•1712 1814 (.1712 1814 *1712 1814 *1714 184 *1714 184 ____
__ _ _
Walworth Company
20 163 Jan 14 13 Jan 24
8
1718 Dec
17014 17114 16812 171
16712 169
170 178
1753 1813 176 178
4
4
-2,363 Warren Bros
50 152 Jan 4 18134 Feb 2
6518 Jan
51
51
54
--------520 1st preferred
50
4 5014 50 .5014 5012 5012 51
60 50 Jan 3 54 Feb 2
44 Jan
4
56 •14583 ------------50 2d preferred
56
56
56
56 *y53
56
56
50 5212 Jan 11 56 Jan 28
45 Jan
*18
___ •18 ____ *18 __ _ - *18 --__ •18
____ ____ ____
Will & Baumer Candle com___ ____ ____ __
_ ____ _.
14 Jan
34 4
3
312 4
312
512 53
8 5
11
1s
53
512
*533 54 2 *533 5412 53 4
4
4
3
22
22's 21N 22
2112
18
1812 174 18
173
4
13
4 118 5134 2
17
•.60 1
*.50
1
'
0.50
7
8
74 8
7
.65 .65 •.65 .75 *.65
54
54
54
533
4 53
•105
____ *105__ *105
*1312 4
1312 1
312 1312
*2
212
218 218
214
*114 2
*114 2
•114
'.33
114 *.90 .98
.75
14 13
4
13
4 17
13
4
.30 .50 •.30 .50 '
0.30
.50 .70
.50 .59 *.50
,.4714 48N 4612 4612 4612
283 •28
29 •28
4
13
..05 .15 1
..03 .15 •____
20 •12
20
...12
*10
*61
62
62
31
61
812 512
512 518 *51
Vs *1
114 *1
14
..65
.65 .99 •.65 .99 4
11
103
4
1012 1112 10
15
*14
14
16
15
1412 133
2
143
8 14
14
2912 2912 2912 2912 2912
212 *2
212 *2 •
*2
5,38 .50 1
..25 .50 *.35
.35 .35 ..35
5.35 .50
45
2
4
45
8 43
*43
4 5
114
13
2
114
114 11is
1N *ally
'al
*a114 •.20 .io ..20 .30 •.20
33
4
4
54
512
5412 *5312
21% 2112
1812 18
178
IN
..50
1
7
*7
.75 *.65
5312 53
_ •105
--4 13
11
3
2
214
112
2
.75 4
%75
18
4 *2
.50 *.30
.60 4
..50
474 47
2812 2812
.15 •____
20
*12
61
*58
53
4
53
4
114
1
.99 '.65
1
.
103
4 104
1412 *13
14
1418
2912 2912
212 *2
.45
.35
.50
.35
43
4
43,
114
114
134
134
..20
.30 4
Mining,
4
33
4 4
32 4
17,182 Arcadian Consolidated
25
54 512
675 Arizona Commercial
54
5
512 512
54
64
54
--------50 Bingham Mines
10
2214 2214 223, 22
2312 4,314 Calumet & Hecht
26
174 18
18
18
1814
25
712 Copper Range Co
14
625 East Butte Copper Mining_ 10
14 17
17
1%
8
*.50
1
1
.75 .75
5 Hancock Consolidated
25
8
7
7
7
7
1
450 Hardy Coal Co
.75 4
%65 .75 *.65 .75
300 Helvetia
25
53
5312 54
53
537
1
550 Island Creek Coal
*105 ' _ *105
_
_
_ _ ___ _ _
1
Preferred
13
- 14
134 1312 13
1314
-25
680 Isle Royale Copper
2
*2
212
25
24 214
330 Keweenaw Copper
112 *118
13
4 *114 2
25
25 Lake Copper Co
.98 *.80 .98 •.85 .98
200 La Salle Copper
25
212 *112
13 --------1.430 Mason Valley Mines
4
5
.50 +.30 .50 +.30 .50
Maas Consolidated
25
.60 *.50 .60
.55 .55
50 Mayflower-Old Colony
25
4712 4712 4712 463 4712
25
775 Mohawk
4
260 New Cornelia Copper
283 *28
4
29
2812 2812
5
.15 ____
.15
New Dominion Copper
_
20
New River Company
*12
*12
____-20
20
106
82
40 Preferred
*58
100
*57
62
62
53
4
512 512 *514
740 NipissIng MIDAS
53
4
5
118
1
1,080 North Butte Mining
1
1
10
.99
.99 ..65 .99 •
Ojibway Mining
25
.65 .99
103
4 1014 1012 ___
- 1,213 Old Dominion Co
25
14
1312 14
-27. P'd Cek Pocahontas Co No par
14
14
143
8 14
14
536 Quincy
14
14
25
35,, St Mary's Mineral Land_ _25
30
2912 29
2912
29
212 •2
212 *2
Seneca Mining
212
No par
.35
.35 .40
.35 .35
349 Shannon
10
.35 4
..35 .50 *.35 .40 1.100 SuPerlor & Boston Copper 10
454
43
4 43
4
43
780 Utah-Apex Mining
8
Vs
6
11,4
114 14
114
114 8,700 Utah metal 4, Tunnel
1
114 *al
114 432118
20 Victoria
13
s
25
.30 4
..20 .30 ____ ____
Winona
25
3 Jan 3
518 Jan 9
54 Jan 18
2014 Jan 10
1714 Jan 5
184 Jan 7
.50 Jan 7
7 Jan 26
.65 Jan 21
53 Jan 14
10514 Jan 24
13 Jan 10
13 Jan 17
4
14 Jan 5
.75 Jan 31
14 Jan 19
.25 Jan 7
.50 Jan 25
4612 Jan 31
26 Jan 10
......_ ---- -5512 Jan -i
512 Jan 5
.90 Jan 6
--- -10 Jan 30
12 Jan 3
1312 Jan 25
28 Jan 10
1
Jan 3
.30 Jan 20
.35 Jun 30
43, J111130
114 Jan 24
114 Jan 17
.20 Jan 4
• 1318 sn.1 asked prices no sales on this day. a Assessment paid. 8 €t
-stock dividend. (New stock. 2 Ex-dividend.
4 Jan 25
6 Jan 3
66 Jan 4
2312 Feb 3
211 Jan 20
8
214 Jan 13
.86 Jan 3
12 Jan 14
.65 Jan 21
557 Jan 4
10512 Jan 20
141 Jan 4
4
24 Jan 26
14 Jan 3
1 Jan 5
2 Jan 7
.50 Jan 3
.75 Jan 5
50 Jan 3
2912 Jan 3
---- ---- -_
-2" "itin i8
657 Jan 3
8
14 Jan 19
- -- ---- -1212 Jan 3
167 Jan 24
8
1512 Jan 4
3112 Jan 7
3 Jan 3
.50 Jan 3
.35 Jan 30
514 Jan 4
IN Jan 5
13 Feb 1
4
.30 Jan 6
.20 July
5 July
Jan
30
1418 June
117 May
14 Oct
.15 Apr
6 Deo
.32
Oct
47 Feb
1044 Sept
9 July
1 July
Jan
.80
.50 Mar
Oct
.70
.05 Sept
.25 May
343 June
8
18'2 June
03 Dec
.
15 Nov
56 Nov
5 Aug
.50 June
Oct
.40
912 Oct
Jan
11
1314 July
181:June
1 July
.16 May
.15 Mar
418 July
Oct
.78
.50 July
.03 Mar
Highest
$ Per share
188 May
9812 Dec
10312June
120 Nov
110 Sept
70 J1117
694 July
87 JUDO
139 May
116 May
165 Apr
64 Nov
73 May
113 may
78 Jan
116 May
105 May
14412 MaY
Oct
106
212
Oct
4312 Sep
81
Oct
78
Oct
5912 Sept
74 Mar
6312 Dec
106 Nov
14612 Nov
13612 Oct
6818 Oct
121 Nov
534 July
2612 Sept
50 Apr
18512 Oct
116 Nov
99 Nov
2712 Nov
5014 Dec
12 Apr
2012 Jan
96 Nov
5 Min
10812 Dee
314 Feb
74 Mar
94 Dec
4814 Dec
106 Dec
15 Sept
267 May
3612 Oct
38 Nov
1712 Oct
38 Mar
10914 Oct
134 Nov
Jan
47
95 4 July
3
1114 Sept
10 Jan
124 Nov
817 Nov
Oct
116
4 8 Jan
1
33 Dec
10218 Dec
106 Dee
314 Feb
8 s Feb
7
140 Aug
44 Sept
8
421 Jan
1612 Feb
14 Jan
Oct
132
1304 Sept
96 Dec
91 Jan
2111 Nov
1412 Jan
77 Nov
3112 Nov
95 Dec
Apr
11
2712 Feb
8112 Dec
88 Dec
118 MAY
241 AIM
4
4
1793 Nov
70 Deo
72 Deo
1812 Nov
314 Dec
1014 Jan
6114 Dec
8
243 Dec
2114 Dee
214 Jan
1 July
184 Reel
.85 Jan
67 &PI
107
API
16 Dec
7
2 Feb
3 Dec
1 Nov
214 Dec
Jan
.85
14 Jan
52 Dec
3018 Dec
.06 Feb
197 May
75 Feb
1018 Fell
338 Jar
114 Jar
15
API
1812 Aug
1918 API
32 De(
34 Jar
.63 De(
.50 Sent
Ve Fat
2 Fel
2 Aul
.70 JUDI
p Fx-rights. a Ex-dividend and rights.
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange, Jan. 28 to Feb. 3, both inclusive:
Bonds-
Frtday
Last Week's Range Sales
Sa.e
of Prices.
for
Price. Low. High. Week.
Amoskeag Mfg 6s____1948 9255
AtIG&WTSSL 5s_1959
Amer Tel & Tel 5;58.. _1943
East Mass St RR
1948
455s. series A
1948 7855
55, series B
1948
65, series D
German B & L 6345 w 11947
Graton & Knight 5558_1947
1937 103
Hood Rubber 7s
1929
Mass Gas 4555
1931
5s
Miss River Power 5s_ _1951
Ital Su-pow Corp 65 w1963
PC Pocah Co 7s deb __1935
Savoy Plaza 5555 w 1_ _1938
1946
So Ice Util 68
1944
Swift & Co 55
Terni-Societa 6345W 1_1953
Western Tel & Tel 58_ _1932
Whitenight Inc 6555_ _1932 119%
$174,250
92
94
9,000
75% 77
108% 10855 1,000
7135 72%
7754 7834
92% 92%
9855 9
834
9655 9655
103 10355
10055 10035
100% 100%
104 104
101 10155
109 109
98
98
9654 9655
102% 102%
90% 001
101% 102
111
11955
Range Since Jan. 1.
Low.
10834
Jan
10855
23,000
2,500
1,000
20,000 9855 Feb 98%
1,000 96;5 Feb 96%
6,000
2,000
1,000
12,000
25,000 10055 Jan 10155
4,000
5,000
2.000 93% Jan 96;5
2.000
15,000 9031 Jan 9051
8,000
11934
39,000
Jan
Feb
Feb
Feb
Jan
Jan
Feb
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Jan. 28 to Feb. 3, both
inclusive, compiled from official sales lists:
Stocks-
Saes
Friday
Or
Last Week's Range
Week.
Sa.e
of Prices.
Par. Price. Low. High. Shares.
Am Wind GI Mach,com100
Preferred
100
Am Wind GI Co. Pr- -100
Ark Nat Gas, com
10
Bank of Pittsburg(NA) _50
Blase-Knox Company_ _ _25
Carnegie Metals Co
10
Columbia Gas& Else. corn.
Consolidated Ice, pf _ _ _50
10
Devonian 011
•
Dixie Gas& Util, nom_
Exchange Nat Bank_ _50
100
Fidelity Title & Tr
Houston Gylf Gas
Independent Brew, pf _50
Jones & Lau'g'n St, pt._100
25
Lone Star Gas'
100
Marine Nat Bank
May Drug Stores Corp ___*
Nat Fireproofing, nom _50
50
Preferred
Pann Federal Corp. com__*
5
Pittsburg Oil& Gas
Pittsburg Plate Glass ..l00
Pittsburg Screw & Bolt_ *
Pittsburg Steel Fdy.corn -8
100
Preferred
Richardson & Boyton, pf 50
1
San Toy Mining
Stand Sanitary Mfg,com25
Preferred
100
Union Steel Casting, com •
25
Union Storage Co
United Engine & Fdg,com *
United States Glass ___ _25
Westinghouse Air Br. new •
Zoller (William) Co,com.._.
100
Preferred
835
2234
12155
55
8%
210
30
40
110
42
54
Bonds
Independent Brew 6s _1955
•No par value.
Range Since Jan. 1.
6951 6951
2.000
High.
Low.
150 1655
17
18
20 35
35
35
100 8451
84% 85
855
4,535
855 9
10 180
185 185
430 91
91
95
213( 2634 33,207 1654
50 92
94
94
315 25
25
29
110
7%
855 10
9
9
300
1034
1 90
90
91
13 160
160 160
12
1,055 12
12
4%
25
4% 411
230 12055
121% 121%
3,280 52%
5234 55
38 150
150 160
425 20
24
24%
7
8% 855
655
1934
43
20% 22
7%
90
754 7%
3%
177
331 4
41 210
210 215
14
50
50
50
13
27
27
30
1
84
84
84
100 37%
38
38
40
3,04
40
40
1,13 107
109 110
20 124
124 124
200 31
31
33
25 42
42
42
887 5514
5311 5434
15
1551
500 15
5434 55%
385 46%
20 3355
3355 3354
9551 9534
150 95
69
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18
35
86
955
190
95
26%
94
30
10
1054
91
160
13
455
121%
55
160
2435
834
22
714
4
215
51
30
84
38
40
110
124
34
42
61
15%
5634
34
96
70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Jan. 28 to Feb. 3, both
inclusive, compiled from official sales lists:
ocks-
699
FINANCIAL CHRONICLE
FEB. 4 19281
Friday
Sales
Last Week's Range fat
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
* 19
Alm or Stores
10 74
Allis nce Insurance
• 6434
Am dean Stores
Bk 4 N Am & Tr Co_100
Bell Tel Co of Pa pref_100 116
Bor lot Inc
•
Bud U (HG) Mfg Co
50
Cainibria Iron
3135
'den Fire Ins
Cain
Consol Traction of N J.100
334
Cra np Ship & Eng__ _100
Elsetrio Storage BaWy_100
10 6734
Association
Fire
GIs it Portland Cement.50
50
referred
Gi bel Bros
Horn dr Hard't(Phila)com•
Horn & Ilard't(NY)com •
Ins trance Coot N A__ _10 89
Int mat By vot tr ctfs__ _ --43-4
Keystone Telephone_ _ __50
50
referred
734
Superior Corp- _100
Lake
50 112%
Lehigh Coal & Nav
LehIgh Pow Sec Corp corn • 24%
10
Lit Brothers
Lit Schylkill Nay RR&C50 45
32
Cos Ins
Ma tut
No thorn Central Ry- 50
2154
East Power Co
Nat
• 2234
No th Ohio Pow Co
Penn Cent L & P corn pr.* 7855
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 96
Phi la Co (Pitts) 6% pf- -50
93
Phi la Dairy Prod prof
25
Phi la Electric of Pa
Elea Pow rents_ _25 2234
Phi la
tf del, with Drexel& Co 57
Phi In Rapid Transit__ _50 60
50 5134
7% preferred
Phi la & Read C & I Co_ *
Tracti0n_50 6034
Phi ladelphia
Phi la dr Western Ry-.50
3134
Helllance Insurance
Shr 3VC El Dorado Pipe L 25
106
Sec,It Paper Co pref_ _ _ _100
Sta dayCo of America__ _s 483i
114
. .._.....
,
Toll
1834 20
74
7634
6434 6535
498 500
116 11635
12
13
28
30
4255 4235
33
29
5751 5735
355 4
7155 7135
6734 6834
35
35
35
40
4034 4134
225 229
5335 5355
8851 9051
30
30
454 5
15
15
6% 855
112 12134
24% 2631
2454 25
45
45
32
32
8834 8814
2074 2234
2255 2334
7834 79
6455 6551
9355 9754
53
53
9355
92
5755 58%
2234 2255
58
57
5755 60%
50% 5114
3414 3434
5931 6055
1454
12
31
32
1911 2034
106 106
4791 53
1 4:
14-c
7,665
1,900
3,435
92
200
670
460
18
2,975
125
715
10
4,400
20
150
200
15
185
5,300
20
300
15
43.450
12,400
29,100
820
11
407
25
5,400
12,065
141
12,700
410
357
609
894
2,00
11,417
7.664
921
100
1,001
168
260
620
20
36,715
Range Since Jan. 1.
Low.
1494
74
64
45911
11555
12
28
4255
2755
5651
2
6954
6651
35
35
38%
215
5334
8555
30
3
12
3
106
20
2354
45
2854
8854
2034
18
7755
6434
92
.52
9031
5555
22
5534
55
50
3451
5834
1155
31
1934
103
4753
55251
High.
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20
79
66
500
117
13
33
43
33
60
14
7534
7314
42
40
4155
229
56
95
30
7
21
8%
12534
2634
25%
45
3234
8854
2234
2334
79
653.4
10055
53
9355
5834
2254
5834
6051
51%
3554
6034
1434
3534
21
106
5435
Jan
2
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Tan
1
Tonopah Mining
334
Union Traction
50
United Cos of N J
100 227
United Gas Impt
50 114%
United Lt & Pr "A" com_• 1634
U S Dairy Prod class A_ __* 54
•
Common class B
94
1st preferred W W
93
2nd preferred
Victory Insurance Co
Victor Talking Mach corn*
6% cumul pref
•
*
7% cumul prat
West Jersey & Sea Sh RR50 36
Westmoreland Coal
50
York Rys pref
50 42%
Rights
Lehigh Coal &I av W I__ _
Range Since Jan. 1.
Low.
134
3% 43-4 32.588
39
4034 1,948 3755
70 226
227 227
11434116% 14,550 11134
1634 1734 8,730 16%
2,255 3855
55
51
300 16
1634 17
264 87
9435
92
47 93
93
93
170 3051
3051 3034
5334 5434 1,000 53
600 10954
10955 11111
100 10234
103 103
100 36
36
36
40 55
57
55
219 42
4231 4234
631
635
7
Bonds10031 10031
Adv Bag & Paper 7s_ _1943
Consol Trac N J 1st 5s1932
8934 8934
6151 6235
Elec & Peoples tr ctfs 4s'45 62
52
.50
Inter-State Rys coil 4s 1943
97
97
Keystone Telep 1st 58.1935 97
22
20
Lake Sup Corp 1st 55_1929
18
18
bs stamped
65
65
Peoples Pass trctfs 48_1943 65
9954 9831 9934
58 1967 W I
9455
92
Phila Elec(Pa) 1st s f 413'66
1st 455s series
1967 10054 10034 10051
10451 104%
1st lien & ref 5s_ _1960
108 10834
1st 5s
1966
106 107
1st lien dr ref 555s_ _1947
107 107
1st lien & ref 5555_ _1953
Phila. Else Pow Co 535s '72
10534 106
9931 99%
Mita Sub-Cos Gas 4555'57
9955 9934
U S Dairy 6358
1934
Inn lz 1 nn le
3.800
5,000
3,000
58,500
22,500
3,000
30,000
30,000
11,000
29.000
1,200
19,100
2,000
12,000
4,100
2,000
7,000
7,000
2,000
1 mil
•
High.
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
4%
403-4
227
11734
1734
55
18
9455
93
34
5831
11655
103
3934
5751
4235
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7
Feb
655 Feb
10034
89
60
50
9634
15
1434
65
9831
92
10055
10434
108
106
107
10534
9934
99
1114114
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Tan
10534
90
6254
52
97
22
18
65
9954
9434
10051
105
109
107
10734
10634
9931
9955
Snot.'
M
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Tan
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Jan. 28 to Feb. 3, both inclusive, compiled from official sales lists:
Stocks-
Sa.es
Frioay
Last Week's Rowe for
Week.
of Prices.
Sche
Par. Price. Low. High. Shams.
Range Since Jan. 1.
Bonds
Baltimore Brick 1st 58_1943 1003.4
BaltSparrowsP&C4545 1953 91%
Black & Decker 6548..1937
Cent States Util 1st 68..1949 102
Commercial Credit 65_1934
555s
1935
Elkhorn Coal Corp 6541, '31
Ga Sou & Florida 55 _1945
Bat T City 45
1960
4S2ndWatS
1957
RIGHTS
Union Trust W I
Handler Creamery 65 _1946
Houston 011634% notes'35
14(1 Electric Ry 1st 5s _1931
,
Monon Valley Trac 55_1042
Penna W & P 5s
1940
1st ref 5558
1953
Silica Ge L 655s
Stand Gas Equip 1st 6sI929
655% notes
1937
United By & E 1st 4s_1949
Income 4s
1949
Funding 55
1936
6% notes
1930
1st 6s
1949
Wash Balt & Annap 5s.1941
West 0.1d Dairy 6s.._ _1946
•No par value:
High.
Low.
1,885 46
Arundel Corp
• 4614 4655 4654
1 209
Atlan Coast L (Conn)_ _ _ 50
210 210
114 159
Baltimore Trust Co_ _ _ _ 50 161
160 161
30 10
Baltimore Tube
100
10
10
Preferred
97 34
100 35
35
35
Benesch (I) & Sons nom_ _* 41
30 14
41
41
Preferred
25 27
80 27
27
27
Black & Decker corn_ _ ..*
112 24
26
26
5 26
Preferred
25
26
26
Central Fire Ins
1 4734
10
49
49
Century Trust
2 225
50 225
225 225
Ches& Po Tel of Bait pf 100 114
64 11351
11394 114
Citizens National Bank_10 53
47 5255
5355 53
Commercial Credit
262 2251
• 2234 2251 23
Preferred
114 23
25
2335 2334
Preferred B
25 24
20 24
24
24%
546 8854
634% 1st preferred_ _100 883.4 8894 89
Consol Gas E L & Pow_ _ _* 71
711 67%
6934 7031
8% preferred ser A_ _100 12535 1257-4 12534
47 12531
7% preferred ser B_ _100 11034 11051 110%
58 11055
6%% pref ser C
100 1103-4 110% 110%
215 1103.4
534% pref w 1 ser E 100 108% 108 10855
14 10755
5% preferred
37 10054
101
10035 101
85 28
Consolidation Coal_ _ _100
29
30
25
Eastern Rolling Mill
• 2634 2551 2654 1,67
1
78
Farmers & Mer Bank__40
78
78
19 29054
Fidelity & Deposit
291 296
50
11
Finance Co of Amer A_ •
6
1154 1155
195 1651
Finance Service corn A_ _10 18
1634 18
109 9555
Houston 011 pref v t c_100 96
9555 96
25 33
Humphreys Mfg Co
33
33
*
416 2555
Mfrs Finance cora v t.._ _25 2554 2534 25%
497 20
1st preferred
2051
25 2034 20
2d preferred
1.298 20
20
20
25
491 178
Maryland Casualty Co_ _25 188
185 190
277 47
March & Miners Tramp_.• 4734 4751 4755
50 323.4
Merchants Nat Bank_ _ _10
3235 3251
65 25
Monon W Penn P S pr._25 27
2654 27
2115 1,928 1534
Mortgage Security com__• 20
19
140 70
First preferred
80
50 80
80
25 20
Mt V-Woodb Mills v t_100
21
21
145 95
9555
Preferred
100 93% 95
10 220
Nat Union Bank of Md _100
225 225
1.162 75
New Amsterd'm Cas Co 10 75
76
75
200 68
7051
Penns Water & Power__ -* 71
7034
Schoeneman (J) 1st pref _
25 9934
with warrants
9935 9934
100
190 18%
Silica Gel Corp corn v t_ •
1834 1934
Un Port Rican Sug nom •
150 4011
4055 4034
50
505 50
50
Preferred
• 50
7 315
315 315
Union Trust Co
50
3,227 19
20
19
United Rys & Electric__ _50
345 34855
U 8 Fidelity & Guar_ _ _50 350
350 360
75 1255
Wash Balt & Annap_ __ _50 1255
123-4 1255
5 17;5
18
18
Preferred
so
95 6954
80
West Md Dairy Inc com_• 78
78
85 75
95
92
Preferred
• 95
217 5231
Prior preferred
5555
55
50 55
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
48
212
165
10
35
41%
2734
28
263.4
49
231
117%
54
2334
2434
25
89
7034
128%
115
113
10851
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1013-4
3334
2655
78
29935
1155
18
98
33
2634
2055
20
190
4734
3354
27
2134
80
22
9535
225
7954
7235
*Tan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 99% Jan
19% Jan
Jan
Jan
166 41
Jan 52
Jan
Jan 34255 Jan
Jan 2055 Jan
Jan
Jan 362
Jan 17% Jan
Jan
Jan
18
Jan 85
Jan
Feb
Jan 95
Jan 55% Jan
1,000 10055
10034 10034
9155 9155 2,000 9154
107 107% 6,000 10615
8,000 102
102 102
5,000 98
99
99
9454 94% 11,000 94
11,000 95
97
97
1,000 102%
102% 102%
1,000 103
103 103
200 102%
102% 102%
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
100%
9155
109%
102
99
9434
98%
102%
103
10231
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
542 13
13
15
102
9955 4,000 99
9954 99
103% 103% 10335 4,000 10335
9911 9955 3,000 99%
5,000 95%
96
96
10555 105%
1,000 105
1,000 106%
10655 10634
10354 103% 103% 7,000 101
10035 10055 10055 2,000 10055
2,000 100
100 100
100
16,000 73%
7335 7355 74
55
32,000 5351
54
54
83% 5.900 81%
82% 82
9955 8.000 9851
99
5,000 96%
97
97
97
88% 8954 5,000 88%
8,000 105
106 107
107
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
15
9955
10351
9931
96
105%
10655
10355
101
101
75
55
8455
9931
98
90
107
Jan
Feb
Jan
Jan
Jas
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
700
FINANCIAL CHRONICLE
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange Jan. 28 to Feb. 3, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range .S'ince Jan. 1.
of Prices.
Sale
-----Week. --Par. Price. Low. High. Shares.
Low.
High.
[VOL. 126.
Friday
Sales
Last Week's Range for
Sale
of Prices.
tVeek.
Stocks (Concluded) Par. Price. Low. High. Shares.
-S
Q•11 Music Co corn . _ _• 39
_
Quaker Oats Co.corn _ _ •
Preferred
ilia
Reo Motor Car Co
10
Ryan Car Co(The) corn-25
Sangamo Electric Co
• 33
Sears, Roebuck,corn__ _• 8334
SO Cities CHI claas A com_• 304
So Colo Pr Elec A com
25 26
So'w0& El Co 7% pf....100 10331
Southwest Pr & Lt pfd _ . 9234
Sprague-Sells Corp cl A _30
Steel & Tubes Inc
25 584
Stewart
-Warner Speedom.• 814
StudebakerMailOrdcom_ _5
Swift & Company
100 1284
Swift International
15 294
Thompson (J R)corn _ 25 80
United Biscuit class A_ _• 63
United Light dr Power
Class A preferred
• 9954
Common class A new • 1634
Common class B new •
tr 8 Gypsum
20 80
Wahl Co corn
• 12
Walgreen Co 6Si% nfd - 100 1014
Com stock pur warr_ _ _ _• 104
Ward(Montgomery)
&Co 10 128
Class A
•
Warner Gear"A"cony p125 3534
Williams Oil 0 Mat com_•
7
Wolff Mfg Corp corn
•
1
Wolverine Portland Cem 10
634
Woodworth Inc
• 27
Preferred
• 3334
Wrigley (Wm Jr) Co, corn* 69%
Yates
-Amer Mach pt:pfd..• 1734
Yellow Cab Co Inc (Ch1c).• 404
Range Since Jai's. 1.
Low.
3834 394
810 3834
303 308
120 285
111 11234
60 111
24
24
10 23%
19
20
450 15
32% 344 2,285 304
83% 86
10,200 '
8234
304 32
150 3034
254 26
125 25
10334 104
135 101
9134 93
610 8931
174 1734
200 1534
58
5
834
85 53
814 85
9,575 80
94 934
550
9
12634 12834 1,487 12434
29% 3
054 10,025 26
60
6034
400 593.4
63
63
100 63
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
40
308
11434
26
2034
344
89
32
26
104
93
1734
61
85
934
129
31
61
64
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Acme Steel Co
25 834 83
2,910 83
84
Jan 84
Fet
Adams Royalty Co corn __•
300 21
214 2134
Jan 22
Jar
All America Radio of A_5
2
440
24 534
Jan
534 Fat
Am Fur Mart Bldg pf _ _100 1004 100 10034
80 99
Jan 10034 Fet
American Pub Servpref.100
140 99
99
Jan 100
993.4
Jar
Am Pub Util Co part pf 100 91
93
125 874 Jan 94
91
Jar
Prior pref
9731 98
20 95% Jan 98
100
Fet
American Shipbuilding_100 109
495 104% Jan 1174 Jar
104% 109
Amer States Secur Corp A •
534
434 54 9,200
4
Jan
534 Jar
Claw B
*
5%
5,410
54 6
434 Jan
6
Fat
Warrants
4
zg
4 3,760
34 Jan
4 Fat
Armour dr Co(Del)pref_100 90
914
90
145 87
Jan 914 Jar
Armour dr Co pref
100 7834 7634 794 1,335 68% Jan 794 Jar
Common cl B v t c _ _25
84 84
200
Jan
7
834 Jar
Associated Investment Co•
36% 373.4
175 36
Jan 393.4 Jar
9934 100
117 95
Jan 100
Auburn Auto Co corn _ _25 1224 1204 128
Jan
8,535 120
Jan 130
Jar
1634 1731 3,150 14
Jan
174 Jan
Balaban dr Katz v t c_ _25
61
100 60
61
Jan 624 Jan
20
20
55 19
Jan 20
Bastian-Blessing Co(com)• 2534 25
Jan
2634 3,100 25
Feb 27 34 Jar
80
8434 5,480 80
Beaver Board v.t.c."B" *
Feb 93
Jan
160
434 434
24 Jan
434
4% Jar
1134 124
370 10
Jan 124 Jan
100
Fret vot tr ctfs
49.4 494
30
39 Jan 504 Jar
1014 1034 2,130 10134 Jan 108
10 564 554 59
Bendix Corp cl A
Jan
12,080 5234 Jan 6034 Jar
10
II% 9,210
5
Jan
12
10 74
Borg & Beck com
Jan
7231 75
19,100 68
Jan 814 Jar
127 132
6,140 1174 Jan 132
Brach & Sons(E J)com _ _• 19
1834 21
Feb
1,450 16 34 Jan 21
Jan
1223.4 12334
100 1224 Feb 128
10 2034
Bunte Bros corn
17
Feb
204
840 15
Jan 2034 Feb
35
36% 4.235 32
Jan 37% Jan
Butler Brothers
20 2334 23
23%
3,100 2134 Jan
2334 Feb
7
7
800
7
CampbellWyant&CanFdy• 4234 4134 44
Jan
8
Jan
6,600 3834 Jan 44
Jar
4 I
4,615
34 Feb
Castle A M
4434 44
454 4,150 44
134 Jan
Feb 454 Feb
6
634
326
534 Jan
Cent D Pa Corp"A" pf __•
634 Feb
254 254
165 25
Jan 254 Jan
27
284
1,125 27
Jan 2934 Jan
Celotex Co, corn
•
165 524 Jan 60
54
56
Jan
334 34
745 33
Jan 35
Prefu'red
Jan
100 85
85
35 85
8534
Jan 874 Jan
69% 70
820 694 Feb 74
Central Gas& El Co, pref_* 9434 9434 944
Jan
10 9434 Feb 100
Jan
1634 174
1,260 15
Central III Pub Serv pref _• 984 9744 9834
Jan 174 Feb
200 97% Jan 9834 Jan
404 41% 2,330 404 Feb 43
Central Ind Power pref _100
Jan
98
50 95
9634
Jan 964 Jan
Certificates of deposit100
954 9534
30 94
Jan 9534 Jan
BondsCentral Pub Serv (Del)...* 17
17
25 17
17
Jan 174 Jan Bloomlon Limest'ne 6s_'42
9834 9834 $9.000 9834 Jan 994 Jan
Cent Pub Serv Corp A_ _ _•
2034 20%
18 2034 Jan 21
Jan Cairo Br&Fer,20-yr6 34s'47
99
99
2,000 99
Jan 99
Central SW CHI coin__ --• 84% 8334 85
Jan
1,870 76
Jan 85
Jan Chicago City Ry 5s_ _ _1927
884 8834
1,000 874 Jan 884 Jan
Preferred
• 10234 1014 104
1,030 9934 Jan 1054 Jan
Ctfs of deposits_ _ _ _1927
84
84
1,000 84
Feb 87 34 Jan
Prior lien pref
• 106
272 10534 Jan 108
106 108
Jan Chic City dr Cop Rys 58'27 67
68
67
7,000 66
Feb 6934 Jan
Chic City dr Con Ry pt sh •
134 134
300
134
14 Jan
134 Jan Chicago Railways 59..1927 __.
84
84
5,000 84
Feb 88
Participation pref
Jan
• 20
224 6,400 194 Jan 224 Jan
20
1st M etf of dep 5s..1927
8434 8434
1,000 84
Feb 873-4 Jan
Certificates of deposit_ -• 1634
910 16
Jan
18
Jan
1834 18
5s Series A
1927
67
67
6,000 67
Jan 68
Chic Fuse Mfg Co com_ _ _•
33
180 31
32
__ __
Jan
Jan 3331 Jan
59, Series B
1927 45
43
45
16,000 43
Feb 46
Ch N S dr Mil pr lien pf _100
Jan
9834
98
105 98
Jan 9834 Jan Commonw Edison 5.9_1943 1
083-4 10654 109
4,000 10654 Feb 109
Feb
100 64
Preferred
64
6434
95 64
Feb 65
Jan
lst M 5s series "A"_ 1953 106 34 10634 106 34
1,000 1064 Jan 1063-4 Feb
Chic Rap Tran pr pref A 100
101 10234
115 1004 Jan 10234 Jan Drake Tower 6s
100
100 100
5,000 100
Chic Rys part ctf ser 1_100 17
Feb 100
17
Feb
18
50 17
Feb 18% Jan Fed. Pub Serv Co 69..1947 ___
100 100
5,000 100
Jan 100
Part ctfs series 2__.._100
3
3
Jan
25
234 Jan
3
Jan Fed. CHI(Md) 1st 549'57 95
95
95
2,000 95
Jan 95
100 '
Part etf series 3
Jan
50
34 Feb
X
Si
4 Feb
3
-year 54s_ _ _ _ _ _1930 99
99
99
25,000 99
Jan 99
100
Part etf series 4
Jan
115
31 Feb
Si
4
34 Feb Great Lakes Util ComClub Aluminum Uten Co-* 37
37% 5,500 36
36
Jan 39
Jan
bat 54s
1942
9
534 9554 9,000 9554 Jan 954 Jan
Commonwealth Edison-100 182
1664 189
4,130 165
Jan 189
Feb HousGGCosfg 648 1931
1083.4 108%
7,000 108% Jan 1084 Jan
Rights
94 5,850
8
74 Jan
934 Feb Metr W Side El Ist 4s_1938
8134 81% 4,000 81
Consol Film Ind Inc
• 18
Jan 82
18
Jan
18 34
440 15
Jan 1834 Jan
Extension gold 4s_ _ _1938
804 81
18,000 7934 Jan 81
• 2334 23
Preferred
Jan
2334 2,710 23
Jan 2534 Jan Northwestern Elev 59_1941
8134 81%
1,000 8134 Feb 8134 Feb
Consumers Co corn
5
84
834 934 9,820
754 Jan
Jan United Pub Serv Co934
Preferred
100 9234 92
9434
705 87
Jan 9434 Jan
15-yr. Os"A"
1942
• 98
98
2,000 9734 Jan 08
Warrants
334 431 2,135
4
Jan
334 Jan
434 Feb
2-yr 6s
1929
100 100
2,000 9951 Jan 1004 Jan
Crane Co corn
25
47
47
340 4634 Jan 4734 Jan United Pub Util Co
Preferred
11934 120
100
100 119
Jan 120
Jan
1st 138 "A"
1947
100 1004 7,000 994 Jan
Diamond Match cora_ _100
147 156
35 13734 Jan 156
1004 Jag
Feb
2-yr. 534s
..b929
9934 100
8.000 99 34 Jan 100
Eddy Paper Corp (The)
Jan
..*
3234 324
50 32
Jan 324 Jan
El Household CHI Corp_ 10 15
1,926 134 Jan 15% Jan
• No par value.
1434 1534
Elec Research Lab, Inc..*
4% 4%
4%
50
434 Jan
254 Jan
Empire G & F Co 7% p1100 99% 9954 99%
Cleveland Stock Exchange.
145 9934 Jan 100
Jan
-Record of transactions at
8% preferred
100 10934 109 1094
970 108% Jan 1094 Jan Cleveland Stock Exchange,
.
Jan. 28 to Feb. 3, both inEvans ik Co, Inc, el A__5
694 72
485 55
Jan 74
Jan
Class"B"
5 69
69
71
1,100 55
Jan 744 Jan clusive, compiled from official sales lists:
Fair Co(The)com
•
36
36%
325 34
Jan 3734 Jan
Preferred
Friday
100
1074 108
115 107
Jan 109
Jan
Sales
Last Week's Range for
Fitz Simmons dr Connell
Range Since Jan. 1
Dk & Dredge Co com.20 53
of Prices . Week.
Sale
51
53
355 46
Jan 53
Feb
Stocks
Par. Price, Law. High. Shares.
Foote Bros(0 & M1 Co_ _5 1934
194 20
3,095 184 Jan 20
Jan
Low.
High,
GalesbUry Coulter•SDise,_• 5034 47% 524 1,400 474 Jan 5234 Feb
•
25
General Box Corp corn. __•
3
3
100
3
25
Jan
3
Jan Aetna Rubber corn
25 25
Jan 27 g Jan
Preferred
2634 27
100
36
36
23 35
Jan 36
Jan Amer Multigraph corn_ _ -• 27
935 2634 Jan 274 Jan
Godchaux Sug,Inc el "B"
106 106
4
4
•
44
350
3
Jan
44 Feb Amer Ship Bldg corn.. _100
40 106
Jan 1174 Jan
Preferred
100
Gossard Co(H W)corn..•
110 110
1,745 43
4434 45%
Jan 46% Jan
5 110
Feb
Feb 110
258 325
154 154
Great Lakes D dr D_ _ _100 315
2,910 245
Jan 325
Feb Allen Industries
125 14
154 Jan
Jan
• 36
Preferred
36
Greif Bros Coop'ge A corn •
42
41
750 41
37
Jan 4234 Jan
Jan
37
555 3134 Jan
36
Hartford Tires part pfd._.
• 43
394 44
1,770 3931 Feb 44
384
Feb Bessemer Limest & C corn •
50 36
Jan 3734 Jan
43
142 145
Hart, Schaffner dr Marx100
850 134
4434
Jan 145
Jan Buckeye Incubator com. • 43
431 43
Feb 494 Jan
Hupp Mot Car Corp com10
300 39
38% 39
894 6934
Jan 404 Jan Bulkiey Building Ma- "
11
10 6934 Jan 70
Jan
3034 31
Indianapolis P & Lt lat pfd.
101 101
50 101
Feb 101
Feb Central Alloy Steel com_ •
140 3034 Jan 31
Feb
Preferred
Lao
110 1104
25 4134 41
Illinois Brick Co.
42
775 41
Jan 42
Jan
400 1094 Jan 110% Jan
• 3731 37
Illinois Nor Utilities pf_100
9834 99
30 98)4 Jan 99
Jan City Ice & Fuel corn
37%
1,524 364 Jan 374 Jan
30
ml Wire & Cab Co,com_10 3134 31
3334 6.325 26
30
Jan 3334 Jan Clev Sidra Sup dr Br corn.' 30
153 30
Feb 304 Jan
105 105
Indep Pneu Tool v t c___* 48
48
48
40 48
Jan 484 Jan Cleve-Cliffs Iron corn....' 105
563 104
Jan
Jan 106
370 370
Kalamazo ,Stove corn_ _ _ _• 111
102 115
19,750 6534 Jan 115
Feb Cleve Elec Ilium corn._100 370
50 355
Jan
Jan 370
100
Preferred
114 114
Kellogg Switchb'd corn_ _10 13
12% 13
1,560 1234 Jan 134 Jan
166 11231 Jan 114
Jan
100 1074 107% 107)4
Preferred
95
95
100 95
30 95
Feb 96
Jan Cleveland Ry corn
618 10734 Jan 108
Jan
Ky Hydro-Elec pfd_ _ _ _100 10334 10334 10334
24 3
30 102
Jan 1033.4 Jan Cleve Securities p1 pref_10
498
2% Jan 3 Jan
•
70
Kentucky Util Jr cum pf_50
458 5054 Feb 524 Jan Cleveland Stone corn_
70
5034 524
180 70
Jan 70 IJan
Keystone St dr Wire com100 180
108341083-4
2,326 100
165 187
Jan 194
Jan Clev Un Stockyds com _100
42 1084 Jan 109
Jan
Preferred
100 102
101
102
Feb Clev Worsted Mills com100 2234 2234 2234
44 100
Jan 102
320 2234 Jan 23
Jan
Kraft Cheese Co coin_ _25
138 140
.
810 60% Jan 71
64 34 6534
Jan Dow Chemical corn
40 112% Jan 140
Feb
Kup'heimer & Co(B) Inc.5
55
55
48
110 4534 Jan 50
48
Jan Elec Control & Mfg eom_ •
30 5434 Jan 574 Jan
La Salle Ext Univ com_10
33
34 4
4
995
3334
Jan Federal Knit Mills corn. •
4
334 Jan
415 32
Jan
Jan 35
Libby. McNeill dr Libby _10
220 220
9
Jan
1,660
9
934
934
93.4 Jan Firestone Tire dr It com_10
40 220
Feb 232 I Jan
McCord Radiator Mfg A...
100 110
7% preferred
,
109% 110%
42%
41
770 4034 Jan 4234 Feb
788 1094 Jan 1113-41 Jan
McQuay-Norris Mfg_ __.• 2634
common
2234 24%
25
Jan Glidden
27
2.550 2334 Jan 27
200 224 Jan 24% Feb
Marvel Carburetor (Ind)10 6434 62
100
Prior preferred
97
6531 6,240 6134 Jan 654 Feb
98
355 96 I Jan 98
Feb
Meadow Mfg Co, com_ _ _• 143.4
70
1634 Jan Goodyear T & Rubb corn •
1334 154 7,595 1034 Jan
70
50 70
Jan
Jan 70
Preferred
Preferred
140
99
-_• 4834 48
1,185 44 34 Jan 49
49
Jan
99
200 9834 Jan 9931 Jan
Middle West Utilities__ _.• 132
130 130
17,321 1234 Jan 135
131% 135
Feb Grasselli Chemical corn 100
20 130 g Jan 135 . Jan
1
Preferred
100 10734 10734 108
Preferred
100 124
12134 1243-4 3,305 116 34 Jan 12434 Feb
Jan
27 10734 Feb 109
6% preferred
• 9834 9634 9831
88
1,276 9334 Jan 984 Feb Great Lakes Tow coin_ _100 88
88
160 88 , Jan 8834 Jan
Prior lien preferred...100 127% 127 12734
4034 41
305 125% Jan 12831 Jan Greif Bros Cl/age corn. •
180 4$ I Jan 41
Jan
Midland Steel Prod corn_ _• 100
100
424 425
Jan 11034 Jan Guardian Trust
100 106
705 97
Jan
36 390
Jan 426
Midland Util6% pr lien 100 9534 9531 954
100 10434 104.4 10435
115 9434 Jan 963.4 Jan Halle Bros pref
20 102
Jan 104% Jan
7% prior lien
100 10531 105 1064
98 105
125 125
Jan 10634 Jan Interlake Steamship corn.*
241 125
Jan 12556 Jail
,
Preferred 6% "A" _100
•
220 904 Jan 914 Jan Jaeger Machine corn
29.4 294
904 9134
Jan
25 284 Jan 30
P5417% "A"
• 3334 3334 34
100 10334 103 10334
90 103
Jan 10434 Jan Kaynee common
350 3334 Jan 354 Jan
Minneapolis Honeywell Ry 30% 3134 32
220 3134 Jan 324 Jan Kelley Isld L & T com_ •
55
55
80 55
Jan 554 Jail
Preferred
100 994 99 34 100
Jan Lake Erie Bolt & N corn... 20
10 974 Jan 100
1834 20
550 17
Feb
Jan 20
Monsanto Chemical Wks.• 4334
4134 44
2,000 3834 Jan 48
100 100
Jar Loewe Ohio Th 1st Pf--100
Feb
30 100
Feb 100
Morgan Lithograph corn_• 79
Metropolitan Pay B corn.* 33
66,520 7334 Jan 80
Feb
33
763.4 80
3331
180 3134 Jan 3334 Feb
Mosser Leather Corp corn•
Miller Rubber pref.._..b00 95
Jan 25
Jar
50 24
25
25
9434 954
312 9434 Feb 98 g Jan
Nat Carbon pref
Mohawk Rubber common• 40
100 1384 1384 13834
Jan 139
22 138
Jar
33
40
310 294 Jan 40
Feb
Nat Elec Power "A" part_• 32
Preferred
100 75
2734 3234 40,600 2734 Jan 3231 Feb
70
75
Feb
292 55
Jan 75
National Leather com _ _10
Murray Ohio Mfg corn_ •
44 Jan
2,110
334 Jan
434
4
434
15
15
Jail
200 15
15
Jan
National Standard corn_ _• 4534
Myers Pump
18,860 37 34 Jan 47
Feb
4034 47
• 33% 3334 3434
Jan
707
North American Car com• 384 37 34 4034 3,170 3231 Jan 41
National Acme common_10 12% 114 13% 2,055 334 Jan 34%
Jar
74 Jan
13% Jail
Northwest Eng Co corn. _• 3334 32% 3434 8,170 29
National Refg corn
Jan 3434 Feb
25 3634
36
37
Jail
732 354 Jan 39
Nor West CHI pr in pref100
National Tile common.- _• 344 34
83 99 34 Jan 10334 Jar
102 103
344
541 33
Jan 354 Jan
7% preferred
100
Nineteen Hund Washer..' 29
10 9934 Jan 103
Jar
102% 1023/
29
2934
230 2834 Jan 294 Jan
Novadel Process Co com_ •
949 1134 Jan
Nor Ohio P dr L 6% pf_10111 9834 96% 984
Jar
13
12
1234
125 93
Jan 984 Feb
Preferred
• 3134
Ohio Confection
740 284 Jan 32
3134 3134
Jar
• 25
25
25
Jan
70 25
Jan 25
Oklahoma Gas& El pfd 100
Ohio Brass "B"
80 108 34 Jan 111
III
Jar
111
• 9734 9734 97%
720 9054 Jan 97.4 Jan
Omnibus, vot trust ctfs_ •
600 12% Jan 13% Jar
13
Preferred
1334
100
108 108
Jan
Jan 108
25 107
Penn Gas & Elec "A" corn* 2231 20
3,015 20
Jan 22% Fet Packard Electric
2234
•
484 48%
Jan 4834 Jan
120 47
Pines Winterfront A com_5 63
634 16,720 5434 Jan 6334 Feb
Packer Corp
80
• 33% 33
33%
Jan 3334 Jan
692 33
Pub Serv of Nor Ill com_ _• 180
385 1594 Jan 180
180
161
Fet Paragon Refg common_ _25 1034
10% 11
94 Jan 114 Jan
800
Pub Serv of Nor Illcom 100 172
63 15934 Jan 180
180
151
Fet Peerless Motor corn._ _50 17
.
17
17
Feb 2234 Jan
100 17
6% preferred
106 11134 1104 11134
40 11034 Feb 11334 Jar
Richman Bros corn
• 284% 284 286
Jan 200
293 283
Jan
7% preferred
100 121
121
40 120
Jan 121
121
River Raisin Paper corn..
Feb
• 104 104 1054
1034 Jan
84 Jan
72
FINANCIAL CHRONICLE
FEB. 4 1928.]
Friday
Sales
Last Veek's Range for
of Prices.
Sale
Veek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Rubber Soc
•
Scher Hirst "A"
• 264
•
Sandusky Cement com
Seiberling Rubber corn.. * 42
Preferred
los 104
Sherwin-Williams corn. 25
Preferred
100
Smallwood Stone com--* 30
Stand Textile Prod A pf 11141
Steel & Tubes
25
Telling-Belle Vemon com •
Thompson Prod com_ _100
Trumbull-Cliffs Furn pf 100
Trumbull Steel common_ _• 1134
Preferred
111111 9934
Union Metal Mfg corn.__5
Union Mortgage com_100
let preferrei
100 144
2d preferred
100
Union Trust
100 296
White Motor
50 3535
Ylown Sh & Tube pf _ _100 10634
45
45
264 27
164 164
42
42
10334 104
66
68
108 108
30
3034
61
61
58
5834
46
4734
23
23
1054 10534
1134 12
97 10034
4734 4734
3
3
14
1434
734 74
290 296
3535 36
106 107
Bonds
Clay & Sand Brew 63_1948
101
Range Since Jan. 1.
High.
Low.
Feb
10 45
863 2634 Feb
Jan
10 155
Jan
17g X% Jan
3
Jan
137 66
Feb
40 108
380 2934 Jan
15 604 Jan
85 53
Jan
1,435 4534 Jan
Jan
200 23
Jan
25 105
950 1034 Jan
4,795 8935 Jan
Jan
25 47
Feb
3
74
Jan
193 14
Jan
7
65
129 285
Jan
200 3554 Feb
408 106
Jan
101 $10,100 101
-
45
27
164
4434
10534
69
10934
3034
6234
61
48
2434
10535
12
10035
48
7235
30
12
296
36
10734
Feb 101
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
* No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Jan. 28 to Feb. 3, both
inclusive, compiled from official sales lists:
Low.
High.
x
x x
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan'
Jan
Jan'
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
3an
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
xrx
10434
2434
98
111
334
11
43
540
37
4035
13
50
250
2534
263
115
100
108
44
304
445
11534
984
12234
9734
75
4534
11635
3634
31
9734
25
3034
21
1174
368
2134
90
102
43
120
51
11434
16
99
444
29
100
40
2934
70
1064
26
11334
1635
1084
68
26
37
110
935
107
249
11134
9634
112
172
36
9934
101
241
100
60
100
125
6434
964
60
10534
25
55
xxx
2,305
756
2,294
631
2,302
123
50
5
90
2,331
20
45
33
580
30
12
20
22
341
1,213
2b
9
599
1
50
18
942
281
304
319
89
2,273
399
1,040
6
50
681
32
10
804
10
130
15
290
239
1.859
125
4
23
220
240
25
443
44
25
26
62
985
316
246
463
10
572
61
483
37
90
250
107
53
50
10
572
2
119
236
1
3,460
55
218
8
x rx x x xxr r
104% 1084
2434 25
10434 108
110% 11034
6
5
11
12
43
43
540 540
3934 3934
4035 4534
1434 144
50
50
255 261
254 2534
26634 269
115 115
100 100
108 108
44
4534
3234 324
445 448
1184 118.4
9934 99%
130 130
974 9734
75
7534
50
5235
12234 12435
3735
3634
3134 333.4
9734 99
25
25%
37
38
2134 22
118 118
368 368
23% 28
90
93
102 102
44% 46
120 120
5134 5434
11434 11434
16
1734
99 100
4534 4834
2935 2935
100 100
4134 4134
30
3634
7835
77
10734 10734
28
27
117 12234
1634 1634
109 109%
76
76
29
30
39
4034
11134112
1034 10%
107 107
250 255
11134 11134
9834 100
112 113
195 200
3634 364
9934 99%
101
102
243 243
10034 100
63
65
103 103
125 127
6435 6735
964 9634
96 105
108 10934
25
2635
55
55
In.41,
44 4
4
XXX
XX
X
X
....iimme.m,.e.t............m..,.c.mc.....t.mmg.c.c.mtmmm..1e.m
mc.c.4.4....4.m..0,1..MM,.,........
,m.mmt.P0P.P.mmPE0E,.rno,"*"""."""Zggg'mmmmmggggggggggggISttiggggggagattgacTrgggE11
Amer. Laund Mach,com25 10534
Amer Products, pref
• 25
Amer. Rolling Mill, com_25 10534
Preferred
100 1104
Amer Rites
50
Amer Thermos Bottle A _ _. 11
Preferred
50
Atlas National
100 540
Baldwin,corn
100 3934
Buckeye Incubator
* 41
Burger Bros
•
Campbell(J II) Mfg
• 50
Carey (Philip) corn.. _ _100 255
Central Brass
20 2534
central Trust
100
Champ Coated Pp, com100
New
Champ Fibre, prat
100
Churngold Corporation_ _• 4534
CincinnataCar Co
50 3235
CNO&TP
'
100
Preferred
100 11834
Cincinnati Gas & Elec._100 9935
CM Gas Transportation 100
C N & C Lt & Tr com _ _100
Preferred
100
Cincinnati Street Ily. __ -50 52
.
Cincinnati & Sub Tel_.-50 1244
City Ice & Fuel
• 3734
Coca Cola"A"
• 324
Cooper Corp, new pref_100 9935
Crosley
25
Dow Drug. cora
100 38
Eagle-Picher Lead, com_20 214
Preferred
100
Fifth-Third-Un Trust_ _100
Formica Insulation
• 24
French Bros-Bauer. pref100
Gallaher Drug, pref. new__ .._ _..
Gibson Art, com
• 46
Preferred
100 120
Gruen Watch com
•
Prefeerred
100
Hatfield-Reliance,com
•
Preferred
100 100
Hobart Mfg
• 4834
Jaeger Machine
• 2934
Johnston Paint, pref. 100
Kahn, participating_ _ _40 4114
.
Kodel Radio "A"
• 30
Kroger. com
10 77
Little Miami guar
50
Lunkenheimer
• 26
Nash (A)
100 117
51cLaren Cons"A"
•
Mead Pulp, spec pref _100
Commcn
• 76
Meteor, rights
30
National Pump
Ohio Bell Tel, pref
100 11134
Paragon Refining, nom--25 1034
Preferred
100 107
Procter & Gamble, com_20 29034
6% preferred
100 11134
Pure Oil6% pref
100 9834
8% preferred
100 11235
Richardson. corn
100 200
Rapid Electric
Rudman, preferred
99%
Sabin-Robins
•
Second National
100 243
Sycamore-Hammon
• 10034
U 8 Can. com
• 65
Preferred
100
10
U S Playing Card
if S Print & Litho,com _ 100 6735
Preferred
100
100
Vulcan Last. com
Preferred
100 10935
Western Paper "A"
* 264
s‘ h I taker Paper, corn... _•
Range Since Jan. 1.
...-4.
...m m
w.
. . .
. .
. .... .. .44. §...M....
.. .
.
. . .
.
...-40..,.www.mmwww&cm*.o..omo.ommv.mwmomwmw-mowWw^w4.00.0m.-so.4..,T4.. .mm.
;wmoo0wwwwoa,omw W.WW.4.1,.....NOJW.4..40G.Q.OMOWCP4.00W010.M0.002WW.00ACOCOOCWW=MMOIWCnO0A.
C.pwwcoppog.,
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week,
Par Price. Low, High. Shares.
Califomia Packing Corp__
7434
California Petrol common_
2434
Caterpillar Tractor
5534
Coast Co Gas & El let DfEast Bay Water A pref ___
973.4
B preferred
Emporium Corp (The)_
Fageol Motors common_ _ _
Preferred
Federal Brandeis
2835
Firemens Fund Insurance_ 120
Foster & Kleiser common
1734
Great Western Pow prat_ 10534
Haiku Fruit & Pack (free). 12
Hale Bros Stores
Hawaiian Com'l & Sugar
5335
Hawaiian Pineapple
42
Home Fire & Marine Ins_
4234
Honolulu Cons 011_ _ _ _
_ 36
Hunt Bros Pack A com_
244
Illinois Pacific Glass "A"_. 4635
Langendort Baking
1334
LA Gas & Elec pref
10934
Magnavox Co
400
Magnin (I) common
2334
Nor Amer Investment com
Preferred
100
North American Oil
3735
Pan Light Corp, 6% pfd.. 106
Pacific Lighting Corp. com
7535
Pacific Oil
155
Pacific Tel & Tel, pref124
Common
153%
Paraffine Co's, Inc, nom_
9334
Phillips Petroleum, cons_
3934
Piggly Wiggly W States A_
26
Pig'n Whistle, pref
Richfield Oil
2545
8 J Lt& Pwr, prior pfd
117
"B"6% Pref
Schlesinger, B F,"A" corn_
24%
Preferred
964
Shell Union Oil, com
9834
Preferred
254
Sherman dr Clay, 7% yid._
Southern Pacific
Sperry Flour Co.com
6434
Preferred
Spring Valley Water
106
Standard Oil of Cal
644
Traung Label & Litho Co
__ _ _ _
Union 011 Associates
424
Union 011 of California_ _
4334
Wells Fargo Bk & Un'n 7
ri
West Amer Finance. pref _ 64
Yellow & Checker Cab__ __
104
Zellerbach Paper 63 pre_ 133%
7allnplInn11 ,
1 .....
a....
A n se
2,530
1,430
26,585
25
311
50
360
500
30
24,875
1,030
20,350
366
335
970
300
631
930
350
315
2.205
590
160
350
2,730
10
140
970
676
3,471
1,100
140
360
19,039
17
2,715
100
7.255
115
29
12.240
1,195
35
3,570
16
55
2,460
10
117
8,881
110
3,844
4,705
25
1.130
10,140
1,638
18 2117
Low.
744
244
53
98
9534
106
3214
200
5
2635
119
14
10334
94
28
5134
41
4134
36
24
453.4
1234
10534
300
22
105
99
36%
10035
7535
1.00
13335
151
8434
3935
2334
15%
2535
11334
100
2135
92
95%
25
95
11834
62
993
105
5434
24
4234
4334
305
854
235
117
SO
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Inn
High.
78
2734
5834
102
98
10754
3434
200
634
2934
127
19
10534
1235
31
5334
4335
4934
3834
25
4834
1635
10935
50c
2535
106
100
384
1064
7834
1.75
124
157
96
4334
27%
16
2734
117
102
25%
97
9835
2634
9534
123
684
1013-4
107%
5634
2734
44
453i
317
63.4
1144
140
521A
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jar
Feb
Jar
Jar
Jan
Jan
Jar
Jar
Jan
Jan
Jan
Jar
Jaz
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Jan. 28 to Feb. 3, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Bank
Lafayette-South Side Bk100 325
Nat Bank of Commerce100 160
325
159
Trust Company
American Trust
100
NIercantile Trust
-100
2%1 ississippl Valley Trust100
19334 193%
554 554
353 353
Street Railway
St Louis Pub Serv Co corn•
Preferred
•
82
16
23
108
31
x
rx
.MOCCA.Wb.WOOWNODO
•
__
_
•
7434 77
2434 26
5434 5634
10035 102
9634 9734
10734 107%
324 3335
200 200
65-4 634
294
28
119 122
19
17
105 10534
12
12
2934
29
5335
53
42
41
4135 45
36
37
2434 25
4634 48
1335 1434
107% 1094
30c 40c
2334 2414
106 106
99% 100
365 3734
10534 10634
7534 78
1.55 1.60
124 124
1523.4 154
9234 96
39% 40%
27
26
15% 15%
2535 2634
11535 117
101% 102
2134 2535
97
92
9835
99
2535
25
95
9534
11834 12035
68%
63
10134 1013-4
106 107%
5434 55
26
2734
4234 4234
4335 44
305 305
64 634
11
10
130 13834
An',
co
Range Since Jan. 1.
• No par value.
Miscellaneous
Aloe corn
20
Preferred
100
s
Boyd-Welsh Shoe
Brown Shoe corn
100
Burkart corn
•
Preferred
*
Certain-teed Prod let pf100
2nd preferred
100
Century Electric Co__ _100
Como Mills Co
100
E L Bruce com
•
Ely & Walker 13 G com_25
2nd preferred
100
Fred Medart Mfg com_ •
Fulton Iron Works pref 100
Hamilton-Brown Shoe.
.25
Huttig S & D corn
•
Preferred
100
Hydr Press Brick com _ _100
Preferred
100
Independent Pack corn_ _ -•
International Shoe corn.•
Preferred
100
Johansen Shoe_ - •
J Schoeneman pref._ _ _100
McQuay-Norris
•
Mo-Ills Stores corn
*
Mo Portland Cement._25
60% paid
25
Moloney Elec Pre
100
Nat Candy corn
•
bat preferred
100
•
Pedigo-Weber Shoe
Polar Wave I & F "A"--5
inn
inA 1,
InA •
,
In.n. v...12/
2.....
Rice-Stix Dry Goods com •
bet preferred
100
* No par value.
Scruggs
-V-B D G corn. 25
2nd preferred
San Francisco Stock Exchange.
100
-Record of tran.saeScullin Steel pref
*
tions at San Francisco Stock Exchange, Jan. 28 to Fea. 3 Securities Inv com
Sheffield Steel corn
both inclusive, compiled from official sales lists:
•
Sieleff Packing corn
•
Friday
&les
Skouras Bros "A"
•
Last Week's Range )07'
Range Since Jan, I.
Southw Bell Tel prat_ _ _100
Sale
of Prices.
Week.
St Louis Car com
10
Par, Price, Low. High. Shares.
StocksLow,
High,
Wagner Elec com
Preferred
100
Trust Co
435 435
5 400
Jan 435
Anglo Calif
Mining
Feb
239 241
505 236
Anglo dic Land P Nat Bank 241
Jan 256
Jan I Consul Lead & Zinc Co A •
145% 1494 47,740 13734 Jan 1493.4 Jan
149
liancitaly Corp
Street Railway Bonds
283 283
45 283
Jan 295
Bank of California N A_
jab East St L & Sub Co 58 1932
26434 263 266% 9,200 260
Jan 28654 jars City Public Service. _ _1934
Bank of Italy
100 100
100
Jan 100
345 97
Calanaba Sugar common
Jan United Railways 413_..b934
93
93
17 9134 Jan 95
93
Preferred
MIscellaneousJan
250 285
250
Jan 285
California Copper
500 250
jab Wagner Electric Mfg 75 Ser
12135 10235 142
Jan 142
11,653 75
California Cotton Mills_ _
1941
Jan Scullin Steel 68
40 108% Jan 1114 Jan
Calif-Oregon Power pref._ ...... 110 111
•No par vasue.
701
r-naay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Prize. Low. High, Shares.
21
793.4
6934
99
27
39
214
21
1735
34%
4914
119
98
325
163
22% 23
81
83
35
103
39%
48
16
23
120
108
145
75
4934
30%
9034
35
60
26
20
95
435
7935
20
64%
11034
35
99
254
18
39
39
99
21%
120
37
32%
21
115
16
80
3334
30
423.4
18%
40
11234
17
37
98
Range Since Jan. 1.
Low.
4 325
92 159
High.
Feb 325
Feb 169
Feb
Jan
5 19234 Jan 195
Jan 570
10 554
55 350
Jan 355
Jan
Jan
Jan
25
82
Jan
Feb
310
548
35
103
40
50%
16
23
121
108
145
75
50
31%
9254
3634
60
27
21
95
434
80
20
71
111
35
99
27
18
43
4234
9935
2234
120
37
3434
214
116
19
80
34%
30
4935
1834
41
119
17
38.4
98
159
50
45
335
17
206
70
2
5
37
58
250
87
1.110
10
150
295
55
200
35
20
3.553
26
25
10
850
522
318
12
935
2
2
85
71
3
85
50
79
1,06
1
7
134
90
258
2
20
80
Jan
Jan
35
103
3834
48
16
2234
118%
105
140
75
45
39%
90
29
59
20
20
95
435
75%
1235
82
10954
3435
98
23
17
38
38
99
21%
116
3634
32
21
115
16
80
31
30
33
18
39
117%
16
37
9634
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
3534
10334
40
50%
17%
24
121
108
145
75
50
33
94
3634
60
30
21%
95
4%
81
20
71
III
35
9935
27
18
44%
4214
101
2334
120
38%
34%
23
116
20
80
34
30%
4935
18%
41
11934
17
40
9934
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
14
14
1434
405
14
Feb
15
Jan
92
04
92
85
2.000
94
9234 15.000
854 20.000
94
92
85
Jan
Feb
Feb
94
9234
8535
Jan
Jan
Jan
98
103 103
984 98
Feb 103
Feb
1.000 103
25,000 9834 Jan 9934 Jan
[VoL. 126.
FINANCIAL CHRONICLE
702
New York Curb Market--Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Jan. 28) and ending the present Friday (Feb. 3). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
1.1 mil.h r•nrn nlIr cirarr inn
4% 6
16% 1634
2034 22
2935 31
1931
18
18
3535
33
33
435 435
436
285 290
288
4135 4134 4434
335 335
3%
1635
2135
71
3034
2131
26
2531
4435
4231
974
8634
17535
108
97
53
1135
15
2154
36
5534
9531
935
37
3635
2634
135
2234
1834
2335
15
534
71
4
3035
15
2034
2535
2531
554
71
434
3234
15%
2131
26
2531
10731 10734
4454 4534
70
70
200
4
100 1634
4,400 2034
1,500 29
900 18
700 33
200
4%
110 230
6,000 3335
100
334
5
Jan
Jan 1734
Jan 23
Jan 3134
Feb 20%
Jan 35%
434
Feb
Jan 300
Jan 47%
3%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
200
25
600
5,100
800
1,700
1,100
200
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
534
71
5%
34%
1634
2335
26
26
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
535
70
234
3035
15
14
2535
2534
25 p10531 Jan 112
3,400 43
Jan 50
100 70
Jan 70
41% 44
26,300 39
3934
38
200 3731
300 30
34% 3534
6%
755 935 5,200
8434 9335 13,100 8434
3,000 171
17231 180
1,400 100
10031 109
700 89
9731
93
400 50
55
53
1.50 84
8451 85
450 13035
132 134
1,000 1134
11% 11 .4,
400 12
17
15
2054
3531
123
55
95
534
90
37
35
2635
15.4
35
2234
18
2231
1434
Jan 4335 Jan
Jan 3135 Jan
Jan
1
Jan
Jan 7034 Jan
Jan 4034 Feb
Jan 4535 Jan
Jan 131% Jan
Jan 12434 Jan
Jan
10
Feb
Jan
14
Jan
Jan 14935 Feb
2231 13,900 2034
3834 11,700 3534
90 11834
12435
55% 35,100 54
1,944 94%
9531
300
835
935
100 8834
90
100 3634
37
2,100 35
37
500 2335
2831
134
134 13,500
100 3431
33
23% 2,400 21
18
1834 2,800
7,600 2231
2335
1,400 214%
1534
Jan
Jan
Jan
44
3935
3834
974
100%
185%
114
9734
62
8735
136%
1234
17
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb 2635
Feb 4434
Jan 12435
Jan 56
Jan 9534
Jan
935
Jan 9034
Jan 38
Jan 38%
Jan 2935
Feb
lois
Jan 3734
Jan 2534
Jan
1934
Jan 24
Jan 15%
Jan
Jun
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
9
36
3754
28
20
3554 3534
100
900
30
500
10234 102%
18535 185 18831
11834 119
4534
43
44
230 234
249
33( 454
4
234 334
3
9
935
52
52
19331 189 194
16
16
7031 7034
121 12731
231 3
3
750 750
954 1035
10
100
100
300
2,300
4,300
9,100
1,200
300
100
CII
500
21
3,30
700
60
2,700
101
185
118
43
22035
1%
1
836
50
17335
15%
70
104%
231
50c
931
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,60
30
10
49
5
Jan
Jan
Jan
52% Feb
6
Jan
534 Jan
94
Jan
95
9
3
6
3534
6
52%
52
6
6
55.4 5%
95
95
100
73.1 Jan
Feb
36
Jan
23
3454 Jan
11
Jan
39% Jan
28
Jan
36% Jan
1023-4
189
119
51
254
5
4
934
52
191
16%
74
127%
331
75c
1234
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
0 1
, .01.
.
0M
0/4
W.M.
a..0W.
42
27
720
z6335
39
45%
12035
120
7%
13%
136
W.
200
42
3,600
28
2.100
1
7034 3,400
800
4034
100
4535
1,100
12735
275
12234
400
834
400
1335
14935 46,600
OOMM0
42
2735
90c
6734
3934
4535
124
122
122
731
7%
13
13
14535
148
2734
940
6834
4034
M.
12
2734
M
15
10334
W
16
1634
106
64
0
4235
. M0
0
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
01
9%
45
147
4834
98
17
1834
108
8034
80
11735
1734
114
111
13
28
335
M
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
62
52
OM.MA.
7%
60
52
0
634
734 8% 2,300
300 4234
4231 4231
25 140
140 140
4234 4235 6,100 39
300 9534
9634
96
1,700 1335
1534 16
1634 1634 1,400 1535
100 106
106 106
550 64
74
64
125 80
80
80
25 11434
11734 11735
1,000 14
1434 1534
10234 10034 24,500 95
80 109
11034 11034
1134 1234 1,500 1134
1,400 a26
2735 28
Vie
500
334 335
10634 10034
10
1931
1534
87
235
6%
4031
4734
63
600
1234
6134
76
7%
3534
10135
5834
20
1034
9
15935
65
1234
46
11635
132
118
315
1034
15
98
131
23
28%
5%
10
192
731
22
4134
2434
17
10135
2534
24.4
1855
8754
95
114%
c11935
40
29
1634
101%
1535
178
30
13%
52
335
22%
3734
105%
3151
63
1431
.
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
ba0I.
3134
8335
14%
934
177%
177
78
2134
1534
4334
12934
11634
70
58
Low.
35
2
50e
5534
5535
134
152
3034
17%
37
28
1734
4
11934
212
108
19
510
23
1434
A• I+-
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
5,100
100
100
200
400
320
100
1,000
500
900
4,100
2,300
1,900
200
3535 3535
Eitingon Schild Co,corn_ •
2
Estey.Welte Corp el "A" •
234
*
50c 60c
Class B
7235
Evans Auto Loading cl A.5 6831 67
5 6734 6734 7335
Class B common
234
2
.10
Fageol Motors Co corn.
100 15634 155 15734
Fajardo Sugar
44%
37
Fan Farm Candy Shops.... 42
17% 2535
Fansteel Products Inc____• 1834
37
37
Fashion Park Inc com___* 37
28
28
Fadden Mfg Inc class A_ •
1935
19
Federated Met stk tr ctts_.. 19
4% 5%
Film Inspection Mach__ •
Firemen's Fund Ins___100 12034 11935 12234
Firestone T & It com___10 21635 21634 22435
100 10834 108 112
7% preferred
2034
20
Foote Bros Gear Sr M corn •
516 535
Ford Motor Co of Can_100 525
* 2754 2634 2834
Forhan Co class A
1934
10 1831 17
Foster & Kleiser Co
Foundation Co
-1634
15
Foreign shares class A__' 15
193.4, 21
Fox Theatres class A com_* 20
1534 1534
Franklin(BE) Mfg corn.*
87
87
100
Preferred
6
231 2.31
Freed-Eiseman Radio_ __ _*
6%
•
634 7
Freshman (Chas) Co
• 41
4034 4134
Fulton Sylphon Co
48
52
Galesburg-Coulter Disc..' 50
•
6434 6434
Gamewell Co corn
600 750
•
Garod Corporation
1234 1234
«
General Alloys Co
General Amer Investors...* 6131 6134 63
General Baking class __A.* 8636 8434 8734
835 934
934
•
Class B
Gen'l Bronze Corp com__,.• 4331 4334 4634
Gen'l Flrearocifina corn...* 101% 101% 102
General Ice Cream Corp _ _• 6135 6135 6235
20
2034
Gen'l Laundry Mach corn • 20
1034 1135
C G Spring & Bumper com• 11
9
9
10
Preferred
5935 16535
• 160
Glen Alden Coal
Gobel (Adolf) Inc corn...... 8054 7334 83
Gold Seal Electrical Co..• 1434 1234 1534
Grand 5-10-25c Store new* 5331 53% 57%
Grant(WT)Coot DeLom• 12334 12235 124
134 13534
Grasselli Chemical com_100
Gt Atl & Pac Tea let pf 100
11891 118%
315 315
Gt Lakes Bdge & Dock _100 315
Greenfield Tap & Die....' 1131 1134 11%
15
15
•
Greif (L) & Bros cora
98
100
9834
Preferred
1% 1%
•
Griffith(D W)el A
Habirshaw Cable Sr Wire_. 2334 2335 2335
2834 2934
Hall(W F)Printing_ _10
6
Happiness Candy St el .A....
5% 6
10
•
10
Hazeltine Corp
19435 19435
Hercules Powder com__100
7% 854
Hayden Chemical Co....*
2234
22
Hires(Chas E)cl A nom.... 22
• 4234 4134 4234
Holland Furnace
2435 2434
*
Hudson Bay Co
Huyler's of Del. corn_ • 1834 1834 2034
100 101% 10134 101%
7% preferred
28%
Hygrade F od Prod corn.. 2831 28
Imp Tob of Gt Brit & Ire £1 2434 2434 2534
Industrial Rayon class A..* 1934 1931 2134
9034
Insur Co of North Amer.10 88% 88
98 100
*
Intl Cigar Mach'y
12034 12331
-Many Corp nom_ • 122
Johns
jot)
11934 120
Preferred
42
42%
Joske Bros Co com v t c.._• 42
• 29
29
Itawnee Co
29
1634 1631
Keiner Williams Stpg
*
Keith-Albee-Orph pret_100 102
10135 102%
1635 16%
Kemsiey, MIllbourn & Co•
178 178
Keystone Steel Si Wire__
•
Kinnear Stores Co com
3131 3234
16% 1731
Kruskal & Kruskal Inc....
Lackawanna Secur new..' 5435 54% 545
731
Lake Superior Corp__ _ -100
634 834
• 2231 2235 2554
Land Co of Florida
•
3731 37%
Letcourt Realty prat
Lehigh Coal & Nay __SO x112 z112 122
Lehigh Val Coal ctts new.. 3431 3134 35
63
Lehigh Val Coal Sales_ 50
66
• 27
Le Mur Co corn
23
2733
Leonard Fitzpatrick &
39
Mueller Stores corn _ ._ _• 39
4235
Libby McNeil & Libby _ _10
9% 954
Libby Owens Sheet Glass 25
120 120
Liberty Radio Cham Sts_ •
20o 20e
Lit Brothers Corp
i0
25
25
Magnin (I) & Co Inc corn.*
24
24
Manhattan Rubb Mfg 25
247 247
Manning. Bowman & Co• 20
Class A
20
2
031
• 11
Class B
11
1134
Marmon Motor Car corn.' 4254 40
44
Marvel Carburetor
10 6535 65
6554
Maryland Casualty
25 18931 185 190
Massey Harris Co corn_ •
4431 4431
Mavis Corporation
* 2234 21% 24%1
Mavis Bottling Coot Am.* 1734 15
1734
May Drug Stores Corp...' 2434 24
2454
May Hosiery Mills $4 pf • 48
48
4834
McCord Rod Mfg v t c...* 2034 20
2035
McKeesport Tin Plate.... 60
60
6035
Mead Johnson & Co corn.' 55
5354 56
Melville Shoe Co corn__ • 152
13134 159
Mengel Co
HQ
5235 5231
Mercantile Stores Co...100
97 105
Mergenthaler Linotype...* 108
108 110
Mesabi Iron
236
•
3234 3
Metropol Chain Stores...* 6034 5731 63
Met 5 & 50c Stores cl A..'
634 6%
Class B
•
6
6
Preferred
100
55
50
Midland Steel Prod
• 100
100 107%
Midvale Co
• 42
42
4231
-Honeywell
Minneapolis
100 10034
Regulator prat
43
43
Monsanto Chem Wks corn' 43
Moore Drop Forge ci A_ •
45
43
Murphy(0 C) Co co...* 73
73
70
corn...'
835 831
National Baking corn_
•
21
21
Nat Fireproofing pref___50
931
8
Nat Food Products cl B_.«
Range Since Jan. 1.
0W
2934
83
14
834
162
162
7535
1934
12
37
120
10534
5934
49
3035 3154
8334 8334
14
14
934 934
935
170 170%
16834 16834 171
7534 7531
1934 2036
20
1435
12
40
4334
12534 12535 12934
3134
62
High.
.
Indus. & Miscellaneous
Acetol Products, Inc. A..*
25
Acme Steel Co coin
Aero Supply Mfg class A.*
•
Class B
50
Ala Gt Sou RR ord
50
Preferred
Alliance Insurance Co_ _10
Allison Drug Store el __A*
•
Class B
Alpha Portl Cement,com.•
•
Aluminmum Co,
corn.160
Preferred
100
American Arch Co
Amer Bakeries, class A.'
Am Brown Boveri El Corp.
*
Founders' shares
*
American Chain, corn_
American Cigar, com._100
Amer Cyanamid com el B20
Preferred
100
Amer Dept Stores Corp.•
American Hawaiian SS_ _10
Amer Laundry Mach corn •
Amer Mfg Co, corn-..100
Preferred
100
American Meter Co
•
Amer Rayon Products_ ..*
Amer Rolling Mill, com_25
Preferred
100
Am Solvents &Chem,v t a*
Cony partic preferred._'
5
Amer Thread prat
American Trading CoAmerican shares
Anglo-Chile Nitrate Corp_•
Atlantic Fruit & Sugar_ __..
•
Atlas Plywood
Atlas Portland Cement_.
Preferred
Auburn Automobile, nom.*
Babcock & Wilcox Co_ _100
*
Bahia Corp common
25
Preferred
Bancitaly Corporation 25
Beaver Board CosCorn, class B v t c___
Belgian Nat Rys pref
Benson & Hedges corn.._'
•
Convertible pref
Bliss(E W)& Co. corn...'
Blumenthal(S)& Co.corn'
Blyn Shoes, Inc, com_ _ _10
Bohack (I1 C) Co,com_100
Bohn Aluminum & Brass.*
Botany Cons Mills cora....
Bowman Biltmore
•
Hotels common
100
Preferred
Bridgeport Machine,nom.*
*
Brill Corp. class A
Class B
•
•
Brillo Mfg,corn
Brit
-Amer Tob ord bear.£1
.£1
Ordinary rag
Broadway Dept Store 1st
prat with warrants_ _ _100
Brockway Mot Trk, corn.*
Burt(F N) Co Ltd corn 25
Camp, Wyant & Cannon*
Foundry
Canadian Indus Alcohol_ _•
Carnation Milk Prod,com25
Case Plow Wks, cl B v t a.*
Celanse Corp of Am,com_•
100
First preferred
•
Celluloid Co,corn
•
37 preferred
•
Celotex Co,common
100
7% preferred
Central Aguirre Sugar-50
Centrifugal Pipe Corp_ __•
A.'
Checker Cab Mfg classCM & SIP (new Co)New common w I
New preferred w i
Childs Co, pre!
100
Cities Service,common_ _20
Preferred
100
Preferred B
10
Preferred BB
100
City Ice & Fuel (Cleve)...
Club Aluminum Utensil..'
Cohn-Hall
•
-Marx Co
Colombian Syndicate__ _ _1
Columbia Graph, Ltd, rats
Consol Dairy Products_ _.•
Consol Film Indus. corn..'
•
$2 cum panic prat
•
Consol Laundries
Copeland Products Inc-Class A with warrants....
£1
Courtaulds, Ltd
Crocker-Wheeler com._100
Crow, Milner & Co, corn.'
Cuneo Press635% pi with warr'ts 100
Curtis Publishing corn...*
Curtis Publishing,$7 prof.'
•
Davega, Inc
Deere & Co, common_ _1w
De Forest Radio, v t c....'
Vot trust ctfs--ctfs dep..
10
Detroit Motorbus
Devoe & Raynolds Cl B. •
Dixon (Jos) Crucible Co100
•
Doehler Die-Casting
•
Dominion Bridge
Dominion Stores. Ltd__ •
Dubiller Condenser Corp.'
Dupont
Durant Motors*
Motors, Inc__ _ _•
Durham Dup Raz pr pratWith el B corn elk pr wr•
•
Duz Co. class A
Voting trust certificates_
Educational Pictures Inc
Low.
"
0 .
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u.
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- "owt.21.t..t. o.,C,O.-,.w...4
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,
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Stocks-
Friday
Sales
Last Veek's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range since Jan. 1.
...
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Feb. 3.
1
1
High.
36
3
1
7534
7534
234
160
4434
35
43
2934
20
5%
12834
238
112
2034
568
29
1931
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan 1734
Jan 22
Jan 1634
Jan 87
Jan
234
Jan 1034
Jan 4435
Jan 52
Jan 6534
1
Jan
Feb
1334
Feb 68%
Jan 8834
Jan
1034
Jan 4634
Jan 103
Jan 6434
Jan 2034
Jan 1134
9
Jan
Feb 169
Jan 83
Feb • 17
Jan 58
Jan 125
Jan 13734
Jan 119
Feb 315
Jan
1234
Feb 1835
Feb 99
1%
Jan
Jan 2334
Feb 30
734
Feb
11
Jan
Jan 195
9
Jan
Feb 23
Jan 43%
Jan 2434
Jan 2054
Jan 10234
Jan 30
Feb 2534
Jan 2234
Jan 9534
Jan 10331
Jan 124%
Jan 120%
Jan 43
Feb 3934
1034
Feb
Feb 10231
1734
Jan
Jan 178
Jan 32%
1734
Jan
Jan 55%
Jan
834
,
Feb2534
Jan 38%
126
Jan
Jan 39
Jan 6635
Jan 2734
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
zan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jar
Jar
Jar
Jar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jar
Jan 43
39
9% Jar
Jan
9
Jar
Feb128
120
Jar
200
Ja
200
Jar
2435 Jan 25
Jan 2434 Jar
2331
Fel
4034 Jan z47
18
955
40
62
180
4054
2155
15
20
48
19
60
5334
111
523,4
97
105
2%
54
6
434
44
95
39
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jarr
Jan
Jan
Jan
Jan
Jan
2011
1134
47
6535
191
46
24%
1735
26
48%
2135
60%
5834
169
58
105
114
334
63
8
634
59
112
443,4
Feb
Jar
Jar
Fel
Jar
Jar
Jar
Fel
Jar
Jar
Jar
Jai
Jar
Fel
Jai
Fe)
Jar
Jai
Fel
Jai
Ja'
Fe'
Ja
Ja
9931 Jan 10034 Ja
Ja
3834 Jan 46
Ja
Jan 45
45
Fe
6231 Jan 73
10% Ja
835 Jan
Fe
Feb 21
21
94 Jo
Jan
6
FE)B. 4 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Contiuned) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
703
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
44 434
4ational Leather
10
800
44 Jan Woodworth Inc corn
34 Jan
• 29
38% 3
gat Manufacture & Sts_ •
100 344 Jan 3931 Jan Worth Inc cony class A _ _• 2235
834
*
cations.'Standard Co_
46
46
Jan Yellow Taxi of NY
Jan 46
100 46
*
124 128
100
Jan Youngstown Sh & Tu pf100 10711
Feb 131
'tat Sugar Refg
250 124
635
634 6%
634 Feb Zellerbach Corn
Jan
gat Theatre Supply com_•
400
6
•
.
gelsner Bros Inc corn__ • 78
73
78
Jan
1,350 6014 Jan 80
Preferred
116 116
Jan
50 11034 Jan 116
Rightsqewberry (J J) pref
1064 1074
_100
250 10631 Jan 1073-4 Jan Amer Rolling Mill
Jan Borden Co
10
835
gew Mex & Ariz Land_ _.1
835 834
834 Jan
900
534
32
stew On Gt Nor RR_ _ _100 32
Feb 37% Jan Canadian Indus Alcohol__
3431
800 32
gewport Co prior com _100 141
139 144%
Jan 144
Jan Flat
400 114
164 164
, auction Co cl A corn _*
TY
100 16% Feb 17% Jan Fox Film
1
4 Y Merchandise Co__
34
34
Jan 35
Jan International Silver
100 34
25
gichols & Shepard Co__ _* 38
314 40% 17,600 30% Jan 4011 Jan Lehigh Coal & Nay
64
Stock purchase warrants.
18% 19
19
Feb Lowe's Inc
300 18% Feb
Ines I3ement-Pond come 38
37
41
Jan 4234 Jan Pacific Gas & Elee
3,000 28
2%
'torts Amer Cement
834 Feb Public Serv Corp of NJ
•
835
Jan
831 835
6
900
gorthwest Engineering * 3334 324 35
Feb Union Natural Gas of Can.
8,800 314 Jan 35
govadel Process Corpcom•
12
14
14
Jan White Sewing Mach deb rts 11
Jan
2,400 12
$2 cumul panic pref__ •
32
32
Jan
Jan 32
100 32
>hio Brass class B
• 0734 9734 9834
Jan 98% Jan
Public Utilities475 89
,
acIfic Coast Biscuit pref.* 50
50
50
300 4934 Jan 51% Jan Alabama Power $7 pref •
'acific Steel Boiler
* 1334 13% 1311
1334 Jan Amer Dist Tel NJ pref.100
1,100 1334 Jan
'age Hershey Tubes cora...
Jan 100
96
Jan Amer Gas & Elan corn _ _ ..• 126
99
100 90
'almollve Peet Co nom_ _..* 947-4 9434 95
Preferred
600 9334 Jan 95% Jan
• 107%
'aim Davis & Co
• 414 4034 44
Jan Amer Lt & Trac nom_ _100 184
Jan 44
2,100 38
'ender (D) Groc Co cl A..*
504 5035
Jan d5034 Jan
Preferred
100 49
100 116
Class B
• 38
3735 38
400 3334 Jan 3931 Jan Amer Nat Gas corn v t c__• 204
'enney (J C) Co el Apr 100 1044 10434 1044
Jan 105% Jan Am Pow & Light prof_ _100 108
600 104
'ennsylvania Salt Mfg_ _50 95
Jan Amer Pub CD1 pr pfd_ _100
Jan 100
92
96
250 92
'copies Drug Stores
• 5334 52
Jan 5414 Feb
Participating pref_ _ _100
53%
1,500 48
'erfection Stove
119 119
Jan 1224 Jan Amer Superpower Corp A • 40
25
25 119
'helps Dodge Corp.
Jan 12934 Jan
124 125
Class B common
100
150 124
• 40%
"hila Dairy Prod pr pf.._5
Jan 9344 Jan
9334 9334
First preferred
100 90
• 102%
'hint) M or's Cons Inc nom*
9
Jan
6% Jan
Participating pref. __25
734
735 8% 4,400
.55
Class A
1234 14
Jan Assoc Gas & Elm el A....* 4734
14
500 1231 Jan
Pick (Albert), Barth & Co
Brooklyn City RR
100
6
Fret class A (partle pf).' 2134 21% 2235 2,800 x2034 Jan 224 Jan Buff Niag & East Pr com_• 35%
"iggly Wiggly Corp corn.* 2634 2644 2734
New class A w I
33%
4,400 2634 Feb 2834 Jan
piggly Wiggly Western
Preferred
25
Stores Co class A
*
2334 26%
1,000 23% Jan 2634 Jan Central Pub Serv corn.. • 214
ines Winterfront Co CIA 5 6234 60% 64
Jan Cent & SW Util pr lien stk*
_.
2,600 5614 Jan 64
Pitney 13owes Postage
Cent States Elea, nom.
*
Meter Co
1034 Jan
*
74 Jan
600
8% 934
100 10735
7% preferred
Pitts & L ERR com___ _50 150% 1504 1524
9 1504 Feb 155
Jan Cities Serv Pr & Lt $6 pf.' 9631
Pitts Plate Glass
210 214%
Feb 21414 Jan Columbus Elec & Power_'
100 210
150 210
E'otrcro Sugar common__ •
14
1434 Jan Co 'With Edison Co ..100 185
14
Jan
200 14
E'ratt & Lambert
Jan Com'wealth Power Corp
54
• 55
55
1,300 5134 Jan 55
Procter & Gamble com _20
247 250
Jan
Feb 265
Preferred
100 10334
200 247
[Irene Mfg
9
9% Jan Con Gas EL & P Bait corn* 7134
9
Jan
10
9
100
I It S Music Co
3834 3974
*
500 38% Jan 3934 Fe, Cont'l G & E 6% pd pf _100
Realty Associates com
275 276
*
Jan Duke Power
100
50 27034 Jan 290
Republic Mot Trk v t c__•
2
3
2
Jan Eastern States Pr corn B.• 1235
1% Jan
1,600
Richman Bros Co
285 2854
Jan 288
• 285
Jan Elea Bond & Sh pref___100 11034
70 285
Richmond Radiator Com_• 254 23
2734 3,200 23
Jan
2734 Jan Elan Bond & Sh Seeur____. 8874
7% convertible pref •
38
39
Jan Elec Invest without war. 5 4434
Jan 40
.
(i00 38
Rolls-Royce of Amer pf 100
494 50
100 45% Jan 52% Jan Elea Pow & Lt 2d pref A _ _•
Royal Bak Powd com...100
280 285
Jan
Jan 287
Option warrants
14%
175 236
Preferred
1074 10834
100 108
Jan 108% Jan Elec Railway Securities •
200 104
•
Royal Typewriter com
92 100
75 7934 Jan 100
Jan Empire Gas & F 87 pf _100
0
Ruberold Co
100 103
103 107
Jan
7% Preferred
100 9934
850 8134 Jan 107
Safety Car Heat & Ltg.100 164
144 164
Feb Empire Pow Corp part stk• 3334
Jan 164
150 135
Safeway Stores corn
• 350
340 350
Jan 360
Jan Federal Water Serv cl A _ _* 3434
120 310
.31 Regis Paper Co
5434 59
• 56
Jan Florida Pow & Lt $7 pref.' 107
Jan 50
2,200 50
Sanitary Grocery Inc_ _ _ _• 227
Jan General Pub Serv corn...' 19
Jan 227
222 227
800 215
Savannah Sugar nom_
•
120 122
Jan Internal CBI class A
40 11934 Jan 128
• 49
Schiff Co 7% pref
100 110
110 11234
Feb114
Jan
Class B
•
8%
25 110
Scovill Mfg
25 .513-4 5034 53
Jan
Partielpat pref
• 100
300 5034 Feb 53
Scullin Steel pref
34
• 34
34
Feb 34
Feb K C Pub Serv Comm vtc_*
100 34
Seeman Bros common_ _ * 3934 3734 3934 3300 33
Jan 394 Feb K C Pub Serv pf A v t c_*
SelberlIng Rubb Co Corn. 5
4134 4231
.
Jan Lehigh Power Securities_.• 24%
Jan 44
800 39
Selfridge Prov Stores Ltd
Dep receipts for comstk.
Ordinary
434 434
El
4% Jan Long Island Ltg pref A_100 11235
434 Jan
oo
53-4 635 23.200
03.4
Serve! Inc (new co) v t c__*
64 Jan Marconi Wirel Tot Can_ _1
44 Jan
334
Preferred v t c
29
28
29
Jan Marconi Wirel Tel Lond _ £1
400 26% Jan 31
Partin ctfs 3d paid
434 434
30
434 Feb Mass. Ltg Cos6% pref _100
335 Jan
44
Schaeffer(WA)Pen new.
40% 45% 6,10
Jan 4634 Jan Middle West URI corn...' 13134
4031
18% 195-4 3,400 1734 Jan
Silica Gel Corp corn v t c.•
$6 preferred
193.4 Jan
• 9834
Silver (Isaac) & Bros eom.• 48% 4531 49%
Jan 494 Feb
3,300 39
7% preferred
100
Mfg
100 439
Jan 442
Singer
439 442
Feb Mohawk & Bud Pow corn • 31
20 428
109 109
Jan 109
Smith (A.0.) Corp pref 100
Jan
First preferred
20 109
*
Southern Asbestos Co__ • 274 27
2911 Jan
2831 5,100 2334 Jan
Second preferred
•
r:* 3374 3334 33%
Southern Stores Corp ci j
Jan 33% Jan
850 24
Warrants
spalding(A G)& Bros corn*
130 134
Jan 147
Jan Nat Elec Power class A_ • 32
60 1125
Sparks-Withington Co_ _ _• 35
32% 3434 5,100 30
Jan35% Jan
Preferred
i60
Stand Com'l Tub corn__ _• 32% 32
3535 Jan Not Power & Light pref. _• 1104
32% 3,100 31
Jar
101 102
Jan 102
Stand Invest Corp 534 ph*
Feb Nat Pub Serv corn class A * 25
300 101
109 1103-4
Jan 112
Stand Sanitary Mfg corn 25 z109
Jan
600 108
Common class B
• 30
20% 2934
Stand Textile prof B. _100
Jan New Engl Pub Serv com_• 66
25 29% Jan 30
48
• 48
53
Stanley Coot Amer
Feb 54
Jan NY Telep 634% pref_ _100 114%
600 48
18934 18914
Steel Co of Canada corn 100
10 18934 Jan 18934 Jan Nor Amer Util Sec corn...*
9
Jan 2034 Jan Northeast Power corn__ _ _• 213-4
1934 1934
Stern Bros corn B v t c. •
100 19
•
Stinnes (Hugo) Corp
934 934
931 Jan
100
103-4 Jan Nor Ind Pub Serv 7% pf100
Stromb-Carlson Tel Mfg.*
30
30
Jan 35
Jan
100 30
Northern Ohio Power Co_• 22%
*
38% 39
Stroock (5) & Co
Jan Nor Ont Lt & Pr prof..100
200 3814 lob 40
153.4 1634
•
900 1635 Jan
Rutz Motor Car
187-4 Jan Nor States P Corp com.100 13431
175 175
Jan 178
Superheater Company_ __•
Jan
100 164
Preferred
100 108%
12734 12831
100 128
Jan 128% Jan Ohio Bell Tel 7% pref._100
Swift & Co
850 125
15 30
2934 304 15,400 2511 Jan 31
Jan Ohio P S 7% 1st pf A..100
Swift International
1734 1834
Wash Mach II corn.* 184
1934 Jan Pacific Gas & El let pf _ _25 2774
syraC
500 1434 Jan
313 315
Jan 316
Teitz (Leonard) warrants
4 286
Jan Pacific Pow & Lt 7% pf 100
Timken-Detroit Axle_ __10 1134
1134 1 274
1,800 11% Fel
123-4 Jan Penn-Ohio Ed corn
• 35
36
Jan 3634 Jan
Tishman Realty & Constr• 3534 35
4,800 33
7% prior pref
100 108
Jan 51
Jan
1,200 48
Todd Shipyards Corp_ _ __. 4834 484 5034
$6 preferred
• 95
-Lux Pict ScreenOption warrants
Trans
•
414
434 4% 5,400
474 Feb Penn Ohio Secur Corp____• 1335
334 Jan
Class A common
30
31
3,700 2814 Jan 3135 Jan I Gas dr Elec class A _ _.• 22
Trier, Products Corp COM,* 30
.
05 1234
12
1211
1234 Jan Pa Power & Lt $7 prat__ _•
Trumbull Steel corn
600 1014 Jan
12
25 12
12% 1,500 12
Feb
1234 Feb Pa Water & Power
Corn etf of del)
•
9835 10134
100 100
Jan 10131 Feb Portland Elec Power._ _ 100
Preferred
1,200 90
Preferred ett of drip_ _100
9634 101
500 9634 Jan 101
Feb Power Secur pref
•
10 3614 3631 4031 2,000 3334 Jan 4031 Jan Providence Gas
Truseon Steel corn
50 122
465 485
Jan505
Tublze Artificial Silk cl13_• 472
Jan Puget Sound P &L corn 100 44
320 460
11
11
300 1034 Jan
Tung-Sol Lamp Wks com •
7% preferred
1134 Jan
100 111
5 20
19% 20% 1,100 19's Feb2134 Jan Rhode Island Pub Serv pf•
Class A
*
6334 6434
700 6234 Jai
66
Jan Shawinigan Wet & Pow_ _• 95%
United Biscuit class A_
• 183-4
173-4 2034 10,800 1731 Jan
2134 Jan Sierra Pacific El corn..100 33
Class B
27
Feb 32
303-4
Jan
1,200 27
United Elec Coal Cos v t c *
Preferred
100
5434 5434
100 5334 Jan 6134 Jar, Sou Calif Edison prefB _25
United Eng & Fdy new w 1*
1231 1214
1234 Jan Sou Colorado Pow Cl A..25
200 1134 Jan
United Profit Sitar prof _10
55
5434 52
1,200 40
Jan 55
Feb Southeast Pow & Lt corn.* 4134
JS Dairy Prod class A...•
*
1634 17
19
Jan
300 1634 Feb
Class 13
Corn voting trust ethr__• 41%
85
com_100
85
Jan 85
Jan
25 85
Participating pref
•
U S Finishing Co
Jan 8434 Jan
• 7834 7734 79% 3,600 74
57 preferred
S Freight
•
U
80
81% 5,925 80
Feb 92
Jan
Warr'ts to pun corn stk.. 13
US Gypsum common_ _20 80
• 8534 84
86
1,800 6734 Jan 9014 Jan Southw Bell Tel pref.. _100 118
U $ L Battery corn
1031 1034
10
Jan
500 10
10% Jan Southwest P & L 77 pf100 111
7% pre( class B
/
Reclaiming •
100 14% Jan
147-4 14%
1634 Jan Standard Pow dr Lt coin_25 33%
U S Rubber
Waitt & Bond Inc cl A..* 2434 2434 24% 1,000 2431 Jan 2534 Jan
Preferred
• 104
1634 1734
• 1714
900 1634 Feb18
Jan Tampa Electric Co
Class 13
•
M
35
100 3131 Jan 35
Feb Toledo Edison 77 pref 100
Warner Gear Co class A..: 35
144 154
17
1,900 1314 Jan
Jan Union Nat Gas ofCanada'
Bros Pictures_
Warner
163.4 17% 5,500 1334 Jan 20
Jan
United Gas Impt
Watson (Job Warren) Co.* 1614
50 11334
5634 5634
20 5634 Jar, 5
634 Jan united Lt &Pow corn A..
Warren Bros 2d prat_ _ _ _50
5 1635
68
70%
Feb 73
1,900 68
Jan
Wesson Oil& SD corny be•
Common class B
•
•
104 104
Jan 104% Jan
100 102
Preferred
Frei class A
•
2934
29
600 2731 Jan 2934 Feb
Supply Pf-* 29
Preferred class B
Western Auto
• 5534
3934
1,300 3434 Jan 3934 Feb Utah Pow & Lt prof__ _100
Wheatsworth Inc con). _..• 3934 38
Jan
7
7
7
100
834 Jan Util Pow SC Lt class B____* 204
Williams 011-0-Matic Iftg *
250 250
Jan 25334 Jan UM Shares Corp com____* 124
corn •
100 250
Wire Wh Corp of Am
6 634
Feb
400
6
6% Feb Western Power, pref_ _ _100 104741
Wolverine Port Cernent_10 z6%
27
2235
18
107
49%
2974
224
18
108
524
Range Since Jan. 1.
Low.
3,300 26%
1,000 2234
200 16
110 106%
150 44
High.
Jan
29% Feb
Jan 22% Jan
Jan 20
Jan
Jan 111
Jan
Jan 5234 Jan
IOC)
4%
54
131
24
1
25
6
12%
2%
50c
1%
11
5% 4,900
534 8,400
2,000
134
200
24
134
700
400
26
200
67-4
50
13
2%
800
90c 74,200
1%
100
1,900
12
6
Jan
Jan
6
Jan
131
Jan
234
Feb
134
Feb 26
Feb
635
16
Jan
Jan
234
Jan 90c
Feb12%
Jan
1234
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan 11534
115 115
100 114
114 114
25 113% Jan 115
22,400 11734 Jan 128
122% 128
106% 1074
900 106% Jan 109
Jan 191
17134 191
2,125 170
116 116
25 1154 Jan 116
1934 2034 2,600 1834 Jan 21
107% 108
920 1071 Jan 109%
98
25 9834 Jan 9834
98
Jan 90
200 90
90
90
Jan 41
3.100 37
394 41
4,800 37% Jan 414
3974 41
1,200 1014 Jan 10334
10234 103
300 29
294 29%
Jan
2914
4734 47% 3,100 4734 Feb 5134
6
634 11,200
Jan
7
5
34% 364 4,500 3034 Jan 3634
Jan 3441
3234 3411 5,500 31
264 264 2,200 26
Jan 264
700 1934 Jan214
21
21%
Feb 10734
105 105
100 105
100 30
3034 3034
Jan 3034
107% 10734
175 1044 Jan 107%
9634
500 954 Jan 96%
96
150 66
6634 68
Jan 68
167 188
Jan 188
350 167
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
102% 1034 2,200 102%
6934 71% 3,000 6734
1104 110%
100 110
139 140
100 135
1234 1531 3,600 114
110 110%
1,000 1094
8234 937-4 66,700 76
43
45% 20,500 404
10231 103
100 z102
1431 14% 2,900 1334
614 6%
631
100
108% 1087-4
2,200 108%
99% 99%
500 9934
3334 3531
4,500 34
3434 3514
1,500 2734
10634 107
350 104%
1534 2034 6,800 16%
49
50
600 48
8% 934 12,500
314
984 100
300 97
14
14
100 14
7134 72
300 70
24
2614 64,000 194
2534 2611
7,300 264
112 11234
20 110%
3% 434 103,600
3°11
134 1534
1,500
931
1114 11134
30 11135
2,000 123
131% 135
97
9834
700 94
.500 11734
121 125
31
3134 5,600 2934
110 110
50 10834
1074 1074
50 105
500
634 6%
6
27% 3234 23,500 2734
109% 109%
300 10935
110 110%
300 10834
31,500 22
22% 26
1,600 2434
2734 30
300 66
66
68
114% 11434
100 113%
7
1,200
731 9
35,300 1934
2034 23
20 12135
12134 12114
18
59,700
2234 24
10 98
984 9814
13234 13634 8,100 1123
200 108.4
10834 10934
2C 112
112 112
6C 109
10911 10934
2734 2734 2,90C 264
11C 109
109 109%
3234
801
3434 3531
40 107
108 108
90 94
94% 95
40C
11
1234
12
90C
13% 14
13%
30C 20
2235
20
40C 10934
110 1104
50C 68
71
70
501. 424
434 4334
1,300 61
61
61
25 117
122 122
4334 4534 1,200 34%
120 10934
10934 111
100 304
31
31
100 95%
05% 95%
1,006 29
3234 33
20 094
94
94
275-4 3,300 2514
27
400 25
2534 2634
4334 44% 7,800 42
200 41
41% 4134
100 84
8535 8534
200 10835
109 109
1334 1,400 13
13
350 11734
118 1184
11/ 111%
60 110
3034 3434 2,500 2934
104 104
100 10335
500 62
6234 63
10 110
110 110
700 2834
3534 3614
11334 11734 11,300 11131
1634 1734 104,800 13%
600 20
20
2034
200 943-4
9931 100
200 S2%
5534 554
50 1104
1104 11031
2,900 1834
2031 21
1,400 1131
114 12%
150 103
10434 10414
Jar
Feb
Jan
Jar
Jar
Jar
Feb
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Jar
Jar
Jar
Fel
Fel
Fel
Jar
Jar
Jar
Jar
Fel
Jar
Fel
Fel
Fel
Fel
Jar
Fel
Fel
Jar
Jar
Jar
Fel
Jar
Jar
Jar
Jai
Fel
Fel
Jai
Jai
Jai
Jai
Fel
Jai
Jai
Fel
Jai
Fel
J
Jar
Jar
Jai
Fel
Jar
Jai
Jai
Jai
Jai
Jar
Jai
Jai
Jar
Jar
Jar
Fel
Jam
Jai
Fel
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Fel
Fel
Jar
335
534
14
24
1
25
6
1234
24
50c
10%
10
Jan 1044
Jan 7134
Jan 1104
Jan 145
Jan 154
Jan 1114
Jan 9334
Jan 45%
Jan 1044
Jan
15%
614
Jan
Jan 110
Jan 99%
Jan 3534
Jan 3531
Jan 107
Jan 2034
Jan 51%
1034
Feb
Jan 100
Jan
1534
Jan 72%
Jan 2734
2531
Jan
Jan 112%
4%
Jan
Jan 1531
Jan 111%
Jan 135
Jan 9834
Jan 125
Jan 3134
Jan 110
Jan 108
Jan
64
Jan 3234
Jan 109%
Jan 110%
Jan 26
Jan 30
Feb 68
Jan 11534
9
Jan
Jan 23
Jan 12134
Jan 2434
Jan 9834
Jan 13634
Feb10934
Jan 11234
Jan 110
Jan
2734
Feb 10934
Jun
353-4
Jan 109
Jan 96
Jan
134
Jan
14
Jan 2234
Jan 1104
Jan 73
Jan
433-4
Jan 6234
Jan 122
Jan463
4
Jan 112
Jan 31
Feb95%
Jan 33
Feb 95
Jan
2711
Jan 2634
Jan 4434
Jan 4334
Jan 8734
Jan 1084
Feb
13%
Jan 119
Jan 11134
Jan 344
Jan 105
Jan 64
Feb 110
Jan 37
Jan 11834
Jan 1734
Jan 20%
Jan 100
Jan 5541
Feb 1104
Jan 21
1231
Jan
Jan 10434
Sales
Friday
Former Standard Oil
Last Week's Range for
Week.
of Prices.
Subsidiaries
Sale
Par. Price. Low. High. Shares.
Anglo-Amer Oil (votsh)El
Vot stk ctf of dep £L_..
Non-voting shares_ _£1
Non-vot ohs. ctf of dep £1
Borne Scrymser & Co_ _100
50
Buckeye Pipe Line
Continental Oily t c__.. _10
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena-Sig Oil pf, new_100
Humble Oil & Refining_ _25
100
Illinois Pipe Line
Imperial Oil (Canada)_ _ _*
50
Indiana Pipe Line
National Transit.. .12.50
100
New York Transit
100
Northern Pipe Line_
25
Ohio 011
25
Penn-Men Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
50
Southern Pipe Line
25
South Penn Oil
So West Pa Pipe Lines_100
Standard 011(Indiana)_ _25
Standard 011 (Kansas)__25
Standard Oil (Kentucky)25
25
Standard Oil(Neb)
Standard Oil(0) corn_ _ ..25
100
Preferred
25
Vacuum 011
20%
19'4
55
6234
1931
103
67
40
64
6035
22%
47
10234
39
4831
18634
30
38
8835
77%
1534
12435
75
120
144%
Range Since Jan. 1.
Low.
High.
17,800 1835 Jan 21%
19% 21
Feb 2085
300 19
19
19%
2,300 17% Jan 2031
19% 20
100 18% Jan 18%
1831 18%
Jan 56
50 55
55
55
Jan 83
1,500 58
63
82
19% 2034 18,000 19% Feb 23
Jan 105
1,200 94
96 105
700 6431 Jan 70
69
67
Jan 40
80 27
40
35
Feb 68
8,700 64
66
64
400 17635 Jan 185%
18331 18334
Jan 65%
60% 61% 3,200 59
Feb 78%
200 75
7534
75
5,300 2035 Jan 23
20% 23
900 3835 Jan 48
48% 48
Jan 10231
97 102% 1,150 94
8335 8431 1,800 60% Jan 66%
Jan 3935
1,500 36
37% 39
4831 49% 5,500 48% Feb 5031
Jan 18734
18535 18735 1,250 184
Jan 178
20 175
177% 177%
Jan 3335
30
3234 8,000 21
1,000 3651 Jan 40%
38
39
Jan 88%
550 70
85
88%
77% 7835 1,700 7731 Jan 8034
Jan 1735
15% 1635 1,500 15
4,300 12431 Feb 133
12435 128
500 41% Jan 43
4134 4231
Feb 79
7834 1,250 75
75
Jan 12031
10 100
120 120
Jan 148%
14335 14831 9,90 139
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Other Oil Stocks.
L..
1% Jan
131 135 218,600 820 Jan
131
Amer Contr 011 Fields.
435 Jan
3% Jan
3,300
4
Amer Maracaibo Co
3%
9% Jan
836 Jan
8% 8% 1,30
Arkansas Natural Gas_ _10
835
135 Jan
335 Jan
500
135 134
Atlantic Lobos Oil, corn_ *
Banasdall Corp stock purch
Feb
5
5% Jan
535 2,400
5
warrants (deb rights).-- -----Jan 39% Jan
400 38
3831
38
British-American Oil
•
Jan
6,000 100 Jan 20e
100 150
Cardinal Petroleum
10 150
22% 8,300 1835 Jan 23% Jan
21
Carib Syndicate new com..- 22
735 Jan
Feb
7
200
7
7
Consol Royalty 011
1
11% 26,300 10% Jan 12% Jan
• 1131 11
Creole Syndicate
135 Jan
Jan
400 94c
135
1
Crown Cent Petrol Corp_ •
Feb
1,400
814 Jan 10
8% 10
10
Darby Petrol Coro
7% Jan 10% Feb
7% 1075 1,100
Voting trust cite
• 10%
1
Jan
1% Feb
300
134
1
*
Derby Oil & Ref,corn..
735 Feb
735 Feb
100
7% 7%
Preferred
7%
Jan
2
135 Jan
1%
t34 1% 5,100
Gibson Oil Corporntion_ 1
Jan 530 Jan
400 51e
51c
51c
GMiland Oil corn v t e_ _ •
Gulf Oil Corp of Puma_ _25 11234 111 11235 5,100 110% Jan 11731 Jan
1235 4,100 11% Jan 1331 Jan
1235 12
Houston Gulf Gas
2% Jan
1% Jan
135 1% 4,000
Intercontinental Petrol_10
Jan
International Petroleum..." 3831 3831 4035 21,200 36% Jan 43
134 Jan
Jan
100
145 135
Kirby Petroleum
835 Jan
531 Feb
5% 5% 5,700
5%
Leonard 011 Developm't _25
Jan
Jan 23
•
22% 2251 1,000 22
Lion 011Refining
5435 2,400 5231 Jan 5431 Feu
25 54% 53
Lone Star Gas Corp
1% Jan
135 Jan
131 1% 4,900
1%
Magdalena Syndicate- --1
600 4135 Feb 4835 Jan
41% 43
Ma gay 011
Jan
Jan
100
1% 1%
Marland 011 of Men
•
836 Jan
535 Jan
400
5%
534 534
Mexico-Ohio Oil Co
Jan
Feb 43a
32c 35c 15,000 32c
10
Mexico Oil Corp
1% Jan
1% Jan
300
1% 131
1
Mountain & Gulf 011
Mountain Prod Corp_10 28% 26% 2734 5,400 2644 Feb 28% Jan
Jan
26% 27% 1,000 2635 Jan 28
Nat Fuel Gas new
5% Jan
600
5% Jan
5
5% 5%
New Bradford Oil
454 Jan
431 Jan
100
4% 431
*
New England Fuel 011_
900 1135 Jan 14% Jan
25
1234 13
New York Oil
700 1031 Jan 1231 Jan
11% 1234
• 12
North Central Tex 01140 Jan
40 Jan
1,000
1
40
4c
Northwest Oil
Jan
6
431 Jan
28,00
5
6
5%
Pandem 011 Corporation.*
8% Jan 1035 Jan
931 1031 11,000
of Venezuela"
9%
Pantepec 011
200 10% Jan 1135 Jan
10% 11
Paragon Refining, corn_ _25
(331 Jan
Feb
6
300
6
831
6
Pennok Oil Corp
435 Jan
334 Jan
300
3% 3%
5
Pittsburgh 011 & Gas
Jan
Jan 12
100 12
12
12
25
Red Bank 011
535 Jan
Jan
5
5
5% 2,300
534
Reiter Foster 011 Corp--•
Feb 25% Jan
100 25
25
25
Richfield Oil of Calif pf _25
535 Jan
434 Jan
500
531 5%
Ryan Consol Petrol
7% Jan
Jan
7
200
7
73.4
*
Salt Creek Consol Oil__10
JIM
5,100 32% Feb 35
Salt Creek Producers.... _10 32% 3235 33
Jan
400 1835 Feb 20
1635 1735
Tid-Osage Oil vot stock...' 17
Jan
1535 1535 16% 1,000 1535 Jan 18
Non-voting stock
88
93% 2,200 8435 Jan 93% Jan
Transcont'l 0117% pf_ _100 91
Jan 2135 Jan
300 18
20% 21
Venezuelan-Men 011
631 Jan
Jan
5
5% 5% 4,100
5%
Venezuela Petroleum_ - _ _5
Jan 22% Jan
500 21
21% 21%
Wilcox (H F) Oil & Gas-.'
7
6
Jan
Jan
700
13% 634
654
Woodley Petroleum Corp..'
234 Jan
2% Jan
200
2% 234
25
"Y"Oil & Gas
Mining Stocks.
9,000
60
80
Amer Commander M &M1
1% 19,800
90e
American Exploration_ _..1
6,000
3c
30
Arizona Globe Copper_ .1
150 15234
200
Bunker Hill dr Sullivan_ _10
23% 25% 10,300
Carnegie Metals
10
23,100
1% 2
Central American Mines..
1%
100
3% 35.4
ChiefConsul Mining
1
Consol Copper Mines_ _
534 5% 8,200
534
90 18,000
Consol Nev Utah Copper..3
70
9c
211, 1,800
Cresson Consol G M & M..
2
Dolores Esperange Corp_ _2 60e
450 650 18,100
Engineer Gold Mines Ltd-5
3% 3% 2,800
334
8c 146,000
Eureka Croesus
30
70
3,000
Falcon Lead Mines
140 15e
3c 12,000
30
First Thought Gold Mines 1
Golden Centre Mines_ _
635 7% 24,300
7
1,000
100 100
Goldfield Consol Mines.... 1
6,000
90
80
Goldfield Florence
1
4,000
30
2c
Hawthorne Mines. Inc_ ....l
3c
700
He-la Mining
25c 17% 17% 18
100
1731 17%
Hollinger Cons G M
5
500
Iron Cap Copper
3
3
10
Kerr Lake
500 550 27,500
5 550
100
235 231
Kirkland Lake 0 M
1
184 1% 1,000
Mason Valley Mines
5
3,300
53% 5
Mining Corp of Canada...5 z4
New Cornelia Copper_ -5 2834 2751 28% 1,600
370
New Jersey Zinc
100 19235 18531 19234
Newmont Mining Corp.._10 15635 14635 1134% 78,200
500
10
15
NY & Honduras Rosario M
531 5% 4,100
Nipissing Mines
53'
5
Noranda Mines, Ltd
20% 2034 2131 2,000
8,400
90e 940
Ohio Copper
1 90e
2,000
200 20e
1
Parmac Porcupine
1.000
Sc
5e
Plymouth Lead Mines_ _1
Moo 2% 1,000
Premier Gold Mining.. _1
17e 20c 13,000
Red Warrior Mining
1 20o
2,000
Sc
Sc
Reorg Divide Annex M 10e
10
222 222
Rio Tinto, Ltd, ord.. _£5
835 1535 89,100
Shattuck Dean Mining.. *
100
12
12
Silver King Coalition _ _ ..5
70
231 3
South Am Gold & Plat-1
5,00
15e 150
1
Stand Silver-Lead
834 9% 3,300
1
Teck-Hughes
135 134 2,100
Tonopah Belmont Deve1.1
[VOL. 126.
FINANCIAL CHRONICLE
704
70 Jan
50 Jan
131 Jan
Jan
87o
6310 Jan
30 Jan
141
Jan
Jan 2835 Jan
17
2
Jan
Jan
60e
335 Feb
331 Jan
831 Jan
Jan
5
90 Feb
50 Jan
235 Jan
Jan
45e
Jan 130e Feb
Jan
2
745 Jan
30 Jan
8c
Feb
140 Jan 160 Jan
20 Jan
30 Jan
735 Jan
235 Jan
Jan
80 Jan 12c
50 Jan 12c Jan
20 Jan
30 Jan
1831 Jan 18
Jan
1731 Feb 1831 Jan
Jan
3
Jan
3
50e
Jan 550 Feb
235 Feb
2% Feb
134 Jan
131 Jan
53,35 Feb
5% Jan
Jan 29% Jan
26
18031 Jan 19234 Feb
Jan 16434 Feb
122
Jan 17
Jan
14
535 Jan
5% Feb
2034 Feb 2335 Jan
Jan
88e Jan
Jan
150 Jan 25e
Sc
Jan
Jan
Sc
331 Jan
2)141 Jan
170 Jan 27e
Jan
Sc Feb
40 Jan
Jan
Jan 222
216
1315 Jan 1535 Jan
Jan
10% Jan 12
Jan
3
2% Jan
120 Jan 160 Jan
8% Jan 1054 Jan
2ho Jan
Pis Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
MinIny Stocks
Week.
(Concluded)
Par. Price. Low. High. Shares.
1
Tonopah Extension
1
Tonopah Mining
United Eastern Mining......
United Verde Extension50c
Utah Metal& Tunnel
Wenden Copper Mining_ ..1
West End Extension Min _ _
Yukon-Alaska Trust ctf_
5
Yukon Gold Co
10c
870
2331
149
2
30
30
9c 12c 36,900
336 4410 3,200
65e 70c
4,300
23% 23% 3,200
200
1% 2
19,800
2c
4,000
3c
26
3034 1,600
500
50c 60c
Range Since Jan. 1.
Low.
Dc
231
450
2335
94c
2c
25
50e
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
High.
180
434
750
25%
135
2
5c
30%
700
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
BondsAbbotts Dairies 68_ ......1942
Adriatic Electric 78_ _ _1952
Alabama Power 4355__1967
1958
1st & ref 58
AlliedPack 1st M colitr88'39
1939
Debenture 65
Aluminum Co 5 f deb 55'52
Amer Cyanamid 58_ _1942
2014
Amer G & El 13s
Am Natural Gas 6353_1942
American Power & Light
68, without warr'nts 2016
Amer Radiator deb 4358'47
Amer Rolling Mill 6s.._1938
1948
Deb s f 58
19313
Amer Seating 69
American Thread 68_1928
Anaconda Cop Min 88_1929
Andean Nat Corp 6s....1940
Without warrants
Appalachian El Pr 58_1956
Arkansas Pr & Lt 55_ _1956
Associated G & E 5358 1977
1948
530
Assoc'd Sim Hard 13358 '33
1949
Atlantic Fruit 85
Batavian Petr deb 43481942
Bates Valve Bag 6s._1942
With stock purch warr_
Beacon Oil 68, with warr'36
1933
Beaverboard 8s
Belgo Canad Pap 68_ _ 1943
Bell Tel of Canada 55_1955
lat M 58 ser B June 1 '57
Berlin City El 8348_1929
Boston Consul Gas 58_1947
Boston & Maine RR 55 1987
1933
8s
Brunner Tur dr Eq 735s 1955
Certificates of deposit..
Burmeister & Wain Co of
Copenhagen 15-yr 138 '40
Canadian Nat Rys 78_1935
Carolina Pr & Lt 58.. _1956
Cent States Elec 58._ _1948
Cent States Pr & Lt 5355'53
Chic Milw & St P (new co)
1976
-year 5swi
50
1975
Convadjwi
Chic Pneum Tool 5359 1942
Chic Rys 58 ctts dep. 1927
Cincinnati St Ry 5358_1952
1958
Cities Service 55
1988
6s
Cities Service Gas 5355 1942
Cities Serv Pipe Line 68'43
Cities Serv P & L 5355 1952
Cleve Term Bldg 88....1941
Columbus By.P&L 4356'57
Commander Larabee 68 '41
Commerz und Privat
1937
Bank 534s
Com monw Edison 4%81957
Consol G E L &P Balt1949
85, series A
1965
58, series F
Consol Publishers6%8 1936
1941
Consol Textile 88
Cont'l G dr El 8358 A-1964
_1958
58
Continental Oil 5%8_ _ 1937
Cont'l See Corp 5s A-1942
with warrants
Coar-Meehan Coal 6348'54
Cuba Co 8% notes.. 1929
Cuban Telephone 7345 1941
Cudahy Pack deb 5355 '37
1946
58
Deny & Salt Lake By 68'60
Detroit City Gas 58 B 1950
1947
88, series A
Detroit Int Bdge 630-1952
-year s f deb 78_1952
25
Dixie Gulf Gas 6 MB.-1937
with warrants
East Term Off Bldg 635843
Eitingon-Schild 68.......1938
Elec Refrigeration 85_1936
Empire 011 & Refg 5355 '42
European Mtg & Inv 7s'50
Fairb'ks, Morse & Co 58'42
Federal Sugar es...,_1933
Firestone T&R Cal 58 1942
First Bohemian Glass Wks
1st 75 with stk pur war'57
Flak Rubber 534s-....1931
Florida Power & Lt 58_1954
Gait (Robt) Co 53ls-1942
Galena-Signal Oil 75-1930
Gatineau Power 58_ __1956
1941
68
Gen Amer Invest 55.. _1952
Gen Laundry Mach 634s'37
General Vending Corp
138 with warr Aug 15 1937
Ga & Fla 68. series A-1946
Georgia Power ref 58._1967
Goodyear T & R 5s......1928
Goodyear T&R Cal 534s'31
Grand Trunk Ry 6 458_1936
Guantanamo & W Ry (is'58
Gulf 011 of Pa 55.......1937
Sinking fund deb 58_1947
Gulf States UM 55....-1958
Hamburg Elec Co 75_ _1935
Hanover Credit lust 65 1931
Hood Rubber5358Oct 1536
78
1936
Hygrade Food Prod 65 1937
Indep Oil& Gas deb 138 1939
Ind'polis P & L 5a ser A '57
Internat. Gt Nor 1st 58..1958
Internat Match deb 58 1947
Int Pow Scour 78 ear E 1957
Internal Securities 5s..1947
New
Investors Equity Co 58
with warrants
1947
Interstate Power 58.-.1957
1952
Debenture 65
10135 101% 102
96
953( 98
9435 9435 95%
102% 10231
49
50
50
46
4831
102% 102 102%
9534
9531 95
10835 10831 10935
9935 9935 9936
$6,000
82,000
01,000
10,000
14,000
5,000
68,000
24,000
188,000
102,000
10135
9451
9435
102
45
4535
101%
9431
10854
98%
102
96
95%
102%
5235
4735
10231
0534
1099.4
100
107%
99%
10474
9935
103%
101%
10114
85,000
24,000
44,000
109,000
18,000
5,000
40,000
10734
99%
10435
9935
102%
10135
10135
108%
100
105%
99%
104
10135
10134
104% 104% 1,000 104%
9935
99% 9931 99% 72,000 98%
102% 10135 102% 320,000 10135
10351 10335 10435 188,000 103
88
8835 17,000 843(
2034 20% 2035 3,000 1935
9435 9331 943( 131,000 93%
,
10435
100%
9934
103
10434
8834
2035
9434
99
102
96
10231
104%
10435
9835
103
98%
103
3935
3935
10281
103
10335
10234
10534
105%
10034
104
9931
104%
45
50
7,000 96%
98
114
58,000 11335
36,000 103%
104
9635 1,000 96%
7,000 9635
99
100
11434
104
98%
99
9631 98% 1405000 9631
6235 64 4880000 8135
98% 99% 40,000 98%
8535 87
14,000 8535
101% 102
9,000 101
90% 9134 173,000 9031
103 103
42.000 103
94% 9431 102,000 9435
100% 100% 1,000 10034
98
9835 199,000 9735
99% 993( 5,000 99%
9531 9534 80,000 9535
93
94
7,000 92
9731
65
It()
87
102
9131
10334
95%
100%
99%
100
95%
94%
9435 9435 9435 9,000 94%
10034 10034 10035 12,000 100%
9435
101
107% 107%
10534
98
9535 95
10535 10535
9535
98% 9835
10831
105%
98%
96
10531
9534
99
10734
9935
104%
9935
103%
10131
10135
108
9931
105
99%
104
101%
101%
wo% 10034 10035 79,000
102% 9931 102%
102% 10235 103
10135 10135 102%
102% 102%
105 10535
10535 los% Him
10035 loom 10035
10331 103%
9835 98% 9831
104 104
45
43% 45
50
4335 50
97
11335
10331
98%
9835
9835
6331
99%
102
91%
103
94%
95%
9535
94
108
10535
98
9531
105%
9535
9831
112,000
5,000
33,000
1,000
26,000
31,000
5,000
13,000
362,000
3,000
51,000
25,000
32,000 106%
5,000 104%
5,000 97%
5,000 95
29,000 10435
10,000 95%
70,000 98%
10435 10435105% 143,000
94% 95% 4,000
97
98
26,000
3,000
111% 112
99% 99
9931 88,000
101% 10031 101
29,000
83% 81% 83% 40,000
10335 103% 106% 23,000
107% 10735 107% 28,000
102% 10135 10231 154,000
10034 100 101 157,000
10334
107
10134
100
105%
9531
98
112
99%
101
84
10331
10735
103
101
9931 99% 9934 65,000
100% 100% 10934 4.000
9834 97% 98% 22,000
69
6635 69
49,000
94% 93% 94% 374,000
9711 9731 5,000
18,000
96% 97
87% 87
87% 1,000
97
97
44,000
98
9934
9935
97
6635
9254
9731
9831
87
97%
99"
100%
98%
73
94%
9931
9734
8735
98%
10,000 90
24,000 9834
202,000 9735
47,000 97
16.000 8731
115,000 9931
19,000 10254
70,000 137
13,000 100
93
98%
97%
977.4
90%
101
103%
90
92
98% 9835
97% 97%
9711 9731
8934 90
103% 10036 101
10335 10331 103%
155
155 15635
100
100 100
9835
9731
97
98% 9835 98% 21,000
95
95
9535 6,000
100% 99% 1003( 134,000
10035 100% 100% 13,000
16,000
100% 100
11135 111% 10,000
97
97
6,000
97
102
101% 102
35,000
101% 10135 102
61,000
100
9934 100
7,000
10135 102
16,00
9435 95% 12,000
9535' 9534 15,000
103 10335 5,000
159
159 160
2,000
98% 9834 9831 138,000
101
10035 10134 126,00
101% 10135 191% 5,000
99% 99
99)i 363,000
9735 97
53,000
98
95% 9535 95% 62,000
,
95% 9531 10,000
99
9431
97
11134
9735
10035
80
197%
95
99%
100%
10014
11034
97
101%
101
9931
9935
94
95
10234
143
96)4
160%
101%
9834
9531
9534
9531
108
108 108
2,000 10454
98
70,000 96%
97% 98
9894 9831 9854 64,000 98%
161%
101
98%
96%
100%
100%
1101
112
9731
102
10254
100
102
9514
96
10336
189
99%
101%
10231
9934
9834
9534
9531
Feb
108
9834 Jan
9835 Jan
FEB. 4 1928.]
Bonds (Continued)
705
FINANCIAL CHRONICLE
Friday
Last Week's Range
for
of Prices.
Sale
Price. Low. High. Week.
Bonds (Concluded)
-
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98% Feb
10934 Jan
97% Jan
9854 Jan
Feb
94
104% Jan
9134 Jan
10034 Jan
101% Jan
107% Jan
9234 Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
135
103
9634
98
100
105%
9751
103%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
U S Rubber 6%% notes '30
Serial 655% notes_ _1931
Serial 655% notes__1932
Serial 654% notes__1933
Serial 655% notes_ _1934
Serial 654% notes..1935
Serial 655% notes_ _1936
Serial 655% notes_ _1937
Serial 655% notes.._1938
Serial 655% notes_ _1939
Serial 054% notes__1940
Western Power 534s_ _1957
Westphalia Un El Po 85'53
Westvaco Chlorine 5345'37
Wisconsin Cent Ry 58_1930
102 102%
102% 102%
102 102
102 10255
102 102%
103 103
10234 102%
102% 10251
102% 103
103 103
104 104%
9951 9955
92% 93
103% 103%
9815 98%
8,000
2,000
6,000
15,000
2,000
4,000
1,000
1,000
5,000
6,000
10,000
21,000
21,000
11,000
25,000
101
101
10134
101%
10134
10155
101.55
101
101;5
10155
10155
99%
9294
102
9355
Jan 104
Jan 9834
Jan 105
Jan
Jan
Jan
99
99
9155
9854
21,000
53,000
20,000
15,000
97%
97
8934
97%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
9734
9934
101
100%
102%
103
10035
102
9934
10334
108%
10451
98%
9955
10035
9434
9534
106
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
135
96% Feb
10155 Feb
Jan
134
10534 Jan
Jan
95
9534 Jan
10174 Jan
9534 Jan
Jan
102
9934 Feb
Range Since Jan. 1.
Low.
98% 98%
5,000 98%
Interstate Pub Serv 55 1956
10955 10954 7,000 108
Inv Bd &Sh 58 with war '47
60,000 9634
Invest Co of Am 58 A.1947 96% 90% 97
Iowa-Nebraska L & P 5s'57 98% 9755 98% 55,000 9634
66,000 9251
Marco Hydro-El 75_1952 93% 9351 94
Jeddo-Highland Coal 65'41 104% 104 104% 2,000 104
90
2,000 90
90
Keystone TeleP 550-.1955
Koppers G & C deb 58.1947 10035 100 100% 74,000 99%
101 101% 4,000 101
Laclede Gas 1.8 5%s_ _1935
Lehigh Pow Scour 68_2026 10751 107 107% 142,000 10584
Lehigh Valley RR 4s_2003 92
92
92
33,000 92
Leonard Tietz Inc 7358 '48
With stk purch warr'ts_ ------ 134% 134%
5,000 130
102% 103
Without warrants
11,000 10234
22,000 9534
Libby. McN & Lib 55 1942 93% 9531 96
Lombard Elea Co 76_1952 96% 9651 98
97,000 9455
99
Lone Star Gas Corp 55 1942 9955 99
9951 8,00
Long Island Ltg 65._ _1945 104% 104% 10455 5,000 10434
Louisiana Pow& Lt 581957 9754 9755 97% 15,000 9755
Manitoba Power 5345_1951 103% 103% 10314 26,000 10255
Mansfield Min&Sm(Germ)
103% 104
78 with warrants_ _1941
11,000 103
97
1941
711 without war
1,00
98
98
Mass Gas Cos 555s.. _ _1946 104% 104% 104% 24,00 10455
Meridionale Elea Co (Italy)
-year s f 78 ser A..1957 9731 95% 9755 317,00
943.4
30
9855
Midwest Gas 7s
1936 99
99
13,00
99
Milwaukee G L 455s_ _1967 100% 10051 100% 11,00 100
99%
Mo Kan Texas 451s D 1978 99% 9951 9955 488,00
Montgomery Ward 55_1946
102% 102% 10,00 100%
Montreal L H & P 58 A '51 103
38,000 101%
102% 103
Morris & Co 755s._ .1930 99% 9855 100% 287,000 98
Narragansett Co coil 58 '57 10135 101% 101% 36.000 101%
9951
Nat Dairy Prod 551s_1948 9931 99% 99% 2,00
Nat Dist Prod 854s---1935 103
16,000 102%
10231 103
Nat Pow & Lt 68 A...2026 108% 107% 108% 60,000 107
Nat Pub eery 6558_1955 104% 104% 10451 28.000 103
Nevada Cons 58
1941 9834 9855 9855 6,000 9855
New Eng G & El Assn 58'47 99
33,000 9855
98% 99
New On Tex & Mex 4558'56 99
9855 9955 98,000 98%
NYNH&HRR 4;58'67 93% 92% 9354 290,000 92%
NYP&L Corp lot 4%8'67 9534 95
9555 245,000 95
Niagara Falls Pow 68_1950
1,000 10555
106 106
Nichols & Shepard Co 6837
with stk purch warets.. 132
11955 135 455,000 117%
Without warrants
9534 9455 96% 121,000 9455
Nor Ind Pub Ser 55_ _ _1966
101% 10155 26,000 10051
Nor States Pow 6555_ _1933
131
133% 5,000 119
• 635% gold notes_ __1933 103% 103% 10455 14,000 103%
Nor Germ Lloyd 6s...1947 93% 9351 94 328,000 9355
Norwegian By-El 5555 '57 95
95
95% 33,000 95
Ohio Power 55 ser 13..1952 10134 10134 101% 16,000 101
4555 series D
1956 9534 95% 95% 114,000 95
Oswego Riv Pr deb 68.1931
102 102
2,000 10055
Pao Gas & El lot 4345.1957 99
98% 99% 48,000 9834
paramount Famous Lasky
Corp s f 65
1947 9984 9931 99% 311,000 9934
Park Ave Bldg Mayfair
1943
House 6s
99
99
2,00
99
Penn-Ohio Edison 68 1950
Without warrants...... 103% 10334 103% 36,00 103
_ _1952
Penn Pr & Lt 55 B.
104 104
15,00) 10334
lot & ref 58 ser D._ _1953 10431 104 104% 8,000 103%
Phila Elec Pow 550-1972
105% 106
28,000 105%
Phila. Rap Tran 6s_..1062
10455 105
20,000 10434
Phlla Suburb Cos G & E
1957
let & ref 4555
99% 9955 7,000 9871
New
9955 99% 5,000 9851
Phillips Petrol 5515...1939 94% 94% 9455 157,000 94
Pitts Screw & Bolt 5558'47
9951 9955 2,000 0854
Potomac Edison 5s...1956 99% 9954 100
36,000 9955
Potrero Sugar Co let 7s.'47
9831 38,000 98
98
Power Corp of NY 5558'47 99% 9951 99% 13,000 99%
Pub Ser El & G 450-1967 99% 99% 99 220,000 9934
Queensboro G & E 555s '52 104% 103% 104% 5.000 10384
Reliable Stores 65.
1937
99
99
44,000 9884
Rem Arms 555% notes1930 97% 9731 97% 63,000 9531
Richfield 011 of Calif (is '41 9851 98% 99
31.000 9834
St Louis Coke & Gas (is '47
Sands Falls Co 58...
.1950
Schulte RE Co 68._ 1935
68 without warr'ts_ _1935
Servel Corp 68
1931
Serve! Inc (new co) 55_1948
Shawinigan W & P 4555'67
Shawsheen Mills 78_ _ _1931
Shell Pipe Line 58_ _ _ _1952
Sheridan-Wyo Coal 68 1947
Shinyetsu El Pow 634s 1952
Sinclair Crude 011555s 1938
Sloss-Sheff S&Ipm 681929
Snider Pack 6% notes_1932
Solvay-Am Invest 55-1942
Southeast P Av L (is_ _2025
Without warrants
Southern Asbestos 68_1937
Sou Calif Edison 5s...1051
Refunding mtge 58 1952
1957
Sou Calif Gas 55
Southern Dairies 65.-1930
Southern Gas Co 6545_1935
Southern Pacific Co 4340'68
sweet Gas & El 5s A __1957
1957
S'west L & P 58
2022
S'west P & 1.68
Staley (A E) Mfg Os_ _1942
Stand Inv 55 with war_1937
Stand 011 of NY 6358.1933
Stand Pow & Lt 6s..-1957
Stinnes(Hugo) Corp
75 Oct 1 '36 without warr
78 1946 without warr'ts.
Stutz Motor 7%s. -1937
Sun Maid Raisin 650.1942
1939
Sun Oil 5555
Swift & Co 55 Oct 15 1932
Texas Power & Lt 55_11156
New
Trans-Cont 011 78.. _ _1930
Trans Lux Daylight Pr
6345 with warrant_ _1932
Tyrol Hydro-El 7s___1952
1936
Ulen & Co 6558
United El Serv (Lines) 75'56
Without warrants
With warrants
United Indus 6%s_ _1941
United Lt & Rya 5345.1952
1952
65 series A
United Oil Producers 88 '31
Un Porto Rice Bug 8848'37
8
Unit Rys of Slav 7348-193
United Steel Wks 655s 1047
With warrants
1313 Smelt & Ref 5555_1935
Utilities Pow & Lt 5348 '47
1937
Valvoline 011 75
1935
Vs Elea & Pow 55
Warner Bros Pict 655s 1928
\Varner-Quinlan Co 88 1942
Webster Mills 6548- -1933
High.
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Feb 100
Jan
Jan 99
Jan
Jan
Jan
Jan
Jan
Jan
10451 Jan
Jan
104
10455 Feb
Jan
107
Jan
105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
99% Jan
Jan
95
Jan
100
Jan
100
98% Jan
Jan
101
9951 Jan
Jan
104
Jan
99
Jan
98
99% Jan
96% 9551 9635
102
101% 102
98
99
90%
90
30
28% 30
63% 8331 65
97% 97% 9755
99% 9954 99%
98
97% 98
96
96
03% 93%
9831 98%
102% 102% 102%
109% 109% 112
99
99
99%
20,000 9534
30,000 101%
8,000 9515
9,000 89
2,000 20
109,000 1334
92,000 9634
18,000 9955
233,000 9755
5,000 96
5.000 9351
192,000 9884
1,000 102
65,000 103
37,000 9851
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
9654 Jan
10355 Jan
Jan
99
9054 Feb
32% Jan
6955 Jan
9734 Jan
10034 Jan
Jan
98
Jan
97
9355 Jan
99
Jan
10234 Jan
Jan
116
9951 Jan
107
112
102%
102%
175,000
135,000
29,000
17,000
2,000
9,000
2,000
7,000
11,000
10,000
3,000
40,000
62,000
179,000
55,000
105%
105
102%
10255
100
99
105
100
9834
9634
10784
99
10834
10354
9954
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
107
11755
103
103
10034
9934
1001
100
99
97
109
100
11834
104
10055
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
9335 Jan 9434
9355 Jan 9455
Feh 9751
93
Jan 98
96
Jan 10234
101
10034 Jan 101 34
9934 Jan 10034
Jan 10055
100
11055 Jan 116
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98%
96%
99%
11655
104
100%
106% 107
109% 114%
10255 102%
102% 103
100% 100%
9951 9955
106% 106%
100 100
98% 99
98% 97
108% 109
99% 99%
118% 117%
103% 104
100% 100%
94
9355 04% 47,000
mow
9351 9355 94
93
93
95
15,000
97
96
97
24,000
102
101% 102% 30,000
10131 101
101% 59,000
100% 10055 100% 51,000
100% 100%
8,000
11055 110% 11255 51,000
95
98
95
93
98
95
3,000
93% 16,000
99
28,000
Feb
95
92% Jan
Jan
98
95
Feb
93% Jan
99
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
94% Feb
107
Jan
9631 Jan
Jan
99
108% Jan
n72% Jan
Jan
100
Jan
112
9431 9355
106
10531
953.4
99
9834
107
u81
100
112
94% 29,000 92%
106% 108,000 10134
98.54
1,000 93%
99 193,000 9834
107
6,000 10355
u81
1,000 70
100
7,000 99
112
5,000 11134
95
9555
104
104
93% 93%
105%
101% 10134
9955
100
99
100
9554 95%
96
104%
93%
105%
101%
100%
100%
96
Feb
69,000 90% Jan 98
Jan
3,000 103% Jan 105
Jan 94
Jan
198,000 92
11,000 10551 Jan 105% Jan
5,000 101% Jan 10155 Jan
Jan
85.000 95% Jan 102
Jan 10051 Jan
59,000 99
4.000 95% Jan 9834 Jan
102%
,10234
103
10455
99%
924
103%
9851
Range Since Jan. 1.
Low.
High.
Jan 10284
Jan 102%
Jan 10234
Jan 10251
Jan 102%
Jan 103
Jan 102%
Jan 10234
Jan 103
Jan 103%
Jan k104%
Jan 9934
Jan 92%
Jan 103%
Jan 99
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Foreign Government
and Municipal.
Agricul Mtge Ilk Rep of Col
20
-year sink Id 7s_ _1946
20-year 78 Jan 15 1947
20
-year 65..
.Aug 1 1947
Baden (Germany) 78.._1951
Bank of Prussia Landowners Assn 6% notes _1930
Brazil(US)655s Oct 15'57
Buenos Aires(Prov)7555'47
78
1936
7s
1952
Cent Bk of German State &
Prov Banks 65
1951
6s series A _ _ _Aug1 19592
Ccrdoba (City) Arg 7s 1937
Danish Cons Mullin 5348'55
Danzig P & Wat'way Bd
External s f 6555_ _ _1952
Denm'k (Kingd'm)534555
6s
1970
Estonia (Republic) 78_1967
German Cons Munic 75 '47
Hamburg(State)Ger 88 346
Indus Mtg Bk of Finland
1st mtge coll s f 75_1944
Irish Free State 5s.._ _1960
Medellin (Colombia) 78 '51
8s
1948
Mendoza (Prov) Argentina
7345
1951
Montevideo (City) 68_1959
Mtge Bk of Bogota 75_1947
Mtge Bank of Chile 68 1931
Mtge Bk of Denmark 5572
Mtge Bk of Jugoslav 75 '57
Netherlands 6/3
1972
Nuremberg (City) 68_1952
Prussia (Free State)655351
Eat'6s (of'27) Oct 15'52
Rio de Janeiro 655s- - _1953
Rio Grande do Sul (State)
Brazil ext 78(of'26) 1966
Extl 8175 (of '27).1867
Russian Govt 6558_1919
655s ctfs
1919
5%s
1921
5555 certificates_ _1921
Saarbrueken (City) 78 1935
Saar Basin Con Counties
78
1935
Santa Fe (City) Argentina
Republic extl 7a
1945
Santiago (Chile) 7s.. _1949
Saxon State Mtge by 7s'45
6355
1946
Serbs Croats & Slovenes
(King) exti sec 78 ser B'62
Switzerland Govt 555s 1929
Vienna (City) ext fis_.1952
98
98%
9155
98%
'98
98
91
98%
Jan
Jan
Jan
Jan
9934 Jan
Feb
91
9134 Jan
9934 Jan
33,000 9431 Jan 96
94% 96
96% 95
98% 889,000 9255 Jan 95%
100% 10135 65.000 10055 Feb 10134
101
99% 99% 10031 13,000 9851 Jan 101
Jan 10034
55,000 98
9934 100
100
Jan
Feb
Jan
Jan
Jan
Jan 92
Jan 93
Jan 97%
Jan 100%
Jan
Jan
Jan
Jan
9155
92
97
100%
9155
92
97
99%
9154 44,000
2.000
9255
9751 35,000
100% 46,000
8855 87% 8955
10255 10235 102%
100 10035
9155 9155 9155
99% 9955 100
95
95%
95
101
101
97
97
94% 93%
104% 104
Jan
Jan
Jan
Jan
50,000 98%
116.000 9334
36.000 91%
43,000 96
31,000 95%
87%
87,00
3,00 170%
90 34
33,00
81,00
95%
204,000 91%
53,000 9734
Jan 98
Jan 94%
Jan 92%
Feb 98
Jan 97%
Jan 87
Jan 10854
Jan 9254
Jan 9731
Jan 93%
Jan 97%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
9755
96%
14%
1451
14% 14%
15
1055
101%
97%
97%
16
1555
15%
15%
102
88
9751
9755
15%
100% 100
Jan 89% Feb
Jan 10234 Jan
Jan 10034 Jan
Jan 9234 Jan
Jan
Jan 100
Jan 9531 Feb
Jan 102
Jan 9734
Jan 9434
Jan 104%
98
94%
9255
98
97
88
10855
92%
9755
93%
97%
92%
9755
9355
97%
30.000 88
50,000 101
6,000 100
1,000 91
50,000 98%
62,000 93
10155 10,000 100%
27.000 97
97
9455 42,000 9234
5,000 102%
104%
97%
93%
92
96
96%
8631
10855
92
97%
93%
9735
97%
94%
92
97%
90
9034
97
98%
100%
25,000
36,000
60,000
27,000
26,000
49,000
10,000
96%
98
14%
14%
14%
14%
01%
5,000 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
98
Jan
98
Feb
16
15% Jan
Jan
16
Jan
16
Jan
02
Feb 10014 Feb
94%
94
94;5 26,000 93% Jan
10034 100% 10055
7.000 100% Jan
Jan
99% 7,000 99
99% 99
96% 15,000 9534 Jan
96
9454
00%
99%
9654
Jan
Jan
Jan
Jan
KM 91% 997,000 85% fan 9151 Feb
10255 10255 15,000 10134 Jan 102% Jan
90541 9035 9034 244.000 9084 Jan 90% Jan
Ill%
•No par value. 1 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
a Option sale. t Ex-rights and bonus. w When issued. z Ex-dividend. f/ Ex
rights. z Ex-stock dividend.
Option sales made as follows: a Amer. Solvents & Chem.,Jan. 12, at 2555: c JohnsManville pref., Jan. 18, at 117;f A. G. Spalding & Bro., common, Jan. 14 at 120:
g Associated Gas & Elec., Jan. 14 at 47; h Sierra Pacific Elec. Co., Jan. 6 at 92: P
Sway Dept. star.% Jan. 26 at 103; u Mt Szate Power Jan. 13, 10134.
"Under the rule" sales were made as follows: b Belgian Nat. Ry. pref.. Jan. 20 at
1754; d David Pander Grocery class A at 51; t Eitingon-Schild Co. Os, Jan. 13 at
9855;1 Goodyear Tire & Rubb. of Calif. 5348, Jan. 4 at 101%;k U. S. Rubber 63.4%
notes 1940 at 108. r J. J. Newberry pref. Jan. 25a1 10751: v Standard Publishing
class A Jan. 25 at 4. u $1,000 United Oil Prod. 85, 1931, Feb. 2 at 81.
Cash sales as follows: e Serval Corp.(Del.) corn. A. Jan. 16 at 65c.
CURRENT
NOTICES.
-McClave 3; Co., members New York Stock Exchange, have opened a
branch office at 5 E.44th St., under the management of Hulbert D. Bassett.
-Arthur M. Acheson, formerly with Harris, Forbes & Co.. has become
associated with Taylor, Ewart & Co., Inc., in their corporate buying dept.
-Frank, Rosenburg & Co., Baltimore and L. F. Rothschild & Co.,
New York have installed a direct telephone between their offices.
-Broomhall, Killough & Co., Inc., Ill Broadway, New York, have
prepared an analysis of the American Exchange Irving Trust Co.
Grannis & Doty, specialists in Bank and Insurance stocks, have
moved their offices to larger quarters at 74 Trinity Pl., N. Y.
-The Central Union Trust Co. of New York has been appointed registrar.
for 100,000 shares of capital stock of Antilles Cigar Corp.
W. R. Tower and S. Powell Griffitts have recently become associated
with Martin & Co., Inc.. 111 South 15th St., Philadelphia.
George .1. Ourbacker has become associated with Biddle & Henry.
1522 Locust St., Philadelphia, in their bond department.
Millet, Roe & Co., 120 Broadway, N. Y., are distributing a pamphlet
containing a list of February investment suggestions.
-Hugh D. Montgomery, formerly with Curtis & Sanger, has been
admitted to partnership in the firm of W.0. Gay & Co.
-Harris. Mooney & Co., of New York and Baltimore, announce the
admission of Arthur S. Roberts to general partnership.
Joseph K. Choate has resigned as Director and Vice-President of the
J. G. White Management Corp., effective March 31.
Swezey, Topliffe & Co., 42 Broadway, N. Y., have started a trading
department which is in charge of Ralph G. Barber.
inxtestnunt and gailiroati intelligence.
/06
-----
-In the table which
' Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of January. The table covers 13 roads and shows
4.17% increase from the same week last year.
Third Week of January.
Previously reported (6 roads)
Canadian National
Duluth So Shore & Atl
Georgia & Florida
Mineral Range
Minneapolis & St Louis
Nevada-Calif-Oregon
Texas & Pacific
1928.
$
8,426.795
4,526,131
94,090
26,800
5,142
274,836
5,721
800,264
1927.
$
8,416.225
4,080.656
88.843
35,500
6,346
257,731
4,338
701,871
Increase.
S
10,570
445,475
5,247
Decrease.
S
8,700
1,204
-Grossfrom Railway- -Net from Railway- -Net after Tara
1926.
1927.
1927.
1926.
1926.
3
3
Boston & Maine
879,630
December.. 6.253,265 6,629,718 -343,669 1,166,526 -629,095
FromJan 1_77.848.374 81,625.376 16,012,873 19,269,920 12,436,597 16,177,840
Brooklyn E D Terminal
27,624
23,403
December.. 117,098
36,216
122.486
25,785
512,454
439,472
607,032
From Jan 1_ 1,447,098 1,523.484
516,102
Buffalo & Susquehanna
December. 120,643
157,827
From Jan 1_ 1,530.183 1,307,499
13,557
-22,655
145,454
-73,806
16,106
13,176
-34.915 -105.020
Canadian National Rys-All & St Lawrence
46,310
283,311
64,585 -27,096
261.445
December._
-3,372
134,166
299,432 -51,953
From Jan 1_ 2,629,771 2,629,556
112,000
Chl Det & Can G T Jet
240,012
201.825
332,601
December.. 369,601
184,817
211.325
578,174
14,159,779 13,591,510
9,904
Total (13 roads)
From Jan 1_ 3,913,739 3,814,514 1,018,335 1,850,477 1,794,568 1.725,261
568.270
z,1
Net increase (4.17,
Det G If & Milwaukee
;5
7 468
7
140 3
2.697:2125 2,970 0 6
89,037
515.268
377,462
December__
In the following table we show the weekly earnings for
From Jan 1_ 8,127,429 7,890.629 2,790,560 3,0786,978108
a number of weeks past:
Canadian Pacific
December._18,767,251 17,791,980 1,673,166 1,616,182
Current
Previous
From Jan! 201145,751 198025,591 39,515,571 44,945,126
Increase or
Year.
Year.
Decrease.
%
Week.
Canadian Pac Lines In Me
72,175
86,087 -10,271
312,370
December.. 262,699
6,951
$
$
E
46,872
1,097 206,284 -167,125
From Jan 1_ 2.518,257 2,471,864
15.183,418 15,164,097
+19,322 0.13
roads)
lit week Sept (13
Canadian Pac Lines In Vt15,308,827 15,508,092
-201,265 1.21
2d week Sept (13 roads)
3,313
6.075 -85.819
152.807 -81,053
69,944
December_ _
15,644.309 16,950.922 -1,306,617 7.71
3d week Sept (13 roads)
From Jan 1_ 1,828,609 1,202,773 -20,312 -40,045 -77,728 --53,553
22,053,886 23.859.874 -1,805,988 7.57
4th week Sept (13 roads)
16,141.807 16.817.404
-675,597 4.01 Central of Georgia
let week Oct (13 roads)
462,354
214,399
602,572
314,026
December.. 1,996,979 2,470,001
17,643,939 17,907.644
-263.705 1.48
2d week Oct (13 roads)
From Jan 1_27,611,087 31,825,369 6,687,958 8.052,831 5,119.966 6,523,678
16.906.764 18.681.245 -1.774.481 9.50
3d week Oct (13 roads)
25,561.495 25.777,620
-216,125 0.84 Central RR of N J
4th week Oct (13 roads)
17,108,500 17.815.452
-706,952 3.97
922,635 -744,028, 851,302 -1,043,198
December_ _ 4,385,198 4,979.352
lit week Nov (13 roads)
18,207,050 17,976,471
+230,578 1.29
From Jan 1_58,745,712 60,171.118 15,401,465 14,177,497 11,649,192 9,318,825
2d week Nov (13 roads)
16,510,545 17,602.795 -1,092,250 6.21 Charles & West Caro
3d week Nov (13 roads)
14,483,191 16.491,462 -1,008,272 6.51
4th week Nov (12 roads)
40,969
12,576
76,793
311,305
38,403
December.. 247.858
-480,473 3.02
15,450,548 15.931,020
lit week Dec (13 roads)
685.551
550,543
958,503
797,156
From Jan 1_ 3,525,949 3,862,900
14,661,454 15,766,994 -1,105,540 7.01
2d week Dec (13 roads)
Chicago & Altos
15,245,879 15,600.778
-354,099 2.28
3d week Dec (13 roads)
788,973
610.283
835,354
683,849
December._ 2.390.586 2,732,359
13,755,346 14,261,831
-506.484 3.55
1th week Dec (12 roads)
From Jan L28.345,728 31,474.823 6,081,783 7,265,519 4,844,406 6,022,651
12.251,914 12,953,678
-701.764 5.42
1st week Jan. (13 roads)
13,828.607 13,537.951
+290.657 2.16 Chicago Burl & Quincy
2d week Jan (13 roads)
A 17
J_MAQ o'n
I/ col cm
1.5 ISO 770
.0
el'S ...S4
1.1 m....., in ..
December._13,468,460 13,154,849 1.720,652 2,839,015 1,135,924 2,219,854
From Jan 1.156320454161317.442 44,402.951 44,854,634 32,674,980 33,315,489
We also give the following comparisons of the monthly Chic City Midland99,412 --32,158
188,916
101,187 --15,830
December.. 281,561
totals of railroad earnings, both gross and net (the net before
149,230
241,312 -419,814
From Jan 1_ 1.808.012 1,471,041 -359,138
the deduction of taxes), both being very comprehensive Chicago & East Illinois
356,554
308,340
443,964
544,633
December._ 2,106,078 2,488,774
A roads in the country, with a total
They include all the Class
From Jan1_26,714,326 28,251,750 5,184,426 5,645,800 3,776,664 3,993,866
mileage each month as stated in the footnote to the table:
Chicago Great Western
323,551
223,232
448,615
318,077
December.. 1,859,089 2,016,795
Net Earnings.
Gross Earnings.
From Jan 1_24,444,753 25,359,001 4,722,543 5,331,505 3,675,720 4,196,202
Month
Chicago Ind & Loulsvi Ile
Increase or
Increase or
338,856
431,147
148,765
198,935
December_ _ 1,349.746 1,552,846
Decrease.
1928.
1025.
Decrease.
1925.
1926.
From Jan 1_18442,197 18,598,066 4.970,336 5,270,945 4,068,105 4,212,721
Chicago Milw & St Paul
$
400.241 1,270,077
December _ _12.483.298 12.430,900 1,171,645 1,996,813
Dec. _ 525.411,572 522.467.600 +2,943.972 119,237,349 134,504,698 -15,267.349
From Jan 1.162942819 160538,440 29,436,821 32,137,272 20,525,119 23,200.202
1927.
1926.
1926.
1927.
Jan _ 485.961.345 479,841,904 +8.119,441 99.428,246 102,281.496 -2,853,250 Chicago & North Western
321.014
Feb. 467.808,478 459.084,911 +8.723,567 107.148,249 99,399,062 +7.748.287
16,766
951,534 1,003,434
December._10,787.724 11.774.656
+432,616 135,691,649 134.054,291
+627,358
Mar_ _ 529,899,898 529.467,282
From Jan 1.150132960154335.724 33.138,693 33,747,341 23,321.424 24,429,447
-774,126 Chicago River & Indiana
AprIl. 497.212.491 498.677,065 -1.464.574 113,643,766 114,417.892
May _ 517.543.015 418,454.098 + 1.088.017 126,757.878 27,821,385 -1,063.507
177,570
583,976
61,426
141,192
176,848
December.. 493,590
June _ 516.023.039 539.797.813 -23,774,774 127.749,692 48.646,848 20.897.156
From Jan 1. 6,793,393 6,934,671 2,391,071 2,413,673 1,838,087 1,910,611
July_ 508.413,874 556.710.935 -48,297,061 125.438.334 60,874,882 -35.436,548
Chic It I & PacAug- - 558,406.682 579.093,397 -22,686.735 164.013,942 79,711,414 -16,697,472
December_ _10,317,334 11,017,098 3,254,024 2,815,204 2,582,503 2,273,952
Sept - 584.043.987 590.102.143 -26,058.158 179,434.277 93,233.706 -13.799,429
From Jan 1132927.925 130768,558 34,657,284 32,641,717 26,961,892 25.399,763
582,542.179 605,942.445 -23.440,266 180.919.044 94.243.539 -13,364,491
Nov__ 502,994,051 561.153.956 -58,159,905 125,957,014 58,501,561 -32.544,547 Chic It I & Gulf
179.520
656,096
568,641
169.370
177,480
December._
246,405
-Percentage of increase or decrease In net for above months has been:
Note.
From Jan 1_ 7,159,065 7,142,857 2,096,658 2,457,442 1,812,045 2,140,097
1926-Dec., 11.36% Inc. 1927-Jan.,2.79% dec.; Feb., 7.80% inc.; March, 1.21% Chic St Paul Minn dr Omaha
Inc.; April, 0.67% dec.; May, 0.83% dec.; June. 14.07% dec.; July, 22.03% dec.;
431,361
178,176
262,385
December.. 2,182,475 2.202,857
513,483
Aug.. 8.73% dec.; Sept., 7.14% dec.; Oct., 3.87% dec.; Nov.. 20.53% dec.
From Jan 1_26,847,105 26,433,019 5,046,859 5,160,070 3,712,763 3,873,197
In Dec. the length of road covered was 236,982 miles in 1926, against 237,373
miles In 1925. In 1927-Jan., 237,846 miles, against 238,805 miles In 1926; In Feb., Clinchfield81.848
682,062
189,704
562,903
124,370
December__
241,921
237.979 miles,against 236,870 miles in 1926;In March, 237,704 miles, against 236,948
From Jan 1_ 7,920,044 8,282,199 2,855,316 3,166,604 1,914,638 2,196.355
miles in 1926; in April. 238.183 miles, against 237.187 miles In 1926; In May, 238,1926; in June, 238,425 miles, against 237,243 miles Colorado & Southern
025 miles, against 237.275 miles in
267,146
22.524
325,417 --85,876
December.. 998,453 1.301.666
In 1926; in July, 238.316 miles, against 237.711 miles In 1926; in Aug.. 238,672 miles,
From Jan 1_12,959,440 13,152,809 2.214,153 2.898,914 1,416,412 2.130.886
against 237,824 miles in 1926; in Sept.. 238,814 miles, against 237,854 miles in 1926;
In Oct., 238,828 miles, against 238,041 miles in 1926; in Nov.. 238,711 miles. against Ft Worth & Denver City475,990
235,956
907,858 1,328,809
330,738
Decem ber_ _
238,142 miles In 1926.
572,763
From Jan 1_12,362,993 13,298,548 3,939,818 5,463,235 3,295,010 4,578,902
-The table Trinity & Brazos ValleyNet Earnings Monthly to Latest Dates.
79,566
320,183
36,801
46.502
December.. 244,067
following shows the gross and net earnings for STEAM
82,504
146,174
452,323
546,258
From Jan 1_ 2,836.351 2,816,502
233,981
railroads reported this week:
Wichita Valley
Tare .
-Gross from Railway- -Net from Railway- -Net after 1926s
128,223
222,608
76.297
84,195
December.. 188,550
137,788
1926.
1927.
1927.
1926.
1927.
730,286
768,313
FromJan I_ 1,918,219 1,721,449
880,075
846,337
$
Columbus & Greens
American fly Express13,837
165.083
29,106
December.. 157,663
32,817
48,237
277.435
83,612
257,183
89,792
.24,671,311 26,172.299
December.
342,911
295,761
331,878
393,353
From Jan!. 1,881,849 1,922,285
952,424 1,005,970
From Jan 1 258631,608 262263,422 2,984,149 2,988,387
Denver & Rio Gr Western
Atch Topeka & Santa Fe375,295
455,859
700,062
625,443
December.. 2,828,074 2.732.921
December__15,751,939 17,797,735 4,013,657 5,941,640 2,576,101 4,394,187
From Jan 1_33,144.907 34.093,902 8,053,132 9,440,637 5,661,086 7,004,227
From Jan 1.206293929209337,546 63,538,956 74,533,960 45,647,854 55,781,174
Detroit & MackinacGulf Col & Santa Fe
106,751
95,878
13,379 -13,734
23,354
-3,170
Decem ber_ _
952,423
562.748
696,299
821,520
December.. 2,551,744 3,628,541
63,910
251,923
373,787
177,619
From Jan 1_ 1.626,388 1,625,950
From Jan 1_34,192,211 33,467,548 9,264,330 9,727,721 7,823,223 8,244,686
DetrcIt TerminalPanhandle & Santa Fe
--35,518
116,317 -21,651 -18,404 --23,161
88,673
December469,267
291,215
632,614
266,275
December.. 1,166,128 1,765,004
392,624
346,612
506,643
579,724
From Jan 1_ 1,949,382 2,486,459
From Jan 1-15.128.685 16,235,221 4,574,272 6,019,326 3,995,927 5,240,609
Detroit Toledo & Ironton
Atlanta Birm & Coast
17,662
759,827
15,587
58,695
71,463
December.. 631,399
16,652
27,051
5,680
36.222
456.955
December.. 412,902
From Jan 1- 8,671,353 12,891,530 1,717,866 4,098,428 1,280,020 3,334,926
138,063
520,438
345,015
314,862
From Jan 1_ 5,258,713 5,726,345
Line
Det & Tol Shore
Atlanta & West Point
181,960
457,870
195,986
168,366
230,037
December.. 339,625
3,729
51,468
47,327
9,507
253,251
241,716
December_ _
From Jan 1_ 4,727,678 4,781,204 2,345,826 2,436,710 1,994,530 2,108,123
547,180
544,182
729,960
741.394
From Jan I_ 3,184,475 3.173,186
Duluth & Iron Range
Atlantic City
37,649 -245,289 -289,143 --238,118 -337,912
77,756
December..
12,406 -23,865 -19,932
17,014
284.792
December.. 321,705
From Jan 1_ 6,646,645 7,011,389 1,965,845 2.425,760 1,427,407 1,875,124
494,606
885,417 -85,278
365,255
From Jan 1_ 4,205,844 4,796,784
Dul Missabe & Northern
Atlantic Coast Line
553,127
110,235 --383,664 --480,393 --433,464
80,239
December..
687.688 1,737,763
December.. 6,600,911 8.310,595 1,258,008 2,349,546
From Jan 1-15,835,484 18,913,968 8,002,047 10,540,928 6,097,291 8,066,468
From Jan 1.80,452,526 97,157,815 16,098,908 26,361,589 9,988,541 19,608,013
Dul So Shore & Atlantic
Baltimore & Ohio
376,638
13,062 -11,039
43.948
16.180
December.. 319,395
December_ _17,873,833 21,866,975 2,546,676 4,333,687 1,288,420 3,003,806
528,259
689,278
874,379
From Jan 1_ 5,121,693 5,281,270 1,060,175
From Jan 1_246078510 257573,385 59,909,989 66,101.085 47,575,385 53,790,196
Dul Winnipeg & Pacific
B de 0 Chic Terminal
227,764
16,049 -118,848
33,893 -106.073
December.. 328,315
-9,919
84,411
17,882
45,164
314,379
December.. 309,535
44,269
319,561
453.549
163,813
From Jan 1_ 2,068,841 2,418,181
96,407
835,812
260,308
763,751
From Jan 1_ 3,975,102 3.821.558
Elgin Joliet & Eastern
Bangor & Aroostook343,904
121,474
565,072
307,839
December.. 1,702,378 2,109.232
100,578
98,003
126,990
140.408
809,923
639.605
Decem ber _
From Jan 1_24,281,541 28,432,112 7,314,268 9,156,743 5,943,779 7,726,300
2,008,194 1,847,652 1.545,502
From Jan 1- 7.401,075 6,927,602 2,444,478
Erie Railroad
Belt Sly of Chicago
December.. 8,008,722 8.814.864 -404,380 1,270,215 -679,587 1,109,773
119,049
187,461
84,735
132,419
641,132
December.. 613,882
From Jan 1 108367.165110574.0111 16,733,956 20,187,767 12,468,809 15,702,532
2,511,646 2,477,122 1,936,766 1,895,904
From Jan 1_ 7,537,959 7,654,329
Chicago & Erie
448,607
361,387
Bessemer & Lake Erie
378,295
407,508
December.. 1,187,938 1,165,104
135,309
112,760 -187,885
957,697 -207,286
December.. 553,132
From Jan 1_14,121,190 14,899,485 5,479,702 6,112,241 4,890,967 5,593,938
7,104,231 3,203,379 5,768,361
Jan 1_13,410,859 10,972,124 3,830,189
From
NJ&NYRR99
-5.065
Bingham & Garfield
1,699
132,607
132,262
-1,338
December_ _
-3,552
--7,566
11,852
2,532
44,716
35,017
101,7487,892
December..
203,693
132,062
From Jan 1_ 1,595,976 1,602,299
-6,197
51,054
153,429
9
80,60
563,563
485.657
From Jan 1_
17,105
1,384
98,393
FEB. 4 1928.]
FINANCIAL CHRONICLE
-Grossfrom Railway
- -Net front Railway- -Net after Taxes- I
1926.
1927.
1926.
1927.
1926.
1927.
Evans Ind & Terre Haute
158,285
245,248
December._
From Jan 1_ 2,522.858 2,627,307
22,520
813,903
99,055
927,075
20,514
-737.881
91,864
845,586
Florida East Coast563,579
655,060
198,999
December- 1,380,135 2,504,920
321,601
From Jan 1_17,859,635 29.427,459 3.483,809 9,020,861 1,865,708 7,436,748
Fonda Johnstown Ar Gloversv48,179
39.355
December_ _
105,932
115,583
30,873
43,082
327,548
From Jan 1_ 1,150,927 1,217,034
401,175
291,112
368,123
Smith & Western
Ft
30,348
34.243
December.. 126,658
162,021
38,816
30,770
From Jan 1_ 1,646.670 1,773,705
169,442
285,897
343,418
228,713
Galveston Wharf
December_
155,663
211,613
88,722
10,254 -23,095
39,311
From Jan 1_ 1,970,747 2,008,301
384,610
409,843
746.744
648,067
Georgia RR
December.. 406,965
8.427
473,117
32.975
67,391
44,179
From Jan 1. 5.665,407 6;122,691 1,046,963 1,246.693
890.082 1,049,905
Georgia & Florida
December_ _
114,670
-6,315
26,387
149,681
27,939
3,931
From Jan 1_ 1,851,801 2,008,379
448.986
530,273
241.926
339,408
•
Grand Trunk Western
December,, 1,173,834 1,557,458 -69,215
460,593 -89,375
396,858
From Jan 1_20,553,572 20,660,598 5,257,649 5,671,034 4,308.492 4,701.075
Great NorthernDecember- 7,777,286 8,111,043 1,588,069 2,462,941 1,907,082 1,658,221
From Jan 1117904,005 117383.909 39,548,425 42,098,445 30,502,604 32,383,299
Green Bay de Western
December._
43,413
19.646
10.021
126,819
130,178
49,047
From Jan 1. 1,579.393 1,645,802
260,724
257,200
374,490
352,835
Gulf Mobile & Northern
December,, 573,826
97,006
112,147
131,276
531.914
118,034
From Jan 1_ 7,268,700 6,894,011 1,949,816 2,194,587 1,501.991 1,654,804
Gulf & Ship Island
December.., 273,450
-253 -114,819
248,744
35,603 -48,260
From Jan L 3,763,553 3,957,234
131,352 -536,225 -176,734 -882,900
Hocking Valley
December._ 1,090,831 1,332,183
57,068
69,216
158,472
170.051
From Jan L21,842,515 19,556,258 7,534,299 5,724,147 6,011,680 4,391.815
Illinois Central Co
December-12,292,440 12,989,792 2,346,521 2,749,627 1,653,029 2,092,619
From Jan1.155822064 158328,258 36,839,303 36,649,489 26,984,861 26,331,489
Illinois Central System
December._14,423,554 15,628,945 2,516,430 3,487,207 1,773,647 2,740,525
From Jan 1 182967,560 186632.489 41,045,916 43,512,628 29,054,282 31,075.632
'Yazoo & Miss Valley
December.., 2,115.035 2,624,454
125,712
654,387
170,775
738,037
From Jan 1_26,975,610 28,198,521 4,235,253 6,857,059 2,355.117 4,824,958
International Great Northern
December_ _ 1,495,984 1,824,974
135,761
337.818
175,562
366,766
From Jan 1_18,428,470 19,245,644 3.473,798 4.171.202 2,970,892 3,622,125
Kansas City Southern
December. 1,586,359 1,469,688
335,034
341,575
402,547
423,542
From Jan 1_19,075,667 18,902,335 6,162,529 5,999,469 4,876,6.57 4,759,753
Texarkana & Ft. Smith
December,. 216,034
277,074
85,411
93,222
58.538
110,032
From Jan 1_ 2.972,939 3,019,611 1,121,586 1,378,819 1,003.215 1,169.834
Kansas, Okla dr Gulf
December_ _
250,688
224,830
9,847 -173,107
22,716 -170,937
From Jan 1_ 2,937,013 2,751,590
517,693 -370,840
635,883 -233,257
Lake Superior dc Ishpeming
December_
50,736
71.472 -52,626 -33,941 --62,453 --45,366
From Jan 1_ 2,322,021 2,451,312
957.344 1,014,259
687,638
750,582
Lake Terminal
December._
70,889
91.372 -28,594
-4,318 -34.722
-8.954
From Jan!. 1,073,037 1,181,021 -66,716
39,441
114,334 -130,077
Lehigh .4 Hudson River
December_ _
252,130
365.231
23,442
14.528
67.578
81,965
From Jan 1_ 3,362,338 3,567,884 1,063,539 1,224,772
863,101 1,020,985
Lehigh & New Eng!vidDecember_ _
356,445
417,862
40,836
97,441
35,997
86,241
From Jan 1_ 5,798,454 5,662.328 1,761,229 1,963,503 1,511,675 1,668,319
Louisiana & Arkansas
December.. 258,229
363,136
39,093
54,778
112.001
80,669
From Jan 1_ 3,562.302 4,295,438
559,387 1,059,094
872,143 1,471,996
Louisiana fly & Nay Co
December_ _
298,316
333.856
43.668
73,639
60,318
37,226
From Jan 1_ 3,291,531 3,830,970
285,885
561,469
688,182
421.085
Nay Co of Texas
La fly &
December.
96,419
96,516
3.971
26,917
6,439
26,562
From Jan 1_ 1,121,588 1,300,874
105,476
180,969
63,142
136,160
Loulsv Henderson & St Louis
December__
310,641
326,328
38.234
22,793
57,950
40,460
From Jan 1_ 4,127,231 3,756,644 1,128,957
871,949
675,504
902,490
Louisville & Nashville
December_ _10,751,498 12,108.955 1,654,180 2,105,448 1,045,558 1,553,778
From Jan 1144605,117 147313,243 31,747,283 34,713,579 24,087,731 26,754,613
Maine Central-December_ _ 1,553,189 1,674,933
229,593
110,938
402,592
282,493
From Jan 1_20,217,535 20,423,812 4,144,084 4,580,542 2,769,588 3,349.048
Midland Valley
297,501
344,693 -56,199
December._
122,310 -59,567
86,069
From Jan 1_ 3,964,918 4,314,245 1,435,665 1,762,513 1,226,657 1,511,759
Minneap de St Louis
December.. 1,086,124 1,178,881
37,056
74,985 -27,429
12.038
From Jan 1_14.413,216 14,733.725 1,570,901 1,428,335
858,168
674,891
Mississippi Central
128,472
December_ _
144,992
30,822
24,421
33,525
27,739
From Jan L 1,853,416 1,688,878
439,433
478,002
334,427
356,287
MO-Kansas-Texas
December- 2,726.090 2,954,302
960,363
795,050
964,964
718,309
From Jan 1:35,236.541 35,532,896 11,873,501 11,884,275 9,407,540 9.115,362
Mo-Kan-Tex of Texas
December._ 1,649,039 2,098,147
170,827
248.561
721,546
683,710
From Jan 1-20,944,987 22,567.869 4,968,851 6.237,420 4,286,463 5,609,809
Missouri & North Akransas123,607
December_ _
143,343 -21,462
-8,895 -23,844 -11,301
115,616
86,448 -14,610
From Jan 1_ 1,682,613 1,759,085
13,825
Missouri Pacific
December_ _10,213,914 10.821,699 1,475,437 2,385,161 1,240,083 1,897,015
From Jan 1_125728.405 133990,294 26,162,407 31,138,350 21,346,800 25,488,846
Mobile de Ohio
December._ 1,350.780 1,506,543
342,834
289,346
258,664
237,891
From Jan 1_18,055,294 19,342,805 4,460,503 5,123,095 3,376,444 3.891,794
Monongahela Connecting
181,934
16,314
December.. 133,850
24.956
10,022
18,716
437.323
558,674
336,897
From Jan 1_ 1,919,612 2,279,700
463,427
Nash Chatt & St Louis
219,003
December.. 1,718,368 1,897,729
336,917
146.704
260,109
From Jan 1.22,905,626 24.023,878 4,623,172 5.031,018 3,656,714 3,952,348
*National Rye of Mexico
335,577
December.. 8,695,261 9,234.222
577,871
From Jan 1101505,667 103597,682 5,633,233 9.202,540
*Interoceanic Rys of Mexico
887,080
295,515
December.. 838,362
112,205
From Jan 1_10,487,093 11,660,118 1,898,714
470,548
Nevada Northern
85,003
87,135
41.839
December_ ..
41,509
14,067
34.952
970,401
974,814
502,977
494,640
348,639
From Jan 1_
366,967
707
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-1927.
1926,
1927.
1926.
1927.
1926.
Newburgh & South Shore
December.. 162,250 • 166,239
38,949
15,306 -32,925 -42,479
From Jan 1_ 1.843,472 2,013,708
378,603
446,950
168,024
235,899
New Orleans Great Northern
New Orleans Terminal
December.. 118.987
27.375 -56,458
40,018
18.371 -49,841
From Jan 1. 1,917.743 1,956,158
783,863
691,227
653,764
691,227
New On Texas & Mexico
December.. 228,144
301,531
-9,103
74,061 -33,420
52,429
From Jan 1_ 2,863,407 3,522,872
772.671
228,665
96,700
462,770
Beaumont So Lake & W
December_ _
41,340
61,484
245,814
251,100
36,814
56.800
From Jan 1_ 3,054,876 2,868,311
708,647
791,767
723.356
710,021
St Louis Brownsv & Mex660,159
203,404 -48,414
96,175 -93.149
68.412
December_ _
From Jan 1_ 9,197,732 9,786,533 2,501,511 3,303.831 2,072,861 2,939,548
New York CentralDecember.
.29,341,107 33,603,733 5,960,347 7,324,938 4,582.474 5,226,113
From Jan 1_385046.787 399537,749 90.135,803 100606,711 65,071.678 73,557,823
Cincinnati Northern
December... 327,859
51,200
92,416
124,883
371,641
100,782
From Jan 1_ 4,1 36,369 4,808,434 1.482,725 1,693,751 1,137,433 1,363,541
Indiana Harbor Belt
December.. 908,380
140,486
217,417
195,323
253,971
939,651
From Jan 1_11,435.824 11,363,945 2,914,179 3,216,056 2,359.305 2,660,222
Michigan Central
December.. 6,659,441 6,991,892 1,866,474 1,921,535 1,365.790 1.586,083
From Jan 1_89,750.602 95,524,343 27,506,314 30,566,979 21,232,930 24,562,647
C C C St Louis
&
December.. 6.638,258 7,756,111 1,117.973 2,062,473
791.355 1,759,331
From Jan 1_91,185,737 94,539,987 20,863,038 24,481,322 15,800,561 19,066,716
Pittsburgh & Lake Erie
December.. 2,074,326 2,999,517
122,652
465,570 -21.106
354.807
From Jan 1_31,785,820 34,205,977 5,465,508 6,659,938 3,460,149 4,503,996
New York Connecting
December.. 266,189
201,810
159,091
96,877
122,168
60,418
From Jan 1_ 3.068,455 2.995,118 1,901,530 1,749,888 1,444,607 1,291,429
N Y Susq & Western
December.. 371,097
445,855 -22.473
68.718 -49,721
53,609
From Jan 1_ 4,933,623 5,007,416
784,801
993,005
444,549
667.133
Norfolk Southern
December.. 729,247
809,327
163.405
210,880
131,651
145,516
From Jan 1_ 9.567,021 10,066,486 2,739,053 2,928,787 2.093,047 2.252,191
Northern Pacific
December.. 7,532,352 7,190.089 2,012,170 2,070,525 1.673,193 1,547,653
From Jan 1_95,574,816 97,351.042 27.720.078 29,090.098 18,792,944 19,918,279
N orthwestern Pacific
December.. 424.088
445,164 -38,436
16,075 -79.170 -24,919
From Jan 1_ 6.606,409 2,009,347 1,244,313 1,873,368
754,735 1,381,717
Pennsylvania System
Pennsylvania CoDecember.
.47,963,496 58,707,259 5,697,077 8,482,821 3,415.072 6,090.726
From Jan 1_664851,023 709817,450 154182,361 159456,872 118323,001 122085,068
Bait Ches & Atlantic
December..
96,692
99,957 -42,142 -31,189 -42,142 -31.189
From Jan 1_ 1,466,381 1.427,348 -102,681 -101,244 -151,947 -152,168
Long Island
December.. 3,108,312 3,025,394
449,683
728,557
544,071
621.819
FromJan 1.40,886,580 39,648.538 10,774,614 10,640,945 8,256.196 8.481.271
Monongahela
December.. 550,642
681,090
205,329
318,591
188,505
276,893
FromJan L. 7,729,914 7,351.619 3,784,188 3,614,362 3,439,773 3,246,618
W Jersey & Seashore
December,. 61
10,606
798,610 -83,147 -21,514 -84,284 -21.061
From Jan 1_11,643,817 12,928.921 1,795,943 2.284,816
912.414 1,337,740
Peoria de Pekin Union
December.. 161,800
165,903
45,650
32,192
77
10.750
FromJanl_ - 1,859.304 1,773,839
489,863
450,595
234,888
214,480
Pere Marquette
December.. 3,067.029 3,295,933
720,697
719,591
542,156
561.989
From Jan 1_44,744,593 45,799,700 13,104,729 13,913,689 10,605,953 11,490.298
PerklomenDecember__
95,679
112,724
50,643
21,141
626,936
31.546
From Jan 1_ 1,277,648 1,440,281
659,213
421,610
562,980
488,457
Pittsburgh & SbawmutDecember__
180,934
59,632
29,215
41,794
149,394
60,858
From Jan 1_ 1,896,899 1,672,914
391,732
378,028
406,110
393,130
Port ReadingDecember,.173,740
43.501
120.988
241,680
119,522
60,090
From Jan!. 2,427,509 2,476,392 1,072,134
762.862
874,928
942,210
Quincy Omaha & K C
December_ _
2,716 --11.918
61,691
--7,907
74,722
--4,151
FromJan 1- 807,175
940,438 --84,884 --20,095 --142.457 --76,657
Rutland
40,047
68,503
December.. 560,104
92,722
547,294
56,500
From Jan 1_ 6,197,106 6,759,524
379,843
873,084
640,467 1.230.142
St Louis San Fran
December.. 6.627.211 6,994,303 2,317,435 2,083.502 1,952,217 1,827,849
From Jan 1_84,641,835 89,917,324 26,368,284 27,699,165 21,5288,40 23,006,579
Ft Worth & Rio Grande
9,005
9.705
December.. 118,242
14.564
5,979
122,836
From Jan 1_ 1,300,461 1,298,032 -11,931 -76,185 --61,776 --125,105
St L San Fran of Tex
December.. 183,050
18,991
45,457
15,048
182.229
40,824
510,540
From Jan 1_ 1,906,472 2.030,352
347,420
314,884
476,906
St Louis Southwestern Sys
December,, 1,947,356 2,167,944
425,865
730,009
331.888
642,063
From Jan 1_24,206,525 25,692,826 5,711,953 6,339,369 4,555,480 5,077.991
St Louis Southwestern
449,788
December., 1,373.403 1,524,067
614,940
387,309
547,217
From Jan 1.16,835,800 18.201,955 5,448.923 6.203.579 4,627,392 5,303,333
St Louis NV of Texas
-S
December,, 573,954
643.877 -23,922
115,070 -55,421
94,847
From Jan 1. 7,370,725 7,490,870
263,031
135,791 -71,911 -225,342
San Antonio Uvalde dr Gulf
December.. 134,951
8,142
151,492
12,481
1,689
11,497
From Jan 1_ 1,919,355 1,885,406
441,578
480,914
395,246
439,118
Seaboard Air Line
December, 4,973,570 5,959,094
956,150 1,781,306
686,978 1,428,914
From Jan 1_61,790,150 67,851,429 14,916.835 17,991,013 11,316,350 14,430,651
Southern Pacific Co
December_ _16,266.649 16,228,412 4,850,858 4,637,732 3,459,483 3,470,465
From Jan 1_214898,487 213970,447 65,682,686 67,552,566 48,046,810 49,935,344
Sou Pacific S,9 Lines
December._
872,157
989,118
28,860
34,261
26,349
17,755
From Jan 1_12,057,310 12,495,194 1,221,942 1,608,898 1,159,493 1,501,325
Texas & New Orleans
December. 5,707,522 6,465,735
702,204 1,416,253
502,618 1,249,573
From Jan 1_70,789,608 72,335,356 12,661,586 14,044,053 9,015,366 10,212,099
fly SystemSouthern
DecembMr_ _14,974,893 16,896,082 4,408,870 5,150,376 3,458,172 3,860,79
From Jan 1 194449,055206868,107 57,159,112 63,857,112 44,658,011 49.969,749
Southern Ry Co
-December_ _11,421,148 12,917,731 3,356,022 3,884,234 2,612,547 2,783,906
From Jan 1_147639,663 155467,976 43,731,110 47,601,387 34,242,232 37,206,496
Ala Great Southern
286,817
December.. 850,857
294,758
360,991
860,971
350,122
From Jan 1_10,359,494 10,599,163 3,026,417 3.262.549 2,324,764 2,486,998
Cm N 0 & T P
374.59•
December_. 1,586,734 1,821,770
306.908
374,616
439,934
From Jan 1.21,811,757 23,310,310 6,251,531 7,228,133 4.993,125 5,802,45
708
[VOL. 126.
FINANCIAL CHRONICLE
Month of Dec.
12 Months End. Dec.31-Grossfrom Railway -Net from Railway- -Na after TaxesYearGross.
Net. Aft. Chges. Gross.
1926.
Net. Aft. Chges.
1927.
1926.
1927.
1926.
1927.
$
$
$
$
$
$
$
Cape Breton El Co Ltd
Southern Pacific Sys-(Concluded)
21,007
1927
68,185
75,622
15.102
656,656
144,155
Georgia So & Florida
1926
18,852
50,475
130,435
179,427
64,544
12,950
119,747
612,630
198,400
December..
149,567
465,381
497,011
529,937 1,364,660 Col Elm de Pr Co de Sub Cos
From Jan 1_ 4,863,249 6,764,554
775,100 1,692,641
340.458
196,563
124,161 4,200,699 2,320,019 1,440,700
1927
X Orleans & Northeast1926
331,850
190,705
117,141 3,777,339 2,006,601 1,165,114
64.144
238,453
253,617
December..
112,199
385,707
561,827
From Jan 1_ 5,758,052 6,385,549 1,933,951 2,421,027 1,409,593 1,773,530 East Tex Elec Co (Del) & Sub Cos
561,212
1927
189,084
63,906 7,214,132 2,613,107 1,195,977
North Alabama
1926
480,637
191,202
98,307 5,657.495 1,922,796 1,006,529
22,841
58,312
58,146
28,366
December....
130,509
87,150
624,534
494,558
551,204 Edison Elec Ill Co of Brockton
560,718
From Jan 1_ 1,376,563 1,484,605
183,890
1927
76,188
74,336 1,942,473
664,388
679,224
Spokane International
51,703
1926
161.503
30,585
50,816 1,756,686
568.117
36,685
27,610
577,869
33,241
101,325
December_ _
93,200
452,719
345,465
410,651
385,548 The El Lt & Pr Coot Abington de Rock
From Jan L 1,239,384 1,265,290
1927
59,278
12,728
11,894
627,857
126,402
119,144
Spokane Portland de Seattle
53,865
11,818
1926
11,233
580,914
102,937
99,251
189,716
188,097
279,052
273,984
656,155
December_ _ 680,910
From Jan L 8,932,623 8,649,180 3,588,198 3,380,113 2,603,170 2,400,548 El Paso El Co (Del) dr Sub Cos
271,545
102,355
1927
87,619 2,998,271 1,134,868
961,258
Tennessee Central
92,772
1926
265,278
78,919 2,838,915 1,069,424
104,030
22,314
4,256
29,876
221,016
14,977
December_ _ 240,528
509,954
583,972 Fall River Gas Works Co
654,217
582,924
From Jan 1_ 3,279,560 3,238,513
23,130
1927
92,228
21,458 1,043,776
266,223
248,539
Term Ry Assn of St Louis
24,242
89.996
1926
22,588 1,009,777
236,241
230,696
263,419
240,714
177,892
316,657
December_ _ 1,081.586 1,109,339
-Houston Elec Co & Sub Cos
From Jan 1_13,270,086 13,537.818 4,105,119 4,730,781 2,970,335 3,382,778 Gal
438,288
1927
153,416
79,549 5,052,638 1,573,117
711.842
Texas Mexican
131,036
•
424,266
1926
63,136 4.589,081 1,330,573
552,467
45,763 -62,835
54,359 -30,344
121,892
72,151
December_ _
126,456
159,697
557,465 Haverhill Gas Light Co
198,837
From Jan 1_ 1,280,757 2,031,002
1927
67,100
11,790
11,413
711,401
128,023
124,163
Texas & Pacific
4,455
63,183
1926
4.284
691,978
123,163
122,339
875,906 1.059,190
767,267
December... 3,910,586 3,295,309 1,196,029
From Jan E38,940.539 35,449,650 10,152,466 8,961,262 8,296,789 7,098,476 Jacksonville Trac Co
115,068
15,660
1927
1,688 1.378,181
140,728 -32,362
Toledo Peoria & West
15,
07
144,430
29,090
13,564 1,620,366
1926
337,470
148,136
22,953
22,953
15,759
132,004
145,973
December.._
178,057 -74,091 The Lowell Elec Lt Corp
1,037
198,274
From Jan 1_ 1,762,746 1,524,845
69,531
176,976
1927
69,053 1,788,419
613,954
611,306
Toledo Terminal
1926
179.005
86,664
86,649 1,728,755
607,100
592,133
24,447 -14,796
13,627
14,394
December_ _
93,115
114,474
406,187
210,586
174,984 No Texas El Co & Sub Cos
From Jan L 1,514,021 1,508,701
407,076
260,934
87,848
55,541 2,707,487
1927
876,408
511,446
Ulster lz Delaware
222,366
79,361
50,612 2,524,333
1926
841,269
484,609
174,450
-2,074
3,730
180,460
December _ _ 246,615
63,877
202,594
271,794
148,614
79,55 Puget Sd Pr & Lt Co & Sub Cos
From Jt nl. 1031,568 1.242,253
663,684
1927
1,416,178
432,345 14,925,482 6,360,815 3,518,231
Union RR (Penn)
611,855
1,299,490
373,413 13,523,748 5,719,249 2,961,178
1926
December_ 566,291
736,534 -39,614 -71,239 --28,910 -70.728
960,515 2,021,788 Savannah El& Power Co
From Jan 1- 9,779,136 11,899,781 1,172,198 2,487,835
86,413
193,134
48,328 2,227,380
1927
917,347
474,300
Utah
84,710
1926
203,298
55,153 2,233,704
831,023
66,121
468,930
76.767
55,848
102,538
December__ 228,386
162,360
554,491
544,055
436,858 Sierra Pac Elec Co de Sub Cos
687,717
From Jan 1_ 1,813,208 1,642.631
50,036
105,214
45,567 1,240.946
1927
574,739
522,772
Virginian
48,489
107.514
1926
44,667 1,260,542
508,716
229,641
463,728
653,557
79,602
743,573
December__ 1,485,084 1,922,433
10,511,294 10,638,870 8,871,865 8.948,978 Tampa Elec Co & Sub Cos
From Jan L22,114,785 23,878,539
157,359
385,170
1927
150,401 4,714,686 1,489,180 1,431,784
Wabash
133,253
407,593
128,515 4,871,773 1,515,843 1.437,863
1926
December__ 5,078,725 6,025,937 1,078,031 1,861,746 1,080,045 1,574,559
From Jan 1..67,108,154 71,693,341 15,729,007 19,227,661 12,931,640 15.790,598
Earnings of Large Telephone Companies.
-The InterWestern Pacific
200,005 -12,867
83,189 State Commerce Commission at Washington has issued a
109,954
December_ _ 1,068,195 1,035,758
4,781,925 1,804.114 3,474,609
From Jan L 16.433,463 16,057,065 3,308,394
monthly statement of the earnings of large telephone comWestern Ry of Ala15,876
55,491
1,119 panies having an annual operating revenue in excess of
96,763
247,773
Decem ber_ _ 270,988
565,430
659,481 $250,000. Below is a summary of
779,120
857,738
From Jan 1_ 3,187,597 3,344,018
the return:
Wheeling & Lake Erie
No. of Co.
Net
201,946
55,162
132,686
132,135
December_ 1,114,754 1,442,373
Stations in
Gross
operating
Operating
Operating
From Jan L18,129,586 20,925,899 4,413,015 5,941,810 2,948,769 4,273,160
Service
Earnings. Expenses.
Revenues.
Income.
-Grossfrom Railway -Available for hit.- -Surplus after Chgs.Nov. 30.
1926.
1927.
1926.
1927.
1026.
1927.
November 1927__ 14,694,937 81,486,125 53,842,422 27,643,703 19,986,440
$
$
$
$
3
November 1926-- 13,894,355 75,838.601 49,866,866 25,971,735 19,364,270
St Louis San Fran Sys
limos,end. Nov.30:
796,450
172,271
December.. 7,001,842 7,394,878 2,088,116 1,935,342
14,694,937 866,019,822 574,179.608 291,840,214 213,195,798
1927
From Jan E88,628,784 93,850,846 23,085,939 23,062,820 7,574,226 7,567,900
13,894,355 803,305,382 537,400,221 265,905,611 193,511,476
1926
Fixed
Total Net
Balance.
Charges.
Income.
Fonda Johnstown & Gloversville
Georgia & Florida
St Louis Southwestern
Dec '27
'26
From Jan 1 '27
'26
Dec '27
'26
From Jan 1 '27
'26
Dec '27
'26
From Jan 1 '27
'26
71,551
51,892
387,264
416,322
2,333
15,437
236,159
233,011
316,221
668,038
4,822,528
5,206,136
31,784
31,941
385,902
384.911
16,732
39,767
19,950
1,361
31,411
-19,065
200,932
35,227
231,836
233,933
2,974,713
1,847,814
84,384
434,104
2,800,597
2,405,539
* Mexican currency.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross EarningsPrevious
Current
Year.
Year.
s
s
Net Earnings
-Current
Previous
Year.
Year.
$
$
FINANCIAL REPORTS.
' Annual, &c., Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Jan. 7 1928.
This index, which is given monthly, does not include
reports in to-day's ‘`Chronicle."
Boldface figures indicate reports published at length.
Railroads
Boston & Maine RR
Cambria & Indiana
Central RR. Co. of N. J
Chesapeake Corp
Chesapeake & Ohio Ry
Chicago MU. & St. Paul Ry
Georgia Florida dr Ala. RR
Guantanamo & Western RR
573, 102
102
102
245
245
245
103
104
Public Utilities (concluded)
New York Water Service Corp
413
Northern Ohio Power & Light Co
107
Ohio Edison Co
577
Ottawa de Hull Power Co., Ltd._ _
414
Ottawa River Power Co Ltd
414
Peoples Gas Light & Coke Co._.572,414
Public Service Corp. of N. J
578
Public Utilities Consol. Corp
253
Rochester Telephone Corp
414
San Angelo (Ten.) Telephone Co.. _ _ 107
Southern Indiana Gas & Electric Co 578
Tennessee Electric Power Co
579
United Light & Power Co
108
United Public Service Co
416
Utilities Power de Light Corp
108
Washington Water Power Co
679
West Penn. Electric Co
254
Western Union Telegraph Co., Inc 416
Public Utilities
American States Securities Corp_ _ -- 105
American Water Works de Electric
408, 105
Co., Inc. (Del.)
408, 249
Arizona Edison Co
Associated Gas & Electric Co_ _249, 105
409
Atlantic Public Utilities, Inc
122,870
Community Power
341,009
Dec '27
575
Brooklyn City RR
123,000
& Light Co
326,288
'26
564,400 1,125,847 Brooklyn Manhattan Transit Corp_ 409
690,247
12 mos ended Dec 31 '27 4,273,714
14
575
Central Illinois Light Co
4,084,319 1,531,722
'26
250, Industrials
Central Public Service Corp
992,814
320,106
Engineers Public
5672,707 Central States Utilities Corp
Dec '27 2,528,248
409 Abitibi Power & Paper Co., Ltd..... _ 579
264,218
947,673
5683,456 Cities Service Co
Service Co
'26 2,396,732
410 Ajax Rubber Co., Inc
254
12 mos ended Dec 31 '27 29,486,131 11,378,872 3,457,049 57,921,823 Citizens Water Co. of Scottdale, Pa. 250 Alaska Juneau Gold Mining Co.... _ 254
.
'26 26,627,687 10,112,320 3,186,448 56.925.872 Coast Counties Gas & Electric Co.. _ 106 Alaska Packers Association
417, 580
470.995
106 Alliance Realty Co
Northern Ohio
Dec '27 1,186,231
Columbia Gas & Electric Corp
417
Power Co
370,551
410 Allied Packers, Inc
Commonwealth Power Corp
'26 1,089,780
580
12 mos ended Dec 31 '27 12,575,214 3,893,695 d2,412,824
1,480,871 Consumers Power Co
575 Amalgamated Bilk Corp
254
783.417 Continental Gas & Electric Corp.._ _ 411 American British & Continental Corp 580
3,107,292 d3,107,292
'26 12,040,841
$72 American Rolling Mill Co
255
Third Avenue
e247,797 5-12,071 Detroit Edison Co
235,726
Dec '27 1,330,715
250 American Surety Co
417
Railway System
511,289 Engineers Public Service Co
238,712
e227,483
'26 1,299,677
412 American Wholesale Corp
417
6 mos ended Dec 31 '27 7,753,665 1,343,887 e1,377,575 5-33,688 Federal Light de Traction Co
575 American Vitrfied Products Co _
580
5211,332 Federal Public Service Corp
'26 7,715,380 1,548,045 e1,336,713
106 Aroour & C ,r, (dhams)
244
-2,161 General Gas & Electric Corp
York Utilities
14,024
1,863
Dec '27
12,726
251 Artioom Corp
581
Company
-7,841 Gulf States Utilities Co
13,392
'26
*114,051
19.479
576 Atlantic Gulf & West Indies SS.
12 mos ended Dec 31 '27
-54,657 Hartford Gas Co
846,708
*117 948
169 653
:
576
Lines..--,
-54.433 Havana Electric By
845,467
'26
*118,966
202,322
576 Beacon Oil Co.(& Subs.)
255
Illinois Power Co
322,547 Interborough Rapid Transit Co- -- - 107 Beaver Mills
Washington Water
Dec '27
353,095
30,548
603,734
255
281,820 Indianapolis Water Works Securities
45,953
Power Co
'26
327,773
561,216
569
Bethlehem Steel Corp
12 mos ended Dec 31 '27 6,475,455 3,918,882
455,798 3,483,086
107 Biflen Products Co
Co
109
554,154 2,971,463 International Power Co., Ltd
'26 6,050,686 3,525,617
251 Bing & Bing Inc. (& Sub. & ARIL
251
418
Cos.)
* Includes other income. b After rentals. d Includes amortization of debt dls Inter-State Tel. & Tel. Co
577 Borden Co
109
count and expense and dividends on preferred stock of subsidiary companies Kansas City Public Service Co
577 Boss Mfg. Co., Kewanee, Ill
255
Lehigh Power Securities Corp
e Includes amortization of debt discount and expense.
251 Bowman-Biltmore Hotels Corp
Lexington Water Power Co
109
12 Months End. Dec.31- Lower Austrian Hydro-Elec. Power
ilonth of Dec.
Brantford (Ont.) Cordage Co., Ltd.. 109
Net.
Aft.elves.
Net.
Aft. rhges. Gross.
Gross.
107 Brush-Moore Newspapers, Inc
110
Year
Co ("Newag")
$
s
$
5
3
$
418
577 (A. M.) Byers Co
Market Street By.
Middlesex Water Co., Elizabeth,
Canadian Industrial Alcohol Co.,
Raton Rouge Elec Co
372,216
301,852
24,005 1,017,110
110
30,176
412
92,037
N. J.
Ltd
1927
960,479
362,878
293,386 Mississippi Power & Light Co
31,231
256
37,244
89,964
107 Caracas Sugar Co
1926
582
Montreal Light, Heat & Power
Caterpillar Tractor Co
Blackstone Valley G & E Co de Sub Cos
582, 419
577 Celotex Co
Consol
176,507 5,910,629 2,123,205 1,519,596
223.603
558,548
1927
256
252 Chimp)Title & Trust Co-..
172,826 5,528,770 1.982,048 1,414,012 National Electric Power Co
222,201
555,121
1926
5,932,202 5,776,500
Barcelona Trac, Lt & Pr Co*_Dec 8,329,938 8,140,504
12 mos ended Dec 3E _ _ 87,464,132 84,186,500 60,833,774 56,779,145
*Figures given in pesetas.
Fixed
Balance,
Net After
Gross
Charges.
Surplus.
Taxes.
Earnings.
FEB. 4 1928.]
FINANCIAL CHRONICLE
709
BALANCE SHEET DEC. 31.
Industrials (concluded)Industrials (continued)
Page.
1927.
1926.
1927.
1926.
Page.
423
$
Liaatitties110 McClaren Rubber Co
$ IS
114 $
Assets-$
his Copper Co
423 Property account_27.190,992 22,955,698 Capital stock ___10,868,312 10,746.200
110 McIntyre Porcupine Mines, Ltd
bids Co
115 Plant additions in
1st ref. mtge.5,Sis. 3,000,000 3,000,000
583 Mack Tricks, Inc
OW & Alkman Corp
Manhattan El. Supply Co., Inc_.._ 260
progress_ _ _ _ __
102,687 lst mtge. bonds _a11,508.000 11,602,000
196.217
ommerclal Investment Trust Corp
102 Secure. of other cos 4,368,502 5,435,334 Holtwood Pr. Co.
583, 419 Manhattan Shirt Co
424 Loose plant and
2,750,000
bds
Martin Parry Corp
onsolidated Film Industries Inc.
115
584,262
256 Martel Mills, Inc
equipment
187,765 Accounts payable_ 387,833
197,145
(Del.)
424 Bills & notes ree
25,000 Contingent fund__ 2,141,540 1,614,540
525,000
ontInental Clay Products Corp -_ 110 Metro-Goldwyn Pictures Corp
571 Accts.receivable_
583 Montgomery Ward & Co., Inc
505,439 Depreciation fund_ 2,080,142 1,724.729
732,351
ontinental Insurance Co
115 Cash
376,590
432,144
257, 110 Morgan's, Inc
1,000,692 1,455,625 Tax reserve
ontinental Motors Corp
122,113
583 (The) Mortgage-Bond Co. of N.Y 589 Cash for hand rePrem. on cap. stk
eamery Package Mfg. Co
424
25,000
Mullins Mfg. Co
demption
100,048 Res.for sink fund_ 1,050,000
100,740
awn Consol. Gold Mining &
424 Prepaid charges..
41.250
96,250
420 Munsingwear, Inc
28,966 Accr. hat. on 535s_
23,634
Wiling Corp
589, 260
925,000
569 Nash Motors Co
Sinking fund
rucible Steel Co. of America
115
34,877
23,051
420 Nashua Mfg. Co
Profit and loss
Alfred) Decker & Cohn, Inc
404, 281
National Biscuit Co
eflance Paper Co.. Niagara Falls,
589
34,335,273 30,796,562
584 National Surety
Total
Total
N. Y
34,335,273 30,796.562
424
257 Naumkeag Steam Cotton Co
(Jacob) Dold Packing Co
a First mortgage 5% bonds are after deducting $994,000 bonds redeemed
424
420 Newmont Mining Corp
ome Mines, Ltd
-V. 126, p. 107.
by trustees or canceled for sinking fund investment.
du Pont de Nemours & Co ___ 570 No. American Invest. Corp. (Calif.) 425
. I.
261
258 Northern Securities Co
II ;right Mfg. Co
425, 261
111 Northwest Engineering Co
lot-Fisher Co. (of Del.)
571
420 Pacific Oil Co
iy & Walker, Dry Goods Co
United States Steel Corporation.
590, 261
111 Packard Motor Car Co
pire Steel Corp
590
111 Paratine Cos. Inc
quitable Office Bldg. Corp
(Results for Quarter and 12 Months Ended Dec. 31 1927.)
500
111 Pennsylvania Coal & Coke Corp.
Federated Metals Corp
25
584 Phila. Co. for Guaranteeing Mortg's 4
Fidelity Phenix Fire Insurance Co
The results of the operations for the quarter ended Dec.I31
117
421 Postum Co., Inc
Co. of America
Finance
585 Purity Bakeries Corp. & Subs_ _262, 243 1926, as presented to the directors' meeting Jan. 254comForhan Co
426, 262
Gears & Forgings, Inc., Cleveland_ _ 585 Reliance Mfg. Co
426 pare as follows:
General American Investors Co., Inc. 421 (R. J.) Reynolds Tobacco Co
263
General Public Service Corp__ 431, 404 Sanford Mills
PRELIMINARY EARNINGS FOR QUARTERS ENDED DEC. 31.
570
586 Sears, Roebuck & Co
General Railway Signal Co
1924.
1925.
590
1926.
1927.
258 Sharon Steel Hoop Co
General Silk Corp. & Subs
263 Unfilled orders Dec. 31
Georgia-Kincaid Mills. Griffin, Gs_ 421 (The T. L.) Smith Co
427
tow
3.972,874 3,960,969 5.033.364 4,816,676
(A. G.) Spalding & Bros
258, 112
Gillette Safety Razors Co
118 Net earnings (see note)-$31.247,529 353,502.525 $42,280,465 $30.762.231
258, 112 (A. E.) Staley Mfg. Co
Glidden Co
427
Deduct
259 Standard Investing Corp
Graham-Paige Motors Corp
591 Depletion & deprec. re112 Standard Publishing Co
(W.T.) Grant Co.(Mass.)
591
serves, and sink,funds
259 Sterling Products, Inc
Greif Bros. Cooperage Corp
9.237,121
on bonds of sub. cos- _ 10,623,859 15,201,474 11,478,616
421 Stewart-Warner Speedometer Corp_ 591
Gulf States Steel Co
591 Int. on U. S. Steel Corp.
421 Superior Steel Corp
(W. F.) Hall Printing Co
101
4,520,746
bonds
4.115.658 4,255,608 4,390,941
422 Swift & Co
riamilton Woolen Co
428 Prem,on bds.redeemed_
217,645
294,548
361,734
323,969
572 Swiss Oil Corp
Hart. Schaffner & Marx
2,786,745 2,704.227 2,611,084
259 Tishman Realty & Constr. Co., Inc. 284 Sink.fds. U.S. Steel bds. 2.940,068
Henney Motor Co
264
422 Tobacco Products Corp
Hewes Bros. Co
118
Total deductions
$18,003,554 $22,605,561 518,868.332 516,586,596
587 Underwood Typewriter Co
Howe Sound Co
513,243,975 $30,896,964 $23,412,133 $14.175,635
570 Union Stock Yards Co. of Omaha_ 429 Balance
Hudson Motor Cyr Co
592 Add-Net bal. of sundry
101 United Drug Co
International Shoe Co
charges and receipts
113 United Engineering & Foundry Co__ 592
Ipswich Mills
incl. adjustment of
405, 285, 118
United Fruit Co
Jefferson & Clearfield Coal & Iron
118
87.070
122,041
various accounts
253,720
113 United Grain Growers, Ltd
550,858
Co
430
587 United Paperboard Co., Inc
Jones & Laughlin Steel Corp
523.534,174 514,262.705
244
Total
S. & Foreign Securities Corp
$13,794,833 $31,150,684
(5.) Kahn's Sons Co., Cincinnati __ 587 U.
Preferred diva. (1U 70_ 6,304,920 6,304,920 6.304,920 6.304.920
422 U. S. Smelting, Refining & Mining
(Julius) Kayser & Co
Common dividends
114
Co
(George E.) Keith Co. & Subs
12,453,412 8,895,294 6.353,782 6,353.782
593
Rate, per cent
(131%)
114 Venezuelan Petroleum Co
(13%)
(13.i%)
(George) Kern, Inc
(13%)
593 Common,extra(A %)2,541,512 2,541,512
587 Virginia Iron, Coal & Coke Co
ey Boiler Equipment Co
K
430
423 Walgreen Co
(G. R.) Kinney Co., Inc
119
Surplus for quarter_ _df$4,963,499 $15,950.470 $8,333.960 df.$937.509
588, 114 Wamsutta Mills
(s. 9.) Kresge Co
266 Earns, per share on corn.
$1.56
423 Warren Bros. Co
$3.38
$4.88
$1.05
Lawyers Mtge. Co
.
243 Westinghouse Electric Mfg. Co_ _ _ 593 Shs. corn. stk. outatand.
Lee Rubber & Tire Corp
571 White Rock Mineral Springs Co_ __ 593
(Par $100)
7,116.235 5,083,025 5,083,025 5.083,025
Vgget & Meyers Tobacco Co
405
588 Wilson & Co., Inc
Lindsay Light Co
Note.
-The net earnings for the quarter ending Dec. 31 1927 (and also
570
423 F. W. Woolworth Co
Lion 011 AC Refining Co
593 for the 12 months period-see below) shown after deducting all expenses
423 (Wm.) Wrigley Jr. Co
Loew's Buffalo Theatres, Inc
Incident to operations, comprising those for ordinary repairs and main260
Loew's Inc
tenance of plants, also
(incl, reserve for Federal income taxes), and
Northern Pacific Railway.
-Year Ended Dec. 31 1927.)
(Preliminary Report
RESULTS FOR CALENDAR YEARS (1927 PRELIMINARY.)
1924.
1925.
1927..
1926.
Operating Revenue$75,462,955 $76,226,065 $76,301,308 $73,422,540
Freight revenue
11.773,283 12,639,990 13,201,179 13,167.943
Passenger revenue
Other transportation rev 6,079,564 6.196.923 6,067.165 6,224,083
Incidental & joint facility 2.259.015 2,288.064 2,294.902 2.477,839
taxes
interest on bonds of the subsidiary companies.
NET EARNINGS FOR CALENDAR YEARS.
*Net Earnings1927.
1925.
1924.
1926.
January
$13,512,787 $13,810.149 513.027.058 514.771,103
February
14,943,305 14,385.381 12,357,801 16.238.867
March
17,128,633 16.865,755 14,498.133 19,065,475
Total (first quarter)
..$45,584.725 $45.061.285 $39,882,992 $50,075,445
April
15,449,965 15,705,202 13,376,821 16,048,911
15,566,192 16,159,866 13.803.453 13,419,194
Total operating revs-895,574,816 $97,351,042 $97,864,555 $95,292,404 May
June
15.024,303 15.949.037 13,443,947 11.912.934
Operating Expenses
Way and structures_ _ _ _$11,965,278 $12,297,403 $12,759,190 $12,240,855
Total (second quarter)$46,040,460 $47.814.105 $40,624,221 $41,381,039
17,865,172 17,414,638 17.605.304 18.675.927
Equipment
1,917,955 July
13,808,983 17,798,795 13,908,513 10.430.105
2,336.114
2,411,689 2,073,155
Traffic
14,289,325 17,244,097 14,399,265 10.107,685
31,902,292 32,291,965 33,538,233 34,190,334 August
Transportation
1,637,652 1,614,992 September
1,566,461
13,275,523 17,583.934 14.092.634 10,180.625
operations
1,594,536
Miscell.
2,731,154
3,034.993 2,910,820 2,980,307
General
Total
Transp.for investment.. Cr.815,573 Cr.660,105 Cr.621,365 Cr.838,154 October (third quarter)_341,373.831 $52,626,826 $42,400,412 $30.718,415
11,869,470 18,992,414 14,591,975 12,236.014
9,624,939 18.144,656 14,210,992 8.903,576
Total oper.expenses_ _567.854,739 $68.260,944 $69,972,476 $70,533,064 November
9.753,127 16,419,582 13,827,874 9.800,322
operating revenues_ 27,720,078 29.090,098 27,892,078 .24,759,340 December
Net
Taxes & uncollec. revs._ 8,927,134 9,171,819 9,372,270 8,563,154
Total (fourth quer.)--$31,247,529 553.556.653 $42,630,840 $30,939,912
Total for year
164,246,545 199,058,868 165,538,465 153,114.812
RI. oper. Income_ _ _ _$18,792,944 $19,918,278 $18,519,808 $16,196.186
1.855,789 2.130.763
Equipment rents,net. _ _ 1,728,209 2,300,954
at
* Interest
1,851,722 1.534.128 aforesaid netcharges of subsidiary companies deducted before arriving
1,994.468
facility rents, net__ 2.071.683
Joint
earnings are as follows:
1924.
1925.
1926.
1927.
Net ry. oper. income_$22,592,837 $24,213,700 $22,227,319 $19,861,077
5685.765
$655,853
$699,059
5675.402
Non-operating income_ _ 11,435.064 12.093.575 11,079,164 11,483.432 January
684,507
655,698
February
698.314
675,292
655.221
684.022
$34,027,901 $36,307.276 $33,306,484 $31,344,508 March
696,803
674,926
Gross income
650,879
680.543
699,897
April
674,796
Int. on funded debt_ _ _ - 14.714.082 14,774,879 14,783,165 14,767,619 May
648.651
606.645
579,031
674,090
699,538
775,395
529,665
deduc.fr. income_
671,986
Other
671,333
719.955
697,608
June
668.393
708,016
689,477
$18,538,424 $21,002,732 $17,944,288 $15,970,244 July
666,183
661,004
Net income
665,364
707,096
688.977
(5%)...12,400,000 12.400,000 12,400,000 12,400,000 August
660.258
Div. approPlis
708.034
688,576
665,068
September
659.999
703.281
676,262
$6,138,423 $8,602,732 $5,544,288 $3,570,244 October
662,893
657,317
Balance
2,480,000 November
676,132
717,839
662.535
656,845
sbs.stk.outst.(par $100) 2,480,000 2,480,000 2,480.000
$7.24
$6.44 December
675.639
723.437
57.47
$8.47
666.324
655.301
Earned per share
-V. 125. P• 909.
INCOME ACCOUNT FOR CAL. YEARS(PRELIM. FIGURES FOR 1927.)
Pennsylvania Water & Power Co.
1926.
1925.
1924.
x1927.
(18th Annual Report-Year Ended Dec. 311927.)
Net earnings (see above)164,246,545 199.058.869 165,538,465 153,114,812
Deduct
The remarks of President C. E. F. Clarke, together with For deprec.&
profit and loss account and balance sheet as of Dec. 311927, Sink,fund on res.funds_ 47,363.888 53.171,076 45,463,054 38,687,668
U. S. Steel
Corporation bonds_ -- 11,515,669 11.049,836 10,623.625 10,205,169
will be found in the advertising pages of this issue.
Interest
16.674.175 17,228.668 17,761,389 18,274.208
COMPARATIVE INCOME,PROFIT AND LOSS ACCOUNT.
1,102,769
967.645
Prem.on bds.redeemed_ 1,398.215 1,242.984
1924.
1927.
1925.
1926.
Add-Net bal.of charges
sources) Cr.15,026 Cr.87.070
Including adjustments Cr.550,858 Cr.301,101
Gross inc. (all taxes. &c_ $3,525,343 $3,103,674 $2,960,436 $2,686,466
883,323
774,359
1,272.817
956,721
Exth, maint.,
Total
76,401,089 82,391,463 74.935,811 68,047,620
$2,252,525 $2,146,953 $2.077.113 $1,912,107 Balance deductions
116.667.406 90,602.653 85,067.192
Net carnings-__ - 738,000
648,133 Dividends-Fret. (7%)_ 87,845.456 25.219,677 25,219,677 25.219,677
754,050
745.100
25,219,677
Interest on bonds__
x967,158 %)859.696 (8)859,696 (8)820.620
(8
Dividends
(7%)49,813,645(7)35,581,175(5)25415,125(5)25415,125
Common
(2)10166,050(2)10166,050
Common, extra
$479,417
$443,354
$531,317
$542,157
Balance. surplus_ _
483,624
444,218
5566.195
564.4'31
Surplus net income... 12,812,134 55,866,554 29,801,801 24.266.340
Total (incl. prey. surp.) _
140,000
200,000
200,000
130,000
Deduct-Contingent fund
-For expends, on
220,350
243,144
230,053
210,010 Less
Depreciation fund
auth. approp.for add'l
100,000
100,000
100,000
100,000
30,000.000 25,000,000 20.000.000
sinking fund...
property & construc'n
bartatse
$22,774
$23,052
84,207
$34,878
4,266,340
Surplus Dec.
Balance for year
12,812.134 25,866,553 4.801.801
$11.77
31$12.86
$17.97
$8.80
Shs. cap. stk. outatand.
y107,462
y107.462 Earns, per share on corn_
429.848
y107.462
)429,848
(no par - - $12.46
$11.76
x These amounts for the year 1927 "may be changed somewhat upon
$3.48
$13.05
Earn. per sh.on cap.stk.
corporation's fiscal
outstanding stock of $100 (par value) for the quarters completion of audit of accounts for the year. The annual report comx Being 2% on the June 30. and 6235 cents per share for the
year corresponds with the calendar year, and complete
ended Mar. .31 and Dec. 31. y Par $100. the stock having been quarters prising general balance sheet, financial statements, statistics, &c., will be
changed
Sept. 30 and
earlier." This applies
ended
and four no par shs. exchanged for each $100 par submitted at the annual meeting in April 1928 or -V. 126, p. 265.
par during 1927
also to the quarterly income statement given above.
to no
hare.
s
710
FINANCIAL CHRONICLE
Southern Railway Company.
(Preliminary Statement, Year Ended Dec. 31 1927).
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
$
$
$
Gross oper. revenues_ _ _147.639,063 155.467,976 149,313,892 142,486,514
Total oper. expenses_ __103,907,953 107,866.589 103,811,952 102,674,674
Net rev.from oper'n__ 43,731,109 47.601.387 45,501,940 39,811,840
Taxes and uncollectible
railway revenue
9.488,877 10,394.891
9,490,244 7,752,105
Equip.& joint facil. rents 1.477.170 1,67.713
925.674
1,617,016
Railway oper.income_ 32.765,062 35,528,783 35,086.022 30,442,720
Other income
6.823,150 5.856.954 5.273,998 4,842,661
Total gross income.__ 39,588.212 41.385,737 40,360.020 35,285,381
Interest and rentals_ _
17.888,304 17.789,015 17.780,847 17,516,241
Net income
21,699,908 23.596,722 22,579,172 17,769,140
Dividends on pref. stock 3,1)00,000 3,000,000 3.000,000 3,000.000
Balance
18,699,910 20,596.722 19,579,172 14,769,140
Earn. per.share on com_
$14.40
*$17.16
$16.31
•Based on present capitalization, the earnings for the year 1926 amounts
$2
10
-V. 126. p. 574.
to $15.87 per share.
Marland Oil Co.(and Subsidiary Companies).
(Annual Report
-Year Ended Dec. 31 1927).
Pres. E. W. Marland, Jan. 31, says in substance:
The development of the company during the year 1927 in'the various
branches of the oil business in which it is engaged, is shown by the
accompanying table:
1927 l3bls. 1926 Bbls. 1925 Bbls. 1924 Bbls.
Net production of crude oil_ 15,307,409 13,137,048 12,259,664 8,500,208
Pipe line runs of crude oil__ 18,084,085 21,658,305 15,504,855 14,816,910
Crude oil run through ref'n'y 7,823,782 7.528,196 5,958.971 4,210,123
Inventory of crude oil at
Dec. 31
6,464,848 5,603,317 2,672,696 5,874,183
Inventory ofrefined products
at Dec.31
2,018,706 2.671.751 1.836.205 1,446,476
Sales of crude oil & refined
products
25,662,535 23.036.872 21.568,790 11,907,884
Crude oil sales by Reagan
County Purchasing Co.
8,224,590 9.778,054 4,745,136
(51% owned)
Casinghead gasoline produc34.109,662 27.807.716 20,782.000 12,961,000
tion (gallons)
Natural gassales(M.cu.ft.) 11,183.306 11,138,604 11,783,693 7,392,000
2,410,577 1.656.728 1,052,345
Oil leases owned (acres)
680,839
Average daily crude oilduction, month of Dec.e
34.921
(barrels)
45,898
32,145
29,301
It should be noted that the average daily net production of crude oil for
the year was 41.938 barrels as compared with an average of 35.980 barrels
for 1926. The comparative decrease as shown in the month of December
reflects the curtailment of production wherever possible and not the potential production of wells now producing.
Crude oil run through the company's own refinery during 1927 amounted
to 7.823,782 barrels, or a daily average of 21,435 barrels.
The company closed the year with an inventory of 6.464,848 barrels of
crude oil against 5,603.317 barrels at the end of last year. There was a
moderate decrease in inventory of refined products.
The growth of the company's casinghead gasoline business is shown by an
increased gallonage of 6,292,946 for the year over 1926.
Oil leases owned showed an increase of 46% over the year 1926.
The capital investment of the company for additions to property in the
above mentioned branches during the year 1927 amounted to $17,595,457
as compared to $33.425,565 in 1926.
Net income before capital extinguishments amounted to $9,808,295 in
1927 as aga'n.t $27,100,022 in 1926, the reserves set up for 1927 amounted
to $17,499,371 as a'aired $15,409,211 in 1926.
RESULTS FOR CALENDAR YEARS.
1927.
1926.
1925.
1924.
Gross earnings
$56,322,474 $77,608.349 $64,718,281 $33,205,451
Oper. & adm. exps
45.195,757 60,938.210 48.607.235 27,952,940
Net earnings
$11,126,717 $16,670,139 $16,111,047 $5.252,511
Dividends Comer 011Co. 1,500,000 9,500.000 7,900,000 3,750,000
Reagan County Purchasing Co
558,025
809,364
Miscellaneous income_ _ _
599.306
442.655
612,684
255,507
[VeL. 126.
producing leases: (1) bonus cost, 311,480,495; (2) wells and equipment
$987.578; (3) intangible drilling costs. 31.104,009;
less reserve for intangible drilling costs, $1,104,079. total. $13,572,081
c Net equity, represented by 1,930,614 shares of no par value stock c
Marland Oil Co. Issued and outstanding.
d Paid in capital 2,317,225 shares Dec.
$85.303,559; lee
defecit of $1.585.453.-V. 125. p. 2520. 508. 31 1927:
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Repair of Freight Cars.
-Freight cars in need of repair on Jan. 15 totalec
132.987 or 5.9% of the number on line, according to reports filed by VII
carriers with the Car Service Division of the American Railway Associaticn
This was an increase of 2,494 cars above the number reported on Jan. 1
at which time there were 130,493 or 5.8%. Freight
need of heavl
repairs on Jan. 15 totaled 94.365 or 4.2%, a decreasecars incompared witl
of
Jan. 1, while freight cars in need of light repairs totaled69
38,622. or 1.7%
an increase of 2,563 compared with Jan. 1.
Repair of Locomotives.-Locomatives in need of repair on the Class
railroads of this country on Jan. 15 totaled 9,140 or
on line, according to reports just filed by the carriers15.1% of the numbel
Servi
with the
Division of the American Railway Association. This was an Car
increase o
883 locomotives compared with the number in need of such repairs o
Jan. 1, at which time there were 8,257 or 13.6%. Locomotives in need o
classified repairs on Jan. 15 amounted to 4,831 or 8%,an increase of 425
compared with Jan. 1, while 4.309 or 7.1% were in need of running repairs
an increase of 458 compared with the number in need of such repairs cd
Jan. 1. Class I railroads on Jan. 15 had 7.150 serviceable locomotives
storage compared with 7,490 on Jan. 1.
American Federation of Labor Readmits Steamship and Railway ClerLI
Union.
-Union was ousted several years ago. Readmission of union brifl
into A. F. of L. about 100.000 members.
-Wall Street "Journal' Jan. 2
p.2.
Matters Covered in "Chronicle" Jan. 28: (a) Loading of revenue freight
increasing-p.496.
Alabama Great Southern RR.
-Bonds Offered.
-J. P
Morgan & Co., First National Bank and the National City
Co., are offering at 983t and int. to yield 4.15%, $5,206,000
1st consol. mtge. 4% gold bonds, series B.
Dated Dec. 11927; due Dec. 1 1943. Int. payable J. & D. in N Y.
City. Not redeemable prior to maturity. Denom.c* $1,000 and r• $1,000
and authorized multiples thereof. Guaranty Trust Co., New York cmd
Guy Cary, trustees.
Legal investment for savings banks in New York, Conn.
as well as for life insurance companies in the State of Newand New Jersey
York.
Issuance.
-Subject to authorization ..)y the I.
-S. C. Commission.
Data from Letter of Fairfax Harrison, President of the Compan
Property.
-The road extends 292 miles from a junction-point near Chattanooga, Tenn.. to Meridian. Miss., and traverses the Birmingham minling
and manufacturing district. Although operated separately,
it forms an
integral part of the Southern Railway System, being the middle link in tne
Queen and Crescent route from Cincinnati to New
owns 56.5% of the total issued capital stock of theOrleans. Southern By •
company.
Purpose.
-Proceeds will be applied to the retirement of $5.200,000 of
bank indebtedness incurred to provide funds for the payment at maturitY
on Dec. 1 1927 of $1,749.0001st mtge.5% bonds and e711,500($3,457,890)
gen. mtge. 5% bonds.
Earnings Years Ended Dec. 31.
Gross Oper'g
Inc. Avail.
Net
Total Int.
Revenues.
for Int.
Income.
Charges.
1923
$10,853,219
$2,030,437
n.558.397
$527,960
1924
10,093,450
2,795,263
632,007
.
1925
2,998,348
3,614,108
615,760
1926
10,599,163
2,772,462
3,381,538
609,076
1927
10,359.494
2,621.764
3,207,713
585,949
In the 5
-year period covered by the above table,
available(for
interest averaged over 5 times total interest charges. income
Security.
-Upon completion of this refunding, the 1st consol. mtge. will
cover by direct first lien the entire 292 miles of railroad owned -by the
company. Company will then aave no mortgage indebtedness outstanding in the hands of the public other than bonds issued under the 1st consol.
mtge., consisting of $4.312.000 series A 5% bonds and this issue of 35,206,000 series B 4% bonds, a total of $9,518,000 bonds, or approximately
$32,600 per mile of railroad owned.
-Company's capital stock consists of
Equity.
par value pref.
stock and $7,830.000 par value ordinary stock. $3,380,350 have been paid
Dividends
on the pref. stock (participating) in every year since 1896 and on the
ordinary stock in every year since 1909. the annual dividend rates in recent
years having been 7% in 1922 and 1923, 7I-% in 1924, 7% in 1925 and
13% in 1926 and 1927.
Listing.-ApplicatIon will be made to list these bonds on the New York
-V. 125. p. 3054.
Stock Exchange.
$13,784,048 $27,422,158 $24,623,730 $9,258,017
Gross income
Int.& amort.of bd.disc. 1,180.82
974,283 1,148,574
Res. for depreciation _ _ 5,816,565 4.025,058 2.802,488 2.183.869
Res. for depletion on
491,716
lease bonus costs__ __ _
423,174
595,249
Belgian National Rys.-Transfer Agent.
Res, for intangible drillThe National City Bank of New York has been
9,000,568 9,837,771
ing costs
aPPointed transfer agent
for the "American" shares. See also V. 126, p. 573, 405.
Reserves for depletion or
intangible drilling costs
Boston Revere Beach & Lynn RR.
-Securities Apcapitalized
2,476,344
Res, for clepl, at cost_ _
11,573.795 proved.2.190.523 1,123,208
1,540,374
Leased charged off
1,752,407
The Massachusetts Department of Public Utilities has approved the
issuance by the company of
Net operating Inc_ _def$4,896,149 $11,690,811 $16,234,992 $2,599,373 $100 Per share. the proceeds to1.700 additional shares of capital stock at
be
retire in part
Red. of crude oil invenedness, amounting to $250,000.used to Department the floating indebtThe
also approved the
tory to market
2,794,928
1,077,166 issuance of $1.000,000 in bonds, which
are to be issued at not less than 93,
Disc.& premium on bds.
the proceeds of this issue to housed to pay off floating Indebtedness,amountretired
876,750 Ing to $80,000,and for the improvement
390,136
ofthe road,including electrification.
Investment charged off.
291,151
170,786
The company had applied for the right to issue 11,900 shares of Common
Prov. for Fed. taxes_
875,000
stock, of which only 1,700 would be issued at the present time, the balance
Dividends paid
2,310,853 7,651,067 4.579.874
of 10,200 shares to be hold in reserve and used upon convenient occasion
to retire the bond issue above mentioned. The Department, however,
Surplus
$354,306 refused permission for the 10.200
df$10.001.930 $4.039.744 $10,219,195
shares, on the grounds that the price
Shares of cap. stk. outwas not stated and that the price later
standing (no par). ___ 2,317,225
1,895,103 1,549,961 public welfare. It is understood that fixed might be incompatible with
1,930,614
no bonds are to be issued until the
Earn, per share on com.
Nil
$7.81
$6.05
$0.23 road shall have disposed of 1,500
shares of the 1.700 shares of common
Profit and Loss Account for 1927: Previous surplus, $8,398,868; sundry stock authorized.
-V. 125, P. 3475.
adjustments, $17,608: deficit for 1927,$10,001,930; profit and loss deficit
Dec. 31 1927. $1,585.453.
Chesapeake & Ohio Ry.-Abandonment of Portion of
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUB. COS.) Line-Obituary.
1927.
1926.
1927.
1926.
-S. C. Commission on Jan. 20 issued a certificate authorizing the
The I.
Assets-Liabilities-8
$
8
company to abandon a steam ferry operated across the Ohio River between
Net property acCapital & surplus.d83,718,106c74,763,827 South Portsmouth. Greenup
County, Icy., and Portsmouth, Scioto County.
count
a57,258.821 55,964,914 Prepaid stk. subsc.
18,909,786 Ohio, a distance of approximately
1.072 feet.
Marland Oil of
Ser.5% gold notes.30,000,000
Garett B.Wall,a Vice-President, died in St. Augustine, Fla.on Jan.26.Mexico-stock _ 3,693,762 3,693,762 Stk. of subs, at par
V. 126, p. 245.
Congo'.011 of Mex.
(minority Int.)._
19,191
20,906
-stock
2,847.520 2,847,520 ContIng. reserve52,083
Chicago, Indianapolis & Louisville Ry.-Bonds.Comar OR-stock.. 2,776,386 2,776,386 Bills payable
4,000,000
The I.
-S. C. Commission on Jan. 18 authorized the company to procure
Misc.inv.& adv.- 4,757,380 2,478,510 Accounts payable_ 2,223,236 4,374,561
the authentication and delivery of $865,500 of 1st & gen. mtge. 6% gold'
Unadj.deb.& sued 2,992,569 1,993,043 Accrued int., taxes
11,014,731 2,755,704 & insurance_ _.... 342,898
Cash
392,340 bonds, series B, the bonds to be held in the treasury subject to further
order.
-V. 125. p. 3194.
U.S. Govt. sec_ 7.271,016
344,166
Bills receivable- - _ 259.280
Chicago Milwaukee St. Paul & Pacific RR.
-Directors.
Accts. rec..less res. 5,566.577 7,511.518
The L-S. C. Commission has received applications from the following
8,066,877 10,806,194
Crude oil
to hold positions as directors on the newly-organized Chicago Milwaukee
Refined products_ 5,135.119 6,647,035
St. Paul & Pacific RR.: Mortimer N. Buckner, Frederick II Ecker, W.
Math & supplies- 4,599,028 4,592,262
Colpitts, George E. Roosevelt, Walter P. Chrysler and Robert T. Swaine.
10.170
73,016
Its. rec. accrued
42.237 Total(each side)116355.515 102461,420 all of New York, and Harry R. 13yram, of Chicago.
Misc.demand items 45.634
-V. 126. IP• 573
.
Chicago & North Western Ry.-Equipment Trusts
a As follows: (1) Real estate and buildings. $3,422,253, less depreciation,
$514,950; (2) refinery, gasoline plants, pipe line, storage, tank cars, dis- Offered.
-An issue of $2,745,000, 43/2% equip. trust certributing stations, &c., $43,918,088, less depreciation, $14,027.286. (3)
Leases, wells and equipment: (a) Producing leases: (1) bonus cost. $420.- tificates of 1927, series "T" is being offered at prices to yield
099. less depletion, $4,130,152; (2) wells and equipment. $15,285,757; from 4% to 4.20% according to maturity by Halsey, Stuart
intangible drilling costs, $21.676,135; total, $36,961.892; less depreciation,
$4.585,260, lass reserve for intangible drilling cost, $21,676.135; (b) Non- & Co.,Inc.
FEB. 4 1928.]
FINANCIAL CHRONICLE
711
Operation of the portions ofthe Oregon Trunk between Bend and Metolius
and between North Junction and South Junction will be performed by the
between the Oregon
Great Northern under the terms of an existing contractthe
basis of the proTrunk and the Deschutes Co., dated May 17 1910, on
cars and engines using those portions of the line. For the
portion of its
and
use of the portion of the line between North Junctionthe Wisham the
contract with
terms are substantially similar to those contained in
the Spokane, Portland & Seattle. A separate contract will be entered
into between the Great Northern and the Deschutes Co. for operation by
the former over the line of the latter between Metollus and South Junction.
will pay annually
Under the terms of this contract the Great Northern investment of the
of 43407 of $1,717,883, which sum represents the
16, 1923, and one-third of 434% of the cost of
Deschutes Co. as of August
additions and betterments since that date. The Great Northern also will
e and operation on the
Pay pro rata proportion of the cost of maintenanc
basis of car mileage. The contracts with the Oregon Trunk and the Deschutes Co. are for a period of 99 years.
The Shevlin-Hixon Cbmpany owns a line of standard-gauge railroad,
Oregon Trunk at Bend
extending from a connection with the line of the miles, which
about 25
Called.—All in a southerly direction for a distance of and not as a commonline is now
carrier in
Chicago Rock 1,-land & Pacific Ry.—Notes
road
as a logging
operated
for a distance of 3
-year 5% secured gold notes, Interstateexclusively Grading has been completedNorthern
commerce.
of the outstanding $5,000,000 5
on March 1 miles beyond the terminus of the line. The Great line for proposes to
the sum of
clue Sept. 1 1929, have been called for payment
fourths interest
an undivided
Co., 80 purchase or $15,000 per three-which representsin this
three-fourths of the actual
mile,
next at 1003 and int. at the Central Union Trust
$375,000.
one-fourth interest to be reserved to the
cost of the property, the remining
over
Broadway, N. Y. City.—V. 125, p. 3475.
Shevlin-Hixon Company with the right to operate its logging trains
under such conditions
Cleveland Union Terminals Co.—Bonds Offered.—J. P. the line on the basis of 7 cents per loaded car-mile, and operation of the
control
th
City and in such manner as not to interfere.wiin the
compliance with all applicable
purposes, and
Morgan & Co., First National Bank and the National
$5,000,000 line for common carriershows
this tcquisition of interest,
application
Co. are offering at 102 and int. to yield 4.40%, "C." Un- laws. TheNorthern proposes that following Shevin-Hixon line from its
to extend the
cite Great
series
1st mtge. 43% sinking fund gold bonds,
a point at or near Paunina. Tne contract entered into
and present terminus to Northern and the Southern Pacific for the joint use of
between the Great
conditionally guaranteed, principal and int., jointlyRR., the Natron line, hereinafter referred to.shows that connection therewitn will
severally by endorsement, by New York Central New be made at a point at or near Chemult. Oreg., a short distance south of
Ry. and
Paunina. This extension will traverse territory a few miles east of the
Cleveland, Cincinnati, Chicago & St. Louis
location selected by the Oregon Trunk for its proposed extension from Bend
York, Chicago & St. Louis RR.
authorized. There are no settlements
A. & 0. in New to Paunina which we have previously
it is
Dated Oct. 1 1927; due Oct. 1 1977. Int. payable
auth- or communities which would be affected by this change of location, and
0. Denom. ct$1000 and 1'5E1,000 and , in
York City or in Cleveland,
alleged that a cheaper and better route will be secured.
days' notice
orized multiples thereof. Red. at 105 and int. on 90thereafter, and for
The cost of construction of the proposed extension front the terminus of
whole or in part on Oct. 1 1937, or on any int. date Union Trust Co., the Sneviin-Hixon line to toe vicinity of enemult, approximately 47 miles,
sinking fund on any int. date beginning Apr. 1 1933.
is estimated at $1,316,000, wnicn, added to toe cost of the three-fourths
toe line
Cleveland, trustee.
by interest in that line, makes the total cost to the Great Northern of current
sale of these bonds have been authorized
Bend to Chemult $1.691.000. This amount will be advanced from
Issuance.—The issue and
-S. C. Commission.
the I.
funds, with the expectation of reimbursement in the future through the
the Company.
of
Data from Letter of C. L. Bradley, Presidentpassenger station and issue of securities.
Company.—Organized to construct a new union
The Great Northern will enter into a contract with the Des Chutes Comwill be used by the
Railroad & Navigaterminal facilities in the center of Cleveland. The station
entered into an pany, the Oregon Trunk, and the Oregom-Washington
companies named above. These companies haveiiI t e eggr are tion Co.for the use of a connecting track between the main line of the Oregon
railroad
A
r
under tvI h they t 3.
ver
pes
eele
my e t w
iz
ar
o
eheitat tnreentenle rph tre M=inale company ur
Trunk at Bend and the mill of the Shevlin-Hixon Company. The Great
y sumsco
between this track and the main
fund charges of the Northern also will construct a connection
all operating expenses, taxes, interest and sinking Terminals company track of the Shevlin-Hixon Company's line in order to avoid hauling traffic
Terminals company, but with the reserved right in the
tenants, through the latter company's plant.
property, as
to admit other railroads to the use of the Terminal
Under date or Nov. 18 1927, the Great Northern entered into an agreeby the Railroad
upon terms and conditions to be agreed upon and approved
ment with the Southern Pacific Co. and the Central Pacific fly. referred
two parts,
companies.
to jointly as the Southern Pacific, which agreement is executed in use of tile
which $11.toe joint
Mortgage.—The first mortgage, dated Apr. 1 1922, under
series "B" bonds are each independent of the other. Part I provides for
967,700 5Yi% series "A" bonds and $25,000,000 5% aggregate principal Natron line between a point at or near Chemult and Klamath Falls, the
to M of 5% of the
now outstanding, authorizes the issuance of bonds to an
The mortgage covers Great Northern to pay as rental therefor a stun equal
amount of $60.000,000 at any one time outstanding. or hereafter acquired cost of the line and additions and betterments, and a car-mile proportion
as a direct first lien all of the property now owned
ease- of taxes and operating expenses, except that 5% on additions and betterleasehold or
by the Terminals company, either in fee or in perpetual
and terminal ments made to effect operating economies will be divided on basis of carment, for or in connection with its union passenger station
situated in the mile proportion. The Great Northern is accorded the same rights and
facilities, covering approximately 23 acres of land centrally portions of the privileges in the transaction of Its business of conducting transportation
to
City of ale eland, but with the reservation of rights as terminal tracks, as are enjoyed by the Southern Pacific, and agents and employees engaged
mortgaged premises above the spaces to be used for the
on the line by the Southern Pacific are required to perform the business
structures and their appurtenances and the operation thereof. by means of a of toe Great Nortnern witnout discrimination. Part 2 provides for toe
Sinking Fund.—The aeries "C" bonds are to be redeemable Dec. 1 1932, joint use of tile main track of the Southern Pacific through the town of
cumulative sinking fund, payable semi-annually beginning at or before hlarnath Falls, but the Great Northern is restricted to the use of this track
bonds
sufficient to redeem at 105 and int. all of the series "C" purchase of series as a bridge to enable it to move its trains to and from the tracks of tile Orematurity. Sinking fund moneys are to be applied to theotherwise to semi- gon, California & Eastern Railway. Rental will be paid on the same basis
int.
"C" bonds, if obtainable at not exceeding 105 and date for redemption by as for the use of the Natron line. The agreement will take effect on Jan. I
annual redemption by lot at 105 and int. the first
1930, or on such earlier date as that upon wnich the Great Northern may
lot being Apr. 1 1933.—V. 126,p. 103.
commence the use of the trams covered thereby, and will continue for the
Jan. 1 2027.
Build New Line period endingour approval. the Southern Pacific and the Great Northern
Great Northern Ry.—Is Authorized to
Subject
to one under dateto Nov. 18 1928, entered into a contract (to wnich the Central
of
in Eastern Oregon—Certificate Issued as Alternative
amath Falls line, was made a party for the
Pacific,
Previously Given Oregon Trunk Ry—Allowed to Operate Over Purpose lesser of the Chemult-Klthereto) prosiding for the sale of one-half
of expressing its assent
toe Great Northern for a
-S.
Other Carriers.—The I. C. Commission Jan. 24 issued its of the Oregon, California & Eastern's stock toSouthern Pacific of all toe
cost to the
considerati
third supplemental report in the case involving proposed stock. plus on equal to one-half the of 5% per annum. Under the terms
simple interest at the rate
oonstruction of railroad lines in eastern Oregon, allowing of the agreement, each party (which we understand to mean the respective
Oregon operating carriers) has
to advance one-half of any sums required to
the Great Northern Ry. to substitute itself for the Great liquidate and discnargeagreed of the Oregon, California & Aastern in exisdebts
tence at the date of the proposed transfer of stock,including the outstanding
Trunk Ry., a company controlled jointly by the
Oregon.
be
Northern and the Northern Pacific Railways, in building a first mortgage bonds.atThese bonds are to thesurrendered to the plus 5%
Southern Pacific.
the cost thereof to
California & Eastern
line south of Bend, Ore.
the bonds. It is furtner agreed
new
interest on that company's investment in
the conditions im- that the Southern Pacific is to oe entitled to 507 interest on all sums due
The Oregon Trunk was unwilling to comply with all
the Commission atindebtedness for cash
posed by the Commission in a former order, in which by arrangement for from the Oregon, California & Eastern, including latter for construction
lines
and materials ad supplies furnished to the
tempted to avoid the construction of duplicate
insure to
but the Great advanced
use of a line controlled by the Southern Pacific Co., arrangement. purposes. &c. The contract contains provisions intended to
joint
California &
into such an
Northern then announced its willingness to enterIssued a certificate author- each party an equal voice in the management of the Oregon.
carrier's lines and
With its supplemental report the Commission of the Spokane, Portland Eastern and provisions pertaining to extensions of that
izing the Great Northern to operate over the lines Deschutes RR. between to terminal and interchange facilities at Klamath Falls. Aug. 31 1927, the
,
According to an exhibit submitted in the record, on
* Seattle By. the Oregon Trunk Ry. and the
h
Southern Pacific's investment in the Oregon, California & Eastern was
Wishram, Was.,and Bend, Ore.
was issued authorizing the Great Northern By. (1) $1.626.766. Including the allowance of interest contemplated by the conAnother certificate
railroad and properties tract of Nov. 18 1927,the total is $1.664,936. It is one-half of this amount.
to acquire an undivided three-fourths interest in the
will be required
from Bend, Ore.: (2) to
extending
of the Shevlin-Hixon Co. the line ofsoutherly of the Shevlin-Hixon Co. as adjusted to the date of transfer, that the Great NorthernEastern's stock.
railroad
to pay for $300.000, par value, of the Oregon, California &
construct an extension of
(3) to
its present terminus to a point at or near Chemult, Ore., and near The stock is not listed and has no quoted market value. The purchase
from
a point at or
price is to be paid out of current funds.
operate over the line of the Southern Pacific Co. between
The Great Northern estimates that the first year of operation under the
Chemult and Klamath Falls, Ore.
control
was also granted to the Great Northern By. to acquireEastern plan presented in these proceedings will show a net deficit of $326,126, and
Authority
Oregon, California &
that the Mtn year of operation will yield net income of 3201.473.
jointly with the Southern Pacific Co., of the
The necessary construction work will be commenced immediately and
By,, by purchase of capital stock.the Oregon Trunk By. by certificate
will be completed, and the line placed in operation, during the latter part
Authority heretofore granted to
order entered May 11 of 1928.—V. 125. p. 3638.
issued May 3 1926, as amended by supplemental
railroad in central Oregon,
1927, to construct and operate certain lines of revoked and canceled, efIllinois Central RR.—Asks Listing on Chicago Exchange.
between Bend and Klamath Falls, Ore., was By,with the conditions imApplication has been made to the Chicago Stock Exchange by the
upon compliance by the Great Northern
fective
to the issuance of a certificate of public convenience and Company to list its common and preferred stocks.—V. 125. p. 2384.
posed, in respect
the Oregon Trunk
necessity as an alternative for that previously issued to
Ry.
International-Great Northern RR.—Bonds.—
the Commission is substantially as
The third supplemental report of
-S. C. Commission on Jan. 26 authorized the company to issue
The I.
follows:
by the Spokane Portland $5.518,000 of 1st mtge.5% gold bonds, series C. 83.500.000 of said bonds
The capital stock of the Oregon Trunk is owned
company is owned jointly by to be sold at 9934 and int. and the remaining $18.000 to be pledged and
stock of the latter
& Seattle, and the capital the Northern Pacific (ty. The Oregon Trunk repledged for short-term notes.
the Great Northern and to South Junction and from Metollus to Bend,
The company proposes to sell $5,500,000 of the series C bonds to Kuhn,
Wishram
lines extend from ly 127 miles in the aggregate. The line of the Deschutes Loeb & Co. at 9934 and int. On that basis the average annual cost to the
Ore., approximate South Junction to Metollus, approximately 24 miles. company will be approximately 5.033%. See offering in V. 125. p.3638.
from
Co. extends
subsidiary of the Oregon-Washington By. & NaviThe Deschutes Co. is a of the Union Pacific System.
Missouri-Cansas-Texas RR.—Preferred "A" Stock Placed
part
gation Co., which isof a contract entered into by the Spokane, Portland &
Basis.—The directors have deUnder the terms
under date of Dec. on a 7% Annual Dividend
Pacific,
Seattle, the Great Northern, and the Northern handle over the Spokane, clared a quarterly dividend of 1%% on the pref. "A" stock,
Great Northern is permitted to
31 1927, the
or company freight from payable March 31 to holders of record March 15. Dividends
Portland & Seattle its cars containing commercial
or more beyond the present city limits of Bend, to or
or to points 7 miles Fort Wright Junction or Vancouver. No local traffic on this issue became cumulative at the rate of 7% per annum
from points beyond
Great Northern except materials for the construction
may be handled by theline, which may be unloaded at Bend or within 7 from Jan. 1 1928.
dividends of fl
(%
new
From Feb. 2 1925 to and incl. Feb. 1 1926, quarterly quarterly disburseof the proposedFor all trains so operated the Great Northern will pay to
were paid, while from May 1 1926 to Nov. 1 1927.incl.,
miles thereof.
Portland & Seattle a sum equal to 2.5 cents per car mile for all ments of 134% were made. In order that the dividend data' might be
the Spokane,
caboose, the maximum charge to be $1 per traindividend of 1% was paid
cars except engine andof the Great Northern the Spokane. Portland & adjusted to run from Jan. 1 1928. an additional
4•
on Dec. 31 1927.—V. 126. P. 10
mile. At the option
Great Northern cars in its trains under a charge of 2.5
Seattle will handle
al Valuation.—
that if the cars are moved in trains of l ess than
New Orleans Great Northern RR.—Finof $6.955.894 on the
cents per car-mile except ascertained by dividing $1 by the number of cars
be
-S. C. Commission has placed a final valuation
The I.
40 cars the charge will also is made for the payment of certain proportions
of June 30 1916.—V. 124. p.
property of the company, as
in the train. Provision
expenses. This contract becomes effective as of its owned and used
3348.
of operating and other of 99 Years.
date and is for a period
installments of $183,000
Dated Nov. 1 1927: to mature in equal annual
Denom. $1,000e. Principal and int.
each Nov. 1 1928 to 1942 incl. gold coin of the United States. Issuance
(M.& N.) payable in N.Y. City in
-S. C. Comapproval of the I.
and sale of these certificates is subject to the
mission.
75% of the total cost of
These certificates will represent not more than this 'equipment will be
to
new standard railroad equipment. Full title
certificate holders and will be
vested in the trustee for the benefit of the to pay the principal amount of
leased to the company at rental sufficient
with taxes assessed
these certificates and interest warrants thereon, together they shall become
against said equipment (other than any income tax), as
due.
this trust, will cost
The new standard railroad equipment, subject to12 class 3-4 Mikado
follows:
approximately $3,676,381 and will be as locomotives: 23 70
-inch
-foot, 2
: 8 class M-4 switching
freight locomotives
-inch steel and
-foot,2
steel and aluminum suburban passenger coaches:20 70
and 500
baggage cars,
aluminum suburban combination passenger and
-ton box cars.—V. 125, p.3475.
50
712
FINANCIAL CHRONICLE
New Orleans Texas & Mexico Ry.-Bonds.--
[Vol,. 126.
000. Dividends on this stock have been paid uninterruptedly since
1906.
the present dividend rate being 6% per annum.
-V. 126, p. 105.
The I.
-S. C. Commission on Jan. 26 authorized the company to issue
$5,989,000 of 1st mtge. 4.16% gold bonds, series D, $5,900,000 of said
Construction of Line in Eastern Oregon.
bonds to be sold at ow, and int. and the remaining $89,000 to be pledged
-See Great Northand repledged for short-term notes.
ern Ry. above.
The company proposes to sell $5,900,000 of the series D bonds to Kuhn,
Loeb & Co., N. Y. City, at 95( and int. On that basis the average annual Bonds Called.
cost to the company will be approximately 4.775%. See offering in V. 125.
All of the outstanding 20
-year 5% gold bonds.due
1944,
p. 3638.
called for payment May 1 next at par and Mt. at the May 1of the have been
office
company.
165 Broadway, New York City.
-V. 126. p. 105.
New York, New Haven & Hartford
Certificates.
-
RR.
-Equipment
The company has called for redemption on April 1 next the $1,184,000
7% class "A." equipment trust gold notes, dated Oct. 2 1922 and maturing
Oct. 1 1935. The notes will be redeemed at 103 and int.-V. 126, p. 574.
Oregon Trunk Ry.-Authority to Construct Line of Road
in Central Oregon Revoked and Cancelled.
-See Great Northern
Ry. above.
-V. 125, p. 91.
Pennsylvania RR.
-Earnings for 1927.
-
Southern Pacific RR.
-Abandonment of Branch Lines.
-
The I.-S. C. Commission on Jan. 20 issued a certificate
company and the Southern Pacific Co. to abandon a branchauthorizing the
line of railroad
extending from Aptos in a northerly direction to Loma
Prieta, a distance of
3,298 miles, all in Santa Cruz County, Calif.
-V. 126, p. 408.
Union Pacific RR.
-Construction of Line.
-
The I.
-S. C. Commission on Jan. 20
company to construct an extension of issued a certificate authorizing the
one of its branch lines of railroad
from Creighton, Goshen County, Wyo., southerly
about 54 miles to a
The statement of earnings and expenses of the company for the month point in the vicinity of Egbert, Burns or Hillsdale, Laramie County. Wyo..
the extension to be wholly in Goshen and Laramie Counties.
of December 1927, completes the record for the year, and reflects the reThe branch
sults obtained in offsetting a lighter volume of traffic by increased econ- line to be so extended is a southerly off shoot from the company's North
omies. As it summarizes the outcome of operations in 13 States, it may Platte branch line in western Nebraska and eastern Wyoming. The construction of this branch, eight miles long, from Yoder
be regarded as a fair index to the business conditions of the country.
to Creighton, was
Perhaps the most striking feature is the fact that the new railway operat- authorized on Feb. 18 1926.-V. 125. p. 3477.
ing income for the year, after the payment of all operating expenses, taxes,
equipment and joint facility rents was only $2,455,455 less than in 1926.
PUBLIC UTILITIES.
although gross railway operating revenues decreased nearly $45,000,000.
The savings effected in railway operating expenses amounted to 7.2% as
American Electric Power Co.
-Transfer of Properties.
against a decrease in railway operating revenues of 6.3%. The operating
See United Gas Improvement Co. below.
ratio, that is the proportion of gross earnings required to meet railway
-V. 125, p. 1834.
operating expenses was 76.8%. This was the lowest in many years and
American Superpower Corp.
-Annual Report.
compares with an operating ratio of 77.5% in 1926.
Years End. Dec. 31The principal savings in railway operating expenses were $4,432,674
1927.
1926.
1925.
1924.
in maintenance of way and structures, $21,001,878 in maintenance of Income from all sources _ $3,828,488 $3,807,941 $3,375,439
$1,522,040
Expenses
equipment, and $14,762,997 in transportation costs. Despite the large
32,961
26,560
28,225
13,835
economies in maintenance, the road and equipment were fully maintained. Taxes, incl. res. for inc.
tax
Over 200,000 tons of new rail and 4,200,000 new cross-ties were put into
114,674
255,427
298,518
125,564
the track during the year. The condition of rolling stock at the close of the
Bal. applic. to div_
year was excellent.
$3.680.852 $3,525,954 $3,048,696
$1,382,641
The heavy saving in transportation costs was due largely to consolidation $6 pref. stock div
771.000
507,059
226,147
of trains, both passenger and freight, increased tonnage carried per freight Particip. pref. stock diva
546,244
415,859
291,461
train, greater efficiency and regularity of train movements, generally in- Common dim
z1,197,635 x1,605.216 y1,365,675
creased efficiency in handling traffic of all kinds, a high degree of co-operaBalance to surplus__ _ $1,165,972
tion by the employes with the management, and the good will, favorable
$997,829 $1,165,413
Earns, per share on class
attitude and helpful spirit of the shipping and traveling public.
A & Il corn
Another notable feature was a saving of almost $2,000,000 brought about
$2.21
$2.66
$2.75
in expenditures for equipment hire.
x $1.20 per share in cash and 50c. per share in partic.
pref. stock. y $1.50
The results for the year demonstrated the ability of the company and its per share in partic. pref. stock. z $1.20 in
cash. In addition an extra
working organization to cope with a slowing down of traffic without serious dividend of 1-50th of a share of class A
common stock for each share of
effect upon net. In fact, until the last two months of the year. net railway stock so held was paid Dec. 31.
operating income had actually exceeded that of 1926, and only went slightly
Balance Sheet Dec. 31.
below the latter as a result of the further slackening in the flow of traffic
evidenced during November and December,
1927.
1926.
1927.
1926.
Assets
$
$
LiabilitiesEarnings Years Ended Dec. 31.
$
$
Secure,at mkt.val.
Cap.stook &stir_ y69,926,520 45,722,860
1927.
1926.
Dec. 31
1925.
1924.
:70,432,352 45,127,769 Res. for Inc. taxes
Railway Oper. Revs.
Cash and acct. div.
dr pref.stk. dirs. 1,425,656
Freight
317,079
461,612,156 497,424,226 465,013,724 440,567,310
on see.owned
919.665
905,925
Passenger
140.810,692 147,976,357 144.969,963 147,523,905 Misc. assets
3,160
6,245
Mail, express, &c
42,008,897 42.872,757 42.087.354 38.526,191
Incidental
19,902,723 20,974.876 19,149,262 18,727.545
Total
71,355,177 46,039,939
Total
71,365,177 46,039,939
Joint facility 1net)
Cr516.555 Cr569,233 Dr916,659
Dr45,776
x Comprised of 1st pref. stocks all with
Tot, railway oper.rev.664,851,023 709,817,450 672,136,962 645,299,176 $4,150,948; common stocks with unbroken unbroken dividend records.
dividend
Railway oper. Exp.or more, $35,699,043; other common stocks paying records of 15 years
dividends regularly.
Maint.of way & struc
87,929,524 92,362,198 85,003,417 74,025,530 $29,712,850; other common stocks not
Maint. of equipment_ _.140.878,861 161,880,739 162,033,562 158,884,751 rants, 3869.518. y Represented by paying dividends and option war160,000 shares
Traffic
9,578,003
8,884,633
8,175,440 7,846,321 par value; 273,918 shares participating pref. stock 1st pref. stock, no
(par $25); common
Transportation
245,052,205 259,815.202 245,226,468 250,364.384 stock (no par value). "A," 254,652 shares;
"B," 814,188 shares.
-V. 125.
Miscellaneous operations 8,760,046
9,228,605
8,734,359
9,409,244 p. 2805, 2669.
General
18,971.707 18,642,827 18,203,608 17,222,321
Trans. for investment
Cr501.684 Cr453,625 Cr237,507 Cr301,878
Arizona Edison Co.
-Vice-President and General Manager.
Total railway oper.exp510.668,662 550,360,578 527.139.347 517,450,673
Wm. C. Hornberger of Phoenix, Ariz., has been elected Vice-President
Net rev,from ry. oper- _154.182,361 159,456,872 144,997,615 127,848,503 and General Manager.
-V. 126. P. 408.
Railway tax accruals -__ 35,709.749 37,110,193 31,700,789 30.457.970
Uncollectible ry.rev__ _ _
Associated Electric Co.
149,611
261,611
279.063
212.947
-Redemption of
Railway oper. inc- - - 118,323,001 122,685,068 113,016,963 97,177.586 Bonds.
-Secretary M. C. O'Keeffe in a notice to$10,000,000
the holders
Hire ofequip.
-Debit bal. 12,923,190 14,921,271 12,723,961 18,034,348
of convertible gold bonds, 5% series due 1946, says in
Joint facility rents
1,422.508
731,039
184,995
343,325
Net railway oper. inc_103,977,303 106,432,757 100,108,008 78,799,913 substance:
In accordance with the provisions of the
-V.126, p. 104.
indenture, dated as of April 1
1926, creating the original issue of $65,000,000 of
Reading Co.
-Bus Plan Approved.tioned series, the company has elected to exercisebonds of the above men•
and
Gov. John S. Fisher of Pennsylvania, approved last week the charter of pay off on May 1 1928. the sum of $10.000,000the right to redeem gold
of its convertible
the Reading Transportation Co., a subsidiary, authorizing the company bonds, 5 % series due 1946, issued under said indenture of toe total
to operate bus lines in 24 counties in the eastern and central parts of the of about 350.000,000 remaining outstanding.
Pending final notice of redemption, lists of the
State. The case has been pending for some months. Former Governor
numbers
the bonds
Pinchot refused a petition to both the Reading and Pennsylvania Railroads drawn may be obtained upon application to the company, ofBroadway,
shortly before his term as Governor expired. Mr. Pinchot had contended New York City, or the trustee, National Bank of Commerce61 New York,
in
railroad company sought to monopolize the transportation business 31 Nassau St., New York City, or from the investment security dealer
that the
from whom these bonds were purchased.
of the State through the use of the State highways.
The holders of these bonds who desire to continue
The Superior and Supreme Courts of Pennsylvania recently upheld a
their investment in
decision of the Pennsylvania P. S. Commission granting the company the bonds of the Associated Gas & Electric System,have been given the privilege
extended by Associated Gas & Electric Co., in a
right to incorporate.
-V. 125, p. 3639.
recently published offer.
of exchanging their bonds for gold debenture bonds,
5% series due 1968, of Associated Gas & Electric consolidated refunding
Seaboard Air Line Ry.-Bonds.--The haste of exchange for the
Company.
The I.
-S. C. Commission on Jan. 20 authorized the company to issue
first $5,000,000 of convertible gold bonds.
54% series due 1946. of Associated Electric
$1.102,000 of 1st dc consol. mtge. gold bonds, series A, said bonds to be
Co. deposited under the offer
pledged and repledged from time to time as collateral security for short- is 31.100 of said bonds of Associated Gas & Electric Co. for each $1,000
tedavaillectricmee
e E
of Ho ld s sf asir
b endero dAss
he Co
term notes.
-V. 126, p. 407, 248.
ives of this privilege should immediately
Southern Pacific Co.
-Bonds Offered.
-Kuhn, Loeb Sr deposit their bonds with the Chase National Bank of the City of New York.
Co. are offering at 993 and int., $29,400,000 40-year 42% 57 Broadway, New York City.-V. 126, p. 409.
4
gold bonds.
Dated March 11928. due March 11968. Denom. $1,000 registerable as
to principal and exchangeable for fully registered bonds. Registered and
coupon bonds interchangeable upon conditions as stated in the indenture.
Int. payable M. & S. Red. as a whole only upon not less than 60 days'
notice, on any int. date on or after March 1 1933. up to and incl. March 1
1963. at 105% and int., and thereafter at a premium equal to % for each
6 months between the redemption date and the date of maturity. National
Bank of Commerce, New York, trustee. Both the principal of and interest
on the bonds are to be payable in New York City in gold coin of the United
States of America of or equal to the standard of weight and fineness existing
March 1 1928.
-S. C. Commission.
Issuance.-Subiect to the approval of the I.
Listing.
-Application will be made in due course to list these bonds on
the New York Stock Exchange.
Data from Letter of Henry W. DeForest, Chairman, Executive Corn.
Security.
-These bonds are to be the direct obligation of the company
and will be issued under an indenture, which will provide among other
things that so long as any of the bonds of this issue shall be outstanding the
company will not create any new mortgage or deed of trust (other than
mortgages and deeds of trust to extend or refund existing liens, as set forth
in the indenture) upon any of the lines of railroad or branches, leaseholds
or trackage rights or other railroad property, now owned by it, or upon
any similar 'property now owned by a subsidiary railroad company (as
defined in the indenture) should such property hereafter be acquired by
the Southern Pacific Co., unless effective provision be made in such new
mortgage or deed of trust that the bonds of this issue shall be secured by
such mortgage or deed of trust ratably with any other indebtedness so
cured thereby.
Purpose.
-Proceeds will be applied to the redemption, on May 1 1928.
of 329,400,000 collateral trust 5% bonds, due May 11944.
Earnings.
-The total net income of the company and its transportation
system companies for the 11 months ended Nov. 30 1927, amounted to
$29,623,998 over all charges.
-Company has at present outstanding $372,380,905 of
Capital Stock.
sommon stock, having a present market value of approximately $447,322,-
Associated Gas & Electric Co.
-Conversion of Deben-Secretary M. C. O'Keeffe in a notice to the holders
tures.
of 53% convertible gold debentures due Feb. 1 1977, says:
In response to previous notice (V.
debentures have been surrendered 125, p. 3345), a large amount of these
for
"A" stock
common stock in accordance with the conversion into classspecified and
terms of conversion
in the
debentures.
Thereis 'still opportunity for the
the favorable basis accorded the firstconversion of additional debentures on
$10,000,000 of debentures surrendered.
namely, two shares of class "A" stock
each $110 of debentures. After the firstand one share of common stock for
310,000,000 have been surrendered,
the conversion basis increases $5 per unit for
Debentures may be deposited subject toeach additional $5,000,000.fall
the condition that they
within the first $10,000,000, thus obtaining
the best conversion price.
otherwise to be returned to the holders.
Debentures should be forwarded for
conversion, accompanied by all
coupons maturing after Mar. 1 1928, to
the Chase
Broadway, N. Y. City, the agent of the company for National Bank. 54
this purpose, which
will issue receipts therefor.
Offers Made to Preferred Stockholders of Staten Island
Edison Corp. and Erie Lighting Co.-
The holders of $6 preferred stock
Edison Corp.
have been offered in exchange thereforof the Staten Islandbonds, consoligold debenture
dated refunding 5% series due 1968 of new Associated
the
upon any one of the following bases as the holder may Gas & Electric Co.
elect:
Option 1.
-New bonds at the rate of 31,050 for each 10 shares stock; or
Option 2.-22 shares of class A stock of the Associated Gas of Electric
&
Co. for each 10 shares of stock; or
ei
Option 3.-10,16 shares of $6 dividend series preferred stock of the Assodated Gas & Electric Co. for each10 shares of stock.
For the benefit of holders who may desire a greater return than the foregoing option is also offered:
Option 4.-10 shares of $6.50 dividend series preferred stocklfor each
10 shares of stock.
FEB. 4 19281
713
FINANCIAL CEMONICLE
offered
The holders of preference stock of the Erie Lighting Co. have been
refunding 5%
in exchange therefor new gold debenture bonds, consolidatedany one of the
due 1968, of the Associated Gas & Electric Co. upon
series
following bases as the holder may elect:
-New bonds at the rate of $400 for each 10 shares of stock; or
Option 1.
Co.
Option 2.-8 shares of class A stock of the Associated Gas & Electric
for each 10 shares of stock; or
Associated
Option 3.-4 shares of$6 dividend series preferred stock of the
Gas & Electric Co. for each 10 shares of stock. exchange privilege may
Holders desiring to avail themselves of this
National
deposit their stock, in proper form for transfer, with the Chase
Trust Co.,
Bank. 57 Broadway, N. Y. _City, or the Fidelity-Philadelphiaoption they
Broad & Chestnut Sts., Philadelphia, Pa., indicating which
prefer.
the
These offers will expire 30 days from Feb. 1 unless extended by
Associated Gas & Electric Securities Co.. Inc.
•
Offer Made to Bondholders of Richmond Light & RR. Co.
1952.
The holders of bonds of the Richmond Light & RR. Co. 4s due conare offered in exchange therefor new gold debenture bonds,
series due 1968, of the Associated Gas & Electric
solidated refunding 5%
Co. upon any one of the following bases as the holder may elect:or
-New bonds at the rate of $920 for each $1,000 bend; addition
Option 1.
Option 2.-$500 in new bonds for each $1,000 bond and, in
rate
thereto, class A stock of the Associated Gas & Electric Co., at the
of 9 shares for each $1,000 bond; or
and, in addition
Option 3.-$500 in new bonds for each $1,000 bond
Electric
thereto, $6 dividend series preferred stock of the Associated Gas &
Co. at the rate of44 shares for each $1,000 bond.
foreFor the benefit of holders who may desire a greater return than the
going options provide, the following option is also offered: stock for each
preferred
Option 4.-9 shares of $6.50 dividend series
$1,0100 bond.
should
Holders desiring to avail themselves of this exchange privilege N. Y.
deposit their bonds with the Chase National Bank, 57 Broadway, Sts.,
the Fidelity-Philadelphia Trust Co., Broad & Chestnut
City, or
Philadelphia, Pa., indicating which option they prefer.
This offer will expire 30 days from Feb. 1 unless extended by the Associated Gas & Electric SecuritiesCo., Inc.
Associated System Adopts Broad Merchandising Campaign
to Cover Many States.
thus far under-
One of the most comprehensive merchandising campaigns under way at a
taken by a large group of public utility properties was put Electric System
-day convention of sales managers of the Associated Gas &
3
outlined
from various parts of the country just concluded. This program,as
Associated Gas
by H. C. Hopson, Vice-President and Treasurer of the
York State,
& Electric Co. for subsidiary and affiliated utilities in New states, will
New England, Kentucky, Tenessee Pennsylvania, and other territories
be carried out by the existing organized facilities in the various
of
served and is expected to contribute substantially to the gross revenues
the System in 1928.
potential load
As a result of a thorough-going survey of existing facilities,
it was
demand in many territories served, and requirements of customers,for the
decided to set the merchandising sales quota for 1928 at $3,200,000, Mr.
Associated System. The direct and indirect effect of such a campaign. the
Hopson said, would be to greatly extend the services now rendered by
-V.126, p. 575, 409.
various operating properties.
-Chairman, E. A. Mellinger; Pres., J. G. Crane; V.-Pres., Sir
Officers.
Alexander Roger; V.-Pres., W. C. Polk; V.-Pres., L. Q. Trumbull; sec. &
Treas., IV. 3. Kavanagh; Asst, Sec., V. E. Chaney. C.
Blemeyer. V. E.
Directors are: A. F. Adams, C. A. Bennett. E.
Chaney, J. G. Crane, L. E. Durham, Theodore Gary, H. L. Gary, H.L.
of the United States: Dr. Chas. A.
Harris, W.E.Jones and Frank H.Woods
Holder. Paris, France; John Lee, E. A. Mellinger, Sir Alexander Roger,
D.Johnstone Sinclair and Eric Taylor of London. Eng-
-Expenditures.
Bell Telephone Co. of Pennsylvania.
The directors have approved the expenditure of $1,206,693 for construetion of new storm-proof cable lines in various sections of the State.
V. 126, p. 106.
Berlin City Electric Co., Inc. (Berliner Staedtische
-Notes Paid.
Elektrizitaetswerke Akt.-Ges.), Germany.
Berlin
Hallgarten & Co. announce that the $1.000,000 61.i% notes of the
company due Feb. 1 1928 are payable upon surrender at their office, 44
Pine St., N. Y. City. This will leave a total of $2,000,000 of this issue
outstanding, which will become due and payable Feb. 1 1929.-V. 125, P.
2806.
-Permanent Bonds Ready.
Butler (Pa.) Water Co.
The Farmers Loan & Trust Co., 22 William St., N. Y. City, is ready to
exchange permanent series A 1st mtge. 5% gold bonds. due Oct. 1 1957.
for temporary bonds at present outstanding. (For offering, see V. 125.
p. 2267.).-V. 125. p. 3196.
--Trustee.
Central States Electric Corp.
The Central Union Trust Co. of New York has been appointed trustee
-authorized issue of $50.for 5% convertible debentures, due Jan. 1 1948
000,000, presently issued,$20.000,000. See V. 125, p.3641.
Chicago City & Connecting Railways Collateral
-For annual report for year ended
Trust.
-Annual Report
Dec. 31, 1927. See page 733.
-Acquisition.
Cities Service Co.
Since the first of the year, the company has acquired through purchase
the facilities of the McGovern-Place Oil Co. of Racine, Wis. This property
consists of8 service stations and one bulk station and will be operated by
the C. H. Lakewood Oil Co. of Kenosha, Wis.
In Dec. 1927, the oil producing subsidiaries of the Cities Service Co.,
completed 23 producing oil wells, 15 of which are located in Kansas, 6 in
Oklahoma, 1 in Texas, and 1 in New Mexico. At the end of that month
drilling operations were being conducted on a total of 43 wells.
1927 Appliance Sales.
-
Co.
Reports for 1927 from subsidiary utility companies of Cities Service to a
according
show total sales of $9,525,751) of gas and electric appliances,customer were
sales per
statement by Henry L. Doherty & Co. Average
512.80.-V. 126. P. 410.
-Listing.
Cities Service Gas Pipeline Co.
There has been placed on the Boston stock Exchange Ilst $12,000,000
1st mtge. pipeline 6% gold bonds, dated Jan. 1 1928 and due Jan. 1 1943.
See offering in V. 126, p.410, 250.
-Bonds Called.
Coast Valleys Gas & Electric Co.
-year gold bonds, dated
All of the outstanding 1st mtge. sinking fund 40
Associated Telephone & Telegraph Co.-Pref. Stock
Mar. 1 1912, have been called for redemption March 1 at 105 and int. at
-V.
-Theodore Gary & Co., Kansas City, Mo., Tele- the American Trust Co., 464 California St., San Francisco, Calif.
Offered.
phone Bond & Share Co., Chicago, Ill. and Theodore Gary 126, p. 410. 106.
& Co., London, Eng. are offering at 100 and div. $2,000,000
Consolidated Gas, Electric Light & Power Co. of
7% cumulative 1st preferred stock, with negotiable stock Baltimore.
-Earnings.
1924.
1925.
1926.
purchase warrants entitling the purchasers of the 7% 1st
Years Ended Dec. 31- 1927.
preferred stock to purchase a like number of shares of the Gross operating revenue_$24,657,000 $24,710.603 $22,746,142 21,459,698
Operating expenses
16,757,025 16,579,837 14,611,054 14,548,003
class D cumulative stock of the company at $52.50 per share
Operating revenue_ _ _ $7,899,975 $8,130,766 $8,135,088 $6,911,695
and dividends on or before May 1 1928.
252,230
346,066
Preferred both as to assets and cumulative dividends. Red. on any die.
date upon 30 days notice at $115 a share and dies. Dividend payable
-J. Divs, exempt from the present normal Federal income tax. Theodore
Q.
Gary & Co., Kansas City, Mo., registrar and transfer agent. Company.
Data from Letter of J. G. Crane, President of the
Company.-Incorp. Mar. 1 1926 in Delaware. Is an alliance of American
experand British financial and operating interests of long and successful
with the
ience in the telephone business and electrical industries affiliated
of
telephone business in the United States, Great Britain, the continent or
Europe and various parts of the world. Company controls directly
through its subsidiaries, telephone and Other companies, with assets exceeding $22,000,000, including Automatic Electric Do., Ltd., Reserve
Holding Co., Ltd., Compania Telefonica de Barranquilla, New Antwerp
Telephone & Electric Co., Automatic Telephones Australasia Ltd, &c.
investments
In addition to the foregoing the company has important Automatic
telephone and manufacturing corporations including
in other Inc., and in alliance with its British associates, the two groups
Electric,
with assets
in On-operation control the Angio-Portuguese Telephone Co.,
of more than $4,000.000 and other companies,including Cable, Telephone
of London,Eng., with assets in excess of$11,000,000.
& General Trust, Ltd.,
Through its own organization and staff of specialists the company supplies
its conadvisory, supervisory and special services to all companies underadministrol, and also to companies or governmentally owned telephonetelephone
trations desiring its services in the matter of development of
services, &c., either in connection with the apparatus and supplies being
furnished by manufacturing companies controlled by or affiliated with this
company or otherwise.
Company and its allied companies own and manage directly or indirectly
upwards of 300,000 telephones.
-Cash net operating income of the company (based on actual
Earnings.
performance for the year 1927. Dec. estimated, and including fixed annual
on investments made in Dec. 1927, from this financing) is running
Income
expenses of the
at the rate of approximately $387,167 a year after all
company and reserves. In addition to its regular operating income the
had each year substantial profits and cash net income from
company has
organization,
other sources, including special services rendered by its
trading profits, &c., over and above its regular operating income. Cash
this source amounted, during the calendar year 1927,
net income from
to operating cash net income.
to $346,434 in addition income of the company is therefore at the rate of
Regular operating net
the 7% cumulative
more than twice the dividend requirements upon allissued in this present
first preferred stock now outstanding (including that
of all the company's expenses including the
financing) after payment
expenses involved in the production of additional profits from other sources.
income on investActual performance for the year 1927 plus fixed annualnet earnings appliments made in Dec. 1927 from this financing results in
to dividends on all the 7% cumulative first preferred stock now outcable
standing (including that issued in this present financing) equal to approidrnately four times these dividend requirements. accruing to the Company
The foregoing does not include any earnings
accounts of the subfrom its subsidiaries that has been left in surplus
amount accruing
sidiary companies which earnings represent a considerable above items.
the company as income additional to the
to and available to
Lisfing.-Application will be made in due course to list this stock upon
one or more stock exchanges in the middle west.
Authorized. Outstanding.
Capitalization
100.000 shs. 26,500 shs.
stock (par $100)
7% cumul. 1st pref. value) entitled after the 1st
Class ..1) (no par dies. of$4 a share a
year- - - 50,000 shs. 45,000 shs.
pref.stk,to cumul.
Stks. sub, to both the 1st pref. stk. & the class316,000 shs: 184,985 shs.
stock
"I)
any time is limited
The amount of the 1st pref. stock to be outstanding at capital stock.
charter to one-half the then outstanding
by the company's
Projected Balance Sheet Dec. 311927.
Liabilities
Assets
contr. & other corp.- - _$8,220,088 Capital stocks outstanding: 82,650.000
See.of
538,702 1st prof.stock
Current items
2,250,000
Class
pet.items. Incl. disc, on stk.- - 78.389 Cam."D"stock
3,100,000
& other stks
55,978
Current items
98,452
Inter-company balances
878,730
88,833,158 Surplus
Total(each side)
Other income
378,614
347,528
$8.247.503 $8,509,380 $8,481,154 57.163,925
3,074.365
3,036,391
2,929,771
3,070,133
2,085,324
2,348,899
2,955,904
3,314,887
irplus
$1,862,483 $2,623,705 $3,095,863 $2,004,236
Pres. IIerbert A. Wagner announces that the company is negotiating
for the purchase of all of the properties of the Northern Maryland Power
Co. in Hartford County, Md.-V. 126, p. 410.
Total revenue
Fixed charges
Dividends
Denver Tramway Corp.
-Earnings.
[Corporation and Denver & Intermountain RR., with inter-company
transactions eliminated.]
1926.
1927.
Years Ended Dec. 31$4,390.016 $4,565,251
Operating revenue
084 x2,452.lSl
Operating expenses (including depreciation)
543.029
2,R1R:!ig4
Taxes
$926,472 $1,570,091
Net operating income
54.498
41,413
Miscellaneous income
$967,885 $1,624.589
Gross income
249,959
207,820
Interest on underlying bonds
322,175
322,100
Interest on general and refunding bonds
disNet profit and loss credit less amortization of
41.071
44,200
count on funded debt
Balance available for dividends
-V. 125, p. 3059.
z Not including depreciation.
$482,165 $1.011,383
-Listing.
Detroit Edison Co.
The Now York Stock Exchange has authorized the listing of $133,100
.-V. 126, p. 572.
additional capital stock (par $100 each)
-Effects Rate Reductions.
Duquesne Light Co.
New schedules of rates have been made, effective Feb. 1, in the territory
of the Duquesne Light Co., according to an announcement. It is calculated that these schedules, which arq optional to existing rate schedules.
will result in an annual saving to customers of $700,000. A new schedule
for residential service is provided. affecting 60% of the customers, a new
commercial light and power schedule will result in reductions to 50%,and
a new wholesale schedule will reduce the bills of 30% of such customers.
These schedules will ultimately result in considerable simplification of the
rate structure.
-V. 126. p. 250, 106.
-Stock.
Edison Electric Illuminating Co. of Brockton.
The stockholders on Feb. 3 authorized the filing of a petition with the
Massachusetts Department of Public Utilities for approval of an issue of
32,280 shares of capital stock (equal to one new share for fiveshares now outstanding) at 845 per share, and that the stockholders also authorize the
increase and issue of such additional shares or such part thereof as may be
approved by the Department of Public Utilities.
The meeting was then adjourned to Mar. 6 1928, prier to which date
it is expected that the Department of Public Utilities will issue an order with
respect to this petition. Should approval be obtained, the stockholders
at such an adjourned meeting will be asked to increase the capital stock by
said 32,280 additional shares or by such number of shares as the Department shall approve.
The company's floating debt amounts to $875,000 and its contemplated
capital requirements for 1928 are estimated to be about $740,000. These
Moritaup
requirements involve an additional investment of $175,000 in theconsisting
Electric Co. and plant additions and improvements of $565.000, the Dutransformer bank at
principally of the installation of an additional
pont Circle Substation, the construction of a new substation at Campello,
disa new 13,000-volt line to the new Whitman Substation, changes in the new
tribution system and additional equipment and extensions to serve
customers.
In order to capitalize permanently the floating debt and raise part of the
cash needed for capital requirements, the directors believe it desirable to
sell additional capital stocic.-V. 125. p. 3480.
-Div. of 20 Cents in Cash
Federal Light & Traction Co.
and 15 Cents in Common Stock Declared on Common Stock.-
714
FINANCIAL CHRONICLE
[Vol.. 126.
The directors have declared a quarterly dividend of 35c. per share on the
Interborough Rapid Transit Co.
-Applies to Authority
common stock, payable 20c. in cash and 15c. per share (1%) in common
stock on April 1, to holders of record! arch 13. [Similar amounts were to Increase Fares to 7 Cents.
paid on the common stock in the previous eleven quarters.?
The company on Feb. 1 made application to the Transit Commission for
No certificate of common stock will be issued for less than one share. an order authorizing an increase of fare
lines
For fractional shares scrip will be issued and will be exchangeable for stock under its operation from 5 to 7 cents. on both elevated and subway put
to
It sought
at the office of the New York Trust Co., 100 Broadway, New York, N. Y., such higher rate into effect upon notice of not morepermission also
than 5 days.
In amounts aggregating $15 or multiple thereof. No dividends will be paid
Simultaneously with the formal filing James L. Quackenbush, counsel for
to the holders of scrip but all dividends on the stock represented by scrip the company, issued an explanatory statement in which he emphasizes the
will be payable to the first registered holder of the stock.
-V. 126, p. 412. probability that, if the application is refused, the matter will be taken into
the courts.
it has,in the
-Div.on Class"A" Stock.
- filed, raised It was learned that the company believesmake possiblepetition
Federal Water Service Corp.
points of constitutional law which will
a final
The directors have declared a quarterly dividend of 50c. per share on the hearing of the issue in the Federal courts, if necessary.
class A stock for the period ending Feb.29 1928, payable March 1 to holders
The City of New York will fight the proposed fare increase.
-V. 125.
of record Feb. 8. A like dividend was paid on Sept. 1 and Dec. 1 last. p.576.
Holders of class A stock may apply this dividend to the purchase of
additional shares of class A stock at the rate of 1-50 of a share for each
Kansas City Power & Light Co.
-Stock Called.
share held: this being at the rate of $25 per share for additional stock purThe company has called for redemption April 1 all of the outstanding
chased. (This class A stock is now selling on the market at approximately
1st pref. stock, series "A," at 115 and dive. Payment will be made at the
$34 per share.)
-V. 126, p. 412.
Unless advised at or before the close of business on Feb. 18 that the Guaranty Trust Co., 140 Broadway, N. Y. City.
stockholder does not elect to exercise the right to subscribe for additional
Kentucky Power Co., Inc.
class A stock, and requests that the dividend be paid in cash, certificates
-New Control.
for class A stock or non-dividend bearing scrip certificates therefor, will
Sale of the controlling interest of this company and the Maysville Public
be issued to each holder of class A stock.
-V.126. p. 250.
Service Corp. and their subsidiaries to the United Public Service CO. of
Chicago has been announced by Barrett Waters, President of the Ken-Dividends.
General Gas & Electric Corp.
tucky utility companies. (See also United Company in V. 126, p. 416.)The directors have declared the following regalar quarterly dividends: V. 125,P. 3197.
$2 per share on the $8 cumul. pref. stock, class "A ; $1.75 per share on
the $7 cumul. pref. stock, class "A"; $1.75 per share on the cumul. pref.
KeystoneTelephone Co. of Phila.-Earns. of System.
stock, class "B, and 373i cents per share on the common stock, class
12 Mos. End. Dec. 31- 1927.
"A." All dividends are payable April 1 to holders of record March 12.
1926.
1925.
1924.
$2,097,189 $2,071,395 $1,991,960 $1,905,675
Holders of common stock, class "A, are given the right to subscribe to Gross earnings
1,079.412
additional shares of common stock, class 'A," at $25 per share to the Oper.exp.& taxes
1,066,501
1,032,920
1,014,884
extent of the dividend payable to them on Apr. 11928. Like amounts were
Net earnings
$1,017,777 $1,004,894
paid on the respective issues on Jan. 1 last. (See V. 125,p. 1836.)-V. 126.
$959,040
$890,791
Less-Interest charges_ _
560,545
522.425
503,487
p. 106.
513.670
Balance
Grand Rapids RR.
x$457,232
-Annual Report.
$482,469
$377,121
$455,553
x Available for dividends, surplus and reserve.
In accordance with the plan of reorganization of the Grand Rapids Ry.,
-V.125, p. 2387.
dated April 11 1927, company was incorp. under the laws of Michigan on
Lynn (Mass.) Gas & Electric Co.
April 15 1927. and as of May 1 1927 acquired all of the assets and assumed
-Stock Issue.
all of the indebtedness of former company including its outstanding bonds.
The Massachusetts Department of Public Utilities has approved the
The board of directors submits the following statement of earnings, ex- petition of the company for the issuance of 19,500 additional shares of
penses, &c.,for the 8 months period ended Dec. 311927; and,for compara- capital stock (par $25). at $75 a share. The proceeds will be applied solely
tive purposes,this is followed by a statement ofearnings,operating expenses, to the payment and cancelation of $1.642,500 of obligations of the company
&c., for the calendar years 1926 and 1927, of which the year 1926 and the represented by promissory notes outstanding Oct. 31 1927.-V.
125. IL
first 4 months of 1927 cover operation by the predecessor company. The 2526.
text following these statements covers the 12 months ending Dec. 311927.
the first 4 months of which cover operation by the predecessor company.
Mackay Companies.
-Acquires Sayville (L. I.) Station.
President Clarence H. Mackay has issued the following statement:
Statement of Earnings for 8 Months Ended Dec. 311927.
"The Postal Telegraph-Commercial Cables system, which entered the
Passenger revenue, $1,034,243; revenue from special cars,
radio field last fall when it acquired the radio communication properties
$1.477; rent of equipment tracks, &c., $34,323, non-operating
revenue, 61.637. gross earnings
$1,071,680 of the Federal Telegraph Co.. has now added to its organization the wellOperating expenses. $657.416. taxes. $81,488, total
738,904 known radio station at Sayville, L. I., which was originally built for and
operated by the Telefunken Co. and which was subsequently taken over
Interest on funded debt, $162,957, interest on unfunded debt,
$7.344. total
170,302 by the Navy Department during the World War. It is our intention as
soon as necessary arrangements can be made to re-equip and modernize
Dividends on preferred stock
6.841
Provision for retirements
81,104 this station. Its immediate use will be for the Atlantic ship-to-shore service. Acquisition of the Sayville station permits of our participation in
Balance
$74,528 the ship-to-shore service on both coasts of the United States, for we are
Ratio of operating expenses to gross earnings
61.34% already in this service In the Pacific by MMUS of our radio stations at San
Ratio of operating expenses & taxes to gross earnings
68.95% Francisco, Los Angeles and Portland, Oro.
"As to transobeanic communication, we are first concentrating on the
Revenue passengers carried
11,665,803
equipment for our transpacific radio, which we expect will be in operation
Earnings of Calendar Years [The Year 1926 and the First Four Months to
Honolulu by the summer, and to the Far East soon thereafter."
-V.125.
of 1927 Cover Operation by the Predecessor Co., the Grand Rapids By.]
p. 1193.
Calendar Years1927.
1926.
Passenger revenue
$1.627,157 $1,724,395
(Ky.) Public Service Corp.
Maysville
-New Control.
Revenue from special cars, &c
3,481
1.894
See Kentuc:cy Power Co., Inc.. above.
Rent of equipment, tracks, &c
-V. 124, p. 2748.
44,376
38.035
Non-operating revenue
5.036
1,925
Mountain States Telephone 8c Telegraph Co.-Acguis.
Gross earnings
$1,675,352 $1,770,947
The 1-S. Commission on Jan. 20 approved the acquisition bylthe comOperating expenses
1.005,643 1,108,710 pany of the telephone properties of Ida A. Van Dyke and Cleve W. Van
Taxes
133,496
146,287 Dyke, doing business as the I. A. Van Dyke Telephone Service. The
Gross income available for fixed charges, dividends
Van D yke Telephone owns and operates an exchange at Miami, Gila
and retirements
536.213
515,951 County, Ariz., which serves 309 subscriber stations. The Bell Company
Ratio of operating expenses to gross earnings
62,60
60.03%
Contracted to purchase all of the telephone properties and frachises of the
Ratio of operating expenses & taxes to gross earnings 67.99%
70.87% vendors in Miami, with the exception of real propertylother thanlrights
Revenue passengers carried
18,378,036 19,542,920 of way, for $26,500, payable in cash.
-V. 125. p. 2809.
-V. 125, p. 780, 515.
Hartford & Springfield Coach Co.
-Sale.
The New England Transportation Co. on Jan. 27 agreed to purchase the
above company's certificates to operate between Hartford (Conn.) and
Springfield, (Mass.), for $250.000. It also assumed obligations up to
$100,000 in connection with the coach company s terminals in Hartford and
Springfield and acquired equipment owned by the coach company. The
transfer must be made not later than Feb. 8. The New England company
Is a subsidiary of the N.Y. N. H.& H. RE.
-V.123. p. 981.
Harwood Electric Co.
-Stricken from List.
The Philadelphia Stock Exchange has stricken from its list the common
and 6% cum. pref. stocks. This company was merged in 1920 into the
Pennsylvania Power & Light Co.
-V. 120, p. 828.
-Bonds Called.
Holtwood Power Co.
The Pennsylvania Water & Power Co., as successor to Holtwood Power
Co., has called for redemption on March 1. all of the outstanding 1st
mtge. sinking fund gold bonds, series A 6%, due Sept. 1 1954, at 107 and
int. Payment will be made at the New York Trust Co., 100 Broadway,
N.Y. City.
-V,125, p. 1052, 385.
Middle West Utilities Co.
-Rights.
The directors have voted to offer additional common stocki(mipar;value)
to all stockholders of record March 2 at $110 a share in the ratiolof 10%
of holdings. Rights will expire May 15.-V. 126, p. 252.
National Electric Power Co.
-Bonds Called.
-
The company has called for redemption March 1 all
outstanding
secured gold bonds, series of 1945. at 104% and int. of the
Payinent will be
made at the Equitable Trust Co.. 37 Wall St., N. Y. City.
-V. 126, p.(252.
National Power & Light Co.
-To Increase Capital Stock.
The stockholders will vote Feb. 21 on
the authorized 48
div. pref. stock (no par value) from 100,000increasing 500,000 shares and
shares to
the authorized common stock, no par value, from 3,000,000 shares to
7,500,000 shares. See also V. 126, p. 677.
Nevada, California & Oregon Telegraph & Telephone
-Control.
Co. of Calif.
W.B. Foshay Co. announces the purchase of the above company,serving
65 cities and towns in California, Oregon and Nevada. The lines of the
Houston Gulf Gas Co.
-8 New Wells.
,
Withdrawals from the 8 new wells brought in 1.3 the company in the company extend from Reno, Nev., on the east, to the lumbering sections
new Refugto field, average a volume of 50,000,000 to 60,000,000 feet apiece. of California on the west coast and Lakeview, Ore., on the north.-V.,124.
according to President O. R. Seagraves. The company has 20 additional p. 112.
wells ready for depletion to the lower sands on the 2,000 acre; the company
New Bedford Gas & Edison Light Co.
controls in the Refuglo Field, which is located less than 150 miles from
-Annual Repo,t.
Years End. Dec. 31Houston, about midway between that city and the older Laredo Field.
1927.
1925.
1926.
Demand for natural gas in this territory has increased to such an extent Total operating revenues
$4,331,140 $4,167.967 83,985,399
that the company is now operating its pipe lines at full capacity, deliveries Total operating expenses
2,073.150 2,072,815 2,035,019
to Houston distributors have doubled over the volume of last year, and
Net operating revenue
earnings are greater than during any similar period in the history of the
$2,287,991 $2,095.152 $1,950,380
Other income
company, Mr. Seagraves said.
dot 2,799
1,394
3,751
Primarily to meet this growing demand, the company has just completed
Total income
a new connecting pipe line between the Refugio and Whitepoint Fields
82.255,192 $2,098,903 $1.951,774
where It has recently brought in 12 large wells from a newly discovered Taxes
428,078
565,106
490,333
producing sand on that horizon. Company holdings in these two fields Bond interest
247,340
255,920
251,630
Int. on notes, &c
number 40 wells at the present time.
-V. 126, p. 576.
62,830
13.594
70,503
Amortization charges
8,223
8,375
8,300
Indiana Service Corp.
- Depreciation
-To Change Capital Structure.
371,816
282.300
322,138
Plans for simplification of the capital structure of the corporation involvNet income
ing the retirement of about $4.800.000 in bonds have been announced. As
$1.048.961 $955.999] 8914,421
a part of the program, provision has been made for a new mortgars, and
Balance Sheet Dec. 31.
under it $5,000,000 1st Ben & ref. mtge. 5%, bonds, due Feb. 1 1963, have
1927s
1926.
been issued and sold to Halsey, Stuart & Co. The changes being made,
1926.
1927.
Assets
$
it is announced, will build a sounder capital structure for the company.
Liabilities$
The mortgage under which the 1st & ref. mtge. bonds were issued provided Plant Investment. 16,560,070 16,142,943 Capital stock
_ 5,342,400 5,342,400
Other investments
7 585
7,360 Premium on stock. 3,081,268 3,081,268
that they all mature not later than Jan. 1 1950. Continuing under just
.
95,566
110,959 1st mtge. bonds _ _ 4,579,000 4,579,000
this mortgage would limit the company to comparatively short term Cash
1,362,565
565 Notes payable_ _ _ _ 250,000
financing as this date approached. The new mortgage makes it possible Special deposits
250,000
210
1,284 Accounts payable_
to finance on a long term basis. The new capital structure will consist Notes receivable_ _
192,221
131,926
351,214
372,834 Consumers'deposof the let & ref. bonds, which now become let mtge. binds, totaling $7,- Acc'ts receivable
81,901
82,852
0 bonds and $145,000 Mat'is&supplies
7
688,272
619,721 Divs.declared_
566,500, the new series of $5,000.000 1st lien & ref. 5
213,696
213,696
33,500
16,140 cer.taxes,int.,kc. 183,859
non-callable underlying bonds which are gradually being exchanged for an PrepdAnsur.& int.
166,962
26,625
31,749 Unadjusted credits 1,444,996
equal amount of 1st mtge. bonds which are on deposit with the trustee Unadjusted debits
44,272
for this purpose.
Deprec. reserve _ 2,262,073 1,993,046
The corporation furnishes electric light and prower in Fort Wayne. Ind.,
Other reserves_ _ _
35,050
35,611
Total(each side)19.125.607 17,303,554 Profit and loss _
and 41 ether communities in northeastern Indiana. It also renders local
1,517,926 1,323,748
street car service in Fort Wayne, Wabash, Logansport and Peru, and a
-V. 125, p. 3348.
high-speed interurban railway, supplemented by a fleet of motor coaches.
New England Transportation Co.
serves 51 communities. The corporation is controlled by the Midland
-A cguivition.Utilities Co.
-V. 125, P. 517.
See Hartford & Springfield Coach Co. above.
FEB. 4 1928.]
FINANCIAL CHRONICLE
715
Authorized. Outstanding.
Capitalization$6,000,000 $3,000,000
Common stock
5,449.300
6,000,000
Preferred stock 7% cumulative)
$15.000,000 x6,674,000
1st & ref. mtge. s, due 1940
750,000
y371,000
Portland Gas Co. 1st (closed) mtge.5s,due 195L..
x
3,000.000
1st lien & gen. mtge,gold bonds, series of "43s"..
ref. mtge. 5s to be deposited under the
x Not including $3,000,000 1st &
-Expenditures Authorized.
indenture securing the 1st lien & gen. mtge. gold bonds, series of "434s, due
New York Telephone Co.
1940." y These 'bonds are part of an authorized issue of $750,000. of
The directors on Jan. 25,authorized the additional expenditure of $6,444.- which $379,000 have been deposited under the 1st & ref. mtge., leaving
be
465 for new construction in various parts of the territory ser
1st & ref.
of only $371.000 outstanding with the public. Sufficient of therestrictions
company. Of this amount $6,101,280 was set aside for cola
5s are reserved to retire thelatter. z Limited by the conser votive
-V.126, p. 413, 107.
plant facilities in the Metropolitan area.
of the indenture.
-Operations are supervised by the Electric Bond & Share
Supervision.
-T.; Discontinue Co.
Northern Ohio Power & Light Co.
-V.126. p. 253.
-New Directors.
New Jersey Bell Telephone Co.
Thomas G. Haight of Jersey City, William E. Green of Trenton and Walter J. Buzby of Atlantic City, have been elected directors. $2,600.000 for
The board has approved the appropriation of more than
-V, 126. P. 107.
construction in various parts of New Jersey.
Street Car Line.
Application for leave to discontinue interurban street car service between
Akron and Canton. 0., and to abandon tracks between Canton and North
Canton, was filed with the Ohio P. U. Commission, on Jan. 27 by the
company. The line has been unprofitable for several years it is stated.
V. 126. p. 107.
--Earnings.
Northern Ohio Power Co.(& Subs.).
1927-12 Mos.-1926
-Month-1926,
Period End. Dec. 31- 1927
$1.186.231 $1,089,780 $12,575.214 $12,040,841
Gross earnings
Oper. exp. incl. taxes
8,681,518
8,933,548
719,228
715.236
& maintenance
2,323,876
2,412,824
189.625
206,717
Fixed charges x
Net inc. avail,for retir.
$783,417
$180,926 $1,480,871
$264,279
res. & corp., purposes_
x Includes interest, amortization of debt discount and expense, and
-V.125,
dividend on outstanding preferred stocks of subsidiary companies.
p. 3642.
-First Mtge. 43.%
Pennsylvania Water & Power Co.
-A new issue of $6,000,000 1st ref. mtge.
Bonds Offered.
43% gold bonds, series "B," was offered yesterday by
Minsch, Monell & Co., Inc., Chase & Co. and Joseph W.
Gross & Co. at 99 and int., to yield over 4.55%.
-Authorized Capital Decreased
Power Corp. of New York.
The company on Jan. 26 filed a certificate at Albany, N. Y. decreasing
Its authorized preferred stock from $10,000,000 to $7,000,000, par UM.
The $3,000.000 of outstanding pref. stock was retired on Nov. 1 1925 at
115 and divs. The 750,000 shares of authorized common stock, no par
-V. 125, p. 2388.
value remains unchanged.
-Merger of
Public Service Coordinated Transport.
Transportation Subsidiaries of Public Service Corp. of New
-V.126, p.253.
Jersey Approved. See latter corporation below.
-The
-Rights.
Public Service Corp. of New Jersey.
Committee on Securities of the New York Stock Exchange
have received notice from the corporation that holders of
common and 8% preferred stock of record Feb.3 will have the
right, until Feb. 21, to purchase pew 4M% 20-year convertible debentures at 98 and int. to the extent of $1,000
debentures for each 100 shares of stock held. See also
V. 126, p. 578.
Merging of Transportation Subsidiaries Approved.-
The certificate of organization of the Public Serrice Coordinated Transport,
the new company formed by the consolidation of the Public Service Ry.
and the Public Service Transportation Co. subsidiaries of Public Service
Corp. of New Jersey, was filed this week With the Secretary of State at
Trenton,l's. J. The stockholders of the two companies approved the agreement of merger, submitted to them by the directors of the two companies.
At the meetings the vote was 487,469 out of 487.479 shares of the railway
company for adoption and 1,004,500 shares of the Transportation company for adoption and none against. The New Jersey P. U. Commission
approved the consolidation on Jan. 28.
The main purpose of the consolidation is the coordination into one operating unit of the two companies which have heretofore operated the trolls
and buses; effecting greater economies and efficiency, redounding to the
advantage of the public as well as the stock and bond holders. The consolidation will also bring an improvement in financial structure, including
the possibility of an open end mortgage, making it easier to secure new
capital for extension and betterment of facilities. As President Thomas
N. McCarter pointed out, the benefits of this character of consolidation
have been demonstrated in the merger of the electric and gas companies
into the Public Service Electric & Gas Co., accomplished in 1924.
Thefinancial procedure involved in the consolidation is, briefly, as follows:
Pro.ision is made for the issuing of 2,500.000 shares of no par value
common stock and 487,500 shares of non-cumul. pref. stock of no par value,
which will have no voting rights but will receive dividends at the rate of
$6 Per annum per share, for such years as in the Judgment of the directors
such dividend is justified and before dividends are paid on the common
stock. In the event of the dissolution of the company its preferred stock
shall be entitled to a division of the assets at the rate of $75 share before
the common stock receives any part of the assets.
Under the terms of the agreement the 487.500 shares of no par value
common stock of the Public Service Ry. outstanding will be exchanged for
487,500 shares of non-cumul. pref. stock of P.iblic Service Coordinated
Transport, and the 1,004,500 shares of common stock of Public Service
Transportation Co. outstanding for the same number of shares of common
stock of the company.
The directors and officers of the new corporation will be the following,
who have occupied the same positions with the two merged companies:
Directors: Thomas N. McCarter, Samuel T. Bodine, Thomas S. Gates.
Anthony R. Kuser, Alfred L. Loomis, Uzal H. McCarter, Arthur W.
Thompson, Landon K. Thorne, Edmund W.Wakelee and Percy S. Young.
Officers: Thomas h. McCarter, President; Percy S. Young, Edmund W.
-PresiWakelee, John L. O'Toole, George Barker, Matthew R. Boylan, V.
dents; Charles M. Breder, Secretary; William H. Feller and William T.
Crudge, Assistant Secretaries: T. W. Van Middlosworth, Treasurer; Frederick A. Neis, Robert S. Tomkins and F. Milton Ludlow, Asst, Treasurers.
Mr. Boylan, V.
-President in charge of operation, will retain for the new
corporation the same staff as presided over the various branches of the
two merged companies, chief of whom are: Arthur T. Warner. General
Manager in charge of traffic; Martin Schreider, General Manager in charge
of plant; Louis P. Baurhenn, Director of personnel: Edward A. Tuson,
General Auditor. (See also V. 126, p. 253.).-V. 126, P. 578.
TheNew York Stock Exchange has authorized the listing of an ad:
,
ditional $33,806,600 6% cumulative preferred stock (par $100) on officio
notice of issuance and payment in full, making the total amount applied.
for $75,117.700.
At a meeting of the directors held Nov. 22 1927. the issue of shares of
-Listing.
Philadelphia Co.
for
6%
preferred stock for cash in the proportion of one share
The New York Stock Exchange has authorized the listing of $396,550 eachcumulativeof common and preferred stock outstanding at the close of
15 shares
additional common stock (par $50 each) on official notice of issuance as a business Dec. 2 1927 was authorized.
-F. 126. P. 5781.
stock dividend, making the total amount applied for $48,010,400.-V. 126,
-Consolidation With Public
p. 107.
PublicService Ry. (N. J.).
Dated March 11928; due March 11968. Int. payable M.& S. in N. Y.
City. Denom. $1.000 c*. Callable as a whole or in part at any time on
30 dais' notice at 105 and int. prior to March 1 1933, the premium decreasing Sk% each year from March 1 1933 to March 11952. thereafter callable
at 100 and int. The interest on these bonds is payable without deduction
-mills tax or the Federal income tax up to,2%. New
for the present Pa. 4
York Trust Co., trustee.
Data from Letter of Chas. E. F. Clarke, President of the Company.
-Company owns and operates on the Susquehanna River at
Business.
Holtwood, Pa., a hydro-electric power development consisting of one of
the largest low head water power plants in the country, with a capacity of
150,000 h.p.. and an adjacent steam generating station burning pulverized
coal and having a present capacity of 30.000 h.p., capable of being increased
to an ultimate capacity of at least 135,000 h.p. This steam station, together with all the other assets of the Holtwooti Power Co., a wholly owned
subsidiary, was acquired in 1927. Company, under contract with tho local
light and power companies, supplies a large portion of the electric current
used in Baltimore, Md., and York, Pa.; also nearly all of that used in Lancaster. Pa., and vicinity and Coatesville, Pa.and vicinity. The total
population served by these customer companies Is in excess of 1.000,000.
Authorized. Outstand'g.
Capitalizationlet ref. mtge. bonds, series B,4Si% (this lasue)--$50,000,000 $6,000,000
12,500,000 a11,500,000
jet mtge. (closed) 5% bonds, due 1940
Capital stock (no par value)
540,000 shs. 429.848 shs.
a Retired by sinking fund, $1.000,000.
-These bonds and the $11.500,000 1st (closed) mtge. 5s, due
Security.
Jan. 1 1940, upon completion of the present financing, will be the sole
funded debt of the company. The 1st ref. mtge. covers all the company's
property now owned or hereafter acquired (except securities acquired subsequent to Oct. 1 1923 other than securities made the basis of issue of
additional bonds). The book value of the company'sfixed assets, including
certain securities, is $29,740,709 a figure greatly below the depreciated
replacement value of the properties. Company's total bonded debt after
completion of the present financing will be at the low rate of $97.22 per h.p.
-Proceeds will be applied toward the retirement of the S3,000,Purpose.
000 or 5i. % 1st ref. mtge. gold bonds, series A, of the company and the
$2,750,000 of 6% 1st mtge. gold bonds, series A, of the Holtwood Power
Co., being the entire amount outstanding in the hands of the public.
-Consolidated net earnings during 1927 were more than 2.9
Earnings.
times interest charges on the total funded debt to be presently outstanding.
The net earnings for the past 5 years have averaged more than 2.8 times
bond interest. In no year since 1911, when the company was organized,
have gross earnings and net earnings after taxes failed to show a substantial
increase over such earnings for the preceding year. (See also report for
1927 under "Financial Reports" above.)
Market Eguity.-Dividends have been paid without interruption from
1914 to date on the company's capital stock. There are now outstanding
429,848 shares, which, at present market prices, have an aggregate value
of over $30,000,000.
-Commencing Oct. 1 1933 the company is obligated to
Sinking Fund.
make annual payments to the trustee as a sinking fund for the retirement
of these series B bonds -V. 126, P. 107.
-See Public Service Corp. of New
Portland (Ore.) Gas & Coke Co.
-Har- Service Transportation Co.
-Bonds Offered.
-V. 126, p. 253.
ris, Forbes & Co. and White, Weld & Co. are offering at Jersey above.
-Orders 331 Buses.
97% and int. to yield 4%%$3,000,000 1st lien and gen. mtge.
Public Service Transportation Co.
gold bonds series of Ois due 1940.
This company, subsidiary of Public Service Corp. of New Jersey, has
Dated Jan. 11928; due Jan. 1 1940. Int. payable J. & J. Red. all or
part, on first day of any months on 4 weeks' notice up to and incl. Jan. 1
1929. at 102% and int. with successive reductions in red, price of h' of 1%
on Feb. 1 1929 and on each Feb. 1 thereafter to and incl. Feb. 11937: and
on and after Feb. 1 1938 at 100 and its, Denom. $1,000c*. Bankers Trust
Co.New York and B. W. Jones, trustees. Company will agree to pay
int.'without deduction for any Federal income tax, not exceeding 2% per
annum.
Data from Letter of Frank Silliman, Jr., Vice President of Company.
-Supplies manufacturod gas service in Portland, Ore., and
Company.
in Vancouver. Wash., and in 20 other communities in Oregon within a
radius of about 25 miles of Portland. The business has been established for
over 65 years. Present population of territory surved is estimated at 365.000.
Physical property owned includes gas works with a present installed daily
manufacturing capacity of 29,000,000 cubic feet (of which 5,000,000 cubic
feet daily capacity was completed and placed in operation during 1927),
11,339.000
gas holder capacity of service to cubic feet and 1.652 miles of gas mains.
more than 92,000 consumers.
Company supplies gas
-Secured by deposit with tne trustee of an equal principal
Security.
amount of the company's 1st & ref. mtge. 5% bonds, due 1940. The 1st
Sr ref. mtge. 5s are secured by a first lien on the entire plant, property and
franchises of the co nparw subject, as to a portion thereof, to $371.000
outstanding underlying (closed mortgage) bonds, of which underlying issue
9379,000 additional bonds are deposited under the indenture securing the
1st & ref. mtge. 5% bonds. These 1st lien & gen. mtge. gold bonds series
of "4;is due 1940." will be further secured by a general mortgage on the
entire property of the company.
-Earnings of the company for the 12 months ended Nov. 30
Earnings.
1997, and for the 2 calendar years 1926 and 1925, wero as follows:
Nov.30'27. Dec. 31 '26. Dec. 31 '25.
Earns 12 Months Ended$4.478,609 $4.191.150 $4.037,896
Grass earningsfrom operation
2,744.017
2.660.737
2,937,239
()per. exp., taros & maint
$1,541,370 $1,447.133 $1.377.159
Net earnings from operation
Annual interest requirements on all bonds presently to be outstanding
with public (including this issue) requires $487,250.
announced the placing of an order for 331 new gas and electric motor buses
from the Yellow Truck & Coach Mfg. Co. All of the ew buses will be
of the six-cylinder dual motor type. The entire electric equipment for
these buses will be supplied by the General Electric Co. and the bodies
will be built at the Newark shop of the Public Service organization. The
first delivery on this order will be made within 60 days and deliveries will
continue periodically thereafter until the entire contract is filled.
The placing of this order makes a total of 1,353 new buses ordered
by the Public Service Transportation Co. since 1923. The delivery of
these buses is in line with the company's policy to standardize all of its
motor equipment and at the same time replace old buses in service,thereby
making for more efficient and economic operation of its various bus lines.
Consolidated With Public Service Ry. (N. J.) Approved.
-V. 126, p.
See Public Service Corp. of New Jersey above.
253, 107.
-Bonds
Queens Borough (N. Y.) Gas & Electric Co.
Called.
All of the outstanding ref. mtge, gold bonds,6% series of 1953. have been
called for payment Mar. 1 next at 106 and int. at the Guaranty Trust Co..
140 Broadway, New York City.
-V. 125. p. 1581.
-Bonds Called.
Rochester Telephone Corp.
All of the outstanding $3.500,000 1st & ref. mtge. gold bonds, series A,
due April 1 1946, have been called for payment April 1 next at 105 and its.
at the Union Trust Co., Rochester, N. Y., or at the Bankers Trust Co.,
New York City. See also V. 126, p. 414.
Southern California Edison Co.-Pref. Stock Offered.
E. H. Rollins & Sons, Lee, Higginson & Co., Parkinson &
Burr and Stone & Webster & Blodget, Inc. are offering
40,000 shares cumulative preferred stock, series B 6% (par
$25).
716
FINANCIAL CHRONICLE
Preferred as to assets and dividends over the common stock. Entitled to
cumulative dividends at the rate of67 per annum, payable Q.
to $25 per share and divs., in the event of liquidation. Red.-M. Entitled
all or part at
$28.75 per share plus any diva. thereon. Shares of $25 par value having
equal voting powers, share for share, with all other stocks of the company.
Shares are transferable at the office of the company, Los Angeles, or at the
Bankers Trust Co., New York. 13.5. Mortgage & Trust Co., New Vont,and
Los Angeles
-First National Trust & Savings Bank, Los Angeles, Calif.,
registrars.
Company.-Incorp. in California. Owns and operates one of the most
comprehensive systems in the world for the generation, transmission, and
distribution of electricity for power and light purposes. Company and its
predecessor companies haveserved the electric needs of Central and Southern
California for 30 years. The territory served, which includes Los Angeles
and 360 cities and towns in 10 large counties of Central and Southern
California, has an area of about 55,000 square miles. The population is
increasing steadily and at a rapid rate and is now estimated at over 2,750,000. In this field over 374.000 consumers are supplied directly and 300,000
indirectly witn electric light and power service.
The properties of the company include 24 generating stations with a
present installed capacity of 186,100 h. p., of which 465,700 h. p. is hydroelectric and 350,400 h. p. is steam. It is one of the greatest generating
companies in the world. Company controls large additional undeveloped
water powers whim, with the necessary steam plant reserves, will produce
a total estimated at 2,250,000 h. p.
From these plants power is sent over 1.900 miles of hign tension transmission lines to the distributing system which carries the current directly
to the consumer through 250 sub-stations and 9.800 miles of distributing
lines.
The present connected load is 1,646,537 h. p., of which 390,985 h. p. is
for lighting purposes, 429,635 b. p. for industrial purposes, 232,733 h. p.
for agricultural purposes. 333,832 h. p. for municipal power for resale
purposes, 134,886 h. p. for transportation purposes and 124,446 h. p. for
cooking and heating purposes. The connected load increased 220,896 h. p.
in the last 12 months, or over 14%. The output for the 12 months ended
Oct.31 1927, was over 2.398,720 kilowatt hours.
Capitalization (As of Nov. 30 1927.)
Totalfunded debt
$134,982,700
Original preferred stock(paying 8%.closed)
4,000,000
Cumulative preferrred stock:series"A"7%
25,558.100
Series"B"6%
47,595,625
Seri " "
*7,669.125
Common stock(paying8%)
49,186,272
There is in addition $3,788,275 preferred stock and $2,248,950 common
stocA sold on partial payments.
*This outstanding series "C" stock is part of 310,000,000 wnose issuance
and sale has been authorized by the California Railroad Commission and
which is now being sold to the public.
Earnings 12 Months nnded Nov. 30.
1926.
1927.
Gross earnings
$27,533,028 $30,487,313
Operating expenses and taxes
9,652,376
9,869,723
Net available for int.,deprec.,diva., &c.
817,880.652 $20,617,590
Annual interest charge on $134,982,700 bonds
6,851,810
Balance avallaole for preferred stock dividends
$13,765,780
Annual dividends on preferred stocks
5,386,606
Balancefor depreciation and common stock dividends_ _ _ _ - 38.379.174
The balance available for preferred stock dividends is about 2.56 times
the requirements on all preferred stock now outstanding.
-V.126. D. 253.
Southern Counties Gas Co. of Calif.
-Bonds Offered.
Bond & Goodwin & Tucker, Inc., Blyth, Witter & Co.,
American National Co., Peirce, Fair & Co. and E. H. Rollins
& Sons are offering at 943 and int., yielding about
%
4.80%,
$12,000,000, 1st mtge. 436% gold bonds, series 1968.
,
Dated May 1
1928: due May 11968. Denom. $1,000 and
on any int. date on 60 days' notice to and incl. May 1 1933. 35000*. Red,
at premium
of 2%,and on any int. date of any year thereafter until maturity,a premium
a
computed at the rate of % of 1% for each 5 years or fraction thereof, of
then unexpired term. Interest payable on (M.& N.)in San Francisco, the
Angeles and New York. Company agrees to pay int, without deductionLos
for
any normal Federal income tax up to 2% which it may legally pay at the
source. American Trust Co., San Francisco, and Los Angeles-Fkst National
Trust & Savings Bank, Los Angeles, trustees. Exempt from personal
property tax in California.
-Authorized by the Railroad Commission of the State of
Issuance.
California.
Company.
-Controlled through 100% common stock ownership by Pacific
Lighting Corp. Serves natural gas for domestic and industrial use to a large
and constantly growing territory adjacent to the city of Los Angeles, having
an estimated population of 605,000.
This territory is located in Los Angeles, Orange, Santa Barbara, San
Bernardino and Ventura counties, and comprises 64 cities and towns and
20 outlying communities. Company also wholesales its product by means of
connecting pipe lines to other companies for distribution in Los Angeles,
Long Beach, Pasadena, Riverside, San Bernardino and Redlands. Company
had on Jan. 1 1928, a total of 121.890 meters in service. Its distributing
system includes 28 compressor units witn a combined capacity of 27,000,000
• cubic feet of gas per day; a holder capacity of 8,157,000 cubic feet, and
12.670,967 feet of mains.
Company is operated in connection with the system of Los Angeles Gas &
Electric Corp., which is also controlled through 100% common stock
ownership by Pacific Lighting Corp.
Pacific Lighting Corp., which has been engaged in the successful operation of utility companies for the past 40 years, also owns several smaller
utility properties, and in addition has large holdings of the common stocks
of Pacific Gas & Electric Co. and other leading Pacific Coast utilities. The
present market value of its outstanding preferred and common shares
aggregates approximately $95,000.000.
To be
CapitalizationOutstanding.
6% preferred stock
$2.500,000
Common stock
,
1st mortgage 414% gold bonds,series 1968 (this issue)
12.000,000
The properties of the companies, consisting of valuable real estate holdings, pipe lines, gas mains and distributing plants and equipment of the
most modern type, have a present valuation, depreciated, based on independent appraisals, of 821.047.080.
Earnings Statement (Year ended Dec. 31 1927.)
Gross earnings
$6,975,018
Operating expenses, maintenance and taxes
4,366,954
Net available for interest. depreciation, dividends,&c
82.608,064
Annual interest charges on $12,000.000 1st mtge.414% bonds_
540.000
For the past 5 years net earnings as above have averaged $1,851.348,
equivalent to 3.4 times interest requirements on the $12,000,000 of 1st
mtge. bonds to be outstanding upon completion of this financing. Net
earnings after depreciation for the 12 months of 1927. were equivalent to
3.67 times interest requirements on this issue; and for the past 5 years such
earnings averaged 2.5 times requirements.
Purpose.
-Proceeds of this issue will be used for the purpose of redeeming
a
i . r
0
all of the outstanding 1st mtge.5%7 bonds, duenMayr 1936 (aggregating
etlileikent
IrglegirlitecZtatilfiliegenprirtiV.1matig.mbtOnds,d re 14 3 l
du l 11 .
;
The
1st mtge. 514% bonds will be retired on May 1 1928. at 10214 and int.:
and the gen. & ref. mtge. 6% bonds will be red. on May 1 1928 at 105 and
int.-V. 126. D. 415.
Springfield (0.) Ry.-Receivership.-
H. W. Sawyer was named receiver Jan. 26. by Judge Frank M. Kraff,
of the Court of Common Please at Springfield, ()., on application of the
-V. 117,
Transit Imrpovement Co., which is the principal stockholder.
p. 1993.
-Notes Offered.
-OfferStandard Public Service Corp.
ing is made of $500,000 one-year 5% gold notes at 99 and int.,
to yield 6%, by Packer Cooke & Co., Chicago. The notes
[Vou 126.
together with $1,400,000 1st lien coll. trust 6% gold bonds,
are being issued to acquire additional properties for extensions, improvements and additional working capital. See
also V. 126, p. 415.
"Terni" Terni-Societa per l'Industria e l'Elettricita,
Italy.
-Bonds Oversubscribed.
-An issue of $12,000,000 1st
mtge hydro-electric
% sinking fund gold bonds, series
A offered Jan. 30 at 90i and int., to 'yield about 7.35%
by W. A. Harriman & Co., Inc., Harris, Forbes & Co.
and Banca Commerciale Italiana Trust Co. was oversubscribed the day of offering. This is one of the first Italian
loans to follow the revaluation of the lira.
Dated Feb. 1 1928; due Feb. 11953. Int. payable F. & A. Prin. and
int, payable in United States gold coin at the office of W. A. Harriman
& Co., N. Y. City, without deduction for any taxes, present or future,
levied by or vrithin the Kingdom of Italy. Red. on any int. date, all
or part, on 60 days' notice, except for sinking fund, as follows: at IN up
to an incl. Feb. 11933: thereafter at 102 up to and incl. Feb. 11938' thereafter at 101 up to and incl. Feb. 11943:thereafter at 100. Denom.$1,0000
Harris Trust & Savings Bank. Chicago, trustee.
Data from Letter of Cav. di Cr. Cr. Attilio Odero and Cr. Uff. Arturo
Bocciardo, respectively Presidentpan y.
om andManaging Director of the
General.-Terni-Societa per l'Industria e l'Elettricita, organized under
under the laws of Italy in 1884 and well known throughout Europe as
"Terni", owns and operates extensive hydro
-electric and industrial properties which place it among the foremost Italian business enterprises. The
company's steady growth and consequent requirements for additional
capital have heretofore been largely financed from earnings or by the isuance of stock. The increasing importance of its electric power business
during recent years, however, has made desirable the more comprehensive
capital structure which the present bond issue will provide.
Company not only supplies its own needs for manufacturing purposes
but also, on account of its large production of electrical energy, is able to
sell current under contract at wholesale to the City of Rome, to important
Italian utility companies including Societe Elettricita e Gas di Roma,
Societe, Elettrica del Valdarno, Unione Eserdzi Elettrici and to some miscellaneous customers. The utility systems thus purchasing power from
"Terni" serve a territory which includes substantially all of central Italy
and embraces the provinces of Tuscany, Umbria, Marche. Abruzzi and
Lazio. In this territory "Terni" is the only large wholesaler of electric
power.
Sales of electricity, including that consumed by the company's own
industrial plants for years ended Dec. 31 follow:
Sales of Electric current in kwh.* 1923, 357,419.000: 1924, 394,948,000;
1925. 418,843,000; 1926, 470.164,000; 192.517,364,000.
*The figures given include the output of two small generating stations,
the operation of which is being gradually discontinued in favor of the company's larger plants; in 1927 the current produced by these small stations
amounted to approximately 3.3% of the above sales for the year. The
two stations, which have been practically written off the company's books.
will not be subjedted to the mortgage securing these bonds.
Over 60% of the total sales of electricity for 1927 was to outside customers. The cost of the company's total electric production comparesfavorably
with that of other important hydro-electric properties in Italy.
"Terni", in addition to its electric business, has large, well equipped.
industrial plants, the output of which falls principally into two classes:
namely (a) special iron and steel products, machinery, &c.; (b) chemical
products consisting mainly of ammonium sulphate, calcium cyanamide.
calcium carbide, and synthetic ammonia. Other assets of the company
include lignite mines, cement and brick plants, and two freight steamers.
In all of its various operations "Terni" employs some 7,800 people.
"Ten" has 12 subsidiary companies which are from 60% to over 98%
owned. These companies are largely engaged in activities similar in character or supplementary to the parent company's business. including the
manufacture of chemicals, iron and steel products, machinery, ship building &co Electric Properties.
-The properties of the company now in opera.liydr.
tion include 4 hydro-electric power stations located near the City of Terni,
in the Apennine Mountains about 60 miles northeast of Rome. These
plants, which have been constructed on sound modern lines, have a combined generating capacity of 86,200 kw, and reserve equipment with a
capacity of 6.800 kw. Very favorable natural conditions, including a
comparatively regular flow of water throughout the year, enable the plants
to operate with high efficiency. Besides its generating stations the company owns switch and transformer stations and acompletely interconnected
system of approximately 130 miles of high tension transmission lines of 30.
00
000. pr0v1de nd equate O esorts.
To66.0 a ad l30,N r vel ve
facilities for its present business and also
to most the Increasing demand for current, the company is building a new
-electric plant which will have an initial generating capacity of 105,000
hydro
kw., and in addition a subsidiary of "Terni", Societe Eledrica dell'Alto
Nora, which is over 98% owned, has under construction a plant with an
intial generating capacity of 9.000 kw. The initial installations of both
plants are expected to be completed and in operation on or before Sept.
30 1928. These plants can be subsequently enlarged. "Terni" Is also
building a high tension transmission line of about 30 miles which will connect its system with the Alto Nora plant.
-Proceeds will be used for the retirement of outstanding
Purpose of Issue.
funded indebtedness, the completion of the hydro-electric properties now
being built (including reimbursements for certain expenditure already
made)and the construction offurther additions to the hydro
-electric system
of the company or its subsidiary, Societe Elettrica dell'Alto Nera.
Securitu.-These bonds will be a direct obligation of Torni-Societa Per
l'Industria e l'Elettricita, secured by 1st mtge. on the company's hydroelectric properties described above, including the new work under construction, subject only to the lien securing Lire 48.660,351 ($2,561,071) principal
amount of existing funded indebtedness. Company will covenant with the
trustee to retire such indebtedness by Aug. 10 1928. and for this purpose
will deposit a sufficient sum in lire with Bence Commerciale Italians,
Milan. The bonds will be further secured by 1st mtge on the hydro-electric plant now being constructed by Societe Elettrica dell'Alto Nera.
According to J. Buchi, Esq., Swiss
to be subjected to the mortgage, including workengineer, the properties when comnow under construction
pleted, will have a reproduction value less depreciation based on Dec. 31
1927 prices of 318,600,000. This valuation is composed of the following
items: (a) 316.600.000 representing property existing on the above date,
which will be subjected forthwith to the mortgage; (b) $2.000,000 which
has been estimated by the above engineer as sufficient at present prices for
the additional work necessary to complete the properties under construction.
Of the latter amount,$1,597.000 will be deposited with Banca Commerciale
Italiana Trust Co., New York, in a dollar account to be used for the new
construction as the indenture will provide: the balance of $403,000 represents advance payments on machinery for the new plants, which has not
yet been delivered but which the company will agree to subject to the
mortgage. Company will covenant, moreover, to invest a portion of the
tproceeds of this issue in additional properties which will form a part of the
hydro-electric system and to subject such properties to themortgage. This
amount, calculated at the current rate of exchange, will increase such total
present value of the mortgage property to at least 820,000,090.
Issuance of Additional Bonds.
-Indenture will authorize an additional
813.000,000 of bonds which may be issued in one or more other series and
which may vary as to date, interest rate, denominations, maturities, redemption provisions, &c., subject to the following restrictions: (a) such
additional 'bonds may be issued only to the extnet of 60% of the cost or
fair value, whichever is less, of new electric power properties which will
have been subjected to the mortgage; (b) consolidated earnings (to be
defined in the indenture) of the company and subsidiaries, for 12 consecutive calendar months within the 15 calendar months immediately preceding
the application for the issuance of the additional bonds,shall have been not
less than 2% times the annual interest and sinking fund requirements of
the total funded debt of the company and its subsidiaries including the new
bonds to be issued; (c) as long as any series A bonds are outstanding; (1)
all bonds issued under the indenture. Including the additional bonds, shall
not exceed 60% of the fair value of all the property subjected to the mortgage; (2) no such additional bonds shall mature prior to the series A bonds;
(3) any additional series shall have a sinking fund sufficient to retire such
series by maturity and at approximately the same rate as the series A bonds
will be retired.
FEB. 4 1928.]
FINANCIAL CHRONICLE
-Company's organization, as at Dec. 31 1927, adjusted
Capitalization.
as follows:
to give effect to the present financing, isfund gold bonds,series
% sinking
mtge. hydro-electric
1st
$12,000,000
A (this issue)
and due 1928-32. secured by mort4% mtge. loan, issued 1904
255,263
metallurgical plants (Iire4,850,000)
gage on
with a par value of lire 400 each, consisting of
1.500,000 shares, paid shares and 405.120 Partially paid shares_*27.281,962
1,994,880 fully
Company has called for pay*About $535.000 owned by subsidiaries. partially paid shares. After
its
ment in Jan. 1928 the balance due oncapital stock will amount to $31,effect to this call, the fully paid
giving
578.947.
for
Earsings.-Consolidated earnings of the company and subsidiaries
operating expenses of the parent
the years ended Dec.31 1924 to 1926. after charges of subsidiaries and the
company, operating expenses and all other
but
deduction of earnings of subsidiaries applicable to minority interests.
statutory reserves
before interest. income taxes, directors' participations, Price, Waterhouse
certified by
and depreciation of the parent company, as
at the approximate average rates of exchange
& Co.(converted into dollars follows:
for those periods) have been as
1926.
1925.
1924.
$1,997,471
$1,886,896
$1,598,811
the first 6 months of 1927, as prepared by
On the basis of earnings for
price, Waterhouse & Co., without complete verification, the company
estimates that earnings for the entire year 1927 comparable to the above
interest
were in excess of $2.000,000 or over 2% times the maximum annual
charges of about $790,000 on its entirefunded debt to be presently outstandseries A bonds.
ing, including these $12,000.000
the company
Equity -At current quotations the paid in capital stock of equity of apoutstanding as of Dec. 31 1927, affords an indicated market 1921 "Terni"
the year
proximately $29,000,000. With the exception of
year since 1894.
has paid dividends on its capital stock for every progressively increasing.
-Indenture will provide for
Sinking Fund.
semi-annual, sinking fund payments beginning June 1 1928, which will be
sufficient to retire the entire issue by maturity. In lieu of cash payments
bonds at their
the company,in accordance with the indenture. may deliverfar as it is posprincipal amount. Sinking fund moneys will be used, in so
open market at or below 100: any moneys
sible, to purchase bonds in the
final maturity
not so used, other than those paid immediately before the
date, will be applied to the redemption of bonds by lot north° next succeeding
bonds will be published in
interest payment date at 100. Notice of drawn
N. Y. City 30 days prior to the redemption date.
-Listed on the Boston Stock Exchange.
Listed.
dollars have been
!Exeunt as otherwise stated, conversions from lire into
at the rate of 19 lire=-$1.1
made
-Earnings.
Tokyo Electric Light Co., Ltd. of Japan.
12 Months Ended May 31Gross operating earnings
Operating expenses, maintenance & taxes
Depreciation
1926.
1927.
$43,741,369 $33,321,016
23,051,148 16,336,525
1,600,000
2,190,000
Net operating earnings
Other income
Operation of the traction system of the Wilmington Light & Power Co.,
which it is expected will be acquired by the United Gas Improvement Co.,
will be continued under the supervision of Stevens & Wood, New York,
large holders of the stock of the American Electric Power Co.. the present
owners of the Wilmington properties.
When the exchange of certain Iowa plants controlled by the U. G. I.
for the Wilmington electric and traction properties is completed U. G. I.
policies will continue to be carried out in Iowa.
Among the first Work to be undertaken in connection with the acquisition
of the Wilmington properties will be the erection of a power house at Lower
Penn's Neck Tonvrship, Salem County. N, J.
The Wilmington Gas Co. does not figure at this time in the Wilmington
transaction, it was said at the U. G. I. offices.
A statement by the U. G.I. Co.issued Jan. 23 says:
"The United Company is arranging to obtain control of a group of electric
and traction properties operating in Wilmington. Del., and territory adjoining and adjacent to that city. These properties are a part of the American Electric Power Co. group.
"The operations of these companies cover the northern section of Delaware to Pennsylvania State line and between the Delaware River and
Pennsylvania State line extending into Pennsylvania over certain territory
in Chester County. This area embraces approximately 600 square miles.
with a population of 220.000, and lies between sections served by the Philadelphia Electric Co. and Philadelphia Suburban-Counties Gas & Electric
Co., U. G. I. subsidiaries. Traction services extend somewhat beyond
these limits.
"The transaction will be in accord with U. G. I. policy to dispose of
isolated companies and to so group its holdings as to permit their most
of
economical and efficient management. Actual operationwillthe Delaware
begin as soon
and Pennsylvania properties under U. G. I. management
as all the financial details have been completed.
Iowa properties controlled by
"The deal involves the exchange of some
U.G.I. and an amount of cash to be determined when the details have been
completed.
"In the proposed deal, It was learned, are certain properties now owned,
controlled or operated by the American Electric Power Co. The principal
company in the group which U. G. I. may acquire is the Delaware Electric
Power Co.. formerly the Wilmington & Philadelphia Traction Co. of the
"The Delaware Electric Power Co. owns the entire capital stocks
Southern Pennsylvania Traction Co., Chester & Eddystone Street Ry.,
Peoples Ry. Co., Wilmington; New Castle & Delaware City Ry., and Wilmington Light & Power Co.
"The company directly or through subsidiaries and leased companies,
furnishes electric light, power and street railway service in Wilmington,
Del.; electric service in Newark, Del., and suburban territory north to
Pennsylvania State line, and in Kennett Square. Avondale. West Grove
and adjacent territory in Pennsylvania. street railway service in Chester
and Media and has connecting street railway lines with the City of Philadelphia."
$18,500,221 $15,384,491
2,970,810
3.335,809
Gross income available for interest
Interest
717
$21,836,030 $18,355,301
4,029,096
6,430,645
Sales in Philadelphia.
The sales of gas in Philadelphia by this company through its subsidiary.
the Equitable Illuminating Gas Light Co., in 3 months ended Dec. 31 1927
compare as shown below (cu. ft.):
1924.
1925.
1926.
3 Mos. End.- 1927.
5,337,615,960 5.685.075,680 4,857,555.380 4,767.938.160
Mar.31
June30
4,661,474,030 4,791,755,550 4,086,352,160 4.306,186,550
3,717,792,370 3.626,505,880 3,356,396.252 3,380.849,280
Sept.30
4,373,515,740 4,644,658,287 4,521,011,750 4,441,847,900
Dec.31
$15,405,385 $14,326,205
Balance for dividends, reserves, etc
The statements are converted into dinars at the rate of 50 cents per yen.
y. 126, P. 415, 108.
Totalyear__ _18,090,398,100 18747,995,397 16821,315,542 16896.821,890
The amount duecity on sales for the quarter ended Dec. 31 1927 was
$1,093,378.
-Bonds Called.
The stock list committee on Jan. 11 admitted to the regular list of the
Toledo Edison Co.
(par $50 each)
of the outstanding 1st mtge. gold bonds, 7% series, due 1941. have Philadelphia Stock Exchange 1,859,061 additional shareslisted $199,457,All
1 at 107% and int. at the Bankers Trust Co., of capital stock of the above company, making total stock
been called for payment Mar.
-V. 126, p. 415.
450. represented by 3,989.149 shares.
-V. 126, p. 579.
16 Wall St., New York City.
-Acquisitions.
-Common Stock
United Public Service Co.
Tri-State Telephone & Telegraph Co.
-V.126, p. 416.
See Kentucky Power Co., Inc., above.
-Spencer Trask & Co. announced Feb. 1 that they
Sold.
have sold 35,900 shares of no par value common stock at
-Offer to BondUnited Railways Co. of St."Louis.
$104.50 per share. This sale does not constitute additional holders.
financing by the company. The directors, it is announced,
The holders of deposit receipts for 1st gen. mtge. 4% gold bonds are
1928 has been
Service
notified by
will inaugurate dividends on this stock Apr. 1 1928 at the fixed as the the St. Louis Public the cash Co. that Feb. 3notes under the
and delivery of
date for payment of
of $6 per share per annum from Jan. 1 1928. This terms of the offer dated Dec. 9 1927. On and after that date the holders
rate
First
receipts on presenting the same
$6 annual dividend rate compares with $4.50 per annum of deposit St. Louis, Mo. in negotiable formto theobtain National Bank in
in respect of each
may
St. Louis,
received by the common stockholders on a proportionate $1,000 bond represented by sch receipt:
(a) The sum of $600 in cash with interest thereon at the rate of 6%
amount of the old common stock, of which 500,000 shares
per annum from Jan. 11928. and
of $10 par value each are outstanding. This old common
(b) $275 principal amount in five-year convertible gold notes dated as
will be exchanged for 100,000 shares of new no par value of Jan. 1 1928 and entitled to interest payable semi-annually at the rate
-V. 126, p. 579.
of 6% per annum.
common.
-J. Exempt from normal Federal income tax and
Dividends payable Q.
-Power Output.
West Penn Electric Co.
and credits tax. Transfer agent, Bankers Trust Co., New
Minn. money
York. Registrar. Bank of America. New York.
Data from Letter of George W. Robinson, President of the Company.
company.-Incorp. May 16 1903 in Maine. Is one of the leading independent telephone companies in the United States. Owns and operates,
without competition, a comprehensive telephone exchange and toll system
counties in southern Minnesota, having a combined population of
for 38 1,000,000. On Dec.31 1927, there were 34 exchanges and 105.360
about
telephone stations directly owned and operated by the company, of which
St. Paul. This represents a
69,613 stations were located in number of stations owned byconsistent inthe company
crease during the Past 9 years,the
31 1918, being 79,980. Through connection with the Northon Dec.Bell Telephone Co., the facilities of the Bell System are available
western
affording nation-wide telephone service.
to subscribers, thus
(upon consummation of exchange of common stock of $10 par value for
stock without par value.)
coramonn
Outstanding.
Authorized.
Capitalization
% series A.1942
$5.000,000
mtge
x
1st & ref.(now 1st)
Co. pref. & corn, stock
y Twin City Tel.
122,070
(assumed)_ _ _ _
5.742,230
$10,000,000
6% cumul. preferred stock (Par $10)
200.000 shs. 100.000 abs.
Common stock (no par value)
limited by the conservative restrictions of the
x Additional bonds are retired as of Feb.
be
28 1928.
trust indenture. y To
Earnings for Calendar Years.
Net After
Earns. per
Gross Tetzes,Deprec. Preferred Bal. Appl. sh. on
Revenues & all Ch'ges Dividends to Com.Stk Common.
$4.812.615 $ 884,846 $327,633 $557,213 $5.57
1923
4,986,846
967.236
327.816 639.420 6.39
7.34
92
5,272,985
5
1,077,009
24
342.425 734,584
774.582
7.74
5,465,114
1,118,346
343.764
1926
862,209
8.62
5.607.469
1,206,036
343,827
1927
annual depreciation charges for the roast five calendar
The average
$878,533, and for the 12 months ended Dec. 31 1927. were
ears were
347
$946, . Record -Dividends have been paid on the 6%, cumulative preDitidend
unterruption since its
24 years ago and
totted stock withoutcompany paid its 98th issuance over
consecutive quarterly dividend
on Dec. 1 1927 the
issue.
that
onDividends at the rate of 8% per annum were paid on the 500.000 shares
value common stock in 1922. 1923 and 1924 and thereafter at
of $10 par 9% per annum up to the date of the issuance of the present no
he rate of
stock. The directors will inaugurate dividends on the no
par common
April 1 1928 at the rate of $6 per share per annum from
s
liir common stock $6 annual dividend rate compares with $4.50 per annum
n. 1 1928. This
common stocsnolders on a proportionate amount of the old
rived by the
common stock.
-The depreciated valuation of the company's physical properValuation.
1920, plus the cost of net additions since that date and
ties as of Dec. 31 Dec. 311927. is $19,858,612.-V. 125, p. 1326.
including
d
n
uP
19
-May Acquire WilmingUnited Gas Improvement Co.
-The Philadelphia"News
Electric and Traction Properties.
ton
Bureau" contains the following:
This company, which controls the electric subsidiaries of the American
Water Works & Electric Co., reports net power output for the year 1927
of 1,650.714,942 kilowatt hours. This compares with a total of 1,489,495.984 kilowatt hours in the year 1926, an increase of 11%.
Temporary power supplied to interconnected utilities, not included in
the previous totals, aggregated, for the year 1927, 76,918.642 kilowatt
-V. 126. p. 254.
hours, and in the year 1926, 25,144,000 kilowatt hours.
-Bonds.Western Power Light & Telephone Co.
Of'ering of $2,750,000 1st lien coll. 20-year 6% gold bonds
series A, is expected early next week through A. B. Leach
& Co., Inc., and Porter Pox & Co., Inc.
The company owns and operates through subsidiaries, a group of public
utility properties in Kansas and Oklahoma and is now acquiring additional
subsidiaries with properties in Missouri, Kansas and Oklahoma. Present
subsidiaries and those to be acquired supply 83 communities with one or
more classes of utility service. Electric light and power is furnished in 24.
water in 1, and telephone service in 62 communities. Electric power is
also supplied wholesale to 5 communities.
The company has also acquired all outstanding capital stock of a subsidiary which owns 3 of the principal ice manufacturing plants at Dallas.
Texas, and the controlling stock interest in City Ice Delivery Co., the lead-V. 125, p. 248.
ing distributor of ice for the entire city of Dallas.
-Notes Called.
Western States Gas & Electric Co.
The company has called for redemption on March 1 1928 all its out-year gold notes, dated Oct. 1 1922. The called notes will
standing 15
be redeemed on and after that date at 102% and int. upon presentation
at the office of the Wells Fargo Bank & Union Trust Co., San Francisco,
or at the office of the Guaranty Trust Co. of New York, 140 Broadway.
-V. 126, p. 108.
Interest will cease to accrue at the date of redemption.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On Feb. 1, Federal, followed by American.
Arbuckle, McCahan, National and Revere, reduced price 10 pta. each to
5.70c. per lb.
-2 to 15c, per yard or from 1 to
Men's Wear Woolens Prices Advanced.
9% advance for Fall staples as compared with Spring 1928 levels on American Woolen Co.'s price lists. "New York Times" Jan, 31, p. 41.
Bread Price Reduced in Chicago.
-Great Atlantic & Pacific Tea Co. and
Consumers Sanitary Coffee & Butter Stores reduce price of 1-lb. loaf of
white bread lc. to 6c. per loaf effective Jan. 30. "Wall St. News" Jan. 30
(Wins).
Utica New York Knitting Co. Reduces Wages 10%. "Wall St. News"
Feb. 3 (slips).
Harerhill, Mass, Shoe Strike Ends.
-Strike of workers against 10% wage
decrease (see page 416, Jan. 21) ends with new agreement providing that
1927 wages shall continue and amount deducted under 1928 scale shall be
refunded within 3 weeks. "New York Times" Jan. 30. P. 39.
718
FINANCIAL CHRONICLE
[VOL. 126.
Matters Covered in "Chronicle" Jan. 28.-(a) Mercantile insolvencies in manufacturer of strictly all-kraft grocery
1927, p. 471. (b) The 1927 record of new building construction, p. 473. nationally and in foreign countries under bags in the world, distributing
(c) Chicago Stock Exchange record of prices for 1927. (d) Municipal bond business has never shown an operating loss established trade names. The
in any one year.
market in 1927, p. 487. (e) 1927 developments in first mortgage real i
Company owns a bag factory at Middletown. Ohio, and
estate bond field, p. 488. (f) Larger income In 1927 for tobacco growers consisting of a hydro-electric plant, pulp mill, paper mill a complete unit,
and bag factory
despite decreased acreage. p. 592. (g)Provisions of decree restricting Cuban ' at Howland, Me., making pulp, paper and bags in practically one consugar crop. p. 502. (11) Agreement to limit production of oil in Seminole, tinuous operation from logs to bags in one day. It has a daily capacity of
Okla., field extended to June 1, p. 503. (1) Proration of Yates oil poo. in ' 100 tons of Kraft pulp and 90 tons of Kraft paper.
daily
Pecos County, Texas, p. 503. () American exports of meat and meat capacity of the Howland and Middletown factories The combined bags.
1
is 15,000,000
products in 1927 declined more than $50,000,000, p. 506. (k) New York Company also owns timber rights, timberlands, water rights, water storage,
Stock Exchange expells William Brandriss, p. 516. (I) Plan of New York dams, etc. The Southern plant, at Hodge, La., which is expected to be
Curb Market to divide bond crowd into 4 growls, P. 517. (m) Opening of in operation in May 1928, will comprise a
with
San Francisco Curb Exchange, p. 517. (n) Toronto to have new stock a capacity practically identical with that ofcomplete production unit,
the Howland plant.
market about March 15 with 50 members, p. 518.
Hydro- lectric Plants.
-The 2 modern hydro-electric plants are on well
controlled rivers and have a combined capacity of 8,500 h.p., of which
Acme Steel Co.
-Annual Report.
7,500 h.p. is installed. Excess power from these plants is sold to public
utility companies with which they are interconnected. Company owns 39
-1927.
Calendar Years
1926.
1925.
Net sales
$10,244,332 $9,196,974 $9,023,230 miles of transmission lines connecting the Penobscot Power Co. with the
Cost ofsales
8,525,351
7,504,810 7,045,003 , Howland plant.
Security.
-Bonds will be secured by a 1st mtge. on all of the properties
Netoperating profit
$1,718,981 81,692,164 81,978,227 of company. including a hydro-electric plant at Howland, Me.,timberlands
and water-rights of the company and all other property now or hereafter
Depreciation
244,324
171,600 owned.
As additional security there will be deposited with the trustee the
Bond interest & expenses
84,622
84,598
100,147
Federal taxes
219,539
184,037
213,310 entire capital stock of Penobscot Power Co. other than the directors' qualifying shares, the indenture providing that no funded debt or mortgage
Net income
$1,414.819 $1,179,203 $1,493,170 may be placed upon the assets of Penobscot Power Co. during the life of
Earnings per share on capital stock.. __
$7.73
86.45
$8.62 these bonds. The bonds will be additionally secured by $1,250,000 7%
preferred stock and the entire common stock of Southern Advance
Comparative Balance Sheet Dec. 31.
Paper Co., Inc., other than directors' qualifying shares, which will Bag &
be deAssetsMaM/iffes1927.
1926.
1927.
1926.
posited with the trustee.
Land, bldgs.& eq.26,256,172 $6,679,391 Capital stock
$1,573,950 $4,573,950
-To refund $1,340,400 1st mtge. 7%
Purpose.
Patents
02.377
52,156 Bonds
1,381,000 1,410,000 due 1943, to retire $510,000 Penobscot Power Co. bonds of the company
7s due 1942, to refund
Cash
126,374 Bills payable
872,527
300,000 81,350,000 1st ref. es of Advance Bag & Paper Co., Inc. (the procieeds of
Accts.receivable_ _ 865,490
784,914 Accts. payable_ _ _ 225,402
185,237 which have and are being used for expenditures in connection w th the
Bills receivable_ _
.
24,193 Bond lot. accrued_
19,584
27,311
28,200 acquision of Southern Advance Bag & Paper Co., Inc. ), for the acquisiStocks& bonds_ _ _
25,500 Reserve for taxes_ 322,052
53,522
285,628 tion of additional timberlands and for other corporate purposes.
Merchandise
1,513,994 1,913,171 Surplus
3,175,597 2,226,822
Earnings.
-The net earnings of the company and its wholly owned subDeferred charges__
1,647
4,138
sidiaries (except Southern Advance Bag & Paper Co., Inc.), available for
interest, Federal taxes and depreciation, were for the years ending Dec. 31
Total
$9,705,313 $9,009,837 Total
$9,705,313 89,009,837 1923, 8499,063, 1924, 5634,768. 1925, $667,137, 1926, 3693.349,
$905,849. Total int. charges on this issue requires $225,000. 1927 (est.),
-V.126. p. 254.
The above
shows earnings for 1927 of more than 4 times int. requirements on these
Aldred Investment Corp. (Canada).
-Debentures Of- bonds. The average of the 5-year period is over 3 times int. requirements
been outstanding.
fered.
-Aldred & Co., Ltd., Montreal are offering at 102 had these bonds do not include earnings of the
These figures
Advance Bag &
and int. $2,500,000 40
-year gold debentures, series "A" Paper Co., Inc.. estimated at $1,000,000 before Southern depreciation and
interest,
Federal income taxes.
4M%.
CapttalizaticmAuthorized. Outstanding.
Dated Jan. 2 1928; due Jan. 2 1968. Prin. and int. payable at owner's 1st mtge. 6% bonds
x$10,000,000 $3,750,000
option In Canadian gold coin in Montreal, or in United States gold coin in 10
-year serial notes
131,625
146,250
N. Z. City, or in London in pounds sterling at $4.86 2-3 without deduction Prior lien 8% pref. stock (par $100)
1.910,930
2,000,000
as to debentures held by residents of the United States for present or future $6 pref. stock (no par value)
10,000 abs. 6,900 6-10811
taxes imposed by any taxine authority in Canada. Denor•-s. $1.000 and Common stock (Par $100)
51.720,200
x No additional series A bonds may be issued, but
$500. Each $1,000 debenture will be accompanied by a certificate for 10
additional series of
common shares which will be endorsed on such debenture and each $500 de- bonds may be issued to retire 53.000,000 Southern Advance Bag & Paper
benture accompanied by a certificate for 5such shares which will be endorsed Co., Inc.. 1st mtge. 6s, 1947, to refund any outstanding
this
on such debenture. Debentures of different.denominations are not inter- mortgage, or fir' additions and improvements at 60% ofseries under fair
the cost or
changeable. The transfer of the accompanying shares will carry with it a value thereof, whichever is lower, when net earnings after depreciation are
twice interest charges on the bonds issued including those to be outstanding.
transfer of the debentures and neither such shares nor the debentures w
-Annual sinking fund equal to 2% of the 83,750,000 of
Sinking Fund.
be transferable separately until the principal of the debentures becomes the
(whether upon maturity, redemption, default or otherwise) or until as the Series A bonds will operate semi-annually beginning April 1 1930,
directors shall hereafter In their discretion provide for separate transfers of retiring bonds at not over the call price. This fund is increased annually
by an amount equal to the interest charges on the series A
the debentures and shares issued in conjunction therewith.
previously
The debentures will be payable to the registered holders of the shares by so redeemed. This is sufficient to retire about 90% of bonds
the issue before
which they are accompanied and will accordingly be fully registered deben- maturity.
tures without coupons payable as aforesaid. Debentures are redeemable Consolidated Balance Sheet Nov.
30 1927 (Giving Effect to This Financing).
as a whole but not in part, at any time, at the option of the directors upon
Assets.
Liabilities,
30 days' notice at 107, up to and incl.Jan.2,1938.the premium decreasing Cash
$882,261 Bills payable
$589,945
-year period. Trustee and transfer Bills & accts. ree
1% thereafter during each succeeding 5
540,114 Accts. pay.,incl. 1926 Fed. tax 407,219
agent. Montreal Trust Co.
Inventories
2,064,791 Accrued accounts
129,139
Organization.-Corporation has been incorp.under thelaws of the Province Working capital of Southern
Allowance for Fed. taxes_ _ _
of Quebec with powers to acquire, hold, sell, underwrite and generally
.
86,693
Adv. Bag dt Paper
850,000 Subscription to Civic fund_ _ _
14,000
municipal and corporation securities. The primary Misc. investments Co-_ _
deal in government,
45,710 Serial notes
131,625
business of tne corporation will be the investment and re-investment of Its Prepaid & deferred accts.. __ 661,209 1st mtge. series A 68
3,750,000
resources in carefully selected obligations and shares, both domestic and Land, timberland, plants, &c
foreign. It is expected that the corporation will benefit from the security Property of Southern Adv. 6,420,186 Southern Adv. Bag & Paper
Co. let mtge. 6s
3,000,000
and profit inherent in the holding M a widely diversified international list
Bag & Paper Co
5,402,000 Depreciation
905,313
of investments.
Tress.stocks .1It sink. funds__
75,434 Construction allowance, Sc._ 1,654,853
Authorized. Outstanding.
Capitalization
Capital and surplus:
Debentures
520,000,000 $2,500,030
1,910.930
8% prior lien stock
4,000,000
Preferred shares (par $100)6% cumulative
500 000
$6 pref. stock, 6,900 shares
Common shares (no par value)
400,000 abs. 50,000 shs.
690,060
(no par)
As shown above,50% of the common snares to be now issued will accom1,720,200
Common stock
pany the debentures. The remaining .50% of such common shares and all
Southern Adv.Bag dr Paper
of the preferred shares to be now issued will be purchased for cash by
778,000
Co.7% prof
Total (each side)
$16,941,706 Capital & earned surplusAldred & Co., Ltd.. and will represent an investment by them of $625,000.
- 1.193.729
-V. 126, p. 580.
-Debentures will be secured by a first floating charge on all
Security.
the assets of the corporation. By the terms of the trust deed, no funded
Allied Packers Inc.
debt may be created by the corp. and no additional debentures may be issued
-President Announces Radical Reviby it at any time unless the then market value of all the assets of the corpo- sions in Operations, with Concentration
upon Company's5 Most
ration, less all current liabilities, shall equal at least 125% of the aggregate Profitable Plants.principal amount of the then outstanding debentures and funded debt th01
Repqrting an operating loss of 52.113,167 for the year
proposed to be created or the additional debentures then proposed to be
ended Oct. 29 1927,
and a decrease in net worth of 55,619.699, the company announces that
Issued, as the case may be.
-The Preferred shares are entitled to a dividend radhal revisions in operations are now being adopted.
Rights of Shareholders.
Frank R. Warton, new Pres., in his report to stockholders says that the
of 6% per annum, cumulative, payable out of the net profits or surplus
of the corporation, but only after the payment of the proper expenses of the plan of future operations Is that of concentration upon five plants located
ation, including interest on the debentures, and after setting up at Detroit. Buffalo, Topeka, Wheeling and Chicago. These manufactur
c
s=eserves, if any, as the directors in their sole discretion deem desir- ing units, he explains, are well located and adjacent to excellent fields a
able for the purposes of the corporation. The preferred shares are redeem- distribution and during five out of the past six years have been successfully
able at any time at 8125 per share, plus accumulated unpaid dividends, operated. At the same time the policy of disposing of the company S
unprofitable properties Is being followed.
and are entitled to the same amount in liquidation.
The operating loss for last year is attributed by Mr.
When dividends to the holders of preferred shares are not in arrears, the
Warton to two major
of common shares such dividends as they causes: First, to the write-down of inventories and other assets to a point
directors may pay to the holders
reflecting value that will allow a normal margin of safety : second.
may determine from the net profits or surplus of the corporation.
,
and PerThe trust deed contains the covenant of the corporation not to purchase haps more important, to general cenditions in the packing industry of the
or redeem any of its capital stock at any time when the market value or all United States and Canada. During the year prices on all packing house
the assets of the corporation, less all current liabilities, shall be less than products receded to unusual levels and a substantial portion of the loss
125% of the aggregate principal amount of the then outstanding debentures was taken in market decline of irp e levy tiering manufacture.
0
"Followinor the pnblication of the audited
and funded debt of the corporation, or when any such purchase or redemprep:inn for the year 1926,"
Mr. Warton says, "it was found impossible to erectile) the usual banking
tion would reduce its net assets below such amount.
lines to finance operations. As a result, a form of *evolving acceptance
-Gen. Frank S. Meighen, C. M. G.,
Directors.
-J. E. Aldred, Brig.
Gordon W. MacDougall, K. C,. Howard Murray, 0. B. E., Julian C. credit. has...3 upon accounts redvable, was arrange'. The company's
bankers have continued during the past year to
Smith.
extend credit under this
plan and a further credit has recently been arranged upnn similar basis.
-Bonds Offered.
Advance Bag & Paper Co., Inc.
-A new It is believed that during the current packing season theacompany will
not be hampered by lack of woriing capital, providing the cost of live
issue of $3,750,000 1st mtge. 6% sinking fund gold bonds, stock does not materially increase.
series A, priced at 100 and int. was offered Jan. 30 by a
The consolidated profit and lass account for the year ended Oct. 29 1927,
c ns
o
syndicate comprising Peabody, Smith & Co., Inc., Boenning was given in V. 128. P.58O.n
lifted Balance Sheet.
& Co. and Timberlake, Estes & Co.
Oct.29'27. Oct.31 '26.
Oct.29'27. Oct.31'26:
Assets
Dated June 11927. due June 11952. Int. payable J. & D. at the office
$
Liabilities8
of the company, and collectible through the office of the trustee in Phila- Property & plant _10,006,111 14,117,838 Prior pref. partly.
delphia, or through the office of Chase National Bank ,New York, without Good-will, brands,
0
5,935,000 5,935,00
& trade-marks_ _ 3.,624 3:267 67 Senior pref.7%stk 5,957,100 5,957,10
7 769 1 44 9 24 stock
466 8
:
deduction of normal Federal income tax up to 2%. Penn., Maryland,
:6 0
0
Conn., Mass. and Calif. State taxes refunded. Denom. 81,000, $500 and Cash
113,900
Pref.7% stock
113,900
$100 c*. Callable all or part on any int, date upon published notice once Accts.receivable_ _x1,529,746 3,962,916 Common y_ __ _de1.1,798,109 3,821,591
a week for three weeks on or before June 1 1932. at 105 and int., premium Accts, rec. sold
0
Notes & bk.loans_ 114,500 4,350,00
& grd
z891,086
decreasing 1% each 5 years thereafter until maturity. l'ennsylvania Co.
Accts. pay.& accr.
Notes receivable.10,91755
for Ins. on Lives and Granting Annuities, Philadelphia, trustee.
29,0
707,810
644,826
accts
Bond sink. fund _ _
Accts.
Data from Letter of John E.Kelley, President of the Company.
Inventories
3,275,780 5.304,865 & grd rec. sold z891,086
--- --,
Company.
-Business originally established in 1901, at Middletown, Ohio, Customs depos. &
First m.& coll. tr.
successfully operated a bag factory. In
drawback (Can.)
as the Advance Bag Co., where it
9,645 conv.s.f.8s .._ 5,422,500 5,422,500
1921 merged with the Howland (Me.) Pulp & Paper Co.,and tricorn. under Unexpired insur.
0
Debenture bonds_ 2,913,000 2,914,00
premiums,.10:1
2 8 053
37..130
4
its present name. In 1923 acquired the entire capital stock of the Penob176 449 West P. & P. Co.
87 204
:
18,127
scot Power Co. and in 1927 all of the common stock of the Southern Ad- Prepaid interest-749,000
22,278
let m.6s
685,000
vance Bag & Paper Co., Inc. The Maine plants are favorably located on Other assets
200,000
Pfaeizer bonds --rivers giving cheap hydro-electric power near a supply of wood practically Deferred charges 1,587,193 1,832.804 Res've for conting.
89,395
Perpetual for the company's present capacity. These natural resources
. 948,779
autos.ins.,&c_
together with excellent management enable the company to be one of the
Total
21.827,583 30,260,295
lowest cost producers in Northern United States and Canada. The new
21,827,583 30,260,295
Total
Southern plant will be even more favorably suitated as to cost and quanx Accounts receivable, $1,885,544,
$355.797.
tity of wood and has low cost natural gas. Company now is the largest y Without par value outstanding less allowance for doubtful.Interstate
100,500 shares deficit. z
Corp.
Sales Corp. accounts receivable sold and guaranteed under agreement,
being balance of $1.282,259 for which acceptances of $1,210,000 were received and discounted-per contra.
No dividends have been declared or paid on any cla.ss of stock.
The income account of the company was given in V. 126, p. 580.
-New Preferred Issue Proposed.
Alliance Realty Co.
The stockholders will vote Feb. 16 on approving the creation of an Issue
-V.126, p.580.
of $5,000,000 6% cumul. pref. stock.
Allis-Chalmers Mfg., Inc.--Barnings,
lit quarter
2nd quarter
3rd quarter
4th quarter
719
FINANCIAL CHRONICLE
FEB. 4 1928.]
zNet Profit after Prov.for
Federal Taxes.
Sales Billed
1926.
1927.
1926.
1927.
8828,401
$850.163
37,906.3.56 $7,328,018
826,158
831,987
7.354,067
8,666,874
925,661
776,709
7.811,854
8,479.653
1,016,671
723.613
8,188,604
8,299,639
$33,352.522 $30,682,542 $3,182,473 $3,596.892
Total 12 months
x Net profits are after provisions for Federal income taxes.
-The unfilled orders on hand as of Dec.31 1927 amounted
Unfilled Orders.
t..ey were $11.634,712 and
to $10,013,114. whet s at the close i I
Dec. 31 1925 and $10,100,000 'Mc. 31 1924.
810.147,073
The 1927 results show a decrease in profits when compared with 1926 of
8414,410 which, after allowing for pref. dividend of 7%. were equivalent
t'ock, as compared with $9.48 in 1926.
to $10.02 per share on the common,
Bookings in 1927 aggregated $30,6.51,808, contrasted with 332,170.182
In 1926, a decrease of $1,518,374, or 4%.
A tabulation of tho billing and net profit for the past 7 years follows:
Net Profits.
Billing.
Net Profits.
Billing.
323,921,357 $3,417,368
,
$21 685,258 $2,215,468 1925
1921
3.596,892
30,682.543
2,208,549 1926
20,794,046
1922
3.182,473
33,352,252
2.703,636 1927
25,612,709
1923
3.221,101
27.8.55,524
1924
-V. 125. p. 3201.
-Annual Report.American Chicle Co.
1924.
32,864.054
1.656.858
Calendar Years
*Gross profit
Selling & adm.exps._
1925.
1926.
1927.
83.82.5.500 $3.377,562 $3,414,283
2,005,786
1,955.654
2,205.081
Net earnings
Other income (net)
$1,620,419 $1,421,909 $1,408.496 $1,207,196
156.168
155,566
153,362
198,837
Gross income
31.819,256
80,619
Interest, discount, &c._ _
214,634
Income taxes
$1,575,271
92,620
150,203
$1,564,062 $1,363,364
280.282
183,210
127,554
$1.524,002 31.332,448 $1,250,298 31.083.082
Balance,surplus
2,153,126 tie/1,377.344 de/3546.144
_ 2,886,332
Previous surplus_
Cr3,445,274
Zn
Adj. through rec;r7iii
$4.390,334 $3,490,574 $2.318,228df32,463.062
Total surplus
149,391(
250,4291
b313,326
Divs. prior preferred_ _ _
b9,522
43,3401
preferred dividends.. _ _ _
Conun.on dividends
419.839
699,731
Dr10,711(net)Cr85718
Cr89,369
Adjust & ext. losses_
a1,619,804
Surplus adjust
$1,747,951 82,866,332 $2,158.126df$2,377,344
Surn1us
155.024
186.595
186.595
186.595
ShS. corn. outst.(no par)
$5.82
$5.31
$6.78
$5.75
garned per share
*Gross profit from sales after deducting cost of material, labor and
manufacturing expenses including depreciation. a Includes write-down of
good will patents and trade-marks of $1,600,000. b Includes divs. payable
for depreciation and depletion, leaves average annual net earnings of $3.160,202, available for dividends on the proposed new issue of preferred stock,
being the equivalent of over 5 times such dividend requirements.
-The present term of
As to Extending the Company's Corporate Existence.
the corporate existence of the company will expire in 1937. The limitation
is no longer customary and particularly in view of the nature and value of
the property it owns, its commanding position in the metal industry and
the extent of its operations, it is desirable that its duration be made perpetual. Accordingly, the directors have recommended that such change be
made and the certificate of incorporation be so amended. This is one of
the most important matters for your consideration. To effect this necessary change requires the affirmative action of two-thirds of the shares
entitled to vote and you are earnestly requested to attend the meeting or
send your proxies in order to insure this result.
-The company now has 15 directors all
As to Classification of Directors.
and
of whom are elected each year. To insure a continuity of managementsize,
modern.practice of corporations of this
in accordance with the more
It is recommended that the board be classified into 3 classes of 5 members
each, one-third to be elected each year.
Privilege to be Given to the Stockholders to Subscribe for New Preferred Shares.
-Subject to the express authorization of the issue of the new preferred
of
stock by the stockholders, 45,000 shares thereof, being the number be
shares not required for exchange of the existing 7% pref. stock, willthe
offered for cash at par and accrued dividend from March 1 1928 to
of business
stockholders of record, both preferred and common, at the closethe number
on March 12 1928(not Feb. 18, as previously stated) pro rata to
respectively.
of shares held by such stockholders
As soon as practicable, full and fractional warrants will be mailed to the
stockholders of record at the close of business on March 12 1928, specifying
the number of shares for which they each are entitled to subscribe. The
apportionment of rights will entitle the stockholders to shares of the new
preferred stock to the extent of 7% of the number of shares of their respecwill
tive stock holdings, both preferred and common. The full warrantssubbe assignable and the fractional warrants will pass by delivery. All
March 31 1928 at American Exchange
scriptions will be payable on or before
Irving Trust Co., 60 Broadway, N. Y. City.
If the number of shares not taken in exchange by the existing preferred
stockholders shall be sufficient for such purpose, such stock will also be
offered to the stockholders for subscription pro rata.
Application will be made to 11.st the new issue of the preferred stock on the
New -York Stock Exchange,
-The proposed new preferred stock will have the
Conversion Privileges.
following conversion privilege: (1) To and including Dec. 1 1931 it may be
converted into common stock on the bo sis of 1 2-3 shares of common stock
for each share of new pref. stock: (2) from Dec. 2 1931 to and incl. Dec.
1 1935 on the basis of 1.16 shares of common stock for each share of new
pref. stock; and (3) from Dec. 2 1935 to and incl. Dec. 1 1939 on the basis
of 1 1-3 shares of common stock for each share of new pref. stock. Thereafter the new preferred shares will not be convertible.
-The 45,000 shares of the new preferred stock to be offered
Underwriting.
to the stockholders as above provided, subject to their authorization, have
a
been underwritten, but without any compensation or commission, by at
group of directors and stockholders actively interested in the company
the same price and upon the same terms at which said shares will be offered
to the stockholders.
-The proposed new issue of preferred stock, alterations and
General.
amendments to the certificate of incorporation of the company and all legal
of Messrs.
matters in connection therewith will be subJect to the approvalSullivan &
Cotton, Brenner and Wrigley. Julius Goldman, Esq., and
Cromwell, all of New York City.
The directors confidently believe that the carrying out of the proposed
plan will materially enhance the value of the company's preferred stock
as an investment, strengthen the financial condition of the company,afford
additional capital for its continued development and expansion and greatly
benefit it and its shareholders. They. therefore, recommend the adoption
-V. 126, p. 580.
of the plan by the stockholders.
Apr. 11928.
Comparative Balance Sheet Dec. 31.
1927.
1926.
1927.
Liabilities
$
AssetsPrior pref. stock_ _y3,593.575
bides.& maLand,
chIn'y, aft. depr. 2,525,819 2,731,075 Preferred stock... 120.100
Common stock..-x3,731,900
Good-will, pat'ts &
70,578
trade-marks_ __ _z3,400.000 5,000.000 Accounts payable.
122,036
Accruals
Marketable secur. 567,481
501,660 Fed. Inc. taxes_ _ _ _ 214,573
681,399
Cash
1,058,500
348,367 Sen Sen bonds..
Awls rec., less res. 363,286
204,599
2,847.650 2,994 142 Divs. pay.
Inventories
308,183 Sur, through re279,707
Inv.¬erec._
z
175,721
198,468
capitalization_ _
Prepayments
Earned surplus.. _ 1,747,952
1926.
3,578.125
137,500
3,731,900
118,816
53.289
150.185
1,423,000
1,567,502
1.298,830
10,863,813 12,059,147
10,863,813 12.059,147
Total
Total
x Represented by 186.595 shares of no par stated value $20. y Represented by 35,935 shares, no par value, $100 stated value. z Reduction in
good will by $1,600,000 was provided by eliminating from the balance
sheet the item of "surplus through recapitalization," $1,568,956 and
reducing earned surplus by $31,044.-V. 125, p. 2268.
-Rights.
-Exchange Offer.
American Metal Co., Ltd.
President Carl M. Loeb, Jan. 28, says:
-The company was organized in 1887 under
Business and Capitalization.
the laws of New York with a capital of $200.000 and has developed until
to-day it occupies a commanding position in the domestic and international
non-ferrous metal industry. From time to time its capital has been increased
until it now has outstanding an issue of 35.000.0007% cumul. pref. stock
of $100 par value shares callable on any dividend date ox 75 days' notice at
110 and divs. and 594.777 shares of an authorized issue of 1.000,000 no
par shares. The ',company's fixed property is almost entirely represented
by shares of its subsidiary and affiliated companies owning mines, smelters
and refineries, both in this country and abroad, and It is constantly engaged
In prospecting and development work with a view to further expansion.
The company s turnover for 1927 was approximately $175,000,000.
-In view of the continued growth
Proposed New Issue of Preferred Stock.
of the company, the directors deem it advisable to secure additional working capital. There has been and is considerable objection to the callable
feature of the 7% preferred stock and in order to provide a more permanent
security and arrange for this additional capital, the directors have recommended that a new issue of $10,00!,000 6% cumul. non-callable, convertible pref. stock be created, that the now 6% preferred stock be offered for
exchange for the existing 79' preferred stock on tho basis of 11-10 shares of
the new preferred for each share of the old preferred and that the remaining
45,000 shares of the new issue be offered for cash to the stockholders. both
preferred and common, for their pro rata subscriptions at par and accrued
dividend from March 11028. It is the intention of the directors to retire
any of the 7% preferred shares not so exchanged upon 75 days' notice at
110 and diva. as provided in the certificates therefor.meeting to be held in
The directors have called a special stockholders
New York City on March 8 1928. on which day the annual meeting of the
company will also be held.
-The balance sheets of the company have been
Equity and Earnings.
audited annually for the 5 years ended Dec. 311026 by Messrs. Lybrand,
at present
Ross Bros. & Montgomery, certified public accountants, who are
engaged in their regular examination of the accounts of the company for
Said accountants' certified balance sheet of the company as of Dec.
1927.
and be
31 1927 will be published about the middle of Feb. 1928 Marchsubmitted
8
to the stockholders at their annual meeting to be held oncompany 1928.
and its
consolidated balance sheet of the
The last interim
subsidiaries, dated Sept. 30 1927, shows that they have no mortgage
except a balance of a purchase money mortgage of $207,000
Indebtedness
On the basis of this
on certain coal property of one of the subsidiaries.
balance sheet and after giving effect to the proposed new financing and
present 7% pref. stock, the new issue of pref. stock will
retirement of the
have a net tangible equity of $420.66 per share and the net quick assets
is
will amount to not less than $200 per share. When the new financing or
retired
completed and the 7% pref. stock has been exchanged andof
preferred
the new 6% pref. stock will constitute the only issue
redeemed,
exception of $197,000
stock of the company and its subsidiaries, with the
preferred stock outstanding of a subsidiary company.
accounts of the company for the 5 years and 9 months ended on the
The
average annual earnings
date of said balance sheet. Sept. 30 1927. show provision of $1,908.307
of$5,068,510 which, after making an average annual
American Rolling Mill Co.-Pref. Stock Called.
All of the outstanding 7% cumul. 13ref. stock has been called for payment
April 1 at 110 and divs, at the office of the company, Middletown,0.V. 126, p. 417.
-New Holding Co.
Anglo-American Holding Corp.
Formation of the above corporation, a $10,000,000 organization to deal
In stocks of financial institutions and transact a general and international
underwriting business, was announced Jan. 30 by R. W. Evans, Pres, of
the new corporation. Mr.Evans pointed out that R.W.Evans& Co., Inc..
and associates plan public offering at an early date of 125.000 shares of the
new corporation's class A stock.
One of the first steps that the new corporation will undertake will be the
purchase of control of a New York City bank, tentative arrangements
already having been made for such purchase. Mr. Evans. who was one of
it clear
the organizers of the Seward National Bank of New York, madecorporathat the new organization is not an investment trust, but a holding
on securities held, and
tion which will derive its earnings from interest
profits from underwritings as well as turnover in securities.
Capitalization of the corporation will consist of 500,000 shares of no par
com.stk.
value of class A stock and an equal number of shares of no par value Cosden.
J. S.
Directors will consist of Paul E. Alberti, William R. Bayes,Hull, Francis
Graham, W. F.
R. W. Evans, Francis D. Gallatin, Ben S.
Reeves.
M. Hugo. Fred Kraft, Henry Moir, H. H. Raymond, Walter J.
William R. Willcox, Sanford W. Wilson, C.0. Yoakum.
-Report.
Arlington Mills (Massachusetts).
1924.
1925.
1926.
1927.
Years End. Nov. 30-Sales mfgd. products_ - -S15,495,769 $16,838.553 814.673.005 814.527.332
884.430
1.031.867
1,149,809
921,120
Sales raw materials
816.416.889 817.988.362 315.704,868 815,411,762
Total sales
1.432,610
490,663
653.007
259,257
Net earnings
628,818
586.752
597,047
65.312
Depreciation
%)540,000 (7)840.000 (8)960.000 (8)960.000
(4A
Dividends
8156.208
$784,040 $1,056,089
$346,055
Deficit
Comparative General Balance Sheet Nov. 30.
1926.
1927.
Liabilities
$
$
Assets12,000,000 12,000,000
Pet & fixed assets_14.989,752 14,738.779 Capital stock
Cash & debts roe.. 4,285,438 4.867.951 Accts.& notes pay. 5,583,877 6,800,469
8,560,261 9,916,303 Res, for deer., &c_ 4,221,792 4,091.837
Inventories
286.735 Profit and loss.... 6,318,130 6,917,482
288,348
Prepaid accounts_
28,123,799 29,809,768
Total
-V. 125, p. 1842.
Total
28,123,799 29,809.768
-New Directors.
Armour & Co. (I11.).
Charles J. Faulkner, Jr.. general counsel of Armour & Co.: Charles H.
INIacDowell. President of the Armour Fertilizer Works, Inc., and Henry
W.Boyd, President of the Armour Leather Co.,have been elected directors.
-V. 126, p. 581, 244.
-Bonds Called.
Armstrong Packing Co., Dallas, Tex.
An of the outstanding $395,000 1st mtge.6%% serial gold bonds, dated
Nov. 1 1923 (Nos. 211 to 1.000, both incl.), have been called for payment
Mar. 1 next at 102 and int. at the Mercantile Trust Co., St. Louis, Mo.V. 117. p. 2436.
-Balance Sheet Dec. 31.Artloom Corporation.
1926.
1927.
Assets-Land,bldes.machz $3,494,962 $3,568,378
1
1
Patents, &c.
605,520
597,695
Cash
Acc'ts & notes rec. 811,288 1,136,065
730,391
1,179,022
Securities
1,859,075 2,041,164
Inventories
89,857
84,406
Deferred charges_ _
1926.
1927.
liabilities-Preferred stock z$2.000.000 $2,000,000
Y Common stock__ 3,000,000 3,000,000
171,384
49,310
Accounts payable_
87.709
46,635
Accrued wages, &e
217.591
Federal tax reserve 141,240
150.000
pay. 150.000
Accrued dim
2,639,265 2,544,692
Surplus
$8,026,450 $8,171,376
Total
88.026.450 58,171,376
Total
par value shares.
x After depreciation. y Represented by 200,000 no
comparative income
z Reduced 10 81.500,000 since Dec.311927. The usual
in V. 126, p. 581.
account was given
720
FINANCIAL CHRONICLE
[VOL. 126.
Astor Financial Corp.
-Organized to Deal in Securities of
Banks and Industrial Corporations and Make Loans on Mtges=
before in its history. President E. L. Cord announced in a preliminary
statement on Jan. 31. Sales for 1927 increased greatly over the
8,500
mark reached in 1926 and profits for the year will be commonsurately
Announcement is made of the organization of the above corporation to
deal in securities of banks and industrial corporations and make loans on larger.
The company's plants at Auburn and Connersville, Ind. and those
mortgages which are liens on well-located properties in Greater
Solon B. Lilienstern, who is Chairman of the finance committeeNew York. of its subsidiaries are all operating on a 24-hour schedule to fill orders
corporation, said that it was the intention of the new organizationof the new from its distributing organization received through the shows held in
to restrict several cities during the past two weeks.
-V.126, P. 581.
loans on real estate to improved properties.
Certificates of stock of the new corporation, the total amount of which
Baldwin Locomotive Works.
-Div. Reserve for 1928.
consists of 20,000 shares of no par value class A. and 80,000 shares of no
The directors on Jan. 26 approved the annual report for 1927 and also
par value class B are being delivered to shareholders this week. The
is being issued in unite of one share of class A and one share of Classstock adopted a resolution approving the creation of a dividend reserve for 1928
B at in the sum of 132,800,000. This dividend reserve will provide for the pay$53 a unit.
ment of dividends on the $20,000,000 of preferred stock and
Officers of the new corporation are Karl Schenk, Chairman; Simon
J. 000 of common stock at the same (7%) rate which has been the $20,000.Steiner, Pres.; Robert P.Zobel, Treas., and Henry L. Schenk,
paid on both
B.Schubert has been appointed advisor to the board of officers inSec. Joseph muss for some years past -V. 126, p. 109.
investments.
Atlanta (Ga.) Laundries, Inc.
-Further Data.
In connection with the recent offering of $1,500,000 let lien 6;4% sinking
fund gold bonds (noted in the "Chronicle" of Jan. 21, page 417)a bankers
circular affords the following::
Bonds are dated Jan. 1 1928: due Jan. 11943. Principal and
payable at Canal Bank & Trust Co., New Orleans, La. or New in (J.&J.)
York Trust
Co., New York, without deduction for normal Federal income tax
not
exceeding 2% per annum. Company agrees to refund the Penn., Conn.
and Calif. taxes not in excess of 4 mills per annum. Maryland
District
of Columbia personal property taxes not in excess of 434 millsand annum,
Kentucky. Virginia and Mich. taxes not in excess of 5 mills per annum
per
and the Maas, income tax on the interest not in excess of 6% per annum.
Denoms. of $1,000 and $500c*. Red. all or part on any int, date, upon
30 days' notice at 105 and int. Canal Bank & Trust Co., New Orleans,
and C. F. Niebergall. New Orleans, trustees.
Stock Purchase Warrants.
-Each bond will bear a detachable warrant
entitling the holder thereof to purchase common stock at $10 per share
In the ratio of 15 shares to each $1,000 bond up to and incl. Dec.31 1930,
the purchase price increasing $2 per share biennially thereafter to and incl.
Dec. 311936: thereafter to and incl. Dec. 31 1942. the purchase price shall
be $20 per share.
Barnsdall
The New York Stock Exchange has authorized the listing of $731,250
Class A voting stock (par 625), payable on or after Feb.
a stock
dividend upon official notice of issuance thereof, making6 1928, asamount
the
now and heretofore applied for 855,158.875.-V. 126. p. 109. total
Beacon Oil Co.
-Listing.
-
The New York Stock Exchange has authorizeed the
additional shares common stock without par value, makinglisting of 40,000
the total amount
applied for 1,059,000 shares.
The shares are to be issued pursuant to resolutions of
directors
adopted at a meeting held Jan. 11. The resolutions providethe the issue
for
and sale of 40,000 additional shares of common stock, a contract for the
sale of which to bankers has been consummated as
contract
provides for the sale of 15,000 of the shares at $15follows: Theor before
per share on
Feb. 1 1928. and for an option to the bankers to purchase the remaining
25,000 shares within 90 days from the delivery of the first 15,000
at $15 per share as to 10.000 shares thereof; and at a price as to shares.
the
maining 15.000 shares which may not be less than $15 per share but mayrebe
more contingent upon the resale price. If the option with respect to such
10,000 shares is exercised within such period aof 90 days, the time within
which the option on the balance of 15,000 shares may be exercised will be
Data from Letter of George H. Fause, Pres. of the Company.
automatically extended (beyond such 90 days period) for a further period
Company.-Incorp. in Del. in December 1927. Has acquired the busi- of 60 days.
ness, real estate, buildings, machinery, equipment and trade routes of the
The proceeds from the sale of the additional shares
following independent laundries operating in the City of Atlanta. Ga.: pay off and satisfy certain real estate mortgages andwill be utilized to
purchase money
French dry cleaning, Piedmont, Capital City, Excelsior, Guthman, Troy, obligations of the company existing upon, or in respect of,
Trio, Peerless, Decatur and American.
the company which have been acquired in connction with the properties of
development
The consolidation will place under one management 10 of the 12 largest and extension of its business and to increase marketing
facilities and working
laundries in Atlanta, with a volume of about 90% of the laundry business capital.- v. 126, p. 109, 255.
in the city and about 75% of the dry cleaning business. These laundries
serve approximately 60,000 customers weekly. Annual average volume
Belamose Corp.
-Paying Back Dividends.
of business for the past three years was in excess of $2,730,000.
The directors have voted
Company owns and operates all of the plants formerly owned ahd oper- which have accrued to July to pay all dividends on the 1st pref. stock
1 1926. said dividends being payable on or
ated by the constituent companies. The plants are equipped with the before Feb. 10 to 1st
pref. stockholders of record Jan. 25 1928.-V. 122,
latest types of machinery and are strategically located in the territory p. 2656.
which they serve. Many of the plants are situated on down-town real
estate. In addition the company amintains 10 branch stations conveniBelding-Corticelli, Ltd.
-Annual Report.
ently located for service to its customers. Company employs 1,851 People.
Years End. Nov. 301926-27.
Its delivery equipment is composed of 237 trucks and 14 wagons.
1925-26.
1924-25.
1923-24.
$275,341
Securflu.-Bonds are t direct obligation of company and are secured *Profits
$248,930
$254,771
$345,853
14,791
by a first lien on all its real estate, buildings, machinery and equipment. Sinking fund provision_
14,790
14,791
14.791
Depreciation reserve_ _ _
74,047
The sound value of the land, buildings, machinery,
67,004
62,408
66,707
routes are appraised by American Appraisal Co. as equipment and trade Interest on debentures_ _
36,980
36,980
36,980
36,980
of Dec. 1 1927, less Res.for empl.insurance_
subsequent depreciation, totals $3,555,419, equivalent to $2,370 for each
13,121
11,469
10,000
11,784
$1,000 bond of this issue.
Net profit
Assets.
$136.401
-The balance sheet as of Dec. 31 1927, after giving effect to the
$118,687
$130,592
11215,591
consolidation and the present financing shows net current assets of $198,823 Preferred dive.(7%) - 60,571
60,571
60,571
60,571
Common dive.(6%)
The same balance sheet shows total net assets of $3,773,914 or over
44,970 (6)44,970 (5)37,475
(4)29,980
$2,515
for each $1,000 bond of this issue.
Balance, surplus
Earnings.
$30.861
-For the two years and 11 months ended Nov. 30 1927. net
$13.145
$40,041
$117.545
Profit and loss surplus _ _
earnings, after eliminating non-recurring items and adjusting
$371,210 y$358,065
$361.899
officers' Earns, per share on 7.495 $371,210
salaries to the new scale, available for interest, depreciation
and Federal
shs.com.stk.(par$100)
taxes were 61.159,025 or an annual average of $396.580.
$10.11
$7.75
$9.30
$20.68
This is over four
times maximum annual interest charges on this issue.
* After deducting all manufacturing, selling and administration expenses
ended Nov. 30 1927, such earnings were over 3.7 timesFor the 11 months
maximum annual and after provision for income tax, but before providing for depreciation and
interest charges on this issue for the period.
sinking fund requirements and before charging bond interest. y After
Sinking Fund.
-Beginning May 20 1930,
deducting $200.022 for good-will account written off and crediting $78,643
trustee semi-annually, as and for a sinkingthe company will pay to the replacement.
fund, $20,000. Each semiannual payment thereafter shall be increased $1,000.
These semi-annual
sinking fund payments will retire, at the redemption
Balance Sheet Nov. 30.
price, 65% of the
entire issue by maturity.
1927.
1926.
AssetsLiabilities
1926.
Purpose.
-Proceeds of this issue and junior securities will be used for Property account_$1,822,895 81,657,540 7% pref.stock_ _ . 1927.
. $865,300 $865.300
the acquisition of the properties of the constituent companies,
Common stock
for working Goodwill & trade
749,500
749,500
capital and other corporate purposes.
500,000
marks
500,000 let mtge.25-yr.58
. 332,393
387.341
Capitalization89
Sinking fund
Authorized
89 Atom pay. incl.
Issued.
1st lien 15
-year 6)4% sink, fund gold bonds $1,500,000
32,467
Cash
71,153 res. for Gov. tax 229,036
$1,500,000
158,016
10
-year 7% sinking fund gold notes -------500,000
Call loans dr cos.
Accrued charges,
500,000
Cumul. pref.stock (no par value,annual div.
bds.fore.fund _ 101.360
106,571
wages. &t)
47,451
47,506
$7 per share)
451,348 Pref, diva. payable
20,000 shs.
19,530 shs. Accts.& bills rec_ _ 538,707
15,143
15,143
Common stock (no par value)
654,234
691,716 Common dive. pay
150,000 shs. 115,000 shs. Inventories
22,485
22,485
-V.126, p. 417.
11,133
Deferred charges
11,606 Depree.& e. f. res_ 924,662
825,786
Employ.&c.ins.res
68,795
72.766
Autosales Corp., New York City.
-Annual Report.
Profit cc loss, our- 402,071
371,210
Calendar Years1927.
1926.
1925.
1924.
$3,660.882 $3,490,030 Total
Total
Earns, after cost of goodsx$1,222.194 $1,153,149 $1,192,752 111,211.874
$3.660,862 $3.490.030
Oper.,gen., &c.,exps_ -- y1,081.985
1.074,901
-v. 124. P. 795.
1,080.401
1.086,843
Net earnings
$140,208
Benson & Hedges, New York City.
$78.248
$112,351
$125,032
-Stocks Offered.
Other income
119,305
55.441
33,753
33,624 Murray Hill Trust Co. and Hitt,
Farwell & Co., New York,
Total income
$259,513
$133,689
$146,104
$158,656 are offering the stock of this company at the following
Int. on sub. cos. bonds..
3.334
prices: The preferred at $28 per share, to yield about
Depr. & repairs
82,457
Federal taxes
14,103
18.210
29,645
6.600 7.14% and the common at $17.50 per share. Of the amount
Other charges
11.250
12,143
18,939
89,974 offered 10,000 shares of preferred, 4,960 shares of common
represent new financing.
Net income
$108,336
$143,369
$97,520
$62,082
Preferred dividends_ _
107,169
79,305
93.772
The cumulative convertible preference stock Is preferred as cumulative
dividends of $2 per share per annum and as to assets up to to per share
$30
Balance, surplus
$1,167
$64,065
$3.748
$62,082 and div. on involuntary liquidation or dissolution and $35 per share and
Previous surplus (adj.)
309.224
1,155.536
302,964
243,944 div. on voluntary liquidation or dissolution; dividends payable Q.
Miscell. adjustment _
Dr.26,034 Dr.356,360
dividend, when declared, payable May 1 1928; red, at any time,-P., first
in whole
Net capital surplus
1,198.815
or in part, on 30 days' notice at $35 per share
the
convertible
option of the holder by exchange into common and div.; constituted at the
at
stock (as
Total surplus
$1,152,845
$1,193,567
$306,712
$306,026 time of exchange) at any time up to and incl. the 10th day before the date
Shares of preferred outfixed for redemption, at the rate of one share or common stock for each
standing (par $50)_ _ _
25,798
27,199
57.730
57,730 share of preference stock, but without any adjustment In respect of diviEarn, per share on prof
$4.20
$5.27
$1.69
ndu
.
$1.08 deTrsu
x Net sales before coat of goods sold. y Including cost of goods sold.
star agent for both classes of stock, Murray
The report for 1927 does not give effect to acquisitions made late in for both classes of stock, New York Trust Co. Hill Trust Co.; Registrar
1927. which included the Automatic Machine Co., Inc., the Cigarette
Data from Letter of James J. Head, Pres. of the Company.
Vending Machine Co., Inc., and the Automatic Shoe Shiner Corp. These
Capitalizationpurchases increased the number of vending machines owned by the corpoAuthorized. Outstanding.
ration to over 141,000. They include penny gum and chocolate vendors, Cumul. cony. pref. stock (no par value)
18,000 she.
18,000 shs'
penny comb, weighing scales, shoe cleaners, ticket scales, match vendors, Common stock (no par value)
60,000 she.
* Not including 18,000 shares to be reserved for
&c., and 5
-cent and 10
-cent confection vendors.
of preference
stock.
Comparative Balance Sheet Dec. 31.
Company.-Incorp. in New York, Oct. 9
1907, to manufacture and sell
Assetscigarettes, cigars, tobacco and smoking accessories in the United States
Liabilities1927.
1926.
1927.
1926.
Machines
u
Preferred stock_ _ _81,359,964 $1,289,964 under the trade names and trademarks originated and used for many years
$1,032,431 $989,356
various parts of the British Empire by Benson & Hedges, Ltd., London,
Mach'y & equiv.__
42,049 Common stock_ -52.892
80,591
80,591
Eng. The British company controlled the New York corporation through
Pats., leases, conWeighing & Sales
tracts. &c
Co.5% bonds_ _
1,520.137 1,240,644
66,906
69,206 ownership of more than a majority of its capital stock from the date of its
incorporation up to Jan. 6 1928. when it sold its entire holdings of stock
Cash
40,361 Reserve for taxes,
30,614
Notes receivable
losties, &c
62,710
1,300
59,988 in the New York corporation and at the same time entered into a reciprocal
Accts. receivable
7.528 Accounts payable..
45,206
5,214
59,189 agreement with the New York corporation, under which the British company agreed not to engage in the above business in the United States, and
Accrued int. pay
Marketable secure.
289
210,326 Surplus
,ic investments
1,193,567 1,152,845 the New York corporation agreed not to engage in such business in the
807
British Empire (exclusive of Canada and Newfoundland) or in Europe.
153,165
Inventories
171.740
Corporation leases the entire six-story building at 435 Fifth Ave., New
Deferred charges
9,779
3.752
Tot.(each side)-$2,809,235 $2,711,783 York City, and occupies the street floor and basement for a retail store.
Cont. pd. In adv.
8,922
The upper floors of the building are now sub-leased to other tenants at
-V. 125, p. 3352.
substantial rentals or are available for sub-leas
corporation leases
space in a loft building at 32 West 18th St., New e. The
-In Strong Position.
Auburn (Ind.) Automobile Co.
York City,for its cigarette
factory, and also leases a small
The annual report to be issued at the annual meeting in February is facturers humidors and similar loft in Long Island City where it manuarticles. Small retail stores are operated
expected to show the company in a stronger financial position than ever during the season in Newport, R. I.
and Palm Beach, Fla.
FEB. 41928.1
FINANCIAL CHRONICLE
-Net sales, the actual net earnings available for dividends
Earnings.
before any adjustments and net earnings as adjusted to give effect to the
reinstatement of deductions for extraordinary and non-recurring items and
amortization of leasehold (hereafter to be carried at $1) after crediting
interest at 5% on new working capital to be made available to the corporation on completion of this financing and after deducting Federal income
tares at the rate of 13%% on such adjusted net earnings are as follows:
Net as
Actual Net
Adjusted.
Earns.
Net Sales.
Years Ended Sept. 30$113,570
$102,748
$946,893
1923
8, 61
1,106.778.
1924
116.821
107,548
1,144,354
1925
*101,784
104,430
1,161,001
1926
,
*87,302
36,148
1,104.934
27
r No income has been included in these fiscal years from floor space in
Fifth Ave., now available for sub-lease, having an
the building at 435
estimated rental value of $15,000 per annum.
During these five fiscal years the corporation declared and paid dividends
aggregating $538,506 on its capital stock.
The average adjusted net earnings as above were more than three times
preference stock
the annual dividend requirements for the 18.000 shares of annual dividend
to be presently outstanding and, after allowance for such
requirements for the preference stock, were at the rate of $1.75 per share
on the 42,000 shares of common stock to be presently outstanding.
Balance Sheet, Dec. 31 1927 (after Changes in Capital Structure, eke.)
Liabilities
Assets
$66,100
$162,688 Notes payable (secured)
Cash
Notes and accountsreceivable_ 172,253 Notes, Drafts and acceptances
107.620
414,705
payable (unsecured)
Inventories
125,359
33,781 Accounts payable
Mach., equipment, dm
16,921
6,924 Accrued taxes and expenses,&c
prepaid taxes and insurance__
12,688
1 Rea. for est. reorgan. exp
&o....__
Good-will. leaseholds,
:424,028
Capital stock
37,636
Earned surplus
721
Consolidated General Balance of Borden Co. & All Subs. Cos.
Sept.30,'27. Dec.31,26
Sept.30'27.Dec.31 '26.
Liabilities-$
Assess$
$
$
Property account-36,341,657 34,221,996 Capital stock_ _ _ _31,544,800 31,544,800
Cash
10,194,303 10,238,058 Capital stk. subsc. 3,11,1(420
ec
Receivables
5,122,848 4,674,544 Mortgages
162,000
Marketable secur_ 8.650,074 8,218,526 Pur. money notes
198,000
Finished goods. 8,254,920 3,959.194 Accounts payable_ 6,709,759 6,198,815
Raw meter.& sup. 3,320,459 2,799,040 Accrued accts (est.
2,502,285 2,937,329
Deferred assets_
107,392 taxes, &c.)
212,668
76,225
Deferred credits
Trade marks, pat3.283
eats & good will 2.500,000 2,500,000 Insur., contingency,
.
&c., reserves_ _ 9,205,841 9,286,562
x20,865,718 16,387,960
Surplus
--
74,596,930 66,718,749
Total
74,596,930 66,718,749 Total
x Includes net cash premium of $1,974,960 on capital stock issued in
1926. See also V. 126, p. 582.
Brill Corp.
-31.25 Dividend on Class A Stock.
The directors have declared a dividend of $1.25 per share on the class A
stock and the regular quarterly dividend of $1.75 per share on the pref.
stock, both payable March 1 to holders of record Feb. 14. An initial div.
of $1 per share was paid on the class A stock on April 1 1927; none since.
-V. 124, p. 3500.
British American Brewing Co., Ltd.
-Initial Dividend:
An intial quarterly dividend of 62% cents per share on the class A stock
(no par value) was paid Feb. 1 to holders of record Jan. 20. See also
V. 125, p. 2533, 3066.
$790.352
Total
3790,352
Total
x Represented by 18,000 abs.cumu ative convertible preference stock and
42,000 shares common stock.
-Notes Paid.
Berkshire Knitting Mills, Reading, Pa.
The 3500,000 5% notes due Feb. 11928, have been paid off in cash at
the Pennsylvania Co. for Insurances on Lives & Granting Annuities,
Philadelphia -V. 122. p. 1030.
-Estimated Earnings, &c.
Best & Co., Inc.
Net sales for the year ended Jan. 31 1928, amounted to approximately
$12,500,000. an increase of about 8% in comparison with the results of the
previous year. according to preliminary estimates.
is Net income for the past fiscal year likewise showed a favorable increase
and a figure equivalent to around $6 a share on the common stock is expected to be shown in the final report. For the year ended Jan. 311927.
the company's net income was equivalent to $5.75 a share on the corn. issue.
The company closed the fiscal year in a strong financial condition with
cash on hand of about $850,000.
) Due to increased volume and the necessity of larger space, plans are
under consideration for erecting 3 additional floors on the company's Fifth
Avenue Building. In the event that this expansion is decided upon, the
accumulated earnings on hand will amply cover the new capital expendi-V. 125. p. 918.
tures without any new financing.
Brompton Pulp & Paper Co., Ltd.
-To Issue Stock.Pres. E. W. Tobin, in a letter to the stockholders, says:
"During the past year in addition to completing the newsprint mill at
Bromptonville, considerable extensions and improvements were carried out
at the company s East Angus plants. These improvements have given
satisfactory results which should reflect themselves in the company's future
earnings. In view of the very large capital outlays which have been made
out of earnings in the past few years, the directors considered it advisable
to provide for these more recent capital expenditures by making a small
additional issue of stock.
"Arrangements have been made to dispose of 10,000 treasury common
shares at a very satisfactory price. This increases the total no par value
common shares outstanding from 140,000 to 150,000 shares. [The authorized issue amounts to 210,000 shares.]
"Since the date of the last annual report and meeting, the directors concluded negotiations for the sale of its subsidiary plant at Groveton, N. H.
This plant presented a very serious problem to the company, in that for
some years it had shown a msiderable operating loss and constituted a
serious drain on the company's resources. It was sold at a price which the
directors considered satisfactory. The Groveton plant was the only dePartment of the company which was not showing a profit, and its disposal.
apart from improving the company's liquid postiion, will naturally make
an improvement in earnings. The announcement of the sale of the Grove
ton plant was deferred at the request of the purchasers.
"The company is now in a very strong liquid position, and operations at
-V. 124, p. 3072.
all plants are proceeding satisfactorily."
Brunner Turbine & Equipment Co. (Erste Bruenner
-Pres- Machinen-Fabriks Gesellschaft), Brunn Czechoslo-Stock Offered Employees.
Bethlehem Steel Corp.
-Plan Declared Operative.
ident Eugene G. Grace on Feb. 1 announced the 1928 offer- vakia.
Holders
closed first mortgage 30
-year sinking fund gold
ing of Bethlehem preferred stock to employees. The price bonds and of the 7%%of deposit therefor have been notified that more
certificates
will be $120 per share. This is the fifth offering since the than 75% of their number have accepted the company's offer as submitted
committee
dated Dec. 15 1927. This offer
employees saving and stock ownership plan was established by the deposit declared toin its proposal operative and effective
be accepted,
accordingly is
and has
been filed with the depositary, Guaranty Trust Co. of New York.
in 1924. Mr. Grace said in part:
Four years ago Bethlehem established a plan whereby employees could
buy stock on easy terms of payment. Under this plan, 30,000 employees
who began this systematic course ofsaving now have an investment totaling
over $11,000,000.
Since the plan was inaugurated dividends amounting to $2,033,195 have
been paid or credited to employees on their stock purchased in the 1924.
1925, 1926 and 1927 offerings. The employees have also received or have
been credited with spacial benefit payments amounting in the aggregate
.
$529,892
to Employees who subscribe for shares may pay for them either in cash or
in monthly. semi-monthly or weekly instalments extending over a period
During this period, they will be credited with all dividends
of 27 months. addition, special benefit payments amounting to $15 per
declared. In
will be made to employee stockholders who hold their stock for a
share
period of 5 years and remain in the employ of the corporation.
In 1924, when the offering price was $94 a share, 19,992 employees applied for 51.034 shares. In 1925, when the offering price was $100 a share,
'22,372 employees applied for 46,818 shares. In 1926. when the offering
price was $101 a share. 37.716 employees applied for 75,451 shares. Last
year. when the offering price was $107 a share, 37,142 employees applied
-V. 126. p. 569. 582.
ior 71,813 shares.
-Sale Ordered.
Bilton Machine & Tool Co., Bridgeport.
Judge Edwin S. Thomas in the U. S. District Court at Hartford. Conn.,
S. Cummings, receiver, to sell assets of the company
has ordered Homer
R. E.
at public auction April 3.for the Hackett, counsel for the receiver, stated
assets. The property has been inventoried
offered $500.000
.creditors
$750,000 indebtedness outstanding.
at $900.000. with
-Organizes Two Additional Subsidiaries.
Borden Co.
The company has organized two additional subsidiary companies, viz.:
1. Reid ice Cream Corp. incorp. in Del. on Dec. 23 1927 under a perpetual charter, with an authorized capital stock consisting of 125,000
shares of $100 par value (all one class), of which there have been issued and
outstanding 100,000 shares, all hold by the Borden Co.:
Cream Co., Inc., incorp. in Del. on Jan. 5 1928
2. J. M.Horton Ice
with
under a perpetual charter, value an authorized capital stock consisting of
(all one class), of which there have been
125.000 shares of $100 par
and outstanding 100,000 shares, all held by the Borden Co.
issued
Account of J. Al. Horton Ice Cream Co. of New York (01dCompany).
Income
-Calendar Years- 10Mos. End.
10 Mos.End. -Calendar Years
1925.
Oct. 31 1927. 1926.
$7,963,415 $8,955,745 $9,152,485
Gross sales
insur. property
.Cost of sales, incl. & adminis. exp.
taxes & all selling
income.__ _ 6,417,088 7,788,882 8,095,271
after deducting miscoll.
484.734
322,880
487,064
Depreciation charged off
$682,129
$734,335
profit
Net operating--interest received__ _ _ $1,059,263
8.284
6,720
11,379
income
Other
$690,413
$745,714
81,065,983
Gross income
-income taxes (est.)
93.037
94.674
144.139
Other deductions
$597,376
$651.040
$921,844
Net income
Note.-SeParate accounts have not been maintained throughout the
the operating income and expenses. The foregoing
periods indicated of reflects a segregation of the operating
items. made
statement accordingly
corporation.
'front the books of the
Account of Ottawa Dairy Ltd.for Calendar Years (New Acquisition)
Income
1925.
1927.
Calendar Years
724 $2,474,138
$3,188,960 $21,594226,
Sales (credits)
2,352,923
1
3.002,259
2,287:969877
loss inventory
Cost of sales,
6,542
3,452
General expenses
$183,259
$183,249
4
$184,45
Net profit
17,013
31.796
& discount)_ _
14,795
•Other income (interest
6200,272
$199 249
$215,045
19 25
:7
income
Gross
14,929
17,366
Deduct income tax
$185,343
/197,679
$179,524
Net income
$195.365
period
274,708
$173,842
Surplus at beginning of
$380,708
$472,387
$353,366
Total
106,000
137,328
158,000
Dividends paid
Less:
period)
9.977
:Less: Income tax (back
$274,708
;325,082
$195,366
of period
Surplus at end
The necessary payments by the company to the depositary will be made
on Feb. 20 1928 and certificates representing the right to receive the additional 5%. according to the conditions specified, will be delivered to the
depositary on or before that date.
Under the terms of the offer, holders of these bonds and certificates of
deposit therefor. not yet assenting, may do so at any time within 6 months
from Feb. 20 1928, by securing from it appropriate endorsement of their
certificates of deposit or by depositing their bonds with the depositary.
Due notice of the date of distribution, to holders of certificates of deposit
who have accepted the offer, will be given as soon after Feb. 20 1928 as
accounts can be prepared and completed. The deposit committee is
composed of William Barclay Parsons. Chairman; Frank G. Rettinger,
Vice-Chairman; Sir Philip Dawson, Arthur B. Headley, and Minor C.
Keith, with W. G. Edinburg as Sec. and Hines, Rearick, Door. Travis &
Marshall as counsel.
-V. 126, p. 418.
Bush Terminal Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after
Jan. 28 of 61,232 additional shares of common stock without par value, on
official notice of issuance and payment in full: also for listing on or after
Feb. 1 1928 of 2.302 additional shares on official notice of issuance as a
stock dividend, making the total amount applied for 217,094 shares.
At a meeting of the directors Nov. 29 it was determined to extend to
common stockholders of record Dec. 7 the right to subscribe to the extent
of 40% of their holdings on that date to new common stock of no par value
at $50 per share, payable one-half on Dec. 28 and one-half on Jan. 28, or
at the option of the subscriber payable in full on Dec. 28 1927. The directors at said meeting also declared upon the common stock a quarterly cash
dividend of 50 cents per share and a quarterly stock dividend of 1%
payable in common stock, each payable Feb. 1 to holders of record Dec. 27.
The proceeds of the sale of the additional common stock offered for subscription will be used to redeem and retire $2,300,000 of the 6% preferred
stock now outstanding, constituting the entire issue, which is redeemable
$
at v 1.10 7 ). m5
- . 125 1 sh are plus accrued div.. and also for other corporate purposes.
5.
Butterick Co.
-To Change Par Value of Shares.
The stockholders will vote Feb. 13 on changing the authorized capital
stock to 250,000 no par shares from 200.000 shares of $100 par value, each
present share to be exchanged for one new share.
If the proposed change is approved, 52.730 shares of no par stock will be
offered to stockholders of record Feb. 13 for subscription by them at the
rate of one share for each three shares of the present stock then held by them.
President S. R. Latshaw, Jan. 27, says:
• "An underwriting at the subscription price to the stockholders, by certain
directors who are also stockholders, is assured, without any underwriting
commission. To the extent that the underwriters as such take up shares.
they will, for a reasonable period and subject to allotment by them, accord
to stockholders desiring to subscribe for more shares than are specified in
their respective subscription warrants the opportunity to do so at the original
subscription price.
"Application will be made to the New York Stock Exchange to list the
no par shares to be substituted for the shares having par value now outstanding and the 52,730 additional shares to be offered to stockholders
as above stated.
"The holders of substantial amounts of the stock now outstanding have
expressed their intention of voting in favor of the propositions set out
above."
-V. 125, p. 3203.
California Petroleum Corp.
-Registrar.
The American Exchange Irving Trust Co. has been appointed registrar
of certificates of deposit for stock of the above corporation, deposited
under agreement dated Jan. 23 1928.-V. 126, p. 582.
-Sale.
Campbell's Creek Coal Co., Cincinnati.
See Hatfield-Reliance Coal Co. below.
-V. 120, p. 1751.
-Initial Dividend.
Canada Malting Co., Ltd.
The directors have declared an initial quarterly dividend of 37%c. a
share, payable March 15 to holders of record Feb. 29. See offering in V.
125, p. 1714.
--66 2-3% Stock Dividend.Chapman Valve Mfg. Co.
Rights.-
722
FINANCIAL CHRONICLE
[Vol,. 126.
The stockholders have approved the proposal of the directors that the cap. I (a) depreciation of property and equipment,
$9.889,564; (b) possible losses
stock be increased from 61,500,000 to $3,000,000. Of the increased stock, in inventories, $4,348.346; (c) cash discounts,
returns and allowances and
21,000,000 will be distributed as a 66 2-3% stock dividend to holders of possible losses in collection of receivables,
$2,166,230; (d) group life insurrecord Feb. 1 and 5.000 shares will be offered to stockholders of record ance and pensions, $1.747.146; (e)
contingencies, $1,500,000.-V. 126.
Feb. 1 at $100 a share in the ratio of one share for each three held.
-V. 125, 420.
P. 3646.
Dominion Iron & Steel Co., Ltd.
-Bonds Purchased.
-
Chicago Fuse Mfg. Co.
-Merger.
The committee for the 5% consol. mtge. bonds,
Plans for a merger of the Jefferson Electric Mfg. Co. with the Chicago rency series has notified the holders of certificates due Sept. 1 1939 curFuse Mfg. Co., are announced by John A. Brennan, President of both com- committee) has sold all of the bonds which were on of deposit that it (the
panies. The consolidated company will be known as the Chicago-Jefferson Bank of Canada the depositary at close of business deposit with the Royal
cash
Jan. 30
Fuse & Electric Co. The new company will have an authorized capitalization consideration equal to 873 % of the principal amount 1928. for a all
thereof plus
of 120,000 shares of no par capital stock, the entire amount of which will Interest accrued and unpaid thereon from Mar.
outstanding. The exchange of stock will be made on a share for share basis. plus a sufficient sum to cover the expenses of 1 1926 to Jan. 31 1928 and
the
It is not expected there will be any financing in connection with the merger. chase price was paid and the bonds delivered to the committee. The PurThe Chicago company has authorized and outstanding 60,000 shares of The bonds were sold to Holt, Gundy & Co., Ltd., purchaser Jan. 31 1928.
Montreal.
no par capital stock. There is no funded debt. The Jefferson company is
Holders of certificates of deposit may receive their distributive shares
closely held, with only 250 shares outstanding. This will be increased to of the proceeds of the sale at any time upon
60.000 shares in order to pave the way for a share-for-share exchange for of deposit in negotiable form to the agents,surrender of their certificates
the Royal Bank of Canada.
stock of the new organization.
New York, depositary, 68 William St., New York City, sold distributive
The stockholders of the two companies will vote on the proposal in the shares being $970.83 per $1.000 face amount of bonds
deposited.
near future.
-V. 124. p. 1072.
Bankers Offer to Purchase Consol. Mtge. 5% Bonds.
-
Connecticut Valley Trap Rock Co.
-Defaults.
The Corporation Trust Co. of New York. trustee for the bondholders
was recently granted a default against the copmany in an action to foreclose
a $500,000 bond issue of February 1922, by Judge Marvin in the Connecticut Superior Court. The bonds are secured by an 8% first mortgage on
quarry and lands in Berlin, leasehold interest in Manatuck Mountain quarry
near Suffield, and leasehold interests in Wallingford quarry, machinery and
equipment at all plants. The default was granted on motion of Herbert
A. Ross, counsel for the trust company and is a forerunner to a request for
-(Hartford Courant.)
judgment at a later date.
Cumberland Pipe Line Co.
-Declares Extra Dividend of
8%.
-The directors on Jan. 28 declared an extra dividend
of 8% in addition to the regular quarterly dividend of 2%
on the outstanding $3,000,000 capital stock, par $100, both
payable March 15 to holders of record Feb. 29. On March
15 1927, the company paid an extra dividend of 33%.
Earnings for Calendar Years.
1927.
1926.
$123,445
$239,799
91.460
120.275
Dr.1,721
Dr.1,998
Net operating income
Interest and rents receivable
Rents paid
1925.
$236.590
130,961
An offer to purchase 5% consolidated mortgage bonds of 1939,
series, at a price of $970.83 per $1,000 bond has been made by currency
Hayden.
Stone & Co., although the original offer of a protective committee to accept
these bonds for deposit expired on Jan. 30. The bankers announce that the
obligations, with Sept. 1 1926 and all subsequent coupons attached, will be
purchased up to and including Feb. 15.-V. 126, p. 257.
(W. L.) Douglas Shoe Co.
-New Directors-Status.
--
The following have been added to the board of directors: Herbert T.
Drake, Frank W. Sears and Clarence C. Reed.
President H. L. Tinkham stated that 1927 was a god year for the company. "On account of our strong financial position," he said, "we were
able early in 1927 to make large purcnases of enough fine leather at the
then prevailing prices to make shoes we are offering for the next 6 months.
We are in a position therefore to sell Douglas shoes at usual prices. We
now have on hand orders for over 500.000 pairs of shoes. This will insure
running of our factories full time for the coming season."
The balance sheet showed as of Dec. 31 last, after payment of common
and preferred dividends, a cash balance of $1,014,008, or more than $9 for
every dollar of current obligations. Current assets at the year-end amounted
to $3.821,570, with current liabilities of only $107,455.
The company has outstanding $1,540,000 common stock (which is closely
held), and $3,800,000 7% preferred stock.
-V. 124, p. 1225.
Drug Products, Inc.
-Effect of Proposed Merger.
-
This corporation, which is being organized to acquire the United Drug
Co. and Sterling Products. Inc.. will issue a total of 2,155,990 shares capita/
stock in exchange for the stock and assets of the two companies, according
$367,551 to a study of the consolidation just completed by Hornblower & Weeks.
Total income
$225,386
6390,964
x(41%)1,230,000 (12)360,000 (12)360,000 The stockholders of Sterling Products will receive a total of 1,118,490 shares
Dividends
of Drug Products. Inc., in exchange for their securities and United Drug
dcf.$1.004,614 Sur.$30,964 Sur.$7.551 Co.stockholders will receive 1.037.500 shares in exchange for their securities.
Balance
$12.28
The combined balance sheet of the United Drug Co. and Sterling Products
$7.10
Earnings per share on capital stock_ __
$11.40
x All of the dividends during 1927 were from earnings since Mar. 11913. Inc.. and their subsidiaries, as of Oct. 31, adjusted to give effect to the
merger, will show current assets of $39,606,363 and current liabilities of
Dividends for 1927 includes 33% extra and 8% regular.
$15,762,387, including reserves for all taxes, giving the company net quick
Balance Sheet, Dec. 31.
assets of $23,843,976. The consolidated investments will total $30,993,223
and investments in land, buildings, &c., $28,035,658. After allowing for
Liabilities1927.
1926.
1926.
Assets1927.
$3,000,000 $3.000.000 funded debt, the combined statement shows a balance for common stock
x$1,555,851 $4,681,416 Capital stock
Plant
____
2,947,528 aggregating $45,288,994. not including trade marks, patents, good-will.
U.S. Govt. wenn_ 1,810,354 2,711,689 Depreciation
323,277 &c., amounting to $31,953,610. See also V. 126, p. 584.
320,363 Accrts payable.._ _ 222,700
Acc'ts receivable_ _ 331.678
101,554
158,488 Profit and loss_ _ _ _ 576,537 1,581,151
Cash
Net profit
Adj. of profit and loss account
$213,184
12,202
$358,076
32,888
$367,551
$3,799,237 $7,851,955
Total
$3,799,237 $7,851,955
Total
-V. 124, p. 2914. 796.
x After deducting $3,119,113 for depreciation.
-Regular Monthly Dividend.
Curtis Publishing Co.
The regular monthly dividend of 50 cents per share on the common stock
was paid Feb. 2 to holders of record Jan. 20. On Jan. 10 the company
paid an extra dividend of 50 cents besides the regular quarterly payment
made on Jan. 2.-V. 126, p. 110.
-New York
Debenhams Securities, Ltd., England.
Bankers Acquire Interest.-Referring to newspaper articles
regarding Debenhams Securities, Ltd., a holding company
for the most important chain of department stores in Great
Britain, it is officially stated that Goldman, Sachs & Co.
and Brown Brothers have purchased an interest in this
company. The company controls, among others, Debenham & Freebody, Marshall Sz Shelgrove, and Swan & Edgar,
Ltd., of London. The group of associated stores does a
business annually of upwards of $100,000,000. At this time
no decision has been made as to a public offering in New York.
Deere & Co., Moline, 111.-Annual Report.
1926-27.
Years End. Oct. 31Total earns. (all cos.)- _ x$9,095,660
780,647
Admin., &c., expenses_ _
207,018
Int. on notes pay., &c...
1924-25.
1925-26.
1923-24.
$8.519,743 $5,643,677 62,968,777
499,674
644,618
586.656
615,265
212,275
542.454
$8,107,995 $7,662.850 $4,514,567 $1.853,838
Net profit
Pref. dive_ _ _ _(1631 %)5,276,250(11 3:1)3,712,500 (6)1,980,000 (3)1,035,000
$818,838
$2.831,745 $3.950.350 $2,534,567
Balance,surplus
9,759,456
8.940.617
16.244,372 12.294,022
Previous surplus
117 $16,244,372 $12,294,023 $9,759,456
Total
Earns. per shareon 179.surplus$19,076,
044 abs. corn. stk.(par
$100)$12.31
nil
$29.89
$32.97
x After deducting provision for taxes, depreciation, cash discounts,
possible losses in receivables. &c.
President Woe. Butterworth says in substance: The company closed the
year without any bank loans and with a very comfortable cash balance on
hand. Owing to increased tractor sales and to the extended terms on which
tractors are sold, accounts and notes receivable outstanding at the close
of the year were larger than a year ago.
Capital expenditures during the year for factory and branch house land,
buildings and equipment amounted to $1,153,439.
Operations of the Moline Timber Co. of Malvern. Ark., have been discontinued and the mill, machinery and equipment have been sold.
With the declaration of its Dec. 1 dividend on Oct. 25 1927. company
completed the payment of the accumulated back dividends on its preferred
stock. At the beginning of the year these back dividends amounted to
$9.75 per share.
Early in the year the company exercised its option to purchase approximately 15,000 shares of its preferred stock at a favorable price. This stock
has been retired along with other stock previously purchased. This now
leaves the preferred stock outstanding at $31,500,000.
Balance Sheet Oct. 31.
1927.
1928.
1926.
1927.
Liabilities
$
AssetsPreferred stock_ _y31,500,000 33,000,000
Real estate, blgds.,
and equIpment.22,550,366 21.396,928 Common stock....z17,904,400 17,904,460
Timber lands, &c. 3,734.928 3.824,149 Dividends payable 2,283,750 1,485,000
Accounts payable_ 2,303,829 2.072,452
Trade-marks, patents & goodwill_17,904,400 17,904,400 Accrued taxes_ _ _ _ 2,015,701 1,900,842
6119,651,287 12,455,522
128,400 Reserve
102,000
Pref. stock owned_
19,076,118 16,244,372
113,173 Surplus
86,422
Corn, stock owned
16,941,191 14,403,047
Inventories
7,657,576 7.161,338
Cash
Notes receivable_ _ 11,058,852 10,390,688
Accts receivable. _14,266,577 9,307,101
Total(each side)94,735,085 85,062,588
433,366
Deferred charges._ 432.773
less $6,328.500. z Common stock
Y Preferred stock issued, $37,828.500;
Issued $21,572.800; less stock held in treasury, $3,668,400. a Reserves for
Early & Daniel Co., Cincinnati, Ohio.
-Extra Dividend.
The directors have declared an extra dividend of 25c. a share and the
regular quarterly dividend of 62%c. a share on the common stock, both
payable April 1, to holders of record March 20. Like amounts were paid
on the common stock in each of the preceding four quarters.
-V. 124, p.513.
Endicott-Johnson Corp.
-Annual Report.Calendar YearsSales _ a
Cost of sales & exps_b
1926.
8
$73,92 ;800 $70,661,674 26919 69 31 266192 ;177
1077
,345
2;
8
,374
66,697,822 65.711.237 62.972,202 60,017,664
Net operating income.- $6,380,978 $4,950,437 $6,374,729 $6,360,513
Profit-sharing plan
1,146,003
1,235,096
420,363
1,153,824
Provision for taxes
902,288
949.773
832,196
908,840
Net income
$4,332,685 $3,697,878 $4,312,064 $4,175,644
Prof. dividends (7%)_ -813.167
846,405
876,228
914,87
4
Conunon divs. (10%)_ -- 2,026,800
2,025,675
2,026,800
2,026,800
Retirement of pref.stock
450,000
450,000
450,000
450,000
Balance
$1,042,718
$785,095
$374,673
$959,036
Previous surplus
7,460,694
5,776,215
7,163,977
6,538,369
Addl deprec'n for 1924_
232,708
Over-provided taxes_ _ -cr:.1.668
Disc, retired pref. stock_ Dr.101.962 Dr.77,956 Dr.100,720 Dr.27,946
Balance, surplus_ __-- $8,401,449 $7,460,693 $7,163,977 $6,538,369
Earns, per sh. on 405,360shs. corn.(par $50)
$8.68
$7.03
$8.47
$8.0
8
a Sales of finished product and by-product to customers (net). b Including all manufacturing, selling and administration expenses, depreciation
and interest charges (less miscellaneous income).
Balance Sheet December 31.
1927.
1928.
1928.
1927.
Assets$
$
Liabilities$
$
Land, bldge., maPreferred stock_ _y11,390,700 11,844,900
chinery, &e_ x12.385.751 12,909,933 Common stock__ 20,288,000 20,288,000
Good-will
7,000,000 7.000,000 Notes payable.... _
5.000,000
.
18,491,722 15,490,664 Sundry creditors._ 8,250.000 1,083,854
Inventories
862,217
Accts.& notes rec.,
Workmen's comp. 508,860
508,660
less reserve
13,124,204 11,874,279 Dccoe ntsloyeesble
A ue l, p pa ya un= 450,484
ln
625,885
1,901,802 1,880.458
Workers' houses
2713,003
Sundry debtors
178.881
der plan
Sundry investmis 305,883 1,126,190 Profit-sharing plan L536 004
420,563
-146.'557
Cash
3,307,612 3.352.426 Reserves for taxes. 725,752
797,443
Deferred charges.. _
Inlp aipsu sulus
A ptIr
rp rplus 3 53:0100 3 653:0 0 158
: 0
:6600 56 2 15
2
1
Current surplus_
8,401,449 7,460,693
58.792,9131 53,812,755
Total
Total
58,792,981 53,812,755
x Land, buildings, machinery and equipment. $20,686,250, less depreciation of $8,300,508. y Prof. stock authorized and issued $15,000,000, less
retired and canceled and purchased for cancellation, $3.609,300.-V. 125.
p. 1587.
Etablissements Kuhlmann (Chemicals), France.
Leading French Chemical Company Sells Large Block of its Shares
to Syndicate Headed by Dillon, Read & Co-Etablissements
Kuhlmann, Also Increases Capital.
-
Shareholders of Etablissements Kuhlmann the leading French Chemical
company, have unanimously approved an immediate increase in capital
and the sale of a large block of its snares to an international banking group
headed by Dillon, Read Sr Co. This confirms the recent negotiation involving American participation in one of tne most vigorous of European chemical
companies, one doing over 80% of the French chemical business. It is
reported that it may be a first step toward an international market for
Kuhlmann shares. This new stock, however, will be privately hold and
probably will not be marketed.
Share'nolders approved an immediate common share capital increase
from 200.000,000 to 250,000.000 French francs nominal, and authorized a
further increase to 300,000,000 francs. Shares are in 250 franc denominations and are currently quoted around 980francs. One-half of the immediate
issue of the 50,000,000 francs is being offered to existing shareholders at
an advantageious price. The other half is going to Credit Commerciale in
Parts. and to a banking group headed by Dillon, Read & Co.
Kuhlmann's increase in capital-which will now be about three times
what it wasfive years ago,is in line with rapid growth in plant and output
FINANCIAL CHRONICLE
FEB. 4 1928.]
723
owned in fee and the
mately
sq.
capacity. New capital is to go mainly into synthetic nitrate works, to meet balance 87,600a 99 ft., of which about 44,300 are 80 years to run.
under
-year lease, having not less than
fertilizer demand, and into Kuhlmann's rayon developments.
-story Humboldt BuildUpon a portion of these premises is located the 6
has an
Kuhlmann is one of the leading European dyestuff makers and
ing, containing stores and professional offices. Upon the balance of the
active place in world markets as is shown by Kuhlmann's recent agreement premises with the exception of a 50
-foot strip in the rear of Grand Boulewith 3. G. Farben, the German chemical trust. Kuhlmann also is manu- vard,the Theatre Realty Co.is erecting the Pox St. Louis Theatre Building.
facturing insulating material on a large scale in partnership with Thompson
The Fox St. Louis Theatre will contain approximately 5,000 seats and
Houston Co. of France, a subsidiary of the General Electric Co.
will be one of the most modern and largest motion picture threatres in the
middle West. Every modern innovation in motion picture presentation
Eureka Pipe Line Co.
-Reportfor Calendar Years.
will be incorporated in the treatre.
1924.
Security.
1927.
1925.
-These bonds are secured by a 1st (closed) mtge. on the land
1926.
$32,061 owned in fee, the leasehold estate, the theatre building to be constructed
$4,602 loss$13,673 loss$208,353
Profits for year
Dividends paid x
(4%)200,000 (4)200,000 (4)200,000 (7)350,000 thereon and on the completed Humboldt Building, subject only to certain
short term leases which affect portions of the Humboldt Building.
The Fox St. Louis Theatre Building including fixed equipment and fur$317,939
Bal.deficit
$195,398
$408,353
$213,673
nishings for the theatre, completed in accordance with architect's plans and
Earns, per sit, on 50,000
$0.64 specifications, has recently been valued by two indepnedent appraisers, at
Nil
Nil
shs.cap.stk.(par $100)
$0.09
x The dividends paid as shown above were from earnings as follows: 86,021,000 and $5,371,000, respectively.
The land owned in fee has been recently valued by two independent ap1927 and 1926 all from earnings prior to 1913; 1925, 81,991 from earnings
praisers, together with said leaseholds and fees as an assembled plot, at
prior to 1913; 1924. $149,999 from earnings prior to 1913.
$2,130,000 and 82,430,000 respectively. On the basis of the lower apBalance Sheet Dec. 31.
praisals above referred to, totalling $7,501,000, these bonds represent less
1926.
1926.
1927.
1927.
than a 61% loan.
Assets$
$
$
Liabilities$
Purpose-Proceeds have been deposited as a trust fund with the trustee
11,453,781 10,943,487 Capital stock
5,000,000 5,000,000 as depositary. All funds disbursed by the trustee for construction costs
Plant
6,219,711 5,914,758 and carrying charges will be paid to the Theatre Realty Co. only upon
Other investments 1,905,268 2,308,144 Depreciation
257,432 presentation of certificates of the architect and certified to by your super285,855 Accounts payable_ 299,566
Accts. receivable__ 260,484
317,848
248,2171 Profit and loss_ ___ 2,418,114 2,613,513 vising architect.
Cash
Net Lease.
-The Fox Theatres Corp. has agreed to lease the property to
Total
13,937,382 13,785,703' Total
13,937,382 13,785,703 be co v erect by the mortgage for a period beginning with the completion o
the building (in any event not later than Sept. 1 1928) and extending 5
-V. 125. p. 1844.
ye trs beyond the maturity of the bonds,at an annual net rental to the lesser
of $591,500, the lessee to pay in addition as rental, all the ground rents.
Fansteel Products Co.
-Omits Dividend.
taxes, assessments, insurance, maintenance and operating cost on account
The directors have decided to omit the quarterly dividend of 75 cents of
ordinarily due this month on the outstanding capital stock of no par value. ofsaid property. Such rental payments will constitute an operating charge
the Fox Theatres Corp. The maximum annual charges for interest on
This rate was paid in May, August, and Nov. 1927.-V. 124, p. 1073.
these bonds will be $295,750 and for prin. and int. combined $478,807.
As additional security for these bonds, the Theatre Realty Co. has asFirst Investment Co. of N. H.
-Earnings.
signed the lease to the trustee and pledged it under the mortgage
Earnings Year Ended Dec. 31 1927.
Sinking Fund.
provides for a sinking fund beginning April 1
Net income
$114,713 1931 and ending-Mortgage operating through Halsey, Stuart & Co.,Inc.,
April 1 1942,
Dividends paid & reserved
68,304 fiscal agent, to retire bonds semi-annually at a rate sufficient to redeem
$2,458,500 principal amount by April 11942. The sinking fund will operSurplus
$46,408 ate through the purchase of bonds at not to exceed the applicable call price
Earns. per sh.on average amount of class A shs.(no par) outstd'g
$8.69 or, if not so obtainable, by call by lot at such call price, all in accordance
with provisions to be contained in the mortgage.
Comparative Balance Sheet Dec. 31.
Fox Theatres Corp. was incorp. in New York on Nov. 5 1925. and the
Assets1926
1927
1927
1926
interests which cotrol it have been engaged without interruption in the
n
Cash
$ 64,562
$44816 Class A stock ____ x3831,150 5525,800 in
Demand loans.
68,270 Motion picture industry since 1908. Corporation has expanded in the
78,718
50,000 Class ft stk. & sur.
, exhibition field and at present directly or through subsidiaries, it operates
58,000
BUS. owned(mkt.) 1936,306f
157,767 Notes payable__ _
or leases 21 theatres, 16 of which are in New York and the surrounding
1
33,000
Stka owned(mkt.)
341,487 Res. for dividends
area, 2 in Denver and one each in Detroit, Washington, D. C., and SpringTotal
$1,000,868 $5 1,070
,
$1,000,868 $594,070 field. Mass. It also owns real estate and buildings in New York, Brooklyn.
Total
Theatre, N. Y.
x Represented by 16,623 shares no par value. The entire 20,000 shares Denver and other cities. Corporation controls the Rosy
City, which is the largest theatre of its type in the world. The Fox Theatres
of class A stock have now been oversubscribed.
-V.124. IL 655.
Corp. has neither funded debt nor preferred stock outstanding. Its outshares of class A stock listed on
Fisk Investment Co.,Amarillo, Tex.
- the New York
-Bonds Offered. I standing capital stock consists of 800,000 shares of class B stock privately
100,000
An issue of $475,000 1st mtge. serial 6% real estate gold held. The net Curb Market andweeks ended Oct. 31 1927, after deducting
profits for the 52
bonds of the company secured by Fisk Building is being rentals, interest, depreciation and all charges, available for Federal taxes
and dividends,
offered at prices to yield from 5X% to 6% according to return to result were $752,242. This figure does not reflect any financial
from substantial investments made in theatres now in the
maturity by Real Estate Mortgage Must Co., St. Louis, course of construction in Brooklyn, Detroit, San Francisco and St. Louis.
and but 8d eeks on ktlo ty f 2 theatres recently completed in Washington.
D c .an wNew yo a cin o
7
.
Mortgage &
and
Securities Co., New Orleans.
Dated Dec. 1 1926, due serially 1929-1941. Denom. $1,000 and $500.
Principal and int. payable at Real Estate Mortgage Trust Co., St. Louis,
(George A.) Fuller Co.
-Canadian Company to Increase
Mo.,trustee. Callable all or part on any int. date upon 60 days' notice at
105 and int. if called for payment on or before Dec. 1 1929, at 103 and int. if Stock-Listing.
called for payment after Dec. 1 1929, and on or before Dec. 11934. and at
A special meeting of holders of cumul. and partic. prior pref. stock has
101 and int. if called for payment thereafter.
been called for Feb. 14 to authorize the company to cause George A. Fuller
-Bonds are secured by a closed first mortgage lien on the ground Co. of Canada,
,Security.
Ltd.• totake the necessary corporate action to increase its
owned in fee and a recently completed 10
-story office and store building authorized capital
concrete construction, located at the northwest corner of Polk par of 6% cumul. stock to $1,000,000, to consist of 7.500 shares of $100
of reinforced
guaranteed and pectic pref. stock and 2,500 shares of
.
and Eighth Ste, Amarillo. Texas. A number of the floors are especially $100 par common stock.
designed and arranged for the accommodation of doctors and dentists.
Authorization is also asked for the company to purchase from the George
The ground floor is divided into stores, with the major portion of the Polk A. Fuller Co. of Canada, Ltd.. the
partic. pref. stock and
St. frontage occupied by the Amarillo Bank & Trust Co.and the balance to sell and dispose of the same and7,500 cumul. &
to guarantee dividends at the rate of
by a drug store. The building contains approximately 6'5,500 square feet 6% per annum. iSee also United States Realty & Impt. Co. below.]
of rentable area and a content of 1,056,000 cubic feet.
The
-The estimated net income is 2.53 times the greatest annual shares New York Stock Exchange has authorized the listing of 45,000
Income.
(authorized 60,000 shares) cumulative and participating prior preinterest charges.
ferred stock without par value.
Fox Film Corp.
-Acquires Control of Wesco Chain of 250
Results for Seven Months Ended Nov. 30 1927.
Work executed__
819,383.122
Theatres on Pacific Coast.Intert o re l dIng_lcontr_acts ------------------------------- 1,647,484
Profiestn t i ed
lv
is announced that the corporation has acquired the Wesco Corp..
84.77
which controls a chain of 250 theatresin the Pacific Coast States, having Dividends
received-----------:::::::::::::::::::::------a replacement value of $100,000,000 and gross receipts of $35,000,00
annually.
Total- _ --- ------------------------------ $1,790.755
The Wesco Corp. controls the following companies: West Coast Theatres, General & corporate
expenses including Federal income taxes
Inc., Pacific Northwest Theatres, Inc.. Far West Theatre Corp., Golden
& officers & employees additional compensation
807.818
State Theatre Corp., Frank Amusement Co., Saxe Circuit, and North
American Theatres. Together the theatres in this chain have a weekly
Net income--------------------------------- $982,937
of about $700.000. Estimated net income, after all charges, depre- Surplus at
income
3.183,707
begiiinfig -------ciation, taxes. &c., will amount to $2,500.000 a year. The size of this chain
is indicated by the fact that 105.000.000 /persons pay admission to this
Total surplus81.1566:000644
string of theatres annually, and that the theatres pay to producing com- Dividends paid ------------------------------------------------------------------------panies a film rental of approximately $6,000,000 a year, the announcement
says. Of this amount, the Fox Film Corp. will hereafter receive approxiSurplus at end of period
$2,331.644
mately $2,000.000 annually, the remainder being divided among other
See also V. 125, p3483,
producers.
The Wesco Corp. also controls 307 of the common stock of First Na-one of the larger producing companies in the countryGardner Motor Co., Inc.
tional Pictures
-Listing.
-thus giving Fox Film Corp, an important interest in that company.
The New York Stock
authorized the listing of 45,000 addiDuring 1927 the Fox interests acquired control of the Boxy Theatre, the tional shares of capital Exchange has par value), making total amount
stock (without
largest motion picture theatre in the world.
applled for 200,000
The sale of the 45.000 shares is contracted for
The company in Dec. 1927, placed Movietone-the talking motion picture at a price of not lessshares. per share and the proceeds will be used for genthan $8
-on a commercial basis, and offered to exhibitors tne Movietone news eral corporate purposes -v. 126, p. 585.
reels.
See also Fox St. Louis Theatre Building below.
-V. 125. 13• 3648
.
General Bronze Corp.
-Buys Tiffany Studios Bronze
Fox St. Louis Theatre Building (Theatre Realty Co.). Business.
The corporation has just completed negotiations for the outright pur-Bonds Offered.
-Halsey, Stuart & Co. Inc., West & Co., chase of the
bronze and iron works of Tiffany
Howe,Snow & Co., Inc., Hill Joiner & do., Inc., A.C. Allyn rial, equipment, work and contracts on hand Studios, including the mateand good-will. No new firequired.
& Co., Inc. and E. H. Rollins & Sons are offering at 100 and nancing by the General Bronze Corp. will beat Corona, Long Island, and
The plant of Tiffany Studios is located
interest $4,550,000 1st mtge. fee and leasehold 64% sinking covers an area of 234 acres employing about 350 workers. It specializes
in the manufacture of architectural bronze and iron, lighting fixtures and
fund gold bonds.
Dated Oct. 11927; due Oct. 1 1942. Denom. $1,000, $500 and $100 c*.
Prin. and int. payable at office of Halsey, Stuart & Co., Inc., fiscal agent,
New York and Chicago. Int. payable A. & 0, without deduction for the
Federal normal income tax, not in excess of 2% per annum. Company
agrees to reimburse the holders of these bends upon application within 60
days after payment thereof by the holders for Penn. and Calif. personal
property taxes not in excess of 4 mills, Virginia personal property taxes not
In excess of 534 mills, Maryland securities taxes not in excess of 434 mills.
District of Columbia and Kentucky personal property taxes not in excess
of 5 mills, Mich. exemption tax not exceeding 5 mills per dollar Per annum
• and for the Mass. and Missouri income taxes on int. not exceeding 6% and
1% respectively of such int. per annum, to resident holders as provided in
the mortgage. Red. all or part at any time on 60 days notice except for
.inking fund purposes, in which case on publication for four successive
weeks, at the following prices and int.: on or prior to Oct. 1 1930 at 105%;
thereafter to and incl. Oct. 1 1933 at 103%; thereafter to and incl. Oct. 1
1936 at 102%; thereafter to and incl. Oct. 1 1930 at 10134%; thereafter to
and incl. Oct. 1 1941 at 101%; and thereafter to maturity at the principal
amount thereof.
-President Jack G. Leo, New York, Jan. 24.
Data from Letter of V.
Theatre Realty Co., a wholly owned subsidiary (except for directors
qualifying shares) of the Fox Theatres Corp.. has acquired real estate and
leaseholds covering together the property having a frontage of 244 feet on
the westerly side of Grand Boulevard and 360 feet on the southerly side of
Washington Boulevard in St. Louis, Mo. The plot embraces aPnroxi-
appliances and general metal work that sold under the Tiffany trade name.
-V. 125, p. 3489, 2943.
General Cable Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 440,000
shares of common stock without par value (authorized 3,060,000 shares) on
official notice of distribution; with authority to add to the list temporary
certificates for 1.100,000 shares of common stock on official notice of issuance on conversion of class A stock without par value on the basis of two
shares of common stock in exchange for one chare of class A stock; and permanent engraved certificates for $15.000,000 7% cumulative preferred
stock (par $100) on official notice of distribution and (or) in exchange for
outstanding temporary certificates,making the total amounts applied for:
1,540,000 shares of common stock and 315,000,000 7% cumulative preferred stock.
-V. 125, p. 3355.
General Motors Corp.
-Production of Oakland Div.
The Oakland Motor Car Co. division of the General Motors Corp. has
set a production schedule for February of 22,268, a new recerd, comparing
with 9,634 in February 1927, and 8,549 in February 1926.
In January the company set a new record in output of 19.774 cars, compared with 8.038 in January 1927. and 5,785 in January 1926.
In 1927 the company sold 191,000 Oakland and Pontiac Sixes, which
represented an increase of more than 40% over the total for 1926.-V. 126.
p. 585.
724
FINANCIAL CHRONICLE
I
[VOL. 126.
Earnings -Company has been continuously successful, having shown a
profit in every year since its inception, even during the drastic depression
1924.
1926.
1925.
of
1921. In addition, it has paid dividends on its common stock
$8,857,738 $9,008,235 $9,211,413 In 1920 and
every year. Company has also shown an increase in sales in every
5,341,053
year except 1921. Sales have increased from 81,284,000 in 1917 to $5.755.5,938,561{
313,882} 6,344,436 000 in 1920 and a little less than $24,000,000 in 1927.
379,073
Net Earnings After Depreciation and Federal Taxes Years End. Nov. 30.
$2,919,177 $2,974,226 $2,866,977 1923
$540,140
$1,057,76311926
131,126
181,267
421,323 1924
2,233,778 •
1,308,624 1927
$3,050,303 $3,155,493 83,288,299 1925
1,949.653
0
498,002
524.429
487,49
Average annual net earnings for the five-year period given above, were
$2,562,813 $2,657,491 $2,763,870 $1.417,992 or 6.75 times the dividend requirements on the 6% cumulative
350,000
350,000
350,000 preferred stock, series A. to be presently outstanding. Such net earnings
158,069
160,447
223,123 for the year 1927 were 10.63 times such requirements.
Sales both in units and in dollar volume in 1927. as well as net earnings,
x1,449,696(8)1,448,320(8)1,448,320
$698,724
$742,427 were the largest in the history of the company, the increase over 1926 in
$605,048
5,023,675
5,530,539 5,426,123 unit sales being about 40% and dollar volume about 21%. These were
the largest gains in the rubber industry.
Dr.5,587 Dr.113,011
Consolidated Balance Sheet as of Nov. 30 1927 (after this financing.)
AssetsLiabilities
Dr.1,200,000 Dr.525,000 Cash in banks & on hand.. $2,259,470 Accts. pay. incl. accr. pay$945,726
Notes & sects, roe. less res.__ 3,642,419
roll, Lee
3,760,505 Accrued taxes-real & pers'I.
100,000
Profit & loss, surplus_ $9,221,947 $5,628,723 $5,023.676 $5,530,539 Inventories
341,527
Adv.to employees secured by
Prov. for Federal tax
Shs. corn. stk. outstand.
249,357
capital stock, &c
172,727 Reserves
(no par)
407,570
y362,576
181,040
181 040 Misc. Inv. & adv.,Jess res.._
596.125
3,500,000
Earned per sh. on corn.
$7.12
$1.10 Land, bldgs, mach.,equip._ _ 1,484,483 6% preferred stock
$5.66
$11.85
Common stock-(Par $25)- - 2,037,500
x Being 2%. on old stock ($100 par) paid in Feb., and $3 paid on 362,- Patents
4,765,098
11SurPlus
576 shares of no par value. y Common stock was changed on Feb. 3 1926 Deferred charges
23,478
from 250,000 shares, par $100, to 500,000 shares of no par value, two no
$11,939,208
par shares being exchanged for each share of old common stock of $100 par.
-V. 126, p.186.
Balance Sheet Dec. 31.
German Building and Land Bank (Deutsche Bau1926.
1927.
1927.
1926.
Assets
$
und Bodenbank Aktiengesellschaft).
-Bonds Offered.
7% cum. pref.stk- 5,000,000 5,000,000
Land, buldings
machinery,&c._ 3,646,970 2,924,733 Debenture pref_
2,255,200 An issue of $5,250,000 20-year 63/2% mortgage secured colGood-will, &e____
1 Common stock- x407,570
362,576 lateral gold bond (represented by participation certificates
1
Bank notes Doyle
Cost of licenses for
250,000
machinery
500,000 of International Acceptance Trust Co., New York City),
2,252,556 2,023,562 Loans payable_
Inv. in other cos_ _
5,000
15,005 6% gold notes__ 5,600,000 6,300,000 are being offered at 983' and int., to yield about 6.65% by
130,000 Special capital res. 1,000,000 1,000,000
Mtges. receivable_ 225,000
A. G. Becker & Co.and International Acceptance Bank,
Accounts payable,
Co.'s corn, stock
pay-rolls, &c.. 1,191,638 1,395,668 Inc. Further data regarding the issue will be found on a preDutch. or subsc.
for by employees 564,996
412,048 Debenture prefer'd
ceding page of to-days issue.
39,466
dividend payable
6% serial notes (at
21,156
21,411 Fed. tax prey_ _ 550,000
450,000
cost)
-Bonds
Glen-Gery Shale Brick Co., Reading, Pa.
Insurance reserve_ 500,000
Raw mat'13, sup500,000
-P. W. Brooks & Co., New York, recently offered
Offered.
15,699,155 17,149,886 Surplus appropr'd
piles,&c
for red, of deb.
32,72C
ins recle
30,892
Notes &
$600,000 1st mtge. 63/2% serial gold bonds at par and int.
preferred stock_
2,315,000
Acc'ts receivable 3,417,720 3,807,055
Dated Dec. 1 1927; due serially De. 1 1929 to 1937. Int. payable
2,289,986 1,756,180 Unapprop. surplus 9,221,947 5,628,723
Cash
(J. & D.). Red. at 10634 and int. on 30 days' notice. Empire Trust Co.,
490,257 Capital surplus.... 4,970,931 2,766,225
288,654
Deferred charges
New York. trustee. Denom. $100, $500 and $1,000. Company will
,
Total
28,442,087 28,762,857
28,442,087 28.762,857 pay the normal Federal income tax up to 2% and will refund upon timely
Total
application personal iproperty tax of any State under any present
not
x Represented by 407,570 shares of no par value as against 362,576 exceeding five mills In any case, and the tax on int. of any State law exnot
-V. 125, p. 2536.
shares in I926.
ceeding 6% of such interest per annum. Free of Penn. four mill tax.
Company.
-Is one of the largest brick manufacturing concerns in the
General Railway Signal Corp.
-Annual Report.
East. It operates four plants, two at Reading, one at Shoemakersville
1927.
1926.
1925.
1924.
and one at Harrisburg, Pa., which have a present capacity of around
,
operating income _ $4,983,812 85.647.083 $3,242,345 $2,197,228 300,000 brick per day or over 70,000,000 per year. New installations
Gross
Selling. adm.& gen. exp. 1,131,464
1,092,807
896,044
863,883 which will be completed within a short time, will increase the capacity to
,
Int.,amortiz.,misc.,chgs.,
per day or over 100,000,000 per year. The business
around 430,000 brick
&c.(net)
326,769
151.479
316,531
472,698 was established in 1908. Company has never had an unprofitable year
Fed. & State taxes (est.)
585,000
475,000
240,000
45.039 since its inception and has grown to its present size largely through the
reinvestment of profits.
Net income
$2.940,579 $3.927,797 $1,789,770
$815.608
-Bonds will be secured by a direct first mortgage on the four
Security.
Surplus as at Dec.31 __ - 4,324,115
3.542,677
1,971,658
1,458,392 plants now owned,as well as on hereafter acquired property. The sound,
Res.for conting.restored
depreciated value of these properties is reported at $2,914,788. After
to surplus
60,000
216,000
34,900 giving effect to the sale of bonds, the total net tangible, assets (including
Capital paid in rep'g net
equity in the company's office building) will amount to $3.394,708. which
amt. rec, for corn. stk.
Is equivalent to over $5.657 per $1,000 bond. This includes no value for
In excess of par
2,905,375
759.756
goodwill or patents.
-Average annual net sales for the four years and 11 months
Earnings.
Total surplus
$10.230,059 $7,470,474 $4,736,184 $2,308,900 ended Nov. 30 1927 are reported as $1,033,399, and net earnings available
Losses on liquidation &
for bond interest, depreciation, depletion and Federal taxes $198.097 or
oper. of subs
Cr14,764
Dr93,712
Dr56,877
Dr8,278 over 5.07 times maximum interest charges on these bonds. Such net
Adjust of res. for depr.
earnings for the first 11 months of 1927 are reported at the rate of 5.43
& amort
441.054
times bond interest.
Add.chargesx
554.440
Sinking Fund -Mortgage will provide for sett'ng aside annually the
Res.for contingencies
244,610
1,014,409
amount, if any, by which 20% of the net earnings available for dividends
Res.for obsolescence
138,684
exceeds the current annual maturity of bonds, such funds to be applied
Disct.&exp.applic.tobds
120,000
120.000
by the trustee in the purchase or retirement of bonds. Based upon its
Int. on pref. stock paid
144,738
conservative estimates of increased future earnings, it is the opinion of the
Fed. Sig. Co
6,547 management that this sinking fund will insure the retirement of the bonds
158,234
154.554
Divs. on pref.stbck ___ _
146,717
138.805 substantially before maturity.
1.665,625
1,625,000
725,177
Divs. on com.stock
122,016
-Under the terrrs of the indenture, holders of bonds
Conversion Right.
will have the right up to and including Nov. 11932, to convert ach $1,000
$7.180.869 $4,324,115 $3,542,677 $2,033,254 bond into 10 shares of $7 cumulative preferred stock and t
Total surplus, Dec. 31
shares of
$7.78
$11.61
Earn. per share on corn _
135.06
$16.64 common stock. Interest on bonds and dividends on preferr
stock to
x Amount charged to eliminate balance of appreciation of plant and be adjusted as of the conversion date. Smaller denominations nvertible
on a similar basis.
equipment thereby restoring these assets to a basis of cost.
Balance Sheet Dec. 31.
Capitalization
Authorized. Outs ruling.
1st mtge. 63 % serial gold bonds
$60 000
$1,000 000
1926.
1927.
1927.
1926.
00 shs. '
$7 cumul. pref. stock (no par value)
x50,000 shs. 1
Liabilities$
8
$
Assets$
x50,000 611.9. 48 00 shs•
4,207.741Prefetred stock_ __ 2,833,400 2,575,900 Common stock (no par value)
Plant,fixtures. &e. 2.648.878
x 10,000 shares preferred stock and 2,000 shares common stock served
Pats.,good-will,&e. 3,793,021 3,143,005 Common stock -x 7,150,000 6,500,000
Notes& acc'ts pay. 163,402
145,325 for conversion of bonds.
Good-will of Aus20,346 Federal tax (est.) _ 696,559 7540,000
20,346
Milian company
Glidden Co., Cleveland.
-Sales Increase.
700,000 Accrued dividends- 489,376
1,200,000
444,889
Call loans
219,948 Accrued int.,taxes,
655,740
Cash
Since Nov. 1 sales of the company to chain stores gained 17% over the
&c
64,088
179,275 similar period last year and pigment sales to rubber manufacturers increased
Acct's & notes rec. 2,012,350 2,348,615
9,000 Reserve
70,587
Mortgage ree
160,000 18%, according to President Adrian D. Joyce.
-V. 126. p. 258, 112.
10,453 Surplus
7,180,869 4,324,115
Securities owned__ 4,526,160
Invested in and due
Globe & Rutgers Fire Insurance Co.
-Larger Dividend.
30.469
28,464
from subsidiaries
The company on Jan. 31 paid to common stockholders of record Jan. 24
2,733,225 3,242,280
Inventories
dividend of 11%. This compares with regular quarterly divia quarterly
Due on real estate.. 179.000
dends of 10% paid previously.
-V. 124, p. 799, 1226.
Emp. pension fund
15,050
Other curr. assets_ 721,581
801,833
Globe Wernicke Co.
-Loses Patent Decision.
Total(each side)18,648,283 14,869,504
Prepaid items_ _ _ _ 112,352
137,819
Following years of litigation, a decision has been rendered in the United
x Represented by 357,500 shares of no par value. y Includes State
States District Court at Chicago, in favor of Acme Card System Co. of
taxes.
-V. 126, p. 586.
Chicago against Globe Wernicke Co. for patent infringement of visible
General Tire & Rubber Co., Akron, Ohio.
-Preferred office record equipment. Anthony . of Boston, perfected a product which
Sixteen years ago Stanley
,
Stock Offered.
-In connection with the offering at $102 and later became known as Visible Record Keeping Equipment. Anthony Made
for patents in the United
div. by Otis & Co.of $3,500,0006% cumulative pref.(a. & d.) applicationgranted. The manufactureStates and foreign countries, which
were later
product, involving
stock, series A (noted in V. 126, p. 586) a circular affords the Anthony's invention, was undertaken and sale of this Card System Co.,
by the Acme
Chicago, who acquired the patent. About 5 years ago the Globe Wernicke
following:
the market a type of visible equipment, which the Acme
-M. Red. all or part by lot on 30 days' notice at Co. placed on
Dividends payable Q.
Card System Co. felt infringed their patents and they filed suit. The case
8105 per share plus div. Entitled in liquidation to $105 per share plus div. came to trial on Dec. 8 1927, at whicn
time Judge 'Walter 0. Lindley. of
Transfer agents, Otis Safe Deposit Co., Cleveland. Ohio, and Depositors the U. S. District Court, held the
each one
Savings & Trust Co., Akron, Ohio. Registrars, Otis Safe Deposit Co., of the claims relied upon by AcmeAnthony patent valid and that
had been infringed by Globe Wernicke.
Cleveland, Ohio, and Ohio State Bank & Trust Co., Akron, Ohio. This A decree was given to Acme on Jan. 19
injunction and an
1928, ordering
stock is not required under the present statutes of Ohio, to be listed for accounting, based on the national distribution of the an
Globe Wernicke Co.
personal property taxation in Ohio, and dividends are exempt from present for the past 5 years.
-V.124, p. 799.
normal Federal income tax.
-Organized in Ohio in 1915. Owns and operates a plant in
Company.
-Dirigible
Goodyear Tire & Rubber Co., Akron, Ohio.
Akron, Ohio, producing automobile tires, tubes and accessories. Tires
produced include balloon, high pressure pneumatic, cushion and air-Center Plant.
of the Goodyear-Zeppelin Co. have under consideration plans
Officials
tires. Thrum tires, which are sold under the trade name of "General,"
transfer of the company's giant dirigible plant from Akron.
dealers,
are distributed only through exclusive States. of which there are at present calling for the
Ohio. to Los Angeles. according to a statement made by 0. W. Litchfield.
1,500 located throughout the Unitedto retire the
-V. 126, p. 421.
-Proceeds will be used
$1,042,400 outstanding President of the Goodyear Tire & Rubber Co.
purpose.
7% preferred stock and for additional working capital. Money for the
-Definitive
Grant Building, Inc., Pittsburgh, Pa.
retirement of the existing preferred stock has been set aside for that purpose.
Authorized.
Outstanding. Bonds.
CapitalizalicmThe Guaranty Trust Co. of New York is now prepared to deliver de
$3,500,000
Cumul. pref.stock (par value $100 per sh.) x$10,000,000
100.000 she.
81,500 she. native 1st mtge. leasehold 7% sinking fund gold bonds, due Aug. 11947
Common stock (Par value $25 per sh.)
cumulative preferred stock is restricted by against the surrender to it of outstanding temporary bonds.
-V. 123. P.
x Issuance of additional
1688.
the amended articles of incorporation.
provisions of
General Cigar Co., Inc.
-Annual Report.
Calendar Years
1927.
Gross earnings
$10,899,477
Sell. adm. & gen. exps-- 6.301,326
Deprec. and amort
531,6001
Federal taxes
519.980
Net income
$3,546,570
Other income
280,274
Total income
$3,826,845
Int. on notes and loans
460,708
Net income
$3,366,136
Preferred dive. (7%)
350,000
Deb. pref. dive. (7%)-112,036
Common dividends__ -(34)1,472,623
Surplus
$1.431,477
Previous surplus
5,628.723
Premium on redemption
of deb. pref. stock_ _ _ _
Dr.550
Approp. for red, of deb.
preferred stock
Cr.2,315,000
Unamort.disc, on notes_
152,702
FIB.
4 1928.]
FINANCIAL CHRONICLE
725
largest group of newspapers in the United States. The Hartford Times will
be under the direction of Frank E. Gannett, but it is the purpose of the new
management to preserve the local atmosphere and identity of the paper and
to maintain the policies on which it was founded and the traditions which
its long and successful history have established.
Authorized. Outstanding.
Capitalization15-yr. 6% sink, fund gold debs., due 1943_ --- $3.000.000 $3,000.000
50,000 abs. 50,000 abs.
Participating preference stock (this issue)
100.000 abs. 100.000 sha.
Common stock (no par value)
Earnings.
-For the three years ended Dec. 311927, the net profits of the
predecessor company, after deducting income on certain investments and
funds whic,h will not accrue to the company and all charges except that
part of the executives' compensation to be discontinued (resulting in an
average net addition of $39,333 per annum),and after deducting depreciation have been as follows:
Per Sh. Part. Per Share
Times
Net Earnings
Cal. Yrs.- as Above. Int. on Deb. aNet Profits. Pref. Stk. Corn. Stock.
$1.32
$282,035 $5.64
1925
2.92
$526.706
2.21
7.43
1926
371,827
3.51
632,630
Guardian Investors Corp.
-Stock Increased.
2.02
352,332
7.04
1927
609,633
3.38
The corporation has filed a certificate at Dover, Del., increasing its
a After interest and discount on debentures and income taxes computed
authorized no par stock from 200,000 ohs. to 250,000 abs-V. 126, p. 586.
at present rates on the remainder.
Hamilton Woolen Co.
-To Continue Operations-Change to Assets.-The balance sheet as at Dec.31 1927. giving effect as at that date
the proposed financing and the transactions in connection therewith,
in Par Value of Stock.
shows a ratio of current assets to current liabilities of approximately 4
The stockholders on Feb. 1 voted by 14.564 shares to 5,021 shares, to to 1, with cash alone substantially in excess of all current liabilities.
Purpose of Issue-Proceeds from the sale of this participating preference
continue in business rather than liquidate. This vote supports recommendations of the new Treasurer, Richard Lennihan, whose report said stock, together with the proceeds from the sale of debentures, will be used
that this was a bad time to liquidate, that economies already were being in part payment for the property presently to be acquired by the company.
practiced and others were possible, that part of the mill property at Southbridge should be scrapped and the remainder property equipped to make
Hatfield-Reliance Coal Co.
-To Acquire Campbell's
goods that will sell profitably. Mr. Lennihan said that if this suggestion Creek Coal Co.
-New Financing.
was carried out,stockholders would, within a reasonable time,realize a profit.
The company in a letter to the preferred stockholders on Jan. 13 said:
The meeting voted to adjourn for two weeks with the understanding that
The company is completing plans to purchase the mines and all other
at the second session nothing more would be done than to take care of any
technicalities of the votes. Other votes included naming Southbridge. assets of the Campbell's Creek Coal Co., Cincinnati, Ohio.
The Campbell's company and -its predecessors have been operating
Mass., as the company's principal office, the election of Robert Amory,
Thomas P. Beal, Ira M. Mosher, Charles S. Pierce, John E. Thayer Jr., successfully and profitably for a period of more than half a century. The
Philip M. Tucker, John C. F. Wheelock and B. Loring Young as directors, company owns in fee 5,214 acres of unmined coal of unusual quality. On
Richard Lennihan as Treasurer, E. Benjamin Armstrong as Clerk, and this fee acreage is located a new mine now producing 1,200 tons daily, and
Lincoln Baylies, John M. Merriam and Eugene G. Walker as a committee the fixed improvements are installed for an ultimate production of 4,000
to employ an auditor. Also there was carried a vote to make the stock of tons daily. The company owns two additional mines producing 1,800 tons
daily, making a total present daily production of 3,000 tons. The company
no par value.
---V. 126, p. 422.
owns and operates its own steamboats, barges, tipples, elevators, &c., and
- transports its coal from its mines to its elevators to supply its retail trade
-Div. Payable in Stock.
Happiness Candy Stores, Inc.
Ky.,
The directors have declared a dividend of 1-40th of one share in common in Cincinnati, 0., Newport. Ky., and to Louisville, The New Albany,
Ind., and to intermediate towns along the Ohio River.
company ships
stock on the common stock, payable Mar. 15 to holders of record Feb. 20. large tonnages of coal
to points in Ohio, Indiana, Michigan and the NorthA similar distribution was made on Aug. 15 1927. Prior to the latter date
its
in West
the company had been paying dividends semi-annually of 25 cents in cash. west direct from its mines after theVirginia and theelevators in Cincinnati.
property of the CampThe Hatfield company,
purchase of
-V. 125, p. 790.
bell's company, will have coal reserves of approximately 125,000,000 tons
of recoverable coal in West Virginia and Kentucky, and will be operating
(The) Hartford Times, Inc.
-Bonds and Stock Offered. 8 mines now producing daily approximately 6,650 tons of the highest
-Offering was made Feb. 3 of an issue of debentures and quality of coals produced in those states. Co-ordination of operation ofand of
participating preference stock of one of the country's pioneer these mining properties result in the river transportation units under one
general management will
large economies. The officers and directors
newspapers, the Hartford Times, which has been in business have approved this purchase and are of the opinion that it will add much to
the stability and earnings of the company.
for 121 years, at Hartford, Conn. The financing consisted
For the purpose of financing this transaction the company will issue and
of $3,000,000 15-year 6% sinking fund gold debentures, sell $1,000,000 of its authorized but unissued 8% cumul. pref. stock, and
approximately $1,250,000 face value of bonds bearing not to exceed 634%
priced at 99 and int., to yield about 6.10% and 50,000 interest and secured by a first mortgage on its property. It is proposed
shares of participating preference stock, priced at $39.50 authorize the issue of $1,500,000 of such bonds, and such part thereof to
as
may not be required for
purchase may be reserved for extensions and
per share, to yield over 7.59%. Both the debentures and additions. Arrangementssaid being made to dispose of the bonds to a group
are
the stook were offered by Hemphill, Noyes & Co., Eastman, of Cincinnati bankers.
The directors have adopted a resolution authorizing the sale at this time
Dillon & Co., and Thomson, Fenn & Co.
of the unissued $1,000,000 par value 8% cumul. pref. stock of the company
hove referred to and giving the right to existing preferred stockholders,
Description of Bond Issue.
or before Jan. 25 1928, to purchase such shares in
Dated Feb. 1 1928: due Feb. 1 1943. Denom. $1,000 and $500 *c. tsf exercised on present respective holdings of preferred stock, at $100proper
portion to their
Red• all or part at any time or from time to time, prior to maturity, on share, cash, payable on or before Feb. 15 1928. [Each pref. stockholder was
less than 30 days' notice, at 105 to and incl. Feb. 1 1933, with successive entitled to subscribe for 1 0225 shares (approximately one share) of the new
not
reductions in redemption price of 34% during each 12 months' period there- stock for each share owned.-Edl.
after to maturity, in each case with accrued int. to the date of redemption.
Certain of the present preferred and common stockholders agreed to
Int. payable (F. & A.) without deduction for normal Federal income tax
pay for the proposed issue of preferred stock or so much thereof
not in excess of 2%. Company will agree to refund, upon timely applica- take and
stocktion, certain State taxes including the Penn., Calif. and Conn. taxes not as may not be subscribed for and taken under this offer by other
holders.
ha excess of 4 mills per annum, the Maryland securities tax not in excess of
-V. 121, p.
There will be no public offering of the new preferred stock.
mills per annum, the Tenn., Kentucky. Virginia, Mich., and District
434
of Columbia personal property taxes not in excess of 5 mills per annum and 3138.
the Mass.income tax on the interest not in excess of6% per annum. ChemiInc., Columbus Ohio.
Henderson Tire & Rubber
cal National Bank of New York, trustee.
Indenture Provisions.
-These debentures will be the direct obligation of
Inc., New York are
t
Co.'
company and will constitute the sole funded debt. Indenture will provide -Preferred Stock Offered.-Torr & Co.,
that, so long as any of the debentures are outstanding, the company will offering at 9834 (with bonus of 1 share of common stock)
not create or issue any obligation maturing more than one year from the $700,000 7% class A cumulative participating preferred stock
date thereof, and that the company will not mortgage or pledge any of its
real or personal property: provided, however, that the company shall not (par value $100).
be prevented from creating certain purchase-money mortgages, or from
Dividends payable Jan. 15 and July 15. After accrued cumulative diviacquiring property subject to then existing mortgages or liens, or from dends have been paid on the preferred stock outstanding and 10% on thepledging its current assets to secure obligations made in the ordinary course common stock in any year, the remainder of all surplus net profits shall be
of business and maturing within twelve months from the date thereof.
applicable to a dividend upon each share of class A equal to that upon each,
-Indenture will provide for a minimum sinking fund of 10 shares of common. Preferred as to assets on liquidation or dissolution
Sinking Fund.
$60,000 per annum payable in monthly installments of $5.000, the first at par and divs. Each share of class A shall be entitled to participate
payment to be made Aug. 11928, and subsequent payments to be made on equally with each 10 shares of common on any distribution of assets remainor before the first day of each month thereafter until maturity. Indenture ing. Red. after Jan. 1 1930, at $120 and dive, in whole or in part. Has
will also provide for an additional sinking fund payable on first day of full voting power. Transfer agent, Manufacturers Trust Co., New York;
April in each year, beginning April 1 1928, contingent upon earnings.
Registrar, Harriman National Bank, New York.
Authorized. Outstanding.
Description of the Participating Preference Stock.
$750,000
$750,000.
7% class A cum. partic. pref. stock, par $100
Preferred over common stock as to assets and as to quarterly dividends. Common stock, par $5
575.000
575.000
cumulative from Feb. 15 1928, at the annual rate of $3 a share. Red. all
time or from time to time on not less than 30 days' notice,
or part at any
Data from Letter of C.0. Henderson, President of the Company.
at S50 a share plus accrued and unpaid dividends. Entitled in any liquidaCompany.
-Organized in New York in 1918. Is one of the most successtion to $50 a share plus accrued and unpaid dividends before any distribution to common stock. Transfer agents, Chemical National Bank of New ful of the smaller units in the tire and rubber industry. Continuing a
York and National Bank of the Republic of Chicago. Registrars. Equitable business started in June 1917, with but $75,000 contributed as canital,
the company has built up a business with annual sales of more thin $2,000.Trust Co. of New York, and Illinois Merchants Trust Co., Chicago.
-The certificate of incorporation as amended will 000. Plant and equipment, valued at more than $700.000. Factory and
Participating Privilege.
that the participating preference stock, in addition to cumulative general offices located at Columbus, Ohio. Factory building has 60,000
provide
quarterly preferential dividends at the rate of $3 per share per annum, sq. ft. of floor space on site covering 234 acres. Plant has a (Icily capacity
shall be entitled to participate equally with the common stock, share for of 2.500 tires and 5,000 tubes.
Earnings.
-Net earnings for past 10 years have averaged $137,587. orshare, many additional dividends which may be paid or declared and set
apart in any 12 months' period ending Feb. 14 after $1 per share (but not $18.34 a share on this class A preferred issue per annum after deducting
than $100,000 in the aggregate) has been paid on or declared and set all charges, including Federal income taxes and the elimination of nonmore
apart for the common stock, until there shall have been paid on, or declared recurring interest charges. This is equal to 2.62 times the dividend reparticipating preference stock in such 12 months' quirements on this issue. Based on present operations and business reasonand set apart for, the$1
per share (non-cumulative) in addition to the $3 ably in sight, it is estimated that earnings for the current year will exceed
period ending Feb. 14
preferential dividend above referred to, after which all dividends which $320,000, or an amount equal to more than 6 times the dividend requirements on the 7% class A cumulative participating preferred stock.
declared shall be payable to the holders of the common stock.
may be
Data from Letter of Pres. Frank E. Gannett, Hartford, Jan. 31.
Condensed Balance Sheet as of Oct. 31 1927 (after Financing.)
Hisiory.-The Hartford Times is one of the oldest newspapers in the
Assets
Liabilities
United States and is the only evening daily newspaper published in Hart- Cash & certificates of dep- $515.231 Accounts payable
$275,668
ford, Conn. It was established in 1817, the daily edition having been Accts. rec.-less reserves_
42,4,927 Notes payable
105.790
and its records indicate that it has not had an unprofitable
founded in 1841.
Notes & trade acceptances
51,015 Contract liability
8,625
year since the Civil War. The Hartford Times has grown and pospered Inventories
92,043 Class A partic. pref. stock 750,000
circulation now averages more than 60,000 copies a day. In
until its
Invest.in other cos. at cost
575,000.
30,798 Common stock
Hartford alone the Hartford Times circulates as many papers each day as Property
431.156
718,811 Surplus
there are homes. Its average daily circulation has shown consistent growth Good-will
200,000
and during the past 10 years the paper has accomplished a record of doubl- Deferred charges and preing its circulation without resort to drives or campaigns of any sort. The
paid items, &c
113,414
growth in its volume of advertising has kept pace with the growth in its
circulation, its advertising in 1927 having exceeded 15.000.000 lines com$2,146,239
Total
Total
$2,146,239
with approximately 8,578,000 lines 10 years before. The advertising -V.126, p. 586.
pared
Volume of the Hartford Times now is greater than that reported by any
other New England daily newspaper.
Hydrox Corp.
-To Retire Preferred Stock.
The Hartford Times, Inc., has been organized in Maryland to acquire
business, circulation. &c., of
Toe corporation announced that It will redeem on Mar. 1 1928 at 110 and
the net assets, heretofore has owned and its predecessor, the Burr Printoperated the Hartford Times. dhs., all its outstanditn; prelerred stoc.c. On and a.ter teat date, such
Co., which
ing
stock of the company will be owned by Gannett Co., stoc. will be redeemed at the offi• es of Goldman, Sachs & Co., 30 Pine
All of the common
prepared
Inc., and the Hartford Times will become a member of the successful St., N. Y. City. The bankers announce that they are any time to puron and
Gannett Newspapers including the Rochester Times
-Union. the chase any of the certificates of this preferred stock at
up of
ra Star-Gazette, the Newburgh News, the Plainfield Courier-News after Feb. 17 and prior to March 1 at 110 and dive to the date of pre-V.124, p. 3504.
Utica Observer-Dispatch. Numerically, this will be the third sentation.
and the
-No Change in Dividend.
Great Western Sugar Co.
The following authorized statement has been issued:
"The company has on hand and unsold at the present time an abnormally large quantity of sugar. The program contemplates its distribution
within a period of approximately 8 months and in so far as possible these
sales will be effected within our normal sales territory.
"Earnings for the fiscal year ended Feb. 29 1928. will reflect the influence of the restricted sales to date and until a considerably larger proportion of the past season's production has been marketed no accurate forecast
of the earnings statement for the present fiscal year can be made.
"The crop restriction policy of the Cuban Government is largely dominating the American market and its eventual outcome and effect are, of
course, of serious concern to all American producers. However, until the
results of that policy can be more accurately appraised no change in the
present dividend rate of the company is contemplated by its directors. The
company has a substantial earned surplus and a strong current position.
-V. 125, p. 2943. 2675.
726
FINANCIAL CHRONICLE
For.. 126.
Hercules Powder Co.
The stockholders of the International company also ratified an increas
-Annual Report.
of the authorized capital stock from 30.000 to 40,000 shares to permit the
Calendar Years1926.
1927.
1925.
1924.
Gross receipts
$27,961.494 128.453.496 123,669,009 120,862,603 exchange.
Harry Henemier, President of the
*Net from all sources__ _ 3,203,896
3,433.419
2.999,369
2,156.902 director and Vice-President of the Terminal Trust Co., will become a
International company, which will
Preferred dividend
797,868
760,287
734,538
723.233 operate
Common dividends(11%) 1,617.000(12)1,716.000(10)1.430.000(8)1.144.000 -3,r. the acquired institution as a branch under its present management.
126, e. 422.
Balance
$957.132
$789,028
1834,831
$289,669
Jefferson Title & Mortgage Corp., Mt. Vernon, N. Y.
Profit and loss surplus- - 11,682,085 10,893,057 9,729,490
8.894.659
Stock Offered.
Shares of common outstanding (Par $100)-147,000
147.000
143,000
The American National Bank & Trust Co., Mt. Vernon, N.Y., trastee
143.000
Earn, per share on corn._
118.18
$16.37
$15.84
$10.03 for the organization committee of the Jefferson Title & Mortgageas
Corpora*After deducting all expenses incident to manufacture and sale, ordinary tion, Mt. Vernon, N. Y.,is offering the
and extraordinary repairs, maintenance of plants, accidents, depreciation, shares of capital stock of the Jefferson unsubscribed for balance of 10,000
corporation at $120 per share. Over
taxes, &c.; also interest on Aetna bonds.
75% of this stock (par $100) has been subscribed and it is the only security
of the corporation outstanding. After giving effect
Balance Sheet Dec. 31.
of this stock the corporation wiil have a cash capitalto the issuance and sale
and surplus of $1,200.
1927.
1926.
1927.
1926.
000.
Assets
Liabilities$
$
The Jefferson Title & Mortgage
Plants& property_27,936,603 26.814,425 Common stock_.14,700,000 14,700,000 tive business men of Westchester Corp. has been organized by representaCounty for the purpose of dealing in first
1,518,952 1,895,375 Preferred stock_ _ _11,424,100 11,139,200 Mortgages on real estate, underwriting,
Cash
buying, selling
Accts. receivable.... 4,508,902 4,358,974 Aetna bonds
2,833,075 ing in bonds and mortgages,as well as bonds, notes, and generally dealdebentures and other
Collateral loans
650.000 Accounts payable_ 438.770
431,367 evidences of indebtedness oVindividuals,
partnerships and solvent corporaInvest't securities_ 753,185 2.194.030 Accrued pref. div._
99,960
97,468 tions, secured by deed of trust or mortgages
upon real property, and the
U.S Govt. BCC.3,371,750 3,933,158 Deferred credits__
36,411
16,596 sale of mortgage certificates which will be
guaranteed by the corporation.
Materials & suppl_ 4,025,659 3,501,125 Federal taxes (est.) 481,987
528,833
Finished product- 2.682,583 2,447.834 Reserves
6,050,706 5,282,941
Jones Brothers Tea Co., Inc.
-Control.
Deferred charges__ 116,385
127,615 Profit and loss_ _ _11,682,085 10,893,057
An option on 13,760,000 of 7% cumul. pref. stock of the
company has
44,914,019 45,922,536
Total
Total
44,914,019 45,922,536 been obtained by a banking syndicate headed by Brown Brothers & Co.
This is the entire outstanding issue of that stock, which now carries
voting
-V.125, p.3206,2396.
control ofthe company,due to the non-payment of preferred
July 1924. Accumulations are now 124.50 on the stock. dividends since
Independent Oil & Gas Co.
-Earnings.
Due to the control attaching to the preferred, it is believed that
the option will be exercised at an early date. The stock has been in
Period End. Dec. 31- 1927-3 Mos.-1926.
1927-12 Mos.-1926.
13,489,331 $3,563,545 113.114,709 19,792,992 of the Jones family since the company was incorporated in 1916.the hands
Gross earnings
It is estimated that net income for 1927 will be in excess
Exp.,taxes,dry holes,&c 1,804,536
1.584.770
7,069,518
4.781,615
equal, after allowing for only regular preferred dividends, to of $400.000,
$1.37 a share
Operating profit
11,684,795 $1,978,775 $6,045,191 15.011.377 on the 100,000 no-apr common shares, against $310,718, or 48 cents a
Interest and discount__ _
146.230
92,930
-V. 125. p. 2818.
517,307
310.232 share, in 1926. (New York "Times.").
Min.int.Seminole Oil Co
6.886
6,686
Fed.tax (estimated)---Kaufmann & Wolf Building (K. & W. Realty Corp.),
22.713
100,447
Res., depr. & depletion_ 1,069,068
588.581
3,214,452
1,916,209 Hammond, Ind.
-Bonds Offered.
-S. W.Straus & Co.,Inc.
Net income
$469.496 $1,267,665 $2,313,432 $2,575,044 are offering at par and int. $1,275,000 1st mtge. leasehold
Earns. per sh. on 500,000
6% serial coupon gold bonds.
she. cap stk (no par)_ _
$2.53
$0.94
34.63
15.95
Dated Dec. 1 1927; due annually, 2 to 14 years. Bonds
-V 126, p. 113.
(J. & D.) payable at offices of Straus Trust Co., Chicago, and and coupons
& Co., Inc., New York. Denom. $1,000 .3500 and $100. S. W.Straus
Indian Motocycle Co.
-Annual Report.
and int. (except bonds retired out of "additional rental" at Red. at 102
-Years End. Aug. 314 Mos.End.
Federal income tax of 2% paid by borrower. Calif. 4 mills,101 and int.).
Colo. 5 mills.
Period1927.
Dec. 31 '27.
1926.
1925.
Iowa 6 mills, Kansas 5 mIlls. Kentucky 5 mills,
Sales less returns & allow $1,124,205 13,689,061 x$4,037,441 14,286,866 exemption tax and Minn. 3 mills tax refunded. Mich. 5 mills mortgage
Melvin L. Straus, Chi1,099,734
Cost,expenses, &c
3,249.686 3,662,146
3,910,728 cago, trustee.
Security.-Secured by a direct closed first mortgage on
$24,470
Operating profit
3439,374
$375,295
$376,138 building, furnishings and equipment. The land is held leasehold estate,
under
Maint.E. Springf. prop6,232
10,297 ning for 99 years from July 1 1923 to June 30 2022. The a lease runnew building,
Depreciation
54,929
168,052
157,069
163,928 which is now under construction, will be basement and 4
of reinforced concrete, fireproof construction. The storestories in height,
will contain apNet income for year._loss $30,458
$271,323
$211,994
$201,913 proximately 200,000 square feet of floor area.
Previous surplus
1,176.900
1.170,308
1,190,696
1.086.793 the new store covered by this financing, it will beUpon the completion of
one
In the State of Indiana in the standpoint of floor area. of the largest stores
Total surplus
$1,146,442 31.441.631 11,402,690 $1.288,706
Earnings under Lease.
-The entire building will be leased
Adj. of depr. prior yrs_
y49.096
& Wolf, Inc., commencing with the date of completion andto Kaufmann
expiring not
London branch adj.
Cr1,948
Dr41,485 earlier than the maturity date of the last maturing bonds
of
Res. for Fed. inc. tax_ _
8,500
15,000
rental will be sufficient to cover all the payments and this issue. The
Disc,on pref.stk. purch.
Cr2,274
under this bond issue, except as to a portion of the last charges required
Sale cap.stk. Wire wheel
and in addition thereto the lessee will agree to pay groundmaturing bonds,
rent, taxes, cost
Corp
Cr.z198,921
Dr27,870
of operation, maintenance of building, Stc.
Preferred dividends(7%)
25,707
52,500
54,512
56,525
The lease will also provide,except on certain
Common dividend
50.000
150,000
150,000
that the lessee shall pay, as additional rental conditions contained in lease.
for the calendar year ending
(50c.)
(31.50)
($1.50)
Dec. 31 1932, and for each succeeding calendar year during the life
of the
indebtedness, an amount equal to 25%
Surplus
11,263,430 $1,176,982 31.170,308 $1,190,696 the lease, for each such calendar year. of its net earnings, as defined in
The additional rental is to be apEarns. per sh.on 100,000
plied to the prepayment and redemption at 101 of the last
she.of no par com.stk.
maturing bonds
Nil
32.03
$1.57
$1.45 of this issue.
X Includes London branch net income of $1,673. y To agree with basis
Kaufmann & Wolf.Inc.
-Both sales and profits
established by the U. S. Treasury Department for Federal income tax Inc., have shown a steady increase over a period of Kaufmann & Wolf,
of years. Following ii
purposes. z Including gain of sale of capital stock of Wire Wheel Corp., a comparative income account for the
years 1925 and 1926;
1103,534, and a reserve for decline in value of capital stock of said corpora1926.
tion restored to surplus amounting to $95.387.
1925.
Sales (net)----------------------------------Gross profit- _ ---- -- --------------------- 12,250,826 $2,122,622
Comparative Balance Sheet.
-796,602
738,267
Net profit before Federal-----Dec. 31 '27. Aus.31'26.
AssetsLiabilities- Dee. 31 '27. Aug. 31'26.
118.171
146,456
Kaufmann & Wolf. a co-partnership, the predecessor of Kaufmann &
Land & buildings. a$537,275 $557,099 Preferred stock___ $712,000 $750,000
Mach'y & equip-- 6675,769
764,289 Common stock---x4,000,000 4,000,000 Wolf, Inc., was organized 30 years ago and has been continuously in busiGoodwill, drc
2,500.000 2,500,000 Res've for coating_
44,876
64,669 ness in Hammond since then. It was started with a small store and the
U. S. Govt. secur_ 345,158
Acceptances pay'le
16,653
6,617 business has gradually expanded until its present quarters are not adequate
Investments
338,080
324,933 Accounts payable_ 165,247
158,044 to care for the increased volume of business.
Cash
y115.836
563,597 Customers' depos.
Keith-Albee-Orpheum Corp.
Notes rec.(trade).
20,595
6,093
and advances_
5,501
-Preferred Stock Offered.
Install. notes rec._
Wages payable...
89,280
10,330
24,125 Securities of the corporation were
offered Wednesday by
Notes & accts. rec.
Res. for Fed. taxes
20,583
Lehman Brothers in the form of $10,000,000 7% cumulative
(Indian Accept.
Accrued taxes....
6,112
27,871
120,000 UM for com.stk_
Co.)
64,707
75,877 convertible preferred stock at $101 per share
and div. AssoAcets receivable
z478.649
333,871 Surplus
1,263,429 1,170,308 ciated with Lehman
Brothers in the offering are Hallgarten
Due from branches
3,199
Inventories
1,129,719 1,034,052
& Co. and Edward B. Smith & Co., nd in Boston F. S.
Prepaid exp. & acMoseley & Co., in Chicago, Bacon, Arhipple & Co., on the
crued income__ _
8,869
Corn.stk.acquired
64,707
Pacific Coast, Bond & Goodwin & Tucker, and in New
75,877
Orleans, Lehman Stern & Co., Ltd. The bankers announce
Total
$6,303,939 $6,283,011
Total
$6,303,939 $6,283,011
they are also offering a limited amount of common stook
a After depreciation of $235,267. b After depreciation of $712.569. that
z Common stock represented by 100,000 shares of no par value. y In- at $24 per share.
cluding $50,441 cash in bank subject to trustee writ. z After deducting
Preferred as to dividends, and as to assets to the extent of
$110 and div.
$75,681 reserve for doubtful accounts.
-J. (cunmulative from
Dividends payable Q.
Note.
-On Dec. 31 1927 there were unmatured foreign drafts and ac- part at 1110 and div. Corporation agrees Jan. 1 1928). Red. all or
on or before Dec. 31 of each
ceptances under discount, aggregating 1308,257.-V. 125, p.2258.
year beginning with 1929 to acquire by redemption
exceeding the redemption price, out of surplus or net or purchase at not
Inland Steel Co.
-Extra Cash and Stock Dividends.
-To on such stock, at least 3% of the largest amount inprofits after dividends
par value of the convertible preferred stock which shall ever have been issued and outstanding.
Retire Preferred Stock.
-To Vote on Merger.
Cartalntur
The directors have declared an extra cash dividend of 14.25 per share on 67 ebeizali
es- Sept. 1 1928 to Jan. 1Authorized.
cm due
,
the common and a stock dividend of 134% on the common in common stock,
1933, incl -----------in addition to regular quarterly dividends of 62X cents per share on the
------ $939,000
$ 39,an ding.
° 1s1 0O
911 0
------ stock (par 3100)
common and $1.75 Per share on the preferred stock. The common cash 7% cumul.cony.
10,000,000
10,000,000
no
Basn stock he
dividends are payable March 1 to holders of record Feb. 15, the stock Copmoed on t( par vpatliuone)
2,000,000 sha.*1,100,104 abs.
that 100% of the
dividend March 15 to hoders of record Feb. 15, and the preferred dividend
Circuit Inc. now outstanding will be acquired. common stock of Orpheum
April 2 to holders of record March 15.
Convertible.
-Convertible, at any time up to and
The preferred stock has been called for retirement April 1 at 115 and
the date upon
which it shall have been called for redemption, into includingcommon stock
diva.
shares of
The tentative contract for the merger of this company and the Youngs- In the ratio of one share of preferred stock for three shares of common stock.
town Sheet & Tube Co has been approved by the directors and a special
Data from Letter of Pres. E. P. Albee, New York. Jan. 30.
stockholders' meeting has been called for March 15 to vote on the conBusiness.
-The proposed consolidation of the Keith-Albee
solidation.
and the Orpheum interests will
Fractional shares, will not be issued as a stock dividend, but the stock- vaudeville from its unite the two leading factors which have developed
beginning. The territory in which each has operated
holders will receive cash instead, based on sales of stock on the New York
has always been distinct. The Keith chain of theatres, both in the United
Stock Exchange at the close of Feb. 16.
The preliminary report of the Inland Steel Co. and subsidiaries for the States and in Canada. and those booked by the Keith-Albee Exchange, are
year ended Dec. 31 1927, shows net income of 36,806.894 after depre- located east of, and not including Chicago. The theatres of the Orpheum
Circuit, on the other
ciation, depletion, interest, federal taxes &c.. equivalent after preferred city. In almost all hand, are almost all located west of Chicago or in that
of
dividends to $5.16 a share earned on 1.182,799 shares of no par common. and motion pictures are the houses programa comprising both vaudeville
now presented. The uniting of these two circuits
This compares with $7,147,704,or 15.45 a share in 1926.
will form a great chain of vaueleville theatres, In both the United States and
-V.126. p.587.
See also Youngstown Sheet & Tube Co. below.
Canada,extending from the Atlantic to the Pacific Coasts, and will provide
a single booking office to book the vaudeville attractions for their own as
-Merger.
International Germanic Trust Co.
well as independently owned theatres.
The managements have, in the course of years, acquired many advanThe Terminal Trust Co. will be merged with the International Germanic
Trust Co. as a result of the approval given by the stockholders of the two tageous sites in central business districts for the theatres. Several of the
theatre buildings contain offices and stores which contribute a steady income
institutions on Jan. 25 at special meetings called for that purpose.
The Terminal Trust Co., with deposits of about $5,000,000 and total from rentals.
The theatres to be operated by the subsidiaries of the new corporation
resources of about $7,000,000, will become a part of the International
Germanic Trust Co. through an exchange of stock on the basis of 134 and by the affiliated companies in which it will have a minority interest
hares of International Germanic stock for each share of Terminal stock.
can play to over 1,000,000 persons daily. The two booking agencies fur-
FEB. 4 19281
727
FINANCIAL CHRONICLE
'Ash the vaudeville entertainment for a majority of the higher class vaudeville theatres in the United States and Canada.
-The Keith-Albee-Orpheum Corp. has been recently incorp.
Organization.
In Delaware to acquire all of the outstanding stock of the B. F. Keith Corp..
Greater New York Vaudeville Theatres Corp. and the Vaudeville Collection
Agency,at least 80% of each class of stock of the B. F. Keith-Albee Vaudeville Exchange (which four corporations are referred to as the Keith companies), and at least 80% of the common stock of the Orpheum Circuit Inc.
The last named company also has outstanding 64.150 shares of preferred
stack, par value $100 per share, convertible into its common stock at the
rate of two shares of common for each altar e of preferred.
Common stock of the new corporation will be reserved for such period
of time as its directors may determine for holders of common stock of Orpheum Circuit Inc. now outstanding who have not yet deposited their
shares for eachnge for an equal number of common shares of the new corporation.
-The Keith Circuit had its beginning in
Keith Companies & Properties.
1883 with one theatre in Boston, Mass. This circuit has grown until to-day
numbers 46 theatres owned or leased by wholly-owned subsidiaries, of
it
which 18 are owned in fee (including three under construction) and 28 are
leased (including four under construction), and in addition 115 theatres
owned, leased or operated by companies in which the B. F. Keith Corp.
owns varying amounts of stock. In 19 of the latter theatres it has a stock
Interest of 50% or more, and in most of the remainder a stock interest of
.
257 or less. This chain of theatres extends from Eastern Canada south
as far as Washington, D. C., and Louisville, and west to Detroit and
Indianapolis.
In addition to booking the vaudeville theatres in this chain, the B. F.
Keith-Albee Vaudeville Exchange supplies the vaudeville attractions for
about 100 theatres in the principal cities and towns east of the Mississippi.
Included in the less than 100% owned subsidiaries are the companies
owning the internationally known "Hippodrome" at 43rd-44th St. and
Sixth Ave.. New York City, which is owned in fee by a 50% owned subsidiary, and Keith Palace Theatre and office building at 47th St. and
Broadway, New York City, which is owned by a 51% owned subsidiary
on_ground held under a long term lease.
771e Orpheum Circuit.
-The first Orpheum Theatre was opened in San
Francisco in 1887 and seven years later the second was established in Los
Angeles. In 1898 the organization reached eastward, with the opening of
the Orpheum theatre in Kansas City, Mo. In rapid succession other
theatres were added to the circuit in the larger cities of the West and Middle
West, until at the present time the circuit numbers 50 theatres located in
24 different cities. In Chicago there are 10 Orpheum theatres, and such
cities as Los Angeles, San Francisco and Oakland, St. Louis and Kansas
City, Minneapolis, New Orleans, Vancouver, South Bend, Milwaukee,
Madison and Sioux City, each have two or more theatres.
The Orpheum Circuit Inc. is a holding company exclusively. The 50
theatres owned or leased by its subsidiary and affiliated companies have a
total seating capacity of approximately 112,000. Among these are 14
theatres which are owned in fee, and five theatres owned on leased land, by
wholly-owned subsidiary companies.
The Western Vaudeville Managers Association and Orpheum Circuit
Booking Corp.. wholly-owned subsidiaries of the Orpheum Circuit Inc..
book and supply vaudeville attractions for all of the Orpheum theatres and
also for a large number of independently owned theatres throughout the
West and Middle West.
Barnings.-The combined earninsg of the Keith companies and Orpheum
Circuit Inc., and their predecessor and wholly-owned subsidiary companies,
exclusive of earnings applicable to stock of B. F. Keith-Albee Vaudeville
Exchange and preferred stock of Orpheum Circuit Inc. not proposed to be
acquired by the new corproation (after adjustments) were as follows, years
ended Dec. 31.
While final audited figures are not yet available, the managemnt estimates that the combined earnings for the calendar year 1927. computed in
the same manner as the earnings above, were approximately $2,600,000, or
3.7 times the preferred dividend requirements. The decrease in earnings
In 1927 from the earnings of 1926 is attributable to certain abnormal conditions that obtained during the last year, which are not expected to continue or recur.
With the consolidation of the two groups of companies, and the many
advantages and savings expected to result therefrom, the operation of a
larger number of the theatres of the circuit with a policy of combining vaudeville and motion pictures at popular prices, the carrying out of other plans
and policies designed to meet new developments in the business, and the
additional profits anticipated from nine new theatres opened during the
last half of 1927. and nine new theatres expected to be completed during the
present year, there is every reason to believe that the earnings of the KeithAlbee-Orpheum companies will show a substantial increase in this and
following years,
-Aug,31 1927 (incl. Sub. Cos.)
Consolidated Balance Sheet
AssetsLiabilities
$200,000
$2,943.596 Notes payable
Cash
1,069.627
Certificates of deposit
500.000 Accounts payable
332,233
Marketable securities
1,246,919 Duo to officers
91,533
156,241 Dividends payable
Notes receivable
532,394
402.301 Accr. taxes, int. & exp
Accts. rec., adv. & work. fds
302,900
39,449 Prov. for Fed. taxes
Accts. rec. from ofti. & empl
111.717
153,713 Rent & other deposits
Accrued interest, &o
16,908,824 Def. notes payable & deb-1,589.000
Land owned
19,141,561 Funded Debt:
Bldgs. & eQuIP
improv. & equip. on leased
F. Keith Corp., 1st de gen.
13,726,912
7,725,000
property
ref.6s
Broadway theatre leasehold875,000 Mtge, bonds of subs. of Orph
6,465,000
2
Other leaseholds & goodwill
Cir. Inc
Inv.& adv. to MM.& oth.cos 3,272,117 N1tges.on prop,of subs.cos- 7,271,781
43,370
131,000 Res,for empl. bonus fund
Capital stocks
1,500,000
1,088,675 Res.for taxes & conting
Advances to attn. cos
9,348
3,222,238 Int. of min.stockh.In subs._ _
Other Inv. & dep. & assets
1.709,591 Orp. Circuit Inc.8% pref.-- 8.415,000
Deferred charges
10,000,000
7% cumul. pref.stock
21,859,237
Cora.stk.& Initial surP
-The directors have
-Extra Dividend.
(S. S.) Kresge Co.
declared an extra dividend of 4% in addition to the usual
quarterly dividend of 3% on the common stock (par $10),
payable March 31 to holders of record March 10. From
March 31 1926 to Dec. 31 1927, incl., regular quarterly dividends of 3% were paid on this issue.
At the end of 1927 the company had 307. Sc,& 10c. stores, and 128, 25c.
to $1 stores, making a total of 135 stores, while at the end of 1926 the chain
comprised 263,5. & 10c. stores and 104, 25c. to $1 stores, a total of 367.V. 126, p.558, 114.
-Annual Report.
(S. H.) Kress 8c Co.
1924.
1925.
1926.
Calendar Years1927.
161
166
169
183
Stores operated
Sales
$58,059,925 $51,869,460 545.963,182 $40,259,232
Cost of mds, sold, oper.
1 40,648,440 36,229,307
Not
expenses & rent
51.664.1501
458,826
568,566
724,003 Available
Depr.& amortization
427.164
587,667
714.000
Federal taxes
SI
Net profit
$4,957,771 $4,672,952 84,158.521 53.143.934
Other income
131.265
Totalincome
Previoussurplus
55.089,036 $4,672,952 84.158,521 53.143.934
8,830,557 15,786,662 12,357.346 10,001,260
Total surplus
513.919,593 520.459.614 516,515.867 513.145.194
209.349
208,105
Divs.on 7% pref.(7%)..
204.459
Divs, on common stock (81)964,977 (4%)480.000(4%)480.000(4%)480,000
Stk. div. paid in special
pref. 6% cum. stk.
(50c. per share)
483,369
Prem. on pref. stk. red..
722,500
Good will (writ. down)_
11,999,999
Cr.1,055,400 Cr.1.014.300 Cr.915,800
Approp. surplus
Total surplus
$11,748,747 $8,830,556 516.842,062 813.371,645
Shs, corn. stk. outstandx120.000
x120.000
x120.000
ing (no par)
966,739
$32.92
$37.23
Earns, per shs. on com
$24.45
5.26
x par $100.-V.426, p. 260.
-New President, &c.
Kroger Grocery & Baking Co.
W. H. Albers has been elected President ,succeeding B. H. Kroger.
founder of the chain, who has been elected Chairman of the Board.
Mr. Albers, who has been Vice-President and General Manager of the
company for many years, will also continue in his capacity as Gen. Manager.
The annual stockholders meeting has been called for March 7.-V. 126.
p.423, 114.
-Distribution of $18 a Share
Landover Holding Corp.
to Class "A" Stockholders.
The American Exchange Irving Trust Co. has been appointed agent to
-V.123, p.3192...
distribute 8180 share to holders of class A stock.
-Balance Sheet.Laurel Lake Mills, Fall River.
Dec.31'27, Jan. 1 '27.
AssetsRealest.& plant-- $972.096 $952,306
32,330
Cash
13,211
Accts.receivable
3,570
4,686
Inventory
198,721
197.871
Total
$1,187,599 $1.187,193
-V.124,P.3361
.
Dee.31 .27. Jan.1'27
LiabilitiesCommon stock-- $600,000 5600.000
300,000
Preferred stock--- 300.000
239,755
Notes & accept pay 195,282
14,133
36,585
Reserve for taxes_
Profit & loss &
33.305
55,731
depreciat'n _ ___
Total
$1,187,598 51.187.193
Larutan Fuel Co., Wichita, Kan.
-Bonds Called.
All of the outstanding 1st mtge. 7% 5
-year sinking fund gold bonds:
dated April 1 1925, have been called for payment April 1 at 102% and int.
at the National City Bank of Cleveland, Cleveland, 0.-V. 121, p. 2048.
1575.
Lee & Cady (Wholesale Grocers), Detroit.
-Smaller
Dividend.
The directors have declared a quarterly dividend of 60 cents per share on
the capital stock (par $10). payable Feb. 1 to holders of record Jan. 11.
-V.118.
Previously the company paid quarterly dividends of $1 per share.
p. 91.
Lehigh Coal & Navigation Co.
-Rights.
At a meeting of the board of managers held Jan. 25,the following resolution was adopted:
Whereas, the board of managers believe it is desirable for the company
to improve its facilities for the mining and preparation of anthracite coal
and, by construction and otherwise, to enlarge and improve its other works
and properties, excepting the railroad property known as the Lehigh &
Susquehanna RR.
Resolred, That the board of managers, for the purpose of enabling the
company to improve its facilities for the mining and preparation of anthracite coal and, by construction and otherwise, to enlarge and improve its
other works and properties, excepting the railroad property known as the
Lehigh & Susquehanna RR., hereby authorize an increase of the capital
stock of the company from 584,868 shares(par $50 each), total 529,243,400.
to 643,355 shares (par $50 each), total $32,167.750. and that the privilege
be given to the stockholders of the company to subscribe at par for capital
of 10% of their holdings, as registered on the books of
$65,518.139 stock to the extent o'clock noonozu_Leb. 4 1928._1110
Total
665,518,139
Total
•
the company at 12
F. Keith Corp.., a subsidiary company jointly with F. F. Proctor
B.
r
'Ifie stockholders of recorcfPeb. 4 will be given the right to subscribe
New York Theatres Co., has guaranteed the payment by an affiliated company of a building loan of 51.200.000 secured by a mortgage on property on or before March 3 for additional capital stock at par ($50 per share)
on the basis of one new share for each 10 shares held. Subscriptions
of the latter company.
installments as follows: $10 per share between
may be
Directors of the new company are: E. F. Albee (President). Marcus Feb. 23payable in full or in per share between March 26 and March 31:
and March 3: $20
Reiman (Executive Vice-President), John J. Murdock (Vice-President and and $20 per share between April 19 and April 25. See also V. 126. p. 588.
General Manager), E. G. Lauder, Jr. (Vice
-President and Executive ManPres. Warriner Replies to Objections.
ager). C. L. Kohl (Vice-President), Reed A. Albee (Vice-President). J.
Henry Walters (Vice-President), Maurice Goodman (Vice-President and
Replying to a latter of W.L. Haehnlen of Philadelphia, objecting to the
Counsel), B. B. Kahane (Secretary), Myron Robinson (Treasurer),
General
exchange of the Lehigh Coal & Navigation Co.'s block of Lehigh Power
Mark A. Luescher (Assistant Secretary) William J. Kernan (Assistant Securities stock in exchange for National Power & Light stock, President
Lee Shubert, Joseph M.
Treasurer), Walter P. Cooke, B. L. Heldinqeld.
written a letter
Mr.
Fehr, 0. L. Kohl, Frank R. ate. Edward V. Darling and Warmer of the Lehigh company has your letter was addressed to were
Finn, Herman
written, you
Haehnlen saying:"At or about the time
-V. 126. P. 114.
Max Gordon.
duly informed through your attorney that our shares of Lehigh Power
Jan. 25 under a plan and agreement
(Minor C.) Keith Florida Properties, Inc.-Transf.Agt. Securities stock had been deposited
of reorganization under which the National Power & Light Co. is to acquire
The Empire Trust Co. has oeen appointed transfer agent of the land stock of Lehigh Power Securities Corp. Therefore we were no longer In
possession of control of Lehigh Coal & Navigation Co.
preference shares.
"You misconceive the situation by your assumption that the policy of
Knickerbocker Insurance Co.of N.Y.
- this company had been in any particular_changed by this transaction. -Consolidation.
The examination report in connection with the merger, as of Sept. 30 V. 126, p. 588.
1927, between the Knickerbocker Insurance Co. of New York, and AssurLehigh Portland Cement Co.
-Transfer Agent.
ance Underwriters of America. Inc., has just been filed by the Insurance
Department of the State of New York. The statement of the consolidated
The National City Bank of New" York has peen appointed transfer agent
company shows a capital of $700.000, unearned premium and loss reserves for the preferred stock.
-V. 126, p. 114.
in excess of 52,000.000. net surplus of approximately 51,252,000 and assets
Lehigh Valley Coal Sales Co.
---New Director.
in excess of $4,000.000. The consolidated company will continue to be
H. I. Low has been elected a director to succeed the late F. L. Hines.
known as Knickerbocker Insurance Co. of New York.
IplAs of Dec.31 1927,the capital of the company was increased to $1,000.000 V. 125. p. 3650.
through the medium of a stock dividend of 150% on the common stock,
the directors at a'
special meeting held on Dec. 27.-V.
Lyman (Cotton) Mills.
authorized by
-$50 Liquidating Dividend.
The directors Feb. 1 declared a dividend in liquidation of $50 per share.
125, 0. 3491.
payable April 8. This brings total dividends in liquidation to 5150 per
Cheese Co.-Acguisitions--To Change Name.
Kraft
share, a payment of $1()() having been made in December.
At the annual meeting of stockholders, Malcolm B. Stone, who has
The stockholders will vote Feb. 10(a)on approving the acquisition of the
Pierce
Phenix Cheese Corp. and A. E. Wright Co.: and (b) on changing the name headed the liquidating committee, was elected Treasurer, and Rogerrespecwas elected Clerk. succeeding Ernest Levering and G. H. Nutting,
Kraft company to Kraft-Phenix Cheese Co.
of the
-year 6% sinking fund gold debentures of the tively. Burton E. Eames was added to the board of directors.
All of the outstanding 5
Describing the sale of the company's Holyoke plant to the Whiting Paper
Phenix Cheese Corp. dated Sept. 1 1924 have been called for payment Co. for $500.000,
March 1 next at 101 and int. at the Manufacturers' Trust Co., trustee. right to occupy theMr. Stone pointed out that the company retained the
-V.125, P. 3492.
property until April.
-V.125, P. 3491.
Broadway, N. Y. City.
189
728
FINANCIAL CHRONICLE
McCall Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 258,229
shares common stock with authority to add 168 shares upon official notice
of issuance in exchange for 42 shares of old common stock (par $100), with
further authority to add 5,596 shares upon official notice of Issuance in
exchange for outstanding fully paid subscription receipts, and with further
authority to add six shares upon official notice of issuance on conversion
of outstanding fully paid fractional scrip certificates, making the total
amount applied for 263,999 shares (no par value).
-Bonds Called-Agent.
McKeesport Tin Plate Co.
An of the outstanding 1st (closed) mtge. 20
-year 6% gold bonds, dated
Mar. 11926. have been called for payment Mar. 1 next at 103 and int. at
the Bank of Pittsburgh National Association, trustee, 226 Fourth Ave.,
New York City.
The Bankers Trust Co., has been appointed dividend disbursing agent
or the common stock, no par value. (See V. 125.-p.3207.)-V. 126, p.588.
[VOL. 126.
Voting Trust.
-To give permanency to the present control, there
been created a voting trust for the majority of the stock tnat is held has
by
the original owners.
The stock that is being offered for sale is not part of the voting trust stock
It is offered by individuals and has full voting power. None of the funds
derived from the sale of the stock that is being offered to the public arie to
be used for company financing as the company does not need any financing.
Listing.
-Application will be made to list this stock on the Cincinnati
Stock Exchange.
(The) Maurice (Circle Development Corp.), New York.
-Certificates Offered.
-The Prudence Co., Inc. is offering
$900,000 5% guaranteed Prudence certificates.
The purchase of one of these certificates makes the holder the owner
of a participation equal to the amount of his subscription in a first
mortgage
made by Circle Development Corp. on the newly completed apartment
hotel.
The mortgage is a first lien on the land and modern 13
-story
-Report.(H. R.) Mallinson & Co., Inc.
hotel occupying a plot on the north side of West 68th St. with apartment
a frontage
-Calendar Years- 14 mos.end. Year End. of 127 feet and a depth of 80.10 feet, and with an additional land easement
1926.
Dec. 31 25. Oct. 31 24. of 10 feet in the rear, and is distant 306.4 feet east of Seventh Ave. The
1927.
Not available
building strictly fireproof contains 260 rooms divided into two
Net profits on sales__ -- $1,261,0801
room suites. The owners estimate the annual gross earnings at and three597,8591
Admin. expenses
$296.000.
Michigan-Chestnut Building Corp., Chicago.
Net operating profit-- $663,221 loss$371,409
$805,718 10842,246
-Bonds
56,449
65.668
Other income
93,767
36,233 Offered.
-Offering was made recently
Total income
Deductions,inci.depr.,&c
Est. Federal taxes
$719,671 loss$305,741
241,212 •
255.979
$899,485
249.528
64.000
Net profit
7% pref. dividends
$463.691 def$546,953
135,128
152,026
$585.957 def$161,455
209,116
179,594
$33,987
195,442
Balance, surplus
$328,563 def$698.979
$376,841 def$341,040
Shs.corn, outs.(no par)..
200.000
200,000
200,000
200,000
Earn. per share on com_
nil
$1.64
$1.88
nil
Consolidated Balance Sheet Dec. 31.
(Including Erie Mills and Pussy Willow Co.]
Assets1926. 1 LtatrUtties1927.
1927.
1926.
Real estate, equipProf.1
stock 7%...z$1,924.400 $1,962,400
ment, ,ke
1E2,432.517 $2,572,584 Common stock (no
313.260
Cash
par value)
302,744
a500.000
500,000
2.023 Notes payable_ _ _ _
Notes receivable..
2,839
990,000
900,000
Inventories
3,096,732 2,999,254 Accts. payable di
accrued accts.__ 353,620
Accts'receivable_ _y1,305,535 1,103,789
447,919
85 100
.
0,100 Foreign drafts. dm. 448,253
Securities
565.710
37,889 Federal taxes, esti42,056
'new., sur. value_
mated
1,215
1,229
Accrued interest
80,582 Surplus
45,561
Investments
3,202,283 2,899.120
95,473
Deferred charges._ 104,243
87,418,556 87,275.1491 Total
Total
87,418.556 $7,275,149
x Real estate and mill buildings, $1,505,239; machinery and equipment,
$2,306,557; total, $3,811.797; less depreciation, $1,379,279. y Accounts
receivable less allowance for bad debts and discounts. z Authorized
issue of pref. stock, issued. $3,000,000; acquired for sinking fund,$829,700;
held in treasury, $245,900. a 200,000 shares, no par value.
-V. 125,
p. 1469.
Maryland Theatre & Office Building (63rd & Maryland Bldg. Corp.), Chicago, Ill.
-Bonds Offered.
-S. W.
Straus & Co., Inc. are offering at par and int. $1,600,000
1st mtge. fee and leasehold 6% serial gold bonds.
Dated Jan. 1 1928; due semi-annually 3 to 15 years. Straus Trust Co.,
Chicago,
trustee. Bonds and coupons payable at offices of Straus
,Trust Co., Chicago, trustee. and S. W. Straus & Co., Inc., New York.
Callable at 101 and int. Federal income tax of 2% paid by borrower.
The following State taxes refunded upon proper application: Colo.,5 mills:
Kansas, 5 mills, and Minn. 3 mills. Total authorized, $1,800,000.
Security.
-Bonds are secured by a direct first mortgage on the land owned
In foe and leasehold estate, fronting 275 feet to an alley on 63d St. with a
depth of 266 ft. on Maryland Ave. to 63d Place. The land fronting approximately 86 ft. on 63d St. by 125 ft. on Maryland Ave. is held under a
very advantageous lease that has 96 years to run,the remainder of the propertv is held in fee.
The building to be erected will contain a one-story store section, a 2-story
-story store and office section of se nl-fireproof
store and office section, a 4
construction, and a modern high class theatre section of fireproof construction, containing approximately 1.650 seats. The 4
-story store and office
section occupies the southeast corner of 63d and Maryland Ayes., fronting
101 feet on 63d St. by 125 ft. on Maryland Ave.: the 2
-story store and office
section adjoins the 4-story section to the east: the theatre section covers the
rear of the premises (excepting portion not to be improved), with entrance
on 63d St.. and the one-story store section adjoins said theatre entrance to
the east.
In addition to the theatre the building will provide space for 17 store
units and approximately 100 offices, designed for both commercial and professional service. There will be special equipment for both dentists and
physicians.
The theatre will have approximately 1.650 seats and will be leased for a
term beyond the period of this loan to Balaban & Katz Corp.
-The land owned in fee, leasehold estate and building have
Valuations.
been appraised at $2,250,000.
EarninGs.-Net annual earnings of this property have been estimated
conservatively at $259,250, the office space being based on rentals now
obtained In the district and the store leases on those already closed and
others under active negotiation.
-Sale Approved,
Merrell-Soule Co., Syracuse, N. Y.
-
The stockholders on Jan. 30 approved the sale of the company's assets
-V.126. p. 424.
and business to the Borden Co.
Meteor Motor Car Co., Piqua, Ohio.
-Common Stock
Offered.
-W. E. Hutton & Co., Cincinnati recently offered
at $25 per share 20,000 shares common stock (no par value).
This offering does not represent new financing in behalf of
the company.
by Greenebaum Sons
Securities Corp. of an issue of $575,000 sq% 1st mtge.
building and leasehold gold bonds, secured by the MichiganChestnut Building and leasehold estate, located at the southwest corner of North Michigan Blvd. and Chestnut St.,
Chicago. The bonds mature 1930 to 1937, and are priced
to yield 5.82 to 6.25%, according to maturities.
The building will be a 7
-story fireproof structure, occupying a ground
area of 21,507 sq.ft., with a frontage of 107 ft. on No. Michigan Blvd.,
and
201 ft. on Chestnut St.. the land being held under a 99
-year leasehold, at
an annual rental of $70,125.
Gross income of the building upon completion has been estimated
at
$318,600 annually, with net income at $131,875 after operating
expenses.
Including ground, rent, taxes, insurance and allowance for .5% vacancy on
ground floor and 10% for upper floors.
Missouri Building (St. Louis Properties Corp.), St.
-Bonds Offered.
Louis.
-S. W.Straus & Co., Inc. are offering $2,000,000 1st mtge. 6% serial coupon bonds at par
and int.
Dated Jan. 15 1928; due serially each Jan. 15 1931-1940. Bonds
coupons payable at offices of Straus Trust Co., Chicago, and S. W. and
& Co., Inc., New York. Callable on any int. date at 102 and int.Straus
on or
prior to Jan. 15 1935, and at 101 and int. subsequent
Federal income tax of 2% paid by borrower. Minn. 3 to Jan. 15 1935.
mills,
and
Penn. 4 mills, Cob., Kansas and Kentucky 5 mills, and Iowa 6Calif. permills
sonal property and money and credit taxes, refunded on proper application.
Straus Trust Co., Chicago, trustee; John B. Henkle, St. Lout:, Mo., cotrustee. Denom. $1.000, $500 and $100.
Security,
-Bonds are secured by a direct closed 1st mtge. on the land
owned in fee, and the buildings and equipment. The land is located at the
southeast corner of Lucas Ave. and Grand Ave., fronting 311
ft. 4%
on Lucas Ave. and 129 ft. 4 ins. on Grand Ave.
-40,171 sq. ft. The
building is a completed 12-story and basement in
office section of
height,
reinforced concrete fireproof structure, and is one of the best located and
equipped office buildings in the Grand Ave. district. The office section,
which was completed in July 1924, contains 7 stores and 11 floors of office
space. The second to the fifth floors, inclusive, are reserved for commercial offices, specially designed to give the tenants the best in modern office
building practice. The remaining floors
-the sixth to twelfth, inclusive.
are designed exclusively for the medical profession.
The theatre section, completed in 1920. is of steel and concrete construction, with brick exterior. In addition to the usual main floor, there is a
mezzanine and balcony. The seating capacity Is approximately 3,800
The theatre will be leased to Paramount Famous-Lasky Corp. or a wholly
owned subsidiary, for a period of 25 years from the date thereof, at an
annual rental of not less than $130,000.
-The income based on leases in effect as of Dec. 31
Earnings.
1927, la
as follows:
Income from rental of stores
$28,800
Income from rental of offices
164,494
Income from rental of theatre
130,000
Miscellaneous income
10,500
Total_--__ - _ - -------------- -- ---------------------------$333,794
Expenses, --------- insurance and taxes
96 750
.
Net income available for interest and principal payments
$238,044
This is approximately twice the annual interest requirements and is based
on a 72% occupancy.
Purpose.
-Proceeds will be applied to completion of
purchase of the
property, and the retirement of existing encumbrancesthe
thereon.
Monsanto Chemical Works.
-Initial Dividend,
&c.
The directors have declared an initial quarterly dividend of
623ie. a
share, payable April 2 to holders of record of March 20. The company
reports for the year ended Dec. 31, consolidated net income of $757,622
after all charges. Current assets as of Dec. 311927. were $2,271,213 and
current liabilities $289,248.-V. 126, p. 424.
Montgomery Ward & Co., Chicago.
-January
1928.
Month of January1927.
1926.
1925.
Sales
$13,225,470 $13,157.054 $15,266,946
$12,663.768
-V. 126, p. 571. 424.
Mutual Life Insurance Co.of N. Y.
-Financial
Status.
This company which begain active business on Feb. 1 1843. was 85
years old on Feb. 1 of this year.
During 1927 its volume of paid-for business produced in the field was the
largest volume of such business produced in a year so far in its history.
The total of new business for 1927, including dividend additions. &c., was
$503.286,774. On Dec. 311927, the total of insurance in force was
898.499.
The company disbursed under policy contracts in 1927 the sum of
142,216 and, in addition, accumulated for its policyholders and$103their
beneficiaries the sum of $61,900,667, making total benefits for policyholders and beneficiaries, $165,042.883. During 1927 it received from
$146.828,466. The excess of benefits to policyholders over
policyholders
receipts was $18,214,417. The company, therefore, in 1927, paid to policyholders and accumulated for them more than 112% of the amount received from them.
Among the 1927 payments made under policy contracts were $36,575,220
in death claims; $3,390.220 for matured endowments; $2,587,530 for
annuity payments and $35,619,678 in dividends. The company is purely
mutual and all dividends go to policyholders.
The company's mortality experience was favorable, which is advantageous for the company's policyholders in dividend payments.
Taxation was heavy, as always. This is a set expense in accordance with
the amount of business existing and produced, and is not lowered by careful operation. During 1927 the company paid for taxes, Federal, State,
County and Municipal, the sum of 82,960.163.
On Dec. 31 1927, the company's assets were $861,924,534, and liabilities
(including contingency reserve of $59,843.166) were $861.924,534. The
gain in assets in 1927 WM unusually large,$63,772.400.
The contingency reserve (surplus) on Dec. 31 1927, was 859,843,166.
The gain in this item over 1926 was $3,075,573. The contingency reserve is
the "emergency fund." The amount of such reserve a New York life insurance company may hold is set by law, and the amount actually hold (within
the limit) is such as seems advisable in the judgment of the company in
serving the interests of its membership.
-V.124,P.658.
Transfer agent and registrar, First National Bank, Cincinnati, Ohio.
Capitalization.
-Authorized and outstanding,42,000 shares(no par value)
Company has no preferred stock outstanding nor funded debt.
Data from Letter of Maurice Wolfe, President of the Company.
Company -Organized in May 1913 as an Indiana corporation. In
Dec. 1913 the company surrendered its Indiana charter and moved to
Piqua. 0., where it was incorp. in Ohio. Company is the largest manufacturer in the world of ambulances and funeral cars and carries on its
business through mail order selling. The Meteor organization produces
the best possible car from the standpoint of tried automotive engineering
standards and then combines with this ideal car the latest refinements designed to suit the special requirements of ambulances and funeral cars.
Earnings and Diridends.-Company has had a consistent earnings record
for a number of years and has paid dividends on its common stock every
year since 1916.
On July 1 1920 the company issued 8200.000 of8% preferred stock which
it retired in Jan. 1925 and then issued $250,000 of 7% preferred stock,
which it redeemed out of earnings before the close of 1928. In the 5 years
ended Dec. 31 1927 the average annual earnings amounted to over $172,400
after Federal taxes or the equivalent of over $4.10 a share on the 42,000
shares of no-par value stock outstanding. In 1927 the net earnings after
Federal taxes were about 8203.546, or equivalent to over $4.84 a share on
-par-value stock outstanding.
the no
The company will inaugurate dividends out of surplus earnings on this
no-par-value common stock at the rate of $2 per share per year, payable
50 cents quarterly beginning March 11928. current
assets including inven-Company as of Dec. 31 1927 had
Assets.
tories of $348,368, as against current outstanding obligations of $72,727.
The permanent assets, including land, buildings and equipment, show a
National American Securities Co., Inc.-Pres. Elected.
sound value of $320,728.
Warren R. Palmer, formerly Vice-President, has been elected President.
Company carries no good-will account and all earnings are available to
-V. 125, p. 3652.
the common stock.
FHB. 4 1928.]
FINANCIAL CHRONICLE
729
-Acquires Control of
National Food Products Corp.
-Debentures OfNational Dairy Products Corp. (Del.).
-Goldman, Sachs & Co., Lehman Brothers and Prince D. Pender Grocery Co.
fered.
Jan. 29
President H.
& Whitely are offering at 99 and int. to yield 5.33% $35,- acquired voting C. Phelan, announced on Grocery that the company had
Co., one of
D. Fender
control of
000,000 5% gold debentures due 1948. A portion of these chain food store companies thethe South, whose principal officesthe largest
and warein
operates
debentures has been reserved for exchange for subsidiary houses are located in Norfolk, Va. The Pender company -V. approxi126, P. 261.
in mately 370 grocery stores in Virginia and North Carolina.
companies' funded debt and preferred stocks and to pay
-Aircraft Insurance.
part for certain additional assets.
National Liberty Insurance Co.
The 6% collateral trust notes, which have been called
For the first time in history aircraft property damage insurance is being
written. According to an announcement by President George U.Tompers,
for redemption on Mar. 28 1928, at 1033 and int. will be a new policy is being offered which insures property owners against direct
accepted in payment for these debentures on a 06% dis- loss and damage caused by the falling of aircraft or its parts.
airways brought
The
count basis computed on the redemption price from date of steady enormous expansion of commercial of transportation about by the
has increased
popularization of flying
deliverery to date of redemption, provided notice of the the danger of property damageas a mode
from aircraft and it is to meet this new
amount of such notes to be tendered in payment is received hazard that the policy has been developed, Mr. Tompers states. "More
by mall and commercial pilots in the
than 12.000,000 miles were
not less than 5 days prior to the date fixed for delivery first six months of 1927, heflown "and estimates show an air mileage in
says,
excess of 25.000.000 for that year, exclusive of Army and Navy flying.
and payment for these debentures.
forced landings are
While experience shows fatalities to be relatively few,
Dated Feb. 1 1928; due Feb. 1 1948. Denom. 21,000 and $500 c*. quite common and the damage caused is a mounting loss against which
Prin. and int.'sayable at Goldman,Sachs & Co. (fiscal agents), New York. property owners hitherto have been unable to insure."
-V.126. p. 115..
Int. payable F. & A. without deduction for any Federal income tax not in
excess of 2% per annum. Penn. 4 mills tax and Mass. income tax not ex-Annual Report Year Ended
National Licorice Co.
part
ceeding 6% per annum refundable. Red. at any time in whole or in
on 30 days notice at 103 X and int. if red, prior to Feb. 1 1934. with suc- Dec. 31 1927.
cessive reductions in the redemption price of X of 1% on Feb. 1 1934 and Gross profit after deducting manufacturing and selling expenses $305,018
on each Feb. I thereafter to and incl. Feb. 1 1947, upon and after which Administration and general
129,054
expenses
date the redemption price shall be the principal amount and accrued int. Depreciation
17,087
Equitable Trust Co. of New York, trustee.
13.437
Expenses during installation period of new plant
Purchase Fund.
-Indenture will provide for a semi-annual purchase fund
% of the total
commencing Aug. 11929. in amount sufficient to redeem 1
$145,439
Operating profit
principal amount of debentures of this series which shall have been thereto13.283
fore Issued, to be applied to the purchase of debentures of this series if ob- Other income
tainable at or below the current redemption price or to the redemption
5158.722
Totalincome
thereof if not so obtainable. In lieu of cash the company may tender Income taxes (United States and Canada)
22,470
debentures of this series, at the current redemption price.
Listing.
-Company has agreed to make application in due course to list
8136,222
Net profit
these debentures on the New York Stock Exchange.
30,000
Preferred dividends
Data from Letter of Thos. H. Mcinnerney, New York. Jan. 27.
50,000
Common dividends
Company.-OrganIzed in Dec. 1923, company, with its subsidiaries, is
one of the largest distributors of dairy products in the United States.
256,222
Surplus
Since its incorporation it has acquired (either directly or through subsid- Previous surplus
210,077
iaries)companies engaged in the milk,ice cream and dairy products business
in many cities, as far south as Memphis, Tenn., and as far west as Omaha.
$266 330
Profit and loss surplus
Neb. In every case but three the entire common stocks or assets of such Earnings per share on 10,000 shs. common stock (Par $100)
20.63
companies are now owned. Among the properties are included the followComparative Balance Sheet Dec. 31.
ing in important centers:
1926.
1927,
Liabilities-Assets1927.
1926.
(1) New York: Sheffield Farms Co., Inc.; Breyer Ice Cream Co.. Inc.:
Hydros Ice Cream Co., Inc. (2) Chicago: Hydros Corp. (99.9% of corn. Plant investments_ $953,245 $525,330 Preferred stock_ _ _ 8500.000 8500,000
Common stock___ 1,000.000 1.000,000
stock owned), Chapell Ice Cream Co.,Inc., Consolidated Buttermilk Corp. Trade-marks.good100,000
900,000 Notes payable_
will,&c
900,000
3) Philadelphia: Breyer Ice Cream Co., Supplee-Wills-Jones Milk Co.
2,662
1,246
81,622
124,374 Current liabilities_
4) Pittsburgh: Rieck-McJunkin Dairy Co. (5) Milwaukee: Luick Ice Cash
50,000
25,000
Dividends payable
Cream Co. (6) Newark: The J. T. Castles Ice Cream Co. (7) Kansas U. S. & Canadian
242,940 Res, for deprec. of
Govt. bonds
City: Franklin Ice Cream Corp. (8) Memphis: Clover Farm Dairy Co.
215.141
230.211
41,910
plant Inv
49,006
(78.7% of corn, stock owned). (9) Omaha: Harding Cream Co.(99.9% of Accts.receivable
28.762
29.332
Inventories
163,845
corn, stock owned). (10) Nashville: Nashville Pure Milk Co.
150,936 Federal tax reserve
210,078
266,330
11,497
14,057 Surplus
The business of corporation and its subsidiaries includes the wholesale Deferred charges_
and retail distribution of milk, cream, butter and other dairy products.
$2.152,119 $2.006,642
Total
$2,152.119 $2,006,642
Total
and the manufacture and wholesale distribution of ice cream, beverages.
condensed milk, butter, semi-solid buttermilk, dried buttermilk, milk pow- V. 125. Is. 3358.
der, milk sugar, casein, and other milk by-products. A large portion of the
business is conducted on a cash basis with daily delivery serivce, resulting
National Oil Co.
-No Misrepresentation in Sale of Bonds.
In a rapid turn-over of working capital and a minimum of inventory risk.
A jury before Supreme Court Justice Valente returned a verdict Jan. 20
In addition to the subsidiaries now owned by it, the company has con- in favor of A. B. Leach & Co., Inc.. in the suit of Mrs. Elizabeth 11. Stantracted, subject to certain conditions, to purchase the assets of Breakstone ton,as executrix under the will of George If.Belcher,to recover about $9,000
Brothers, Inc., which is engaged in the manufacture of cheese and its whole- damages. The plaintiff alleged misrepresentation by the defendant in the
sale distribution in New York City and vicinity.
sale of bonds of the National Oil Co., which were foreclosed later. It was
testified in behalf of the defendant that the prospectus sent out was not
7pitalizationOutstanding.
Authorized.
issued until after an investigation of the facts had been made which the
$35.000.000
x
5g 0 gold debt". due 1948 (this issue)_
company believed justified assertions that the property was worth the
pre .stock, 7% cumul. (class A and B)
amounts claimed for it.
-V. 125, p. 256. 3209,
(par$100)11,924.400
$11,924,400
Common stock (no par value)
1.472,291 shs.
2,000,000 abs.
National Refining Co.
-Acquisition.
-x Additional debentures of this series or of other series may be issued
subject to certain restrictions to be set forth in the indenture.
The company has purchased the Tubbs 011 Co. of Grand Rapids, Mich..
rnmpose.-Debentures or the geeds thereof will be used to retire all consisting of a bulk station on the Pennsylvania RR. and eight service
-V. 124, p. 216.
the funded debt of National Da
Products Corp. and all its subsidiaries. stations.
to acquire or retire the entire preferred stocks of all its subsidiaries, to pay
for certain additional assets, and the balance,to increase working
Neild Mills, New Bedford.
-Extra Dividend.
in part
capital. Through this retirement there will be effected a reduction in
The directors have declared the regular quarterly dividend of $2 a share
fixed charges.
extra dividend of 21 a share, both payable Feb. 15 to holders of
-The combined net sales and net profits from operations and anFeb. 2. Like amounts were paid in the preceding four quarters.
Sales & Profits.
record
of Corporation and all companies now subsidiary to it (including earnings V. 122. p. 2539.
during 1925 and 1926 of the additional business presently to be acquired).
after all charges (including ample provision for depreciation of physical
-The
-Stock Offered.
North American Security Corp.
property) except Federal income texts and interest on funded debt of all
companies and dividends on preferred stocks of subsidiary companies to be corporation, with offices at 8 West 40th St., N. Y. City,
retired, and after deducting the proportion of profits applicable to minority recently offered for public subscription at a price of $100 per
conunon stock holdings of subsidiary companies, but before interest on
unit, the unsold balance of an authorized issue of 10,000
this issue of debentures, have been as follows:
No. Times
Progls as
units, each unit consisting of one share of 7% cumul. pref.
inf.on Debs.
Net Sales.
Calendar YearsA ove.
stock (par $50) and one share of no par value corn. stock.
5.13
$9,428,467
$113.905.387
1924
12,133,228
6.60
138.121.576
1925
The preferred stock is callable at 221.50 per share after three years. the
14,413,596
7.84
143.930.548
1926
call price increasing per year up to 255 at which price it remains until called.
14,575,000
7.93
1927_x
152,350.000
Central Mercantile Bank & Trust Co., N.Y.City,transfer agent. Murray
.
InWrseC1 on the figures as shown by the books to Nov. 30 1927 (subject Hill Trust Co., N. Y. City, registrar.
Capitalization (Authorized and to be Outstanding)
to completion of the examination now in progress) and as estimated by the
$1.000.000
insnagement for the month of December.
7% cumulative preferred stock (par $50)
10.000 abs
The annual average of such net profits for the 4 years ended Dec. 31 1927 Common stock (no par value)
amounted to $12,637,572, or 6.87 times the interest requirements on this
-Corporation is incorp. in New York, and is authorized to
Organization.
issue of debentures.
make investments in and to buy, sell, hold and underwrite national bank,
trust company, title guaranty, life, fire, marine and casualty insurance
Balance Sheet Nor. 30 1927 (Company & Subs.)
company stocks and other securities.
Assets.
LtabilUtes.
In addition to these holdings it is proposed that this company will acquire
Cash in banks & on hand_ _a$7,093,479 Accts. pay.,incl. sundry accr. $7,147,623 controlling shares in established financial institutions and negotiations are
279,275 Dividends payable & accrd_.
139,118 now pending for the purchase of securities which will secure control of a
Marketable securities
2,190,931 trust company.
7,083,915 Pros', for Fed. tax
Notes & accts. receivable_ _
866,971
6,359,917 Reserve for contingencies_ _
Inventories
-The management is vested in a board of directors experiManagement.
35,000.000 enced in matters of finance and investments. To facilitate operations, a
Misc. supplies & repair parts_ 1,482,970 5(.(% gold debentures
165,654 Min, stockholders' int. in
finance committee has been chosen to investigate and select the securities
Receivable from employees
158,745 for the investment trust composed of: Geo. C. Van Tuyl Jr., Frank H.
224,398
corn. stk. & sur. of subs_ _ _
Cash value of life insurance _
11,924,400 Smith,Frederick W.Kavanaugh W.Irving Granville and William E.Vealter.
560,627 7% pref. stock
MISC, Investments
b57,014,375 Common stock & surplus..._.d34.493,815
-The corporation applies the established prinInvestment Trust Feature.
Capital assets
758,830
ciples and safeguards of investment trust methods to the creation of two
Deferred charges
891,919.603 funds to be used for two distinct, yet closely allied purposes. The entire
purchased
c10,896,167
Total (each side)
Goodwill
proceeds of any debenture bonds and preferred stocks issued without dea After deducting the regular quarterly dividend on National Dairy duction for any expense or disbursements will be used in the purchase and
Products Corp. common stock declared Dec. 8 1927 and since paid. grouping of diversified and carefully selected bonds and stocks to be held
deducting depreciation of $15,490,300. c Less $1.448,086 appre- In trust, as and when so acquired.
b After
ciation in land values, as determined by independent appraisals, applied
Assets ee Earnings.
-The assets of the corporation will at all times contheroagainst. d 1,472,291 shares of no par value.
sist solely of cash and securities, and should be amply sufficient in the
Nota.-The above balance sheet is after giving effect as at that date to judgment of the board of directors, to afford adequate equity for both
the provisions of certain agreements for (1) the exchange of $1,500.000 of preferred stock and debenture bonds. The earnings accruing from securisubsidiary companies' preferred stocks for 30.000 shares of National Dairy ties immediately purchasable should exceed the 7% dividend requirement
Products Corp. common stock.(2) the acquisition of an additional business in the preferred stock.
presently to be acquired, and (3) the issue of $35,000.000 5 % gold debenThe certificate ofincorporation provides in effect,that no dividends should
or acquisition
tures due 1948 and the application thereof to the redemptiondebt and out- be paid out of the common stock until all accrued dividends in the preferred
stock have been paid.
of the company's 6% collateral trust notes and the funded
payment in
standing preferred stocks of subsidiary companies, to thecurrent debt part
and
-Expansion.
for the foregoing additional business, to the payment of
North American Title Guaranty Co.
-V. 126. p. 589.
working capital.
to increase
President William E. Walter. upon his return from Porto Rico, announced
that his company had just been qualified to do a title guaranty business
15-Year 6% Collateral Trust Notes.Re
To;
on that island. This is the first time that any title guaranty company,
-year 6%, collateral trust notes. dated Nov. 1 either domestic or foreign, has ever been authorized to do business on the
utstanding I5
All ef t
have eon called for payment Mar. 28 at 103X and int.at the Equit- island of Porto Rico.-Braegger St Co. of San Juan. P. R., were appointed
1925.
-V. 126. v. 590.
able Trust Co., 11 Broad St., New York City. of Goldman, Sachs & Co., agents of the North American company for that country.
Any of the above notes presented at the office
17 1928. and prior
-To Inc. Capital & Surplus.
22 Pine St., New York City, at any time on or after Feb. basis from date of
Northeastern Surety Co.
to Mar. 28 1928. will be purchased on a 4 X% discount
redemption price of
The stockholders have voted to increase the capital and surplus of the
presentation to date of redemption computed on the
company from $682,500 to $1.500,000. Of the new total. $1,000,000 wil
1928.-V. 126, p. 589.
103 and hit. to Mar. 28
730
FINANCIAL CHRONICLE
represent the capital stock and $500,000 will represent surplus. The
increase, voted in order to meet the requirements of new contracts written
or in process of being closed, follows a previous increase authorized last
Dec. 12.-V. 126. P. 590. 424.
[VOL. 126.
Philadelphia & Reading Coal & Iron Co.-Director.-
Pierpont V. Davis, V.
-President of The
been
elected a director of this company and of theNational City Co.has
Philadelphia & Re'ading
& Iron Corp. The holdings of the Baltimore & Ohio RR, and ofCoal
the
Widener estate amounting to 350,000 shares, have been trusteed with the
Norwalk Tire & Rubber Co.
-New Officers.
National City bank
John W.Whitehead has been elected President,succeeding W.B. Miller, will represent these of N ew York for a period of 3 years and Mr. Davis
holdings on the board.
-V. 125. P. 3359.
who will continue as chairman of the executive committee. Joseph N.
Cieri has been elected 1st Vice-President and Treasurer: L. P. Arnold,
Photomaton, Inc.
-New Director.
2nd Vice-President and factory manager: and W.F. Russell, Secretary and
head of the laboratories.
George C. Haas has been elected a director. At the organization meet-V.125. p. 2947.
ing of the board following the annual meeting of stockholders, John H.
Smith Jr., was elected Secretary of the company and retiring officers ware
Orpheum Circuit, Inc.
-Offer Extended.
-V.125, p. 3359, 2276.
The time for making the deposit of common stock of this company for re-elected for the ensuing year.
common stock of the Keith-Al-Orpheum Corp. has been extended until
Pure Oil Co.
-Reduces Dividend on Common Stock.
Feb. 14. Over 80% of the total outstanding issue has been deposited for
-The
exchange under the plan and agreement. See V. 126, p. 116.
directors on Jan. 31 declared a quarterly dividend of 12 o.
Paramount Famous Lasky Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $16,000,000
20
-year 6% sinking fund gold bonds due Dec. 1 1947.-V. 126. p.590.
(D.) Pender Grocery Co.
-New Control.
See National Food Products Corp. above.
-V.126. P. 117.
(J. C.) Penney Co., Inc.
-January Sales.
Month of January1928.
1927.
1926.
1925.
Sales
$7,721,697 66.330,660 $4,967,051 $3,928,847
At Jan. 31 1928,the company had in operation 913stores.
-V.126,p.590.
Pitney-Bowes Postage Meter Co.
-Notes Offered.
The Equitable Trust Co. of New York are offering at 9734
and int. $500,000 10-year 6% secured sinking fund gold notes.
Dated Dec. 1 1927:due Dec. 1 1937. Int. payable J. & D. at Equitable
Trust Co., New York, trustee, without deduction for any Federal income
tax not exceeding 2% per annun. Company agrees also to reimburse the
holders of the notes, upon proper application after payment, for the Pa.,
Ohio, Md., Dist. of Col. and Conn. personal property tax, not exceeding,
however, five mills per annum, and the Mass, personal income tax on the
int. not exceeding 6% of such interest per annum. Denom. of $1,000 and
$500c5 Red. all or part on any int. date on not less than 30 days' prior
.
notice, at 103 up to and incl. Dec. 1 1928, and thereafter at the rate of
54 of 1% less for each succeeding year or fraction thereof up to and incl.
Dec. 1 1933, and thereafter at 100 and int.
Data from Letter of W. H. Bowes, Pres. of the Company.
-Company engages primarily in the manufacture of postage
Company.
meter machines which are leased through its subsidiaries to large mailers
under the system of "metered mail." Substantially all of the postage
meters and postage meter mailing machines now in use in the United States
and Canada are supplied by the company and its subsidiaries. Company
through its subsidiary, the Universal Stamping Machine Co., is one of the
largest manufacturers and distributors of high-speed post office stamp
cancelling and post marking machines used in the post offices of the United
States, Canada and other countries. Company also manufactures automatic combination stamp affixing and envelope sealing machines and
through a subsidiary distributes these machines in the United States and
Canada. These machines are put out under the well known trade name
"Mail -Meter."
-0
"Metered Mail."
-"Metered Mail," officially known as "Metered Permit Mail," is a system of mailing originated by the company and its subsidiaries and authorized under regulations of the Postmaster-General pursuant to Acts of Congress of 1904 and 1920. The system comprises two
features: First: A combination of an indicts in lieu of a postage stamp, a
cancellation and a postmark, to be printed on mail before it reaches the
post office, enabling it to go directly to the sorting section. Second: A
printing and recording device which enables the Post Office Department to
collect postage in advance, per piece, thus avoiding the necessity of routine
verification of count and collection of postage at the post office.
On Dec. 31 1927 there were 2,385 Pitney-Bowes postage meters under
lease in United States. In addition on Dec. 311927, 382 postage meters
of the company and its subsidiaries were under lease outside of the United
States.
Purpose.
-Proceeds will be used for the retirement on Feb. 1 1928 of the
company's serial gold notes then outstanding, and for other corporate
purposes.
Earnings.
-Net earnings before interest, depreciation and Federal income taxes for the five years 1923-1927 (November and December 1927
estimated) averaged 6.1 times maximum annual interest charges on the
notes and in 1927 (November and December estimated) were 8.1 times such
charges. Such net earnings after depreciation, but before interest and Federal income taxes, for such five year period, averaged 2.8 times maximum
annual interest charges on the notes and in 1927(November and December
estimated) were four times such charges.
Assets.
-The consolidated balance sheet as at Oct. 31 1927 giving effect
to this financing,shows current assets of over 26 times current liabilities and
net current assets of $774,981, equal to 155% of the notes. There is no
floating indebtedness.
Sinking Fund.-Indestire will provide for a minimum sinking fund.
operating semi-annually, commencing June 1 1928, sufficient to retire at
least 60% of the notes by maturity. As an additional sinking fund, the
company will under the terms of the indenture, pay annually to the trustee
on or before June 1 in each year. commencing June 11929, 10% of the consolidated net earnings of the company and its subsidiaries for the previous
calendar year, after deductions for interest charges and fixed minimum
sinking fund payments but before allowance for depreciation, aesuch consolidated net earnings are defined in the indenture.
-V.126, p. 262.
- -
Pratt & Lambert, Inc., Buffalo, N. Y.
-Annual Report.
YeruTEnded Dec. 311925.
!Mr
-1926.
Operating profit
misc.x$1,399,024 $1,553,709 $1,566,909
Int., diva. from invest. & other
income
246,554
155,523
121,631
Total income
$1,520,656 $1,709,232 $1,813,463
Interest paid
7,066
1,844
Depreciation
87,878
71,898
see x
Federal taxes-est
192,000
209,500
195,000
Addit.to reserves(other than deprec.)
205,842
70,506
Net profit
Previous surplus
$1,325,656 81,339,504 $1.336,657
1,171.238
1,884,433
2,199,678
Total
$3,525,334 $3,223,937 $2,507,895
Additional Federal income tax &c--•
11.758
dends _______________ _ _
1,012,500
810,000
623,463
a share on the common stock (par $25),compared with 373.o.
a share in the previous quarters. In the final quarter of
1927 the company omitted the extra dividend of 123.o.
which had been paid quarterly since March 1926. The
dividend just declared is payable March 1 to holders of
record Feb. 10.-V. 126, p. 426.
President Henry M. Dawes has issued the following
statement:
The oil business is going through one of the cycles of overproduction
which seem to be inherent in every industry, in which the supply of the
raw materials is affected by the discovery element. rn the long view, the
industry is in a fundamentally sound position, but obviously, no one can
predict just how long this particular phase will last. The company's financial condition is satisfactory, but the directors felt that the interest of the
stockholders would be benefited by following a conservative course and
husbanding its resources, and in pursuance of this policy reduced
the
dividend on the common stock.
-V. 126. p. 426.
Quincy Mining Co.
-Rights
-Makes Distribution from
Surplus.
The stockholders of record Jan. 31 have been given the right to subscribe
on or before March 5 for the remaining 40,000 shares of authorized but
unissued capital stock (par $25) at $12.50 per share, in the ratio of four new
shares for each 11 shares already owned. Payment for the new stock
should be made in installments as follows: $4.25 per share on or before
March 5: $4 per share on or before July 5; and $4.25 per share on or before
Nov. 5; 14,000 shares have been underwritten by a syndicate in which the
directors are the largest participants at $12.50 per share without expense
to the company. There has been applied on each share of new stock out
of surplus before the issue of warrants, $12.50 per share which added to
the above installments due will make these shares full paid ($25 par.)
V. 125, p. 2276.
Reliance Grain Co., Ltd., Winnipeg, Man.
-Bonds
Offered.-Nesbitt,Thomson & Co.,Ltd., Montreal, are offering at 100 and int. $2,000,0006% 1st mtge.& collateral trust
sinking fund 20-year gold bonds, series A.
Dated Jan. 2 1928; due Jan. 2 1948. Principal and in (J. & J.) parable at holder's option in gold coin of the
Dominion of Canada, of or equal
to the present standard of weight and fineness, at the principal office of
the Bank of Nova Scotia in Montreal, Toronto, Winnipeg, Vancouver and
Halifax in Canada, or in United States gold coin, of or
present
standard of weight and fineness, at the agents of the equal to the York
bank in New
City. Dad. all or part on any int. date upon 30 days' notice at 105 and
int. Denom. $1,000, $500 and $100c*. Montreal IYust Co., trustee.
CapitalizationAuthorized.
To be Issued.
6% 1st mtge.& coll, trust bonds (this issue)-$5,000,000
$2,000,000
6%% cumulative preferred stock
3,000,000
2,000.000
Common stock (no par value)
100,000 shs. 100,000 shs..
Data from Letter of Sidney T. Smith, Pres. of the Company.
-Has been incorp. in Canada to acquire the
Company.
assets and undertakings of Reliance Terminal Elevator Co., Ltd., and Smith Murphy Co.,
Ltd., and all the outstanding shares of Province Elevator Co., Ltd. These
companies are engaged in the business of storing, shipping, exporting and
dealing in grains. They are equipped to cover the entire service of handling
grain from farm to seaboard. They have been closely associated and have
been operated under the same general management for several years.
Reliance Terminal Elevator Co. owns and operates a thoroughly modern.
reinforced concrete terminal elevator at Port Arthur, Out., fully equipped
with modern cleaning, drying and handling machinery, which, with additions now under way, will have a total storage capacity of over 4,000.000
bushels. Smith Murphy Co. has carried on a general grain commission,
shipping and export business, controlling Smith TMurphy Co., Inc. of New
York and having through this
company an extensive connection with
the Principal importers of grain in the United Kingdom and Europe.
Province Elevator Co. owns and operates 128 line or country elevators
situated in the Provinces of Manitoba, Saskatchewan and Albert. In
addition, the company operates and controls over 50 line elevators. The
storage capacity of the line elevators is 5,100,000 bushels which, together
with the terminal elevator, provide storage facilities for more than 9,000,000
bushels. The properties owned by the consolidated companies, based
upon recent appraisals, have a commercial value in excess of $2,900,000.
The net current assets amount to $1,446.296, making total net tangible
assets of over $4,346,000.
-Price, Waterhouse & Co. have
Earnings.
net
earnings of the consolidated companies, aftercertified the annual
deducting maintenance,
depreciation and income taxes, for the last three fiscal years ending
July 31
as follows: 1925, $368,593; 1926, $678,951; 1927. $681,224 or an average
of $576,256 per annum. being at the rate of 4.8 times bond interest require.
ments.
Further Issues of Bonds.
-Further bonds of series A or other series may
be issued from time to time but only to the extent of 66
the cost
or fair value, whichever is less, of additions or extensions 2-3% of
properties
to
of the company, and then only when net profits for any 12 ofthe preceding
the
14 calendar months have been at least twice the annual interest on all
bonds outstanding of series A or other series, and in all cases including as
outstanding bonds those proposed to be issued.
-The deed of
Sinking Fund.
fund commencing in 1930 of an trust will provide for an annual sinking
amount equal to 2%
bonds of
that issue at any one time outstanding together with anof all the
amount equivalent
to the annual interest on all bonds previously redeemed. This fund will
be applied exclusively to the purchase in the open market of bonds of that
issue at or below the redemption price; failing such purchase bonds may
be called by lot at the redemption price of 105 and int.
Security.
-These bonds will be secured by a
mortgage upon
the lands, elevator, buildings and equipmentfirst specific
of the
Port Arthur, Ont., and by deposit with the trustee company located in
of all the outstanding
capital stock of Province Elevator Co., Ltd., and by a floating charge upon
all the other assets of the company. There are no bonds or mortgages
outstanding upon any of the properties of the company or its subsidiary
other than the within-mentioned 62,000,000 6% 20
-year bonds, series A.
Profit and loss, surplus
$2,715,334 $2,199,678 $1,884,433
Earned per share on 202 500 shs.(no
par) capital stock
$6.61
$6.55
$6.60
.
x After depreciation.
Comparative BalancelSheet Dec. 31.
Restigouche Co., Ltd., Campbellton, N. B.
Assets1926.
1927.
Liabilities1926.
1927.
-Bonds
Plant, equip., &c.
Capital stock_ _ _ _x$3,450,000 $3,450,000 Offered.
-Royal Securities Corp. New York is offering at
(less depree.)__ _$1,957,875 $1,845,837 Accounts payable_ 378,448
409,400
99 and int., to yield 5.55% $1,500,000
Cash dr Otis. of dep. 1,869,326 1,023,166 inv. payable Jan- 354.375
354,375
mtge.
U. S. Liberty bds.
303,656 Accr. U.S.& Can.
20-year sinking fund gold bonds, series A. Guaranteed bY
209,500
taxes (est.)___ - 195.000
Notes & seept.ree.
65,308
64,993
Fraser Cos., Ltd.
Ace'ts rec.dew res.) 1,655,347 1,618,841 Res. for gen. conUngeneles
250,000
250,000
Dated Feb. 1 1928, maturing Feb. 1 1948. Principal and interest F.& A.
Inventories
1,179,166 1,230,326
2,715,334 2,199,678 payable in Canadian gold coin or its equivalent
Surplus
Misc.aee'ts.invest.
at Royal Bank of Canada.
649,796
&a
538,091
Montreal, Quebec, Toronto, Halifax, St. John. Charlottetowl, Ottawa.
136,024
Hamilton, Winnipeg, Regina, Calgary, Vancouver or VictorW or. at the
78,358
Deferred charges
option of the holder, at the agency of Royal Bank of Canada.'New York.
Total
$7,343,156 $6,872,953 in U. S. gold coin or its equivalent, or in Sterling at Royal Bank of Canada,
_Total
$7,343,158 $6,872,953
the rate of $4.86 2-3 to Zl. Denom. $1,000 and $500 c*.
x Consisting of 202,500 shares of no par value.
on London, Eng., at at any time
Red. all or p,art,
on 60 days' notice, at a premium of 5% up
s
W. P. Cooke and C. D. Sproule have been elected additional directors. to and incl. Jan. 311929; thereafter up to and incl. Jan. 311947. at a preW. P. Werheim has been elected Vice-Pros, and R. W. Lindsay Treas.- mium of 5% less
of 107 for each calendar year or part of a calendar yea_
comprised in the period from Feb. 1 1929, up to and incl. the date or
V. 125, p. 2681.
5y 0 1st
27
FEB. 4 1928.]
FINANCIAL CHRONICLE
redemption, and after Jan. 31 1947, until maturity without premium; in
each case with accrued int. Trustee, Montreal Trust Co., Montreal.
CapitalizationAuthorized. Outstanding.
IA mortgage sinking fund gold bonds
$5,000,000 a$1,500,000
Common shares (no par value)
250,000 shs.b250,000 abs.
.
a Series A 5%% b All owned by Fraser Cos., Ltd.
Data from Letter of Archibald Fraser, President of the Company.
-Is incorp. under the laws of the Province of New Brunswick
Company.
its name having been changed from that of Stetson, Cutler & Co., Ltd., by
supplementary letters patent. Company is controlled through ownership
of its entire capital stock by Fraser Co.'s, Ltd., which, with its wholly
owned subsidiary Fraser Paper, Ltd., is one of the largest Canadian manufacturers of high-grade sulphite papers and bleached and easy bleaching
sulphite pulp. Restigouche Co., Ltd., is itself one of the largest manufacturers of and dealers in Eastern Canadian forest products.
Company controls under lease from the Province of Quebec 286 sq. miles,
and under lease from the Province of New Brunswick 1,009% sq. miles of
timber lands situated on the watersheds of the Restigouche, Tobique
and Green rivers and their tributaries. These timber areas, which are
exceptionally well wooded,are estimated to contain approximately 7,000,000
cords of pulpwood. Company also owns a large sawmill property at Athol
(near Campbellton,
B.) with annual manufacturing capacity of 30,000.000 feet b. m.of spruce lumber and 25.000,000 laths.
Purpose.
-Proceeds of issue will be used to provide part of the cost of
retiring the presently outstanding $2,231,500 7% 1st mtge. bonds of Stetson, Cutler & Co., Ltd. (see below).
Guaranty.
-Bonds will be guaranteed by Fraser Co.'s, Ltd., as to the
payment of principal, interest and sinking fund, by endorsement on each
bond.
Valuation of Fraser Cos., Ltd.
-Plants, properties, timber lands and other
fixed assets owned by Fraser Cos., Ltd. and its subsidiary (excluding any
value for its investment in Restigouche do.,Ltd.), after deducting depreciation and depletion reserves are certified as having a book value at July 31
1927, of $19,013,085; and net current assets as at the same date were
$4,337.471, giving a total of $23,350,556, equivalent, after deduction of
first mortgage bonds and debentures of Fraser Cos., Ltd., to more than
$7,000 per $1,000 guaranteed bond of Restigouche Co., Ltd.
Earntngs.-Average annual earnings for the 4 years and 7 months ended
July 31 1927, of Fraser Cos., Ltd., and its subsidiary (exclusive of any
earnings of Restigouche Co. Ltd.) based on the annual earnings after
deducting operating and maintenance expenses, local taxes and all interest
charges, including interest charges on the first mortgage bonds and debentures of Fraser Cos., Ltd., and available for depreciation, depletion and
income tax, and interest charges on the 5%% first mortgage bonds of
Restigouche Co., Ltd.. were $432.187, as against $82,500 being annual
interest charges on the bonds of Restigouche Co., Ltd. to be presently
outstanding.
Net earnings available for interest charges on the 5%% first mortgage
bonds, series A, of Restigouche Co., Ltd., on the above basis for the year
ended Dec. 31 1927 (subject to audit) were $773,156, equivalent to over
9 times annual interest charges on the 5%% first mortgage bonds, series
A, of Restigouche Co., Ltd.
Sinking Fund.
-Trust deed will provide for an annual cumulative sinking fund commencing Feb. 1 1931, at 2% per annum on all bonds issued
thereunder, together with interest on bonds previously redeemed.
Richland Coal Co.
-Sale.
On Jan. 14 the coal properties of the Richland Coal Co., the Richland
Block Coal Co., and the Ferguson Coal & Coke Co. were sold at public
auction at Wheeling, W. Va., to satisfy a judgment of the U. S. District
Court. The buyer was the Richland Colleries Corp. who paid $750.000
for the properties.
-V.126, p. 117.
Rigney & Co. (Candy) Brooklyn, N. Y.
-Initial
Dividend.
The directors have declared an initial quarterly dividend of 25 cents Per
share on the pref. stock (par $10), payable April 2 to holders of record
March 20. See offering in V. 126, p. 590.
Rolls-Royce of America, Inc.
-Defers Dividend.
731
The maximum annual int. charges on the total funded debt to be presently
outstanding will amount to $1,235,000.
Sinking Fund.-Indenture will provide a sinking fund for the debentures,
commencing Nov. 15 1929, sufficient to retire over 40% of the Issue Prier
to maturity.
Authorized.
CapitalizationOutstanding.
Savoy-Plaza 1st (closed) mtge. fee &
leasehold 20
$10.500,000
-year sinking fund 6s 1945$10,500,000
Realty extension 1st mtge. 5%s 1945_ _ - 4,000,000
4,000,000
10
-year 5%s (this issue)
7,000,000
7,000,000
Cumul. cony. 7% pref. stock (par $100) 20,000,000
5,000,000
500,000shs.
95,000shs.
Common stock (no par value)
$4.640,200 of the outstanding 7% pref. stock, as well as the entire outstanding common stock, will be owned by United States Realty & Improvement Co. and its subsidiary, Plaza Operating Co. and by Childs Co.
Purpose.
-Proceeds of these debentures and $4.000,000 1st mtge, loan
are to provide for the cost of acquisition of the property adjoining the hotel
and the proposed new addition to be constructed thereon and to reimburse
the corporation for expenditures heretofore made on the Savoy-Plaza Hotel.
Listed.
-Listed on Boston Stock Exchange.
Sears, Roebuck & Co.
-January Sales.
1925.
Month of January1926.
1927.
1928.
Sales
$24.240,148 $22,080,174 $22,590,905 $22,080.092
-V. 126. p. 570, 263.
-Stock Offered.
Second Financial Investing Corp.
Sawyer, Fiske & Spencer, Inc., Boston and United States
Fiscal Corp., New York are offering the capital stock of the
above company at $25 per share.
Registrar, Guaranty Trust Co., New York. Transfer agent, United
States Corp. Co., New York,
Capitalization.
Bonds(authorized and limited by charter)
44.000,000
Common stock (par $10)
y200,000 shs.
x Secured and convertible bonds may be issued not to exceed twice the
net worth of the corporation. y Through contractual arrangements all of
the common stock is to be issued for cash at not less than its actual book
value, except not to exceed 100.000 shares to be issued upon conversion of
bonds.
Data from Letter of Jarvis W. Rockwell, Jr., Treasurer of Company.
Business.
--Corporation was organized under the laws of the State of
New York under most careful restrictions as a general management investment trust of the type that has been so successful abroad, over a period of
many years. The securities of the corporation provide a medium through
which investors may secure the advantage of diversification in high grade
marketable securities under a skillful management conservatively trained
and experienced.
Investments.
-Corporation is required by charter to maintain assets
consisting of bonds, preferred stock and common stock investments listed
upon regularly established and recognized stock exchanges or cash, equal
In amount to the par value of its own bonds and capital stock. The paid
and earned surplus may be invested in listed or unlisted securities. The
charter permits the investment and reinvestment of its resources under
careful restrictions and diversification requirements.
Management.
-Corporation is one of the group of investment trusts
managed by United States Fiscal Corp. This latter company is strictly a
management organization and supplies to Second Financial Investing Corp.
statistical and clerical services and investment counsel for an annual fee of
of 1% of the assets of the corporation. The services of the United
States Fiscal Corp. are supervised by the board of directors of Second
Financial Investing Corp. which is elected annually by its stockholders.
Earnings.
-Based upon the.earnings of Financial Investing Co. of New
York. Ltd.. which is also one of the investment trusts under the management of United States Fiscal Corp. and which paid on Jan. 1 1928 its 11th
consecutive quarterly dividend and on Oct. 1 1927, its 4th consecutive
semi-annual extra dividend, it is expected that the earnings available for
dividends and reserves should be in excess of 10% of the capital and surplus received by the corporation from the amount subscribed for its common
stock.
The directors have voted to defer the quarterly dividend of 1 %
ordinarily due Feb. 15 on the 7% cumul. pref. stock. Quarterly dividends
at this rate have been paid since Nov. 15 1926, at which date they were
resumed after a suspension of about 5 years.
Directors of the Rolls Royce Co. of America passed the 1%% quarterly
Servel, Inc.
-Transfer Agent.
preferred dividend, due at this time.
The Central Union Trust Co. of New York has been appointedtransfer
The directors issued the following statement:
"During the year your company was engaged in bringing out the new agent for 900,000 shares of common and 65.000 shares of Preferred stock
-V.126. p. 590. 118.
Phantom car and a complete line of new coach work. About three months' (voting trust).
production was lest and salessuffered thereby, and earnings were materially
Sheffield Farms Co., Inc.
-Obituary.
affected. These radical changes in our manufacturing program were,
however, accomplished without operating loss and a profit over bond
Isaac A. Van Bottle], Chairman of the board, died in New York City on
interest was made, but at the expense of our cash position. Thefinal figures Jan. 25.-V. 125, p. 1472.
for 1927 are not yet completed, but as soon as possible will be sent to you.
With this behind us and with the new car giving the utmost satisfaction to
Shreveport El Dorado Pipe Line Co.
-New Director.
those who have received it, we look forward to a satisfactory year in 1928."
Henry D. Beenning has been elected a director.
-V.126, p. 591.
-V. 124. p. 2442.
St. Regis Paper Co.
-Capital Stock Increased.
The company has filed a certificate at Albany, N. Y., increasing its
authorized common stock (no par value) from 750,000 shares to 1,000,000
shares and the preferred stock (par $100) from 50,000 shares to 100,000
-V. 124, p. 1991.
shares.
Savoy-Plaza Corp.
-Blair & Co., Inc.,
-Debentures Sold.
and the National City Co. have sold $7,000,000 10-year
53% sinking fund gold debentures. The debentures were
priced at 98 and int., to yield over 534%,and are secured as
/
to interest, sinking fund and principal payments by suba
scription agreement of the United States Realty & Improvement Co. and Childs Co.
Dated Feb. 11928; due Feb. 1 1938. Int. payable F. & A. at principal
office either of Blair & Co. or of National City Bank, New York (trustee),
without deduction for any normal Federal income tax up to 2% per annum.
Penn., Maryland and Calif. personal property tax up to 5 mills per annum;
Mass. income tax up to 6% of income, refundable. Denom. $1,000 and
$500 c*. Red, as a whole at any time or in part on any int. date on 30
days' notice at 103% if red, on or before Feb. 1 1930; at 102% thereafter
If red. on or before Feb. 1 1932; and thereafter at 102% less % for each
year or part thereof elapsed after Feb. 1 1932;in every case plus accrd. int.
Date from Letter of Wm.Childs, President of the Corporation.
Subscription Agreement of Proprietor Companies.
-Savoy-Plaza Corp.,
organized in New York, is controlled by United States Realty & Improvement Co. and Childs Co., which have entered into a subscription agreement with Savoy-Plaza Corp. to subscribe in equal amounts (one-half each)
for preferred stock of the corporation sufficient to provide the 811/1113 required for interest, for the sinking fund payments and for the principal at
maturity of these debentures in the event that the Savoy-Plaza Corp. fails
to supply the sums required for such purposes.
The outstanding stocks of United States Realty & Improvement Co. and
of Childs Co. represent at current quotations aggregate market values of
approximately $46,000,000 and $22,000,000, respectively.
-Owns (in fee and leasehold) the Savoy-Plaza Hotel
Savoy-Plaza Corp.
occupying the entire block front on Fifth Ave. between 58th and 59th Sts.,
CitY. It has also acquired in fee simple the property adjoining the
N. Y.
hotel on the east embracing a plot approximately 25,000 square feet in area,
-story addition. Including the newly
upon which it proposes to erect a 6
acquired property, Savoy-Plaza Corp. controls in a single plot approximately 55,000 square feet of land, of which 45,000 square feet is owned in
roe and 10,000 square feet is held under lease, constituting one of the largest
plots of choice real estate under one ownership in New York City.
Upon completion of this financing the funded debt of the corporation will
cons st of 1st mtge, obligations aggregating $14,500,000 and this issue of
i
-year sinking fund gold debentures. The properties owned
$7,000,000 10
by the Savoy-Plaza Corp., including furnishings and the estimated cost of
the proposed addition, will represent an investment substantially in excess
outstanding.
of the funded debt to be presently the
Barnings.-Upon completion of
proposed addition the management
estimates that the net earnings of the entire property after all operating
depreciation and a proper allowance for vacancies, will be
expenses, taxes,
approximately $2,200,000 per annum available for int. and Federal taxes.
(A. 0.) Smith Corp.
-New Common Stock Placed on a
$1.20 Annual Dividend Basis.
The directors have declared a quarterly dividend of 30 cents per share on
the outstanding common stock (no par value), payable Feb. 15 to holders
of record Feb. 1. This is equivalent to $1.50 per share on the old common
stock outstanding before the split-up on a 5
-for-1 basis. A distribution
at the latter rate was made on Nov. 15 last, prior to which the company
paid quarterly dividends of $1 per share.
-See V. 125, p. 2541.
Southern Pipe Line Co.
-Annual Report.
Cal. YearsProfits for year
Dividends paid
1925.
1924.
1926.
1927.
$191,266
280,092
$150,989
$222,007
400.000(8%)799.999
200,000(1%)100,00 (
0 4%)
Balance
$22,007 sur$50,989 def$208,734 def$519,907
Profit & loss surplus.. _
x432,945
988,172
1,196,906
454,952
Earned per sh on 100,000
y$1.51
shs.cap.stk.(par $50)
$1.91
$2.22
$2.80
x After deducting $602,710 for loss on sale of securities and $3,506 Federal tax adjustment for years 1920 to 1924 inclusively. y On May 2 1926
the capital stock was reduced from $10,000,000 to $5,000,000 by changing
the par value of the stock from $100 to $50. The payment of $50 per share
was completed Mar. 1 1927.
Pres. Forrest M.Towl,says:
"The 1927 statement shows an earning sufficient to pay the dividend on
Dec. 1 1927 of $200,000; but owing to a recast of earnings, taxes, expenses
and dividends since Mar. 1 1913, as requested by the U. S. Treasury
Department, the entire dividend paid Dec. 1 1927 came from surplus at
Mar. 1 1913, as there is still a statutory taxable loss to apply against 1927
earnings.
"The estimated present worth of annuitants on company's roll is $83,870.
The estimated present worth under the annuity plan to take care of present
employees when and if they retire is $409,973. The company has no other
outstanding obligations.
Comparative Balance Sheet Dec. 31.
Assets1926.
Liabilities-1927.
1926.
1927.
Plant
x$937,379 $5,950,949 Capitalstock
$5,000,000 $5,000.000
Other Investments 2,281,577 3,234,586 Cap.stk.red.acct
22,436 1,082,190
2.842,311
Accts.receivable_
80,642
78,878 Deprec'n reserve..
Cash
5,684
723
178,512
98,717 Accounts payable432,845
Profit and loss_ __ 454,952
Total
85,478,110 $9,383,131
55,478,110 59,363,131
Total
x After depreciation amounting to $3,014,469.-V. 126, p.591.
South Penn Collieries Co.
-
On petition filed by Warren T. Acker of Scranton, who asked the removal
of R. H.Buchanan as receiver, Judge Dickinson in the U.S. District Court
at Philadelphia named Franklin Spencer Edmonds as special master to hear
-V.125. p. 3075.
Acker's complaints to determine his status as creditor.
-Transfer Agent.
Spencer-Wynne Paper Products, Inc.
The Guaranty Trust Co. of New York, has been appointed transfer
agent for the preferred and common stock.
-V.126.P.591.
732
FINANCIAL CHRONICLE
(C. G.) Spring & Bumper Co.
-Bonds Offered.
-Watling,
Lerchen & Hayes, Detroit, are offering $650,000 1st mtge.
6% serial gold bonds at prices to yield from 5% to 6% according to maturity.
Dated Jan. 11928, due serially $80,000 each Jan. 1 1929-1930: $120,000
each Jan. 1 1931-1932 and $250,000 Jan. 1 1933. Denom. $1,000 and
.
$500e5 Red. all or part on any int, date upon 30 days' notice, at 102 and
int. up to Jan. 1 1930, and 101 and int. thereafter. Int. payable without
deduction for normal Federal inconte tax up to 2%. Company will refund
any income taxes of the State of Mich. up to five mills on the dollar. Principal and hit. (J. & J.) payable at Guardian Trust Co., Detroit, trustee.
Data from Letter of Charles Ceder, Vice.Pres. & Gen. Mgr.
Company.
-One of the leading manufacturers of automobile, truck and
bus bumpers, was incorp. in Delaware in 1920. Since 1922,the company's
net sales have increased from $1,114,961 to$4,433,163in 1927. Company
owns and occupies two modern plants located advantageously for both
manufacturing and distribution. One plant is located in Chicago, and the
other is located in Detroit. The two plants have a combined capacity of
12,000 bumpers per day.
Securtty.-Securod by a closed first mortgage on the fixed properties of
the company, located in Chicago and Detroit, having a sound appraised
value of $1,838,306.
Purpose.
-Proceeds will be used in part to retire present funded debt
Partly for necessary additional plant facilities and the balance for increased
working capital.
Net Sales Year Ended August 31.
81,114.96111924
1922
83,530,22011926
84,858,510
3,680,43611925
1923
3,888,74511927
4.433,163
Earnings Years Ended Aug. 31.
xProfit.
Deprec. Fed. Tyres.
Int. Net after Chas
1922
$185.353
$ 1,430
$ 23,028
$40,891
$120,004
1923
478,006
39,496
43,738
88,051
306,721
1924
306,478
83,797
26,272
49.912
176,496
1925
631,968
78,023
67,594
27.779
458,569
1928
752,070
102,801
85.440
29,248
534,579
1927
132,829
531,289
48,795
318,656
31,007
x Before interest, depreciation and Federal taxes.
Dividends.
-The dividend record of the company for the past six years
is as follows:
Aug. 31-YearsPreferred Common
Total.
1923$42,252
1924
"641
413,252
819,770
60,410
1925
44,704
55,749
100,453
1926
40,455
90,304
130,760
1927
39,481
127,451
166,932
-V.125, p. 2826.
sil
Standard International Securities Corp.
-Stock Offered.-Durein & Co., Inc., New York, are offering 100,000
shares cumulative preferred stock, 6% series (par $50), and
100,000 shares common stock class A (no par value), in
units of 1 share of pref. and 1 share of common at $60 per
unit.
Cumulative preferred shares have preference both as to assets and div.,
and are red, all or part on 30 days' notice at 105 and div. Exempt from
present normal Federal income tax. Dividends payable Q.
-M.
Data from Letter of Walter B. Crawford, Pres. of the Corporation
Company.
-Organized in July 1927,in Maryland, to carry on the busines of an investment trust of the British or general type; to invest and reinvest
its resources in domestic and foreign marketable securities and to a limited
extent to underwrite issues in accordance with the restrictions incorporated
in the by-laws of the corporation. The purpose of the corporation is to
afford its shareholders, through broad international diversification and
constant supervision, safety of investment with a higher yield than is
ordinarily available to the individual investor.
Capitalization.
-The authorized capital is as follows:
Cumulative preferred stock (par $50)
$20,000,000
Class A common stock (no par value)
500,000 shs.
Class B common stock no par value)
500,000 shs.
25,000 class A common shares have been sold for $250,000 cash. All
of the class B common shares have been sold to the organizers for $125,000,
$25,000 of which has been paid in cash and the balance of $100,000 is to
be paid in cash in the ratio in which the units consisting of6% cumulative
preferred shares and class A common shares are sold to the public.
One
-Year Notes.
-Directors have authorized the issuance of $1,500,000
one-year 5% notes: $750,000 of these notes have been sold for cash and
an option has been given for the sale of the balance. Corporation reserves
the right to issue bonds and debentures in excess of one year duration to an
amount not exceeding its paid-in capital, surplus and reserves.
Provisions of Issue.
-No preferred shares shall be issued by the corporation unless the net assets (after deducting all indebtedness) taken at cost.
including the proceeds of the preferred shares then to be issued, equal at
least 125% of the par value of the preferred shares outstanding and then
to be issued.
Investment, Limitations & Restrictions.
-The by-laws contain limitations
and restrictive regulations which insure the proper degree of diversification
of investment and the certificate of incorporation and the by-laws provide
that no part of section 32. respecting investment limitations and restrictions, shall be altered, amended, repealed or added to, except by a vote of
the majority of all the outstanding preferred and common stock of the
corporation and further provide that upon the purchase of any security
carrying a statutory liability, a reserve to cover such liability shall immediately be set up upon the books of the corporation.
Reserve for Dividends on Preferred Stock.
-Before any dividends shall be
set apart for, or paid upon, the common stock, there shall be set aside and
reserved annually for a period of 10 years a fund equal to 10% of the net
profits of the corporation for the year then ending as a reserve fund for
use in the payment of dividends on the preferred stock during any interest
paying period or periods during which the surplus and net profits of the
company are not sufficient for the payment of dividends on the preferred
stock. Said reserve fund shall be utilized for the purpose of paying dividends on the preferred stock at the option of the board of directors.
Dividend Provisions.
-Dividends on cumulative preferred shares are
payable quarterly March etc. After all cumulative dividends shall have
been paid on the outstanding preferred shares, dividends as declared by
the board of directors will be paid annually per share upon the class A and
class B common shares in the following priorities: First, up to $1.50 per
share on class A common; next, up to 10c. per share on class B common;
then an additional $1 per share on class A common: then an additional
15c. per share on class B common. Thereafter additional dividends shall
be paid in the same ratios on shares of each class of common stock with
the same continuous priority as to the class A common shares. Such
dividends are non-cumulative.
Liquidation of Assets.
-In case of distribution of assets, the holders of
preferred shares shall first be entitled to receive the par value of their shares
and an amount equal to the dividends unpaid and accumulated theeon:
the remaining assets will be distributed pro rata in proportion to the amounts
paid in on each class of common stock.
Voting Power.
-In addition to the voting power conferred upon the
outstanding preferred shares in regard to investment limitations and restrictions, the preferred shareholders shall, lot he event that cumulative
dividends on the preferred shares are not paid during any calendar year,
and such default shall not have been made good during the next ensuing
calendar year, have full voting power and such voting power shall continue until all cumulative dividends shall have been paid. Subject to
the rights of preferred shareholders, the holders of class A and class B
common stock shall have equal and exclusive voting power per share for all
purposes of the corporation.
[VoL. 126.
capital stock, par $25, both payable Mar. 15 to holders of
record Feb. 16. An extra distribution of like amount was
paid in each of the preceding eight quarters.
-V. 125,
p. 2683.
Stanley Co. of America.
-New President, &c.
Irving D. Rossheim, Treasurer, has been elected President, succeeding
John J. McGuirk, who has been elected chairman. No successor to Mr.
Rossheim has been elected.
-V. 126. p. 264.
•
Stetson, Cutler & Co., Ltd.
-Bonds Called.
-
All of the outstanding $2,231,500 7% 1st mtge. 20
-year sinking fund
gold bonds. series A, due July 1 1942, have been called for redemption
Feb. 20 at 106 and int. at the Montreal Trust Co., Montreal, or at any of
the principal offices of the Bank of Nova Scotia, at Halifax, S. J., Montreal.
Toronto,-Winnipeg, or Vancouver, in Canada, or at the agency of the
Bank of Nova Scotia in Is. Y. City, at the option of the holder.
The company's name has been changed to Restigouche Co., Ltd. (see
above).
-V. 120, p. 969.
Stromberg-Carlson Telephone Mfg. Co.
-Extra Div.
The directors have declared an extra dividend of 12% cents per share
In addition to the regular quarterly dividend of 25 cents per share on the
outstanding capital stock, no par value, both payable March 1 to holders
of record Feb. 14. An extra dividend of like amount was paid on March
1 1927.-V. 124, p. 805.
Triplex Safety Glass Co. of North America (Inc.).
Offering Oversubscribed.
This company which recently offered an additional issue of 10,000 shares
of $7 dividend convertible preferred stock and 30,000 shares of no par value
common stock in units of one share of preferred and three shares of common
at $130 per unit has announced that the issue has been many times oversubscribed and subscription books closed.
The $7 dividend convertible preferred stock is preferred as to assets in
liquidation up to $120 per share and div. and as to dividends at the rate
of $7 per annum over common stock and founders shares; dividends cumulative after Jan. 1 1933. Dividends payable Q.
-J. Redeemable on 30
days' notice at $110 and div. Each share convertible until Jan. 1 1933
into three shares of common stock. Transfer agent, American Exchange
Irving Trust Co., Registrar, Chase National Bank, New York.
CapitalizationAuthorized.
Outstanding.
50,000 shs.
$7 dividend cony, pref. stock (no par)
15,000 shs.
Common stock (no par)
250,000 shs.
108.000 shs.
Founders shares (no par)
100 shs.
100 shs.
Company.
-Organized in Delaware in 1926. Has acquired, in exchange
for its founders shares, the exclusive license to manufacture and sell Triplex
Safety Glass in North America, and certain other rights, contingent upon
the payment from time to time of certain royalties. This company has a
working agreement with the Triplex Safety Glass Co., Ltd., of Eng., which
company has been in operation since 1914, assuring close cooperation between the two companies.
Triplex glass is a laminated glass consisting of two layers of fine quality
glass and a single layer of plastic material, the whole being welded under
heat and pressure into a single plate. Since 1914, an identical product
has been successfully sold in England by the English company where it has
withstood the tests. The center layer of plastic material prevents splinters
of glass from flying, and thus affords maximum protection from glass injuries. Triplex is as clear as the ordinary type of plate glass now used in
automobiles, and contains no wires to confuse vision.
-Company has recently increased its capacity of 300% and is
Purpose.
still unable to meet the demand for its product. In addition a contract
has been signed with the Ford Motor Co., which will require still more
manufacturing facilities, and the present financing is to provide funds for
this purpose and for additional working capital.
-The Founders shares are to be owned by the Triplex
Founders Shares.
Safety Glass Co., Ltd. of Eng. and are entitled, after all accrued and
,
unpaid current and (or) cumulative dividends shall have been paid on the
preferred stock, or provisions therefor made, to receive as dividends 10%
of the assets of the company available for dividends and deemed by the
board of directors to be available for dividends. In liquidation, after the
payment of the distributive shares upon all the preferred stock outstanding,
or provision therefor made,the Founders shares are entitled to receive 10%
of the amount remaining. The Founders shares are entitled to elect one
director of the company until Dec. 31 1930, and thereafter shall have no
voting power, except that upon any proposed increase of the number of
Founders shares the affirmative vote or written consent of the holders
of all the Founders shares shall be necessary to increase the number of
Founders shares and to authorize the terms upon which such increased
number of Founders shares shall be issued. Until Aug. 11928. the holders
of the Founders shares shall be entitled to convert all of such shares into
12,000 shares of common stock. The holders of the Founders shares have
no right to subscribe for any stock of any class (other than additional
Founders shares) or for securities convertible into stock of any class, unless
surplus of the company would thereby be distributed in which case the
holders of the Founders shares will be entitled to subscribe to their pro rata
-V. 126, p. 428.
interest in such surplus.
20 Wacker Drive Building Corp.
-Preferred Stock Offered.
-Utility Securities Co., Hill,Joiner & Co.,Inc., A. B.Leach
& Co., Inc., Pearsons-Taft Co., Emery, Peek & Rockwood
Co., Pynchon & Co., Russell, Brewster & Co. and Paine,
Webber & Co. are offering at $95 per share and dividend to
yield 6.31%, 100,000 shares $6 non-par cumul. pref. stock.
Preferred as to both assets and dividends over the common stock. Issued
fully paid and non-assessable. Callable on 30 days' notice all or part on
or before Jan. 15 1933, at $107.50 per share, thereafter until and incl.
Jan. 15 1940, at $105 per share, and after Jan. 15 1940, at $102 per share.
-J. Exempt from normal Federal income tax and
Dividends payable Q.
Illinois personal property tax. Registrar, Continental National Bank &
Trust Co. of Chicago. Transfer agent, Illinois Merchants Trust Co.
Chicago.
Listed on the Chicago Stock Exchange.
Data from Letter of Samuel lnsull, President of the Company.
-Proceeds of the sale of this preferred stock, together with
Purpose.
the $10,000010 borrowed on 1st mtge. from the Metropolitan Life Insurance Co. of New York will be applied to the purchase, in fee, of the
ground in Chicago, bounded by Madison St., Wacker Drive. Washington
St.. and the Chicago River and to the erection upon it of a 42-story shop
and office building. The building will contain an Opera House and also a
theatre.
Capitalization (upon completion of present financing)
1st mtge.5% indebtedness*
810.000.000
$6 non-par preferred stock
100,000 sits.
Non-par common stock
101,000 shs.
*This indebtedness is a loan from the Metropolitan Life Insurance Co
of New York maturing in 1948.
-Plans for the building have been drawn by Graham, Anderson,
Building.
Probst & White, a nationally known firm of Chicago architects. The
structure, with its 21-story tower, will rise 42 stories above Wacker Drive.
It will be constructed throughout of high grade materials and in accordance
with the most advanced engineering practice. Construction will commence
In the early spring of 1928. It is contemplated that the Routh section of
the building will be ready for occupancy in May 1929, and that the remainder will be completed in May 1930, It 113 planned that the opera house itself
will be completed and ready for occupancy in November 1929.
Earnings & Equity.
-Arrangements have been made to lease the opera
house and the theatre to the Chicago Civic Opera Co. at a rental of $250,000
per annum,and to leases major portion of the basement to Commonwealth
-Bonds Called.
Standard Milling Co.
Edison Co. to be used as an important downtown substation of that comThe company has called for redemption March 1, $63,000 1st & ref. pany at a rental of $60.000 per annum. As a basis for the 310.000.000
mtge. & lien 20
-year 5 % gold bonds at 10351 and int. at the National first mortgage loan from the Metropolitan Life Insurance Co., the Chicago
-V.125. p. 1319.
Trust Co. made an appraisal of the property and an estimate of earnings.
Bank of Commerce,31 Nassau St., N.Y. City.
This appraisal and estimate give a total value to
of
-Extra Dividend of 25c.
- $22,000,000. gross earnings of $2.476.700, total the land and building
Standard Oil Co. of Indiana.
operating expenses and
of$1.013,700 leaving as net
S1,463,000.
The directors on Jan. 30 declared an extra dividend of 1%, taxesinterest charge on the firstannual income before interest,per annum.
The
mortgage
in addition to the usual quarterly dividend of 23 % on the leaving 89433.000 available for dividends. loan is $500.000
FEB. 41928.]
733
FINANCIAL CHRONICLE
-CerUnited States Realty & Improvement Co.
-Subsidiary
230 East 71st Street Construction Co., Inc.
-The Prudence Co., Inc. is offering $300,000 Increases Capitalization-New Security Comps!Liy_Formedtificates Offered.
the capital stock a
The directors on Jan. 26 approved the' increaiaiM5%% guaratneed Prudence-certificates.
from $100,000 to
Legal for trust funds in State of New York. Interest payable (A. & O.) the Canadian George A. Fuller Co. interests identified$1,000,000 in order
with the company.
to have certain important Canadian
The purchase of one of these certificates makes the holder the owner of a (See also George A. Fuller Co., above.)
participation equal to the amount of his certificate in a first mortgage made
The directors also approved the construction of an addition to the Savoy
by 230 East 71st Street Construction Co., Inc., on the newly completed Plaza Hotel on 59th St. on the Riding Club property. N. Y. City. They
apartment house. The mortgage is a first lien on the land and six-story approved the action of the officers of the Fuller company in acquiring the
and basement brick elevator apartment occupying a plot fronting 120 feet Rockwood (Ala.) stone quarry and in forming a security and mortgage
on the south side of East 71st St.. with a depth of 1003X feet. The build- company with a capitalization of 33,000,000.-V. 125. p.3362.
ing contains all outside rooms divided into 59 apartments of two, three and
for
Earnings. Period Ending Dec. 31.
four-room suites. Although the building was recently completed, the
1927-8 Mos.-1926.
-Month-1926.
1927
owners state that it is already over 50% rented. The annual gross earnings
Net profit after depr.,
are estimated at over $84,000.
int. & Fed. taxes. &c._
$494,479 $3,105,410 $3.066.545
$497,362
Union Mortgage Co., New York.-Pref. Stock Offered.
- Shs. corn. stk. outstdg.
666,457
733,102
(no par)
666,457
733,102
Ingalls & Snyder, New York, are offering at 103 and div. Earns. per share
$4.60
$4.23
$0.67
$0.68
(from Feb. 15) to yield about 5.83%, $1,000,000 6% cumul. -V.125, p.3362.
pref. stock.
Preferred as to assets and dividends. Red. as a whole on any div. date
after five years from date of issue upon 30 days' notice at $10735 per share
-J. Transfer agent, Chase National Bank
and div. Dividends payable Q.
of New York. Registrar, New York Trust Co. Dividends exempt from
the normal Federal income tax under the present law.
Data from Letter of Frank H. Mann, Pres. of the Company.
Company.-Incorp. in New York in 1902. Principal business has been
the loaning of money on mortgages, mainly on properties located in the
Boroughs of Manhattan and the Bronx, New York City. These mortgages
have been disposed of through a number of the largest trust and insurance
companies. While the company has never been actively engaged in real
estate operations, it does, however, own various income-producing properties in Manhattan, at the present time. The net income for the past five
years from these New York properties has been more than sufficient to pay
the dividends on the present issue of preferred stock.
Purpose.
-Proceeds is to provide funds for the retirement of outstanding
bank loans and to provide additional capital for the expansion of the business.
Earnings Year Ended Dec. 31.
Pfcl. Div. Earn. on
Net
Earns.
Outst'd'g
Appli. Times
After
Fed.
Capital.
Deprec.
for Div. Earned.
Tax.
1.57
23.6%
1923
394,335
$107.544
$13,209
19.9%
1924
1.33
79.978
11,425
91,403
21.3%
1.42
1925
85,239
97,976
12,737
1926
• %
1927
2.49
149,728
14.9%
172,728(Est) 23.000
In connection with the amounts applicable for dividends, shown above,
it should be noted that the capital stock has been, in former years. materially lees than at present. In the years 1923, 1924 and 1925, the capital
stock outstanding was $400,000. On Jan. 1 1926 it was increased to $600.000 and on Jan. 1 1927 it was further increased to $1,000.000.
-On completion of the present financing, the company
Capitalization.
will have authorized and outstanding $1,000,000 6% cumulative preferred
stock and $1.000,000 common stock.
The combined capital and surplus of the company, as of Dec. 31 1927.
adjusted so as to give effect to this financing, is $2,261,087.
-Stock Offered.
United States Shares Corp.
The corporation with offices at 50 Broadway recently offered at $12 per
share common stock trust shares, series A-1, an investment trust of the
corporation.
The Chase National Bank, New York, trustee. Dividends payble
(A. & 0.) Certificates issued in denom. of 5, 10, 25, 50, 100 and 500
shares. Registered both as to principal and dividends, or in coupon form.
Dated as issued; due Oct. 11948. Dividend income free of present normal
Federal income tax.
Plan of Operation.
-Corporation purchases blocks of common stocks in
Identical units, each consisting of one share in 100 representative American public utility, railroad and industrial corporations. These identical
units, selected by the board of directors and advisory council of the corporation are deposited with Chase National Bank, New York, trustee.
One thousand common stock trust shares, series A-1, are issued against
each unit deposited. Thus, each holder of five or more such shares owns a
proportionate interest in all the 100 stocks comprising the unit. Title
to all underlying stocks is vested in the trustee, which holds the securities
for the benefit of the shareholders, and twice each year, on April 1 and
Oct. 1, pays to each shareholder his proportionate part of all the distributable earnings accruing for six months' period.
Sixth Investment Trust.
-Common stock trust, series A-1, is the sixth
Investment trust originated and offered to the investing public by United
States Shares Corp. The five investment trusts previously offered and
still under the management of United States Shares Corp. are (1) common
stock trust shares, series A;(2) bank stock trust shares, series C-1;(3) bank
stock trust shares,series C-2;(4) Canadian bank stock trust shares.series D
-V. 126, P. 118.
(5) bond trust shares, series B.
-Annual Report.
Vick Chemical Co.(& Sub.).
1926.
$1,533,722
209,908
6 Months Ended Dec. 31Net income
Federal & state taxes
1927.
$1,591,026
215,708
Net profit
Dividends
$1,323,814
$1.375,325
$2)800.000($1.75)700.000
3623,814
Surplus
3575 326
$3.31
Rights-Stock Increase.
Earnings per share on capital stock
1."4
The common stockholders of record Jan. 18 were recently given the
-V. 125. p. 798.
privilege to subscribe on or before Jan. 30 for $1,000,000 6% cum, prof'
stock at par 41001. Payment for the pref. stock should be made on or
Wabasso Cotton Co., Ltd.
-Rights.
before Feb. 14. This issue has been underwritten.
The stockholders of record Feb. 1 have been given the right to subscribe
The stockholders on Jan. 18 increased the authorized capital stock from on or before Mar. 1 for 17,500 additional shares of capital stock (no par
$1,000,000 (all one class) to $2.000,000. to consist of $1,000,000 common value) at $80 per share on the basis of one new share for each three shares
stock and $1,000,000 6% cum. pref. stock. During the last calendar year owned. Subscriptions may be paid in eight monthly installments of 610
the company paid a total of 10% in dividends on the common stock. The each commencing Mar. 1.-V. 125, p. 2685.
new pref. stock is redeemable at the option of the directors at any time after
6 years from the date of issuance at 1073 and diva.
-26 Dividend on Non-Cumulative
Waltham Watch Co.
Frank C. Mann is President and John C. Barr is Secretary, with Merrill,
Rogers, Gifford & Woody, counsel. Offices of the company are at 60 Preferred Stock.
The directors have declared a dividend of $6 per share on the 6% nonjgroadway, New York City.
cumul. preferred stock, payable Feb. 1 to holders of record Jan. 31. This
Is the first dividend on this issue since the company was reorganized about
Union Sugar Co.
-New President, ctc.W.
J.w Atkinson has been elected President and General Manager and I. W. 5 years ago. The dividend will be paid out of the 1927 :••ftn.gs, and will
the only one paid this year on that class of stock.
Kittle as a director. Both succeed. P. C. Drascher who resigned as beOn July 1 1927 the company paid off $19.60 per share in back dividends
president and as a director early last month.
-V.126. P• 265.
on the 7% prior preference stock cleaning up arrearages on that issue.
United Investment Assurance System.
-Stocks Offered. V.124„ p. 3646.
-Founders Securities Trust (fiscal agents), Boston, are offerWest Coast Theatres, Inc.
-Control.
See Fox Film Corp. above.
-V.124. p. 2446.
ing 10,000 units preferred and common shares at $125
per unit, with founders shares rights. This unit offering
-Extra Dividend.
(S. S.) White Dental Mfg. Co.
of the system comprises 2 pref. and 1 corn. capital
The directors recently declared an extra dividend of 3X of 1% and $ss
shares of the United Investment Assurance Trust and 1 pref. regular quarterly dividend of 13X %, both payable Feb. 1 to holders of
-V. 125. p. 2543
and 1 corn. capital share of the Founders Securities Trust record Jan. 21. Like amounts were paid on Nov. 1 last.
with rights to purchase 1% Founders shares of the former
-Directors Approve
Youngstown Sheet 8c Tube Co.
Trust at $5.
Contract.
United Investment Assurance
in the 102 exchanges
System will operate
of the world. Rigid trust restrictions establish the ratio of foreign invest.ment to American investment. At no time can more than 40% of the
portfolio be invested in securities located other than in the United States.
Likewise, the average investment in any one of these classes of securities
is limited 88 follows: Realty 25%. industrial 20%, utilities 15%. governmentals 10%. transportation 10%, mines and oils 10%, and finance l0".
Of the total portfolio (other than equity shares in income producing land):
60% must be invested in bonds and 40% is available for investment in
preferred and common shares.
The United Investment Assurance System is an investment banker
management type of trust development.
-Charles W.Seager, Edward F. Robinson, Horace E. Hildreth,
Trustees.
g.B., Boston, Mass,
-Stanley R. Miller Edward E. Ginsburg, James R.
Advisory Board.
Rounding, Sydney S. Dean, J. Frederick Bailey, Boston. Mass.; Charles
R. I.; Alfred
E.
p. Sisson, Providence,G. Fletcher, Fantl, New York: Harley R. Burns,
Stephen
Providence, R.
Chicago, Ill.; Edward
Casey,
Cambridge. Mass.: Stuart M. Robson, Springfield, Mass.
United States & British International Co., Ltd.
New Director.
Samuel S. Hall Jr. has been elected a director. See also V. 126. p. 592.
-Ads to Halt Sale.
United States Can Co.
A Cincinnati dispatch Jan. 27 says: Charging that arrangements made
by officers and directors of the company to sell out to the Continental Can
Co., contemplate reducing the value of the preferred stock to par and div.
se as to increase greatly the value of common stock of the United States
latter company's
Freiberg, owner
Can Co.. Maurice J. suit Jan. 26 to of 100 shares of thedissolution
of the
enjoin the sale and
referred
preferred stock filed
unless preferred stockholders are paid the callable price of $115
share and div. for their shares.
a
A letter has been sent out to all preferred stockholders by a committee
recently formed asking that all preferred shares be deposited with thecom-V.126. p. 593.
mittee to fight for the additional $15 a share.
-Offer.
United States Dairy Products Corp.
The Philadelphia Stock Exchange has received notice and form of agreement which have been mailed to all stockholders of the 1st and 2d Prof.
which agreement provides in substance for the
stock of the corporation, 1st and 2d
prof. stock with the Bank of North
deposit by holders of the
Co.depositary, Phila., Pa., of certificates for shares of
America & Trust
depositary
such let and 2nd pref. stock and for the issue of receipts bycertificates,
therefor. It gives to the corporation the richt to take up these
at any time on or before June 30 1928, by giving to depository
at its option,therefor, two shams of the class A common stock for each
In exchange preferred stock. Either the certificates so deposited by the
share of the
for the class "A"common stock deposited by
depositors or the certificatesto depositors
Juno 30 1928, or sooner if corpocorporation will be delivered
presentation and surrender of these receipts. See
ration so elects. upon
126, p. 593.
a ,x) V.
Directors of both the Youngstown Sheet & Tube Co. and Inland Steel
Co. have ratified the preliminary contract made last week between executives of the two concerns to merge the companies. Special stockholders
meetings have been called for Mar. 15 for final approval by Inland and for
the amendment of the charter of the Youngstown concern by its stockholders.
The merged concern will retain the Ohio charter of Youngstown Sheet
Ss Tube Co., amending the name of the company to Youngstown-Inland
Steel Corp. Stockholders will be asked to authorize the new common stock
of the company, of which Sheet and Tube stockholders will receive two
shares for one and Inland stockholders share for share.
The Inland directors have called 310,000,000 outstanding preferred stock
April 1 at $115. Youngstown Sheet & Tube Co. preferred stock will be
left undisturbed for the present -V. 126. p. 593.
Chicago City & Connecting Railways Collateral Trust.
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1926.
1927.
$1,239,514 $1,190,514 $1,129,514
Dividend received
32,370
39,966
31,495
32,781
Interest received
60,716
41,834
Other income
50.046
1,941
Gross income
34.722 31.331,725 $1.264,718 131,219.526
1,036,050
Bond interest
1,041,300
1,030,800
1,030,800
105,000
Bond redemption
105,000
105,000
51,405
64,570
General expense, &c_ _
23.642
31,150
Taxes
20,616
20,711
20,826
20,616
Balance, surplus__ _loss$1,077,844
$28,758
$123,904
$38,386
GTATEMENT OF CURRENT ASSETS AND LIABILITIES DEC. 31.
AssetsLiabilities1927.
1926.
1926
1927
Cash
$61,449 $250,729 Accr,int. payable.$1,031,419
Bela receivable_ _ _ 575,000
96,000
424,000 Bills payable
Other investments 129,800
1618
20,633
21,330 Reserves
Accrued let. reedy
Wog
18,021 Excess over current
A ects. receivable__
714,311
248
liabilities
249
Excess over current
assets
381,554
Tot.(each side)_51.148,052 5714,324
FINANCIAL STATEMENT DEC. 31 1927.
Sinking fund 5% gold bonds outstanding, $20,616,000 (see page 180
"Public Utility Compendium"), preferred participation shares, 250.000,
and common participation shares, 150.000, having no par value.
Assets(Pledged to Secure Said Bonds)- Stocks(par) Of Tot.Issue Bonds (par)
Chicago City Ry
x
$16,971,900 818.000.000
Calumet & South Chicago Ry
r
10,000.000 10.000.000
Southern Street Ry
2,400,000
2.400.000
Hammond Whiting & East Chic, Ry_ 1.000,000
1.000,000(a11)1,000.000
Chicago & Western
72,000
72,000
x y Outstanding bonds not pledged to secure aforesaid bonds. viz..
'x,' 333,926,000, "y." $5.532,000.-V. 124, p. 501.
734
FINANCIAL CHRONICLE
CURRENT NOTICES.
—ISSUANCE OF MOODY'S GOVERNMENT & MUNICIPAL
MANUAL FOR 1928.—The eleventh annual edition of the above volume
of Moody's Manuals is being distributed to subscribers. It is pointed
out that it has a special importance this year to the American banker and
investor in view of the enormous outflow of American capital during 1927.
Over one billion and a half dollars of American capital, It is stated, was
exported to foreign countries in this past year for permanent investment.
This brings the total of American money invested abroad, it is added, to
the sum of 14 billions of dollars. Moody's Manual on Government and,
Municipal securities undertakes to cover this broad field completely.
Both External and Internal bond issues of every one of the 55 nations of
the world are described, classified and rated; while full details regarding
geographical characteristics, forms of government, industrial, finance,
credit status and complete economic statistics are a feature of the volume
as are also quotations, price ranges, markets and other salient data. In
the American States and Municipal section are given details of all issues
as well as governmental statistical data. Monthly supplements are supplied to subscribers keeping the user posted on changes and developments.
The Mannual and supplements are published by Moody's Investors Service, 35 Nassau St., New York City.
—For the benefit of investors and students of German finance, White,
Weld & Co. have prepared a concise explanation of the Dawes Plan and
the "Industrial Debentures" issued thereunder. The booklet, which
clarifies many points regarding the operation and scope of the plan from
the standpoint of reparations and German industrial dollar loans, was
written by A. W. Kimber of White, Weld's foreign department, who is a
widely known authority on foreign finance. There has been much discussion
and some doubt relating to the security for German industrial corporation
bonds issued in the United States, the relative priority of the liens and
charges in favor of such bonds and of the charges for reparations payments.
The treatise as issued by White, Weld & Co., analyzes and interprets
briefly these and certain other phases of the reparations situations.
—The firm of Gurnett & Co. has been formed with membership on the
New York and Boston Stoc,k Exchanges, with offices at 120 Broadway,
New York and 50 Congress St., Boston, abd branches in Bangor. Portland
and Lewiston, Me. The general partners are Deniel W. Gurnett, and
Jesse B. Hubbard, member of the New York Stook Exchange, both former
partners of Richardson, Hill & Co., now dissolved; and Edward F. Gurnett,
Edward F. Goode and Carleton F. Wright, all former partners of Walter S.
Place & Co. Special partners of Gurnett & Co. are Edwin Corning of
Albany, President of Ludlum Steel Company; Neile F. Towner and E.
Palmer Gavit.
—Offices have been opened at 30 Federal St., Boston, by the newly
formed investment firm of Jordan-Lyman Co., Inc., of which Fred D.
Jordan is President. Arthur T. Lyman, member of the board of the Atlantic
National Bank of Boston, Vice-President and Treasurer; and Jasper B.
Cousens, Vice-President. Supplementing the active management of these
officers, will be a board of six directors which in addition to the officers
consists of Harvey H. Bundy of the Boston law firm of Putnam, Bell,
Dutch & Santry and a Director of the State Street Trust Co., of Boston:
Benjamin B. Sanderson, attorney of Portland, and J. Norman Towle,
formerly President of the First National Bank of Bangor, Me.
—Morrison & Townsend, members of New York Stock Exchange,
announce the opening of their Chicago office at 208 S. LaSalle Street and
the admittance of Rae F. Hyman and James B. Miley to the firm as general
partners as of Feb. 1. This house is the outgrowth of the old firm of
E. Morrison & Co.,established in 1842. The present name was established
in 1902. Both original partners are still active in the firm. The Chicago
partners are well known. R. F. Hyman having been associated with the
firm of J. J. Townsend & Co.. which later became Scott, Burrows & Christie
and J. P. Miley having been associated with the Chicago office of S. B.
Chapin & Co. for 20 years.
—Announcement has been made of the dissolution of the investment
firm of Bancker, Enright & Davis of 71 Broadway, New York City. The
partners of this firm were Arthur Bancker, Edward J. Enright and Charles
L. Davis. In connection with the dissolution, two new investment firms
have been organized. Arthur Bancker has formed a new partnership to be
known as Arthur Bancker & Co.,of which Harry Bancker is a partner. This
firm will continue to do business at 71 Broadway, N. Y. City. Charles
L. Davis has formed the firm of Charles L. Davis & Co. to transact an
investment business at 149 Broadway, N. Y.
—Louis Fetzer, formerly associated with Spencer, Trask & Co. and
more recently Manager of the public utility department of Vilas & Hickey
and Robert W.Emmons,3d, who was associated with J. P. Morgan & Co.,
for five years, and last year was Treasurer of the Bond Club of New York,
have formed a partnership under the firm name of Fetzer & Emmons. with
offices at 120 Broadway, N. Y.,to conduct a brokerage business for dealers
In public utility bonds and stocks.
(Vol. 126.
—Nehemiah Friedman & Co., Inc., 74 Trinity Place, New York City.
announce the association of Malcolm L. Saunders in their bank and insurance stock trading department. Mr. Saunders was formerly with J.
Roy Prosser & Co. and J. J. Stark & Co.
—William A. Scott, member of the New York Curb Market, has been
admitted to general partnership in the firm of Lawson, Fox & Smith,
50 Broad St., N.Y.,and Frank J. Patrick has become associated with them
as General Manager of the office.
—Francis J. Drolla, dealer in investment bonds, Columbus, 0., has
opened an office in the Union Bank & Trust Co. Building, Huntington,
W. Va., under the management of H. G. Proctor, formerly Cashier of the
Union Bank & Trust Co.
—C. B. Richard & Co. have compiled a statistical survey of 28 oil companies, with particular reference to earnings per share, dividends, price
range, inventory, capitalization, etc., for the years 1925 and 1926 and the
first six months of 1927.
—Sabin P. Sanger has retired as general partner in the firm of Curtis &
Sanger, and will become a limited partner. Announcement is also made
ofthe admission of John E.Thayer Jr., Daniel Reese and Duncan F.Thaler
to general partnership.
—Phelps, Fenn & Co., 66 Broadway, N. Y., have opened a Trading
Department, for listed and unlisted corporation bonds, in charge of J.
Fred Underwood and John B. Hillyer, Jr., both formerly with Messrs.
Wrenn Bros. & Co.
—E. L. O'Harra & Co., 150 Broadway, N. Y., have opened a branch
office in the Lilley Building, 111 West Main St., Waterbury, Conn., under
the management of John H. Bates, who will conduct a general bond and
bank stock business.
—John Hemphill and T. Lothrop Frederick have been admitted as
general partners of Lloyd & Co., members of members of New York Stock
Exchange. 141 Broadway, N. Y., and Richard S. Lord has retired from
partnership.
- W. Chapman & Co., Inc., have opened a Pittsburgh office at
334 Fourth Ave., telephone Court 5650. Howard G. De Van will be resident Vice-President and Frank N. Townsend will be manager of sales.
—George M. Rushmore and Lancaster M. Greene announce the formation of Rushmore & Green, with offices at 52 Broadway, to continue the
business of the New York Branch of the Parker Corporation of Boston.
—J. K. Rice Jr. & Co., 120 Broadway, New York, are distributing their
1928 bank and insurance investment analysis showing earnings of savings
banks, trust companies and mortgage companies during 1927.
—Palmer & Co., members of the New York Stock Exchange, 40 Wall
St., N. Y., announce the opening of a branch office in the Heckscher Bldg..
730 Fifth Ave., in charge of Marshall J. Dodge, resident partner.
—A February bond list, containing a diversified list of municipal, railroad
and other securities, has been issued for distribution to banks, trustees and
investors by Remick, Hodges & Co., 14 Wall St., New York City.
—Sigourney Rowland Wilson and Percival van R. Harris have formed the
firm of Harris, Wilson & Co.. with offices in the Stock Exchange Building,
Philadelphia, to transact a general investment business.
—Ralph F. Warren, formerly with C. P. Childs & Co., announces that
he will transact an investment business under the name of R. F. Warren
& Co., with offices at 149 Broadway, New York.
_Tamellng, Keen & Co., Members of the New York Stock Exchassl,
N. Y., announce thatV317—
r R. Comfort Jr., formerly with the
Reid Ice.Cream Co., is now associated with them.
—Clinton Gilbert, 2 Wall St., New York City, has prepared a comparative table of New York City banks and trust companies, reviewing
earnings per share, deposits, dividend record, &c.
_Baker, Simonds & Co., Inc., announce that Lester H. Spalding has
become associated with them as Manager of their syndicate department
in their New York office at 115 Broadway.
—The Northeastern Surety Co. announces that James J. Dunn, for
14 years an examiner of the State Insurance Department, has become assosociated with them as auditor and comptroller.
_Bankers Capital Corp., have opened an Albany office in the State
Bank Bldg., 75 StateSt. They have also announced the appointment of
Edward E. Steele as a Vice-President.
—The Bankers Trust Co. has been appointed co-agent with the Toledo
Trust Co., Toledo. Ohio., for thepaymeirtiiralhoun Rumsey Bridge
Co 1st mtge. 7% bond coupons.
.
—Burnham. Herman & Co., members of the New York Stock Exchange
announce that Earle H. Rodney and Manuel Oviedo have been admitted
the
as general
firm.ounae the opening of a trading department in
parBrnoemthersin
—Sawyer
their New York office at 52 William St.. in charge of W. E. Shrewsbury.
w me ieenchoe
formerly AithePyn Exnhdr Co.
—The
Trust Co. has been appointed registrar
—Samuel McCreery t Co., members New York and Philadelphia Stock for 30,000 shares common and 20,000 shares preferred stock of the InterExchanges, 1518 Walnut St., Philadelphia, have appointed Harry C. national Pulp Co.
Rippard as Sales Manager in Philadelphia; Harry F. Hallman, represents..
—Albert F. Clear, former partner of Morgan,g
officeh
Livermore & Co., has
i the
tive in Berke County; Carlton B. Walls, representative in Lancaster and become manager of the uptown
French
Co., in
Harry C. Thompson has joined their sales organization in Baltimore.
sr
. thAve.
f
BlF
ei
dg,
.
.Bldg.,e
_H 5
Co., of Philadelphia and New York, have admitted
—Harrison, Smith
—Kenneth A. Spencer and Harry S. Senior have joined the retail sales
organization connected with the main office of Shields & Co., Inc., Kenneth Donald J. Hardenbrook, Manager of their sales organization, to membertheir firm.
ihip in the E Eie
.1. Stanford has joined the organization as representative in the New Jersey
big has been admitted to general partnership in the New
—Robert
territory; J. R. Keller as representative in Lancaster County, Pa.; and
York stock Exchange firm of Hirsch, Lilienthal & Co., 165 Broadway,
J. Fisher has joined the retail organization of the uptown office.
—Phil S. Hanna, manager of the Detroit office of Howe, Snow & Co. New York City.
—Harrison M. Thomas has been admitted to general partnership in the
Inc. has resigned, effective Feb. 1, to become associated with Merrill,
Lynch & Co. members of the New York Stock Exchange. Prior to joining New York Stock Exchange firm of Moore,Leonard & Lynch,111 Broadway.
Howe, Snow & Co. about a year ago Mr. Hanna was for six years Detroit New York City.
—G.W.Thompson & Co.,208 S.LaSalle Street,Chicago, areto announce
representative of the "Wall Street Jorunal."
Beyland has become associated with the organization as Vice—The general brokerage firm of Bogart & Ryan, formerly situated at that T. C.
President.
5 Nassau St., New York City, has been dissolved and in the future the
—William H. Levee formerly of Lavac & Co., has become associated
business will be continued under the firm name of William J. Ryan & Co.
with offices at 5 Nassau St. Gilbert B. Bogart, of the dissolved firm,will with Carroll & Co., 52 Broadway, N. Y., in charge of their Trading Department.
be associated with the new company.
_Fenner & Beane have issued an analysis of Victor Talking Machine
—The Chatham Phenix National Bank & Trust Co. has been appointed
depositary under agreement of the Guaranteed Mortgage Co. of New York, Co., discussing its capital structure, earnings, financial position and future
dated Jan. 16 1928, securing an issue of $50,000 guaranteed 1st mtge outlook.
—F. J. Lisman & Co., 20 Exchange Place, New York, have issued a
certificates secured by bond and mortgage covering premises at 42-44
special letter discussing the money situation in relation to stock market
Court St., Plattsburg, N. Y.
—Walter S. Place & Co. of Boston and New York, announced that trends.
—Basil H. Leather, formerly with the "Security Dealers of North
Edward F. Gurnett, Edward F. Goode and Carleton Fay Wright have
withdrawn from the firm and that Harold Aston and Kenneth M. Jones America," is now associated with Charles E. Doyle & Co., 49 Wall St.,
N.Y.
have been admitted to general partnership.
FEB. 4 1928.]
735
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
oditorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
•
Friday Night, Feb. 3,1928.
COFFEE on the spot was dull with Santos 4s 211/2 to 22c.;
A
%
s
later 213 to 220.; Rio 7s 143 to 141/e. and Victoria 7s-8s
13% to 13%c.; later 13%c. Spot trade was quiet later but
firmer. Brazilian holders stood their ground. Santos 4s,
%
211 2 to 22c.; Rio 7s, 143 c. and Victoria 7-8s, 135 c. Fair
/
%
%
to good Cucuta, 223 to 233,c.; Porto Cabello, washed, 25
to 27c.; Colombian, Ocana, 21 to 22c.; Bucaramanga,
natural, 231/2 to 245/2c.• washed, 27 to 28%c.• Honda,
Tolima and Giradot, 29 to 29%c.; Medellin, 29% to 30c.;
Manizales, 29% to 29%
20.• Mexican, washed, 27 to 29%c.;
Ankola, 36 to 39c.; Mandlieling, 36% to 39c.; Timor, 34 to
2
350.• Genuine Java, 34 to 35c.; Robusta, washed, 16% to
163 c.; Mocha, 271/3 to 283c.; Harrar, 26 to 263'2c.; Guate%9
mala, Prime, 284 to 29c.• good, 27 to 27%c.; Bourbon,
25 to 26c.; Bayti, washed, 24% to 250.; Trie-a-la-main,
'
21% to 22e.; San Domingo, washed, 253/ to 283/2c. Santos
cost and freight offers on Jan. 28 included for prompt shipment Bourbon 4s at 21.40c.; 6s at 19.55c.; 7-8s at 17.30c.;
6s separations at 19.30c. and 6-7s separations at 18.05e.
The Rio offers were 20 points higher and included 7s at
14.60 to 14.50c. and 7-8s at 14.20c.
On January 30th cost and freight offers from Santos were
generally lower; Rio unchanged. At the end of last week
stocks at the port were increasing being 122,000 in Victoria,
69,000 in Bahia and 52,700 in Parana. For prompt shipment, the Santos offers on Jan. 30th included Bourbon 2-3s
at 22% to 22.95c.• 3s at 21%c.• 3-45 at 213 to 21.8043.;
3-5s at 20.90 to 21;ic.; 4-58 at 26.60 to 21.10e.; 5s at 203,e.;
A
5-6s at 193, to 20.20c.; 6s at 19% to 19.55c.; 6-7s at 183 c.;
78 at 17.80c. to 18 8e.; 7-8s at 17.30e.; Bourbon seprations
6s at 18%e.; 6-7s at 173c.; 7-8s at 15.65 to 18.65c.; part
Bourbon or flat bean 2-3s at 22%e.; 3s at 22%c.• 3-4s at
to
22%c.; 3-5s at 21% to 21.30e.• 4-5s at 21e.; Sans peaberry 4s at 21.15c.; 4-5s at 21.15O.; Rio 7s at 141/i to 14.60e.;
7-8s at 14.20c. On February 1st in cost and freight business
there were sales at 213(c. Santos 4s minus 15 sold at 210.
Early offers from Santos were unchanged to a little higher.
For prompt shipment they included Bourbon 2-3s at 23 to
23.400.; 3s at 23.150.; 3-4s at 21.90 to 22.30c.• 3-5s at 21.05
to 21.700., most shippers quoting 21%c.• 4
-is at 21.05 to
213c.; 5s at 2030.; 5-6s at 19.60 to 20%c.; 6s at 19/i to
/
3
193e.; 6-7s at 18% to 19.20c.• 7s at 18%c.; 7-8s at 17.45c.;
to 18.35c.; part Bourbon 2-3s'23c.• 3 at 21.90 to 223c.;
at
-4s
3-5s at 21.15 to 213e.; 4-5s at 21c.- 95s at 20.900. Peaberry
4s at 21.15c.; 4-58 at 21.15c.• 5-6s at 20.35c.; Rio offers
'
consisted of 7s for prompt shipment at 14.60 to 14.70c.;
7-85 at 14.300. and of Victoria 7-8s at 131/ to 13.55e.
G. Duuring & Zoon of Rotterdam cabled their monthly
statistics as follows: Arrivals in Europe during January
1,011,000 bags of which 519,000 are Brazilian; Deliveries
in Europe during January 1,038,000 bags of which 534,000
are Brazilian; stock in Europe on February 1, 1,621,000
bags; world's visible supply on Feb. 1, 5,001,000, showing
a decrease of 258,000 bags for the month. Last year the
world's visible supply was 4,834,000 bags. Arrivals of
mild coffee in the United States since the first of the year
were 287,898; deliveries for the same time 247,169; stock
of mild in the United States Jan. 30th, 255,868 against
232,447 on Jan. 23rd and 359,946 on Jan. 30th last year.
A Brazil cable said that great scarcity of desirable coffees
continued. Commissarios and fazendeiros are well financed
and expect and expect better prices in the near future and
are not willing to reduce their limit as the reports are that
the next crop will be very small. Not so many of the interior roasters as were expected have been buying the cost
and freight of coffee. In fact the trading has been disappointing. Future prices hinge on the manner in which
March liquidation is to be taken. Futures on January 31st
closed 5 to 20 points higher the latter on new contracts
on the better cables; sales 36,000 bags of Rio and Santos.
Some say that although speculative interest has shown no
indication of broadening during the week the continued
firmness of Brazil, in the face of an indifferent demand, and
the failure of the expected near month liquidation to appear
imparted a generally good tone. It would seem improbable,
they add, that an improvement in the demand for actual
coffee can be much longer delayed with Brazil showing no
inclination to make concessions. Some confess that the
Defense Committee continues to have the market well under
control and thatcriticism and opposition are futile. A Brazilian
trade paper says of the Santos market that it expects a break
will take place during the next two months in spite of the
Coffee Institute's control. This of course is only an opinion.
Some advise consumers to keep a stock equal to normal
requirements and making new purchases as needed. Rio's
stock is 340,000 bags against 282,000 a year ago; Santos
928,000 against 943,000 in 1927. Rio receipts since July 1st,
were 2,590,000 bags against 2,579,000 in the same time in the
previous year and 2,957,000 in 1925-26; Santos receipts since
July 1st, 6,266,000 bags against 5,590,000 in the same
period in 1926-27 and 5,534,000 in 1925-26.
Futures on the 2nd inst. closed 10 to 20 points lower on
Rio and Santos with sales 38,500 bags. Victoria deliveries
work well. They are at 25 to 30 points over March. Moreover 15,000 bags of Robusta have been sold; the Robusta
supply is considered less menacing. Nevertheless with spot
coffee quiet and Brazilian cables down 225 to 300 reis liquidation was noticeable even if cost and freights were steady.
To-day Rio futures closed 16 to 21 points higher with sales of
46,000 bags. Santos closed unchanged to 11 points higher
with sales of 18,000 bags. Rio cables were unchanged to 100
reis higher; Santos 100 to 300 higher. Closing prices here
show a rise on Rio futures for the week of 30 to 32 points and
on Santos of 35 to 70 points.
Rio coffee prices closed as follows:
Spot (unofficial)_14 7 c.1May
4
.
March---- 13.78@13.781July
13.80@nom.1September
13.48 December
13.31
13.19
Santos coffee prices closed as follows:
Spot (unofficial)
May
March --- -20.70@nom.[July
19.951September
19.32[December
18.85
18.45
SUGAR.
-Cuban raws early in the week were quiet and
steady at 258c., later 23/2c. was accepted. On the 28th
/
ult. much of the buying was supposed to be covering hedges
against sales of about 148,000 bags of Cubes, Porto Racos
and Philippines which were reported sold at 4.40e. except
the one small lot of 7,000 bags of Philippines late on Jan. 27th
which sold at 4.37c. Were recent sales from Cuba to Europe
of 370,000 tons a bullish factor or otherwise, it is asked. No
definite information is vouchsafed as to whether the sugar
had passed into the hands of consumers. Refined was dull
and early in the Week was still at 5.80c. Domestic 5.500.,
West of Buffalo and Pittsburgh. On Jan. 30th, London
cabled that 9,000 tons of San Domingo sold to the United
Kingdom at us 11%d. c. i. f. Other cables stated that
Cuba had sold at us. 101
/0. and us. 11%d. British home
grown declined 3d. Java sold to Japan 10,000 tons for
June to August shipment it is said, at 14 forms or 12s.3d.
f. o. b. Java. London terminal prices fell because of hedge
.
selling for the account of Holland. Big Cuba interests were
credited with selling on Jan. 31st, blocks of 1,000 tons of
May, July and September down to 2 to 3 points under the
previous day's closing. London cabled that Javas were
offered for June shipment to the U. K. at 14s. 103/2d. equal
to 2.44c. f.o.b. for Cuba. Western beets have been reduced
to 5.50c. west of Pittsburgh.
• Some 35,000 bags sold on January 31st at 2 9-16e. .to
2.573c, c. & f. closing with 2 9-16c. asked and 2%c. bid.
Futures on January 31st closed 5 to 6 points lower with sales
of 39,500 tons. Cubans sold more freely it was said. Licht
.
reduced his estimate 60,000 tons for the European beet
sugar crop to 8,068,000 tons against his previous estimate
of 8,128,000 tons. The new figures estimate Belgium at
280,000 tons against his former estimate of 300,000 tons;
Poland at 575,000 tons against 600,000 tons and England
at 225,000 tons against 240,000 tons. Refined dropped later
to 5.70c. The California-Hawaiian announced a decline
of 10 points to the basis of 5.700. South and East and 5.60e
in the West. Later 25,000 bags Cuba for prompt shipment
sold down to 2 9-16c. On Feb. 1 about 15,000 bags Cuba
raw sugars loading Feb. 14 sold at 2 17-32c. c. & f. It was
rumored that Philippines and possibly Cubas had been sold
at 2%c. 0. & f. or 4.27e. delivered though this was not
confirmed.
On the 2nd inst. the London terminal market opened
unchanged to 1%d. advance. Private cables from London
said that there has been heavy selling in the terminal market
during the last few days, but is was well taken. A parcel of
San Domingos was reported sold at us. 93 d. Liverpool
4
reported Cuba steady; it sold at us. 93 0. Liverpool re/
ported Cubas sold and offered at us. 11 %d., equal to
2.400. f. o. b. Cuba and San Domingo sold at us. 93 d.
4
equal to 2.37 f. o. b. Cuba. Receipts at Cuban parts for the
week were 113,462 tons against 173,157 in the same week
last year; exports 28,389 tons against 82,453 in the same
week last year; stock (consumption deducted) 109,190 tons
against 298,682 in the same week last year; centrals grinding
162 against 171 last year; of the exports, Atlantic ports
received 21,230 tons, New Orleans 4,581, and Galveston
2,578 tons. Some believe that the heavy sales already made
by Cuba to Europe will have a beneficial effect on the
market. Just that much less sugar is available for the
United States. But these heavy purchases cut down buying
by the United Kingdom. Lessened competition for Cuban
supplies will result. One opinion was that in view of the
736
FINANCIAL CHRONICLE
depleted invisible supplies here and abroad and the evidently
improved technical situation of the futures market, it would
not be surprising if the line of least resistance should soon
prove to be upward.
On the 2nd inst. a cargo of Cuba is said to have sold at
2 a.; Porto Rico was 4.27e. London cabled that the Cuban
Export Co. was preparing to sell another 100,000 tons
abroad. Havana cabled that the commission met but had
no definite plans. Liverpool reported a sale of a cargo of
Cuba at us 10)4d. c.i.f. United Kingdom and two cargoes
4
of San Domingos at us 93 d. c.i.f. Havana cabled later
that the Sugar Export Committee had received bids of 2.38c.
and 2.40e. f.o.b. on more than 100,000 tons for March-April
shipment. Canada was inquiring here for Cuba or San
Domingos for April shipment to Montreal and prompt and
February shipment to other ports. Futures on the 2nd inst.
closed 1 to 2 points lower with sales of 465,000 tons. Cuba
sold especially September. Trade and the shorts bought.
Some new long buying appeared later in the day. Early
cables stated that the Sugar Export Co. contemplated the
sale of the entire balance of the allotment for shipment to
countries outside of the United States. Later cables stated
that the Export Committee had concluded not to do anything for the present after having declined bids of 2.38c. to
2.40c. f.o.b. on 100,000 to 150,000 tons.
Dr. Mikusch revised his estimate of the current European
production; he now makes it 8,034,000 tons raw value, a reduction of 69,000 tons from his December estimate. He
estimates world's sugar production 1927-28 at 26,221,000
metric tons raw value against his previous estimate 1927-28
of 26,261,000. His record of production 1926-27 was 24,713,000 metric tons. Prague cabled:"At a meeting of planters,
a reduction of acreage was recommended. The export demand for raw sugar continues. Refined dull."
The London terminal market opened quiet on the 3rd inst.
at 1%d. decline to %d. advance. Private cables from Liverpool said that Cuba sold for March shipment at us 10)4d.
Brazils afloat sold at us 93 d. Terminal quiet. In futures
4
here to-day some decline was due to the disappointing London cables. House with trade and European connections
bought. They closed unchanged to 1 point lower. The
sales were 40,300 tons. Prompt Cuban was reported at
2 15-32c. London was slow. Cuban interests were selling.
Prices at one time were 2 points lower on the near months.
Later there was some recovery. Prompt sugar was quiet.
Final prices show a decline for the week of 8 to 10 points.
Prompt raws are 5-32c. lower for the week.
Soot (=official) 2.15-32 July
2.7202.73 I December
March
2.544
002.55 September. _2.8002.81 January
em
May
2.6302.64
2.87
2.84
Lard on the spot was easier and quiet. Prime Western
12.20 to 12.300.; Refined Continent 123c.; South America
13%c.; Brazil 143 0. Spot lard to-day was dull and weak.
4
Prime Western 11.95c.; Refined Continent 12%c.• South
American 13%c.; Brazil 14%c. Futures declined ' to 25
15
points on Jan. 30. Packers sold for hedge account and also
sold January. The East sold March and May. Liverpool
was lower. Hogs advanced 10e. The selling pressure on
lard offset this. Futures on Jan. 31 closed unchanged to
3 points higher. Expectations for a decided increase in the
Chicago stocks and the deliveries of 150,000 lbs. on January
contracts caused liquidation but later prices rallied well
on scattered long buying, covering of shorts and the firmness
of hogs. On Jan. 31 Liverpool closed 3d. to 6d. lower.
To-day futures closed 12 to 17 points lower. Hog receipts
were very large but hogs closed very steady at the top i. e.
$8.40. Hog receipts were 161,000 against 83,000 a year ago.
Chicago expects 8,000 Saturday. Lard was at the low point
of the season. Hedging sales hit it hard. Commission
houses were sellers on a large scale. Stop orders were caught.
The buying was mostly for short account. Final prices
show a decline for the week of 50 to 53 points.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
SW. k Mon. Tues.
February delivery__-- 11.45
11.62 11.60
March delivery
11.62
11.77
11.82
May dellvery
12.00 11.80-82 11.82
12.05 12.07
July delivery
12.02
12.20
IN CHICAGO.
Thurs. Fri.
11.35 11.22
11.47 11.35
11.72 11.57
11.97 11.80
PORK declined; mess $32;family $36 to $38;fat back pork
$31 to $33. Ribs, Chicago cash 11.25c., basis of 50 to 60 lbs.
average. Beef firm, but quiet; mess $23 to $24; packet, $25
to $27;family $32 to $34; extra India mess $40 to $42; No. 1
canned corned beef, $3.40; No. 2, $6; six pounds, South
American, $16.75; pickled tongues, $55 to $60 per bbl. Cut
meats quiet; pickled hams, 10 to 20 lbs., 16% to 1740.;
%
pickled bellies, 6 to 12 lbs, 18 to 183c.; bellies, clear dry
%
salted, boxed 18 to 20 lbs., 143'2c.; 14 to 16 lbs., 143 c.;
Butter, lower grades, 40 to 49c.; Cheese,25 to 29 Mc.; Eggs,
medium to extras, 38 to 423/20.
OILS.
-Linseed was rather quiet. Most of the demand
was for filling immediate requirements. For raw oil in
earlots, cooperage basis, 9.9 to 10e. was generally quoted,
but it was said that 9.8e. would have been accepted on a firm
bid. For 5 bbls. or more 10.20.• less than 5 bbls., 10.6c.
Cocoanut, Manila, coast tanks, 84e.;spot New York tanks,
/
830.; corn, crude, tanks, plant, low acid, 9Xic.; chinawood,
New York drum carlots, spot, 17e.; Pacific Coast tanks,
/
spot, 14%c.; soya bean, coast tank, 930.; edible, corn,
100-bbl. lots, 123.c.; lard, prime, 153(c.; extra strained,
%
winter, New York, 133c.; cod, Newfoundland, 63 to 650.
Turpentine, 59)4 to 643c. Rosin, $9.50 to $12.50. Sales
to-day, including switches, 41,500 bbls.; P. crude S.E.,
%
73 c. bid. Prices closed as follows:
Spot
!April
9.501
F'ebruary_ -9.50
May
March
9.53 9.54 June
[VoL. 126.
9.8309.78
9.60
9. 0@9.65 July
6
9.85(09.90
August
9.70
9.62(69.60--- September -9.880109.89
PETROLEUM.
-A better jobbing demand was reported
for gasoline. Much interest is being shown in spring deliveries. Leading refiners quoted U. S. Motor at 8 to 83..c.
refinery. California crude still commanded a premium of 3.1
to 340. over gasoline, made from other crudes. A fair contract movement was going on. Stocks on hand are large.
In the Gulf U. S. Motor was 6% to 7c., and 64-66 gravity
375 e.p. 8340. in bulk cargoes. Kerosene demand is not up to
expectations. Prime white 41-43 gravity, 53/2c.; 43-45, 70.
It was rumored, however, that 69c. refinery, would be
accepted on a firm bid. Tank wagon market was steady. At
the Gulf 41-43 water white 534c. to 53Ic.; 44 water white
/
63/i to 630., in cargo lots. Zero cold test lubricating oils
were in better demand. And brighter stocks were more
active recently. Black oils were quiet. Bunker oil was in
better demand for grade C at $1.35 f.o.b. terminal, and
$1.41% New York harbor. Later on a better export inquiry
was reported for gasoline. The demand for kerosene also
improved a little.
New York export prices: Gasoline, cases, cargo lots, U. S.
Motor spec. deed., 23.65c.; bulk refinery 8 to 8)(0.; Kerosene, cargo lots, S. W. cases, 16.90c.; 'bulk, 41-43, 63.c.;
W.W.150 deg.cases,17-90c.; bulk 43-45,63 e. New Orleans
4
export prices: Gasoline, U. S. Motor bulk,6% to 7c.; 64-66
gravity,375 e.p.,834c.; Kerosene, prime white,53. to 59c.;
/
water white,634 to 630.;Bunker oil, grade C for bunkering,
1.15; cargoes 90 to 950. Service station owners and jobbers'
price guide: U. S. Motor bulk refineries, 8 to 83c.; tank
cars, delivered to nearby trade, 9 to 93c.; Califortua, U. S.
Motor at term.,8% to 83.40.; U. S. Motor deliv. to N. Y.
City garages in steel bbls., 170., Up-State and New England
17o.; Naptha, V.M.P. in steel bbls., 18c.; Kerosene, water
white 43-45 gravity bulk refinery, 63 to 70.; delivered to
%
nearby trade in tank cars, 73 to Sc.; water white, 41-43
gravity bulk refinery, 63(c.; 41-43 D deliv. to nearby trade
in tank cars, 734c.; tank wagon to store, 15c.; furnace oil,
bulk, refinery 38-42 gravity, 53c.; tank wagon, 100.
Buckeye
$2.35 Eureka
$2.
/
Bradford
2.80 Illinois
.,
1.
Lima
1.71 Wyonting. 37 cies- 1.
Indiana
1.48 Plymouth
1.33
Princeton
1.80 Wooster
1.37
Canadian
2.11 Gulf Coastal "A".. 1.20
Corsicana heavy.... 1.00 Panhandle.44 deg. 1.12
Oklahomajlansas and TexasElk Basin
$1.83
40-40.9
$1.36 Big Muddy
1.20 Lance Creek
32-32.9
52 and above
1.60 Grass Creek
1.88
Louisiana and ArkansasBellevue
1.20 West Texas all deg
32-32.9
kg
Somerset light
2.
Spindletop. 35 deg. and up---- 1:37
Pennsylvania
82.80
Corning
1.55
°shell
1.50
Wortham. 40 deg- 1.36
Rock Creek
1.25
Smackover 24 deg- 1.00
LB
RUBBER has had an active and excited week at a big
decline in prices. They declined 60 to 80 points here on the
30th ult. in a dull market. Consumers seemed indifferent,
and London declined. The sales here were 866 lots or
2,165 long tons. New York closed on that day with March
38.800. April 38.80 to 38.900.; May 39.10c.• June 39.40o.;
July 39.700.- September 39.90 to 40c.; October 40.10o. and
40.40c. Outside prices were as follows: Spot
December '
smoked ribbed sheets, 383/i to 384c.; February, 383.4 to
388 o.; March, 38% to 390.; April-May-June, 393g to
%
,
393/sc.; Spot first latex crepe, 389/s to 385sc.; clean thin
/
brown crepe, 36 to 3634e.; spooky brown crepe, 35 to 35340.;
rolled brown crepe, 3134 to 320.; No.2 amber, 363.4 to 370.;
No. 3 amber, 36 to 363/sc.; No. 4 amber, 3534 to 360.;
Paras, up-river fine spot, 2934 to 298 c.; coarse, 233 to
%
%
2443.; Acre fine spot, 30 to 303.c.; Brazil, washed, dried,fine,
40 to 4034c.; Caucho, Ball-upper, 243 to 250.• Island fine,
%
26% to 270. London on Jan. 30 were % to Md. lower;
'
Spot, 18% to 18%d.; February, 183 to 1834d.; March,
%
1834d. to 19d.; April
-June, 193.d. to 193/8d.; July-Sept.,
%
1934d. to 193 d. In Singapore on Jan. 30 prices were
unchanged to Md. lower. February, 183/8d.; .April-June,
1934d.; July-Sept., 193 d. In London on Jan. 28 stocks
%
of crude rubber including latex were 66,285 tons an increase
of 835 tons during the week. This total compares with
54,786 tons on the corresponding date of 1927 and is the
highest figure reported since the latter part of last November.
The official announcement placing the next quarter's
export percentage from Ceylon and Malaya at 60% seemed
to have little effect. It was about what had been expected
though some regarded it as rather bullish. Exports of crude
rubber from the Malayan restriction area in December were
14,600 tons, against 25,829 tons in December 1926. The
balance of unused coupons carried to January was 21,834
tons, against 38,741 tons carried over into January 1927.
Credits issued in December were 2,438 tons. On Jan. 31
New York ended 10 points lower to 10 higher with a better
demand. The sales were 2,777 long tons. Standard grades
were a fraction higher. The announcement from the British
Colonial Office that the percentage of rubber to be exported
under the restriction plan during the period Feb. 1 to April 30
is to remain unchanged had no apparent effect upon the
New York market and no change had been expected. Here
at the Exchange February on Jan. 31 ended at 38.400.,
March at 38.70 to 38.80c., April at 38.80 to 38.90c., May,
39.200., June, 39.40c., July, 39.60 to 39.70e. Outside
prices: Smoked sheets spot and February, 383.4 to 388 o.;
%
%
March, 388 to 39c.• April
-May-June, 39M to 39%c.;
spot first latex crepe, 3,436 to 38343.; clean thin brown crepe,
,
FRB. 4 1928.]
FINANCIAL CHRONICLE
737
-Continent, 115e.: coal, prompt
rolled lumber, pitchpine, Feb., Gulf to U. K.
36 to 3634o.; specky brown crepe, 353. to
-Continent,
Hampton Roads to Kingston, 81.50; sugar. Cuba to U. K.
353e.•9 /
brown crepe, 32 to 3234c.; No. 2 amber, 36M to 3680.; 17s. Feb.; grain, 33,000 qrs. St. John to Mediterranean, 16c.. 163c. and
No. 3 amber, 36 to 3630. London on Jan. 31 was un- 17c. Mar.5-20.
TOBACCO was as a rule in no more than a moderate dechanged to Md. lower; spot and February, 18%d.; March,
mand. But there is some increase in the demand for Wis18%d.
On February 1st following an opening rally of 20 to 30 consin. Some binder crops have already been bought
points prices broke 80 to 100 points from the highs on weaker even at prices which seem to preclude selling a reasonably
eables from London, heavy liquidation by tired longs, stop good five cent cigar at a profit. Florida shade is in steady
orders, and hammering by professionals. Dealers and demand. At this rate the crop, which is not large, will
manufacturing interests bought little. Shorts were the chief soon be sold. Old Porto Rico also meets with a steady sale.
buyers. The Dutch shipments of around 27,000 tons in The new crop may be, it is said, only half the normal yield.
December was mentioned as a factor on the decline, the Wisconsin,binders,25 to 30e.; Northern,40 to 45e.;southern,
total being said to be a new high record. Singapore closed 35 to 400.; New York State, seconds, 35 to 40e.; Ohio,
quiet and unchanged to Hd. lower. London advanced 3i to Gebhardt binder, 22 to 24d.; Little Dutch, 21 to 22e.; Zim30.early, but turned easy later and closed 34 to %d. lower mer Spanish, 30c.; Havana, first Remedios, 90 to 95o.;
/
with spot-February at 1838d.; March 18Hd.; April-June second Remedios, 70 to 75e.
18343. and July-September 1930. American consular offiCOAL has been quiet on bituminous with a fair demand
oars at Singapore, Penang, Colombo, Batavia, Surabaya, for anthracite. The uncertainty as to the industrial outlook
Medan, London and Liverpool who vise invoices on all hurts business in soft coal. Navy standard piers f.o.b. $5.25
rubber shipped to the United States from Malaya, Ceylon to $5.50; Navy supplementary $5.10 to $5.25; superior low
and the Netherland East Indies, and practically all from the volatile $4.85 to $5.05; ordinary low $4.30 to $4.70; high
United Kingdom, report by cable the following amounts grade medium $4.15 to $4.40; low sulphur gas $5 to $5.20;
of rubber invoiced during the three preceding weeks: Jan. high volatile steam $4.15 to $4.40; Anthracite Co. f.o.b.
28th,6,076 long tons; Jan. 21st, 9,070; Jan. 14th, 6,523, and mines: grate $8.25 to $8.75; egg $8.75 to $8.85; stove $9.25
Jan. 7th, 6,912 long tons.
to $9.35; chestnut $8.75 to $8.85; pea $6 to $6.40; buckOn the let inst. prices declined 100 to 130 points with wheat $3.25 to $3.35; barley $1.50 to $1.75; rice $2.15 to
long tons. $2.25; birdseye $1.30 to $1.75. If business conditions imtrading brisk. Sales were 2,000 lots or 5,000
Here on that day February closed at 37.40c., March at 37.60 prove in February, the total bituminous coal required from
to 37.70c., April at 37.800., May at 37.90 to 38c., June at the mines in the United States for January and February
38.20o., July at 38.40 to 38.500., Sept. at 38.70c., October should be about 90,000,000 net tons, according to the review
at 39e. Outside priees: Smoked sheets spot and February of the National Association of Purchasing Agents. Down to
3
37% to 380., March 373/i to 383,., April-May-June 38H to February 1st, signs of such improvement have not been im8
38%.; Spot first latex crepe 37% to 38e.; clean thin brown minent. The association puts December consumption of
8
crepe 353 to 35%; specky brown crepe 33% to 34e.; rolled hard and soft coal at 37,225,000 tons by the industries. Conbrown crepe 303 to 31c.; No. 2 amber 36% to 363/2c.; No.3, sumption was less than one and two years before. Indus%
8
3534 to 35; No. 4, amber, 34% to 350.; Paras, up-river trial stocks formed a 43-day supply or four days more than
fine spot 283 to 28840; coarse 23 to 233i. London on the at January 1 1927. Industrial stocks were in fact 3,000,000
1st inst. closed quiet and 34 to %d lower; Spotand February tons lower than a year ago.
18% to 183d.;March 183 to 18%d.;April-June 183/i to 19d.;
COPPER was dull. The price was steady, however, at
July-Sept. 19H to 1934d. Singapore was unchanged at 193/sd.
8
for April-June, 1 Hd.lower at 184d.for February and Hd. 143/e. And the export price wasfirm at 143/2c. c.i. f. Europe.
Consumers supplies are not .burdensome. Standard in
higher at 1931d. for July-Sept.
On the 2nd inst. excited trading at the New York Exchange London on Jan. 31, advanced 2s. 6d. to £62 16s. 3d. for
reached a new high record on heavy liquidation by tired bulls. spot, and £62 5s for futures; sales 200 tons spot and 1,000
The sales were 5,192 tons or 2,077 lots with fluctuations up futures; electrolytic unchanged at £66 10s. for spot and
and down reaching 200 points. Prices with London off id. £67 for futures. On the 1st inst. there was a better inquiry.
fell 40 to 140 points and then rallied 80 to 160 points from the In fact several sales were made, it was said, at 143/sc. delow of the day and ended at a net rise of 10 to 40 points. livered Connecticut Valley. Export business was fair at
London fell equal to 2 cents, but recovered much of the 143/2c. e. i. f. Europe. In London on the 1st inst. standard
deoline. The technical position here is better after the drastic fell is. 3d. to £62 15s. for spot and .£62 3s. 9d. for futures;
cleaning up. Artificial prices have crumbled; that is all. sales 100 tons spot and 1,150 futures; electrolytic unchanged
New York closed on the 2nd inst. as follows: Feb. 37.50c.; at £66 10s. for spot and £67 for future's. Later London deMar.37.80c.; May 38.30 to 38.40; June, 38.60;July,38.900.; clined 5s. and trade here was only moderate with wire and
Sept., 39.10 to 39.300.; Oct., 39.40 to 39.5004 Dec., 39.70e. brass makers. Lake was 1434 to 14 Hc.; electrolytic 14Hc.
Outside prices: Smoked sheets spot and February, 375 to In London on the 2nd inst. standard fell 5s. to £62 10s. for
,
-May-June, 38% to 3830.; spot and £61 17s. 6d. for futures; sales 150 tons spot and
37%0.- Mar., 373j to 38c.• April
'
Spot, first latex crepe, 37 to 38c.; clean thin brown crepe, 350 futures; electrolytic was £66 5s. for spot and £66 15s. for
35% to 3534c.; spooky brown crepe, 32% to 3343.- rolled futures.
'
brown crepe, 3134 to 31 Hc.; No. 2 amber, 3534 to 353ic.;
TIN declined
to %c. on Jan. 31 and considerable
3
No. 3 amber, 34% to 35c.; No. 4, 34% to 34Hc.• Paras buying was reported at the decline. In fact the activity
23Hc.; was the best recorded for several days past. Sales were
%
up-river fine spot, 283/2 to 288 c.; coarse, 23 to'
Acre fine spot, 29 to 293c.; Centrals, Esmeraldas, 23 to 300 tons or more, and prices ranged from 5434 to 54%e. or
233'e.; Baltata, Block Ciudad, 43 to 433/2c.; Panama block, 34 to Ho. above the low of the year. American tin de4134 to 420. London on the 2nd inst. closed with Spot liveries in January were 5,415 tons. The stock on Jan. 31
17%d.; Mar., 17%d.; April-June, 183d.and July- was 493 tons and the amount landing 2,275 tons. The
and
Feb.'
Sept., 18%d. Singapore on the 2nd inst. fell %d. to 134d.; world's visible supply was expected to show a decrease of
Feb., 17Hd.; April-June, 18d.; July-Sept., 1834d.
300 to 600 tons. It turned out to have been 489 tons.
To-day prices declined 50 to 80 points with sales of 1,203 The total at the close of January was 15,244 tons against
lots. London was irregular but closed 34 to %d. higher. 15,342 at the same time last year. The United States
Singapore advanced 34d.; but New York ignored the foreign visible supply at the end of January was 9,055 tons against
markets. Heavy selling pressure continued. Largely it 8,442 at the end of last year. Arrivals in January were
was hedging sales. Final prices show a decline for the week 6,610 tons. In London on Jan. 31 spot standard declined
of 2c. London at 2:34 p. m. to-day quoted spot-February £2 7s. 6d. to £247 7s. 6d.; futures off £2 5s. to £247 5s.; sales
18d.; March, 183.4d.; April-June, 1830.; July-September 100 tons spot and 700 futures; Spot Straits declined £2 55. to
/
£247 15s.; Eastern c. i. f. London fell £1 10s. to £252 10s. on
1881d.
HIDES.-Frigorifico were firmer with sales of 12,000 sales, 175 tons.
On the 1st inst. prices declined to the low of the year.
Argentine steers at 30 5-16c. to United States and European
tankers; also 12,000 at from 3034 to 30%c. City packer Sales of Straits tin were made at 543/gc., and some at He.
were quiet at 263/20. for native steers, 26e. for butt brands above that level. In London on the 1st spot standard was
and 2534c. for Colorados. Country hides were firm but off £1. 12s. 6d. to £245 15s.; futures fell £1 lOs to £245 15s.;
quiet at unchanged prices. Common hides were in rather sales 100 tons spot and 700 futures; Spot Straits declined £1
better demand and steadier. Common dry 34 to 38e. the 15s. to £246; Eastern c.i.f. London declined £2 to £250 10s.
'
latter for Cueutas. Native bulls 21 He. New York City on sales of 200 tons. Of late sales of Straits were made at
5434o. but later 543/gd. was bid. The London limits were
,
calfskins, 7-9s, 3.25 to 3.60e.; 9-12, 4.25 to 4.35c.; 5-7s, 3c.
sold. Total transactions here were 300 tons on the 2nd inst.
-Trading in sugar and corn led for In London on that day, spot standard declined 15s. to £245;
OCEAN FREIGHTS.
a time. Trading after some activity became quiet. Grain futures off 7s. 6d. to £245 7s. 6d.; sales 100 tons spot and
rates seemed a bit weak. Later there was a better business. 450 futures; spot Straits £246; Eastern c.i.f. London dropped
CHARTERS included grain, 33,000 qrs. St. John first half March to £2 to £248 10s. on sales of 250 tons.
Mediterranean, 16c. basis; 21,000 qrs. New York spot to Mediterranean,
-Continent, 178. 3d.: coal. Hampton
LEAD was easier in the Middle West at 6.25 to 6.2734c.
16c••• sugar. Cuba late Feb. to U. K.
Roads to west Italy Feb.. $2.55; time charter, prompt West Indies round, Bast St. Louis. Demand was small. Lead ore is tending
tankers, 12, 18.24 months delivery Jan., dirty, 58.; clean, part cargo,
$1.10;
Alexandria. 12s. 6d.,• coal, prompt Wales to Rio and higher. Sales were reported in the tri-State district last week
Constants Fob. to
-Continent,
Pernambuco, 9s. 9c1.: sugar, last half Feb. Cuba to U. 1C.
16s. 6d.; to Antwerp or Amsterdam, at $85 to $90 per ton. London declined 6s. 3d. on Jan. 31st
16s. 9d•; early Feb. Cuba to U. K..Santo Domingo to U. K.
-Continent, to £20 16s. 3d. for spot and £21 6s. 3d.for futures; sales 250
iss. 3d.; to Rotterdam, 16s.; Feb.,_
Cuba. to three ports
17s. 9d.: Copenhagen, 19s.; Santo Domingo, optionprompt delivery north tons spot and 1,200 futures. On the 1st inst. a fair inquiry
West Coast round at Mc.
U. K., 23c.; time charters,
Indies round, 95c.: tankers, crude. Feb.,from Gulf was reported, but actual sales were small. Here the price
Hatteras; Prompt West port and
19s. 6d. two ports loading; fuel oil, Feb.
to Rouen, 18s. for one Japan, 68c.; cotton from Gulf. March-April, to was 6.80c. while in the Middle West it was 6.25c. East
March, California to
prompt. London
9,(c•; sugar. Cuba to U. K., 17s. 3d.; to Continent, 17s.; to St. Louis. The demand is mostly for
Murmansk,
to Shanghai. advanced on the 1st inst. is.3d. to £20 17s. 8d. for spot and
Marseilles. 18s. 6d. 'Feb.; grain (wheat) from Vancouver
to U.
-march. $4.50; Vancouver North K. or Continent. Mar. 30s. 6d.;, £21 7s. 6d. for futures; sales 200 tons spot and 850 futures.
Feb.
Atlantic port, Mar. 1-31. $12.50;
from North Pacific to
lumber
738
FINANCIAL CHRONICLE
[VoL. 126.
Later trade was dull and prices unchanged, i. e. 6.25 to
Sydney, 2,794 bake; scoured merino, 42 to 458.; greasy merino, 1734 to
6.30c. In London on the 2nd inst. spot advanced is. 3d. to 34d.; greasy crossbred, 2234 to 2734d. Queensland, 901 bales; scoured
merino, 34 to 47d.; greasy merino, 1634 to 2534d. Victoria, 169 bales:
£20 18s. 9d.; futures stood at .£21 7s. 6d.; sales 50 tons spot scoured merino, 39 to 4134d.; greasy merino, 19 to 2534d. Adelaide, 239
bales; scoured merino. 30 to 42d.; greasy merino, 23 to 258. Westralia,
and 1,000 futures.
1,141 bales; scoured merino, 43 to 44d.; greasy merino, 1934 to 2730.
New
ZINC was quiet but steady. Ore was higher, but this 16 toZealand, 3,250 bales'scoured crossbreds, 23 to 24d.; greasy crossbred.
21334d. Cape,
greasy
had little or no effect. Prime Western slab was unchanged and slipe, 16 to 24d.;279 bales;clothingmerino, 13.34 to 2030. New Zeacrossbred
lambs.
at 5.6734c. Stocks of zinc ore are large. In London on
In London on Feb. 1 the auctions closed with a final
Jan. 31 spot fell 2s. 6d. to £26 2s. 6d.; futures fell 3s. 9d. to offering of 6,850 bales, making the total for the series 109,000
£26 is. 3d.• sales 625 tons futures. On the 1st inst. the bales. The next series will begin Mrach 13. It is estimated
price declined 234 points to 5.65 East St. Louis. This is that the Continent purchased. 52,000, England 38,000 and
disappointing to many in view of the higher tendency of ore America 2,500. Approximately 16,000 bales were either
and the fact that steel operations are increasing. Bearish carried forward, unoffered or withdrawn. Compared with
factors however are the very large ore reserves in the tri- the December series merinos advanced 5%, crossbreds 10%.
State district, and the disappointing demand for western and exceptional lots medium greasy 15%; Cape was par to
slab zinc. In London on the 1st inst. spot fell 2s. 6d. to 5% higher.
£26;futures off is. 3d. to £26; sales 150 tons futures. Later
New Zealand greasy crossbred 50-588 brought 25 to 26d. to-day; 50s,.
prices fell to 6.6234c. East St. Louis with trade dull. In 21 to 23d.; 46s, 18 to 1931d.; 44-465, 15 to 1734d. Details: Sydney, 2,482
bales; scoured merino. 37 to 45d.: greasy merino, 19 to 29d.;
London on the 2nd inst. spot declined 2s.6d. to £25 17s. 6d.; bred, 21 to 27d.; Queensland, 936 bales; scoured merino,37 togreasy cross41d.; greasy
futures fell 3s. 9d. to £25 16s. 3d.; sales 325 tons spot and merino, 19 to 204d.; Victoria. 766 bales; scoured merino, 28 to 4634d.:
greasy merino. 20 to 28d.; Adelaide, 170 bales; greasy merino. 16 to 2334d.;
400 futures.
Westralia, 550 bales; greasy merino, 2134 to 26d.; New Zealand, 1,670,
bales;scoured
-At Pittsburgh independent companies have fol- Zealand sllpe,crossbred, 1834 to 2834d.;greasy crossbred, 15 to 26d. New
STEEL.
1536 to 303411.
lowed an advance of $3 a ton in automobile sheets, making
At Sydney, Australia, on Feb.
the price 4.15e. The American Sheet & Tin Plate will follow sharp, especially for crossbreds 2 the sales closed. DemandI
also. The output of miscellaneous products is irregular. opening prices of this series the generally. Compared with
closing
Some plants lag behind, others are busy. For automobile and 5 to 10% on greasy comebacks was up 5% on merinos.
and crossbreds. The
materials the specifications are large. An advance of $1.85 next series begins on Feb. 13,
the offerings 190,000 bales.
Pittsburgh, as a minimum on bars, shapes and plates, has
been passed by practically all mills at Pittsburgh. The
sheet situation is better. A considerable back log is enCOTTON.
couraging. Black sheets No. 24 gauge have been quoted at
Friday Night, Feb. 3 1928.
$2.90 Pittsburgh. On wire products the higher quotations
THE MOVEMENT OF THE CROP,
stand. At Youngstown the gradual rise in rolled steel in- telegrams from the South to-night, is as indicated by our.
given
creases confidence. Warehouse prices are said to be out- the week ending this evening the total receipts below. For
running mill quotations. Sheet prices as a rule, it is said, 139,567 bales, against 120,405 bales last week have reached
and 122,215,
are maintained, though it appears they are still eased now bales the previous week, making the total
receipts since the
and then. Pittsburgh wired to-day that the price of wire 1st of August 1927, 6,673,255 bales, against
9,858,209 bales.
rods was advanced $2 a ton to $44.
for the same period of 1926, showing a decrease since Aug. 1
-The inquiry increased and under ordinary 1927 of 3,184,954 bales.
PIG IRON.
circumstances some improvement in business is expected;
Receipts atMon. Tues. Wed. Thurs, Fri.
Sat.
some 15,000 to 18,000 tons were involved. Prices were
Total,
steady. Eastern Pennsylvania, $19 to $19.50; Buffalo, Galveston
5,637 7,772 13,720 8,370 6,161 3,941 45,601
$16.50 to $17; Chicago, $18 to $18.50. Dutch sold at Texas City
_ 1,794 1,794
Houston
3,391 9,113 7,215 4,338 4,940 7,483 36,480'
$21.50 duty paid with much smaller imports than in former Corpus Christi
__-_ 2,614
____
__
__
2,614
years. At Youngstown trade was quiet present and pros- New Orleans---- 3,687 10,528 9,113
715 5,948 74,M 37,475.
854
107 1,134
345
pective; the melt was much increased. It is said, however, Mobile
129
376 2,945.
Savannah
1,057
719
830
781
318
924 4,629
that No. 2 foundry is moving at $17.50 the recent advanced Charleston
101
311 1,304
102
103
255 2,176.
Wilmington
150
52
340
163
price Valley. Standard basic is firm at $17 valley. New Norfolk
243
103 1,051
482
309
387
457
179
865 2,679
York business is said to be increasing somewhat. Conecti- New York
50
Boston
cut and New Jersey bought. Of cast iron pipe 50,000 tons Baltimore
138
45
183
1,488
-___
402 1,890'
are rumored to have been sold to an Eastern company.
British low phosphorous iron has advanced 500. to $23.50 Totals this week_ 15.359 31.575 34.043 16.759 15 150 22 579 120 SRI
to $24, duty paid. Philadelphia reports that the demand
The following table shows the week's total receipts, the there is mostly for malleable iron from Baltimore.
total since Aug. 1 1927 and stocks to-night, compared with
WOOL was steady but did not sell readily. Later prices last year:
were firm with a steady demand from some 'IBMs but no
activity.
1927-28.
1926-27.
Stock.
Ohio and Penn. fine delaine and 34-blood, 50c.• 34-blood and 3i-blood,
.
51 to 52c.; Territory, clean basis, fine staple, $1.18 to $1.23; fine medium
French combing, $1.07 to $1.12;fine fine medium clothing. $1.05; 34-blood
staple, $1.10 to $1.12; 34-blood, 95c. to $1.00; 3i-blood, 90 to 92c. Texas,
clean basis, fine 12 months, $1.18 to $1.20; 8 months. $1.07 to $1.12; fall,
$1.00 to $1.02; pulled,scoured basis. A super,$1.05 to $1.10; B,92 to 97c.;
0,80 to 83c.; domestic mohair, original Texas,61 to 62c.
Boston wired a Government report: "Mills are moderately
active in the wool market and they are taking limited quantities of 58s and 60s territory wools at advancing prices.
Strictly combing 58s and 60s territory has brought fully
$1.12 scoured basis, and asking prices on some lots figure up
to $1.14 to $1.15 scoured basis. French combing 58s and
50s have sold at fully $1.05 scoured basis and clothing has
brought $1.00 scoured basis. The medium grades are moderately active at very firm prices."
In London on Jan. 27 offerings 8,756 bales. Better demand from British and Continental buyers. America bought
crossbreds. Prices firm for merinos.
Crossbreds 10% higher on all grades compared with December. New
Zealand halfbred 58s brought 26 to 28d.; greasy crossbred 58s, 27d.; 56s,
2534d.; 50s. 2134d. to 2434c1.; 46-488, 1834 to 19.34d.; 46s, 104 to 1734d.
Details: Sydney, 1,777 bales; greasy merino, 18 to 36;411.; greasy crossbred,
20 to 2434d. Queensland, 1.218 bales; greasy merino, 1934 to 28d. Victoria, 793 bales; scoured merino, 36 to 47d.; greasy mreino, 2234 to 29d.;
scoured crossbred, 25 to 41d. Adelaide, 76 bales; greasy merino, 2034 to
25d. Westralia. 1,392 bales; scoured merino, 3734 to 4434d.; greasy
merino. 1834 to 2834d. New Zealand, 3,012 bales; scoured merino, 40 to
42d.; greasy merino, 1934 to 24d.; greasy crossbred, 1634 to 28d. Cape.
389 bales; greasy merino. 1634 to 26d. Kenya, 99 bales; greasy merino,
20 to 23d. New Zealand slipe, 1534 to 2736d. halfbred lambs.
In London on Jan. 30 offerings were rather smaller. Demand brisk. Prices firm. Speculators' lots of Australian
greasy merino were often withdrawn at firm limits.
New Zealand greasy crossbred 56s brought 204(1.; 50s, 22 to 2334d.;
48-50s, 20 to 2134d.; 44-46s, 1634 to 1930. Detrils: Sydney, 3,210 bales;
scoured merino, 2834 to 42304 greasy merino, 18 to 32d.: Queensland,
1 514 bales; scoured merino, 3634 to 48d.; greasy merino, 1834 to 253604
Victoria, 352 bales; scoured merino. 3534 to 4734c1.; greasy merino, 28 to
30d.; Adelaide, 792 bales; scoured merino, 3834 to 45d.: greasy merino, 23
to 25d.; Westralia, 682 bales; greasy merino, 21 to 27d.; N w Zealand,
1,135 bales;scoured crossbred, 1634 to 28d.;greasy crossbred, 16.34 to 2634d.
Cape,80 bales;scoured merino,39 to 41d.; New Zealand slipe, 163.4 to 258..
fine crossbred lambs.
In London on Jan. 31 offerings, 8,800 bales. Demand
prompt from home, Continental and American buyers.
America bought chiefly greasy crossbreds. Prices firm.
New Zealand greasy crossbred 56-58s brought 2334 to 26d.;
48-50s, 21 to 23d.; 46s, 18 to 1934d.; 44s, 16 to 1734d. Details:
Receipts to
Feb. 3.
This Since Aug This Since Aug
Week. 1 1927. Week. 1 1926.
1928.
1927.
Galveston
45,601 1,755,473 71,847 2,654.940 469,924 687,289
Texas City
1,794
80,676 10,235 120,535
44,145
39,347
Houston
36.480 2,260.743 59,461 3.221.191 883,382 962,181
Corpus Christi
2,614 181,189
New Orleans
37,475 1,123,697 48,758 1,788,440 512,350 646,946
Gulfport
Mobile
2,945 221,911 6,059 309,320
52,640
11,125
_
Pensacola
11,259
346
12,528
Jacksonville
8
617
610
592
Savannah
4,629 495,631 16,987 831,456
89,375
30,856
Brunswick
'
Charleston
2,176 213,270 6,858 408,992
31.102 68,531
Lake Charles
756
---1,051
Wilmington
85.823 1,951
17,947
23,423
90,563
Norfolk
2,679 188,710 7,1.135 325,579
82,591 127.283
N port News, &c_
.
279
New York
50
5.008 1,373
23.683 191,747 171,322
183
Boston
4.313 1,075
1,746
4,355
17,363
Baltimore
1.890
44.636 3,001
48.863
1,832
1 644
.
Philadelphia
155
82
5.051
3,860
9,336
139,567 6.673.255 235.195 2.255 200 9 901 759 2.576.710
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1927-28. 1926-27. 1925-26. 1924-25. 1923-24. 1922-23.
45,601
71.847
60.654
31,037
39,500
67.588
36,480
59.461
35,808
10,194
12,521
41,176
37,475
48.758
47,363
30,311
31,395
37,708
6.059
2.945
4,820
469
1,495
1.733
16,987
4,629
9,679
3,698
7,928
9,163
250
2,176
6,858
4,554
3,190
3.301
4,977
1,051
1,951
1,485
623
1,953
1,418
2,679
7,165
5,588
4.684
5,071
7,816
6,531
16.112
3,276
2.890
824
8,564
Total this wk- 139.567 235.198 173,227 179,899 104,226
87,381
cilnen An 1 5572255 9.858.209 7.550 559 7 910 040 X AAA SAG A 505 120
•Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
Galveston_ --Houston. &c *
New OrleansMobile
Savannah _ _ _ _
Brunswick
Charleston_
Wilmington
Norfolk
N'port N., &c
Alf othen____
The exports for the week ending this evening reach a total
of 182,274 bales, of which 56,422 were to Great Britain,
26,676 to France, 47,865 to Germany, 4,770 to Italy, 5,000
to Russia, 18,322 to Japan and China, and 23,219 to other
destinations. In the corresponding week last year total
exports were 291,199 baies. For the season to date aggregate exports have been 4,601,561 bales, against 6,678,462
•
FEB. 4 1928.]
FINANCIAL CHRONICLE
739
bales in the same period of the previous season. Below of a success in fighting this pest equal to that of former
years, when control and eradication for the time resulted.
are the exports for the week.
Present prices, it was said in Southern wires, would tend
Exported to
to prevent any marked increase in the acreage. The stock
Week Ended
GerGreat
Japan&
market early in the week was firm and Wall Street bought
Feb. 3 1928.
Exports from
- Britain. France. many. Italy. Russia China. Other. Total. cotton. On January 30 the great majority of the workers
16,239 12,577 5,863 3.436 2,500 4,241 9,718 54,574 at Fall River were at work at the reduction in wages of
Galveston
14,810 9,490 9,762
Houston
2,500 7,675 7,841 52,078 10%. Goodyear's tire plant was working at a high record.
1,869
1,869
Texas City
5,456 1,766 33,823 The Pacific mills at Lawrence, Mass., were operating at
New Orleans__ _ 8,847 2.729 15.025
8.318 70%, and their print works were doing a good business.
2,733
Mobile
5,585
684 17,174
Savannah
8,086
8,370
34
1,475 2,750 Worth Street was rather steadier if still quiet. In LiverCharleston
50
225 1,000
5,938
Norfolk
3,838
2,100
962
435
"ioo
-566 1,635 3,532 pool, Bombay and the shorts bought.
New York
But on the 1st inst. came a decline of 30 to 40 points
Baltimore
100
leo
100
100 owing to reports of rain in Texas, a falling off in the covPhiladelphia_
768
650
1,918
500
Lim Angeles_ _ _
100 ering, a weaker technical position and disappointing cables
100
San Francisco..
from Liverpool. Liverpool took the decrease of some $22,Total
56,422 26,676 47,865 4,770 5,000 18,322 23,219 182,274
000,000 in the United States Steel Corporation's earnings
Total 1927
70,787 26,270 97,115 19,513
37,184 40,330 291,199 for the last quarter of 1927 compared with the same guar-.
Total 1926
64.953 33,785 39,894 16,585
29,935 28,224 213,376
t,er in 1926 as a sign of a reaction in American trade gem
erally. Some liquidation took place of old accounts. ReFrom
Exported to
Aug.]. 1926 to
cent buyers for an upturn became discouraged and sold.
Great
Fee. 3 1928.
GerJapan&
The Continent and Liverpool sold. There was not much
Total.
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
buying except to cover. The mill buying was moderate.
214,577 1,343,133
Galveston.-- 178,811 279,541 302,852 126,630 13,900 226,822
Houston
178,120 240,849 291,519 101,343 52,500 220,379 119,732 1,204,442 Some South Carolina advices said that farmers were be----------------20,724 coming tired of holding and that any new break in prices
Texas City-13,376 2,264 5,084
Corp. Christi
32,011 35,892 59,939 5,000 3,100 23,972 18,098 178,012
New Orleans 124,307 65,218 181,272 73,627 43,726 176,009 75,474 739,633 might be the signal of extensive selling. The daily sales
Mobile
34,716 1,739 92,392 2,000
____ 21,050 4,150 156,014 of spot cotton still fell noticeably below those of last year.
--------1,100
11,259
Pensacola
1,160
____ 8,999
Savannah
102,626 5,030 302,128 7.062
2:: 3,705 20953 476,504 Exports remained small. The big gap between the exCharleston
31,437 1,833 125,125 6,065
---- 5,300 20,085 189,845 ports thus far and those for the same time last year tends
Wilmington
59,667
--------300
17,300 42,067
Norfolk
_-_
,91111 2,981 100,941 to widen. Alexandria prices of Egyptian have at times de31,758
600 62,452 1,250
Lake Charles
756 clined sharply. In Liverpool, London, the Continent and
New York__
9,202 8,224 24,879 2,154
-_-- 1,784 20,532
66.775
Boston
------------1,659
2,809 Alexandria sold at times. Some sold March and May here
642
15
493
--------267
2,504 and bought later months. The two crops, old and new,
Baltimore1,007
200 1,030
421
Philadelphia.
44,276 got within 20 points of each other. There were some fears
7,140 6,298 23,787
160
Los Angeles_
--__ 6,400
491
San Fran__
--------1,850
183
2,838 of labor troubles in Lancashire if at the meeting on Feb.
350
100
355
975
Seattle
975
____
3 between employers and workers to discuss the proposed
Total
745,931 648,610 1499477 368,819 113,226 725,146 500,352 4,601,561 cut in wages of 12 % and the increase in weekly working
/
1
2
4 hours it develops that the mills refuse to give
Total '26-'27 1,722,467 739,823 1914799 509,267 132,773 969,516 689,817 6,678,462 time of 41
Total '25-'26 1,633.008 649.689 1301402 409.738 103.773 735.345 575.283 5.408.236 way. On Thursday, with further rains in eastern and
-Exports to Canada.
NOTE.
-It has never been our practice to include in the southwestern Texas, prices gave way 15 to 38 points. Lower
above table reports of cotton shipments to Canada. the reason being that virtually cables from
Liverpool and Alexandria, the fears of labor
all the cotton destined to the Dominion comes overland and it Is impossible to get
returns concerning the same from week to week, while reports from the customs trouble in Lancashire growing out of the meeting to-day,
districts on the Canadian border are always very slow in coming to hand. In view, reports of
a lower basis and heavy liquidation, both of
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of December the exports to the Dominion the present season have recent and old long accounts, were contributory causes. It
the corresponding month of the preceding season the exports was said that a
been 42.458 bales. In
good deal of the hedge selling was done by
were 38,417 bales. For the five months ended Dec. 31 1927. there were 109,274
bales exported as against 121.169 bales for the corresponding five months of 1926. co-operative associations. A rumor, with or without founIn addition to above exports, our telegrams to-night also dation, was that some of the co-operatives were turning
give, us the following amounts of cotton on shipboard, not back cotton to their members, supposedly owing to the
dullness of the market. There were reports that fertilizer
cleared, at the ports named:
sales in December and January amounted to some 512,000
tons against 404,000 in the same period last season. New
On Shipboard, Not Cleared for
Orleans sold on this report. There was more or less agGreat
GerLeaving
Other Coastgressive short selling as the market got down to new lows
Britain. France. many. Foreign wise. Total.
Feb. 3 at
Stock.
here; that is when March and October dropped below 17
Galveston
11,700 4,400 7,800 26,000 5.500 55,400 414,520
9,505 4,888 6,655 11.317
New Orleans
263 32,628 479,722 cents. Spot markets fell 25 to 35 points and the sales still
Savannah
300
30,556 lagged behind those of the corresponding time last year.
300
Charleston
207
30,895
207
Mobile
450
1,191
9,934 Manchester was dull and more or less depressed. The
141
600
750
Norfolk
8,184 Shanghai auctions were resumed, but the results were de750
2,000 1,000 2,000 3,000
Other ports *__
8,000 1,145,814
scribed as unsatisfactory. In Liverpool there was selling
Total 1928__ 24,405 10,288 16,455 40,917 6,411 98.476 2,193,286 by London and Manchester, together with more or less
Total 1927._ 32,797 10,981 37,800 64,652 13,921 160,121 2,716,589
Total 1926-- 20,104 9,776 15.892 38,788 6,723 91,283 1,412,874 hedge selling. A drop of 40 to 70 points at Alexandria,
Egypt, had more or less effect in Liverpool. On the de*Estimated.
Speculation in cotton for future delivery was more active cline it is believed that the technical position on both
early in the week at some advance in prices. Later came sides of the water was improved.
To-day prices advanced 25 to 35 points, owing to higher
a decline. But the technical position was better at one
time. The belief was that liquidation had run its course. cables than due, continue drought in Texas, a stronger techThere was some buying for a rally. It was believed to be nical position, a lessened pressure on the markets at home
due after recent declines of some 250 to 300 points. Shorts and abroad, and considerable covering of Shorts. Spot
finding the offerings smaller covered with some haste. markets were higher. The conference in Manchester led
Spot markets advanced. Carolina mills were said to be to no result. Whether that means a deadlock or not rerather inadequately supplied and were buying rather more mains to be seen. Certainly no strike was declared or
freely. The basis was firmer. The mills called cotton threatened. That is what had been feared. There was some
here to some extent. Europe bought. The Continent bought reaction from the top. The week-end statistics were more
March rather freely. Wall Street bought. The South for or less disappointing. Moreover, rain was predicted for
a while sold less freely here. Texas and Oklahoma were eastern and western Texas, as well as for Oklahoma.
still rainless. Plowing in those States was rather far be- Texas needs a good deal of rain, however. It will take
hind; the soil, especially in the western sections, was too more than one or two days' precipitation to relieve the
dry. The weevil hibernation was declared to be heavy. drought which in western Texas is said to have lasted in
That fact was stressed on Jan. 30 when Washington issued certain sections at least since last September. A better
a report which said that while considerable numbers of the spot demand was reported at the South. It is said that the
boll weevil had been killed by cold this Winter, especially western co-operative associations have sold heavily. This
when temperatures below 30 degrees struck the least pro- would tend to relieve the situation at the South, which
tected weevil, yet experience had shown that temperatures has seemed to suffer from some spot congestion, coinciat least 10 degrees colder than those experiencd recently dentally with a slack demand as compared with last year.
had still permitted a large enough survival to necessitate a Exports are still far below those of 1927 at this time. Final
serious weevil fight the following year. Records kept over prices show a decline for the week of 43 to 70 points. Spot
a long series of years show that the weather this Winter had cotton closed at 17.65c. for middling, a decline for the week
been cold enough to reduce materially the weevil in hiber- of 75 points.
The official quotation for middling upland cotton in the
nation, but it added that it should be remembered that
market
the Winter survival amounts to only 3 to 5% on the aver- New YorkFeb. 3- each day for the past week has been: Fri.
Jan. 28 to
Sat. Mon. Tues. Wed. Thurs.
age and that an unusual number entered hibernation last Middling upland
17.95 18.05 18.15 17.75 17.45 17.65
Fall. The survival in Florida was stated In one report as
NEW YORK QUOTATIONS FOR 32 YEARS.
reaching the unusual total of 25%. Moreover, pink work 1928
16.50c.
17.65c. 1920
10.00c
38.60c. 1912
13.80c. 1919
9.00c.
attracted greater attention. A Washington statement said 1927
14.65c. 1903
27.85c. 1911
1926
8.25c.
14.750. 1902
20.70c. 1918
31.50c. 1910
the outbreak of pink work in western Texas was giving 1925
that
9.900. 1901
24.65c. 1917
10.000.
14.60c. 1909
34.35c. 1916
8.31c.
11.65c. 1900
12.00c. 1908
the Department of Agriculture serious concern, as possibly 1924
1923
6.31c.
11.00c. 1899
28.100. 1915
8.600. 1907
the greatest menace to the cotton belt since the original 1922
17.200. 1914
11.45c. 1898
5.94c.
12.75c. 1906
infestation in 1917. The department, it is true, is hopeful 1921
13.600. 1913
7.600. 1897
7.25c
12.95c. 1905
740
FINANCIAL CHRONICLE
[Vox,126.
FUTURES.
-The highest, lowest and closing prices at increase of 409,338 bales over 1926, and a gain of 1,433,927
New York for the past week have been as follows:
bales over 1925.
AT THE INTERIOR TOWNS the movement-that is,
Fr
Saturday. Monday,
Tuesday, Wednesday. Thursday,
the receipts for the week and since Aug. 1, the shipments for
Feb. 1.
Jan. 28.
Jan. 31.
Jan. 30.
Feb. 2.
Fe
the week and the stocks to-night, and the same items for the
Jan.
corresponding periods of the previous year, is set out in detail
Range_ _
Closing.
below:
Feb.
Range _ _
Closing ..
March
Range._
Closing _
April
Range__
Closing
Mats
Range_ _
Closing
Movement to Feb. 3 1928.
17.2316.90-17.11
17.6317.5217.4117.43-17.73 17.17-17.70 17.43-17.80 17.25,17.58 18.87-17.21 17.0( 17.25
17.43-17.45 17.54-17.5517.65-17.66 17.25-17.26 16.92-16.94 17.14 -17.17
Week.
17.3017.7117.01-17.21
17.5917.4817.55-17.84 17.27-17.81 17.56-17.91 17.35,17.71 17.06-17.39 17.11 -17.45
17.55-17.56 17.65-17.67 17.77-17.80 17.36-17.38 17.10-17.12 17.3( 17.33
17.3:-17.32
Range_ 17.40-17.40
17.3617.7617.6117.517.14Closing 17.40July
1-17.44 17.5- -17.52
Range._ 17.45-17,'4 17.17-17.71 17.52-17.88 17.37-17.71 17.16
Closing 17.45-17.52 17.58,17.60 17.76,17.7817.37-17.39 17.18,17.22 17.3/ 17.41
Aug.
Range._
17.67 -17.2917.51 17.1417.31
Closing. 17.35SepLRange_ _ 17.45-17.45
Closing. 17.28-17.43-17.57 -17.22-17.08-17.21
Oct.
Range-- 17.20-17.43 17.05,17.50 17.22-17.51 17.15-17.3916.96-17.16 17.01 17.30
Closing _ 17.20-17.25 17.35-17.37 17.47-17.48 17.15-17.18 17.02-17.04 17.11 -17.19
Range- - 17.25-17.26- -17.33-17.33
17.45- 17.15
Closing. 17.2517.3517.04-17.21
Dec.
Range-- 17.15-17.40 17.00-17.43 17.19-1-7.48 17.15-17.37 17.00-17.15 17.11 17.31
Closing _ 17.15-17.20 17.35-17.38 17.44-17.45 17.1517.08-17.08 17.21
Jas.
17.0047.10 17.11 47.32
Range _ _
17.0717.2/
Closing.
Range of future prices at New York for week ending
Dec. 16 1927 and since trading began on each option:
Option for
Jan. 1928
Feb. 1928
Mar. 1928.. 17.00
April 1928._
May 1928.. 17.06
June1928_ 17.32
July 1928_ 17.10
Aug. 1928_
Sept. 1928.. 17.45
Oct. 1928_ 16.96
Nov. 1928.. 17.25
Dec. 1928__ 17.00
Jan. 1929_ 17.00
Range for Week.
Range Since Beginning of Option.
14.11 Mar. 15 1927 24.77 Sept. 8 1927
18.19 July 12 1927 23.73 Sept. 8 1927
Feb. 3 17.80 Jan. 31 14.75 Apr. 4 1927 24.99 Sept. 8 1927
18.35 July 12 1927 26.67 Aug. 31 1927
Feb. 2 19.91 Jan. 31 17.06 Feb. 2 1928 25.07 Sept. 8 1927
Feb. 3 17.40 Jan. 28 17.32 Feb. 3 1928 21.77 Sept. 19 1927
Feb. 2 17.86 Jan. 31 17.10 Feb. 2 1928 24.70 Sept. 8 1927
17.85 Jan. 25 1928 20.86 Nov. 9 1927
Jan. 28 17.45 Jan. 28 17.45 Jan. 28 1928 21.10 Oct. 27 1927
Feb. 2 17.51 Jan. 31 16.96 Feb. 2 1928 20.20 Nov. 9 1927
Jan. 28 17.33 Jan. 31 17.25 Jan. 28 1928 18.64 Jan. 7 1928
Feb. 2 17.48 Jan. 31 17.00 Feb. 2 1928 19.05 Jan. 3 1928
Feb. 2 17.32 Feb. 3 17.00 Feb. 2 1928 17.32 Feb. 3 1928
Movement to Feb. 4 1927.
Receipts,
Towns.
Ala..Iilrznlng'mL
Eufaula
Montgomery.
Selma
Ark.,Blythevill
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport_
Pine Bluff
Walnut Ridge
Ga., Albany...
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss..Clar
Columbus
Greenwood
Meridian_
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis.
N.C.,Greensb'r
Raleigh
Okla., Altus x _
Chickasha
Okla. City x15 towns*___
S.C.,OreenvllL
Greenwood a_
Tenn.,Mem ph
Nashville a_
Texas, Abilene_
Austin
Brenham....
Dallas
Ft. Worth a.
Paris
Robstown_ - _
San Antonio_
Texarkana..
Waco
Ship-Stocks
ments. I Feb.
Season. Week.
3.
81,031
2,717
163
18,306
347 69,296
55.611
49
74.374
1,469
34.892
320
1,239
47,659
313
44,060
680 30,549
97.543
1,480
268 46.905
1,690 115.050
33.323
928
4,962
17
500 48.355
2.987 101.262
2.109 222,660
311
49,373
888
50.538
32,163
357
383 91,968
919 147,492
32,823
180
752 153,231
36,891
216
34,701
1,069
16,772
157
27,269
98
9.694 247,143
21,315
191
208
11,404
Ship- Stocks
ments. Feb.
4.
Week.
Receipts.
Week.
11,566
409' 9,597
1,7911 29,690
672
3.145] 18,80
694 13,548
1.1091 20,869
6371 5,515
608, 5,595
2.857 23,319
1,103, 6.668
2,7351 37,914
1,439, 7.197
50, 2,167
2,000' 17,969
2,889 35,246
6,140 86.542
1,082 2.745
1,227 5,384
250 18,291
980 44,95
3,494 85,423
430 8,813
2,015 80.282
725 8,396
1,152 20,641
84 7.593
404 15.781
9,826 2,498
1,074 17,796
281 4,394
6931 82,300,
868 14,985
3691 23.809
240 12,048
77
113,475 1.745 44,735
569
84,578 1,413 35,269
25,01
10,571 696,314 14,306 84,525
7,726 236,392 12,145 69,549
Season.
1,552
84,175
3,191 37,128
1,314
188,264
5,675 62,728
3,040
167.264
5,818 66,174
10
1.982
4,206
6,186
1,082
1,462
707
1,553
2,791
251
2,998
471
401
585
2,1741
18,216
1,773
115
5,254
3,403,
3,499
8,652
31 3,713
42.269
850 21,044
220,566 9.662 80,047
294.839 7.804107,029
42,185 1,215 4,503
85.505 2.042 15,083
47,326
800 28,066
154,421 1.349 61,784
157,190 8,092 77,213
39,222
354 10,018
165,263 7,011 84,444
49,438 1,505 14,465
36,226 1.683 11,463
31,639 1.368 18.465
41,676 2,194 24,789
400.518 18,893 7,394
29,980
399 19,433
17,4541
320 10,921
167,5411 9,184 17,141
147,868 7,323 15,648
140.169 6,028 24,914
5,983, 233,636, 5,141 87.275
- -1
7.773___ 3,251
36,252 1.112,829 43:(
S50242,872 54,949 1,530,950 73,3 9292.352
5
50
,
5,665249 1,245
1,406
47,923 1,220 1,13791
442
72,632,
480 2,966
175
24,392
162 2,8371
149
32,505,
191 3,927
192 • 24.074
144 11,936
300
24.7791
400, 7,145
1,436
78,223 1,170 26,545 2.736 157,753, 5,490 52,977
2,648 107,083,
16,092
773 70.143 1,236 5 1. 1,098, 54,348, 3.370 2,162
.
. 1,1i5
572
___ _I 29,692
1
80
-345 4. •
.
307
58,113
404 3,162
200
54,117 1,000 9.720
1.061
82.862 1.361 12.688
THE VISIBLE SUPPLY OF COTTON to-night, as made Total. 57 towns 92,580 4,568,118 132.6941134097
136.0eR 5.34n 740198.11231404189
up by cable and telegraph, is as follows. Foreign stocks, as
a Discontinued. *Includes the combined totals of fifteen towns
in Oklahoma.
well as afloat, are this week's returns, and consequently
The above total shows that the interior stocks have
all foreign figures are brought down to Thursday evening.
decreased during the week 46,009 bales and are to-night
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States, 270,102 bales less than at the same time last year. The
receipts at all towns have been 43,516 bales less than the
including in it the exports of Friday only.
same week last year.
Feb. 31928.
1927.
1926.
1925.
bales_ 796.000 1,310,900 863,009 884.000
Stock at Liverpool
MARKET AND SALES AT NEW YORK.
Stock at London
2.000
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
68,000
163,000
79 000
90,000
864.000 1,473,000
942,000
976,000
503.000
333.000
11,090
120.000
63,000
605.000
288,000
105,000
51,000
303.000
208,000
4,000
97,000
23.000
216,000
212.000
9.000
74.000
47,000
2,000
5.000
1,130,000 1,073,000
635,900
565,000
14,000
1,994,000 2,546,000 1,577.000 1,541,000
Total European stocks
76,000 133.000
95.000
India cotton afloat for Europe_ _ _ 155,000
American cotton afloat for Europe 363,000 729,000 488.000 689,000
84,000
100.000
88.000
Egypt,Brazil,&c.,afloatforEurope 78,000
419,000 436,000 301,000 240,000
Stock in Alexandria, Egypt
728,000 580,900 717,000 479,000
Stock in Bombay, India
a2,291,762a2,876,710 1,504,157 1,343,961
Stock in U. S. ports
Stock in U. S. interior towns_ a1,134,087a1,404,189 1,930,287 1.248.011
3,067
U. S. exports to-day
4,950
7,162,849 8,741,899 6.753,511 5,728,922
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Amer:canbales- 549.000 987,000 592,000 716,000
Manchester stock
56.090 145,000.69,000
Continental stock
1,076.000 1,035,000 600.000 522.000
American afloat for Europe
363.000 729.000 488,000 689,000
a2,291.762a2,876,710 1,501,157 1,343,961
U.S. port stocks
U.S. interior stocks
a1,134,087a1,494,189 1,930.287 1,248,011
3,067
U. S. exports to-day
4,950
Total American
5,469.849 7,175,899 5,178,511 4,592,922
East Indian, Brazil, c*c.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India. &a
Total American
247,000
323,000
271,000
12.000
54.000
155,000
78,000
419,000
728.000
19,000
38,080
76,000
84,000
436.000
590,000
18,000
35,000
133,000
100,000
301,000
717,000
168,000
2,000
21,000
43,000
95,000
88,000
240,000
479,000
1,693,000 1,566,000 1,575,000 1.136,000
5469.849 7,175,899 5,178,511 4,592,922
7,162.849 8,741,899 6.753.511 5.728.922
7.47(1.
9.79d.
10.80d. 13.28d.
14.99c.
20.80c.
24.25c.
Middling uplands. New York__ - - 17.65c.
15.50d. 19.95d. 36.50d.
18.00d.
Egypt, good Sakel. Liverpool
Peruvian, reugh good. Liverpool_ 12.000. 11.50d. 23.00d. 20.75d.
6.65d.
8.80d
9,45d. 11.85d.
Broach, fine. Liverpool
7.00d.
9.50d.
9,8531.
12.60d.
Tinnevelly, good, Liverpool
Total visible supply
Middling uplands, Liverpool _ _
a Houston stocks are now included in the port stocks in previous years
they formed part of the interior stocks.
Continental imports for past week have been 147,000 bales.
The above figures for 1927 show a decrease from last
week of 98,411 bales, a loss of 1,579,050 from 1927, an
Spot Market
Closed.
Saturday_ _ Monday __Tuesday _ _ _
Wednesday_
Thursday _ Friday
Futures
Market
Closed.
SALES.
Quiet 45 pts. decline Easy
Steady 10 pts. adv. Very steady...
Steady 10 pts. adv.. Steady
Quiet,40 pts. dec... Easy
Quiet 30 pts. dee_ _ _ Very steady_ Quiet, 20 pts. adv.. Barely steadyTotal for week
Since Aug. 1
Genteel Total.
Spot.
1,600
550
1,200
500
700
1,606
550
5,700
SOO
700
4,500
4,550 '.500 9,050
212,134 642,600 854,734
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
February 3Shipped
Via St Louis
Via Mounds. &c
Via Rock Island
----1927-28---Since
Aug. 1.
Week.
-1926-27Since
247,504
186.692
10,498
21,7(47
149,629
210,606
Week.
18,893
Aug. 1.
409,292
7,700
841
1,156
5,234
20,787
230,900
13,892
37,203
161,870
353,473
38,481
826.726
55,611 1,206,630
555
22,614
55,588
12,778
411,810
5,531
592
32,608
Total to be deducted
25,292
Leaving total net overland*_- -13,189
480,176
38,731
630,652
346,550
16.880
575,978
Via Louisville
Via Virginia points
Via other routes, Stc
Total gross overland
9,826
6,540
769
467
4,956
15,923
Deduct Shipments
Overland to N Y , Boston, &C.. 2,123
Between interior towns
Inland, &c ,from South
85,562
14.920
520,070
*Including movement by rail to Canada.
The foregoing shows the week's not overland movement
this year has been 13,189 bales, against 16,880 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 229,428 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Feb. 3
926-27
-1927-28
Since
Aug. 1.
since
Aug. 1.
139,567 6,673,255 235,108 9,858,209
Net overland to Fob. :3
575,978
13,189
15,880
346,550
Southern consumption to Feb 3 90,000 2.951,090 115.000 2,716,000
TVeek,
Week.
Total marketed
242,756 0.970,805 357,078 13,150,187
Interior stocks in excess
872,854
*46,009
761,235 *63,24e
Excess of Southern mill takings
603,864
over consumption to Jan 1_ _ _ _
329,928
303,838_Came into sight during week- -196.747
14.626.995
11,061.968
Total in sight Feb 3
North spin's' takings to Feb 3.- 36,884,ti 933,265
48,477 1,272,347
•Decrease.
FEB. 4 1928.]
FINANCIAL CHRONICLE
741
Movement into sight in previous years:
Week-Feb 6
1926
-Feb 7
1925
-Feb 8
1924
Bales 1 Week240.259 1925
235,534 1924
139.568 1923
Bales
12,991.736
11,937.131
9,314,278
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge
Above zero of gauge
Above zero of gauge
Above zero of gage
Above zero of gauge
-
Feb. 3 1927.
Feet.
8.2
21.3
11.4
8.6
31.2
Feb. 4 1927.
Feet.
16.0
34.5
24.0
24.6
44.3
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the xlosing quotations
RECEIPTS FROM THE PLANTATIONS.
for middling cotton at Southern and other principal cotton
-The following table indicates the actual movement each week from
markets for each day of the week:
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateClosing Quotations for Middling Cotton on
Week Ended
ment of the weekly movement from the plantations of that
Feb. 3.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
part of the crop which finally reaches the market through
Galveston
the outports.
17.50
17.55
17.65
17.25
16.90
17.10
New Orleans_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_
Dallas
Fort Worth_ _ _ _
17.46
17.40
17.50
17.69
17.69
17.44
17.05
17.20
17.00
16.80
17.53
17.50
17.55
17.81
18.10
17.56
17.15
17.30
17.00
16.90
16.85
17.64
17.60
17.75
17.88
18.10
17.63
17.25
17.40
17.15
17.00
17.00
17.27
17.15
17.29
17.50
18.10
17.25
16.85
17.00
16.50
16.60
16.60
17.05
16.75
17.01
17.19
17.75
16.94
16.40
16.65
16.00
16.25
16.25
17.19
17.00
17.25
17.44
17.65
17.13
16.65
16.90
16.15
16.50
16.50
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Jan. 28.
Monday,
Jan. 30.
Tuesday,
Jan. 31.
Wednesday, Thursday,
Feb. 1.
Feb. 2.
Friday.
Feb. 3.
January __
February _
March.___ 17.20-17.23 17.28-17.31 17.39-17.4 17.07-17.0
0
8 16.85-16.86 18.98-16.99
April
May
17.20-17.22 17.28-17.30 17.40-17.42 17.05-17.08 16.85-16.87 17.02-17.08
June
July
17.13-17.15 17.21-17.23 17.45-17.46 17.12-17.13 16.90-16.91 17.08-17.10
August September
October _ _ 18.91-16.22 17.02-17.06 17.14 ---- 16.84-16.8 16.70-16.7
5
2 16.88 ---November
December_ 16.9317.02 bid 17.15-17.16 18.85-16.87 16.70-16.72 16.90-16.93
Tone
Spot
Quiet
Steady
Steady
Steady
Steady
Steady
Options.._ Steady
Steady
Steady
Steady
Steady
Steady
Week
Ended
Receipts at Ports.
1927.
1926.
1925.
Interior Towns.
1927.
1926.
1925.
'front Plantations
Pt
1927. 1928. 1925
Nov.
438.158 508.763 437.549 1.199,935 .264,450 1.568.003
11._ 90.293 488,448 343,371 1,260.956 1,349.950 1,646,178 536,276 606.530 489,453
18_ 341,143 517,711 377,983 1,290.409 1.415,095 1,677.442 451.314573.946 421.546
25_ _ •7,7 470.442 311,384 1,307,971 1,458.381 1,784.345 370.598 583.2981487,588
275,326511,728 418,287
Dec.
2_ 284,933 482,959 396.275 1.329 900 1,490,1611,836,525
9_ 233,588 451,084 330,550 1,342,508 1,528,555 1.902,018 06,862 516,739 448.455
246,196,489,478 396.043
16_ _ 199,962400.731 351.4851,331.182 1,552.303
, .
24_ 180.499 339.577224,398 1,308.770 1.561.4602,000,037 188.6361424,479 373,469
158,087345,938 299,671
-----.2001,328.743 1.562.8611
2,034.905 179.042325.1971247.971
Jan.
1928. 19i7.
1928.
1928.
1927.
1926.
6_ 110,324238.809 151,4541,295,532 1,529.3042,023,364 1928. 1927.
13_ 117,331 264,749 178,734 1,261,688 1,509.833 1.999,693 77.113205,252 160,060
20_ 122,215296,254 203,160 1.217,543 1,487,981 1,979,161 83,487 284,2201155.091
27_ 120,405 258,932 171,156 1,180,096 1.467.4391,968.753 78.070274,4021182,628
82,958 238.380j158.778
Feb.
3- 139.567235.198 173,227 1,134,087 1,404,18911,930,287
93,558 171,958!136,731
The above statement shows: (1) That the total
from the plantations since Aug. 1 1927 are 7,422,9 receipts
89
in 1926-27 were 10,525,547 bales, and in 1925-26 bales:
9,160,307 bales. (2) That although the receipts at thewere
ports the past week were 139,567 bales, the actual out
movement from plantations was 93,558 bales, stocks at interior
towns having decreased 46,009 bales during the week. Last
year receipts from the plantations for the week were 171,958
THIRD INDIAN COTTON FORECAST FOR SEASON bales and for 1926 they were 136,731 bales.
OF 1927-1928.
-The Indian Government under date of
WORLD SUPPLY AND TAKINGS OF COTTO
N.
Dec. 22 1927 issued its third cotton forecast for the season of The following
brief but comprehensive statement
1927-28. The report in part follows:
at a glance the world's supply of cotton for the indicates
This forecast is based upon reports furnished
week and
by the undermentioned since Aug. 1 for the
Provinces and States which comprise the
last two seasons, from all sources from
entire cotton area of India. It
deals with both early and late varieties of cotton
and relates generally to which statistics are obtainable, also the takings or amounts
conditions up to the beginning of Decembe
r
gone out of sight for the like period.
The total area sown amounts to 23.178,0 1927.
00 acres, as against 23,805,000
acres
(revised) at this date last year, or a
decrease of 3%.
mated yield is 5.494,000 bales of 400 lbs. each, as compared The total estiwith 5,064,000
bales (revised) at the corresponding date
last year,or an increase of8%.
Weather conditions have not been on
sondition of the crop appears to be fairly the whole quite favorable. The
good.
The detailed figures for the Provinces and States
are shown below:
Yield per
Provinces and StatesArea.
Outtumt.
Acre.
Bales 01 400
Acres.
Lbs. Each.
Lbs.
Bombay (a)
6,522,000
1,525,060
94
Central Provinces and Berar
4,870,000
1,192.000
98
Madras (a)
1,650,000
337,000
82
punish (a)
2,086,000
627,000
120
United Provinces (a)
657,000
204.000
124
Burma
371,000
70,000
75
Bengal (a)
78,000
20,000
103
Bihar and Orissa
77.000
14,000
73
Assam
45.000
15,000
133
Ajmer-Merwara
42,000
14,000
133
North West Frontier Province
10,000
2,000
80
Delhi
2.000
1.000
200
Hyderabad
3,604.000
806,000
89
Central India
1.264,000
260,000
82
Baroda
145,000
782,000
74
Gwallor
618,000
126,000
82
RaiPutana
112,000
419,000
107
Mysore
81,000
24,000
119
Total
23,178,000
5,494,000
95
a Including Indian States.
On the basis of these figures the average eutturn per acre of the
present
rop for all India works cut to 95 lbs. as against 85 lbs. last year.
Cotton Takings.
Week and Season.
1927-28.
Week.
1926-27.
Season.
Week.
Season.
Visible supply Jan. 27
7,261,260
8,794.094
Visible supply Aug. 1
4.961,754
3,646.413
American in sight to Feb. 3.
196,747 11.061,968 303,838 14,626,905
Bombay receipts to Feb. 2
118,000 1.499.000 161,000 1.437.000
Other India shipla to Feb.
18,000
303,500
1.000
Alexandria receipts to Feb. 1... _
185.000
21,000
934,860
42,000 1,140,400
Oth er supply to Feb. 1
12,000
397,000
10,000
466.000
Total supply
7,627,007 19.158,082 9.313.932 21,501,718
Deduct
Visible supply Feb.3
7,162,849 7,162,849 8.741.899 8.741.899
Total takings to Feb. 3a
464,158 11.995.233 572,033 12,759.819
Of which American
301,158 8.981,873 355,033 9,689.419
Of which ether
163,000 3.013,360 217,000 3.070.400
* Embraces
Europe from Brazil. Smyrna, West Indies,
a This totalreceipts insince Aug. 1 the total estimated consumpt &C.
embraces
ion by
Southern mills. 2,951.000 bales in
1927-28 and 2,716.000 bales in 1926 -27
takings not being available
-and
and foreign spinners, 9,1344.333 the aggregate amounts taken by Northern
bales
1926-27. of which 6,973,419 bales andin 1927-28 and 10.043,819 bales In
6.030,873 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS
.
The receipts of India cotton at Bombay and the
from all India ports for the week and for the shipments
CHANGE IN NEW ORLEANS COTTON EXCHANGE Aug. 1, as cabled, for three years, have been as season from
follows:
-Secretary Hester of the New Orleans Cotton
RULES.
change advises that from and after Feb. 2, there will be Ex1927-28.
1925-27.
but
1925-26.
February 2.
one call in the New Orleans cotton future market, namely the
Receipts atSince
Since
Since
opening call; he also advises that from and after Feb. 2 the
Week.'Aug. 1. Week. 1 A, 1. Week.lAu
lt .
g. 1.
period allowed for execution of orders on the close will be Bombay
118.000 1.499.000 161.000 1.437.000 171.000 1545 AM
one-half minute and thirty seconds before 2 p. m., Central
standard time, instead of one minute as heretofore.
For the Week.
Niue dugout 1.
Exports
NEW ORLEANS COTTON EXCHANGE HOLIDAYS. from
Great Conti- Japan&
Great
Conti- Japan &
Britain. sent. China.
-The New Orleans Cotton Exchange will be closed on Mardi
Total.
Gras Day, Feb. 21, and on Washington's Birthday, Feb. 22. Bombay-1927-28_ 2,000
21,000 23,000; 27,000 238,000 480,000
WEATHER REPORTS BY TELEGRAPH.
1926-27-- ------ 11,000 73,000 84.000
745,500
2,000 149.
-Reports to
643.000 794.000
1925-26us by telegraph this evening denote that very little rain has OtherIndia- ------ 20,000 114,000 134,0001 22,011 254,000 717,000 993,000
1927-28_ 8,000 10,000,
fallen during the week in the cotton belt and temperatures
18,000, 51.500 252,
1926-27
203,500
1,000
1,000
17,000 168,000
have as a rule been about normal.
1925
-26- 19,000 13.000
185,000
32.000; 61.000
Galveston, Texas
Abilene
Brownsville
oclal Christi
Corpus
Da
Bel Rio
Palestine
San Antonio
Taylor
New Orleans
Shreveport
Mobile, Ala
Savannah,Ga
Charleston,8.0
Charlotte. N. C
Rain. Rainfall,
1 day
0.06 in.
dry
dry
2 days
in.
dry
2 days 0.14 in.
1 day 0.04 in.
1 day
0.82 in.
2 days 1.44 in.
2 days 0.29 in.
2 days 0.01 in.
1 day
0.01 in.
dry
dry
days 0.60 in.
Thermometer
high 69 low 47 mean 58
high 62 low 30 mean 46
high 76 low 42 mean 59
high 76 low 44 mean 60
high __ low 38 mean _ _
ea
high __ low 34 mean _ _
high 72 low 38 mean 55
high 78 low 40 mean 59
high -- low 3
2 mean - high __ low -- mean 55
high 73 low 34 mean 54
high 65 low 33 mean 51
high 70 low 24 mean 47
high 62 low 24 mean 43
high 52 low 12 mean 34
236,000
Total a111927-28.. 10,000 10,000 21,000
41.0001
1926-27
12,000 73,000 85.0001
1925-26_ _ 19-6455 33,000 114.000 166,000
.
297,000
78,500 490,000 480,0001,048,600
19,000 317,000 643.000 979.000
83,000 490,000 717,000 1,290,000
According to the foregoing, Bomba
decrease compared with last year in y appears to show a
43,000 bales. Exportsform all Indian the week's receipts of
ports record a decrease
of 44,000 bales during the
increase of 69,500 bales. week, and since Aug. 1 show an
ALEXANDRIA RECErPTS AND SHIPMENTS.
-We
now receive
The following statement we have also received by tele- Alexandria, weekly a cable of the movements of cotton at
Egypt. The following are the receipts and
raph, showing the height of rivers at the points named at shipments for
the past week and for the corresponding week
of the dates given:
of the previous two years.
8 a m.
[VOL. 126.
FINANCIAL CHRONICLE
742
1927.
Alexandria, Egypt,
Receipts (cantors)
105,000
This week
51Inew A1117
447n.7115
1
210.000
5.692.600
Exports (bales)-
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
To Manchester, &a
To Continent and India_
To America
7.000 83.741 7.750 136,545
7,000 87,447 10.000 104,472
8,000 224,016 11,250 201.267
400 73,428
5,000 76,619
-Jan. 31-Scythian, 50_ _ _Jan. 30
MOBILE-To Liverpool
666
West Zeda, 615
5,585
To Bremen-Jan. 27
-Braddock. 5.585
-West
To Manchester-Jan. 31-Scythian, 850_ -Jan. 30
190,000
2,068
Zeda, 1,218
5.811.7511
100
-Liberty Land, 100
-To Genoa-Jan. 28
BALTIMORE
100
-To Rotterdam-Jan. 19-Blydendijk, 100_ _
PHILADELPHIA
100
This Since
-To Havre-Jan. 25-Horda, 100
SAN FRANCISCO
654
Week. Aug. 1. TEXAS CITY
-Jan.30-Niceto de Larrinaga,654..
-To Liverpool
1.215
-Jan.30-Niceto de Larrinaga, 1,215
To Manchester
4,000 123.912
182.274
9,750 119,804
6,250 198,018
-By cable from Liverpool we have the folLIVERPOOL.
1,750 91.646
97 AN1 471.823 20.400 515.721 21.750 833.380
To....1.wrsnr+a
Baia.
1925.
1926.
Feb. 1.
-A cantar is 99 lbs. Egyptian bales weigh about 570 lbs.
Note.
were
This statement shows that the receipts for the week ending Feb. 1
45.000 canters and the foreign shipments 27.000 bales.
lowing statement of the week's sales,stocks,&c., at thatport:
Jan 13. Jan. 20. Jan. 27.
Sales of the week
of which American
Actual exports
Forwarded
Total stocks
Of which American
66,000
45.000
1.000
63,000
842,000
562.000
56,000
38,000
135,000
71,000
51,000
32,000
1,000
64,000
811,000
541,000
33,000
19,000
177,000
118,000
39,000
24,000
1,000
59,000
785,000
525,000
29,000
21,000
195,000
121,000
Feb. 3.
32,000
20,000
1,000
60,000
796,000
549.000
60,000
43,000
221,000
134,000
-Our report received by
MANCHESTER MARKET.
imports
cable to-night from Manchester states that the market in Totalwhich American
Of
yarn Amount afloat
.
yarns is easy, and in cloths is quiet. Demand for both
Of which American
and cloths is poor. We give,prices to-day below and leave
The tone of the Liverpool market for spots and futures
those for previous weeks of this and last year for comparison.
each day of the past week and the daily closing prices of
1926.
1927.
spot cotton have been as follows:
112, Cop
Twist.
Nov.-
Dec.-
Jan.-
Feb.
SM Lbs. Shin- Cotton
lags, Common Metall
Ueda
to Finest.
32s Coy
Twist.
SM Lbs. Shiro- Cotton
{nos, Common
Uprds
to Finest.
d. s. d.
d.
123401434 12 0
1234014 12 0
12%014 12 0
123401334 12 0
s. d.
012 2
012 2
012 2
012 2
d.
6.80
6.95
7.03
6.92
a. a. s. d.
163401834 133
14 4416 130
153401734 130
153101734 131
e. d
@136
@133
@133
@133
d.
11.75
11.04
10.91
11.14
163i(4)17 la 1
153401634 131
um016% 139
153401634 132
1535017 134
@Is 4
10.90 12 013% 120
10.68 1134013 116
10.68 1134 013 11 7
10.88 1134013 117
11.60 113401234 116
@122
@120
012 1
@121
@120
1927
6.42
6.46
6.62
6.81
6.89
116
117
120
121
@120
@121
@12
@123
6.98
7.16
7.30
7.26
97.9 113401334 121 @123
Spot.
Saturday.
Monday,
Market,
12:15 {
P. M.
Quiet.
Quiet.
Mid.Upi'de
10.10d.
10.03d.
4,000
6.000
7.47
013 4
@134
@137
@141
1928
135 @141
1534017
1534016% 13 5 014 1
1234 01634 137 (g14
15 01634 136 @140
1414015M 13 5 013 7
10.92 113401234
10.90 1134013
10.62 1154013
10.32 12 .013
Sales
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 182,274 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
1,535
-To Bombay-Jan. 30-Alglc, 1,535
NEW YORK
200
To Genoa-Jan. 30-Hallfried, 200
100
To Barcelona-Jan.30-Hallfried, 100
435
31-George Washington.435
To Bremen-Jan.
To Havre-Jan. 31-McKeesport, 00- _ _ Feb. 1-Rocham962
u.862
300
To Japan-Feb. 1-Malayan Prince, 300
,GALVESTON-To Bremen-Jan. 25-Endlcott, 2.985---Jan. 31 5,863
-Western Queen, 2.878
173
--Delaware, 173
To Copenhagen-Jan.26
692
-Delaware,692
To Gothenburg-Jan.26
282
282
-Delaware,
•To Oslo-Jan. 26
2,500
To Murmansk-Jan.28-Hardenburg, 2,500
-Independence. 825___Jan. 31-Nairn-To Japan-Jan. 27
3,084
bank. 2,259
-Independence, 200-_ _Jan. 31-Nairn-To China-Jan. 27
1,157
bank, 957
-Jan. 30-Niceto de Larrinaga, 4,645- _Jan. 31
-To Liverpool
12,204
7,559
-Governor,
•To Manchester-Jan. 30-Niceto de Larrinaga, 3,911... Jan. 4.035
31-Governor,124
2,236
-Burma. 2,236
•To Venice-Jan. 30
1,200
•To Rotterdam-Jan. 31-Edgemoor, 1,200
1,200
-Burma, 1,200
Jan.30
•To TriesteTo Havre-Jan.31-Sonora,4,974.... _Jan. 31-Edgemoor.4,914 9.888
2,689
Dunkirk-Jan.31-Sonora,2.689
To
250
-Jan.31-Edgemoor.250
To Ghent
7,121
-Mar Adriatic°, 7.121
To Barcelona-Jan.31
Havre-Jan. 26--Skipton Castle, 1,707--Jan.
1H017STON-To
8,790
30-Edgemoor, 1,921-_ _Jan. 31-Sonora, 5,162
-Edge-Jan. 26-Skipton Castle, 700__ _Jan. 30
To Ghent
950
moor, 250
50
Castle, 50
To Antwerp-Jan. 26-SkiptonQueen, 5.112
5.112
-Western
-Jan.30
To Bremen
-Jan. 28-Niceto de Larrinaga, 1.323-__Jan.
To Manchester
1,533
-Governor,210
30
-Jan. 28-Niceto de Larrinaga. 3,669-..-Jan. 30
To Liverpool
13.277
-Governor. 9,608
4,272
-Mar Adriatic°, 4,272
To Barcelona-Jan. 28
2,500
2,500
To Murmansk-Jan. 28-Hardenburg,
700
-Sonora, 700
Dunkirk-Jan. 30
To
450
30-Edgemoor, 450
To Rotterdam-Jan.
5.525
To Japan-Jan.31-Pennyworth, 5,525
2.150
To China-Jan.31-Pennyworth. 2.150
4,482
To Bremen-Jan. 31-Manchester Spinner. 4,482
168
To Hamburg-Jan. 31-Manchester Spinner, 168
2,119
To Barcelona-Jan. 31-Larcomo,2,119
34
-West Caddoa, 34
;SAVANNAH-To Genoa-Jan. 26
To Bremen-Jan. 27-Valemore, 2,740- __Jan. 30-Sekhaven,
6.551
2,817: Coldwater, 994
100
-Jan.27-Valemore, 100
To Ghent
-Coldwater,
To Antwerp-Jan. 27-Valemore, 50......Jan. 30
66
16
To Rotterdam-Jan. 27-Valemore, 302....-Jan. 30-Seck518
haven, 216
-ColdTo Hamburg-Jan. 28-Gonzenheim, 624_ _ -Jan. 30
1.819
water, 1,195
5.528
-Jan. 31-Schoharie, 1,280: Darian. 4,248
To Liverpool
2,558
-Jan. 31-Sclaoharie, 1,924: Darian, 634
To Manchester
200
.CHARLESTON-To Bremen-Jan. 27-Sekhaven,200
1.000
-West Canada, 1,000
To Genoa-Jan. 27
50
28-Valemore.50
To Havre-Jan.
25
To Bremen-Jan. 28-Valemore, 25
1,159
Antwerp-Jan. 28-Valemore. 1,159
To
316
-Jan. 28-Valemore,316
To Ghent
200
-Sinaloa, 200
-Jan. 26
-To Vera Cruz
NEW ORLEANS
6.896
-Scythian, 6,896
-Jan.28
To Liverpool
1.951
-Scythian, 1.951
-Jan. 28
To Manchester
To Bremen-Jan. 27-Raimund, 4,031-Jan. 28-Narbo, 15.025
4,233_ _ _Feb. 1-Ares, 6,761
To Rotterdam-Jan. 27-Narbo,1.267 -Feb. 1-Steel Mar- 1,267
To Japan-Jan. 28-Nairnbank. 4,856-5.206
iner, 350
250
To China-Jan. 28-Nairnbank. 250
99
99
To San Felipe-Jan. 27-Iriona.
1,579
Havre-Jan. 31-Bruges, 1.579
To
1,150
es. 1,150
To Dunkirk-Jan. 31-Brug
200
To Antwerp-Jan. 31-Bruges. 200
3,838
-West Nosska, 3,838
-Jan. 30
-To Liverpool
NORFOLK
2,100
To Bremen-Jan.30-Westpoo1,2.100 768
768
28-Horda,
fiAN PEDRO-To Havre-Jan. 500
500
-Jan. 28-Horda,
To Bremen
500
Yokohama--Jan. 29-Ifawall Marts, 500
To
150
-President McKinley, 150
To Japan-Jan. 29
Ftdures. 1 Easy at
13 to 18
Market
opened
pts. dec.
Tuesday, Wednesday, Thursday,
Friday,
More
demand.
Moderate
demand.
Dull.
9.94d.
9.95d.
9.81d.
5,000
7,000
7,000
Quiet.
9.79d.
4.000
Steady at Steady at Quiet, 1 pt. Steady at
Steady
3 to 6 pte. 2 to 5 pts. dec. to 2 7 to 15 3 to 8 pis.
decline,
advance. pte. adv. pts. dec.
decline.
Market, I Weak at Barely at'y Steady,un- Steady at Steady at 1iSteady
4
1 17 to 23 tinch'd to 3 changed to 1 to 5 pts. 10 to 14 1 to 7 pts.
pts. dec. 2 pts. dec. decline. Ma. dec. (advance
P. M. I Ms. dec.
Prices of futures at Liverpool for each day are given below:
Jan. 28
to
Feb. 3.
Sat. I Mon.
Tues. I Wed,
Thurs.
Fri.
,
12.1512.3012.15 4.0012.15 4.0012.15 4.0012.16 4.0012.15' 4.00
.
D. m.D. 111 D. m•D. m D. m• D. iti4t• M41. m.D. m • D. m • P. m.10.P•
d.
d.
d. I
_ 9.62 9.48
January (1928)
February _______-_9.44 9.42
9.43 9.41
March
9.40 9.36
April
9.39 9.37
May
9.34 9.32
June
9.34 9.32
July
August -----------9.25 9.23
September --------9.20 9.19
October ----------9.14 9.12
November --------9.09 9.07
December --------9.09 9.07
)
____ 9.09i 9.06
January (14
---- --- -I ---February
d. d.
9.49 9.37
9.43 9.37
9.42 9.35
9.38 9.36
9.39 9.31
9.33 9.31
9.339.22
9.24 9.18
9.20 9.11
9.13 9.06
9.08 9.06
9.08 9.06
9.07 9.06
---- ---_
d
d.
d
d
d
d
d.
ii_5.15_6._ _
9.41
25
9.40 .-__I_.___1I9.35 9.36 9:2 9.
9.37 9.35 9.36 9.20 9.23 9,19 8.25
9.38 9.32 9.34 9.19 9.21 9.18 9.23
9.33 9.33 9.3 9.19 9.21 9.17 9.24
9.33 9.29 9.30 9.15 9.16 9.13 9.20
9.24 9.29 9.30 9.15 9.16 9.13 9.20
9.20 9.21 9.22 9.08 9.08 9.06 9.13
9.13 9.16 9.17 9.05 9.06 9.04 9.11
9.08 9.10 9.11 9.00 8.99 8.98 9.05
9.08 9.06 9.07 8.97 8.96 8.95 9.03
9.08 9.06 9.07 8.97 8.96 8.95 9.03
9.08 9.05 9.06 8.97 8.96 8.95 9.03
_ _ _ _I 9 05 o OR 507 a as a 051 003
BREADSTUFFS
Friday Night, Feb. 3 1928.
Flour has had the usual routine sale and no more. The
trade'is not out of the rut. It would almost seem that it is
there to stay. Buyers stick to their practice now in many
cases some three years old of buying, in the vernacular,
from hand to mouth. Export demand so far as can be
judged was still small, whether from Europe or South
America, Winnipeg noted some increase in the export demand, but it does not appear that actual foreign business
in Canad increased much, if at all. It was still to all
appearance moderate. The Department of Agriculture reported mill stocks of wheat Dec. 31 at 115,637,349 bushels
against 115,727,826 bushels on Sept. 30 and 116,412,650
bushels on Dec. 31 1926. Wheat and flour stocks Dec. 31
were 4,539,905 bbls. against 4,226,505 bbls. on Sept. 30 and
4,336,050 on Dec. 30 1926. Export clearances last week were
122,352 sacks against 76,556 in the previous week.
Wheat was a little lower at the opening of the week, with
Liverpool weaker, snow reported at the West, passage
stocks 4,000,000 bushels larger, the decrease in the United
States visible supply last week smaller than expected, supplies called ample, export demand slow and the speculation
lacking snap. Corn was more of a favorite. Ordinary
cash wheat was quiet, though mills wanted red wheat,
stocks of which are small. Elsewhere milling wheat was
still at stiff premiums. Even ordinary grades sold at
well above Chicago basis. Whatever might be said about
statistics the fact remained that stocks at Chicago were
comparatively small and other markets were relatively
higher than Chicago. The United States visible supply
0
decreased last week 1,267,000 bushels against 2,136,00
a year ago. The total is now 78,445,000 bushels against 55,
/
/
728,000 a year ago. On Jan. 31 prices declined 14 to 1 2o.,
with Liverpool off % to ld., larger offerings by Argentina
and no speculative snap on this side. It was recalled that
the world's available supply increased over 3,000,000 bushels
last week, and the total is now 303,000,000 bushels. Export
demand at the seaboard was poor. Premiums on the good
milling grades in all markets remained firm even with
flour dull. Medium and ordinary grades were still rather
quiet. Minneapolis was rather weak. Private reports from
the Southwest indicated that the snow on January 30 was
too light to be of much benefit. But there were orders
among commission houses to buy on a scale down and the
net decline was almost negligible. On the 1st inst. prices
closed % to lc, higher on fears of damage to the new crop
FEB. 4 19281
FINANCIAL CHRONICLE
due to dry weather. There was good buying in July. A
Santa Fe crop report said that the damage was done in
Western Kansas, Nebraska and Oklahoma, and that there
was a possibility of heavy abandonment unless rain occurred soon. Liverpool was 1 to %d. higher. Buenos
4
Aires closed unchanged to 'Ac. up. Export demand was
small. Sales were estimated in all positions at 100,000
bushels. Mild, wet weather in the United Kingdom and on
the Continent, it is said, has reduced the consumption
abroad. Argentine shippers were said to be pressing sales,
but importers were not interested. Canadian marketings
on Jan. 31 were 1,340,000 bushels against 440,000 last year.
On the 2d inst. prices declined after an early slight rise,
due to the firmness of corn. When corn declined later,
wheat followed. Besides, Argentina offered wheat more
freely. Bears stressed the smallness of the consumptive
demand abroad for the time; also the statistics which they
construe as indicating that there is more than sufficient
wheat to supply all requirements. Canada's marketings,
too, continued large. Some say that the Canadian crop
may have been underestimated. Actual supplies in sight
at the present time are about 42,000,000 bushels larger than
last year, in addition to which the United States visible
is 23,000,000 bushels larger. Southern Hemisphere shipments are quite large and are expected to continue so for
several weeks. High premiums still prevail in the United
States for the superior grades, but mediums and ordinary
are still dull. Secretary Smiley of the Kansas Grain Growers' Association and a leading French publication opened
the crop scare season by declaring that serious damage
had been done to Winter wheat in this country. The
Southwest seems to encourage such talk. If the scares are
persistent they may take the edge off the large carry-over
from the 1927 crop as a bearish factor especially if cash
premiums continue high. World's shipments last week were
18,606,000 bushels as against estimates of 20,000,000 and
19,667,000 bushels a week ago and 18,845,000 bushels last
year. North American exports were 8,295,000 bushels.
World's shipment of wheat since July 1 were 445,170,000
bushels against 430,570,000 for the same period last year.
North American shipments since July 1 were 305,917,000
_against 312,972,000 for the same period last season.
The statistical position keeps traders bearish. Some think
they are going too far. The market frequently becomes
oversold. Traders are disappointed at the Canadian Government crop showing 414,000,000 bushels for the three
western Provinces, or only 4,000,000 less than previously
estimated and compared with 381,000,000 last year. They
believe that the Canadian Government has underestimated
the crop, particularly in Alberta, which has a record yield.
The Australian visible supply is 51,200,000 bushels against
.80,000,000 a year ago, and 45,000,000 two years ago. Wheat
,growers in southeastern Nebraska report that there is very
little dead wheat in the fields, but that moisture is badly
needed. The acreage of Winter wheat in southern Nebraska
is said to be large, if not larger than last year's, which
resulted in the biggest wheat crop Nebraska has ever known.
To-day prices showed little net change. They ended /
1c.
2
lower to '/ac. higher. The trading was only moderate. The
-cables were weak. Export demand did not increase. That
was a sore point with many. Winnipeg was inclined to be
rather weak at one time. Later it became firmer. That
did not affect Chicago much. Shorts bought. Commission houses were buyers on the dry weather and crop complaints from the Southwest. On the other band, there was
more talk of large available supplies in the United States
and Canada. Australian shipments were only 2,608,000
bushels, but Argentine's were 6,813,000. Bradstreet's reported the North American clearances at 8,189,000 bushels
against 8,701,000 last year. World's shipments this week
look like 17,650,000. Liverpool closed % to 3fid. lower and
Argentine was down / All the Continental markets were
1c.
2
lower. No export business was reported of consequence
either in this country or in Canada. Millers were moderate
buyers of May at Minneapolis. It is said that the Canadian pool is carrying an unprecedented amount of unsold
wheat. Interior receipts were fair. Northwestern cash
premiums were unchanged to 2c. lower. The forecast was
for cloudy weather. Final prices show a decline for the
/
2
week of % to 11c. on March and May and a rise of %c.
on July.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
155% 154% 154% 15514 15454 154
No.2red
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
13034 13034 12934 13034 12934 12934
March delivery
May delivery
130 12934
13034 13034 13034 131
12734 12734 12734 12814 12714 12734
July delivery
CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
13534 1354 13514 13514 13534 135
May delivery
13574 135
1353 136
July delivery
13534 13534
129% 129 1295( 12934 12934 12934
October delivery
Indian corn was in demand from foreign sources on Jan.
/
30. ..It Was for futures. Prices advanced % to 114c. net.
The cash demand at the Southwest was good. Shorts finding the market stronger and selling pressure lightened, became alarmed and covered freely. The receipts were large,
e., 1,160 cars at Chicago, but cash corn was strong for
all that and the basis compared with futures was about
743
unchanged from Saturday except on very poor corn, which
was 1 to 2 cents lower. Western markets had good receipts, but on the other hand they also had a good demand,
and the basis was firmer. Country offerings to arrive continued small. Consignments were rather large and presaged a good sized movement. Export business slackened,
but the bids were at about the best premiums paid thus far.
Domestic shipping demand was fair, but nothing stimulating. Liverpool closed / higher and Buenos Aires unc.
1
2
changed to Mc. higher. Argentine is said to need rain. The
United States visible supply increased last week 735,000
bushels against 631,000 in the same week last year. The
total is now 28,557,000 bushels against 38,792,000 a year
ago.
Conditions in the corn market, it is pointed out, are different from those of recent years when No. 4 grain was
deliverable on future contracts at Chicago during November,
December, January and February. Nothing under No. 3 is
now deliverable. The low grades will thus be forced into
consumption as there will be less profit for elevator interests to keep them in store. These low grades are selling at
greater discounts than recently, and a further disparity
between the top and lower grades is expected. On Jan. 31
prices closed % to 14c. higher. Export sales were said to
/
have been 200,000 bushels. Offerings were pretty well absorbed. Good weather caused selling. On the 1st inst.
prices advanced 14 to %c. on short covering, small country
offerings and steady cash markets. Liverpool was 1
4d.
higher. Export sales were estimated at 100,000 bushels.
On the 2d inst. prices first advanced but selling increased,
cash markets weakened a little and consignments to Chicago
are rather large. But profit taking really told the story.
Prices fell 1Y to 114cl. from the early high and closed on
4
that day at about the lowest. Yet offerings to arrive continued to be very light. Western receipts, however, were
rather large. Less was heard of export demand. While
large receipts of corn may cause some decline it was noted
that there still appeared to be a good foreign inquiry. Elevators in parts of Illinois with facilities for drying and
conditioning of corn are running to capacity and discounts
exacted on poor quality corn are severe. In Chicago they
expect big receipts for a month. They are larger now than
the average, as the season is fully 30 days behind, and many
farmers have just commenced to sell. They have debts to
pay in the near future, and with favorable weather conditions as well as the poor condition of a large percentage
of the crop in the Middle West, it is argued that the corn
will be marketed as fast as possible regardless of the
price,
because much of it cannot be held on farms.
To-day prices ended 14 to %c. net higher after being
at
one time lower and at another % to %c. higher. The
tone
in the main was firm. The weather was favorable
and
early in the day there was considerable selling on that
fact and on the large receipts. But export sales reached
200,000 to 250,000 bushels. An unconfirmed rumor was that
a cargo had ben sold yesterday or to-day not included in
the above. In other words, there was a fair demand for
export. Country offerings were rather small. Commission
houses leaned to the buying side. Liverpool was %d. higher. Argentine was a little firmer. The forecast was for
cloudy weather. Hut sentiment was more or less divided.
Cash markets were lc. lower to %c. higher. There was less
cash demand. Kansas City sold 65,000 bushels to go to Chicago. This caused selling at one time. On the other hand,
it is not believed that Kansas City has much corn available
fo rsale to Chicago. Argentina shipments this week are
2,880,000 bushels and the visible supply there was 4,724,000
bushels. Final prices show a rise for the week of % to
1%c.
DAILY ()LOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
10634 10734 10714 1083i 10714 10814
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
8734 8834 8814 8934 8854 881
May delivery
9034 9134 9151 9134 9034 91
July delivery
9134 9234 9234 9334 9254 92
Oats declined early on Jan. 30 but rallied later and closed
slightly higher. The cash demand was smaller. Receipts
were somewhat larger. The United States visible last week
decreased 38,000 bushels against 197,000 in 1927. The total
is only 20,514,000 bushels against 45,422,000 a year
ago.
Bullish sentiment was paramount for a time in the belief
that the supply is to dwindle and cause large buying and
higher prices. Country holders of good oats who have
held them back appear to be satisfied with present prices,
as more No. 2 white oats are showing up in receipts. They
met a good demand at % to 1%c. over the May. On Jan.
31 prices advanced 14 to /
1c. The cash demand increased.
2
Fair sales were made at Chicago for shipment. Receipts
and offerings were small. Northwestern markets were
firm. On the 1st inst. prices closed % to %c. higher. The
rise in corn was an influencing factor. Cash demand was
good and receipts were moderate.
On the 2d inst. prices declined, but only slightly. The
influence of lower prices for other grain was the outstanding fact, not anything inherently weak in the oats situation itself. Indeed, the cash demand was still excellent,
premiums were pretty well maintained and receipts were
small. To-day prices ended unchanged to Mc. higher.
744
FINANCIAL CHRONICLE
There was not much trading. Fluctuations were irregular.
The ending, however, was firm. The cash demand was
moderate. There was no country pressure. Receipts were
fair. The firmness of corn reacted favorably on oats, without being able to lift the price much. The weat,her was
milder over the belt. There was not much rain. Final
prices for the week show an advance of % to %c.
NEW YORK.
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues.
No. white
65-H 65-% 66
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
54% 54% 54%
March delivery
55% 55%
May delivery
55
July delivery
51
51% 513
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
63% 63% 63%
May delivery
62% 62% 62%
July delivery
57% 56% 56%
October delivery
2
Wed.
66%
IN
Wed.
54%
55%
Thurs. Fri.
66% 66%
CHICAGO.
Thurs. Fri.
54% 54%
55% 55%
ExportsfromNew York
Portland, Me
Boston
Philadelphia
Baltimore
New Orleans
Galveston
St. John, N.B
Houston
[VOL. 126.
Wheat.
Corn.
Flour.
Total week 1928__ 3,595,871
Same week 1927__ 6,408,118
.
218,000
83,000
199,309
197.032
Wed. Thurs.
63%
62% 62%
57% 57
Fri.
63%
62%
57
Rye.
Barley..
100,000
50,835
149,473
168,623
898,330
708.202
The destination of these exports for the week and since
, 51% 51% 51% July 1 1927 is as below:
5
IN WINNIPEG.
Flour.
64%
Oats.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,808.671
88,309
57,000
88,473 641,339
160,000
10,000
76,000
63,000
245,000
43,000
9,000
3,000
563,000
2,000
191,000
91,000
16,000
22,000
5,080
159,000
13,000
652,000
49,000
38,000
72,000
15,000
.
Exports for Week
Week
and Since
Jan. 28
July 1 to-1928.
Since
July 1
1927.
Wheat.
Week
Jan. 28
1928.
Corn.
Since
July 1
1927.
Week
Jan. 28
1928.
Since
July 1
1927.
4
Barrels. Barrels.
Rye declined ;f to %c. on January 30 in response to a
Bushels.
Bushels. Bushels. Bushels.
United Kingdom- 56,728 2,450,035 1,077,324 55,148.564
86,000
578.895
decline in wheat and with rye dull. Little export business Continent
100,276 3,711,525 2,515,347 116,319,201 116,000
855,844
was done. The domestic demand was simply fair. The So.& Cent. Amer_ 1,000 255,555
193,000
1,000
189,000
299,000
West
17,000
3,000
26,000
15.000
463,000
United States visible supply increased last week 241,000 OtherIndies
countries
24,305
445,055
978,003
bushels against 135,000 a year ago. The total is 3,909,000
Total 1928
199,309 7,161,170 3,595,671 172,664,768 218,000 2,086,739
bushels against 12,927,000 at this time in 1927. On Jan. 31 Total 1927
196,032 7,854,081 6,408.118 197,728,761
63,000 2.707,682
/
4c.
prices fell % to 13 and then rallied somewhat with
The visible supply of grain, comprising the stocks in
wheat. March rye was being liquidated, however. On the
1st inst. prices advanced % to %c. with corn higher, and granary at principal points of accumulation at lake and
shorts covering. Little was heard of export bbisiness. On seaboard ports Saturday, Jan. 28, were as follows:
GRAIN STOCKS.
the 2d inst. prices declined in an otherwise quiet and feaWheat,
Corn,
Rye,
Oats,
Barley,
tureless market. To-day prices closed irregular, that is,
bush,
United Statesbush.
bush,
bush.
bush.
794.000
13.000
259,000
219,000
191,000
14 lower to %c. higher. Foreign demand was light. Trad- New York
/
1,000
Boston
6,000
10,000
2,009
27.000
ing in general was moderate. Berlin was 1% marks lower. Philadelphia
673,000
128,000
110.000
107.000
2,000
1,103,000
112,000
65,000
101,000
309,000
Cash rye was steady. Nobody was forcing it on the market. Baltimore
New Orleans
814,000
318,000
123,000
69,000
The decline in wheat had some effect on rye, as usual. Galveston
596,000
558,000
11,000
35,000
2,183,000
279,000
243.000
11,000
37,000
Houses with seaboard connections were very quiet. Final Fort Worth
Buffalo
4,983,000
622,000 1,581,000
228,000
288,000
prices for the week show a decline of 1 to 3 cents.
5,573,000
afloat
539,000
53,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
110% 109% 108
108% 107% 107%
1093t logy, 108% 109% 108% 108%
104
103% 103% 103% 103
March delivery
May delivery
July delivery
102%
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
1.54
650 66%
No. 2 red, f.e.b
No.3 white
63E 64%
No. 2 hard winter. to.b--1.45%
Rye, New York
Corn, New York1.08%
No. 2 f.o.b
No. 2 yellow
1.05% Barley, New York
No.3 yellow
Malting
FBOUR.
Spring patents
$7.00(247.65 Rye flour. patents
$6.40@$6.70
6.50@ 6.85 Semolina No. 2, pound- 4%
Clears first spring
6.25© 6.60 Oats goods
Soft winter straights
3.40(a) 3.45
Hard winter straights__ 6.600 7.25 Corn flour
2.40(4 2.45
7.75 Barley goods
Hard winter patents__ 7.25
Coarse
5.501 6.25
Hard winter clears
3.40
9.20
Fancy pearl Nos. 1.2.
Fancy Minn. patents _ 8.35_
8.50
9.20
3 and 4
6.50© 7.00
City
1.21%
1.02%
All the statements below regarding the movements of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years.
Receipts at-
Flow.
Wheat.
Corn.
Oats.
Barley.
Rye.
blds.195l5s.bush. 6019:. bush. 56 lbs. bush. 32155.bush.48lbs. bush.SOtbs.
195,000
768,000
33,000
238,000 2,828,000
232.000
Chicago
67,000
384,000 470,000
285,000
1,988.000
Minneapolis65,000
16,000
4,000
152,000
851,000
Duluth
127.000 203,000
291,000
22,000
26,000
27,'''
Milwaukee
1,000
4,000
67.000
55,000
68,000
Toledo
1,000
32,000
11,000
4,000
36,000
Detroit
30,000
116,000
493,000
23,000
Indianapolis_
47,000
474,000
640,000 1,349.000
114,000
89. Louis_ -._
108,000
168,000
14,000 1.08J.000
74,000
Peoria
84.000
1,015,000 2.599,000
Kansas City_
178,000
303,000 1,592,000
Omaha
30,000
462,000
247,000
Bt. Joseph_
34,000
129,000
493,000
Wichita
- ...__
1,000
68,000
611,000
City....25,000
Sioux
Tot. wk.'28
Same week '27
Same week '26
447,111
421,000
436,000
5,945,000 11,791.000
5,172.000 6,202,000
4,398,000 5,267,000
2,544.000 1,124,000
2,404,000 485,000
2,816,000 695,000
286,000
303,000
308,000
Since Aug.11927
12,511,000318.958.000 141,808,000 86,553 i i i 15,840,00029,779.000
26
12,345,000 229,117,000 122,016,000 85,760,000 10.036,00020,403,000
192.5
12.105,000239,409,000 127,880,000 148.866,00055,454,000 17,327,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 10, follow:
Receipts at
--1 Flour.
New York_
Portland, Me_
Philadelphia__
Baltimore_ _ _
New Orleans•
Galveston_ _
Montreal _ --St. John, N.B
Boston
Wheat. I
Corn.
Oats.
Barley.
Rye.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
Bushels.
102,000
337,000
220,000
26.000
235,000 1,124,000
10,000
160,00
37,000
30,000
66,000
40,000
38,000
3,000
355,000
46.000
28,000
217,000
22,000
21,000
75,000
130,000
54,000
255,000
54.000
15,000
2,000
102.000
4,000
304.
15,000
72,000
38.000
652.000
49,000
1,000
28,000
2.000
42,000
33.000
Tot. wk.'28 458.000 2.721,000
Since Jana'28 1,956,000 11,917.000
456,000
1,260,000
485,000 707,000
217,000
1,554,000 2,651,000 1,495,000
604.000 1,564,000 556,000
276,000
Week 1027...... 434,000 5,811.000
916.000 1,775.000 5.035,000 1,310,000
SinceJaml'27 1,654,000 26,185,000
passing through New Orleans for foreign ports
• Receipts do not Include grain
on through bills of lading.
The exports from the several eastboard ports for the week
ending Saturday, Dec. 10 1927, are shown in the annexed
tatement:
S
Toledo
"
afloat
Detroit
Chicago
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
2,046,000
81,000
804,000
307,000
9,000
4,323.000 9,553,000
34,000 tatio,cao
350,000
15,626,000
323,000
19,095,000 1,864,000
312,000
406.000
1,151.000
684,000
10,975,000 5,997,000
3,327,000
535,000
608.000 1,228,000
3,000
72,000
779.000
383,000
1,836,000 3,979,000
176,000
199,000
7,000
66.000
4,134,000
1,873,000
9,000
698,000
35,000
382,000
1,773,000
163.006
7,824,000
408,000
681.000
279,000
37,000
6,000
398.000
228,000
1,269,000
386,000
583,000
10,000
116,000
197 000
.
13,006
108,000
140,000
25,000
74,000
139,000
57,000
20,000
Jan. 28 1928
78,445,000 28,557,000 20,514,000 3,909,000 2,332,000
Jan. 21 1928
79,712.000 27,822,000 20,552,000 3,668,000 2,247,600
Jan. 29 1927
55,728.000 38,792,000 45,422,000 12,927,000 4,165.000
Note.
-Bonded grain not included above: Oats-New York. 82,000 bushels:
Boston, 45,000: Baltimore, 58,000; Buffalo, 130.000; total, 313,000 bushels, against
330,000 bushels in 1927. Barley-New York. 653,000 bushels ;Boston, 122,000:
Baltimore, 233,000; Buffalo, 469,000; Duluth. 26,000* canal, 195,000; on Lakes,
395.000: total, 2,093.000 bushels, against 2,092,000 bushels in 1927. Wheat
-New
York, 3.101,000 bushels: Boston. 871,000; Philadelphia, 2,278,000: Baltimore,
2,193,000; Buffalo, 7,893,000; Buffalo afloat, 8,687,000; Duluth. 313,000, Erie.
1,420,000; on Lakes, 1,813,000; Canal, 209,000; total, 25,778.000 bushels, against
30,892,000 bushels in 1927.
Canadian
Montreal
4,049,000
428.000
854,000
232,000
Ft. William & Pt. Arthur_47,849,000
2,093,000 2,085,000 2,830,000
"
afloat
8,671,000
10.5o5,000
Other Canadian
418,000
369.000
627,000
Total Jan. 28 1928_ _ _ _68,094,000
3,31 6,1,)(10 2,044,000 3114 0
:0
003
Total Jan. 21 1928_
___66,348.000
3
,
2,885.000 3,784.000
302,
Total Jan. 29 1927___-54,093,000
8,452,000 2,869,000 5,943,000
Summary
American
78345,000 28.557.000 20,514,000 3,969,068 2,333.000
Canadian
68,964,000
3,316,000 2,944,000 3,672,000
Total Jan.28 1928____147,409.000 28,557,000 23,830,000 6,853,000 6.005.00
0
Total Jan.21 1928_ __146,058,000 27,822.000 23,854,000 6,533,000 6,031,000
Total Jan.29 1927_ __ _109,821,000 38,792,000 53.874.000 15,796,000 10,108.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Jan. 27, and since July 1 1927 and 1926,
are shown in the following:
Wheat.
Exports.
1927-28.
Week
Jan. 27.
Since
July 1.
Corn.
1926-27,
Since
July 1.
1927-28.
Week I
Jan. 27.
Since
July 1.
1926-27.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 8,295,000305,917,000213,992 000 374,000 4,483,000 2.243.000
56.000 9,080,000 33,276,000
Black Sea..-85,000 13,198,000 17,571,000
Argentlna.,.. 6,409,000 57,388,110 23,527,000 3,189,000 200,036,000 146,072,000
Australia _ _ _ 3,167,000 32,711,000 28,296,000
8,240,000 4,148,000
India
0th. countr's 680.000 20,912.000 14,825,000
161,000 14,973,000 1,674,000
1
18,607,090 434.246.000417,332,000 3,809,000 232,890,000 167,560.000
Total
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
JAN. 31
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Jan. 31, follows:
week
a depression of considerable energy occuAt the beginning of the
pied the central Mississippi Valley, with much warmer weather prevailing
In the South and Southeast, and with precipitation over a wide area front
the western Lake region and upper Mississippi Valley southward. This
storm, with greatly increased intensity, moved rapidly northeastward to
northern New England by the morning of the 25th, attended by widespread precipitation east of the Missippi River and by shifting gales along
the north Atlantic coast.
Following this storm there was a rapid rise in pressure and a marked
fal in temperature over the interior and Sotuhern States, though readings were not unusually low for the season of the year. In the meantime,
shallow depressions appeared over the Lake region and extreme Southeast.
-28th a storm developed over western North Carolina
On the night of the 27
and moved thence northeastward, bringing heavy snow to the middle
Atlantic area. At the same time, high pressure again prevailed in the
South, attended by suLmormal temperatures, particularly in the Southeast, with the line of freezing on the mroning of January 29 extending
FEB. 4 1928.]
FINANCIAL CHRONICLE
745
southward to Miami, Fla. The latter part of the week high pressure and
lower tempertures prevailed in the Central
-Northern States,
moderate depression over the Southwest bringing unsettled andwith a
weather quite generally over the eastern half of the country andcloudy
much
higher temperatures to the South. In the more western States precipitation was generally of alocal character, though it was widespread over
the Northwest toward the close of the week.
Chart I shows that the week was generally colder than normal over the
eastern half of the country and warmer than normal over the western half
From North Carolina and Tenessee northward the weekly mean tem.
peratures were markedly low, being subnormal from about 6 degrees to as
much as 11 degrees. On the other hand, they were substantially above
normal over the Great Plains from northern Texas northward wnere the
means for the period ranged from about 5 degrees to as much as 13
degrees
above the seasonal average. In the far Southwest about seasonable warmth
prevailed. In the East freezing temperatures were reported from as far
south as Miami, Fla., but in the west Gulf area the freezing line remained
considerably north of the coast. In the Ohio Valley the lowest temperatures
for the week ranged from about 0 to 6 degrees or 7 degrees above, but west
ofthe Mississippi Valley subzero readings were confined to the more northern
districts. Tne lowest temperature reported for the week was 18 degrees
below zero at Duluth, Minn., on the 28tn.
Chart II shows that precipitation was suostantial to heavy in east
Tennessee and some adjoining sections, and also in the middle Atlantic
area and the north Atlantic coast districts. Elsewhere east of the Mississippi River the amounts were generally light to moderate. To the westward very little precipitation occured, except in the middle and north
Pacific coast sections. In fact, throughout the trans-Mississippi area and
as far west as the Pacific Coaat States, most stations reported no
tation, or only inappreciable amounts. There was an abundance precipishine over the western half of tae country, excepting parts of the of suncoast, but considerable cloudy weather prevailed from the Ohio Pacific
Valley
northward.
The generally warm weather over the western half of the country, and
corespondingly low temperatures in the East, were lately opposite to
conditions prevaillng last week, and outdoor operations made better advance in the former and less progress in the latter dlitricts. Snowfall
was still lacking, or only light, in the interior valley States, and the remarkably samll amount during
for winter grains and meadows January has made conditions unfavorable
in many sections. The snow cover was
beneficial, however, in the middle and north Atlantic areas, and good
protection is still afforded in most of the far Northwestern States, except
parts of Montana.
The sharp freeze in the Southeast did no great amount of harm, except
along the southeast Florida coast from the Miami district southward where
tomatoes, especially, were damaged or killed. No harmful tempertures
occured in the middle and west Gulf sections. and the mild, open weather
permitted much preparation for spring plantings. The abnormal warmth
over most of the western half of the country was especially favorable for
livestock interests, with open grazing permitted over the northern Great
Plains. Showers the first part of the week were beneficial in Florida, but
severe drought continued from the west-central Great Plains southward.
SMALL GRAINS—Light snow the latter part of
tne Ohio
Valley States made a covering that afforded some the week into winter
protection
grans in that area, but, on the whole condition continued rather unfavorable. Wheat fields have been bare throughout practically the entire
month of January and considerable apprehension as to possible
to the crop, especially the late-planted,is noted in reportsfrom thesedamage
States.
Over the trans
-Mississippi section there is still little or
south of the Missouri River, but wheat, in general, appearsno snow cover
to be in fairly
good to very good condition, except over the droughty sections of the
Great Plains. In the more northwestern
tected by snow, in general, except in loansStates fields are still well proin
the Atlantic area was beneficial. Winter of Montana, while snowfall in
cereals made slow growth
the Southeastern States, but some Improvement was reported from other
parts of the South, though winter oats,
in general, continued in poor condition.
couraging to buyers. The first week of the second month
has been disappointing. Irregular and mixed tendencies
are dominant, as some sections have maintained recent
improvement, while others report declining sales. Undoubtedly, the latter is more noticeable in the cotton goods division, where easiness of the raw material has restricted
sales. Both buyers and sellers appear to have lost much
confidence in values, and they claim that the thing most
needed in the market is stability of prices. A sound basis
would, no doubt, restore confidence and stimulate sales.
In the meantime, competition for business has been keen
during recent weeks, and more so this week. Sellers offered various inducements to attract potential purchasers,
but their efforts were not very successful. A similar situation exists in the linen division where sales are disappointing. This is generally attributed to the fact that
prices are higher than those prevailing last year. On the
other hand, there are certain divisions which are doing
a good business and show signs of seasonal expansion. The
woolen, silk, and rayon sections are probably the best examples of this. The opening of the men's wear staple
woolen lines at favorable prices succeeded in attracting a
good business. Quotations for raw silk continue firm, while
sales of finished goods are broadening. Printed goods, especially the finer grades, are selling actively. Rayons, of
course, are sold up for the quarter with prospects for the
future bright.
DOMESTIC COTTON GOODS.—Markets for domestic
cotton goods are irregular, both as to prices and the volume
of sales. This is probably more noticeable in gray cloths,
which have studiously followed the course set by the fluctuations of the raw cotton market. Although it is recognized
that there is still much buying remaining to be done for the
current quarter, uncertainties concerning the staple have
restricted business and encouraged buyers to place only
small nibbling orders in accordance with their recent practice. Sales pressure is reported to be steadily growing,
and as a result some cloths are displaying a softening tendency. Furthermore, certain selling agents, not quite so
sure of themselves, appear more willing to accept orders
at concessions as an inducement, but even these failed to
attract more than small filling in business. Wide sheetings, bags, and'staple bleached and brown cottons are,
perhaps, easiest, being unable to withstand the pressure
The Weather Bureau also furnishes the following resume as much as the others. Some of the printed percales and
specialties, however, have proved to be exceptions and
of the conditions in the different States:
have displayed a steadier undertone, due to a renewal of
Virginia.—Richmond: Moderate temperatures and
first part of week, and some plowing accomplished; generally favorable interest among wholesalers and cutters.
much colder latter
At the same time
part, with snow. Winter grains fair;
Farm work Interrupted to some extent. snow cover latter part of week. purchases of finished goods such as ginghams, flannels,
North Carolina.—Raleigh: Temperatures decidedly below normal latter colored domestics, towels and the
finer grades of bedspreads,
half of week:some damage to lettuce and
more favorable than otherwise to fruit, other truck. Recent cold Periods are being made in fair quantities and have begun to show
checking tendency to premature
development. Strawberry plants reported well worked and in good con- signs of seasonal expansion. However, even though retail
dition. January precipitation at
Raleigh least on record to date, though clearance sales during January pretty well depleted stocks,
light rain falling to-day.
South Carolina.—Columbia: Abnormally
28- buyers of finished goods are also backward in their opera29th, checked growth of wheat and rye, cold, with hard freeze on suftruck
while oats
fered further damage. Considerable hog killing. and winter replanting tions, owing to uncertain conditions in the staple market.
Some oat
and spring plowing done.
They have put off placing business until the last minute
Georoia.—Atlanta: Moderate rainfall
with decidedly colder weather Saturdayat beginning and close of week, and are now claimed to be quite urgently in need of merSunday. Some progress in
and
plowing in south where tobacco seeds are sprouting talky well. Winter chandise—all of which lends a brighter aspect to prospects
cereals making slow growth. Truck
crops poor.
-inch 64 x 64's conFlorida.—Jacksonville: Moderate showers on two days, except in south. for the current month. Print clot,hs 28
benefited oats, strawberries, citrus, and
in Hast- struction are quoted at 6c., and 27-inch 64 x 60's at 5%c.
Potato
ings district finished. Germination oftruck. delayed planting weather.
by dry
truck
Gray goods in the 39-inch 68 x 72's construction are quoted
Melon planting continued in central and
up. Frost
on 29th destroyed much of tomato crop innorth; some coming southward. at 8 c., and 39-inch 80 x 80's at 10 c.
/
1
2
/
1
2
Miami district
Some local damage to citrus growth where not protected. and
Alabama.—Montgomery: Middle of week temperature decidedly below
WOOLEN GOODS.—Monday's openings of men's wear
normal, with freezing to coast; remainder of week near normal or above.
Quite general, moderate rains opening and closing days. Plowing pro- staple lines by the American Woolen Company featured the
gressing in south and central; good progress locally. Oats and vetch woolen and worsted markets. Quotations on the new lines
continue to improve in more southern counties. Hardy vegetation in
coast section not materialy injured by Saturday a freeze; little growing ranged from one to nine per cent. higher compared with the
elsewhere. Cabbage and other winter vegetables being planted in coast Spring levels. Most of these advances were registered in
reeon. Satsuma orange trees in many orchards completely defoliated.
Missiseppi.—Vicksburg: Mostly light precipitation, occuring Monday the cloths made from medium and coarse grade wools,
night. No destructive cold. Fair progress
in Plowing in south and cen- while on the higher grade fabrics, the mark-ups were much
tral. Progress of pastures fair to good in south; poor elsewhere. Progress
smaller. Opinions expressed as to the new price basis
of truck mostly fair.
Louisiana.—New Orleans: Seasonable temperatures and very little rain were favorable. The latter was regarded as low, espefavored outdoor work; excellent progress in breaking land for rice and
corn and this work unusually well avdanced. Continued dry weather cially in view of the recent advances in raw wool costs.
very unfavorable for cane. Winter truck and recently-planted potatoes and However, with staples no longer considered the price cricabbage need moisture. Pastures still dormant.
Texas.—IIouston: Warm, with no rain of consequence, favorable for terion they once were, many were disposed to await the comfield work and plowing well advanced. Progress of pastures, wheat and, pany's openings of fancy worsteds before attempting to
oats poor account dryness. Some spring eats and barley sown. Citrus
rather dormant; fruit mostly picked. Truck shipments large from south; analyze the price situation. The change in credit terms
later plantings doing fairly well, although needing more moisture. Potato which also marked this season brings quotations down to
planting well advanced in extreme south. Subsoil moisture scant and more of
a net basis, and really gives buyers twenty days
general rain needed. Livestock condition fair to good.
Oklahoma—Oklahoma City: Clear dry weather, with moderate tern additional in which to pay their bills. This caused much
peratures, favorable for plowing and preparation of ground for spring favorable
comment, and It is said that other mills are conplanting. Wheat made some growth; condition fair to good, except poor
in droughty northwestern counties. Pastures generally short and poor; sidering a similar action. The outlook for the season is
livestock fair to good condition.
Arkansas.—Little Rock: Very little rainfall and normal temperatures held promising.
very favorable for farm work and winter crops, except in north portion
where ground still frozen; couriderable ground prepared in southern portion and some in central. Wheat, meadows and ranges good; oats improving. Fruit uninjured:spraying trees and pruning fruit and grapes.
Tennessee.—Nashville: Few fields of wheat and oats damaged
recovery, while others improving slowly; most wheat still brown. beyond
Windand temperatures have not been generally beneficial for growing crops
no material change. Rye, barley, and clover poor. Livestock continue to
do well.
Kentuaku.—Loutsville: Tempreatures mostly below normal; showers
first of week, followed by freeze. Thawing and freezing hard on wheat:
early still fairly good, but late-sown variable, according to drainage, and
much of it poor. Light snow cover last two days in northern counties.
FOREIGN DRY GOODS.—Conditions in the linen markets are not quite as favorable as last week. Sales volumes
have shown a steady decrease, as buyers are restricting
purchases covering forward commitments. Various reasons
are advanced for this hesitancy, but probably the most
logical is that prices are higher than last year at this time.
Household linens have again lapsed into inactivity following their recent spurt in sales, as reports indicate that only
small quantities are wanted, and then only where previous
low prices apply. Dress linens are an exception, but even
sales of these can be considered but fair. The finer qualiTHE DRY GOODS TRADE.
ties are meeting the best call, while the other varieties are
New York, Friday Night, Feb. 3 1928.
relatively inactive. Burlaps continue steady with a better
Although textile markets commenced the New Year with demand for spots and afloats. Light weights are quoted
romising prospects, various developments have been dis- at 7.85e., and heavies at 10.00e.
FINANCIAL CHRONICLE
Slitate anti Tit Department
MUNICIPAL BOND SALES IN JANUARY.
Long-term State and municipal obligations disposed of
during the month of January, aggregated $97,593,730. The
total for the previous month was $114,818,252, and in
Jan. 1927, $171,877,975. The largest offering of the month
was by the City of Philadelphia, which disposed of two
issues of 4% registered and coupon bonds aggregating
$15,000,000 to a syndicate headed by the Bankers Trust
Co. of New York, at 101.65, a basis of about 3.88%. Of
this amount $9,000,000 bonds mature Jan. 1 1978 and
$6,000,000 bonds Jan. 1 1958. The Port of New York
Authority, N. Y. sold an issue of $12,000,000 4% bridge
bonds maturing serially from Jan. 1 1938 to 1953, inel.; optional on or after Jan. 1 1938, in whole or in part at 103,
to a syndicate headed by the Guaranty Co. of New York,
at 99.777, a basis of about 4.02%. The following is a summary of the other large issues sold during the month:
maturing serially from
$8,629,000 bonds of Oklahoma City, Okla.. a syndicate headed by Feb. 1
E. H.
incl., awarded to
1931 to 1933,
Rollins & Sons of New York,as 4s and 450.at 100.057,a basis of
about 4.22%.
5,710.000 Rochester, N. Y.4% coupon or registered bonds consisting of
nine issues, maturing serially from 1929 to 1958, incl., awarded,
to a syndicate headed by the First National Bank of New York
at 102.379, a basis of about 3.76%.
5,000,000 State of Vermont, 33.1% habilitation bonds, maturing serially
from Dec. 1 1929 to 1948, incl., awarded to J. P. Morgan & Co.
of New York ,at par, who offered the bonds at the sale price,
namely par.
4% coupon bonds of the City of Yonkers, N. Y. consisting of
1,950,000
five issues maturing serially from Feb. 1 1929 io 1958, incl.,
the award being made to a syndicate headed by the Guaranty
Co. of New York, at 100.796, a basis of about 3.90%•
1,700,000 Oklahoma City S. D., Okla., bonds maturing serially from
Jan. 15 1931 to 1953, incl., awarded as 43Is, to a syndicate
headed by the Harris Trust & Savings Bank of Chicago, at
100.231, a basis of about 4.23%.
1,500,000 4% Baltimore, Md., airport bonds maturing serially from Oct. 1
1933 to 1967, incl., awarded to the Baltimore Trust Co. and
Hambleton & Co., both of Baltimore, at 103.18, a basis of about
3.78 V
v.,
1,500,000 High Point, N.C.,43i% coupon or registered street impt. bonds
maturing serially from 1930 to 1948, incl., awarded to the
Wachovia Bank & Trust Co. of Winston-Salem, N. C. and
.
Harris, Forbes & Co. of New York, jointly, at 100.038, a basis
of about 4.49%.
1,500,000 Nueces County Nay. Dist. No. 1, Tex., port improvement
bonds awarded to Garrett & Co., at Dallas. See page 752.
1,000,0004% Cook County, Forest Preserve Dist., Ill., bonds maturing
serially from Jan. 15 1928 to 1947, incl., awarded to a syndicate
headed by the Illinois Merchants Trust Co. of Chicago, at
100.645, a basis of about 3.92%.
1.000,000 Marion Cotmty, Fla., 43i% coupon highway bonds, maturing
serially from Feb. 1 1937 to 1952, incl., to the Well, Roth &
Irving,Co. of Cincinnati, at 95.42, a basis of about 5.16%.
[VOL. 126.
NEWS ITEMS
Argentine Nation (Gov. of).—$20,000,000 5%% Gold
Bonds Sold—Books Oversubscribed.—A syndicate headed by
nd including Blair & Co.,
the Chase Securities
Co.,
Ernesto Tornquist & Corp.,Halsey, Stuart & Co., Brown
Bros.& Co., the Equitable Trust Co.,(N. Y.) Graham,Parsons & Co., Blyth, Witter & Co. E. H. Rollins & Sons,
the Union Trust Co., (Cleveland), the Illinois Merchants
Trust Co. (Chicago), the Continental National Co., J. G..
White & Co.and Hemphill,Noyes& Co.,offered and quickly
sold on Feb. 3, the books being oversubscribed, $20,000,000.
534% external sinking fund gold bonds of the Argentine
Nation, at 97 and int., yielding about 5.70%. The bonds
are dated Feb. 1 1928 and mature Aug. 1 1962. Coupon
bonds in denoms. of $1,000 and $500, registerable as to
principal only. Prin. and semi-annual int., Feb. 1 and
Aug. 1, payable in United States gold coin of the present
standard of weight and fineness at the principal office either
of the Chase National Bank of the City of New York or of
Blair & Co., ew York, Fiscal Agents for the loan, without
deduction ior any taxes or other Governmental charges
present or future of the Argentine Government or any taxing
authority thereof or therein. Coupon Bonds in denominations of $1,000 and $500 registerable as to principal only.
According to the official offering circular, the bonds are
redeemable through the operation of a cumulative sinking
fund of 1% per annum payable semi-annually, commencing
Aug. 1 1928. Sinking fund payments may be increased
by the Executive Power if considered advisable. Further
information regarding this loan may be found in our "Department of Current Events & Discussions" on a preceding
page.
Baltimore, Md.—Sale of Port Stock Held Invalid.—The
Court of Appeals on Jan. 19 ruled that the sale of $2,000,000
port stock last Sept. 30—V. 125, p. 2004—was invalid.
The original legislative enactment authorizing the borrowing
of $50,000,000 for development of the port provided for
the issuance of 5% bonds. The stock awarded, on Sept. 30
carried a 4% interest rate, which rate had been set by the
City Council. The Court of Appeals, reversing the decision
of the Circuit Court of Baltimore, held that the Council
had no authority to reduce the rate front that set in the
State Legislation. The BAtimore "Sun" on Jan. 20 had
the following regarding the matter:
Under a ruling of the Court of AppeaLs yesterday the $2,000,000 issue of
the $10.000,000 Port Development Loan stock sold recently by the municithe Mercantile
pal
lc al.nectdaetdtla interest rate of
ir
nse sC .Firlr
Dtpos t of w lgveotO' syndicatebe
.iss ordig the court reversed the dedtdoh of Judge
ii
wft x t by judge na ntin nance.
5% iihedhree the o
H. Arthur Stump in the Circuit Court of Baltimore City upholding the
Mayor and City Council in reducing by ordinance the interest rate of the
stock from 5 to 4%. The dissenting members of the Court of Appeals
were Judges Carroll T. Bond, Francis Neal Parke and William H. Adkins.
It was a friendly suit, to test the right of the Mayor and City Council
to reduce the rate of interest on the stock without a referendum to the
voters of the city.
A. Walter Kraus, City Solicitor, last night said that before the stock
is resold it will be necessary for the Mayor and City Council to pass a new
ordinance firing the interest at 5%. The ordinance will be submitted
to the Council, Mayor Broening indicated, immediately after the full
opinion of the Court of Appeals is received and studied.
The stock was sold for the purpose of carrying out existing contracts for
the $4,000,000 commercial pier and warehouse under construction at the
foot of McComas street for the Western Maryland Railway Co.
The stock was sold Sept. 30 at 100.913, or a 3.93% basis, the best price
the city had for its stock in 15 years. Financial officers at the City Hall
expressed the fear that the new sale would not bring as high a price because
It will be 5% stock.
Members of the original purchasing syndicate,in addition to the Mercantile Trust Co., were Watts & Co., Stein Bros. & Boyce and Nelson, Cook
& Co. of Baltimore, and Estabrook & Co., New York.
Delivery of the stock was withheld by the Commissioners of Finance
after its validity had been brought into question by attorneys for the
syndicate.
The city changed the interest rate of the stock by authority of an Act
of the last Legislature, prepared by Charles C. Wallace, former City So1925.
1926.
1924.
1927.
licitor, after the Court of Appeals had ruled in a similar case that the In1928.
terest rate of city stock, as fixed by an ordinance approved by the voters.
January—
Perm't loans(U.S.)_ 97,593,730 171,877,975 70.366,623 135,536,122 99,625,470 could not be changed, except by a further referendum to the voters. stock
In the absence of the full opinion of the court in the Port Loan
*Temp.loans (U.S.) 71,441,522 32,478,000 81,500,000 53,575,309 50,916,340
case, Mayor Broening and Mr. Kraus expressed the belief that the court
Can. loans (temp.)_ 4,000,000
held the ordinance reducing the interest rate from 5 to 4% to be unconCan.loans(perm'O_ 6,440,113
5,617,358 6,378,797 3,160,510 4,247,876 stitutional, because it had not been approved by the voters of the city.
Placed in Canada_
43,550,000 11,000,000 4,000,000 20,316,562
The Port Loan,as authorized by the Legislature of 1920, amounts to $50.Placed in U. B..
50,000 000.000. But only 310,000.000 of it has been submitted to the voters and
1,385,000 5.748,000 3,000,000
Bonds of U.S. malls. 1,000,000
ratified by them. Mayor Broening said he probably would ask the Legis
180,475365, 254,908,333 175,023,420 109,271,933 181,156,248 lature, at its next session, to amend the Act so as to empower the Mayor
Total
York City: 855,230,000 Jan. 1928; and City Council to fix the interest at a rate not to exceed 4%, and subIncludes temporary securities issued by New
and clarified
The
$17,000,000 in Jan. 1927; 862,350,000 In Jan. 1926; 842,350,000 in Jan. 1925, and mit the amended Act to the voters. Port Act may be amended
Development Commission greater
in other particulars, so as to give the
$39,838,940 In Jan. 1924.
now possesses in the matter of harbor development. 4
powers than it
Mr. Kraus is relying on the ruling of the Court of Appeals in the interThe number of municipalities in the United States emitting
that may aid
to the Port
an
permanent bonds and the number of separate issues made est case for information defining itshim in writing theopinion Act of the
existing
powers under
Development Commission
part
during January 1928 were 332 and 419 respectively. This Legislature. The commission is desirous of spending waterof Its loan in
front.
aiding manufacturing and industrial projects along the
338 and 471 in January 1927.
—i —
ltp femporary loans negotiated during the month of January
aggregated $71,441,522 including $55,230,000 borrowed by
the City of New York. The amount of Canadian bonds sold
during the month was $6,440,113. The Province of British
Columbia, Canada, awarded $4,000,000 treasury bills ma'
turing Aug. 1 1928, to a syndicate headed by Dillon,• Read
& Co. of New York City. An issue of $6,000,000,4% Temiskaming & Northern Ontario Railway Commission bonds,
guaranteed as to principal and interest by the Province of
Ontario, Canada, was sold to Dillon, Read & Co. and
Dominion Securities Corp. at 96.63, 4.21% basis. The
City and County of Honolulu, Hawaii, awarded an issue of
$1,000,000 5% public impt. bonds maturing serially from
Jan. 15 1933 to 1947 incl.; to Harris, Forbes & Co. of New
York, at 110.81, a basis of about 4.08%.
Below we furnish a comparison of all the various forms of
obligations sold in January during the last five years:
contrasts with
For comparative purposes we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years. It will be
observed that the 1926 January disposals were the smallest
of any year since 1919.
Connecticut (State of).—Addition to Legal List of Savings Bank Investments.—The Bank Commissioners announce
that the First Consolidated 4% and 5% bonds due 1943,
of the Alabama Great Southern Railroad Co.,have been
added to the list of securities considered legal investments
*$50,176,099 1904
823,843,801 for savings banks in Connecticut.
897,593,730 1916
1928
15,941,796
34,303,088 1903
x171.877,975 1915
1927
Fall River, Mass.—Fire Destroys Business District.—
10,915,845
584.603,094 1902
70,366,623 1914
1926
30,414,439 1901
9.240,864 A fire that started Thursday afternoon destroyed the busi135,536,122 1913
1925
20,374,320
25,265,749 1900
99,625,470 1912
1924
five
6,075,957 ness district of Fall River, laying in ruins an area of
x78,510,274 1899
96,995.609 1911
1923
8,147,893 blocks. Estimates of the damage range from $7,000,000 to
16,319,478 1898
108,587,139 1910
1922
10,405,776
29,318,403 1897
87,050,550 1909
Fall
1921
6,507,721 $25,000,000. The assessed valuation of real estate in
10,942,068 1896
83,529,891 1908
1920
10,332,101 River is about $115,000,000 and of personal property about
10,160,146 1895
25,090,625 1907
1919
7,072,267
8,307,582 1894
24,060,118 1906
1918
5,438,577 $70,000,000.
8,436,253 1893
40,073,081 1905
1917
Greece (Government of).—$17,000,000 6% Bond Issue
of New York State. a Including $51,000,000
•including 825,000,000 bonds
corporate stock of New York City. Successfully Floated.—Speyer & Co. and the National City
bonds of New York State. zlncluding $60,000,000
and sold on
Owing to the crowded condition of our columns, we are Co., both of New York City, jointly, offeredgold bonds of
obliged to omit this week the customary table showing the Jan. 31, $17,000,000 6% secured sinking fund
the Greek Government, at 91 and accrued interest, to yield
month's bond sales in detail. It will be given later.
FEB. 4 1928.]
FINANCIAL CHRONICLE
747
about 6.65%. Dated Feb. 1 1928. Coupon bonds in denoms.
of $1,000 and $500. Due Feb. 11968. Principal and int.
payable (Feb. and Aug. 1) in New York, at the office of
Speyer & Co. or at the Head Office of the National City
Bank of New York, in United States gold coin of, or equal
'
to,the present standard of weight and fineness, without
deduction for any present or future Greek taxes. Principal
and interest will also be collectible, at the option of the
holder, in Switzerland at the office of Credit Suisse, Zurich,
in Swiss Francs at its current buying rate for sight exchange
on New York.
The official offering circular says:
"
One of these is the fact that the "Board of Commissioners of the Port of
Orleans" is specifically classed in the constitution among
ministrative officers and boards", the other is the abrupt the state's "addismissal
conception of the organization as a "body corporate" in these words of the
of the
court in the case of Duffy vs. City of New Orleans:
"Generally a corporation has succession in its corporate name. It may
plead and be impleaded. It may hold and convey property. The board
here is not invested with all of these qualities essential to the existence of
a corporation . . .the most that can be alleged is that the act authorizes
the board to perform certain designated acts which we must assume are in
the interest of and for the welfare of the state."
The memorandum accompanying the application to the Attorney-General
touching upon the responsibility of the state for the payment of the bonds
calls attention to the fact that although the commission itself was created
by a mere act of the Legislature, in every instance where authority was conferred on the board to issue bonds it was done through a constitutional
amendment. The first issue was authorized by an amendment which proCumulative sinking fund, sufficient to repay all of these bonds at or vided:
before maturity, to be applied to the semi-annual redemption of bonds by
"The principal and interest of said bonds shall be paid by preference
from the revenues of the Board of Commissioners of the Port of New
lot at Par, the first redemption to be on Feb. 11929.
Not subject to call before Aug. 1 1938, except for sinking fund. The Orleans, and all revenues collected under the laws now existing shall be and
Government reserves the right to repay at par, on that date, or on any are hereby pledged to secure said bonds and interest."
Interest date thereafter, all or any part of the bonds then outstanding,
It is the contention of the applicants that "had this constitutional amendupon three months' previous notice.
ment merely provided for payment of the bonds out of the revenues of the
Board of Commissioners, the special fund so
would
Further information regarding this loan may be found in been the sole source of payment, but where the providedexpresslynot have
provides
statute
our Department of "Current Events and Discussions" on that they are to be paid merely by preference out of such revenues, it is
absurd to say that the Legislature intended that the special fund so proa preceding page.
vided should be the sole source of payment . . . By no distortion of the
language can the
Lake Worth, Fla.—Situation as to Default on City's language is not words 'by preference be made to mean 'solely.' If this
Bonds.—Payment on improvement bonds of Lake Worth lature and the sufficient to establish the intention on the part of the Legispeople of the state to indicate merely that the bonds shall
be paid
issued in 1926 and 1927 has been temporarily deferred, conceivein the first instance out of the special fund, then it is difficut to
of language which will be sufficient to make such an intention
causing concern among holders of Lake Worth bonds. A unmistakable."
Western bond dealer, who in 1925 handled part of the
Massachusetts
$1,250,0006% bonds, dated April 1 1925, has inquiredof the ments for Savings (State of).—Additional Legal InvestBank.—It has been announced that the
City Clerk about the situation, especially as it concerns the following
securities have been added to the list of legal
1925 issue. The City Clerk's reply is to the effect that the investments for
savings banks in Massachusetts:
city is prepared to meet payments on all bonds issued prior
Public UtCentral Maine Power Co. let and gen. mtge. series E.
to Jan. 1 1926 and his statement intimates that default on 434s, 1957. Public Service Co.of New Hemp. 1st & ref. mtge.4sof 1957.
Railroad
the bonds of ' and 1927 is only temporary. The City trust seriesEquipment Securities.—Chicago & Northwestern Ry. equipment
1926
'I'. 43s,serially to 1942.
•
Clerk's reply reads in part:
The bonds on which payment has been temporarily deferred are those - New York
State.—Proposal to Amend Law on Village
issued in 1926 and 1927, known as improvement bonds of the city of Lake
Worth.
Indebtedness.—Two proposals to amend the state law reThe city is prepared to meet ipayment of interest and principal on the due gulating the borrowing powers
of the villages in the state
dates on all issuances prior to Jan. 1 1926.
have been introduced in the Senate. One measure would
Louisiana Port Commission.—Additional Facts on grant to villages the authority to issue temporary notes in
Legality of Commission's Bonds for New York Savings Bank anticipation of bond issues for permanent improvements.
Investment.—The "Herald-Tribune" of Jan. 30 published The N. Y."Herald-Tribune" of Feb.2 carried the following:
the following article relative to the opinion of the AttorneyTwo legislative measures have just been
—inireduced hithe State Senate
General of New York State that bonds of the Louisiana Part which are of more than passing interest to municipal bond dealers. Their
sponsor is Senator J. F. Wiliams,of Troy,and both measures seek to amend
Commission constitute a direct obligation of the State of the village law—one,in respect to temporary financing:the other in relation
Louisiana, and are therefore legal investments for New York to the issuance of bonds or other obligations.
The proposed amendment touching upon short-term financing is perhaps
savings banks:
the more important of the two, as it is wholly new, seeking to grant to
When the Attorney-General of New York decided last week that the
bonds of the Port of New Orleans were
investment by savings
banks and trust funds in this state he not legal for
only added $41,000,000
obligations to the list of "legals" here but recognized the successfulin these
conclusion of a campaign for legalization which dates back nearly twenty years.
His decision definitely nullifies rulings of predecessors in office established
in 1909 ad again in 1911, which had held that these bonds did not represent
the obligations of a state for the payment of which the full faith and credit
of that state were pledged.
The Port of New Orleans was created by an act of the Louisiana Legislature in 1893. Its establishment grew out of the fact that the divided
authority of the three parishes—Orleans, Jefferson and St. Bernard—
which the port embraced, together with the "multiplicity of officials with
their various fees and charges, was operating to injure the traffic of said
port, by imposing a tax on shipping of such proportions as threatened to
divert the trade thereof to less expensive
the
development of rival ports. Thereupon shipping points and foster the
quotations are from
opinion of Justice St. Paul in the case of the (the ex rel, Tallant agt. Board
State
of Commissioners of the Port of New Orleans, May 3, 1926) the General
Assembly • .by Act 70 of 1896 . . . took over, for the state. all
the facilities of file harbor and port of New Orleans, and gave the regulation, control and management of the commerce
a state commis.
sion, the members thereof to be appointed by the Governor of the State,
.*
as a state agency to administer the
aforesaid property."
Opinion Coming Later.
In announcing his decision legalizing the Port of New Orleans the Attorney General of New York State did not hand down an opinion concurrently. The opinion Is expected to follow later, but meanwhile the
memorandum prepared by Thomson, Wood
B.
Masslich, counsel on behalf of the applicants & Hoffman and Chester the
seeking a new ruling on
obligations under the State of New York banking law, probably throws
considerable light on the basis for the favorable ruling. This memorandum
Is an unusually comprehensive brief, covering fifty-six typewritten Pages
and being replete with quotations from legal decisions touching upon its
subject matter. The case for the legality of the port bonds was erected.
it would appear, on four main contentions, as follows:
1. That the Board of Commissioners of the Port of New Orleans is a mere
state agency, administering a state enterprise for the benefit of the public.
2 That all properties and revenues of the Board of Commissioners are
not its own, but belong to the State of Louisiana.
3. That. In contracting, the Board of Commissioners contracts for, and
on behalf of. the State of Louisiana, and that a bond issued by the Board of
Commissioners is a bond of the State of Louisiana.
4. That under the legislation authorizing the Board of Commissioners to
issue bonds, such obligations constitute general obligations of the State
of Louisiana, payable primarily out:of a special fund, but for the payment of
which the full faith, credit and taxing power of the state are irrevocably
pledged.
Port A State Agency.
The applicants rest their first contention largely on the circumstances
of the creation of the Port Commission and the opinion above referred to
of Justice St. Paul. This opinion is quoted specifically as saying: "We
make mention of the purpose of its creation of its status and of the nature
of the property under its administration to the end that it may be observed
that the the defendant is not a corporation, but a state agency, that the
property under its administration is not its own but public property.'
Taking up their second contention, namely, that the bonds are the obligations of the State of Louisiana, the applicants remind the Attorney-General of Justice St. Paul's statement to the effect that the General Assembly
"took over for the state all the facilities of the Harbor and Port of New
Orleans." They proceed to the quite obvious comparision of the situation
existing In respect to the Port of New York, when they add:
"It (the setting up of the commission) was not a matter of mere local
concern affecting only the City of New Orleans and the territory immediately adjacent to it, any more than the Port of New York concerns only the
City of New York and the other communities adjacent to it, and therefore,
just as the State of New York has recently seen fit to confer the management
of the Port of New York upon a separate agency independent of the local
communities, the State of Louisiana likewise conferred the management
of the Port of New Orleans upon an independent board or agency, with this
vital difference—the;State of Louisiana, being unhampered by interstate
difficulties which profoundly affected the establishment of the Port of
New York, did not create a separate corporation to manage the port, but,
on the contrary, created a new department of the state government known as
the Board of Commissioners of the Port of New Orleans."
Compared WithiPort Authority.
This important distinction between the New York Pert Authority and
the l'ort Commission of New Orleans is elaborated and buttressed at some
h in the document filed on behalf of the applicant with the Attorneyert
General. but two points of evidence are perh „ hyaps or special attentioj.
villages of the state legal powers which they do not at present possess.
The other proposal is in the nature of a modification of the present law on
the general subject of village bond issues. Both have been committed for
consideration to the Committee on Affairs of Villages.
The purpose of authorizing temporary financing on the part of villages
throughout the state is to take care of the initial stage of the financing of
permanent village improvements carrying them along until the requirements of the permanent financing program can be accurately gauged and
provided for. Such financing is in many cases desirable, and as a matter of
fact is widely utilized, despite the absence of enabling legislation, in various
states. Some new states have adopted amendments to their laws giving
the practice legal sanction, bat hitherto New York State villages have been
without definite authority. New Jersey is among the states which have
adopted such legislation, this state providing for financing over 6 years,
a period which compares with 3 years in the proposed New York law.
In general the idea of endowing villages of the state with the requisite
authority to do temporary financing of this type will no doubt be accepted
as a constructive work. There is perhaps only one paragraph of the measure, as appended, which might be interpreted as leaving the way open to
possible unfortunate developments. This is the next to final paragraPil,
which sets forth that if any part of the financing is to be borne by special
assessment permanent bond issues mast be held off until all the assessments have been confirmed and opportunity afforded property owners to
pay assessments in full. It is worth pointing out in connection with this part
of the measure that New Jersey at present is facing a situation in respect to
one of its municipalities where the period of temporary financing has almost
ended and assessments have not been confirmed clearing the way for the
permanent financing. In the hew Jersey case the difficulty is expected
to be dissolved before the time limit on temporary financing expires' but
there would appear to be a grave possibility that some such development
as might arise out of litigation, for instance, might, especially in the case of
the proposed hew York law, where the time limit is 3 years. cause serious
embarrassment to a village in its plans for permanentfinancing.
the
which would amend Chapter 64 of the
ConshoelitezdatteodfLaws,is
proposed..
"Wnenever a resolution authorizing the issuance of bonds or other obligations of a village for a permanent village improvement has become effective
the cost of such improvement may, at the option of the board of trustees,
be wholly or partly financed temporarily by the issuance of temporary
notes or temporary bonds of the village, running not more than one year
from their date. Such temporary notes or bonds may be renewed from
time to time by extending the outstanding notes or bonds with the consent
of the holders or by the issuance of similar temporary notes or bonds, but
no such extension or renewal shall run more than one year, and all renewals
or extensions shall mature in not more than 3 years from the date of the
temporary notes or bonds first issued, and such temporary notes or bonds
and renewals shall be paid from funds available for that purpose or from the
proceeds of permanent bonds. Interest upon such temporary notes or
bonds may be borrowed upon notes of the village which may be authorized
by the board of trustees and renewed from time to time and included in the
next annual budget. All such notes or bonds shall be general obligations of
the village and shall bear interest at a rate not exceeding 6% per annum
and shall be authorized by resolution of the board of trustees which shall
not be subject to a permissive referendum, and may be negotiated at public
or private sale for not less than par.
"In the event that any such improvement is wholly or partly temporarily
financed and the date and maturities of the permanent bonds have been
determined by a resolution or proposition adopted prior to the issuance of
such temporary notes or bonds the permanent bonds may be dated as
of such later date within the term of such temporary financing or renewal
thereof, and the amounts of the annual installments and the dates of
maturity of such bonds may be changed as the board of trustees by resolution shall determine, which resolution shall not be subject to a permissive
referendum, provided that such amended installments and maturities shall
be within the limitations prescribed by law and provided that the last of
such amended maturities shall be within the probable life of the improveintuit as shall be determined in such resolution changing the date and
maturities of such bonds.
"If all or any part of the cost of an improvement is to be borne by special
assessment permanent bonds shall not be issued until the assessments have
been confirmed and opportunity afforded to property owners assessed to
pay assessments in full.
"Wherever there is other provision of law for temporary village financing
of sewer or paving imtirovements, the village may proceed under such
authority or under this section, at the option of the board of trustees."
measure,
ollos:
Proposal to Make Bonds of Port Authority Legal Investments
for Savins Bank.—A bill introduced in the Senate proposes
to make 'bonds issued by the Port of New York Authority,
•
for construction of union terminal freight stations, legal in-
748
FINANCIAL CHRONICLE
[VOL. 126.
$228,470 District Se. 94 bonds.
64,350 District No. 91 bonds.
53,570 District No. 57 bonds.
48,840 District No. 89 bonds.
Under the provisions of a bill introduced in the Senate by William W.
A certified check of $500 payable to the order of the County Treasurer.
Campbell, Rep., of Niagara County, and referred to the committee on
banks and in the Assembly by Russell G. Dunmore,Rep.,of Oneida County, is required.
obligations of the Port of New York Authority issued for constructing union
BIRMINGHAM,
-BOND OFFERING.
-Sealed
terminal freight stations, are made securities in which public officers, banks bids will be received Jefferson County?, Ala.
until
14 by Eunice
and others may legally invest funds and which may be deposited as security mission, for the purchase Feb.$350,000 issueHewes, Clerk the City Comof a
of public impt. bonds.
with public officers or agencies under any statute.
BLUEWATER-TOLTEC IRRIGATION DISTRICT (P. 0. Sonata
0
Rio de Janeiro (City 00.-1630,000,000 047 External Fe), N. Mex.-BOND OFFERING.
-Sealed bids will be received anti/.
Day, District Secretary, for the purchase of a
-A syndicate composed of White, Weld & 10 a. m. on Mar.3 by T. C.bonds.
Gold Bonds Sold.
Dated Dec. 1 1927. Bids under 95
Co., Brown Bros. & Co., the International Acceptance $100,000 issue of irrigation
will not be considered. A certified check for 2% must accompany the bid.
Bank, Inc., Stone & Webster and Blodgett, Inc., the
BLUFFTON, Allen County, Ohio.
-BOND OFFERING.
Illinois Merchants Trust Co. and the Grace National will be received by C. A. Stauffer, Village Clerk, until 12-Sealed bids
m. (Eastern
purchase of
issue of $3,700 5% Main
Bank, all of New York, offered and quickly sold on Feb. 2, Standard time) Feb. 18, for the Mar. 1 1928.anDenom.$370. Due $370.
St. improvement bonds. Dated
(books oversubscribed) at 97 and accrued interest, yielding Oct. 1 1929 to 1938 incl. Prin. and int. payable at the office of the Village
payable to the order of the Village Treasurer.
about 6.75%, $30,000,000 634% external secured sinking Treasurer. A certified checkis
offered
fund gold bonds of the City of Rio de Janeiro. The bonds are' for 10% of the bondsSCHOOL recp..ked.
BONNE TERRE
DISTRICT (P. 0. Bonne Terre), Mo.dated Feb. 1 1928, and mature Feb. 1 1953. Coupon bonds BOND SALE.
-The $50,000 issue of 57 coupon school bonds offered for
0
in denoms. of $1,000 and $500, registerable as to principal. sale on Jan. 25-V. 126, p. 447-has been awarded to the Mississippi
Valley
104.039,
Prin. and int. (F. & A. 1) payable at the New York offices a basisTrust Co. of St. Louis,for a premium of $2,019.50, equal to and due
of about 4.17%. Denom. $1,000. Dated Feb. 1 1928.
of White, Weld & Co. and Brown Bros. & Co.,fiscal agents, $5,000 from Feb. 1 1929 to 1938, incl. There were twelve other bidders,
in U. S. gold coin of the present standard of weight and the second highest bid being that of the Wm. R. Compton Co. of St. Louis.
BOULDER,
-BOND SALE CORRECTION.
fineness, without deduction for any Brazilian national or The two issues Boulder County, Colo. were awarded-V.
of 4% coupon bonds that
126,
local taxes, present or future. According to the offering to James H. Causey & Co. of Denver brought a price of 102.07, aP. 447of
basis
circular: Cumulative sinking fund, beginning Aug. 1 1931, about 3.785%. Due on Jan. 1 1943 and optional after Jan. 1 1938. Int.
calculated to retire entire issue by maturity, is to operate payable on Jan. & July 1. (This corrects report as given in V. 126. p. 606.)
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-BOND
semi-annually by purchase of bonds at not exceeding 100% SALE.
-R. M. Grant & Co. of New York City, were awarded on Oct. 13.
and interest or by redemption by lot at that price. Redeem- an issue of $115,000 5% water main bonds. The bonds mature Sept. 1 as
able also as a whole, at the option of the City,on any interest follows: $7,000, 1931 to 1937 incl.:$8,000, 1938 to 1944 incl.; and $10,000,
1945.
date, up to and including Aug. 1 1937 at 102% and interest,
BROWNSVILLE, Cameron County, Texas.
-WARRANT DESand thereafter at 100% and interest. Further information CRIPTION.
-The $90,000 issue of 6% treasury warrants awarded on Dec.
Co. of San Antonio
regarding this loan may be found in our "Department of 12-V. 126, p. 278-to the J. E. Jarrattwarrants sold at is more fully
described as follows: Coupon funding
par. Denom.
Current Events and Discussions" on a preceding page.
$1,000. Dated Dec. 1 1927. Due serially over a period of 10 years. No
option of prior maturity. Int. payable on June and Dec. 1.
BYRON, Ogle County, III.
-BOND SALE.
-The Byron State Bank
of Byron, was awarded on Oct. 1 an issue of $7,000 5% coupon extension
water main bonds. The bonds mature at the rate of $500 each year.
-BOND SALE.
-Mr. A. D. Interest payable April and Oct. 1.
ADAMS COUNTY (P. 0. Decatur), Ind.
Flynn of Logansport, was recently awarded an issue of $94,640 highway
CALDWELL PARISH (P. 0. Columbia), La.
-BOND
bonds at a premium of $1,468 equal to 101.54. (Rate of interest and ma- Sealed bids will be received until 11 a. m. on Feb. 16 by OFFERING.
R. R. Reditt,
turity not given.)
Secretary of the Police Jury, for the purchase of a $10,000 issue of court
AITKIN COUNTY INDEPENDENT CONSOLIDATED SCHOOL house and jail bonds. Int.rate not to exceed 6%. Denom.$1,000. Dated
-BOND SALE.
-The $40,000 Dec. 11927. and due $1,000 from Dec. 1 1928 to 1937 incl. Prin. and int.
DISTRICT NO. 1 (P. 0. Aitkin), Minn.
- (J. & D 1) payable at the Chase National Bank in New York City or at the
issue of coupon school bonds offered for sale on Jan. 27-V. 126, p. 132
been awarded to Hill, Joiner & Co. of Chicago. as 434% bonds, for a office of the parish Treasurer in Columbia. Legality opinion will be fur
has
$350 premium, equal to 100.875, a basis of about 4.10%. Denom. $1,000. nished by B. A. Campbell of New Orleans and B. H. Charles of St. Louis.
A $500 certified check, payable to the President of the Police Jury, must
Dated Jan. 1 1928, and due $5,000 from Jan. 1 1931 to 1938, incl.
accompany the bid.
The other bidders were as follows:
Rate. Premium.
Financial Statement.
Bidders.
$348 Assessed valuation for 1927, $6,500,000. Bonded indebtedness of Parish
First Minneapolis Trust Co
-434%
Northwestern Trust Co
430'%
222 this issue.
252
Drake-Jones, Minneapolis
4%
CARTER COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Graham),
Kuschuler & Co
4 4%
50
-R. J. Edwards, Inc. of Oklahoma City, have
-BOND SALE.
Frank Dotzler (for $10,000)
100 Okla.
434%
purchased a $10,000 issue of school bonds.
AMBLER SCHOOL DISTRICT, Montgomery County, Pa.
-BOND
CASCADE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Great
SALE.
-The $60,000 4X% coupon school loronds offered on Jan. 31-V.
-The $250,000 issue of series ..A., high
-BOND SALE.
126, p. 446
-were awarded to M. M. Freeman & Co. of Philadelphia, at a Falls) Mont.
for sale on Jan. 30-V. 126, p. 134
-was awarded to
premium of $2,430 equal to 104.05,a basis of about 4.04%. DatedJan. 1 school bonds offered Land
the State Board of
Commissioners as 4% bonds, at par. Denom.
1928. Due $10,000 on Feb. 1 in each of the years: 1933, 1938, 1943,
$1,000. Dated Dec. 31 1927. Due and payable In from 1 to 20 years.
1948. 1953 and 1958. The following bids were also submitted:
Rate Bid.
Bidder03
CATTARAUGUS COUNTY (P.O. Salamanca), N. Y.
-BOND SALE.
A. B. Leach & Co., Inc
-The following issues of coupon or registered bonds aggregating $225 000
.
103.94
R. 1VI. Snyder & Co
offered on Jan. 27-V. 126, p. 447
-were awarded to Dewey, Bacon & Co.
103.6569 of New York City, as 4s, at 100.705, a basis of about 3.90%:
Graham, Parsons & Co
103.1795 $150,000 series F highway bonds. Due $25,000, Feb. 15 1937 to 1942 incl.
W. H. Newbold's Son & Co
103.6369
Edw. Lowber Stokes & Co
75,000 series G county home bonds. Due $5,000, Feb. 15 1929 to 1943
103.621
E. H. Rollins dr Sons
incl.
103.1579
National City Co
Dated Feb. 15 1928. The following bids were also submitted:
103.1408
Bidder
Mellon National Bank
Rate Bid.
• 100.7
-BOND SALE.
-A $20,000 issue Sherwood & Merrifield, Inc
ATMORE, Escambia County, Ala.
Union
100.145
bonds has been purchased by Marx 8z Co. of Birmingham GeorgeNational Bank Co., Inc
of water works
B. Gibbons &
100.53
for a $753 premium, equal to a price of 103.76.
Batchelder Wack & Co
100.466
-BOND OFFERING.
- Rutter&Uo
100.165
ASHTABULA, Ashtabula County, Ohio.
J. H. Shaw, City Auditor, will receive sealed bids until 12 m. Feb. 25,for
CEDAR COUNTY (P. 0.
-BOND OFFERING.
the purchase of an issue of $39,000 4 Vi% special assessment, coupon street Sealed bids will be received by Tipton), Iowa.
until
R. R.
Improvement bonds. Denom. $1,000. Due Oct. 1, as follows: $7,000, 2 p. m. on Feb. 14 for the purchase of aGillam, County Treasurer,
$200,000 issue of 4 y% primarY
order
1929: and $8,900, 1930 to 1933 incl. A certified check payable to the
road bonds. Denom. $1,000. Dated Mar. 1 1928. Due $20,000 from
of the City Treasurer, for 2% of the bonds offered is required.
May 1 1933 to 1942 incl. Int. payable on May and Nov. 1.
AVONMORE SCHOOL DISTRICT, Westmoreland County, Pa.
-Sealed bids will be received at the same time and
BOND OFFERING.
BOND SALE.
-The $25.000 4(% coupon school bonds offered on Dec. place for an issue of $100,000 4% k county road bonds. Denom. 61,000•
-were awarded to M. M. Freeman & Co. of Philadel- Dated Mar. 1 1928. Due $10,000 from May 1 1933 to 1942 incl. Int.
27-V. 125, p. 3228
Principal and int. payable in gold at the First payable on May and Nov. 1. Purchaser to furnish blank bonds. Chapphia. Dated Dec. 28 1927.
National Bank, Avonmore. Due Dec. 28 as follows: $1,000, 1929 to man Sc Cutler of Chicago will furnish the legal approving opinion. A
1936, incl., $2.000, 1937. $1,000, 1938 and 1939, $2.000, 1940, $1,000. certified check for 3% of the bonds, payable to the County Treasurer, is
1941. $2,000, 1942, $1,000, 1943, $2,000, 1944 to 1946, incl., and $1,000 required.
1947. Legality approved by Saul, Ewing, Remick & Saul of Philadelphia.
CEDAR HAMMOCK
-BOND OFFER- Manatee County, Fla. DRAINAGE DISTRICT (P. 0. Bradenton)
BADEN SCHOOL DISTRICT, Beaver County, Pa.
-BOND OFFERING.
-Sealed bids willbereceived
ING.
-Sealed bids will be received by R. J. Gullyes, Secretary of School until Feb. 25, by Hubert Blakey, Secretary of the Board of Supervisors,
Board, until 8 p. m. Feb. 23,for the purchase of an issue of $60,000 4% and for the purchase of a $70,000 issue of 6% semi-annual drainage bonds.
4k% coupon school bonds. Denom. $1,000. Due as follows: $2,000,
-The
CENTER LINE, Macomb County, Mich.
-BOND SALE.
1928 to 1938 incl.; $3,000. 1939 to 1943 incl.; $4,000, 1944 to 1948 incl.:
630,000 municipal building bonds offered on Oct. 20-V. 125, p. 2175
and $5,000, 1949. A certified check of $1,000 is required.
awarded to the Guardian Trust Co. of Detroit, as 4%s, at a Premium
were
-The of $471 equal to 101.57.0 basis of about 4.31%. Dated Oct. 11927. Due
-TEMPORARY LOAN.
BANGOR, Penobscot County, Me.
Eastern Trust & Banking Co.of Bangor, was awarded on Jan. 10,a $200,000 Oct. 1, as follows: $1,000, 1930 to 1934 incl.; $2.000, 1935 to 1939 incl., and
temporary loan. The loan matures on Oct. 2 1928.
83.000. 1940 to 1944 inclus.
BANTA CARBONA IRRIGATION DISTRICT (P. 0. Tracy), Calif.
-The
CHERRY VALLEY, Otsego County, N. Y.
-BOND SALE.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m.on Feb. 15 17.700 5% coupon pump bonds offered on Feb. 1-V. 126, p. 447
-were
by W. Schiossman, Secretary of the Board of Directors, for the purchase of awarded to R. F. De Voe 8c Co. of New York at 101.58. Dated Feb. 1
and due on 1928. Denom. $1,000, one bond for $700. Due annually. Interest
an Issue of $100,200 6% irrigation bonds. Dated Jan, 1 1927
Jan. 1 as follows: $23,380 in 1954 and 1965 and $26,720, 1966 and 1967. payable Feb. 1.
Int. payable on Jan. and July 1. A certified check for 2% of the bid, payCHESTER COUNTY (P. 0. Chester) S. C.
-BOND OFFERING.
able to the above secretary, is required.
Sealed bids will be received until Feb. 10, by the Clerk of the Board of
BELLFLOWER SCHOOL DISTRICT (P. 0. Los Angeles), Los County Commissioners, for the purchase of a $600,000 issue of road bonds.
-The $92,000 issue of 5%
Angeles County, Calif.
-BOND SALE.
CHILDRESS COUNTY (P. 0. Childress) Tex.
-BOND SALE.
-has been awarded
school bonds offered for sale on Jan. 30-V. 126. p. 606
road bonds offered for saloon Jan.9-V.126, p. 134
to Peirce, Fair & Co. of Los Angeles for a premium of $7,985. equal to The $650,000 issue ofC. W.
McNear & Co. of Chicago as 43.5% bonds for a
31,000. Dated Feb. 1 1928 has been awarded to
108.679, a basis of about 4.29%. Denom.
equal
and due on Feb. 1 as follows: $2,000 from 1929 to 1941:$3,000. 1942 to 1950 premium of $1,200,serially to 100.184, a basis of about 4.48%• Dated
from 1929 to 1958 incl.
all incl., $4,000 in 1951 and $5,000 from 1952 to 1958 incl. The second Jan. 15 1928. Due
Francisco.
highest bid was 108.63, submitted by the Bank of Italy of San
CLAYTON, Gloucester County, N. J.
-The $100,000
-BOND SALE.
bonds offered on Jan. 5-V. 127 p. 277
-were awarded
-The following coupon or registered
-BOND SALE.
BERKELEY, Oakland County, Mich.
- to M. M. Freeman & Co. of Philadelphia. Dated Jan. 2, 1928. Due
$220,000 offered on Aug. 11-V. 125, p. 810
issues of bonds aggregating
Jan.2 as follows: $2,000, 1929 to 1945 incl., and $3,000, 1946 to 1967 incl.
were awarded as below:
-The
CLERMONT COUNTY (P. 0. Batavia), Ohio.
$110,000 special asst. Dist. No.63 bonds to Joel Stockard & Co. of Detroit,
-BOND SALE.
five years.
at par as 4gs. Due in
Title Guarantee & Trust Co. of Cincinnati, was awarded on May 2, an
45,000 special asst. Dist. No. 60 bonds to Stranahan, Harris & Oatis. issue of $20,256 534% road improvement bonds. Dated Mar. 1 1927
Inc. of Toledo, as 5s, at 100.116. Due in five years.
Due Sept. 1 as follows: 84,000. 1928 to 1931 incl., and $4,256, 1932.
25,000 water bonds to Hill, Jonner & Co. at 102.66 as 43(s. Due in
COLLINS, Story County, Iowa,
-BOND SALE.
-The $6,500 issue of
10 years.
-has
% water bonds offered for sale on Sept. 19-V. 125, p. 1610
64 at par. Due in 10 years.
40,000 special asst. Dist. No.
$50 premium
- since been awarded to the Exchange State Bank of Collins for a
-BOND OFFERING.
BERRIEN COUNTY(P.O.St. Joseph), Mich.
equal to 100.769.
Sealed bids will be purchased by the Clerk Board of County Road Com-The $95,000
COLUMBUS, Franklin County, Ohlo.-NOTE SALE.
missioners, until 10.30 a. m. Feb. 14, for the purchase of the following
-special assessment promissory notes offered on Jan. 30-V. 126. P. 606
issues of special assessment road bonds aggregating $395,230:
vestments for savings banks in New York. The "Journal
of Commerce" on Feb. 3 said:
BOND PROPOSALS AND NEGOTIATIONS
FEB. 4 1928.]
FINANCIAL CHRONICLE
were awarded to Stephens & Co. of N. Y. City, as 4.15s, at a premium of
$27. equal to 100.02. The notes are dated }eb. 15 1928 and mature on
Aug. 15 1929.
The following bids were submitted:
Name of BidderPrem.
Int.
Stephens & Co., New York City
$27.00
4.15%
Grau & Co., Cincinnati, Ohio
22.00
4.15%
First-Citizens Corp., Columbus, Ohio
111.00
43i4
COLUMBUS, Muscogee County, Ga.-BOND OFFERING.
-Sealed
bids will be received until noon of Feb. 6, by H. B. Crawford, City
Manager, for the purchase of a $50,000 issue of 4)i% refunding bonds.
Denom. $1,000. Dated Jan. 2 1928. Due on Jan. 1 as follows: $2,000
from 1929 to 1948 and $1,000 from 1949 to 1958 incl. Prin. and int.
(3. & J.) payable in Columbus. Storey. Thorndike. Palmer & Dodge of
Boston will ft irnIsh legal approvin; opinion. A $1,000 certified check,
payable to the city, must accompany the bid.
(This report supplements the one given in V. 126, P. 606.)
CULBERSON COUNTY COMMON SCHOOL DISTRICT NO.1(P.O.
-BOND SALE.
Van Horn), Tex.
-A $35,000 Lzue of 5% school bonds
has been awarded to an unknown purchaser.
CUERO, De Witt County, Tex.
-The Dallas Trust &
-BOND SALE.
Savings Bank has recently purchased a $32,000 issue of water-works bonds
for a $301 premium, equal to 100.24
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
Otis & Co. of Cleveland, were awarded on Jan. 28, various issues of 43i%
special assessment and county's share bonds aggregating $140,158 at a
premium of $815 equal to 100.581. The bonds are dated Oct. 1 1927 and
mature serially from Oct. 1 1929 to 1936 incl.
DADE COUNTY (P. O. Miami), Fla.
-Sealed
-BOND OFFERING.
bids will be received until 2 p. m. on Feb. 28 by E. B. Leatherman, Clerk
of the Board of County Commissioners, for the purchase of two issues of
5% bonds aggregating $950,000 as follows:
$800,000 general highway bonds. Dated Oct. 1 1926. Due on Oct. 1.
as follows: $7.000, from 1930 to 1934, $10,000. 1935. $9,000. 1936
to 1939, $11,000. 1940, $12,000, 1941, $11,000. 1942 to 1944,
$14,000, 1945, E13.000. 1946, $14,000, 1947. $13,000. 1948,
$14,000, 1949, $16.000, 1950 to 1953, $15,000, 1954, $18,000.
1955 to 1959. $23,000, 1960 to 1963. $22,000, 1964, $27,000, 1965.
$28,000, 1966. $27,000. 1967, $28,000, 1968, $27,000, 1969 and
$35.000, from 1970 to 1974, all incl.
150.000 baker's haulover bonds. Dated Sept. 1 1927. Due on Sept. 1.
as follows: $8,000 from 1938 to 1940 and $9,000, from 1941 to
1954, all incl.
Denom. $1,000. Prin. and semi-annual int, payable at the U. S. Mtge.
and Trust Co. in New York City
Clerk to furnish required bli.e.lug
forms. Delivery in either N. Y. City or Miami, elsewhere at expense of
purchaser. A certified chock for 2% face value of bid, payable to the
above board, is required.
DAMASCUS CONSOLIDATED SCHOOL DISTRICT (P. 0. Damascus), Early County, Ga.-BOND SALE.
-The $20,000 issue of school
bonds offered for sale on Nov. 10-V. 125, p. 2560
-was awarded to II. C.
Spoor & Sons Co. of Chicago.
DAYTONA BEACH, Volusia County, Fla.
-The
-BOND SALE.
$163.000 issue of 6% improvement bonds offered for sale on Jan. 30V. 126, p. 134-has been awarded to W. L. Slayton & Co. of Toledo at a
of 103.56, a basis of about 5.25%. Dated Jan. 1 1928. Denom.
price
$1,000. Due as follows: $16.000. 1929 to 1935 and $17,000, 1936 t,o 1938.
all incl.
Other bids were as follows:
BidderRate Bid.
Caldwell & Co _
__ ________________________________________ 103.55
Assel, Goetz & Moerlein
_103.51
DEARBORN SCHOOL DISTRICT, Wayne County, Mich.
-BOND
-The $175,000 coupon school bonds offered on Nov. 1-V. 125, P•
SALE.
2419
-were awarded to the Guardian Detroit Co. of Detroit, as 44s, at
a premium if $797, equal to 100.45, a basis of about 4.18%. Dated Nov.
11927. Due Jan. 15, as follows: $5,000, 1930 to 1934, incl., and $10,000,
1935 to 1949, incl.
DE KALB, Kemper County, Miss.
-The
-BOND DESCRIPTION.
$40,000 issue of water works bonds purchased on Jan. 3-V. 126, p. 448
is more fully described as follows: 5Si% bonds sold to A. K. Tigrett & Co.
of Memphis, at a price of par. Denom. $1,000. Dated Jan. 1 1928 and
due on Jan. 11948. No option of prior payment. Int. payable Jan.
-July.
DELAWARE COUNTY (P. 0. Manchester), lowa.-BOND OFFERIN0.-Sealed bids will be received by E. H. Croskey, County Treasurer,
until 2 p. m. on Fob. 17, for the purchase of a $200,000 issue of 4)4%
iprimary road bonds. Denom.$1.000. Dated March 11928. Due $20.000
from May 1 1933 to 1942, incl. Optional after 5 years. Int. payable
annually. County will furnish approving opinion of Chapman & Cutler
of Chicago. Purchaser to furnish blank bonds. A certified check for 3%
of the bonds, payable to the County Treasurer, is required.
DENNISON SCHOOL DISTRICT, Tuscarawas County, Ohio.
-The $270,000 431 % school bonds offered on Aug. 5BOND SALE.
v, 125, p. 548-wore awarded to Braun, Bosworth d: Co. of Toledo. at a
premium of $6,307, equal to 102.33. a basis of about 4.47%. Dated Aug.
1 1927. Due as follows: $500 March and Sept. 1 1928 to 1951, incl., and
16.000, March 11952.
DOVER, Pope County, Ark.
-BOND OFFERING -Sealed bids will
be received by C. A. Elliott, District Commissioner, unt112 p.m. on Feb. 15
for the purchase of a $10,500 issue of sidewalk bonds.
DYERSBURG, Dyer County, Tenn.
-BONDS VOTED.
-At a recent
election the voters authorized the issuance of $65,000 in bonds for park
purposes by a large majority.
EAST CHICAGO, Lake County, Ind.
-The $25,000
-BOND SALE.
4% park bonds offered on Jan. 26-V. 126 p. 607
-were awarded to the
Union Trust Co. of Indianapolis, at a premium of $616 equal to 102.46. a
of about 3.67%. The bonds are dated Nov. 1 1927 and mature
basis
Nov. 1 1937.
EAST GRAND FORKS, Polk County, Minn.
-WARRANT SALE.
The 16.300 isa ie of 6% sewer warrants offered for sale on Jan. 17-V. 126.
-has been awarded to the First State Bank of East Grand Forks
p. 279
for a $50 premium, equal to 100.793.
EAST PIKELAND TOWNSHIP SCHOOL DISTRICT, Chester
-PRICE PAID.
County, Pa.
-The price paid for the $30,000 43j%
coupon school bonds awarded to E. ii. Rollins & Sons of Philadelphia
-was a premium of $957.60, equal to 103.19, a basis of
-v. 126, p. 607
Dated Jan. 11928. Due Jan. 1, as follows: 13,000, 1933;
about 4.01%.
$4,000, 1938; $5,000, 1943; and $6,000, 1948, 1953 and 1958.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3, Wayne County,
-BOND OFFERING.
-Sealed bids will be received by the Secretary
Mich.
Board of Education, until 8 p. m. (Eastern Standard time) Feb. 6, for the
purchase of an issue of $400,000
% school bonds. Dated Feb. 1 1928.
Due Feb. 1 as follows: $7,000, 1931 to 1938 incl., $8,000, 1939 to 1941
Incl., and $20,000, 1942 to 1957 incl. A certified check payable to the
School District, for $3,000 is required.
order of the
EL CAMINO IRRIGATION DISTRICT (P. 0. Proberta), Calif.
-The $120,000 issue of 6% irrigation bonds unsuccessfully
BOND SALE.
offered for sale on Nov. 10-V. 125. p. 3230
-has since been purchased
by the Morris-Noble Co. of San Francisco at a price of 90, a basis of about
6 98%. Denom. $1,000. Dated Nov. 1 1926. Due $6,000 from 1937
.
to 1956 incl.
ELDORADO, Butler County, Kan.
-The Fidelity
-BOND SALE.
National Co. of Kansas City (Mo.) has purchased an issue of $439,471
4 % water bonds. Dated Jan. 1 1927. Int. payable on Jan. and July 1.
ELYRIA, Lorain County, Ohio.
-Seated bids
-BOND OFFERING.
will be rocoived by A. C. Schilleman, City Auditor, until 12 m. (central
standard time) Mar. 2, for the purchase of an issue of $200.000 4)i%
water works construction bonds. Dated April 1 1928. Denom. $1,000.
Due $8,000, Oct. 1 1929 to 1953 incl. Prin. and int. (A. & 0.)
payable at the United States Mtge. & Trust Co., N. Y. City. A certified
check payable to the order of the City Treasurer, for 1% of the bonds
offered is required. The voters authorized the issuance of these bonds
are Nov. 2 1026.
ERIN AND LAKE TOWNSHIPS FRACTIONAL SCHOOL DIS-BOND SALE.
TRICT NO,5(P.0. Roseville), Macomb County, Mich.
749
-An issue of $50,000 school bonds bearing interest at the rate of 4 t(i, % wa
awarded on Nov. 10, to the First National Co. of Detroit, at 101.82.
ESSEX COUNTY (P. 0.Salem), Mass.
-NOTE SALE.
-The Lawrence
Trust Co. of L wrence, was recently awarded the following note issue
s
aggregating $69,000 on a 3.21% discount basis:
$35,000 waters river bridge notes.
34.000 East Saugus bridge notes.
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT, Cook
County, III.
-BOND SALE.
-The $200.000 4% school bonds offered on
Jan.21-V.126. p.448
-were awarded to E.H. Rollins & Sons at a premium
of $2,086, equal to $101,.04 a basis of about 3.84%. Dated July 11927,
Dite $10,000, July 1 1928 to 1947 incl. The following bids were also subm u ted:
BidderFirst Trust & Savings Bank
Eldredge & Co
Taylor, Ewart & Co
Illinois Merchants Trust Co
Harris Trust & Savings Bank
A. B. Leach & Co
City National Bank
Price Bid.
$201,974.40
201,776.00
201,652.09
901,516.00
201,314.00
201.169.00
201,104.00
EVERETT, Middlesex County, Mass.
-The $84.000
-BOND SALE.
-were awarded to
sewer bonds offered on Feb. 1-V. 126. p. 607
E. H. Rollins & Sons of Boston, at 101.81. The bonds mature serially
from 1929 to 1952, incl. Other bidders were:
Rate Bid.
101.74
Atlantic-Merrill Oldham Corp
101.72
Putnam & Storer
Harris, Forbes & Co
101.62
101.42
Estabrook & Co
R. L. Day & Co
101.19
Everett Trust Co
101.02
FAYETTE COUNTY (P.O. West Union), lowa.-BOND OFFERING.
-Sealed bids will be received until 2 p. m.on Feb. 21 by F. G. Lee, County
Treasurer,for the purchase of a $200,000 issue of 4Si% primary road bonds.
Denom. $1,000. Dated March 11928. Due 120.000 from May 1 1933 to
1942, incl. Purchaser to furnish blank bonds. County will furnish approving opinion of Chapman & Cutler of Chicago. A certified check for 3%
of the bonds, payable to the county treasurer, must accompany the bid.
FLINT, Genesee County, Mich.
-Sealed bids
-BOND OFFERING.
will be received by Albert Roome, City Clerk, until 8 p. m.(eastern standard
time) Feb. 3, for the purchase of the following issues of 5% bonds aggregating $470,938.21:
$281,060.61 (1927) special assessment pavement bonds. Due serially
from Jan. 1 1929 to 1932 incl. In denoms. of $1.000 and odd
amounts.
189,877.60 (1927) special assessment sewer bonds. Due Jan. 1 1929 and
1930. In denoms. of $1,000 and odd amounts.
Dated Jan. 1 1938. A certified check of 11.000. is required. Legal
Opinion of Frank G. Millard, City Attorney.
-Sealed bids
FORDSON, Wayne County, Mich.
-BOND OFFERING.
will be received by Fred J. Cordts, Acting Secretary Board of Education,
until 8 p. m.(eastern standard time) Feb. 8. for the purchase of an issue of
$720.000 school bonds rate of interest not to exceed 5%. Dated Feb. 15.
1928. 30
-year serial bonds in denoms. of $1,000. Successful bidder to
furnish and print the requisite bonds. A certified check of $1,000 must
accompany each bid.
-The
FOREST CITY, Rutherford County, N. C.
-BOND SALE.
$25,000 issue of
% semi-annual city hall bonds offered for sale on Jan.
31-V. 126, p. 448
-was awarded to John Neween & Co. of Chicago for
a $1,200 premium, equal to 104.80. a basis of about 4.98%. Due $1,000
from 1930 to 1954 incl.
Other bidders and their bids were as follows:
Premium.
BidderRyan, Southerland Co
$286.00
Davies-Bertrom Co
1,025.00
Breed, Elliott & Harrison
772.50
W. L. Slayton & Co
914.00
Provident Saving Bank & Trust Co
1,199.25
Asset, Goetz, Moorlein Co
780.00
W. K. Terry Co
977.50
Seasongood & Mayer
1,009.00
A. T. Bell Co
256.00
Hanchett Bond Co
801.97
Well. Roth & Irving
752.50
Durfee, Niles Co
151.00
Prudden & Co
568.70
First National Co. of Detroit
1.098.00
Magnus & Co
975.50
FORSYTH COUNTY (P.O. Winston-Salem), N. C.
-BOND SALE.
An issue of $100,000 improvement bonds has been purchased by the Farmers
National Bank & Treat Co. of Winston-Salem. (Rate and price not given.)
FORT WAYNE, Allen County, Ind.
-Sealed
-BOND OFFERING.
bids will be received by the Board of School Trustees until 11 a. m., Feb.
23,for the purchase of an issue of 1152,000 4)(% school equipment bonds.
Dated Mar, 1 1928. Denom. $1,000. Due *Mar. 1, as follows: $5.000.
1929 to 1932 incl.; $6,000, 1933 to 1936 incl.; $7,000, 1937 to 1940 incl.:
$9.000, 1941 to 1944 incl.; and $11,000, 1945 to 1948 incl. Prin. and int.
payable at the First National Bank of Fort Wayne. A certified check
of $5,000 payable to the order of the City is required.
-BOND SALE.
FOUNTAIN COUNTY (P. 0. Covington), Ind.
The $10.800
% John S. Boor& et al Van Buren Township highway
construction bonds offered on Jan. 30-V. 126. p. 279-were awarded to the
City Securities Corp of Indianapolis, at a premium of $417, equal to 103.86,
a basis of about 3.77%. Dated Dec. 15 1927. Due $540 May and Nov.
15 1929 to 1938 inclusive.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Sealed bids will be received by Fred L. Donnelly, Clerk Board of County
Commissioners until 10 a. m. (Eastern Standard time) Feb. 15, for the
purchase of the following issues of 4 Si% bonds aggregating__
$75•880:
$15,100 Lithopolis Road No. 2 impt. bonds. Dated mar. 11928. Denom.
$600, one for $100, due as follows: $100, Mar. 1 1929. $500.
Mar. 1 1930 to 1937 incl., $1,000, Mar. 1 1938, and 51,000, Sept. 1
1929 to 1938 Incl.
14,980 Intercounty Highway No. 461 impt. bonds. Denoma $1,000, one
for $500 and one for $480. Dated April 1 1928. Due as follows:
$1,980, 1929. $2,000, Oct. 1 1930 to 1933 inel., and 31,000. Oct. 1
1934 to 1938 incl.
45,800 Lithopolls Road impt. bonds. Dated Mar. 1 1928. Denom.
$1.000, one for $500 and one bond for $300. Due as follows:
11,800, 1929. $2,000, Mar. 1 1930 to 1938 incl., $2.000, Sept. 1
1929 to 1932 incl.. and $3 000, Sept. 1 1933 to 1938 incl.
A certified check payable to the order of the Board of County Commissioners, for 15 of the bonds offered is required.
,
These are the bonds originally scheduled to be sold on Feb. 1-V. 126.
P. 229.
FREDONIA INDEPENDENT SCHOOL DISTRICT (P.O. Fredonia),
Mason County, Tex.
-A $35,000 issue of school bonds
-BOND SALE.
has recently been purchased by II. C. Burt & Co. of Houston.
GAINES AND CLAYTON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 7, Genesee County, Mich.
-BOND OFFERING.
Sealed bids will be received by Frank Kennedy, Secretary, until 8 p. m.
(eastern standard time) Feb. 7, for the purchase of an issue of $55,000
school bonds rate of interest not to exceed 5%. Dated Feb. 1 1928.
Denom.$1,000. Due Feb. 1, as follows: $1.000, 1930 to 1937 incl.: $2,000,
1938 to 1948 incl.; and $2.500, 1949 to 1958. incl. Successful bidder to
furnish printed bonds and pay attorney fees. Denoms. $1,000 and $500.
A certified mock of $1,000, payable to the order of the Treasurer Board of
Education, is required.
GARFIELD COUNTY SCHOOL DISTRICT NO. 69 (P. 0. Enid),
Okla.
-BOND SALE.
-The 18,000 issue of school bonds offered for sale
on June 20-V. 124, p. 3666
-has been purchased by the First National
Bank of Enid.
GLENDALE VILLAGE SCHOOL DISTRICT, Hamilton County,
Ohio.
-BOND SALE.
-Taylor, Wilson & Co. of Cincinnati, were awarded
on August 29, an issue of 128,000 5% school bonds. Dated Sept. 1 1927.
Due $2,000, Sept. 1 1928 to 1941 incl.
3y,%
750
[VOL. 126.
FINANCIAL CHRONICLE
-FINANCIAL STATEGREENEVILLE, Greene County, Tenn.
MENT.
-The following statement is furnished in connection with the
offering on Feb. 11-V. 126, p. 449
-of the $110,000 issue of not to exceed
6% water bonds:
Assessed valuation taxable property 1927
$4,426,999.26
Merchants advalorem subject to tax
450,000.00
JACKSONVILLE, Duval County, Fla.
-FINANCIAL STATE
MENT.-The following statement is supplied in connection with the offering on Feb. 16-V. 126, p. 608
-of the $800,000 5% electric light plant
Improvement bonds as of Nov. 30 1927:
Assessment Roll for 1927.
Real estate
$82,968,720.00
Personal property
16,036,100.00
4.876,999.26
Bonded debts:
Water works
Sewer
Schools
Streets
Special assessment
Improvements
Notes outstanding
Total
$132,000.00
105.000.00
114,000.00
190,987.57
88,445.36
50,000.00
73,379.81
753,812.74
Cash on hand
3,825.85
As above stated sealed bids will be received on these bonds and if the
bids are unsatisfactory the right is reserved to reject any and all of them
and if deemed expedient an auction sale will be held. Bidders are therefore
urged to file bids on the highest margin they will pay for same or have a
representative present.
GREENVILLE, Washington County, Miss.
-BOND SALE.
-A
$50,000 issue of 5% railway refunding bonds has recently been purchased
by the Hibernia Securities Co., Inc., of New Orleans. Denom. $500.
Dated Dec. 31 1927 and due on Dec. 31. as follows: $1,000 from 1928 to
1932: $2,000, 1933 to 1942 and $5,000, 1943 to 1947. all incl. Prin. and
int. (J. & D.30) payable at the American Trust Co. in St. Louis.
GREGORY INDEPENDENT SCHOOL DISTRICT (P. 0. Gregory),
Tex.
-BOND SALE.
-The $35,000 issue of 5%% serial school -bonds
registered on July 23-V. 125, p. 681
-has since been awarded at par
to the State Board of Education.
GULF COUNTY SPECIAL TAX SCHOOL DISTRICT (P. 0. Wewahitchka), Fla.
-BOND SALE.
-A $30,000 issue of school bonds has
been sold to the State Bank of Wewahitchka. (Rate and price not given.)
HARRISON (P. 0. Harrison), Westchester County, N.Y.
-BOND
& CERTIFICATE SALE.
-The following issues of bonds and certificates
aggregating $241,000 offered on Jan. 28-V. 126, p. 449
-were awarded to
Hannahs, Baffin & Lee of N. Y. City, as 4.10s at 100.21, a basis of about
4.08%:
$70,000 sewer extension certificates ofindebtedness, payable to bearer, with
coupons, interest payable at maturity. Denom. $1,000 or multiple thereof. Due Nov. 11928.
85,000 coupon or registered highway bonds. Due Feb. 1, as follows:
31,000, 1929: $2,000, 1930; $6,000, 1931 to 1933, incl.; and $8,000,
1934 to 1941, incl.
47,000 series A sewer bonds. Due Feb. 1, as follows: 31,000, 1929 to
1967, incl.; and 58.000, 1968.
29,000 series 1. sewer bonds. Due $1,000, Feb. 1 1929 to 1957. incl.
10,000 fire apparatus bonds. Due $2,000, Feb. 1 1929 to 1933, incl.
Dated Feb. 1 1928.
HARRISON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Dayton), Montgomery County, Ohio.
-The $35,000
-BOND SALE.
school bonds offered on Oct. 28 (V. 125, P• 2177) were awarded to the
Herrick Co. of Cleveland as 44s at a premium of $152. equal to 100.43,
a basis of about 4.42%. Dated Oct. 1 1927. Due Oct. 1 as follows:
$2,000, 1928 to 1944 incl., and 51,000,1945.
HICKORY, Catawba County, N. C.
-BOND OFFERING.
--Sealed
bids will be received by H. L. Yoder, City Clerk, until 1 p. m. on Feb. 7,
for the purchase of a $250,000 issue of coupon paving bonds. Denom.
$1,000. Int. rate not to exceed 6%. (This issue is offered in conjunction
with the $50,000 water works and sewer bonds as reported in V. 126,P.449.)
HIGHLAND PARK EAST PARK DISTRICT, III.
-BOND SALE.
The Harris Trust Savings Bank of Chicago, recently awarded an issue of
522.000 5% coupon bonds. Dated Jan. 10 1928. Denom. $1,000. Prin.
and int. (J. & J. 10) payable at the Highland Park State Bank, Highland
Park. Due July 10. as follows: $20,000. 1932, and $2,000, 1933. The
$20,000 bonds are being offered at 104.66 and the $2,000 bonds at 105.60,
both maturities yielding investor 3.85%.
HOCKLEY COUNTY (P.0. Levelland), Tex.
-WARRANT SALE.
The U. S. Bond Co. of Denver has purchased a $70,000 issue of 5%%
court house warrants. Due serially in from 1 to 30 years.
HOLLANDALE CONSOLIDATED SCHOOL DISTRICT (P. 0.
Hollandale), Washington County, Miss.
-BOND SALE.
-A $65,000
Issue of school bonds has recently been purchased by the Hibernia Securities
00.of New Orleans (rate and price not given).
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston, was awarded on Feb. 3, a $400,000 temporary loan on a 3.52% discount basis. The loan matures Nov.7 1928.
HOWARD COUNTY (P. 0. Cresco), Iowa.
-BONDS VOTED.
-At
the special election held on Jan. 19-V.125,P. 3673
-the voters authorized
the issuance of $700.000 in bonds for road and paving purposes.
HUDSPETH COUNTY COMMON SCHOOL DISTRICT NO. 1.
(P. 0. Sierra Blanca), Texas.
-BOND SALE.
-A $30,000 issue of 5%
school bonds has been purchased at par by the State of Texas. (These are
the bonds that were registered on July 22.-V. 125, P. 681.)
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND SALE.
-The $1,270.50 6% drainage bonds offered on Jan. 30 (V. 126, p. 280)
were awarded to Samuel Lahr of Huntington at a premium of $6.50. The
bonds are dated Nov. 10 1927 and mature Nov. 10 1932. Frank Lahr was
the only other bidder.
HURON, Beadle County, S. Dak.-BOND OFFERING.
-Sealed bids
will be received until 7.30 p. m. on Feb. 14, by M.E. Walt, City Auditor,
for the purchase of a $73,000 issue of water works bonds. Int. rate not to
exceed 5%. Denom. $1,000. Dated Jan. 2 1928. Prin, and semi-annual
int, payable at any suitable bank or trust company designated by purchaser.
Lancaster, Simpson, Junell & Dorsey of Minneapolis will furnish legal
approving opinion. At the same time as above, oral bids will be accepted.
A. $38,000 block of the longest maturity bonds may be reserved by the city
for its sinking fund. A certified check for 2% of the bid at par, drawn
payable to the City Treasurer, is required.
HUTCHINSON, Reno County,Kan.
-BOND SALE.
-The $76,716.77
issue of 431% internal improvement refunding bonds offered for sale on
Nov. 18-V. 125. p. 2704
-has been awarded to the Central Trust Co.
of Topeka. Denom. $500 and one for $216.77. Due serially in from 1 to
10 years.
INGHAM COUNTY(P.O. Mason), Mich.
-BOND SALE.-Stranahan,
Harris & Oatis Inc. of Toledo were awarded on Jan. 23 an issue of $33,400
Delhi Township Assessment District No. 22 bonds as 4%s at 100.21. The
following bids were also submitted:
BidderInt. Rate.
Rate Bid.
Detroit Trust Co
4)0/100,616
Security Trust Co
4%%
100.18
JACKSON, Jackson County, Ohio.
-BOND SALE.-Seasengood &
Mayer of Cincinnati were awarded on April 1 an issue of $7,870 6%
special assessment bonds at a premium of $420. equal to 105.33.
BOND SALE.
-Taylor, Wilson & Co. of Cincinnati were awarded on
Sept. 10 an issue of $12,436.91 special assessment bonds at a premium cf
9876.30 equal to 107.12.
JEFFERSON COUNTY (P.0.Steubenville), Ohio.
-BOND SALE.
The $44,071.85 5% highway improvement bonds offered on Jan.6-V. 125,
-were awarded to W. K. Terry & Co. of Toledo, at a premium of
p. 3382
31,654.40, equal to 103.75, a basis of about 4.20%. Dated Sept. 11927.
Due Sept. 1, as follows: $5,000, 1929 to 1932 incl.; $6,000, 1933 to 1935
Incl.: and $6,071.85, 1936.
-PRICE PAID
JOHNSON CITY, Washington County, Tenn.
-The two issues of bonds aggregating $170,000 that were
MATURITY.
-to Little, Wooten & Co. of Jackson brought
-V.126, p.608
sold recently
and they are duefrom 1929 to 1938, incl. The issues are divided as
follows: 3150,000 5%% improvement bonds and $20,000 5% improvement
ws:
bonds.
Follo
$99,004,820.00
Outstanding Bonds (General Obligations).
Rate Of
Issue of
Maturing. Interest.
1906
1936
5
5310,000.00
1910
1936
5%
100,000.00
1911
1936
185,000.00
1912
1937
239,000.00
1913
1943
1 il
1,325,000.00
1915
1945
250,000.00
1916
1946
•M%
139,000.00
1919
1949
5
600,000.00
1921
1931
5
1,800,000.00
1923
5
1928 to 1948
225,000.00
1924 Refunding 1954
5
175,000.00
1925
1928 to 1935
50/
245,000.00
1926
1928 to 1939
5%
3,335,000.00
1906
1911
1921
1923
1924
1925
1927
1936
1936
1931
1928 to 1948
Refunding 1954
1928 to 1935
1929 to 1948
Water Bonds.
5%
$90,000.00
434%
35,000.00
5%
200,000.00
5
100,000.00
50
225,000.00
4 %
400,000.00
5%
500,000.00
$8,928,000.00
$1,550,000.00
Electric Light Certificates-Payable Solelyfrom Earnings of Electric Light Plant
1923
1928
5%
350,000.00
Special Assessment Street Improvement Paving and Sidewalk of Various
Maturities,
Maturing 1928 to 1939
5%
1,821,500.00
Total bonded indebtedness
Floating debt
$12,729,500.00
114,747.80
Total indebtedness
Less: Sinking funds
$12,844,247.80
1,588,092.46
Deducting: Water bonds
Electric certificates
Net indebtedness
11,256,155.34
1,550,000.00
350,000.00
1,900,000.00
$10,356,155.34
JOHNSTON COUNTY (P.O. Smithfield) N. C.
-BOND OFFERING.
-Sealed bids will be received until 12 o'clock on Feb. 17, by Neil Barnes,
Clerk of the Board of County Commissioners, for a $750,000 issue of school
building bonds. Int. rate to be bid upon. Denom. 51.000. Dated Feb. 1
1928, and due on Feb. 1, as follows: $15,000, from 1931 to 1935; $20,000
from 1936 to 1940; $25,000, 1941 to 1945; $30,000 in 1946, and $35,000
from 1947 to 1958,all in
Prin. and int.(F.& A.1)payable at the Hanover
National Bank in New York City. Rate to be a multiple of %, of 1% and
must not exceed 5%. Rate to be same for all. These bonds come under the
North Carolina county finance act. Caldwell & Raymond of New York
will approve. Required bidding forms furnished by H. B. Marrow of
Smithfield, or U. S. Mortgage & Trust Co. A $15,000 certified check is
required.
Financial Statement.
Assessed valuation,1927
$43,420,000.00
Estimated actual value
60,000,000.00
Area ofthe county
807 sq. mi.
Population 1920 census
48,998
Present population estimated
51,000
Total bonded debtincluding this issue:
Courthouse and jail bonds
500,000.00
Road and bridgefunding bonds
150.000.00
Road bondsloaned State Highway Commission
370,000.00
Township road bonds assumed
628,000.00
Districtschool bonds assumed
908,500.00
Johnston County highway bonds
65,000.00
Proposed Johnston Co.school building bonds
750,000.00
Amounts in sinking funds and credits:
Courthouse and jail bonds
Road and bridgefunding bonds
Township road bonds
Districtschool bonds
Duefrom state highway commission
$3,371,500.00
$51,601.92
4545,45
57,334.03
44.432.43
370,000.0
0
$527,913.63
Net debt-------------------------------------------$2,843,586.17
KENT COUNTY ROAD DISTRICT NO.2(P.O. Claremont), Tex.-The 920,000 issue of 5%% coupon road bonds offered for
BOND SALE.
sale on Aug. 31-V. 125, p. 1222
-has since been purchased at par by the
Brown-Crummer Co. of Wichita. Denoms. $1,000 and $500. Dated Feb.
1 1927. Due in 30 years.
KING COUNTY SCHOOL DISTRICT NO. 170 (P. 0. Seattle)
-BOND OFFERING.
-Sealed bids will be received by er• G•
Wash.
Wittennmyer, Deputy Treasurer, until Feb.4,for the purchase of a $50,000
issue of recently voted 6% school bonds.
KIT CARSON COUNTY SCHOOL DISTRICT NO. 57 (P. 0.
-PRE
(Stratton), Colo.
-ELECTION SALE.
-The International Trust
)o. of Denver has purchased, subject to an election to be held soon,
$15.000 issue of 4%% school building bonds.
LA GRANGE COUNTY (P. 0. La Grange), Ind.
-BOND SALE.% bonds, aggregating $35,600 offered on Jan.
The following issues of
-were awarded as below:
31-V. 126, P. 450
To the J. F Wild Investment Co. of Indianapolis:
$13.000 Wvelden Haskins et al Greenfield Township highway impt. bonds,
at a premium of $487.50, equal to 103.75, a basis of about 3.81%•
Due $650 May & Nov. 15 1929-1938, incl.
To C. C. Harrah of Wolcottville, at a premium of $848, equal to 103.75.
a basis of about 3.81%•
512.600 Byron Bovee et al Milford Township highway improvement bonds.
Denom. $630. Due $630 May and Nov. 15 1929 to 1938, incl.
10.000 Samuel Devenbaugh et al Bloomfield Township highway Improvement bonds. Denom. $500. Due $500 May and Nov. 15 1929 to
1938, incl.
Dated Dec. 15 1927.
-The
LAKEWOOD, Chautauqua County, N. Y.
-BOND SALE.
$49,017.96 special assessment coupon street improvement bonds offered on
-were awarded to George B. Gibbons & Co. of
Jan. 31-V. 126, p, 608
N.Y. City, as 431s, at 100.001. a basis of about 4.24%. Dated Feb. 1
1928. Due August 1, as follows: $9,017.96, 1928; and 910,000, 1929 to
1932 inclusive.
The following bids were also submitted:
BidderInt. Rate. Rate Bid.
100.35
R. F. DeVoe & Co
4.50%
Batchelder, Wack & Co
4.50% 100.296
100.21
Pulleyn & Co
4.50
100.05
Rutter & Co
4.50%
Financial Statement.
$1,923,393
Assessed valuation
145,529
Total bonded debt (water incl.)
66,528
Water debt
Population, 1,608.
9.
-CERTIFICATE OFFBRINi
LANCASTER,Lancaster County,S. C.
-Sealed bids will be received by Fred W. Vaughn, Town Clerk, until 3 P.
m. on Feb. 18, for the purchase of an issue of 3144,000 6% coupon paving
assessment certificates. Dated Feb. 15 1928. Due in equal annual installments from Jan. 1 1929 to 1933 incl. Prin. and int. (J. & J.) payable at
FEB. 4 1928.]
FINANCIAL CHRONICLE
a New York bank to be designated later. J. N. Nathans of Charleston
will furnish legal approving opinion. A $2,000
certified check, payable to
the Town Treasurer, Is required.
LANDER, Tremont County, Wyo.-BON
-The $22,000
of water bonds offered for sale on Oct. 4-V. D SALE. -has since issue
been
awarded to Geo. W. Vallery & Co. of Denver. 125, p. 1870
BOND SALE.
-The same company has also purchased
an $86,000 issue
water refunding bonds. Dated Dec.
of
1 1927. Due in 1957 and optional
after 1937.
- LA PORTE COUNTY (P. 0.
La
-BOND SALE.
-The
$86,800 coupon township road bonds Porte), Ind.
were awarded to J. F. Weld & Co., offered on Jan. 16-V. 126, p. 135
of Indianapolis, at a premium of $5,245.37, equal to 106.57.
LAWRENCEBURG, Anderson
-Local
investors have since purchased the County, Ky.-BOND SALE.
$10,000 issue of 5% coupon city bonds
offered for sale on Dec. 15-V.
125, p. 3093. Dated Jan. 1 1928. Denom.
$1,000. Due on Jan. 1 1948 and
optional after 1933.
LEWIS COUNTY (P. 0.
-At a
special election held on Jan. 21 Vanceburg), Ky.-BONDS VOTED.
in road and bridge bonds by athe voters authorized the issuance of$200,000
vote of 2,740 "yes" to 142 "no."
LEXINGTON SEPARATE SCHOOL
DISTRICT, Holmes County
Miss.
-BOND OFFERING._Sealed
bids will be received by C. A. Glover.
City Clerk, until 1 p. m. on
Feb. 7, for the purchase of a 560.000 issue of
5% semi-annual school bonds.
LIBERTY SCHOOL TOWNSHI
P, Wabash County, Ind.
-BOND
OFFERING.
-Sealed bids will bereceived by the Township Trustee,
until
11 a. in. Feb. 14,for the purchase
of
Dated Feb. 1 1928. Denom. $500. an issue of 557,000 434% school bonds.
Due serially from July 1 1929 to 1940
incl. Prin. and int. (J. & J.)
taine. A certified check for payable at the LaFontaine Bank of LaFon$1,000 is required.
LINN COUNTY (P. 0. Cedar
Rapids), Iowa.
-BOND SALE.
-The
$64,000 issue of county road bonds
offered for sale on Jan. 31-V. 126,
la• 608
-was awarded to the Peoples
Savings Bank of Cedar Rapids, as
43I% bands, at par. Denom.
1 1935. The other two bidders $1,000. Dated Feb. 1 1928. Due on May
bid as follows on 434% bonds:
BiddersPrem.
Northern Trust Co. Chicago
$75
American Trust & Savings Bank.
Cedar Rapids, Iowa
80
LINN COUNTY (P. 0. Cedar
Rapids), Iowa.
-BOND SALE.
-The
$167.000 issue of primary road
bonds offered for sale on Jan. 31-V. 120,
P.608
-was awarded to Geo. M.
o
for a premium of $1,582, equal Beghtel & Co. of Davenport, as 47 bonds,
to 100.947, a basis of about 3.92%. Denom.
$1,000. Dated Feb. 11928. Due
as follows: $30.000 on May 1 1941. and
$137,000 on May 1 1942. The
following are the other bids:
Bidder
Int. Rate. Prem.
Harris Trust Co. of Chicago
51.540
4%
Northern Trust Co. of Chicago
900
4%
White-Philips Co., Davenport,
Bank. Cedar Rapids, Iowa and American Trust & Savings
4%
1,581
LIVINGSTON, Polk County, Tex.
-BOND SALE.
-A $40,000 issue
of 534% improvement bonds
have been purchased by Caldwell & Co. of
Nashville for a premium of
$1,625.50, equal to 104.04.
LONE STAR SCHOOL
wattamie County, Iowa. DISTRICT (P. 0. Council Bluffs) Potta-BOND SALE.
-The 53,000 issue of 5% school
bonds offered for sale on June
10-V.124, p. 3391
-hassince been sold at par
to local investors.
LONG BRANCH, Monmouth
County, N. J.
-BOND OFFERING.Sealed bids will be received by
Mortimer R. DeRoche, City. Clerk, until
3.30 p.in. Feb. 14.for the purchase
of the following issues of434% or
coupon or registered bonds
aggregating $269,000. no more bonds to %
be
awarded than will produce a
premium of $1,000 over each of the issues
given below:
$99,000 general impt. bonds. Due
March 1 as follows: $5,000, 1930 to
1944, incl., and $6,000, 1945
to 1948, incl.
93,000 school bonds. Due
$3,000, March 1 1930 to 1960, incl.
77.000 ocean front impt. bonds. Due
March 1 as follows: $2,000, 1930
to 1939, incl. and $3,000,
Dated March 1 1928. Denom. 1940 to 1958. incl.
'
able in gold at the Farmers Loan $1,000. Prin. and in (M. & S.) pay&
fied check, payable to the order of Trust Co., New York City. A certirequired. Legality approved by the City for 2% of the bonds bid for, is
Hawkins, Delafield & Longfellow of
New York City.
LORENZO INDEPENDENT
SCHOOL DISTRICT
Tex.
-BOND SALE.
-A $40,000 issue of school bonds (P. 0. Lorenzo),
has been recently
purchased by H. C. Burt St Co. of
Houston.
LOS ANGELES CITY SCHOOL
DISTRICT (P. 0. Los Angeles)
Calif.
-BOND SALE.
-The $1,000,000 issue of 5% school bonds offered
for sale on Jan. 30-V. 126, P.
-has been awarded to a syndicate
• composed of the First National 450
Redmond & Co.; the Detroit Co.;Bank of New York; Eldredge & Co.,
Phelps, Fenn & Co.; all of New York;
the Bank of Italy and the Anglo-Lond
for a premium of $90,837, equal to on-Paris Co., both of San Francisco,
Denom.$1,000. Dated Aug. 1 1924 109.0837, a basis of about 4.28%.
and due on Aug. 1,as follows:$22.000,
1928; $28,000, 1929 to 1934 and
$27,000 from 1935 to 1964, all incl. A
group including the National City
geles, and the Merchants National Co., R. E. Campbell & Co.,_ of Los AnTrust
was second with an offer of 169.0756. and Savings Bank of Los Angeles
The above bonds are now being
successful syndicate priced to yieldoffered for public subscription by the
from 4 to 4.125%, according to maturities.
LOUISVILLE, Jefferson County,
Ky.-BOND SALE.
-The $1,000.000
Issue of4% coupon sewer bonds offered
for sale
was awarded to Caldwell & Co. of Nashville,on Feb. 1-V. 126, p. 281
for a premium of 544,827,
equal to 104.482, a basis of about 3.78%.
Dated Feb. 1 1925 and due on
Feb. 1 1965. Prin. and semi-annual int. payable
in gold at the
Bank of Kentucky in Louisville or at the First National Bank of N.National
Y.
The second highest bid was 104.2304, made by Henning, Chambers City.
and Almstedt Brothers, and tho third, 104.159, by Wilson & Co. & Co.
Four
other bids were received.
MARLBORO GRADED SCHOOL
DISTRICT (P. 0. Bennettsville),
-BOND SALE.
S. C.
-The $130,000 issue of 4 A % school bonds offered
sale recently has been awarded to Ryan, Sutherland & Co. of Toledo for
for a
premium of $2,675. equal to 102.057. The second highest
mitted by J. H. Hilsman & Co. of Atlanta offering 102.04. bid was subMARSHALL, Logan County, Okla.
-BOND SALE-N. S. Sherman
of Oklahoma City has purchased a $50.000 issue of sanitary sewer bonds
(rate and price net given).
McFARLAND UNION GRAMMAR SCHOOL DISTRICT
(P. 0.
Bakersfield), Kern County, Calif.
-BOND OFFERING.
-Sealed bids
will be received by Ira M. Williams, Chairman of the Board of Supervisors,
in. on Feb. 13,for the purchase of a $21,000 issue of 5 0 coupon
until 11 a.
school bonds. Denom. $1,500. Due $1,500 from 1929 to 1942, incl.
Prin. and semi-annual int. payable at the office of the County Treasurer.
A certified check for 10% of the bid, payable to the Chairman of the Board
of Supervisors, is required.
McMINN COUNTY (P.O. Athens),Tenn.
-BOND DESCRIPTION.
The $60,000 issue of court house bonds recently awarded-V. 126. p.608
to J. C. Bradford & Co. of Nashville, at a price of 104.401, bears int.at
bonds are duo $12,000 from 1939 to 1943. incl., giving a basis
5% and the
of about 4.56% •
P McPHERSON, McPherson County, Kan.
-BOND OFFERING.Sealed bids will be received by Ellen Lundstrom, City Clerk, until 9 a. m.
on Feb. 13. for the purchase of a $23,000 issue of 434% improvement
bonds. Donoms. $1,000 and $300. Dated Feb. 1 1928. Due $2,300 from
Jan. 1 1929 to 1938, incl. Sale of bonds subject to acoptance or rejection
by the Kansas State School Fund Commission. Bids may be on all or
part of bonds. A certified check for 2% of the bid is required.
MEC/CLENBURG COUNTY (P.O.Charlotte), N. C.
-NOTE SALE.
The $250,000 issue of bond anticipation notes offered for sale on Jan. 30v. no. p. 281-has been awarded to the Merchants & Farmers Bank of
Onarlotte at 3.65%. Denom. $10,000 unless otherwise specified.
Dated
Feb. 3 1928. Due on Apr. 9 1928.
MEMPHIS, Shelby County, Tenn.
-The $1,250.000
-NOTE SALE.
issue of 434% coupon revenue notes offered for sale on Jan. 31-V. 126.
751
-was awarded to the Bank of Commerce & Trust Co. of Memphis
P• 608
for a premium of 56,254.20. equal to 100.50. a basis of about 3.62%.
Dated Jan. 1 1928. Due on Sept. 6 1928.
MEMPHIS SCHOOL DISTRICT (P. 0. Memphis), Tenn.
-NOTE
SALE.
-The $600,000 issue of 434% coupon revenue notes offered for sale
on Jan. 31-V. 125, p. 450
-was awarded to the Bank of Commerce &
Trust Co. of Memphis for a premium of $2.856, equal to 100.476, a
of about 3.53%. Denom. 510.000. Dated Jan. 1 1928 and due on basis
Oct.
11928. The second highest bid for the notes was 100.37, submitted by the
First National Co. of St. Louis.
MIAMISBURG VILLAGE SCHOOL DISTRICT, Montgomery
County, Ohio.
-BOND SALE.
-The $150,000 434% school bonds offered
on Jan. 25-V. 126. P. 136
-were awarded to the Well, Roth & Irving Co.
of Cincinnati, and the Title Guarantee & Trust Co., jointly at a premium
of $3,575. equal to102.38. The bonds are dated Feb. 1 1928; are in denoms.
of 51,000 and mature serially.
Bond
interest
Premium
Bidderper annum. offered.
(a) The Well, Roth & Irving Co., Cincinnati (The
Title Guarantee & Trust Co)
(b) The Title Guarantee & Trust Co.. Cincinnati (The 434% $3,575.00
Well, Roth & Irving Co.)
405.00
434%
Otis &
., Cleveland
3,556.00
4
The First National Bank, Miamisburg
3,451.50
4
Stranahan, Harris & Oaths, Inc., Toledo
3,270.00
4
(a) W. K. Terry & Co., Toledo
3.240.00
434%
(b) W. K. Terry & Co., Toledo
75.00
434%
Seasongood & Mayer, Cincinnati
3,183.00
A. T. Bell & Co., Toledo
3.106.00
43a,
Ryan, Sutherland & Co., Toledo
3,077.00
434%
(a) Assel, Goetz & Moerlein, Inc., Cincinnati
2,830.00
434%
e , Goetz & Moerlein, Inc., Cincinnati
115.00
The Provident Savings Bank &•Tr. Co.. Cincinatti 434%
2,779.50
434%
W. L. Slayton & Co., Toledo
2.749.50
4345'
A.E. Aub & Co., Cincinnati (Taylor, Wilson & Co.)
2,687.00
434
Detroit Trust Co., Detroit
2 617 00
. .
Braun, Bosworth & Co., Toledo
2,528.00
Federal Securities Corporation, Chicago__ _ _ - - - --- 4347
0
1.905.00
Security Trust Co.. Detroit (First National Co. of
434%
All of above bidders offered par, plus accrued interest to date of 1,605.00
delivery
of bonds.
MICHIGAN (State of, P. 0. Lansing).
-BOND SALE.
-Watling •
Lerchen St Hayes of Detroit, were awarded on July
of bonds aggregating $2.157,000 as 430,at 100.03: 13 the following issues
$2,115,000 Road Assessment District No. 471 bonds.
42.000 Road Assessment District No. 1126.
MILFORD, New Haven
-BOND OFFERING.Conn.
Sealed bids will be received byCount3r, Hawkins, Town Treasurer, until
Sanford
10 a. m. Feb. 15, for the purchase of an issue of 5165,000 4%% coupon fire
and police headquarters bonds. Dated Jan. 1 1928. Denom. 51,000.
Due Jan. 1. as follows: 510,000, 1931 to 1945 incl.; and 515,000, 1946.
Prin. and int. payable at the Milford Trust Co. Milford. These bonds are
Part ofthe $185,000 issue originally scheduled to be sold on Jan. 18-V.125,
p.3516.
MILTON, Norfolk County,
-Sealed bids
-BOND
will be received by Maurice A.Mass. Town OFFERING.
Treasurer, until 1 P.
Duffy,
Feb. 7, for the purchase of an issue of
$70,000
% coupon water bonds.
Dated Feb. 1 1928. Denom. $1,000. Due Feb. 1, as follows: $3,000.
1929 to MS incl.;
and
int. payable at the$2,000, 1949; and 51,000, 1950 to 1957 incl. Prin. also
First National Bank. Boston; the
certify as to the genuineness of the bonds. Legalitysaid Banks will by
to be approved
Ropes, Gray, Boyden & Perkins of Boston.
Financial
Net valuation for year 1927 Statement January 26 1928.
531.848,695.00
Debt limit
894,737.55
Total gross debt Including this issue
896.000.00
Exempted debt:
Water bonds
$314,000.00
War memorial bonds
14,000.00
Wad
328,000.00
Net debt
$568,000.00
Borrowing capacity
326.737.55
MOFFAT COUNTY (P. 0. Craig), Colo.
-The
County Treasurer will pay, according to the -WARRANT CALL.
fund specified, all warrants
registered on or before the following dates:
School DistrictDates.
No. 1 special
Feb. 15. 1927
No. 3 special_ _ _____
Mar. 26, 1927
No.5 Special and warrantNo.5054 __________
Sept. 6. 1927
to
No. 23 Special
Sept. 17. 1927
No. 26 Special
Dec. 13. 1927
No. 34 Special ___________ _
Nov. 30, 1927
Interest on these warrants will cease
_____
MONROVIA,Los Angeles County, Calif.
-A 53.5.000
-BOND SALE.
issue of5% Norumbega Heights water bonds has been purchased by Andrew
W. Stewart & Co. of Pasadena.
MONTGOMERY, Montgomery County, Ala.
-BOND SALE.-Th?
i
$600.000 issue of 434% coupon water works refunding bonds offered fo,
sale at public auction on Jan. 3I
-V. 126, p. 450-has been awarded t,:"
Eldredge & Co. of New York City at a price of 102.80, a basis of oboe
4.28%. Denom.$1,000. Dated Apr. 11928. Due on Jan. 1, as follows
$22,000 from 1932 to 1952 and $23,000 from 1953 to 1958. all incl.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
SALE.
-The $100,000 4% Culver Union Hospital bonds offered on Jan. 30
V. 126, p. 281-were awarded to J. F. Wild & Co. of Indianapolis, at a
Premium of $1,620, equal to 101.62, a basis of about 3.65%. The bonds
are dated Dec. 15 1927 and will be retired at intervals, the total amount of
which will mature within twenty years from the date of the issue.
The following bids were also submitted for the issue:
BidderPremium.
Crawfordsville Trust Co
$1,340.00
Union Trust Co
1,289.00
Meyer-Kiser Bank
1,195.00
Elston Bank & Trust Co
1,140.00
Fletcher American Co
1,133.10
City Securities Corp
1,003.00
Harris Trust & Savings Bank
833.00
MORGAN COUNTY (P. 0. McConnelsville), Ohio.
-BOND OFFERING.
-Sealed bids will be received by H. W. Gordon. Clerk Board of
County Commissioners, until 1 p. m. Feb. 11. for the purchase of
of 514,000 5% county bonds. Dated Dec. 1 1927. Denom. an issue
Due $1,000, March and Sept. 1 1929 to 1935 incl. A certified check 51.000.
for 1%
of the bonds offered payable to the order of the County Commissioners,
is
required.
MORRISTOWN, Morris County, N. J.
-BOND SALE.
-Of the
000 coupon or registered water bonds offered on Jan. 27-V. 126, $608,p. 281
-$604,000 bonds were awarded to B. J. Van Ingen & Co. of N. Y. City.
as 4s, at 100.68, a basis of about 3.94%. Dated Feb. 1 1928.
Due
Feb. 1, as follows: $15,000. 1930 to 1955 incl.. $20,000.
1956 to 1965 incl.,
and $14,000, 1966.
MOUNTAIN VIEW, Kiowa County,
-BOND SALE.
two
issues of bonds offered for sale on Jan. Okla. 126, p. 450 -Thebeen
-have
25-V.
awarded to R. J. Edwards, Inc. of Oklahoma City. The two issues, aggregate $45,000 as follows:
$37,500 sewer bonds. Due as follows: $2.000 from 1931 to 1948, and
51,500 in 1949.
7.500 water bonds. Due as follows: $1,000 from 1931 to 1937 and
$500 in 1938.
Dated Jan. 20 1928. Denom. $500.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT (P. 0.
Pittsburgh), Allegheny County, Pa.
-BOND OFFERING.
-J. W.
Howell, Secretary Board of School Directors, will receive sealed bids unti
8 p. m. Feb.20,for the purchase of an issue of $230,000 4 A % coupon seheol
bonds. Dated Dec. 1 1927. Denom. 51.000. Due Dec. 1, as follows:
$30,000, 1932. and $40.000. in 1937. 1942, 1952, and 1957. A certified
check payable to the order of the District Treasurer, for $2.000 Is required.
:Mg
752
FINANCIAL CHRONICLE
MOUNT OLIVE TOWNSHIP(P.O. Mount Olive), Macoupin County
-BOND SALE.
111.
-An issue of $60.000 paving bonds was recently awarded
to the First National Bank of Mount Olive, according to the Township
Clerk.
-BOND OFFERING.
MOUNT PENN SCHOOL DISTRICT, Pa.
Sealed bids will be received by the Secretary Board of School Directors, until
8 p. m. Feb. 15, for the purchase of an issue of $50,000 43% coupon or
registered school bonds. Dated Feb. 1 1928. Denom. $1,000. Due
Feb. 1, as follows: 51.000, 1930 to 1946 incl., $2,000, 1947 to 1950 incl.,
53.000, 1951 to 1957 incl., and 54.000, 1958. A ceritfied check payable to
the order of the School District. for 51,000 is required. Legalty approved
by Townsend, Elliott & Munson of Philadelphia.
MULDROW SCHOOL DISTRICT (P. •0. Muldrow), Sequoyah
-A $6,000 issue of school bonds has recently
County, Okla.
-BOND SALE.
been awarded to a local investor.
-LOAN AWARD.
-The
NEW BEDFORD, Bristol County, Mass.
$1,000,000 temporary loan olered for sale on Feb. 2-V. 126, p. 609
was awarded to th • National Rockland Bank of Boston, on a 3.47% discount basis. The Ion matures on Nov. 5 1928. Th• Second National
Bank of Boston. also offered to discount the loan on 93.47% discount
basis, but withdrew the °Ler after a conference with city officials.
-BOND OFFERING.
-Sealed bids
NEWPORT, Lincoln County, Ore.
will be received until Feb. 6, by the City Recorder, for the purchase of a
$6,000 issue of improvement bonds.
-The issue of 43 %
-BOND SALE.
NEWTON, Sussex County, N. J.
coupon water bonds offered on Jan. 23-V. 126, p. 451-was awarded to
the Sussex & Merchants National Bank of Newton, taking $73,000 bonds
($75,000 bonds offered) paying $75,777 equal to 103.80, a basis of about
4.19%,. Dated Dec. 1 1927. Due Feb. 1 as follows: $2,000, 1928 to
1962 incl., and $1,000, 1963 to 1965 incl.
-CITY'S SHORT TERM BORROWINGS
NEW YORK CITY, N. Y.
-The aggregate of short-term
FOR MONTH AGGREGATE $55,230,000.
securities issued during the month of January, by the City, was $55,230,000.
stock notes, revenue bills. &c., which are
This consisted of corporate
described below:
Corporate Stock Notes of 1928
int. Date
Rapid Transit.
Maturity. Rate. Issued.
Amount.
Int. Date
School Construction
Amount.
Maturity. Rate. Issued.
54,000,000 Mar. 14 1928 3.50% Jan. 13 1,000,000 Mar. 6 1928 3.50% Jan. 6
1,700,000 Mar. 6 1928 3.50% Jan. 6 1,050,000 Mar.14 1928 3.50% Jan 13
Dock Purposes.
600,000 Mar. 6 1928 3.50% Jan. 6
500,000 Mar. 14 1928 3.50% Jan. 13
350,000 Jan. 30 1929 3.50% Jan. 30
450,000 Jan. 30 1929 3.50% Jan. 30
250.000 Mar. 14 1928 3.50% Jan. 13
150,000 Jan. 30 1929 3.50% Jan. 30
Revenue Bills of 1928
50,000 Jan. 30 1929 3.50% Jan. 30
50,000 Mar. 6 1928 3.50% Jan. 6 10,000,000 June 5 1928 3.50% Jan. 5
7,000,000 June 25 1928 3 % Jan. 27
Water Supply.
450,000 Mar. 14 1928 3.50% Jan. 13 6,000,000 June 18 1928 3.50% Jan. 18
250,000 Jan. 30 1929 3.50% Jan. 30 5,500,000 Jan. 11 1929 3.50% Jan. 11
250,000 Mar. 6 1028 3.50% Jan. 6 5,000,000 May 9 1928 3.50% Jan. 10
200,000 Mar. 6 1928 3.50% Jan. 6 5,000,000 June 12 1928 3.50% Jan. 12
3.000,000 June 23 1928 3,4% Jan. 27
Various Municipal Purposes.
330,000 July 20 1928 3.50% Jan. 20
750.000 Mar. 14 1928 3.50% Jan. 13
750,000 Jan. 30 1929 3.50% Jan. 30
600,000 Mar. 6 1928 3.50% Jan. 6
BID.
NORTH TARRYTOWN, Westchester County, N.
-Batchelder. Wack & Co. of New York City, are high bidders for the
$50,000 coupon village bonds scheduled to have been sold on Jan. 30V. 126, p. 450. They have offered to take the issue as 4.10s, at 100.03.
Official award of the bonds will not be made until Tuesday (Feb. 7).
-BOND SALE.
-The $98,485
NORTHVILLE, Wayne County, Mich.
special assessment street improvement bonds offered on Dec. 12-V. 125,
-were awarded to the Detroit Trust Co. of Detroit, as 43s, at
p. 3233
101.21, a basis of about 4.24%. Dated Dec. 1 1927. Due Dec. 1, as
follows: $8,485, 1928, and $10,000. 1929 to 1937 inclusive.
-Edward
-BOND OFFERING.
NORWICH, Chanango County, N. Y.
E. Davis, City Chamberlain, will offer at public auction at 2 p. m.on Feb.8.
the following issues of bonds interest rate not to exceed 5% aggregating
17400 series No. 7 special appropriation bonds.
to 1943 incl.
Due $500, Jan. 1 1929
5.425 series 00 bonds. Due Jan. 1, as follows: $500, 1929 to 1938 incl.,
and $425, 1939.
2,625 series PP bonds. Due Jan. 1, as follows: 3500, 1929 to 1932 incl.,
and $625, 1933.
3,050 series QQ bonds. Due Jan. 1, as follows: $500. 1929 to 1933 incl.,
and $550, 1934.
1,060 series RR bonds. Due Jan. 1,as follows:5500, 1929,and $560, 1930.
Dated Jan. 1 1928. Rate of interest to be stated in a multiple of M of
1%. A certified check payable to the order of the above-mentioned official
for 1% of the bonds offered is required.
NUECES COUNTY NAVIGATION DISTRICT NO. 1 (P. 0. Corpus
-The $1,500,000 issue of port im-BONDS PROTESTED.
Christi), Tex.
-V. 126,
provement bonds recently purchased by Garrett & Co. of Dallas
-has been protested in a notice filed with the Attorney-General.
P. 609
held on Feb. 1 to decide on the status of the issue.
A hearing was to be
OKFUSKEE COUNTY SCHOOL DISTRICT NO.19 (P.O.Okemah),
-The proposed sale of the $9,000
-BOND SALE CANCELLED.
Okla.
issue of school bonds which was to have taken place on Jan. 21-V. 126
P. 451-was cancelled as the issue was not approved by the AttorneyGeneral.
OLYPHANT SCHOOL DISTRICT, Lackawanna County, Pa.
-Sealed bids will be received by J. Michael,Clerk Board
BOND OFFERING.
of Education, until 7 p. m. Feb. 11,for the purchase of an issue of $60,000
of $60,000 5% coupon school bonds. Dated Feb. 1 1928. Denom.
$1.000. Due Feb. 1 1933. A certified check payable to the order of
the Treasurer of the School District, for 2% of the bonds offered, is required.
-BOND SALE.
-The two
OPELOUSAS, Saint Landry Parish, La.
issues of bonds aggregating $125,000 and offered for sale on Jan. 26-V.
126, p. 282
-have been awarded to the Interstate Trust & Banking Co. of
New Orleans, as follows:
175.000 sewer system bonds as 58' for a premium of $375, equal to 100.50.
50,000 electric light and water bonds as 5%s' for a $201 premium, equal
to 100.402.
-BOND OFFERING.
-Sealed
OSAWATOMIE, Miami County, Kan.
bids will be received by J. W. Allard, Town Clerk, until 7 p. m. on Feb. 6,
for the purchase of a $47,000 issue of improvement bonds.
-Sealed bids
-BOND OFFERING.
OSBORNE, Osborne County, Kan.
will be received by H. S. Woodward, City Clerk, until 8 p. m. on Feb. 14,
issue of 43. % improvement bonds. Denoma.
for the purchase of $13,600
$1.000 and $360. Dated Jan. 1 1928 and due $1,360 from Jan. 1, 1929
to 1938 incl. Int. payable semi-annually. A certified check for 2% of the
bid is required.
-BOND SALE.
-A $250,000
PALESTINE, Anderson County, Tex.
issue of sewer bonds has been awarded to Garrett & Co. of Dallas.
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICT NO.4
-Sealed bids will
-BOND OFFERING.
(P. 0. West Palm Beach), Fla.
be received until 2 p. m.on Feb. 16, by Joe A.Youngblood, Superintendent
Instruction, for the rourchase of an issue of $175,000
of the Board of Public
Dated July 11927. Due $5,000from
6% school bonds. Denom.$1,000. 1956, all incl. Prin. and Mt.(J.& J.)
1929 to 1949 and $7.000from 1950 to
payable at the Seaboard National Bank in New York City. A $3,000
certified check must accompany the bid.
DISTRICT(P.
PALM RIVER SPECIAL ROADWAY AND BRIDGE-The 580.000
-BOND SALE.
0.Tampa), Hillsborough County, Fla.
coupon road and bridge bonds offered for sale on Jan.20-V. 125,
Issue of6%
Tampa
-was awarded to the Cone Bros. Construction Co. of follows:
13. 3674
1, as
at par. Denom.$1.000. Dated Feb. 1 1926 and due on Feb.1943;$4,000.
1933 to 1937:53.000. 1938 to
$1.000from 1929 to 1932;52,000
1944 to 1950 and $5,000. tram i 51 to 1954. all mci.
-BOND OFFERING.
PARKE COUNTY (P. 0. Rockville), Ind.
until
Sealed bids will be received by Homer Arnold, County Treasurer, levee
10 a. m. Feb. 15 for the purchase of an issue of $62,075 5% dike and
[VOL. 126
bonds. Dated Feb. 15 1928. Due May and Nov. 15, from 1930 to 1942
incl. Prin. and int, payable at the office of the County Treasurer. A
certified check of 2% of the bonds offered is required.
PAWNEE SCHOOL DISTRICT (P. 0. Pawnee), Pawnee County,
-The $27,000 issue of 04% school bonds
-BASIS.
Okla.
-MATURITY
-V. 126, p. 609
-to the American First Trust Co. of
recently awarded
Oklahoma City at a price of 100.185, is due and payable in 1933, giving
basis of about 4.47%.
PENDER COUNTY UNION SPECIAL SCHOOL TAXING DIS•
-BOND SALE.
TRICT (P. 0. Burgaw), N. C.
-The 130,000 issue of
-has been awarded
school bonds offered for sale on Nov.21-V.125, p. 2706
to Otis & Co. of Cleveland as 4M ,% bonds at a price of 102.13, a basis of
about 4.56%. Due $1,000 from Nov. 15 1928 to 1957, incl.
-BOND SALE.
PINEVILLE, Rapide Parish, La.
-The two issues
of bonds aggregating $137,000 and offered for sale on Jan. 16-V. 125, 13.
-have been awarded as follows:
3517
$100,000 public improvement,sewerage district No. 1 bonds to the Hibernia
Securities Co. of New Orleans at a price of 100.625. Due $5,000
from Jan. 1 1929 to 1948 incl.
37,000 public improvement bonds to L. E. French & Co. of Alexandria
for a $401 premium, equal to 101.081. Due from Jan. 1 1929
to 1948, incl.
Denom. $1,000. Dated Jan. 1 1928.
PITTSBURGH COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Mc.
-A $6,000 issue of school bonds has
-BOND SALE.
Alester), Okla.
recently been awarded to the Piersol Bond Co. of Oklahoma City.
PLATTE COUNTY SCHOOL DISTRICT (P. 0. Guernsey), Wyo.BOND SALE.
-The $10,000 issue of 414% coupon school refunding bonds
-has been awarded to the State
offered for sale on Jan. 10-V.125, p. 3517
of Wyoming at par. Denom. $500. Dated Jan. 1 1928. Due on Jan.
1 1957 and optional after Jan. 1 1937. The other bidders were:
Stock Growers National Bank, Cheyenne Wyo., Geo. W. Vallery & Co.
Denver, Colo.
PLATTE COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Glendon
-The $45,000 issue of 5% school bonds offered fo'
Wyo.-BOND SALE.
-has since been purchased by Geo. W•
sale on July 16-V. 124, P. 3808
Vallery & Co.of Denver at a price of 103, a basis of about 4.79%. Denom:
$1,000. Dated July 1 1927. Due in 25 years and optional as follows'
$3,000 from 1938 to 1952 incl.
PLATTEVILLE, Grant County, Wis.-BOND OFFERING.
-Sealed
bids will be received until 1 p. in. on Feb. 16 by J. J. Stephenson, City
Clerk, for the purchase of an issue of $175,000 414% coupon municipal
Dated May 1 1927. Due serially
building bonds. Denom. $1,000..
from May 1 1928 to 1947 incl. Prin. and annual int. payable at the office
of the City Treasurer, Chapman & Cutler of Chicago will pass upon the
legality of bonds and proceedings. Bonds to be furnished by the successful bidder. A certified check for 2% of the bid is required.
POLK COUNTY SPECIAL TAX S. D. NO. 16 (P. 0. Bartow), Fla.
-The 525,000 67 coupon school bonds offered on Jan. 27BOND SALE.
-were awarded to the Brown Crummier Co. of Wichita,
V. 125, p. 3674
at 100.56, a basis of about 5.93%. Dated Jan. 1 1928. Due Jan. 1 as
f)1lows: $1,000, 1931 to 1948 incl.; $2,000, 1949 and 1950; and 33.000,
1951.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The $339,000 Issue of 414% series No. 2 bridge access bonds offered for sale on Jan.
-was awarded to a syndicate composed of R. M.Grant
31-V. 126. p. 282
& Co. of New York, Atkinson Jones & Co. and the Luinbermens Trust
Co.,both of Portland,at a puice of 105.63,a basis of about 4.04%. Denom.
$1,000. Dated Feb. 1 1928 and due on Feb. 1, as follows: $12,000 from
1931 to 1955 and $13,000 from 1956 to 1958 all incl.
-The successful syndicate
BONDS OFFERED FOR INVESTMENT.
is now offering the bonds for public subscription priced to yield from 3.90
to 3.95% according to maturities. Portland, the fourth largest city on the
Pacific coast has a 1928 assessed valuation of $342,858,585 against a total
bonded indebtedness including this issue, of $44,694,783.
PORTLAND, Multnomah County, Ore.
-LIST OF BIDDERS.
The following is a complete list of bids received on Jan.24-V.126, p.610
for the purchase of the $224,000 Issue of 434% fire boat, fire station and
equipment bonds awarded to the Freeman, Smith &
general fire bureau
Camp Co. of Portland and the Illinois Merchants & Trust Co. of Chicago.
at 102.29, a basis of about 4.097:
BidderPrice.
First National Bank of New York; The Detroit Co.; Anglo
London Paris Co., and A. D. Wakeman Co
Ferris & Hardgrove; Dean Witter & Co., and The Northern
Trust
Trust Co., Chicago
102.18
A. B. Leach & Co., Inc
101.9129
Blyth, Witter & Co
The National City Co
101.828
Lumbermen's Trust Co.: Atkinson, Jones & Co., Inc., and Peirce
Fair & Co
102.17
------ Bun,oonialfit
Murphey,Favre---BrOOm,lid
101.633
E. H. Rollins & Sons
101.97
Halsey, Stuart & Co., Inc
101.77
Security Savings & Trust Co
A. G. Becker & Co., Seattle Title Trust Co., Seattle
101.90
Ames, Emerich St Co., First National Co.of Detroit and Redfield
101.7129
& Wood--- ---- ---- ------ ------ _
Heller, Bruce & Co., American National co., San-------- _102.0879
Harris Trust & Savings Bank, Chicago
80
:9198
Hill, Joiner & Co., Inc., Central Trust Co. of Illinois, Chicago_ _ -181
1 1
Continental National Co
PORT OF SEATTLE (P. 0. Seattle), Wash.
10M165
-BOND ELECTION.
A special election will be held on Mar. 13, for the purpose of voting upon
the proposition of issuing 51,000.000 in bonds for port improvement Pur
poses.
PORTSMOUTH, Rockingham County, N. H.
-TEMPORARY LOAN.
-The Merchants National Bank of Boston was awarded on Feb. 1 a
$100.000 temporary loan on a 3.34% discount basis. The loan matures
Sent. der
l 1128. Other bidders were:
Solomon Bros. & Hutzler (plus $1.25)
Grafton Co ___________________________________ _____________
-o
15- -riStnotitli
;
.
3.50
Piscataqua Saving
Old Colony Corp
3.62 %
REDFORD TOWNSHIP SCHOOL DISTRICT NO. 8,
-BOND OFFERING.
County, Mich.
d
ay
-Sealed bids will be received LI
Harold D. Tuck, Director, until 4.30 p. m. (eastern standard time) Feb.
6, for the purchase of an issue of $100,000 school building bonds. Bidders
to state rate of interest which must meet with the approval of the electors
before the bonds may be sold. Dated Feb. 15 1928. Coupon bends In
denoms. of $1,000. 1:hie Feb. 15 1958. Prin. and int. payable at the
Peoples State Bank, Redford. A certified check of $2,000 must accompany
each hid.
-The
RED RIVER PARISH(P. 0. Coushatta), La.
-BOND SALE.
$150,000 Wale of public improvement bonds offered for sale on Nov. 23-was awarded to the Hibernia Securities Co. of New Orleans
V. 125, p.2299
as5% bonds, at a price of 100.35, a basis of about 4.93%. Denom.$1,000.
Dated Dec. 1 1927. Due from 1928
em937enitncl.
Statement.
59.115209:000714
Assessed valuation of all taxable Property, 1927
Bonded debt (this Issue only)
Population, 1927 est.. 20,000.
Bonded debt leas than 2% of assessed valuation.
RICHMOND, Henrico County, Va.-BOND SALE.
-The three issues
of 43.1% coupon or registered bonds offered for sale on Feb. 2-V. 126, P.
610
-were awarded to Harris. Forbes & Co. of New York and P. E. Notting
& Co. of Richmond for a premium of $32.349, equal to 103.021, a basis of
about 4.025%. The issues aggregate $825,000 as follows: $375,000
school bends; $300,000 general improvement bonds and $150,000 gas
works bonds. Denom.$1,000. Dated Jan. 1 1928 and due on Jan. 1 1962.
Other bids included Graham, Parsons & Co. and associates. $854,287.
Baltimore Trust Company and associates, 5852,802; Equitable Trust
Company, New York, _$849,915; First and Merchants' National Bank,
Richmond, 38.54,196; W. E. Burnett & Co., Richmond and New York,
$852,101; Estabrook & Co., Stone & Webster and Blodgett and associates,
New York, $856,572, and seven other Richmond bids.
FEB. 4 1928.]
FINANCIAL CHRONICLE
753
RIPLEY (P.O.Ripley), Chautauqua County,N.Y.
-BOND SALE.
- Dated Mar. 15 1928, due on Mar. 15 1948 and optional after
The $35,000 415% coupon highway bonds offered eon Jan. 28-V.
Mar. 15 1933.
Int. rate to be stated
451-were awarded to the First National Bank of Ripley, at 100.85,126, P. opinion of Chapman in a multiple of either 1-10 or X of1%. Legal
a basis
& Cutler, purchasing and printing expenses of bonds
of about 4.31%. Dated Feb. 1 1928. Due $5,000, Feb. 1 1930 to 1936 must be borne
by the purchaser.
incl. The following bids were also submitted:
The last sale of this type of obligation was made last April
BidderRate Bid. time a bid of par for 4145 captured the issue, which amounted 26. At that
to 54.000,000.
George B. Gibbons & CO
100.804 The successful group included Lehman Brothers. E. II. Rollins
Dewey, Bacon & Co
& Sons,
100.80
Redmond & Co., W. A. Ilarriman & Co.. Kean, Taylor & Co., B. J. Van
ROCKFORD, Mercer County, Ohio.
-BOND SALE.
-The $2,000 5% Ingen & Co. and Phelps, Fenn & Co., of New York. and the Northern Trust
apparatus bonds offered on Jan. 28-V. 126, p. 137
Company, of Chicago.
-were awarded to a
local investor at par and accrued interest. Dated Mar. 1 1928. Due $500,
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND SALES.
Mar. 1 1929 to 1932 incl. The Howes Fire Apparatus Co. submitted the Herrick
-The
Co. of Cleveland, was awarded on Apr. 11, an issue of $45,420 5%
same bid.
special assessment street improvement bonds, at a premium of $959,
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
-Sealed equal to 102.11. George W. York & Co. of Cleveland, were awarded
bids will be received by James D. Newsurn. Director of Finance, until 7 May 31, an issue of $51,000 5% bonds at a premium of 51.097. equal on
to
p. m.(eastern standard time) Feb.6,for the purchase of an issue of $260,000 102.15. Dated Jan. 1 1927. Due serially from Oct. 1 1929 to 1937 incl
special assessment bonds. Coupon bonds in denoms. of $1,C09. Bidders Otis & Co. of Clevland, were awarded on June 10. an issue of 522.0705%
to state rate of interest. Due Mar. 1, as follows: $20,000. 1929: $28.000. special assessment street improvement bonds at a premium of $461, equal
1930; $12.000. 1931; $32.000. 1932; $29,000, 1933: $25,000, 1934; $20.000. to 102.088.
1935; $29,000, 1936: 524,000, 1937; and $31,000, 1938. Prin. and int.(Mar.
SOUTH ESSEX SEWERAGE DISTRICT, Mass.
-LOAN AWARD.
and Oct. 1) Payable at Royal Oak or Detroit Banks. Successful bidder to The Merchants National Bank
of Salem was awarded on Fen. 1. a 5150.000
furnish blank bonds and coupons. A certified check for $10,000 payable to the temporary loan on a
3.42% discount basis plus a premium of $1.53. Other
order of the city is required. Legality approved by Miller, Canfield, bidders were:
Paddock & Stone of Detroit.
BidderDisc. Basts.
F. S. Moseley & Co.(plus $6.25)
ST. JOHNSV1LLE, Montgomery County, N. Y.
3.53%
-BOND OFFERING.
-Sealed bids will be received by the Board of Village Trustees, until 8 p, m• Naumkeag Trust Co
3.49%
Feb. 10, for the purchase of an issue of $30,000 sewerage extension bonds.
SPRINGFIELD, Lane County, Ore.
-BOND OFFERING.
-Sealed
Rate of int. not to exceed 6%. Denoms. $1,000. Prin. and int. payable bids will be received until Feb. 14. by J. M. Peterson, City Recorder, for
at the First National Bank, St. Johnsville; or at the American Exchange, the purchase of a $13,000 issue of 6% semi-annual improvement bonds.
Irving Trust Co., N.Y. City.
Denom. $500. A certified check for 3% is required.
STAMFORD, FAIRFIELD COUNTY, Conn.
SAINT TAMMANY PARISH (P.O.Covington), La.
-BOND SALE.
-The
-BOND SALE.
5100,000 4% high school bonds offered on Jan. 30-V. 126, p. 610
The $40,000 issue of 6% road bonds offered for sale on Dec. 13-V. 125,
-were
P• awarded to Harris, Forbes & Co., of Boston, at 100.434,
3095-has been awarded to the Marino Bank & Trust Co. of New Orleans
a basis of about
3.70%. The bonds are dated Feb. 1 1928 and mature $50,000. each in
as 5% bonds, at a price of 100.51. Int. payable semi-annually.
1929and 1930.
SANFORD, Seminole County, Fla.
-BOND SALE CANCELLED.STARR
1
The $261,000 issue of not to exceed 6% interest refunding bonds which was DISTRICT COUNTY WATER CONTROL AND IMPROVES 7M
NO. 1 (P. 0. Riogrande), Tex.
-BOND ELECTION.
to have been offered for sale on Feb. 2-V. 126. P. 610
-has been with- A special election will be held early in April for the purpose
of having
drawn from the market and the proposed sale cancelled.
the voters pass upon the proposition of issuing 51.000,000 in bonds for
irrigation purposes.
SAN FRANCISCO(
City and County), Calif.
-BOND OFFERING.Sealed bids will be received by th • Clerk of the Board of Supervisors until
SWIFT COUNTY(P.O. Benson), Minn.
-BOND OFFERINed
Feb. 27 for the purchase of a $':.500.000 issue of boulevard bonds.
bids will be received until 2 p. m. on Feb. 6 by Leo E. Engleson, County
These bonds are due serially from 1933 to 1958 incl.
Auditor. for the purchase of a $36,000 issue of refunding bonds. Int, rate
not to exceed 5%. Dated Mar. 1 1928 and due on Mar. 11938. Prin. and
SAN LORENZO SCHOOL DISTRICT (P.O. San Lorenzo), Alameda
semi-annual int. payable at the First National Bank of St. Paul. Ambrose
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
Feb. 14, by the County Clerk, for the purchase of a $30,000 issue of 5% Tighe of St. Paul will furnish the legal approving opinion. A certified check
for 5% of the bid, drawn payable to the order of the County Treasurer,
school bonds. Due from 1945 to 1967 incl.
is
required.
SAN MIGUEL SCHOOL DISTRICT NO.6(P.O. San Miguel), Calif.
TEXAS (State of, P. 0. Austin).
-BONDS REGISTEREI 3
I
7
-BOND SALE.
-An $8,500 issue of 43, % coupon school bonds was pur- following bonds
chased on Jan. 17 by the Eimer J. Kennedy Co.and the J. E. Edgerton Co., during the week have been registered by G. N. Holtox, State Comptroller.
ending Jan. 28:
both of San Francisco, at a price of 99.10, a basis of about 4.77%. Denoms.
Amt.
Place.
Due.
Purpose.
%
51.000. one for $500. Dated Jan. 17 1928. Due in 1948 and optional $100.000
Breckinridge
5
Street improvements Serially
after 1943. Int. payable on Jan. & July 1.
2,000
Aransas Co.
Serially
C. S. D. No. 6
6
250,000
McCamey
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Serially
Fdg, Warrants
6
600.000
Scarsdale), Westchester County, N. Y.
Throckmorten Co.
Serially
Roads
434
-BOND OFFERING.
-Sealed
100,000
bids will be received by George A.. Marsh, District Clerk, until 12 m.
Ector Co.
Serially
Road
534
Feb. 20, at the office of O. H. Cheney, President Board of Education, New
THOMASVILLE, Davidson County, N. C.
---:BOND OFFERING.York City, for the purchase of an issue of 5400,000 434% coupon or regis- Sealed bids will be received by B. H. Harris, City Clerk, until 11 a. m.
tered, merles J, school bonds. Dated Mar. 11928. Denom. 51.000. Due on Feb. 16 for the purchase of two
issues of coupon bonds, aggregating
Mar. 1. as follows: $5,000, 1930 to 1939 incl.; $10,000. 1940 to 1944 Incl.; 518.5,000, as follows:
520,000, 1945 to 1954 Incl.; and 525.000, 1955 to 1958 Incl.; Prin. and int. $100.000 sewer bonds. Due on Jan. 1, as follows:
from 1930 to 1949
payable in gold at the Scarsdale National Bank & Trust Co., Scarsdale.
and $3,000, 1950 to 1969, all Inclusive.$2,000
A certified check payable to the order of the Board of Education, for 2%
85,000 school building bonds. Due on Jan. 1, as follows, $2.000 from
of the bonds offered is required. Legality approved by Hawkins, Delaffeld
1930 to 1958 and 53,000 1959 to
Denom. 11.000. Dated Jan. 11928. 1967. all incl. bonds may be regis& Longfellow of New York City.
Prin. only of
SCOTTS BLUFF COUNTY SCHOOL DISTRICT NO. 81 (P. 0. tered. Int. rate to be named by the bidder. The U. S. Mortgage & Trust
Co. of N. Y. City will certify as to
Scottsbluff), Nebr.-INT. RATE
the bonds and .J. L. Morehead lot
-MATURITY.
-The $30,000 school Durham
bonds purchased recently by the U. S. Bond Co. of Denver-V. 126, 13. opinion. and Caldwell & Raymond of New York will furnish legal approving
-bear interest at 5% per annum and they are due serially from 1 to required The said trust company or the above clerk must furnish the
610
bidding forms. A certified check for 2% must accompany the bid;
years.
10
SEATTLE, King County, Wash.
-BOND SALE.
-A 5600.000 issue Floating debt outstanding Financial Statement.
.__None
of 4% %. Second Ave., South Extension bonds was purchased recently at
a price of 100.13 by the National Bank of Commerce of Seattle, Dean Bonded debt outstanding:
Schools
Witter & Co. of Los Angeles and Ferris & Hardgrove of Spokane.
$241.000.00
Water and Sewer
114.000.00
SEBRING, Highlands County, Fla.
Water
-The G. B.
-BOND SALE.
367,284.11
Sawyers Co. of Jacksonville has purchased a $500,000 issue of6% refunding
Funding
2,000.00
Sewer
bonds at a price of 95, a basis of about 6.83%. Denom. $1,000. Dated
147.808.30
Street Improvements
Nov. 15 1927. Due on Nov. 15. as follows: $50,000 from 1932 to 1935 incl.
559,907.59
$100,000 in 1936 and $200,000 in 1937. No option of prior payment.
Bonds herewith offered
185,000.00
Int, payable on May & Nov. 15.
Gross debt
SEDALIA, Pettis County, Mo.-BOND ELECTION.
81.817.003.00
-On Mar. 6. Deductions:
there will be a special election for the purpose of having the voters pass
Water bonds Included in gross debt
upon the proposition of issuing $200,000 In bonds for the construction of a
5367.284.11
School bonds included in gross debt
beepital.
Combined water and sewer bonds deductible 3243,000.0(
under authority of Special Act
P SOUTHAMPTON (P. 0. Southampton) Suffolk County, N. Y.
114,000.00
Sinking funds for other than water bonds
BOND SALE.
-The $100,000 5% bridge construction bonds offered at
Uncollected special assessments heretoforelevied 127.749.76
public auction on Feb. 1-V. 126, p. 452
-were awarded to George B.
Gibbons & Co. of New York City. at 104.28, a basis of about 4.08%•
against property ovrners,which.when collected
will be applied to the payment of a part of the
Dated March 11928. Due 510,000, March 1 1929 to 1938 incl.
gross debt
The following is a complete list of other bidders:
175,541.10
BidderRate Bid.
Total deductions
Sherwood & Merrifield, Inc
104.275 Net
51.110,574.97
Harris, Forbes & Co
debt
101.75
506,425.03
Assessed valuation for 1927
Rutter & Co
104.04
7.566,235.75
Of the bonds outstanding 3124.000 are long
Dewey, Bacon & Co
103.06
the years 1932, 1942 and 1914. All other bonds term bonds maturing in
are serial bonds maturing
SOUTH DAKOTA, State of (P. 0. Pierre),
-BOND OFFERING.
- in annual installments.
Sealed bids will be received until 2 p. m. on Feb. 7, by A. J. Moodie, State
Population. 1920 census, 5,676.
Treasurer, for the purchase of a $2,175,000 issue of rural credit refunding,
Present population. 10,020.
series B. 1928 bonds. Int. rate not ato exceed 434%. Denorn. 51.000,
Population within a radios of two miles of center of
city, est.A114.000.
FINANCIAL
-
FINANCIAL
We Specialize in
City of Philadelphia
38
328
/
1
48
/
41 48
41
/
2
s
5s
/
51 4s
51/
28
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
BOND MAN SEEKS
CONNECTION
Advertiser, six years vice-president two bond houses, fifteen
years investment banking experience, intends making new association with aggressive organization.
Activitiescover originating,buying, distributing, management
New York, Chicago and other
offices.
Qualified take complete charge
of bond department, manage
branch office, direct sales organization, or other executive duties.
Box Ml, Financial Chronicle, 90
Pine St., New York City.
FINANCIAL
Jerome B. Sullivan
FOREIGN
IP,
M'IN/ICIP4L
GOVERNMENT
C°• R. R. BONDS
42 BROADWAY - NEW YO
Members New York Curb Market
Clo•eN Frio
Ircret to
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FINANCIAL CHRONICLE
754
TRUMANSBURG, Tompkins County, N. Y.—PRICE PAID.—
The price paid for the $4,500 fire equipment bonds awarded to R. M. Voes
of Ithaca—V. 126. P. 610—was 100.10, a basis of about 4.98%. The
bonds were awarded as 5s, and mature Feb. 1. as follows: $1,000, 1929 to
1932 incl.. and $500, 1933. Dated Feb. 1 1928.
UTAH COUNTY (P. 0. Provo), Utah.—BOND DESCRIPTION.—
The $225,000 issue of 4% tax anticipation notes awarded on Jan. 3—V.
126, p. 138—is more fully described as follows: purchased by the Knight
Trust & Savings Bank of Provo as 4.20s. Dated Jan. 1928 and due on
Dec. 3 1928. No option of prior payment. Denoms. $25,000. Int.
payable at maturity.
UTICA, Oneida County, N. Y.—BOND SALE.—The following issues
of corporate bonds aggregating $177,587.37 issued in registered form
offered on Jan. 31—V. 126, p. 611—were awarded to Pulleyn & Co. of
N. Y. City, as 4.10s, at a premium of $182.60, equal to 100.10, a basis of
about 4.07%:
$76,201.91 defered assessment bonds. Dated Dec. 7 1927. Denoms.
$1,000. one bond for $1,201.91. Due Dec. 7 as follows:
$16,201.91., 1928 and $12,000. 1929 to 1924, incl.
50,637.29 deferred assessment bonds. Dated July 15 1927. Denoms.
$1,000, one bond for 8637.29. Due July 15, as follows: 810,637.29, 1928, and 58.000, 1929 to 1933 incl.
7
32,923.92 delinquent tax bonds. Dated Sept.as 1927. Denoms. $1,000,
one bond for $923.92. Due Sept. 7, follows: $8,923.92, 1928:
1929 to 1932 incl.
and $6,000,
10,211.25 delinquent tax bonds. Dated Aug. 3 1927. Denoms. $1,000,
one bond for $1,221.25. Due Aug. 3 as follows: $2,221.25.
1928. and 52,000, 1929 to 1932. incl.
7,600.00 public int. bonds. Dated Dec. 1 1927. Denom. $850 and
$750. Due Dec. 1 as follows: $850, 1928, and $750, 1929 to
1937. incl.
VALLEY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glasgow),
Mont.—BOND OFFERING.—Sealed bids will be received until Mar. 6,
by the District Clerk, for the purchase of an issue of $150,000 semi-annual
school bonds. Int. rate not to exceed 6%. Dated Dec. 31 1927. Due
on Dec. 31 1947 and optional after Dec. 311932.
VAN BUREN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Dayton R. F. D. No. 12), Montgomery County,Ohio.—BOND SALE.—
The $36,400 5% school bonds offered on Sept. 3—V. 125, p. 1087—were
awarded to Seasongood & Mayer of Cincinnati, at a premium of $1,313,
Sept. 1 1927. Due Sept.
equal to 103.60. a basis of about 4.52%. Dated1945: and
$1,400, 1946.
1, as follows: $2,000, 1928 to 1944 incl.: $1,000,
County., Ohio.—BOND SALE.—Seasongood
WARREN, Trumbull
& Mayer of Cincinnati, were awarded on May 23, an issue of $2,750 5%
improvement bonds.
WASHITA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.6
J. Edwards Co., Inc,.
(P. 0. Cordell), Okla.—BOND SALE.—The R. issue of school bonds.
$11,500
of Oklahoma City has recently purchased an
WATERFORD (P. 0. Waterford), Saratoga County, N. Y.—BOND
an issue
SALE.—J.R. Stephens & Co. Jr. of Albany, was recently awarded basis of
bonds at 100.472, a
of $24.000 4% water works improvement
1929 to 1952 inclusive.
about 4.207%. The bonds mature $1,000, from
WAYNE TOWNSHIP, Belmont County, Ohio.—BOND OFFERING.
11
—Sealed bids will be received by Township Clerk until 12 m. Feb. 31
township bonds. Dated Dec.
for the purchase of an issue of $5,200 6%
to 1935 inc.. and $600. 1936
1927. Due Dec. 31 as follows: $500, 1928order of the Township Treas.,
and 1937. A certified check, payable to the
for 5% of the bonds offered is required.
WELLINGTON CITY SCHOOL DISTRICT (P. 0. Wellington),
Kan.—BOND SALE.—The $285,000 issue of 4% school bonds offered for
awarded to
Guaranty Title &
sale on Jan. 19—V. 126, p. 284—wasNational Co.theKansas City (Mo.)
of
Trust Co. of Wichita and the Fidelity
their joint bid of par. Dated Jan. 2 1928. Due from 1929 to 1948 incl.
on
WESLEY SCHOOL DISTRICT (P. 0. Wesley), Emanuel County,
Ga.—BOND OFFERING.—Sealed bids will be received until 11 a. m. on
leeb. 8, by V. H. Hooks, Secretary of the Board of Education, at I. W.
Rountree's office in Swainsboro, for the purchase of a $15,000 issue of
8;4% school bonds. Denom. $500. Dated Jan. 2 1928. Due $500 from
Jan. 1 1929 to 1958 incl. Prin. and annual int. payable in N. Y. City.
WEST LAFAYETTE, Tippecanoe County, Ind.—BOND SALE.—
The Purdue State Bank, was awarded on Aug. 24. an issue of $33,500 4%
coupon sewer improvement bonds at a premium of 8196.16, equal to 100.55.
The Fletcher Savings Bank & Trust Co. of Indianapolis, was the next
highest bidder offering par for the bonds.
WEST TURIN UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
Lyons Falls), Lewis County, N. Y.—BOND SALE.—The Lewis County
Trust Co. of Lowville, was awarded on July 25, an issue of $100,000 school
bonds at 101.875.
[void. 126
WHITEHOUSE, Lucas County, Ohio.—BOND OFFERING.—G. E.
Holliker, Clerk of Council, will receive sealed bids until 12 m. Feb. 6, for
the purchase of an issue of $25,445.41 5% improvement bonds. Dated
Feb. 6 1927. Due Nov. 1, as follows: $2,500, 1928 to 1936 incl.: and
$2,945.41, 1937. Prin. and int, payable at the office of the Village Treasurer. A certified check payable to the order of the Village Treasurer, for
2% of the bonds offered is required.
WICHITA FALLS, Wichita County, Tex.—BOND OFFERING.—
Sealed bids will be received until 7.30 p.m. on Feb.6, by W.E. McBroom,
City Clerk,for the purchase ofa $61,000 issue of434% general improvement,
refunding bonds. Purchaser to furnish printed bonds and the legal opinion.
Due on Feb. 15, as follows: $1,000, 1929:$2,000,from 1930 to 1933:$3,000,
1934 to 1941 and $4,000 from 1942 to 1948, all incl. Prin. and semi-annual
int. payable at the Hanover National Bank in N.Y.City. A certified check
for 2% of the bid is required.
WINKLER COUNTY (P. 0. Kermit) Tex.—BOND ELECTION.—
On Feb. 25. a special election will be held to enable the authorized electors
to pass on the question of issuing $600,000 in bonds for road purposes.
WYANDOTTE COUNTY (P.O. Kansas City), Kan.—BOND OFFERING.—Sealed bids will be received until 2 p. m. on Feb. 6, by County
Clerk Wm. Beggs, for the purchase of a $79,000 issue of 434% coupon
special improvement bonds. Denom. $1,000. Dated Jan. 1 1928 and
due on Jan. 1, as follows: $6,000 from 1929 to 1932 and $5,000 from 1933
to 1943, all incl. Prin. and in (J. & J. 1) payable at the office of the
State Treasurer in Topeka. County will print bonds and furnish the
legal opinion of Bowersock, Fizzell & Rhodes of Kansas City. A certified
check for 2% of the bid, payable to the Chairman of the Board of County
Commissioners, is required.
YANCEY COUNTY (P.O. Burnsville), N. C.—BOND SALE.—The
$18,000 issue offunding bonds offered for sale on Nov.25—V.125, p.2849—
has been awarded to the Provident Savings Bank & Trust Co.of(incinnati.
CANADA, its Provinces and Municipalities.
NORTH BAY, Ont.—BOND OFFERING.—Sealed bids will be received
.
by W. N. Snyder. City Clerk, until 12 m. Feb. 4, for the purchase of the
following issues of 5% bonds aggregating $114,439.87:
$44,896.35 sanitary sewer bonds. Due in annual amounts from 1929
to 1948 incl.
31,400.00 bridge and septic tank construction bonds. Due in annual
amounts from 1929 to 1948 incl.
23,133.52 permanent sidewalk bonds. Due in annual instalments from
1929 to 1938 inclusive.
15,000.00 park bonds. Due in annual instalments from 1929 to 1948 incl.
Prin. and int. payable at the Royal Bank, North Bay.
Prov. of, P.O.Toronto).—BIDS.—The following is an offi
ONTARIO(
dal list of the bids submitted for the $6,000,000 4% coupon Temiskaming
and Northern Ontario Railway Commission bonds awarded to Dillon, Read
& Co. of New York City and the Dominion Securities Corp of Toronto,
jointly,on Jan. 24,at 96.632.a basis of about 4.21%—V.126. p.
Role Bid.
Bidder—
*96.6329
Dominion Securities Corp., Dillon, Read & Co
96.40
Wood, Gundy & Co., Ltd., Royal Bank of Canada
95.733
A. E. Ames Az Co
Guinlock & Co., Fry, Mills, Spence & Co., Cochrane, Hay &
Bell,
95.60
Co
Bank of Montreal; First National Bank of New York:Lee Higginson
& Co Kerr, Flemming & Co.; McLeod, Young, Weir & Co.;
"
95.427
Hanson Bros
R. A. Daly &Co.; Blair & Co.; Equitable Trust Co.: Halsey, Stuart
& Co.:Chase Securities Corp.; Illinois Merchants Trust Co.',
Continental National Co.; First Trust & Savings Bank; Royal
Securities Corp.; Shavrmut Corporation of Boston: The Atlantic92.765
Merrlli-Oldham Corp. of Boston; and Wells-Dickey Co
*Successful bid.
QUEBEC, Can.—BOND ELECTION.—The ratepayers will be asked
to vote on the following bond issues, aggregating $1,330,000;
81,020,000 water works bonds.
260,000 road bonds.
C
,0 bridge bonds.
uE
50 0B0Ep
BOND SALE.—A syndicate headed by the Chase
vof
Corp.. and including Wood, Gundy & Co., A. E. Ames & Co„
Securities
and the Royal Bank of Canaria. was awarded on Feb. 2, $5,000,000 4%
sinking fund gold bonds at 96.68, a basis of about 4.11%. Dated Feb. 1
1928. Denom. $1.000. Due Feb. 11958, optional as a whole, but not in
part on 60 days' notice, at par and accrued interest on Feb. 1 1953. Prin.
and mt. payable in gold at the Banque Canadienne Nationale in Montreal
and Quebec, or at the agency of the Bank of Montreal, New York City.
or at the Bank of Montreal, Toronto. These terms, it is stated, represent
the best on which a Canadian Province has financed since the war. Bids
-year
were asked for either $5,000.000 long-term bonds or $5,000,000 2
notes the above-mentioned syndicate offered 99.30 for the short-term
obligations.
FINANCIAL
FINANCIAL
FINANCIAL
ASSISTANT STATISTICIAN
FIRM MEMBER
Engineer—Statistician
College Graduate with 5 years'
statistical experience with a
banking house and industrial
corporation desires connection
with an investment organization.
Have a knowledge of statistical
methods and accounting. Box
C.F. 2, Financial Chronicle,
90 Pine St., New York City.
Foar experienced Wall Street men are
forming a corporation to underwrite, deal
in and distribute investment securities
and are seeking a fifth member of the
firm, whose cash investment will be represented by 7%, preferred stock and who
in addition will participate in profits.
The principals in the new firm have
records of success in the financial field,
possess valuable connections, and are well
qualified to organize and direct a profitable investment business. References of
the highest type will be furnished and
required. Box 13K3, Financial Chronicle,
90 Pine St., New York City.
CHICAGO REPRESENTATIVE
Advertiser, fifteen years experience investment banking, desires
western representation of aggressive Eastern firm, for wholesale
distribution and contact work.
Wide acquaintance among dealers. Occupied responsible executive positions for number of years
with reputable firms. Box LM3,
Financial Chronicle, 90 Pine St.,
New York.
Bank Stock—Insurance
Trade.
A.young man with active
clientele, open for connection
with established firm. Capable
of taking charge unlisted department. Box J. C. 4, Financial
Chronicle, 90 Pine St., N. Y.
Connection desired with responsible financial house by engineer
trained in investigation and report work. Capable in presenting all salient facts necessary for
financing purposes. Box FB4,
Financial Chronicle, 90 Pine St.,
New York City.
PARTNER WANTED
with capital for investment firm
to specialize in originating and
wholesaling. Retail department
to follow later. Advertiser for
many years has occupied responsible executive positions in investment banking business. Satisfactory credentials assured.
Only responsible party with excellent reputation considered.
Box L2, Financial Chronicle, 90
Pine St., New York City.
@FedFRASER