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The
11111intra31
Railway &Industrial Compendium
State & Municipal Compendium'
VOL. 126.
financial
runt&
Public Utility Compendium
Railway Earnings Section
SATURDAY,JANUARY 141928.
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The Financial Situation.
The course of brokers' loans is still upward, as
this week's return of the Federal Reserve Board
makes evident, but before dealing with the new figures it seems desirable to point out that these loans
are not the only features in the situation furnishing
occasion for concern. The weekly returns, of the
New .York Clearing House banks and trust companies also often are indicative of considerable
strain and on occasions show reserves heavily impaired. What is worse, the banks themselves appear
to be quite indifferent about the matter, they evidently feeling that the situation is a temporary one
and may be expected to correct itself very shortly,
but that in any event the Federal Reserve Bank is
always ready to hand, and if necessary its facilities
can be availed of if absolutely required and to the
precise extent needed. All the time these banking
institutions are showing decided aversion to appear
as borrowers at the Reserve bank any more than
seems absolutely imperative.
A rather striking illustration of the point we have
in mind has been furnished by the Clearing House
returns of the last two Saturdays. Both showed reserves impaired in huge amounts. In the statement
issued Saturday, Dec. 31, the reserves fell short of
legal requirements in the sum of $51,651,040 and in
the statement for last Saturday (Jan. 7) the deficiency was of still larger amount, reaching $62,374,630. The deficiency on Dec. 31, was looked upon
as being a matter of course, since the banks were
called upon to make preparations for the 1st of January interest and dividend disbursements, which invariably rank as the very heaviest of the year. Even
so, however, there seems no good reason why the
Bank and Quotation Section
Bankers' Convention Sectioz
NO. 3264.
banks should allow it to occur when it is possible for
them to make proper adjustment through extra borrowing at the Reserve bank.
But the still larger deficiency of last Saturday
came very much as a surprise. Moreover, being the
second one in succession, it excited comment which
otherwise might have been absent notwithstanding
the magnitude of the deficit. It was supposed that
by Jan. 7 the extraordinarily large 1st of January
interest and dividend disbursements, to which reference has been made, would be pretty well distributed and that through such disbursements the banks
would be put in sufficient funds to correct the previous Saturday's impairment and once more show a
balance of reserves'on the right side of the account.
Evidently, however, the money was slow in returning to the proper channels or else some special transactions came in to prevent full and proper adjustment. This, though, does not alter the fact that the
situation of strain existed for two successive Saturdays (or rather for two successive Fridays since
these Clearing House returns are for the close of
business on Friday afternoons), and that the banks
were willing to let the deficiency occur and recur,
rather than to have recourse to additional borrowing
at the Reserve institution.
The Clearing House return of last Saturday indicated some sharp changes from that of the previous
Saturday, showing that the large interest and dividend disbursements were playing their part in affecting the situation, but unfortunately these
changes cut in a double way. The heavy disbursements enabled the clients of the banks to liquidate
the loans they had outstanding with the banks, but
they also had the effect of drawing down the re
serves which the Clearing House institutions are
obliged to maintain with the Federal Reserve Bank
of New York and accordingly the last state of these
Clearing House members was as bad as the first.
After the previous week's huge increase of $392,263,000 in loans and discounts, there.was last Saturday
a reduction in the loan item of $153,070,000. This
involved a large reduction also in the deposits
against which reserves are required to be maintained. The previous week there had been an increase in the demand deposits of no less than $331,483,000 and an increase also in the time deposits of
$20,323,000, making $351,806,000 combined. Last
Saturday's return, on the other hand, showed the
demand deposits down $170,341,000, but a further
increase of $26,359,000 in the time loans, making the
net loss in the deposits $143,982,000.
With deposits thus heavily reduced, reserve requirements diminished accordingly, but, unfortunately, as already stated, reserves with the Federal
140
FINANCIAL CHRONICLE
Reserve institution were reduced $33,594,000 more
after having suffered a reduction of $27,564,000 the
previous week. It is this further drawing down of
reserves that was responsible for the recurring of the
deficiency last Saturday. Extra borrowing at the
Federal Reserve Bank would have replenished the
weakened reserves, but that is just what the Clearing House institutions refused to do. A drawing
down of United States Government deposits from
$48,052,000 to $36,635,000 also doubtless played its
part in reducing reserves.
The situation is an anomalous one, where on the
one band the banks are not unwilling to disclose an
impaired reserve position and yet on the other hand
do not like to indulge in additional borrowing at the
Reserve bank. At this juncture come the new regulations of the Federal Reserve Board which were
published at length in our issue of Dec. 31, page
3567. These regulations require semi-weekly computations of reserves instead of weekly computations.
The new regulations became effective Jan. 3 and
therefore are now in full force. Heretofore the
member banks have been obliged to adjust their reserve position only once a week on Fridays on the
basis of the daily averages for the week ending on
that day. It thus happened that if they held heavy
surplus reserves the early part of the week they were
at liberty to make loans on Fridays which would
carry them away below the legal limit, and yet be in
technical compliance with the rules in not showing
a deficiency for the week when averaged on the basis
of the daily returns.
A convincing illustration of this tendency and disposition is furnished by the very statements of the
last two weeks which we have been discussing. The
Clearing House returns give both the figures of actual condition at the end of the week and the averages of the daily figures for the week. The two sets
of figures are nearly always wide apart and most of
the time make diametrically opposite showings. In
the present instance while according to the actual
figures there was a deficit of $51,651,040 on Dec. 31
and of $62,374,630 on Jan. 7—that is, heavy impairment of reserves both at the beginning of the week
and at the end—in the averages no deficit at all appears, but excess reserve of $9,026,480, and this,
moreover, was an increase of $1,897,300 over the
average excess reserve of the previous week. Evidently the change in the Federal Reserve regulations came at just the right time. Some of the newspapers in their comment regarding the change intimate that the purpose of the Reserve Board in changing from weekly to semi-weekly adjustments was to
promote greater stability in rates in the call-loan
market. We prefer to believe that the object is to
compel the banks to do away with a practice that
had led to objectionable results. In our view, the
best course of all would be to require the banks, and
especially the large banks, to keep their reserves
within legal limits on each and every day of the
week. No large bank as a matter of principle should
ever allow its reserve position to become impaired,
especially as it is so easy to correct the defect.
As already indicated, brokers' loans show a further increase this week to a new high peak in all
time. The further increase the present week is not
of the huge dimensions of the increases of previous
weeks, being only $9,550,000, but is especially notable because of the efforts that have been so pal-
[VOL. 126.
pably in evidence to reduce the aggregate of these
loans to more reasonable proportions. During the
first half of the week a strong determination was
shown to bring about liquidation on the Stock Exchange with a view to cutting down these loans and
a fair measure of success attended the efforts. Yet
the total has risen still higher and obviously if borrowing of this kind has been reduced in one direction as a result of Stock Exchange liquidation, it
has,been increased in another. With this week's
new addition the grand total of loans to brokers and
dealers secured by stocks and bonds by the 50 reporting member banks in New York City is brought
up to $3,819,573,000, as against $2,791,135,000 on
Jan. 12 1927, showing an expansion for the 52 weeks
far in excess of a billion dollars, the exact amount
of the increase being $1,028,438,000.
The loans made by these member banks on their
own account were reduced during the week from
$1,511,177,000 to $1,321,088,000 (probably in adjustment of the reserve position of the banks), but at
the latter figure compare with only $947,891,000 a
year ago. On the other hand, the loans made for account of out-of-town banks increased during the
week from $1,371,213,000 to $1,502,580,000, which
compares with $1,100,475,000 on Jan. 12 1927. The
loans made for account of others alsn increased during the week, rising from $927,633,000 to $995,905,000, and at this figure compare with $742,769,000 at
the corresponding date in 1927.
The returns for the Federal Reserve banks themselves are notable chiefly for the further reduction in
borrowing by the member banks, a development
which is always looked for after the beginning of the
new year when money flows back from the interior,
but a rather new feature is that concurrently the
Reserve banks have reduced their holdings of
United States Government securities, reducing still
further the amount of Reserve credit in use, but still
leaving the amount considerably in excess of a year
ago. The discount holdings of the twelve Reserve
banks fell during the week from $520,879,000 to
$439,141,000, a loss which was in small part offset
by an increase from $387,131,000 to $392,567,000 in
the holdings of acceptances. Holdings of United
States Government securities were reduced during
the week from $627,403,000 to $545,263,000. Total
bill and security holdings now (Jan. 11) consequently are $1,377,731,000, against $1,536,293,000 a week
ago, but comparing with only $1,143,171,000 on Jan.
12, 1927. The deposits of the twelve Reserve institutions (representing mainly the reserve accounts of
the member banks fell during the week from $2,536,299,000 to $2,517,443,000. The amount of Federal Reserve notes in circulation was at the same
time reduced from $1,760,710,000 to $1,679,624,000.
Concurrently gold holdings rose from $2,742,501,000
to $2,807,899,000. The final result is that the ratio
of total reserves (including reserves other than
gold) to deposit and Federal Reserve note liability
combined now stands at 70.7% as against 67.2% a
week ago.
At the New York Reserve Bank, discounts fell
from $178,771,000 to $148,839,000, acceptances from
$96,440,000 to $85,632,000 and United States Government securities from $189,837,000 to $127,462,000. Consequently total bill and security holdings
now are $361,933,000 against $465,048,000 a week
ago, but comparing with only $264,934,000 on Jan.
12 a year ago. Deposits at the New York Reserve
JAN. 14 1928.]
FINANCIAL CHRONICLE
141
Bank fell during the week from $1,041,635,000 to $1,- I 124 on Tuesday but closed yesterday at 142
/
1
2
000,788,000 and the amount of Federal Reserve notes I against 144 on Friday of last week. Calumet &
in circulation was reduced from $374,185,000 to Arizona closed yesterday at 107 against 113 on
/
1
2
s:3I4,371,000.
Friday of last week. In the rubber group B. F.
Goodrich closed yesterday at 91 against 94 on Fri/
1
2
The course of the stock market this week has been day of last week and Goodyear Tire closed at 683
%
no different from that of the weeks immediately pre- against 70 on Friday of last week. As a matter of
ceding. It has been uneven and irregular, with some fact, no special group of stocks was particularly
stocks moving down, while others have displayed a prominent the present week. In the railroad list
rising tendency. On Monday, Tuesday and Wednes- N. Y. Central closed yesterday at 163, against 163%
day much was made of the high figures to which on Friday of last week, Union Pacific at 1902
/
1
brokers' loans have risen, as disclosed by the two against 19278 Atchison at 193 against 192 and
/,
/
1
2
rather remarkable statements of last week, and there St. Louis-San Francisco at 1141 4 against 1143
%.
/
appeared to be extensive liquidation under which Among the specialties, Midland Steel Products pfd.
prices declined all around. Determined drives were tumbled from 287 on Saturday to 249 on Wednes/
1
2
made against the market, and the selling did not ap- day and closed yesterday at 267% against 28312 on
/
pear to emanate entirely from bear operators. On Friday of last week.
the contrary, it looked as if some large holdings were
being disposed of to realize profits and also with a
Insolvencies in the United States during the closview to discouraging pools and cliques from continu- ing month of the year, as noted last week, were more
ing their manipulative tactics in moving prices numerous than in the corresponding period of 1926.
steadily higher. Some ordinarily optimistic finan- Furthermore, the liabilities were also considerably
cial interests seemed to think that brokers' loans heavier in December 1927 than in December of the
had reached uncomfortable proportions and that it preceding year. The increase as to both number and
might be well to call a halt for the time being to indebtedness was almost entirely among manufacdaring and reckless efforts to advance prices. While turing concerns. The record of mercantile defaults
liquidation was in progress during the early part of prepared from the returns to R. G. Dun & Co., on
the week the transactions on the Exchange reached which our comments are based, shows that for Delarge proportions, stock sales Monday aggregating cember there were 597 failures among manufactur2,835,740 shares, and Tuesday 3,372,930 shares, but ing concerns, with liabilities of $29,024,365; 1,430
declining to 2,403,926 shares on Wednesday. An trading defaults for $16,732,633, and 135 insolvenadvance in the call-loan rate on the Stock Exchange cies among agents and brokers involving $5,305,255,
from 4 to 4 % was also at this time made to do a total for that month of 2,162 mercantile failures
/
1
2
duty against the market.
with liabilities of $51,062,253. In December 1926
Beginning Wednesday a change occurred in the the manufacturing defaults numbered 494 for $16,general course of values. The appearance of the 758,491; while in trading lines the number was 1,469
statement of the United States Steel Corp. showing involving $20,578,954, and there were 106 failures of
an increase in the unfilled orders on the books of agents and brokers owing $8,282,133, the total of all
the subsidiary corporations during December of for that month being 2,069 defaults with liabilities
518,430 tons proved a signal for the buying of of $45,619,578. The large failures in the manufacthis stock and also induced considerable buying of turing division last month involved an exceptionally
other shares all through the market. Reports re- heavy total of indebtedness for that division. The
garding the steel trade, which now appear to be fact is that insolvencies in manufacturing lines were
getting more encouraging each week, helped still more numerous in December than in any month for
further to revive speculative confidence. At the many years past, at least as far back as 1920 and
same time many bear operators seemed to deem it apparently a good deal further. It is also a fact
advisable to cover their outstanding short commit- that during the entire period of eight years from
ments. Call loan rates on the Stock Exchange 1920 on, there have been only five months in which
dropped back to 4%. Altogether the effect on Thurs- the indebtedness shown for manufacturing defaults
day was to bring considerable recovery in values. was in excess of the amount reported for December
And this recovery was continued on Friday, the 1927, and those five months were in the years 1923
further advance in brokers' loans being entirely ig- and 1924.
nored. As the market advanced, however, activity
The insolvencies among manufacturing concerns
was on a considerably reduced scale, the sales on showed an increase over December 1926 in twelve
Thursday aggregating 2,028,950 shares and on Fri- of the fourteen classes into which this division is
day 2,159,100 shares.
separated, notably in the lumber manufacturing diThe net result of these conflicting movements up vision, among bakers, printing and publishing, the
and down has been to leave comparatively slight group embracing furs, hats and gloves, also earthenchanges for the week, speaking of the market as a ware and glass. Furthermore, small additions apwhole, most stocks being moderately lower, but a pear in the divisions covering machinery lines, manfew moderately higher. Thus U. S. Steel closed yes- ufactures of chemicals and drugs, and leather goods
/
1
4
terday at 148 after having been as low as 146 • and shoes. On the other hand, there was a reduc/
1
2
on Tuesday, with the close yesterday at 148
/ tion last month from December 1926 in the number
1
4
against 150% at the close on Friday of last week. of defaults in clothing manufacturing, while the inGeneral Motors closed yesterday at 13414 against solvencies in iron manufacturing were the same as
/
/
1361 8 on Friday of last week. On Tuesday it had to number in both years. The heavy liabilities resold down to 130.
ported in December were in lumber, earthenware,
Among the copper shares Greene Cananea went liquors, which includes brewers, chemicals and some
through the same remarkable gyrations as in pre- miscellaneous defaults. In the clothing manufactur4
vious weeks. As against 1473 on Saturday it touched ing division the indebtedness reported last month
142
FINANCIAL CHRONICLE
was in excess of $1,010,000, but was much less than
one-half the amount reported in December 1926.
Trading failures in the closing month of 1927 were
reduced as to number and amount as compared with
the preceding year. The notable changes on the favorable side were among general stores, dealers in
clothing, in dry goods and in furniture. The number of defaults in the grocery line, among hotels
and restaurants and dealers in jewelry were practically the same in the two years, but there was an
increase for dealers in shoes and leather goods, also
in hardware, in furs and allied lines, and for druggists. The decrease in liabilities was mainly among
general stores, grocers, dealers in clothing, dry
goods, and in the hardware division. The total indebtedness last month shown for these five divisions last enumerated was $9,033,000 or a little more
than 50%. of the entire amount included in the trading classes.; in December 1926 the corresponding figures were $12,522,000, or 60% of the total, a reduction for December 1927 of $3,490,000. There was
an increase last month over December a year ago
in the indebtedness reported for failures among hotels and restaurants, owing to some large defaults,
but with this exception, the other classes into which
the trading insolvencies are separated show moderate amounts, with little variation in the comparison
between the two years under review.
Reference has been made to the larger defaults in
the manufacturing division last month. There were
in the month just closed 30 of the larger manufacturing failures with a total indebtedness of $19,359,500—that is, defaults where the amount involved
in each instance was $100,000 or more. The average liabilities for these 30 insolvencies was in excess of $645,300 each. In other words, 5% of the
total of all manufacturing defaults in December of
last year account for nearly 67% of the entire indebtedness shown for the manufacturing division in
that month. In November when mercantile defaults
were also quite numerous, there were but 24 of the
larger manufacturing defaults with a total indebtedness of $6,247,000. The larger defaults in trading
lines last month numbered only 13,for a total of $2,181,700, which was smaller, both in number and
amount than in November, while there were nine of
the larger insolvencies in the closing month of 1927
of agents and brokers, involving $2,899,000.
A generally unfavorable reaction was noted in
Europe the past week to the proposals of the Washington Administration for a multilateral treaty renouncing war as an instrument of national policy.
The proposals were an outgrowth of the suggestion,
made informally last year by Foreign Minister Briand of France, for a "Pact of Perpetual Friendship
between France and the United States." Active
negotiations on this treaty were begun in December,
the question of the renewal of the Root Treaty of
1908, which expires by limitation Feb. 27 1928, being
taken up at the same time. M. Briand's suggestion
for a treaty of amity between the two republics was
apparently not acceptable to the Washington Government, a formal announcement made Jan. 3 stating that there had been proposed instead a concerted
movement,"with a view to the conclusion of a treaty
among the principal powers of the world, open to
signature by all nations, condemning war and renouncing it as an instrument of national policy in
favor of the pacific settlement of international dis-
[VoL. 126.
putes." To this proposed extension of the original
French suggestion for a bilateral pact, M. Briand
replied in a note dated Jan. 5 and made public in
Paris and Washington late on the following day.
The note in effect expressed agreement "in principle" with the Washington method of procedure, but
suggested that the renunciation of war shall apply
only to "wars of aggression." This, it was indicated
in dispatches from Paris, would provide for French
obligations under the League of Nations. The
French emendation of the definition of wars was,
however, not very warmly received by the State Department in Washington. M. Briand, it was said,
"is regarded here as having, in effect, notified the
United States that the League, through Articles X
and XVI, relies upon war as one of the keystones of
its structure." The word "aggression," used quite
incidentally but most effectively in the Briand note,
was said to be a source of amazement to American
officials.
Opinions of the negotiations expressed in European capitals over the last week-end were frankly
critical of the American position. The French, it
was indicated in a dispatch of Jan. 7 from Edwin
L. James, Paris correspondent of the New York
"Times," profess to be in full accord with the Kellogg declaration against all wars. Nevertheless,
"they insist that it is necessary to Make it doubly
plain that nothing in the treaty should interfere
with a war against war under the auspices of the
League, should the League ever decide that that
course was justified." It was further pointed outthat
in addition to her commitments as a League member, France has other commitments which might involve going to war. "She has a large system of alliances which stretch across t he Continent of
Europe, and at least four of her treaties contain
military provisions, all to be exercised in conformity
with League dictates, but nevertheless representing
one of the bases of France's political position on the
Continent, and it goes without saying that her satellites do not expect her to sign with America or any
one else any treaties which might appear to invalidate her commitments to her Allies." It was also
made known in Paris Jan. 7 that the British Government had advised the French Government and
doubtless the American Government as well, that
before the text of the proposed anti-war treaty is
framed, London desires to have a word in affairs.
A rather cynical admiration appeared to be current
in the British capital "for that high detachment of
outlook upon international affairs which enables
two admirably equipped and consummately capable
politicians to arrive at a firm conviction that whatsoever is good for their own country's consumption
should be palatable and salutary for the rest of the
world." In a subsequent dispatch the "Times" Paris
correspondent said:"In fact, the only virtue Europe
sees in the proposal is that it might bring us closer
to Geneva."
Further and more specific instructions were apparently sent by the Quai d'Orsay to M. Claudel, the
French Ambassador to Washington, early this week.
The French Government's attitude, Paris dispatches
said, is that it would be perfectly willing to accept
Secretary Kellogg's wording, renouncing war as an
instrument of national policy, in an agreement
signed individually between France and the United
States. But the League Covenant and the separate
French treaties were again referred to as binding
JAN. 14 1928.]
FINANCIAL CHRONICLE
France to take action against initiators of aggressive war. Moreover, according to a Paris dispatch
of Jan. 10 to the New York "Times," official admission was made in the French capital that England
and France had reached an agreement to follow an
identical policy in respect of Secretary Kellogg's
proposed treaty outlawing war. "The significance
of the Franco-British agreement," it was said, "is
that in the last analysis the American treaty would
find a rather united League front against any suggested feature which might be construed as threatening the Geneva organization." Washington dispatches of Jan. 11 indicated that a reply to the
French suggestion for limitation of the scope of the
proposed treaty to wars of "aggression" had been
dispatched to Paris by the Department of State. The
new note, a New York "Times" report said, "informs the French Government that the United
States cannot enter into the treaty for peace without adequate assurances from many other countries
that they, too, are prepared to become signatories,
and that it does not view with favor the position of
Aristide Briand, the French Foreign Minister, for
its scope to be restricted to wars of aggression. It
nevertheless acquaints France with the hope of this
Government that, although the two Governments
stand apart on these two propositions,from the basis
already laid down negotiations can proceed out of
which some mutually satisfactory arrangement may
emanate." The latest communication, it was said,
invites France to join the United States Government
in inviting the British, German, Italian and Japanese Governments to enter preliminary discussions
with a view to a definite six-power treaty based on
the idea of the original Briand proposal for renunciation of all war as an instrument of national policy
toward one another.
• A decree raising the barriers on the export of capital was published by the French Government Tuesday, ending the limitation which has been in effect
since 1918. Up to the present only 1,000 francs could
be exchanged against foreign money at one time
and any sending of francs abroad had to be justified
as definitely paying for imports into France. The
effect of the new decree will be to remove all official hindrances from the foreign exchange markets
of France. Moreover, it was pointed out in a Paris
dispatch of Jan. 10 to the New York "Times,"
Frenchmen will now be able to purchase foreign securities without legal restriction. The publication
of the decree was said to mark one more step in the
remarkable progress which Premier and Finance
Minister Poincare has made toward the stabilizing
of the financial position of France. The decision
of the French Government had a prompt effect on
the Paris Bourse in lower prices for all foreign securities listed there. Limited in number as they have been
since the war,such securities have commanded a premium in Paris, since the bar to the exportation of
capital interfered with Frenchmen buying English
or American shares. With the restrictions removed,
the premium on the foreign shares listed in Paris
was immediately dropped. Attention was again directed, by this latest move of the French Government toward a normal financial situation, to the
enormous foreign assets accumulated in the last fifteen months by the Bank of France. These are said
to be approximately $1,200,000,000, which, with the
French gold reserve of more than $700,000,000, is
143
enough to cover entirely the present circulation of
58,000,000,000 francs at their current valuation of
20 centimes each in gold.
Abnormal tides and flood waters in the Thames
Valley combined on Jan. 7 to cause the greatest inundation ever recorded at London, England. Heavy
snows thawed suddenly in the valley above the city,
transforming the placid Thames into a swiftly surging stream. Met by an exceptionally high tide last
Saturday morning, the waters soon overflowed into
the low-lying streets along the river and surged over
the historic terraces of the Houses of Parliament
and into their cellars. Further east, and especially
on the south side of the river, where the banks are
unprotected by masonry revetments, immense damage was done, the waters invading the dwelling
houses and trapping the sleeping inhabitants. Fourteen people lost their lives in the disaster while thousands of others were driven from their homes. The
high water reached its peak between Kew and Canning Town, where it burst through the embankment
boundaries, foaming through the streets and swamping basements and the first stories of dwellings.
The scenes in Westminster were described as tragical in the extreme, hundreds being left destitute by
the inundation. The greatest loss was said to have
occurred at the Tate Gallery, officially styled the
National Gallery of British Art, where thousands of
Turner drawings and other art treasures were sadly
damaged. The recurrent high tides were fortunately
held in check thereafter, sand-bag barriers being
placed at critical points. A turn in the wind to a
more favorable quarter aided slightly in accomplishing this result. Those in need of relief were estimated by the London "Daily Mail" to number at
least 5,000 families and for these relief funds were
quickly established.
Echoes of the Vilna question were again heard in
Europe in the past week, both Lithuania and Poland
taking much the same stand that they exhibited before the December League of Nations Council meeting, when the resumption of diplomatic relations
was arranged. Peace between Poland and Lithuania
is only possible after the Vilna question is definitely
settled, Premier Waldemaras of Lithuania told Polish newspaper men at Kovno, Jan. 8. To the restoration of economic relations the Lithuanian Premier
voiced no objections, excepting insofar as Vilna is
concerned. Goods originating in the former Lithuanian capital will not be allowed to enter his country,
Premier Waldemaras said, nor would Lithuanian
post offices forward letters to or from that city.
This course was necessary, he indicated, in order to
avoid any admission of Polish sovereignty over
Vilna. An answer to these declarations was made
in Warsaw, Wednesday, by Foreign Minister Zaleski of Poland. "There is no danger of war with
Lithuania over the Vilna question because there is
no Vilna question," Mr. Zaleski said. He emphasized that the Polish Government takes the standpoint that the recent League conclusions settled the
Vilna matter once and for all. M. Waldemaras, according to the Polish Minister, "must continually
draw the attention of his people to foreign soil in
order to keep them from toppling him from the wabbly pedestal on which he chose to place himself as
Dictator." It is not seriously believed, however, a
Warsaw dispatch of Jan. 11 to the New York
144
FINANCIAL CHRONICLE
[Vot. 126.
"Times" said, that there is any imminent danger of ing hills. Several attempts to ambush columns of
an outbreak between the two countries.
American Marines were made by the Sandinistas
Tuesday and Wednesday, but the troops of the rebel
An occasion of profound interest in the relations General were driven off by a combined land and
of the United States with the sisterhood of Latin- air attack with losses of 14 killed. At Marine headAmerican Republics was said in the past week to quarters in Managua, it was announced Thursday,
be the forthcoming Sixth International Conference that planes would be sent out regularly to bomb
of American States, better known as the Pan-Ameri- the guerrillas.
In the meantime, dissatisfaction over the American Congress. The sessions of the Conference will
open in Havana, Jan. 16, an intense preliminary can occupation of Nicaragua appears to be spreadeagerness being displayed in the event throughout ing in other parts of the Central American republic.
the Americas, partly on account of the promised Word was received by the Government at Managua
presence of President Coolidge and partly because late last week that a well armed and mounted band
of the unfortunate turn lately taken by affairs in of sixty men had appeared at La Cabrera de Ameya,
Nicaragua. President Coolidge and Mrs. Coolidge attacking the laborers on a plantation and commitleft Washington yesterday for the Cuban capital and ting various depredations. Ameya is directly across
are expected to arrive there to-morrow afternoon. the Bay of Estera from Corinto, where the American
A delegation of distinguished Americans accompa- vessels are stationed, and fear was expressed that
nied them. Headed by Charles E. Hughes, former an attempt might be made to blow up the bridge
Secretary of State, the delegation comprises three from Corinto to the mainland. As a strike has for
Ambassadors—Mr. Fletcher, envoy to Italy; Mr. some time been in progress in Corinto, it was
Morrow, envoy to Mexico, and Mr. Judah, envoy to thought that the attack may have been carried out
Cuba; former Senator Oscar W. Underwood, who, by some of the strikers or their sympathizers. A
like Mr. Hughes, was a member of the American number of desertions from the Nicaraguan National
delegation at the Washington Armament and Far Guard also were reported, causing what was at first
Eastern Conference in 1921-22; Judge Morgan J. said to be a "serious situation" in Somotillo, DepartO'Brien of New York, Dr. Leo S. Rowe, Director ment of Chinandega, near the Honduran border. It
General of the Pan American Union; Dr. James was announced Tuesday, however, that Somotillo
Brown Scott, Director of the Carnegie Peace Foun- was in the hands ofloyal Guardsmen,the Commander
dation, and Dr, Ray Lyman Wilbur, President of of the Marines expressing the opinion that the
Leland Stqnford University. The high standing of deserters had been misled by the agitation of Santhese men was said to be evidence of the importance dino followers. Several American airplanes were
attached by President Coolidge to the Havana Con- destroyed in the course of the week as the result of
ference and his desire to show the great respect and accidents, though the planes were said to be of an
esteem in which the Latin American States are held old type now being superseded. Additional Marine
by the Government in Washington. The President's detachments sailed for Nicaraguan waters early in
visit to Havana was described in a Washington spe- the week to augment the force of 1,415 officers and
cial to the New York "Times" as a "supremely men already there. Major General John A. Lejeune,
friendly gesture which may furnish the cornerstone Commandant of the Marine Corps, also departed
of a new and better understanding between this from Washington Jan. 9 for Nicaragua.
country and the countries to the south of us which
A marked improvement in Mexican political and
comprise the area commonly designated as Latin
America." The agenda of the Conference includes financial relations with the United States appears
many questions calculated to benefit the members to be taking place as a result of the untiring efforts
of the Pan-American Union. Among the more im- of Ambassador Dwight W. Morrow to find solutions
portant of these are a proposed agreement on inter- for the outstanding problems between the two counnational law, an agreement for the pacific settle- tries. That the confused petroleum situation is rapment of international disputes, uniform legislation idly clearing up was indicated, in Mexico City dison commercial and maritime law, proposed interna- patches of Jan. 6, as the opinion of "authoritative
tional laws on aviation and the international regu- and semi-official sources." The Calles Government
was described in a report to the New York "Times"
lation of railways.
as sincerely desirous of eliminating all causes of
Military operations in Northern Nicaragua, where trouble between Mexico and the Governments of the
American Marines are conducting a campaign United States, Great Britain, France, Germany,
against the irregular General Augostino Sandino, Holland and Spain. Nationals of all these countries
were carried on in the past week with great vigor, have claims against the Mexican Government aristhe battles fought late in December having been ap- ing out of the operation of the petroleum land laws
parently as indeterminate as all previous ones. San- which were recently declared unconstitutional in
dino and his followers, driven from the small moun- a test case before the Mexican Supreme Court. The
tain village of Quilali, remained nevertheless in the modification of the laws was promptly undertaken
immediate vicinity, harassing Marine columns and by President Canes, both the fact itself and the maninterrupting communications. Nine seriously ner in which it was brought about causing an optimwounded Marines and two members of the Nicara- ism in foreign circles that had been absent for a long
guan National Guard were taken by airplane, Jan. 7, period. The amendments proposed by the Mexican
from shacks on the mountain battlefield of Quilali Executive were adopted by the Mexican Congress
to the well-equipped hospital at Managua, the Nica- and became effective Jan. 11 through publication in
raguan capital. Only one man could be taken at a the Diario Oficial. The unofficial interpretation
time from the little improvised landing field, and at placed on the amendments, an Associated Press diseach halt to pick up the wounded, Sandino's snipers patch said, was that they remove the retroactive and
peppered at the plane with rifles from the surround- allegedly confiscatory features of the oil law.
JAN. 14192&]
FINANCIAL CHRONICLE
A further well-founded reason for optimism in regard to Mexican affairs was seen, according to a
Mexico City dispatch of Jan. 6 to the New York
"Herald-Tribune," in the determined efforts being
made by the CaIles Government for an adjustment
of Mexican finances. The need for a sweeping reconsideration of Mexican external obligations has
long been apparent and unusual significance was accordingly attached to the inauguration on Jan. 5 of
a series of conferences between Ambassador Morrow
and Senor Luis Months de la Oca, the Mexican Minister of Finance. Now, a New York "Times" dispatch said, "Mexico apparently is turning to the
American Ambassador for advice in clearing up the
perplexing financial situation in which the country
is involved," The opinion was conveyed, moreover,
that "progress has been made between the Mexican
Government and the international committee of
bankers toward a new agreement to supplement the
Pani-Lamont agreement which expired Dec. 31 last."
By this means, it was understood, Mexico will be
enabled to continue in a more modified form its interest and amortization payments on the foreign
debt.
In commercial relations also splendid efforts are
on foot to foster the ties between the United States
and Mexico. Inspired by Colonel Lindbergh's nonstop flight from Washington to Mexico City, a number of Texas business men flew to the Mexican capital on Jan. 7 on a self-appointed "mission of commercial good-will." The trip, for which two airplanes were engaged, was regarded by observers as
"something practical and mutually beneficial, following the wave of enthusiasm after Colonel Lindbergh's visit." Houston, Corpus Christi and Brownsville representatives made the trip without untoward incident and were greeted at Valbuena Field,
Mexico City, by officials of the Mexican Government
and committees of the Mexican Confederation of
Chambers of Commerce. One object of the flight, it
was announced, was to invite the Mexican Government and commercial men to send representatives
to the National Foreign Trade Conference to be held
at Houston, April 24-27, at which problems of
closer trade relations and aerial commerce between
Mexico and the United States will be discussed. The
past week, however, again furnished a vivid reminder of the unsettled conditions in parts of Mexico, an
American mine manager, Lyman F. Barber, effecting a dramatic escape from bandits who held him
captive for three weeks and who were about to murddr him. Mr. Barber and a Mexican servant had
been taken captive by the bandits at the Monte Carlo
silver mines on the border between the State of Mexico and the State of Guerrero.
The swift and accurate flights of Colonel Chaises
A. Lindbergh in his well-tried "Spirit of St. Louis"
carried his message of American good-will through
several additional Central American capitals in the
past week. Rarely has the young Colonel met such
a hearty and intense welcome as, that which greeted
him in the small republic of Costa Rica on his arrival there Jan. 7. From the President to the lowliest concho, all Costa Rica awaited the coming of
the American flyer. Fares were abolished on the
Government railways for the day and thousands of
the little nation's inhabitants gathered at Sabanas,
half a mile from the capital city of San Jose. The
joyous thousands surged over the field when the
145
Colonel arrived at 1:50 P. M., making his descent
impossible until twenty-five minutes later when the
police and soldiery had forced the crowd'back into
some semblance of order. On the night of Jan. 7,
a San Jose dispatch to the New York "Times" said,
Colonel Lindbergh was undoubtedly the most popular idol the little nation of 500,000 people had ever
known. President Jiminez and an entourage of the
highest Government officials welcomed the flyer
in the name of Costa Rica, while United States Minister Roy T. Davis expressed pride in Colonel Lindbergh as a fellow Missourian. After a hasty round
of functions, the Colonel again took off Monday on
a four-hour flight to Panama, where he was again
welcomed with rousing acclaim. The plane soared
across the field, newly named in Colonel Lindbergh's
honor, and settled gently to the ground against the
brisk northwest trade wind. The crowd gathered
in a dense mob around the flyer and a lane had to
be forced through which the Colonel came to greet
President Chiari and his Cabinet. Pinning a medal
of honor on the lapel of the flyer's coat, President
Chiari congratulated him for "establishing a real
basis of fraternity," and "bringing together all the
American countries on a basis of real understanding." At the American Legation he was greeted by
John F. Martin, Charge d'Affairs, with whom he
resided while in Panama. Both President Chiari and
Vice-President Duque took short flights with Colonel Lindbergh Tuesday, while on Thursday the brilliant young flyer completed the last leg of his Central American tour by skimming quickly over the
Canal to Colon. His exact route from Colon onward
was not definitely announced, but it was said that
he would visit Venezuela, St. Thomas, on the Virgin
Islands, Porto Rico, Santo Domingo, Haiti and
Cuba before returning to the United States.
Constitutional reforms whereby the President of
Guatemala was shorn of considerable powers were
promulgated in the closing December sessions of the
Guatemalan Constituent Assembly. The Assembly,
according to special correspondence of the New York
"Times," was called for the express purpose of making it unconstitutional for a President to hold office
for two consecutive terms. Not content with this
step away from any possibility of dictatorship, the
Assembly reformed more than half the Constitution
with the idea of strengthening the civilian rule in
general as against the military and of preventing
a President from becoming a dictator. In addition
to decreeing that a President cannot, when his term
of six years expires, hold that office again for twelve
years, the Assembly abolished the provision whereby
the Legislative Assembly granted the President and
his appointed Cabinet the right to legislate during
recesses of the Assembly. Moreover, the Supreme
Court was given the right to declare laws unconstitutional and to issue writs of injunction, these having previously been the prerogatives of the Legislative Assembly or of the President if the Assembly
was not in session. Provision was also made for
freeing the Supreme Court from tfie domination
which the President has hitherto exercised over it.
The remoteness of military influence in civil affairs
was further insured by taking the right to vote from.
all those in active military service. Officers, both
civil and military, were barred from being members
of the Legislative Assembly. A final step projected
by the Assembly when it meets again March 1 was
146
FINANCIAL CHRONICLE
said to be to take from the President his power to
dominate the election machinery. "When this is
done," the "Times" dispatch added, "the recurrence
of Presidential dictatorships would seem, on paper,
to have been made impossible. Whether it will work
out this way in practice remains, however, to be
seen. Observers here cannot forget that the great de.
feet in democratic government here is that 90% of
the population are illiterate Indians. But no one
denies, either, that the work of the Constituent Assembly constitutes a very important political step
in advance."
There has been no change this week in discount
rates by any of the central banks in Europe. Rates
remain at 7% in Germany and Italy;63/2% in Austria;
6% in Denmark, Norway,and Madrid;432% in London, Belgium and Holland; 4% in France and 332%
in Switzerland and Sweden. In London open market
discounts are now 434% for short bills against 438%
sg. 43-16% on Friday of last week and 06%@45-16%
for long bills, against 434% on Friday of.last week.
Money on call in London yesterday was quoted at
332% on Wednesday, but was back to 3% yesterday,
which compares with 23/2% on Friday of last week.
At Paris open market discounts have declined from
3% to 2/%, and in Switzerland from 3 7-16% to
[Vol,. 126.
Trade advances increased 46,971,000 francs, treasury
deposits 91,497,000 francs, general deposits 304,606,000 francs and divers assets 50,341,000 francs. The
State repaid the Bank 100,000,000 francs, reducing
its indebtedness to the Bank to 23,800,000,000 francs.
Below we give a comparison of the various items of,
the Bank of France return for the past 3 years.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Jan. 111928. Jan. 12 1927. Jan. 14 1928.
for Week.
Francs,
Francs.
Francs.
Holdings—Francs.
Gold
3,880,511,414 3,884,500,168 3,683,803,093
Unchanged
In France
462,771,4781 1.864,320,907 1,864,320,907
Unchanged
Abroad—avallable
1,401,549.4251 •
Abroad—non-avail Unchanged
5,544,832,317 5,548,821,075 5,548,124,000
Unchanged
Total
342,942,105
340,855.564
6,000
Dec.
322.359.940
Silver
Bills diacounted_Dec.1,069.779.000 1.271,167,392 3,586,898,053 3.285,537.008
48,971,000 1,747,409,258 2,135,882,148 2,527,709,294
Trade advances—Inc.
Nme circulation_ _Dec. 479,425,000 58,159,740,920 52,516,287,980 51,327.883,720
28,278,872
134,841,424
40.350,369
Treasury deposita.Inc. 91,497,000
General deposits—Inc. 304,806,000 11,336,870,187 5,580,718,975 3,152,551.040
23,800,000,000 34,550,000,000 34.850,000,000
Advances to State_Dec. 100.000,000
Inc. 50,341,000 27,789.555,499 81224.798,720 3,676,580,791
Divers assets
The Bank of Germany in its statement as of Jan.
7, reports a decrease in note circulation of 393,115,000
marks, reducing the total of that item to 4,170,932,000 marks as against 3,436,803,000 marks'and 2,732,109,000 marks for the same periods in 1927 and 1926
respectively. Other daily maturing obligations fell
104,067,000 marks and other liabilities 9,777,000
marks. On the asset side gold and bullion fell off
138,000 marks while deposits abroad remained unchanged. Bills of exchange and checks decreased
493,166,000 marks, advances 55,190,000 marks and
investments 75,000 marks. Reserve in foreign currency gained 3,605,000 marks, silver and other coin
8,687,000 marks, notes on other German banks 9,253,000 marks and other assets 20,065,000 marks. Below
we give a comparison of the various items for 3 years.
A gain of £2,698,302 in its gold holdings was reported by the Bank of England in its statement for
the week ending Jan. 11, while circulation showed a
decrease of £1,795,000, and accordingly the reserve
of gold and notes in the banking department increased £4,493,000. The proportion of reserve to
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Jan. 7 1928, Jan. 7 1927. Jan. 7 1928
liabilities rose to 31.07% from 21.96%; a year ago
Week.
Retchsmarks. Retchsmarks. Retchrmarks
Retchnnarks.
Assets—
the ratio stood at 26.20%. Other important changes Gold and bullion __Dec. 138,000 1,864.505,000 1831,161000 1,208,105.000
81,437,000
abr'd_ Unchanged
98,601,000
were: Loans on Government securities decreased Of which depos. __Inc. 3,605,000 285,691,000 159,838,000 402,701,000
513,269,000
Res've in for'n curr.
£8,665,000, and loans on other securities, £27,212,- Bills of exch. & checks.Dec.493186,000 2,835,490.000 1,694,396,000 1,737,674,000
51,414.000 103,495,000
87,364,000
Silver and other coin_ --Inc. 8.887.000
000. Public deposits increased £1,236,000, while Notes on 0th. Ger. bks_Inc. 9.253,006 14,503.000 12,834,000 19,856,000
23,130,000
Dec.55,190.000
3,187,000
23,776,000
gold Advances
"other" deposits decreased £32,670,000. Total
75,000
93,358,000
Dec.
90,892,000 213,919,000
Investments
£151,- Other assets
Inc. 20,085,000 519,313,000 574,659,000 744,509,000
holdings now aggregate £155,001,549 against
Ltanlitles—
488,719 in 1927 and £144,251,647 in 1926. Notes in Notes in circulation Dec.393115,000 4,170,932,000 3,436,803,000 2,732,109,000
675,046,000 842,772,000 873,717,000
circulation now total £135,933,000, comparing with 0th.daily rnatur.oblig.Dec.104.067,000 275,143,000 204,834,000 500,894,000
Dec. 9,777,000
£141,907,835 in 1927 and 1926 Other liabilities
£138,083,730 and
respectively. The Bank's official discount rate reA steady and fairly easy money market prevailed
mains at 432%. Below we furnish comparisons of in this centre during the week just ended, the official
the various items of the Bank of England's returns rate for demand funds ranging from 4% to 43
2%,
/
for five years.
with the lower rate ruling most of the time. A heavy
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
deficit in associated bank reserves was again shown
1924.
1925.
1926.
1927.
1928.
Jan.11.Jart.12.Jan.13—ron.14-106.16.
in last Saturday's Clearing House statement, necesb135,933.000 138,083.730 141,907,835 128,133,435 125.157.945 sitating the calling of loans to the extent of $25,000,Circulation
14.882.000 15,372,145 13.803,506 11,658,758 13,944,801
.
Public deposits
110.080,000 111.539,308 114.850,578 117,865,598 109,294,789 000 Monday. A further $20,000,000 was withdrawn
Oilier deposits
GOvernnet securities 39,629,000 34,787,834 44,582,528 50,979,552 48,942,032
89,839,112 Tuesday, giving the market a firm tone for the day.
Other securities—. 64.504.000 77,058,244 80,007.071 74,388,212
Reserve notes & coin 38,818,000 33,154,989 22,093,812 22,185,985 22,683,311 Both inquiry and withdrawals were light thereafter,
128,071,258
COM and buillon—a155,001.549 151488.719 144.251,647 128,569,400
and funds seeking employment were offered in the
Proportion of reserve
1814%
171'%
17%
28.20%
31.07%
to liabilities
4
% "outside" market at 33/2% and 33 %. Time loans
4
4%
5%
5%
43i%
Bank rate
ruled fractionally higher from Tuesday. Some interbeginning with April 29 1925. 327,000,000 gold coin and bullion
w Includes.
to the est was occasioned during the week by new regulations
,
Previously held as security for currency notes issued and which 179,8 transferred
to return to the gold standard
Bank of England on the British Government's decision
Includes £27,000.000 of Bank of the Federal Reserve Bank relating to the adjustfor April 29 1925
to Beginning with the statement
return fur the same amount of gold coin and bullion
ment of member banks' reserve position. Hitherto
of England notes Issued In
redemption account of currency note issue.
held up to that time In
this adjustment has taken place once a week, but
the new ruling the reserves
adjusted
The Bank of France in its statement as of Jan. 11 under weekly. It was generally must be that this
considered
circulation of 479,425,000 twice
showed a decrease in note
would make for increased stability in the money marfrancs; the total of that item now standing at 58,159,53,516,287,980 francs last ket. The volume of brokers' loans as compiled by
740,920 francs as against
the New York Federal Reserve Bank for the 50 reyear and 51,327,863,720 francs in 1926. Gold holdunchanged while silver fell off 6,000 porting member banks again showed an increase in
ings remained
weekly statement published Thursday. The
francs and bills discounted 1,069,779,000 francs. the
JAN. 14 1928.1
FINANCIAL
CHRONICLE
147
the high point touched in December of 4.88 15-32
for cable transfers. The weakness displayed last
week is generally attributed to heavy selling of
sterling by the Bank of France against dollars for
the purpose of buying gold in New York. This
week the pressure seems to have been removed.
Another factor in the present rally is believed to be
the result of French banks and individuals taking
advantage of the removal of the French embargo
on the export of capital, to deposit funds in London.
As is well known, short-time money rates in France
are extremely low and the lifting of the embargo
is a strong inducement for French capital to take
advantage of the higher rates for money in London.
The Bank of England rediscount rate continues at
43'%. There is very much less talk of a probable
reduction in the rate. On the contrary, the body
of opinion seems to have swerved in the opposite
direction and a lower Bank of England rate is regarded as improbable in the near future. The
Bank of France holdings of sterling are very considerable and as the prospect seems to be that the
In the market for banks' and bankers' acceptances French institution will increase, rather than diminish
imthe posted rate of the American Acceptance Council the bulk of its sterling holdings, it would seem
politic for the Bank of England te lower its redisfor call loans against acceptances has again remained
1%. The count rate. Cheaper money is not expected to
unchanged throughout the week at 33'
Council, however, on Tuesday raised the rates for develop in London for some time. Were a lower
bankers' accepttinees for 90 and 120 days by A of 1% money rate in prospect within a reasonable length
and on Wednesday made an advance of M% also in of time, bankers state that the British conversion
the rates for 1:50'and 180 days. The posted quota- operation would probably have been deferred until
tions on prime bankers' acceptances eligible for pur- the advent of such a favorable condition. Another
4% factor in the firming up of sterling is said to be thl
chase by the.Federal Reserve banks are now 33
.0
bid and 3% asked for bills running 30 days; 33'1 7 resumption of transfers from New York to .London.
bid and 3A% asked for bills running 60 days; 332% New York bankers feel somewhat skeptical about
bid and 3%% asked for 90 days; 3%% bid and 33% the prospects of sterling touching the high points
%
asked for 120 days, and 3%% bid and 3 8 asked for attained in December.
After,an interval of four weeks, a consignment of
150 and 180 days. Open market rates have also
approximately £500,000 of South African gold reached
been advanced and are as follows:
the London market on Tuesday. The Bank of EngSPOT DELIVERY.
—180 Days— —150 Days— —120 Days— land seems to have acquired the greater part of this
Asked
Bid.
Asked.
Bid.
Asked.
Bid.
334 consignment, as the Bank's gold holdings for the week
334
334
334
344
Prime eligible bills
334
—90 Days— —80 Days— —30 Days—
Asked
of January 12 showed an increase of £2,698,202. On
Bid.
Asked.
Bid.
Asked.
Bid.
3
344
Prime eligible bills
334
334
344
334
Monday the Bank of England received £500,000 in
FOR DELIVERY WITHIN THIRTY DAYS.
334 bid sovereigns from Canada and released £500,000 set
member banks
Eligible
341 bid
Eligible non-member banks
aside for the South African banks, and exported
There have been no changes this week in Federal £13,000 in sovereigns to Spain. On Tuesday the
Reserve Bank rates. The following is the schedule Bank of England bought £748,000 in gold bars, which
of rates now in effect for the various classes of paper probably included the entire South African shipment.
On Wednesday the Bank of England sold £7,000 in
at the different Reserve banks:
gold bars and exported £7,000 in sovereigns to India.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
On Thursday the Bank exported £21,000 in sovereigns
to Spain. Yesterday it shipped £5,000 bar gold to
Date
Rate in Effect
Precious
Established.
Rate.
on Jan. 13.
Federal R488104 Bank.
Spain. At the Port of New York the gold movement
4
Boston
Aug. 5 1927
344
for the week Jan. 5-11, as reported by the Federal
Aug. 5 1927
New York
4
334
Philadelphia
Sept. 8 1927
4
344
4
Reserve Bank of New York, consisted of imports of
Cleveland
344
Aug. 6 1927
Richmond
Aug. 16 1927
4
334
Aug. 13 1927
4
Atlanta
821,597,000, of which $97,000 came chiefly from
334
4
Chicago
Sept. 7 1927
344
Aug. 4 1927
4
Bt. Louis
334
Latin America and $21,500,000 from Canada. Ex4
Minneapolis
344
Sept. 13 1927
July 29 1927
4
Kansas City
834
ports totaled $29,229,000, of which $6,500,000 went
Dallas
Aug. 12 1927
4
,
334
334
Sept.10 1927
4
San Francisco
to Argentina, $6,000,000 to Brazil, $4,000,000 to
Holland, $2,000,000 to Belgium, and $3,000,000 to
Sterling exchange, it will be recalled, was under Uruguay. This leaves $7,729,000 of gold exports
pressure last week. This week the position was unaccounted for. It may be assumed that the
reversed, and while the foreign exchanges have been greater part of this hidden shipment went to France.
on the whole extremely dull, sterling has nevertheless The South American shipments were accounted for
rallied steadily from day to day, from a low point in this column last week, an'additional $6,000,000 in
on Saturday last of 4.87 1-16 for cable transfers. gold is expected to go from New York to-day for
The range for the week has been 4.863 to 4.87% Brazil. In addition to the above officially reported
for bankers sight, and from 4.87 1-16 to 4.88 for receipt of $21,500,000 gold from Canada, the Intercable • transfers, • an average appreciation of a full national Acceptance Bank received $1,500,000 and
point. The present quotation is of course below the Bank of Montreal $2,500,000. Canadian ex..'
advance of $9,550,000, though not large in itself, is
superimposed On a total increase over the past twelve
a
Months that c• n only be regarded as spectacular.
The. grind total of such loans again established a
•
'High record.
Dealing in detail with the rates from day to day,
the renewal rate for call loans on the Stock Exchange
on Monday was 4%, but on new loans there was an
On Tuesday all
advance later in the day to 4
loans were at 4/%, including renewals. On Wed/%, but the
nesday the renewal rate was again 41
General rate dropped to 4%. On Thursday and Friday all transactions were at 4%. Time loan rates
have stiffened somewhat and yesterday quotations
3@41
were 0/ 4% for 30 and 60 days and 43j@
4V% for four, five and six months. There has been
no change in the rates for commercial paper, which
remain at 39®4% for four to six months' names of
choice character. For names less well known the
quotation remains at 431%. For New England mill
paper the quotation is 4%.
148
FINANCIAL CHRONICLE
change continues at a discount, which ranged this
week from 3-16 to 11-64 of 1%.
Referring to day-to-day rates, sterling declined
sharply in a dull market last Saturday. Bankers
sight was 4.863®4.87, cable transfers 4.87 1-16®
4.873/2. On Monday there was a rally. Bankers
sight ranged from 4.86 13-16 to 4.87 and cable
transfers from 4.873 to 4.87 7-16. On Tuesday
the firmness continued. The range was 4.86 13-16®
4.87 1-16 for bankers sight and 4.87 5-16@4.87 15-32
for cable transfers. On Wednesday the quotation
continued to gain ground. The range was 4.87®
4.87 5-16 for bankers sight and 4.87 15-32®4.87N
for cable transfers. On Thursday the rally con1
tinued. Bankers sight was 4.874@4.87 15-32
and cable transfers were 4.87%®4.87%. On Friday
rates moved still higher, the range being 4.879'®
4.87%. for bankers sight and 4.87 13-16@4.88 for
cable transfers. Closing quotations yesterday were
4.87 9-16 for demand and 4.87 15-16 for cable
transfers. Commercial sight bills finished at 4.87%,
60
-day bills at 4.833/2, 90-day bills at 4.81 11-16,
documents for payment (60 days) at 4.833/2 and
seven-day grain bills at 4.86 13-16. Cotton and
grain for payment closed at 4.87%.
FOL. 126.
note that a second gold shipment was made from
New York to Brussels, making a total in the past two
weeks of $3,200,000. There is nothing new in the
Italian exchange situation. Forecasts of the business
outlook made in Rome at the beginning of the year
were altogether optimistic and there have been satisfactory advances in the prices of stocks and of
Government securities. However, it is recognized
that strenuous endeavors must be made to improve
the economic situation and to bring about an accumulation of capital through productive developments
rather than to place too great dependence upon
foreign loans. The cost of living has not yet adjusted
itself to the stabilized lira.
German marks, like the other European gold units,
show a strong tendency to follow the movements in
sterling exchange. The Berlin unit is firm, although
it has receded from the high ground attained in
December. There are evidences of resumed flow of
credit from New York to the German centers. As
stated here a few weeks ago, a noticeable resumption
in foreign borrowing was looked for by New York
bankers immediately after the turn of the year.
Estimates published in Berlin place the total longterm German borrowing during 1927 at approximately
1,460,000,000 marks, which compares with approxiThe Continental exchanges have been dull, al- mately 1,698,000,000 marks in 1926. The shortthough more active than last week. Interest centers term money market in Berlin is slightly more ravorlargely in the French franc and in discussions rela- able than a while ago, but it is confidently believed
tive to the early stabilization of French currency. that rates will continue sufficiently high to be atIt is singular that the gold holdings of the Bank of tractive to foreign funds throughout the year.
France continue at 5,544,800,000 francs, although Berlin dispatches state that there is very little
France has drawn so much gold from New York prospect ofia reduction in the R,eichsbank rediscount
and London. French gold purchases in New York rate. The current statement of the R,eichsbank,
total $17,000,000 in recent weeks, according to which may be found on another page, is not so favorParis dispatches, and as noted above, a disguised able to a:lower rediscount prospect.
While Greek exchange is always very inactive in
shipment this week of $7,729,000 is believed to be
destined for France. Sundry Assets of the Bank New York, a fact of interest is that the Greek
of France, which include holdings of foreign exchange, Finance Minister has concluded negotiations with an
chiefly of sterling, show a further increase for international syndicate for the flotation of a loan
the week of 50,341,000 francs, making a total of approximating $43,800,000, of which $17,500,000
27,789,500,000 francs, whereas a year ago these will be floated in New York. The loan is under the
holdings were only 6,124,798,000 francs. Foreign auspices of the League of Nations, carries a 6%
exchange holdings of the French bank are now coupon, and will be used mainly for refugee settleestimated at roughly $1,250,000,000, mostly held in ment and currency stabilization purposes.
The London check rate on Paris closed at 124.02
London or other European centers, where the return
on money is higher than in New York. It seems on Friday of this week, against 124.02 on Friday
probable that these holdings will increase rather of last week. In New York sight bills on the French
than diminish, as they must of necessity constitute centre finished at 3.933, against 3.93 a week ago;
the chief reliance in any stabilization program which cable transfers at 3.9332, against 3.93. , and com1
4
may be undertaken. There is nothing new regard- mercial sight bills at 3.93, against 3.92%. Antwerp
ing plans for stabilization and the concensus of belgas finished at 13.94 for checks and at 13.95 for
opinion seems to be that the matter will not be cable transfers, as against 13.96 and 13.97 on Friday
hurried, but will be made to await the result of the of last week. Final quotations for Berlin marks were
May elections. The decree issued on Jan. 10 raising 23.82. for checks and 23.83 for cable transfers, in
the embargo against the export of French capital is comparison with 23.823/i and 23.833 a week earlier.
of importance in foreign exchange. Henceforward Italian lire closed at 5.289 for bankers' sight bills
the foreign exchange market will be free and French and at 5.29 for cable transfers, as against 5.283'
nationals may buy foreign securities without legal and 5.29 last week. Austrian schillings have not
8.
restriction. The lifting of the embargo is reflected changed from 143/ Exchange on Czechoslovakia
/
in the rise in the sterling quotations this week. finished at 2.963/8, against 2.961 8; on Bucharest at
As already noted, large transfers of bank funds 0.62, against 0.613/2; on Poland at 11.15, against
were made from Paris to London to take advantage 11.15, and on Finland at 2.52, against 2.52. Greek
of the higher interest rates, as short-time money is exchange closed at 1.333 for checks and at 1.333/i
practically without a market in Paris. It is a for cable transfers, against 1.32h and 1.323/2 a
reasonable presumption that the American security week ago.
market will also feel the effect of increased buying
In the exchanges on the countries neutral during
by Frenchicitizens.
Belgian exchange has been extremely inactive in the war the tendency this week has been to follow
New York this week. It is interesting, however, to the improving tone of sterling exchange, though in
.TAN. 14 1928.]
FINANCIAL CHRONICLE
themselves the neutrals have been extremely dull,
all having receded from the high points reached
toward the end of December. As noted above, a
shipment of $4,000,000 in gold was made from New
York to Holland this week. The attitude of the
Netherlands Bank toward gold imports and exports
was briefly outlined here last week. Bankers here
now feel that it is very much less likely that either
Holland or the Scandinavian countries are likely
to make drains on the American gold holdings.
Norwegian krona, together with the Spanish peseta,
are subject to considerable speculative trading in
view of probable resumption of the gold standard in
both countries. This week the peseta was under
some pressure and yesterday sold as low as
16.97 for cable transfers, which compares with
the closing price on Friday of last week of
17.24 for cables. Transactions in the peseta
were confined largely to European centers, especially Amsterdam.
Bankers' sight on Amsterdam finished on Friday
at 40.32, against 40.32 on Friday of last week; cable
transfers at 40.34, against 40.34, and commercial
sight bills at 40.28, against 40.26. Swiss francs
closed at 19.263/2 for bankers'sight bills and at 19.27
for cable transfers, in comparison with 19.273/ and
2
19.28 a week earlier. Copenhagen checks finished
at 26.79 and cable transfers at 26.80, against 26.79
and 26.80. Checks on Sweden closed at 26.89, and
cable transfers at 26.90, against 26.93 and 26.94,
while checks on Norway finished at 26.60 and cable
transfers at 26.61, against 26.59 and 26.60. Spanish
pesetas closed at 17.04 for checks and at 17.05 for
cable transfers, which compares with 17.23 and 17.24
a week earlier.
149
checks and at 3.93 for cable transfers, against 3.92
and 3.93.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 7 1928 TO JAN. 13 1928, INCLUSIVE.
Noon Buying Rats for Cable Transfers So New Tory,
Value in United Mates MOISef.
Jan. 7. Jan. 9. Jan. 10. Jan. 11. Jan. 12. Jan. 13.
EUROPE$
$
$
$
$
S
Austria,whining
140947 .140978 .141067 .140871 .140884 .140871
Belgium, belga
139477 .139486 .139495 .139487 .139491 .139442
Bulgaria, ley
007254 .007225 .007258 .007212 .007225 .007254
Czechcelovakla. kron .029629 .029628 .029630 .029630 .029628 .029629
Denmark, krone
267738 .267705 .267775 .287813 .267919 .267960
England, pound ster .872083 .872883 4.873556 .874851
ling
4.877670 4.878252
Finland, markka
025184 .025186 .025186 .025184 .025187 .025185
France,franc
039290 .039291 .039297 .039302 .039315 .039327
Germany, reichsmark .238032 .237927 .238039 .238087 .238130 .238259
Greece. drachma
013238 .013233 .013243 .013238 .013243 .013292
Holland. guilder
403035 .402995 .402988 .403006 .403120 .403329
Hungary, pengo
174726 .174770 .174755 .174766 .174748 .174730
Italy, lira
052856 .052865 .052874 .052874 .052882 .052873
Norway, krone
265678 .265707 .265777 .265792 .265975 .266045
Poland, zloty
112525 .112455 .112475 .112465 .112322 .112475
Portugal. escudo
049439 .049506 .049641 .049358 .049287 .049460
Rumania,feu
006180 .006180 .006187 .006170 .006180 .006181
Spain. peseta
172645 .172280 .171883 .171121 .170830 .170076
Sweden,krona
269070 .268965 .269043 .269018 .268973 .268989
Switzerland, franc_ _. .192711 .192683 .192693 .192710 .192704 .192694
Yugoslavia, dinar _ _ _. .017626 .017628 .017629 .017626 .017625 .017633
ASIAChinaChen/0 tael
670416 .669166 .666750 .670000 .670416 .664791
Hankow tael
.660000 .658333 .657083 .660000 .659166 .660000
Shanghai tadl
644464 .643035 .642328 .643392 .643035 .640892
Tientsin tadl
676666 .674583 .674166 .675416 .676250 .673541
Hong Kong dollar.. .509642 .509285 .508750 .509464 .508660 .506785
Mexican dollar_ __ _ .461250 .460500 .460000 .458625 .458625 .457750
'Tientsin or Pelyang
dollar
-4- 458750 .456666 .456666 .455208 .456041 .455416
Yuan dollar
.455416 .453333 .453333 .451875 .452708 .452083
India,rupee
367342 .367253 .367285 .367350 .367271 .387403
Japan, yen
468318 .470478 .470387 .468068 .469096 .470062
Bingapore(S.5.)dollar_ .567500 .567500 .586686 .567083 .567083 .566666
NORTH AMER.
Canada. dollar
.998120 .998098 .998111 .998142 .998159 .998085
Cuba. peso
999031 .999031 .999031 .999156 .999031 .999031
Mexico. peso
486666 .486686 .486833 .487000 .488000 .487833
Newfoundland, dollar. .895750 .995781 .995750 .995825 .995750 .995390
SOUTH AMER.Argentina, peso (gold) .970740 .970465 .970413 .970345 .970781 .970806
Brazil, milreis
.119954 .119883 .119927 .119909 .119963 .119990
Chile, peso
121991 .121991 .122091 .122125 .122125 .122158
Uruguay. peso
1.033137 1.031120 1.029420 '.028100 1.029350 1.029680
Colombia, peso
.979200 .979200 .079200 .079200 .979200 .980000
Country mut M
Unit.
The Far Eastern exchanges have exhibited considerable ease this week, which was especially noticeable in Japanese currency. The yen declined sharply
on Wednesday on selling from New York. New York
bankers state that the speculative position of the
currency was an important factor in this week's
decline. For several weeks the Chinese and some of
the European centers have been buying, with the
result that the yen rose from around 46.00 in midDecember to around 47.12 on Monday and Tuesday
of this week. The recent high was based on prospects
of large Japanese financing in New York and on a
better silk market. Apparently the buying was
overdone, for a large volume of selling appeared in
New York on Wednesday, which was followed by
selling in foreign markets. The Japanese financial
authorities would not look with favor on any sharp
rise in the yen as the result of speculative trading, as
it would have a depressing effect on business and the
trade balance. However, it may be affirmed that on
the other hand they will take an aggressive attitude
toward any bear speculation. Japanese foreign trade
this year, according to preliminary figures to Dec.
25, indicates the smallest import balance of any
year since 1919. The import balance totals 169,971,000 yen, which compares with 332,756,000 yen in
1926. In 1924, the earthquake reconstruction year,
the import balance was 646,357,000 yen. Closing
quotations for yen checks yesterday were 46.883i,
against 47 1-16 on Friday of last week; Hong Kong
closed at 50%@51 3-16, against 51.20@,51%;
Shanghai at 643g4)64%, against 643(4)64 13-16;
Manila at 49 9-16, against 49 9-16; Singapore at
563'8(4)573/ against 57V8@57 8;Bombay at 36 15-16,
8,
/
against 37, and Calcutta at 36 15-16, against 37.
The South American exchanges have been dull. In
the review above of sterling exchange a shipment of
$6,500,000 in gold to Buenos Aires was noted as part
of the Federal Reserve Bank's weekly accounting;
also a shipment of $6,000,000 to Brazil and of $3,000,000 to Uruguay. These shipments were accounted
for in detail here last week. Another shipment of
$6,000,000 is expected to leave New York to-day for
Brazil. The business prospects of Argentina are considered exceedingly encouraging, with export prices
satisfactory to Buenos Aires shippers. The export
season is, however, practically at an end. Argentina
continues to take gold directly from South Africa.
During the first eleven months of 1927 the total gold
imports amounted to approximately $72,000,000.
Contrary to general opinion, the bulk of this gold
does not reach the Conversion Office, as the gain of
gold held by the Conversion Office has been only
around $11,500,000. It is not known what happened
to the large volume of gold imported during the past
few months. The importers are, of course, responsible for the large gold acquisition, and the larger part
of the metal must find its way into the banks, especially the Banco de la Nacion. The Argentine Government is considering a plan for currency unification
under the auspices of the Banco de la Nacion. Hence
the bank's endeavor to increase its gold stock. Argentine paper pesos closed yesterday at 42.71 for checks,
as compared with 42.72 last week, and at 42.76 for
cable transfers, against 42.76. Brazilian milreis finished at 11.99 for checks and at 12.00 for cable transfers, against 11.99 and 12.00. Chilean exchange
Owing to a marked disinclination on the part of two
closed at 12.21 for checks and 12.22 for cable trans- or three leading institutions among the New York.
fers, against 12,21 and 12.22, and Peru at 3.92 for Clearing House banks to keep up compiling the figures
150
FINANCIAL CHRONICLE
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:
[VoL. 126.
tary Kellogg was said to have outlined to the French
Ambassador. What the United States had in mind
at that time, as evidenced by Secretary Kellogg's
discussion of the matter with the Senate Committee
on Foreign Relations on Dec. 21, was the renewal of
the Root Treaty of Arbitration with France, proclaimed on Feb. 27 1908, several times renewed for
five-year periods and now about to expire unless
again renewed, but with the incorporation, in some
form, of M. Briand's proposal of an agreement that
the two countries should never go to war with one
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANP
AT CLEARING HOUSE
another. The conclusion of such an agreement, it
Monday, !Tuesday. Wednescry. Thursday, Friday
Aggregate
Saturday
was understood, would give practical form to the
for Week.1
Jan. 9. Jan. 10. Jan. 11. Jan. 12. Jan. 13.
Jan. 7.
proposal to outlaw war.
120,000,000 109 000,000 127,000,000 112.000.000 103.000,000 Cr. 609.000060
113.000
Consideration of the proposal was not long in deNote.—The foregoing heavy credits reflect the huge mass of checks which come veloping a number of serious objections on both
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, sides. The original Briand proposal apparently conhowever, 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 templated an absolute pledge by the two Governthe daily balances. The large volume of checks on institutions located outside in
New York are not accounted for in arriving at these balances, as such checks do ments not to go to war with each other. The Amerinot pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
can Government, it was understood, saw in such a
pledge a possible infringement of the Constitutional
The following table indicates the amount of bul- right of Congress to declare war, a possible interferlion in the principal European banks:
ence with the American policy of isolation in European political affairs, and a possible source of conJan. 13. 1927.
Jan. 11 1928.
Banks of
troversy with the League of Nations. The French
Gold.
Gold.
Silver.
Total.
Silver.
Total.
Government, in turn, seems to have perceived, upon
England.. _ 155,001,549
155,001,549 151,488,719
151,488,719
France a__ 146,220,344 13,717,663159,938,007 147,380,007 13,600.000 160,980,007 further reflection, that a treaty outlawing war beGermany b 89,153.400
c994,600 84,559,600
c994,600 90.148.000 83,565.000
Spain ____ 104.142,000 27,404,000 131.546,000 102,277,000 27,004,000 129,281,000 tween France and the United States might be folItaly
46,969,000 3,771,000 50,740,000 45,656.000 4,161,000 49,817,000
Netherl'ds 33,341,000 2,306,000 35,647,000 34,540,000 2,334.000 36,874,000 lowed by other similar treaties between the United
Nat. Belg_ 20,526,000 1,242.000 21,768,000 17,722,000 1,073,000 18,795,000
Switzerl d 19,673,000 2,536,000 22,209,000 18.259.000 2,933,000 21,192,000 States and other Powers.
'
How, for example, it
Sweden_
12,787,000
12,787,000 12,477,000
12,477,000
Denmark_ 10,112.000
611,000 10,723,000 11,610,000
838,000 12,448,000 was asked, would French opinion react to a treaty
Norway __ 8,180,000
8,180,000 8,180,000
8,180,000
outlawing war between the United States and GerTotal week 646,105,293 52,582,263698,687,556 633,154,726 52,937,600680,092,325
Frey. week 644,409,891 52,640,503697,050,394 32,726,431 53,001,600685,728,031 many,
and how would such a treaty affect the posia Gold holdings or the Book of France are exc usive of gold held a
ad,amounting
the Present year to £74,572.866. b Gold holdings of the Bag of Germany are tion and obligations of France or other Powers as
exclusive of gold held abroad, the amount of which the preset' year Is £4,071,850.
members of the League?
c As of Oct. 7 1924.
A new turn was given to the matter with the anAn Anti. War Treaty Between the United States nouncement, on Dec. 31, of the receipt of information
and France.
at Paris that the American Government was pre•
The origin of the discussion which has been going pared to consider the conclusion of two treaties inon for the past month between the United States stead of one. One of the treaties, it was reported,
and France over a proposed anti-war treaty between would be virtually a renewal of the Root Treaty
the two countries goes back to the early part of which was about to expire, perhaps with some extenlast year, when M. Briand, in a message to the Amer- sion of its scope, while the other would combine the
ican people on the anniversary of the entrance of the so-called outlawry of war and the principle of arUnited States into the World War, urged the adop- bitration, and instead of being restricted to the two
tion of an agreement to outlaw war, and virtually' countries would be open to acceptance by other
pledged the support of the French Government to powers. The main reason, it was said, for the enthe proposition. The proposal, while greeted with larged scope of the second treaty was the feeling
enthusiasm by friends of the League of Nations, and of the Administration that a treaty between the
warmly commended by President Nicholas Murray United States and France alone, embodying the BriButler of Columbia University, on April 26 in a and proposal, would be tantamount to an offensive
letter to the New York "Times," does not appear to and defensive alliance, thereby infringing a timehave received any special consideration from the honored American policy.
Department of State until December, when reports
On Jan. 3 Secretary Kellogg transmitted to the
of conversations between Secretary Kellogg and Am- French Government the draft of a proposed treaty
bassador Claudel began to appear in the press. A of arbitration intended to replace the Root Treaty,
step-by-step review of what has taken place since, but differing, apparently, from the Root Treaty in
as far as the facts of the case have been made pub- limiting the questions to be exempted from arbitralic, will aid in understanding the course of the nego- tion, which under the Root Treaty comprised questiations and the exact nature of the matters in dis- tions affecting national honor, independence and
other vital interests, to questions affecting the Monpute.
It was announced on Dec. 19 that the French Gov- roe Doctrine or matters of purely domestic concern,
ernment had received from Ambassador Claudel a and disputes with a third party. Accompanying
list of suggestions which the American Government the draft treaty was a note to the French Governhad made for the drafting of a treaty outlawing war ment announcing that the American Government
between the two countries. The suggestions them- was willing "to concert with the Government. of
selves were not made public, but it was announced France with a view to the conclusion of a treaty
on the following day that the French Government among the principal powers of the world, open to
had agreed to them, save in regard to certain techni- signature by all nations, condemning 'war and re- cal and legal aspects of the four points which Secre- nouncing it as an instrument of national policy in
JAN. 14 1928.]
FINANCIAL CHRONICLE
151
favor of the pacific settlement of international dis- and proposal of a unilateral treaty limited to the
putes." In a note made public on Jan. 6, Ambassa- abandonment of aggressive war, but suggesting that
dor Claudel informed Secretary Kellogg that the the original Briand proposal of "the unqualified
French Government was disposed to join "in propos- renunciation of all war" be taken up by the Ameriing for agreement by all nations a treaty to be signed can and French Governments with the Governments
at the present time by France and the United of Great Britain, Germany, Italy and Japan.
It should have been clear—perhaps it was clear
States," under the terms of which the parties "shall
renounce all war of aggression and shall declare that to both France and the United States—that any such
for the settlement of differences of whatever nature proposal as that of M. Briand, when translated into
which may arise between them they will employ all the specific terms of a treaty, would involve the sopacific means," and that the parties "will engage lution of exactly the same problems which the
to bring this treaty to the attention of all States League of Nations, after months and even years of
and invite them to adhere."
debate, has failed completely to solve, and the conquestion a tinued discussion of which, with no practical outAmbassador Claudel's note gave the
new and unexpected development. The original Bri- come anywhere in sight, has caused the subject of the
and proposal, as summarized for the first time in "outlawry of war" to fall a good deal under conSecretary Kellogg's note of Dec. 28, had provided tempt. Merely as a gesture of international friend"that the two powers should solemnly declare, in liness, it was perhaps a generous thing for the
the name of their respective peoples, that they sol- United States to propose a general treaty for the
emnly condemn recourse to war, renounce it as an abolition of war, but it is hard to see how such a
instrument of their national policy toward each treaty, even if it were entered into, could have beother, and agree that a settlement of disputes aris- come binding upon the United States without a Coning between them, of whatsoever nature or origin stitutional amendment taking from Congress the
they may be, shall never be sought by either party right which it now has to declare war, or how it
except through pacific means." The French pro- could have been expected that the Senate would give
posal of Dec. 6, on the other hand, as submitted by its approval either with a proposed amendment of
Ambassador Claudel, provided for the renunciation the Constitution or without one. A treaty, in the
by the two countries of "all war of aggression." It American constitutional system,is on the same basis
was immediately perceived by the Department of as a statute. It cannot modify the Constitution,
State that this new proposal involved the same but must itself conform to the Constitution. Moreproblem which has vexed the debates in the League over, if a general treaty outlawing war is to stand
of Nations ever since the subject of an anti-war side by side with such treaties as the Root arbitraagreement has been before that body, and which has tion treaties, which except certain subjects from arcaused first one and then another of the various bitration, what is to happen if one or another of
propositions which have been framed to be rejected those excepted subjects becomes, as it might become,
either by the League or by its important members, the provocative occasion of war?
namely, the determination of which party is the
It was certainly right for the Department of State
aggressor in a war. Historically, most wars have to reject the latest form of the French proposal,
been of complicated origin, and not seldom one party and it is probably well that the whole subject should
has appeared to be almost or quite as much to blame now rest, as it seems likely to rest for a time, in abeythe other, and the possibility of such complica- ance. We have more than once pointed out the futions becomes greater as the relations of States be- tility of expecting that war should be abolished
come more complex, and overlapping alliances bind merely by concluding international agreements not
States together in groups whose proper course, in to go to war, or that proposals of universal peace
the event of war, might often be very hard to define. should be taken seriously as long as the nations that
The reason for the French change of front was make them continue to strengthen their armaments,
made clear in further instructions reported to have form offensive and defensive alliances, or keep alive
been sent to Ambassador Claudel on Jan. 9. The the enmities and injustices born of former wars.
French Government, it was said to have been pointed There is point to the European criticism that the
out, while entirely willing to accept Secretary Kel- United States, with a $750,000,000 program of naval
logg's proposal of a general renunciation of war in construction before Congress, and a war of intera treaty between the two countries, could not make vention on its hands in Nicaragua, is hardly in a betthe compact a general one among the nations with- ter position than any other great power to urge the
out considering the obligations of France to its Al- claims of universal peace. It were better that dislies and to the League. Dispatches from Paris on cussion of a treaty for the universal abandonment
Tuesday announced that Great Britain and France of war should drop until the Europenn skies, clouded
had agreed to pursue identical policies toward Secre- almost every week by some new disclosure of natary Kellogg's suggestion of a general. treaty, there- tional irritation, are clearer than they now are, until
by insuring that any reservations or exceptions some way shall have been found to end the chaotic
made in a treaty with the one would have to be in- conditions in China, and until the national will to
cluded in a treaty with the other, and, incidentally, peace, now so little in evidence in many parts of the
safeguarding their own foreign policies and their world, shall have asserted itself with greater vigor.
positions as the dominating members of the League.
The inevitable halt came the same day, when SecreVision and Visionary.
tary Kellogg handed to Ambassador Claudel a note
Just now, while we are sweeping the world with
informing him that the United States could not
become a party to such a peace treaty as had our new instruments of sight and hearing, there is
been under discussion unless it had assurances that a word come into extended use, named "vision"! In
a considerable number of other countries were pre- its present meaning it applies to one who has great
pared to join, and that it could not accept the Bri- foresight coupled with wisdom. We require of our
152
FINANCIAL CHRONICLE
(Vox.. 126.
important men that they shall have vision—outlook parable. Contemptuous of the outworn Victorian
upon affairs, broad, penetrating, futuristic. No era, we have no praise for the Georgian.
pent Utica must contain them. They must seek and
Now, what do we learn from this peculiar menfind a better world in to-morrow, duly appreciating tal attitude? Some say it is transition.
We have
the good world of to-day. We have come to apply grown so in "vision" that Holmes, Lowell
and Longthe word to the business man who is optimistic; to fellow are too tame, they rarely looked forward
and
the scientist who beholds the overcoming of all often looked backward upon the verities of
the
things; to the social man who contends that man- simple life, they had not outgrown their own souls,
kind is happier than ever before; to the working and they no longer interest us. Coming closer home
man who believes that with wages and working con- to statesmen, Clay, Calhoun and Webster are outditions as they are, he is at last coming into his grown because we have a mission to save the world
own; and to the politician or statesman who is sure by self-determination of peoples, end war by war,
that the family of nations is at hand. We and make all safe and snug for democracy. Ah,
are told that "machines are giving universal that was a wondrous vision, but where is it now?
leisure, and universal leisure makes universal Was it the dream of a visionary given by a leader to
culture a possibility.
But a large propor- a leaderless people? We would not quite say that—
tion of human beings are so constituted that they rather that a people was caught up by a vision
they
do not want to actualize that possibility"—it makes thought they could see, but which they could
not
little difference in our conception of the need of understand. Have we a philosopher like Spinoza
vision. Not long ago the speaker was introduced or Kant? No,.but we can understand Karl Marx
as "a man with a message." Now, he must be a man and Rousseau. No Voltaire, though we once had
of vision. And he must see all things converging to Tom Paine, whom we have forgotten. Off on the
a millennium.
dim and turbulent horizon of anarchy we have the
On the contrary, the "visionary" is one who sees tomb of Lenin by the grave of Russia. A veritable
things astigmatically. His motive may be right, but hodge-podge—something new and different hovers
his method is wrong. He is just as sure as the man about us. Visions changing like cinema pictures
with a vision that all things will come out right in but never a flash-back to "the good old days that are
the end, but he has his own method of changing evil gone forever." Though, after all is said, we have
into good. He is perfectly willing to put his vision Dempsey and Babe Ruth and Bobby Jones is our
into action and being. Sometimes, he asserts that cousin.
the cause justifies the means, though the means is
The visionaries haunt us and the visions transoutside the law. The man with a vision may be form us. We have no time to be our plain old-fashwilling to wait awhile, but the visionary is impa- ioned selves. The man we call average lives
on a
tient, and wants his porridge now. He knows that vast plain above his predecessors, works
hard and
if he makes the world right before he dies it will grumbles, grows bewildered over it all,
and asks
remain right. Man on earth may be a million years "what is to be the end"? No one knows, least
of all
old, he does not know or care, he is certain he can the men of vision and the visionaries.
Change, conperfect him in a few years. He is interested in to- stant change, but what is the destination
? Stars
day, and to-morrow can take care of itself. Once and nebulae resolved into their constituent
parts;
right, always right. The visionary rails more against food, drink, soil, plant, crystal, and cell,
analyzed
the man than the machine. "All's right with the and synthesized, and the farmer crying for
help;
world," if it were not for laws, governments, prop- machines to bring limitless leisure and nothing to
erty, and combines. All along the way to this finale, do when provided; everybody educated to the
top
there are intermediate stages where the visionary notch and millions dazzled by the light of
knowledge
beholds social adjustments that will make things they cannot apply and seem to have no use for; reliright—equality of bourgeois and proletariat; public gion yearning for unity and standing pat on the
first
utilities open to all without cost to anyone, national chapter of Genesis; laws multitudinous as the seas
improvements, such as free newspapers, churches and enforcement seven years away; resources unand theatres; sumptuary laws and college degrees touched, wealth undreamed-of, benefactions without
abolished; time in which to enjoy the manifold bless- number, and the dictatorship of the proletariat
; and
ings of up-to-date living; the right to believe that Science, the new Light of the World, science
pure
war will end war.
and science applied (and every human soul aching
Between the man of vision and the visionary there for the real spiritual), science the discoverer
and
is one point in common, they disdain to look back- exploiter of all, save love, simplicity,
kindness and
ward. Experience is only a crutch, the forward. trust in the Good. Metaphysics enough
to crack a
looking man must walk on his own feet. There are brain, but not enough ethics to pay foreign
debts.
so many things that are wrong. There is so much What a topsy-turvey world!
to do to realize the vision. It must come quick, like
And yet all is not lost. If the visions do not come
wealth, fame, success. Our service to each other, true, the visionaries are replaced by others.
If there
man to man, is so lacking in vision. We must all are no great men to worship, we can fall back on
ascend to the mountain top. And like Alpine travel- the little fellows. If there are no leaders, we will
ers, we must all go together, tied by the rope of be compelled to plod along without them, like brave
"uplift." Hence societies for co-operative work in individuals in a true democracy. If mass production
all the natural avenues of life. Yet it is said we does not actually feed and clothe us for nothing, we
have no true "great" men. How can there be lead- may take a day off and work. If we cannot all have
ers when all are on the same level. No great preach- the visions of a harmonious world at rest we can
ers, lawyers, doctors, only a few individualists like each plant a garden, read a book, even if it is a
Ford and scientists like Edison and Ein- month (or a year) old, admire the flowers, if only
stein. Intellectually poverty-stricken, and with in a box-window, and walk into the country where
universities, libraries, research foundations, incom- a few trees are still standing. If we cannot save the
JAN. 14 1928.]
FINANCIAL CHRONICIfE
world we can make a try at saving ourselves. If we
cannot all fly, we can dig in for the winter, beside
a pleasant grate fire, and invite the neighbors to
come in and talk of the days when we were all boys
together. No, there are a few things left in an age
of "vision," a scientific and mechanistic age. Conversations over the back-yard fence, said to rule the
world, are still possible, and if we cannot gather at
the store at night we can avoid the mob at the corner
howling for an equality of ownership. We can still
choose between pursuit of what we think we ought
to have "by right," and possession of what we have
honestly earned.
But what a good world it is, after all! Not so much
the things seen, heard and known—as the seeing and
hearing and knowing—the world of the human
heart! Man, the interpreter of it all, God only the
Creator! Millions of beings, working, striving, attaining, aspiring, through knowledge for love! The
ineffable gift of life—not for self so much as for
others. Science, literature and art, laws and governments, mechanics and products, ever multiplying,
for the comfort, content and joy of man—the inner
man. Not thought, wonderful as that is, as much
as love which works the miracles that only the soul
can lay hold upon. What concept of religion or
science can express more of devotion than this
stanza by Stanton?
"This world we're all a-livin' in
Is mighty hard to beat,
You git a rose with every thorn,
But ain't the roses sweet!"
The Growth of Economics as a Science
in America.
A year ago we called attention to the dinner given
in the University Club to Professor John Bates
Clark of Columbia on his eightieth birthday. It was
in recognition of his services as a leader in the creation and development of the modern science of
economics. As it drew together a large and distinguished company of representative and professional
men, it was sure to be followed by important publications of general interest.
These have now appeared in "Economic Essays
Contributed in Honor of John. Bates Clark," published by Macmillan under the sponsorship of the
American Economic Association. It is a volume of
essays by 17 of his associates and former students
covering as many aspects of a widely recognized
subject which has now become in the fullest sense
a modern science. The number of the diverse essays
and of the authors serves to show the range of the
book. We limit ourselves to reference to a couple
of introductory essays and two others of immediate
practical significance.
Prof. Hollander of Johns Hopkins University
is the responsible editor, and he writes briefly of
Professor Clark's position as an economist. All the
authors have this subject in mind, but he points
out that the 13 years, 1886 to 1899, bounded by the
appearance of Professor Clark's two books, The Philosophy of Wealth and The Distribution of Wealth,
embrace his original creative work and constitute
an important epoch in the development of American
economic thought. Previously the study had been
mainly an importation from Europe; but a new
spirit of realistic study of immediate phenomena
now arose and Professor Clark's lead was soon followed by a group of younger men. Taussig at Har-
153
vard, Hadley at Yale, Seligman and Mayo Smith at
Columbia, Ely at Johns Hopkins, James at Pennsylvania, and Adams at Michigan, pursuing independent lines of separate investigation, laid solid foundations for a definite and distinctive advance. Some
80 years earlier, Ricardo, destined to be a commanding authority, had admitted "the non-existence of
any measure of absolute value," but little advance
had been made in the old controversy concerning the
parts played by the consumer and the producer, the
demand and the supply, the utility and the cost.
Professor Clark now became a leader and, beyond
any, the founder of an American school of economists. Professor Clark himself says that while he
studied to advantage in Heidelberg, there was but
little interest in economics in Germany in the '70s.
A new interest appeared later and has greatly developed. In recognition of this Tuebingen has recently on its 450th anniversary conferred on him the
degree of Doctor of Political Science.
Professor Seligman's.essay follows with a detailed
history of political economy since the term was first
used in 1615. For two centuries it was little regarded, and only in very recent times outside the
chairs of politics, history and law, was it considered
in the universities, except by the professors of moral
philosophy or natural law. In the 19th century it
was more specifically treated in Europe, but it was
slow in getting recognition. Beginning as a matter
of "Merchant's Accounts," it was included in the
curriculum of the University of Pennsylvania in
1750, and in 1792 a professorship of economics was
established in Kings College, the original of Columbia University. The incumbent is described in a report of Alexander Hamilton to the trustees as "dealing with the classification of natural bodies, treating
a great variety of facts and giving special attention
to gardening and farming." President Madison instituted lectures on Adam Smith's Wealth of NaLions in the College of William and Mary in. 1784.
The subject gradually developed in the colleges and
in public lectures through the last century, largely
in connection with intellectual and moral philosophy. At Yale, President Dwight in 1813, in teaching
the seniors, dealt with such questions as "Ought
Manufactures to Be Encouraged?" "Ought Interest
on Money to Be Regulated?" "Ought Foreign Immigration to Be Encouraged?" Not until 1872 was
the chair of Political and Social Science created for
Professor W. G. Sumner, and in 1874 that of Political Economy and History for Professor Francis
Walker.
In fact, the subject went through three stages in
the United States. The first lasted till the Revolution, and dealt with it under the general theme of
moral philosophy. The industrial disturbance following the war with England gave political economy
special importance in connectioR with banking and
protection, and it appears variously as a regular
study. Independent chairs, however, did not appear until the third period, beginning in the '70s.
Since then economic problems have become recognized as important in actual political as they are
in all commercial and industrial life.
Professor Frank A. Fetter of Princeton gives a
succinct account of Professor Clark's contribution.
He describes it as a reformation of the concept of
capital. This was announced when he was "in revolt against the spirit of the old economy, its defective premises and its selfishness, and dissatisfied
154
FINANCIAL CHRONICLE
[VOL. 126.
with the relation of capital in the employing class are moving, it does indicate their direction, their
to labor." It came out of a clear sky as a "new con- power and their relations to each other.
To understand this is certainly better than merely
ception of capital as an economic factor of production." Hitherto there had been constant confusion to know that change is taking place, or its usual
in using two unlike conceptions of capital, while be- order. When the conditions of a static equilibrium
lieving it has only one. He would limit the term in which costs are proportionate to prices, industry
"concrete capital" to all instruments and materials, is in balance, and the general range of economic acincluding land and all other natural agents; while tivity is understood by those engaged in it, are made
he would confine the term of "pure capital" to its the basis of business calculations these may be reacollective value in the sums earned by material in- sonably accurate. Conditions may, however, be sudstruments of production of every kind, including denly changed by a variety of possible events. Then
both rent and interest. Land, for instance, that there is a need of readjustment. A crisis "holds
yields no income, whatever its possible value in the court over values and prices," which is a process
market, like idle and discarded machinery, is not of restoring equilibrium. The upward movement
begins again. The forces which have led to crisis
capital in the strict sense.
appear, its ac- are not adequate to restore normal conditions but
Technical as this distinction may
ceptance involves sweeping changes in the accepted the men who have most clearly in mind the equilibtheory of distribution with its sharp division be- rium picture are best fitted to understand the natween (natural) land, and (artificial) capital, as ture of the crisis and to interpret current facts that
forms of "earnings" or incomes. Capital is to be re- will determine restoration.
This Mr. Anderson emphasizes as the preeminent
garded as essentially an investment concept; it is to
be tested by its product, whether rents, earnings or task of the banker. He deals with all forms of busiinterest. Professor Fetter recognizes the connection ness. He must judge where development is or is not
between Professor Clark's emphasis upon the impor adequately achieved, and when an enterprise is or
tame of this distinction and the teachings of Henry is not likely to succeed. He is interested in a genGeorge in his Single Tax doctrine in Progress and eral prosperity. He may not know static economy
Poverty, which at the time had come to be widely by name, but the importance of its generalizations
discussed and accepted by many. Pure capital when he can readily appreciate. A grasp of general ecoinvested in land has the same rights that elsewhere nomic theory is more important to an intelligent unbelong to it. To confiscate all land values as by the derstanding of any economic problem in markets,
Single Tax would therefore be robbery, "indeed, in wages, in transportation, in industry, as in banking, and is essential in the study of the business
would be the quintessence of robbery."
He notes the contributions that have been made cycle.
The essays in the book will be found to treat this
to this conception of capital in later days by such
men as Haclley, Veblen and Irving Fisher. The valu- subject in its relation to a great variety of business
ation idea grows in its use and assumes various il- and with a fullness of detail, of which we have been,
luminating names. It becomes "capitalized in- able to give only an illustrative suggestion.
come," with Seligman; "capable of an advanced valuation concept," under Turner; "the amount of President Mitchell of National City Bank Says Expansion
of Bank Credit Will Bear Watching—Believes Reducmoney tied up in a business unit," with Ely;"a fund
tion in Return On Assets of Banks of Country Will
of value rather than things themselves," with TayBring Reduction in Rates on Deposits—Bank's Relor; "a stock of wealth in existence at a given time
sources Greatest in History.
including land and tangible property rights," with
Discussing general business and credit conditions in his
Bye. Professor Fetter is strenuous in his insistence annual report this week to the stockholders of the Nathat wealth and capital are not the same as "social tional City Bank of New York, Charles E. Mitchell, Presi"the rise of
capital"; it is mischievous when used as a name for dent, observed that a general the market price of securities is significant of
decline of interest rates and
national wealth; and the "interest problem" is sim- evidences of the fact that under the natural law of supply
ply "the time value element permeating all cases of and demand not only investment moneys but current
valuation of uses differing in time." He presses the wealth as well must look for lower returns with a continuimportance of dismissing all the traditional views, ance of the existing trend," he added "the banks of the
and having regard for "the newer, truer and more country must inevitably consider along with the reduction
which they find in the interest return upon their
realistic conception of distributive theory," to which reduction of the rates which they pay on their assets, a
deposits."
Professor Clark, though he did not attain an ulti- Mr. Mitchell also commented further upon general condimate goal, years ago showed the way.
tions as follows:
business
Benjamin M. Anderson Jr., widely known as the The decline in volume of thereby has had the natural effect of intensifying competition and
narrowing the margin of profits,
economist of the Chase National Bank, adds an es- but this tendency must be regarded as a part of the general movement
to lower returns upon capital, and while it may be
is a
say on Static Economics and Business Forecasting. condition of progress. The readjustment of prices disturbing itbrings
which it
about results in a levelling of the buying power of those engaged in
He holds that while the economic writers have been inworltr
variousadesand industries, strengthens the position rf this country
marketoandontwhowliinorooseantnotdoot
too exclusively concerned with beautifully worked
production, consumption, employment and the volume of
out theories of what they call "statics," business The absence of a demand for capital for productive purposes business.
has pergiven too exclusive attention to the mitted the rapidly growing supply of current and investment capital
forecasters have
to flow into the security markets where it could be profitably emcurrent flow of events, paying little attention to both ployed. That it has so flowed is not to be deplored for, had it not been
dangerous
economic theory and the rich body of historical facts thus diverted, a the result. inflation in industry, prices and wages
would have been
• • •
quantitatively stated. In their efwhich cannot be
The expansion of bank credit
the
the security
present conditions and to estimate markets has, in the late months of for year, purposes of of exceeding
forts to deal with
the
shown signs
increase, and while the existing situation is not
statistics, their tendency is to ignore the fact that if a normal rate of features of it will bear watching not only by
dangerous, certain
similar methods should be applied to certain periods Bankers but by everybody who is using credit. The banking situation
generally is one of undoubted strength; the loans of member banks
in the past there is no assurance that the conclusions have been made from their own resources, their rediscounts with the
Reserve banks at the year end
lower than a year ago and in
reached would apply to-day. If static theory does fact of insignificant proportions. being past few months have witnessed
The
not tell the rate at which underlying economic forces, some redistribution to foreign countries of our abundant gold supplies
JAN. 14 1928.]
FINANDIAL CHRONICLE
but this is a movement to be regarded with satisfaction as tending to
strengthen stability abroad and lessen the potentialities of inflation at
Lome.
The striking thing about the present situation is that after five
years of almost unbroloen prosperity there are none of the symptoms
which are usually the forerunners of depression. In fact, there are
powerful influences tending to swing business back into its full stride,
and with conditions abroad showing constant improvement and an increasing demand from the world for our products assured, the outlook
is one which may well inspire confidance.
Aggregate resources of The National City Bank of New
York, recording an increase during the year of $288,412,961,
reached a total on December 31, 1927, of $1,682,802,851, a
figure never previously approached in the annals of American banking. Gross deposits, President Mitchell told the
shareholders at their annual meeting, amounted at the end
of the year to $1,275,041,904, an increase of $191,442,804.
The year's gains further strengthen the position of leadership enjoyed by The National City Bank, its aggregate resources being more than half as large again as those of
any other American banking institution. Its deposits
alone show a margin of more than $250,000,000 over the
total resources of any other bank in the country. The increase in the bank's resources, made in the normal course
of business without benefit of consolidation, was the largest
for any year of. Its history, while the increase in its net
deposits, as reflected in the New York Clearing House
statement as of December 31, 1927, was 32.37% against an
Increase for all other Clearing House banks of 8.39%.
Profits of the bank, after reserves for taxes, death benefits and management funds, amounted to $18,473,148, or
nearly $3,000,000 in excess of profits for 1926. Of the 1927
profits, $2,083,993 was applied as a contingency reserve;
$11,500,000 was paid out in dividends; and $4,889,155 was
carried to undivided profits, which were thereby increased
to $21,170,247. Capital, surplus and undivided profits now
155
stand at $140,176,247, a record total. "The liquid position of the bank is worthy of note," said Mr. Mitchelt
"The aggregate of cash, collateral demand loans, bills eligible for immediate rediscount, and bonds eligible for borrowing at the Federal Reserve Bank has averaged
monthly throughout the year over 66% of net deposits at
head office and domestic branches.
Sites have been obtained and plans completed for opening nine additional branches In Greater New York this
year, Mr. Mitchell said. Deposits of the twenty-one city
branches now in operation, including the three opened last
year, exceeded $193,000,000 on Dec. 31, while in the compound interest departments the savings accounts, numbering close to 150,000, show an increase of 33.87% in deposits.
The results of the year from the bank's foreign branches
and subsidiaries now operating in 87 locations have been
generally satisfactory, Mr. Mitchell continued. Expressing
gratification concerning the growth of the trust department's business, he remarked that more commodious quarters would shortly be available for this department, the
completion of the new thirty-two story National City
Company building at 52 Wall Street, approximately half of
the space in which will be occupied by various institutional departments, being scheduled for May 1. With the
wider investment demand of this country and the growing
interest abroad in dollar securities, The National City
Company, Mr. Mitchell announced, established the best
year's record in its history. The volume of sales to customers, excluding sales to syndicate members, exceeded
$2,000,000,000 and the number of new customers grew at
the rate of approximately 1,000 a month. Net income established a new high mark. The number of shareholders
of the bank increased during the year from 13,267 to 15,741,
representing an average holding of about 47 shares.
Bank Clearings in 1927 and the Course of Trade
and Speculation.
With certain qualifications, statistics of bank
clearings or bank exchanges furnish perhaps the best
index to the condition of general trade and business
that can be found. But they must be properly interpreted and analyzed, and all the circumstances and
influences that have affected them in the different
sections of the country brought into view and studied, otherwise conclusions based upon them may be
quite misleading, if not positively erroneous. This
observation seems quite pertinent at the very beginning of our customary annual review of the bank
clearings throughout the United States, this time for
the calendar year 1927.
The first fact confronting the investigator on a
casual inspection of the figures is that the grand
total of bank exchanges at the different bank clearing houses throughout the country, for the calendar
year 1927, establishes another new high record, making the fourth successive year when all previous aggregates have been surpassed. And the further addition in 1927 has not been slight, the increase being
431,377,641,379 or 6%. Stated in another way, the
aggregate of the clearings has risen from $523,773,772,455 in 1926 to $555,151,413,834 in 1927. Considering the magnitude of the totals, the added growth
in the latest year furnishes no mean record of new
expansion.
It might be possible to deduce from these comparative figures for the two years the conclusion that
trade and industry in the United States during 1927
had had another period of great activity and had
advanced to a new high plane of prosperity. But
anyone having even a mere superficial knowledge of
trade affairs, knows that such a conclusion would
be utterly at variance with the facts. So far from
trade as a whole having attained a new scale of ac-
tivity quite the reverse has, been the case. In certain lines there has actually been a great shrinkage
in the volume of business done as measured by the
figures of production and consumption. The divisions of trade which were thus afflicted are usually
denominated as "key" industries, embracing both
iron and steel, which, moreover, have long been accepted as trade barometers and still deserve to be
regarded as such, and embracing also automobile
production and coal production. All these suffered
setbacks in 1927 that cannot be accurately defined
by such mild terms as trade recession or trade reaction. They involved progressive declines, beginning with April and proceeding at an accelerated
pace right to the end of the year without alleviation
or interruption.
When we reach this point in our investigation, we
become cognizant of the fact that in any study of
bank clearings, we cannot confine the examination
to the mere totals. We must probe below the surface
and seek the composition of the totals, that is, look
for the constituent elements and parts that have contributed to the general result. And at once the reminder comes that bank clearings, after all, represent something more than mere trade and mercantile transactions. They comprehend also the great
financial transactions of the day, many of which
have their origin entirely outside the channels of
commerce, trade and industry, though in the end
they may call all these into being. And we must also
take into account the huge volume of speculation
going on at the Stock Exchanges throughout the
country, but primarily at the New York Stock Exchange.
When this circumstance is recalled, we have an
explanation ready to hand for the further growth
156
FINANCIAL CHRONICLE
[Vox,. 126.
in the volume of exchanges in 1927. We know that in the recent past, as the following table, carrying the
mercantile business kept receding, but we also know comparisons back for the last 47 years, will show:.
that financial transactions were on an unprecedent- NUMBER OF SHARES SOLD AT THE NEW YORK STOCK EXCHANGE
BY CALENDAR YEARS.
ed scale, and that speculation on the New York
Cal.
Stocks.
Cal.
Stocks.
Cal.
Stocks,
Cal.
Stocks,
Stock Exchange was of such huge magnitude and Year. Shares. Year. Shares. Year. Shares. Year. Shares.
continued expanding at such a tremendous rate, that 1927__ 576.563.218 1915__ 173,145,203 1903... 161.102,101 1891 __ 69,031.689
1928 __ 450.845,256 1914 __ 47.900,668 1902 -- 188,503.403 1890
71,282.885
all past records were thrown into the shade. One 1925 __ 454,404,803 1913 -- 83.470,693 1901 -- 265,944,659 1889 -- 72,014,000
__
1924__ 281,931,597 1912 __ 131.128,425 1900.. 138,3.90,184 1888._ 65,179,106
EeaSure of financial transactions that have their 1923 __ 236,115,320 1911 __ 127,208,258 1899__ 176.421.135 1887 -- 84,914.618
1922_ 258,652,519 1910 __ 164,051,061 1898_ origin outside the confines of trade, is found in the 1921__ 172,712,716 1909 -- 214,632,194 1897_. 112.699,957 1886__ 100,802,050
77,324,172 1885.... 92,538,947
1920_. 226,640,400 1908 -- 197,206,346 1896__ 54,654,098 1884 -- 96,154,971
new capital flotations—that is, the new security is- 1919_ 316,787,725 1907... 196,438,824 1895 __ 66,583,232 1883__ 97,049,909
1918.._ 144,118,469 1906 -- 284.298,010 1894... 49.075,032 1882 __ 116.307,271
1917.. 185,628,948 1905 -sues brought out and offered on the market in the 1916.233,311,993 1904__ 263,081,156 1893__ 80.977,839 1881 -- 114.511,248
187,312,065 1892... 85.875.092 1880__ 97,919,099
shape of bonds, stocks, notes and other forms of obAnother distinctive feature of the stock speculaligations of one kind or another. These new capital
tion during 1927, aside from the immense magnitude
flotations have been growing with great rapidity
which it reached, was the fact that after the first
since the close of the World War and in 1927 far
quarter of the year the totals for each and every
surpassed the largest previous records, as the
month of the year ran well in excess of those for the'
United States essayed to supply not only its own
corresponding month of 1926 and the total for the
new capital needs for growth and development and
closing month, December, reached no less than 62,general advance and progress, but also contributed
092,302 shares, being the largest monthly total not
to supply a part of the need of the rest of the world.
only for December but for any month of any year.
Our compilation showing the new capital issues for
The following compares the monthly figures for
the full calendar year 1927 has not yet been entirely
each month of the last five years.
completed, but preliminary estimates that we have
SALES OF STOCKS ON THE NEW YORK STOOK EXCHANGE.
made show that the grand total of new security is1926.
1925.
1924.
1927.
1923.
sues on foreign and domestic account during 1927
No. Shares. No. Shares. No. Shares. No. Shares. No. Shares.
reached roughly $9,750,000,000, against $7,430,274,Month of January _ 34,275,410 38,987,885 41,570,643 26.857.386 19.914,827
684 in 1926, $7,126,023,683 in 1925, $6,352,479,987 in
February. 44.162,496 35.725,989 32,794,456 20,721.562 22,979,487
March__ 49,211.663 52,271,691 38,204,393 18,316,911 25,964,868
1924 and $4,989,745,599 in 1923.
Total first quarter_ 127,649,569 126,985,565 112.659.392 65.804.859 68.858.980
As to Stock Exchange speculation, everyone is fa- Month of April
491781,211 30,326.714 24,844,207 18.116,828 20,091.986
May
46,597,830 23.341.144 36,647.760 13,513,967 23,155.730
miliar with the fact that this has been proceeding
June
47,778,544 38,254,575 30,750.768 17,003,140 19.664.197
at a rate never previously witnessed, though few
Total second quer_ 144,157,585 91.922,433 92,242,735 48,633,936 63,001.913
may have attempted to measure the precise bounds Total six months 271,807,154 218,907,998 204,902,127 114.528.704 131,860,173
which it did attain. New high records of brokers' Month of July
38,575.576 38,691,187 32,812.918 24,318.182 12451.851
August _ _ _ 51,205,812 44.491.314 33.047.248 21,809,031 13.144.641
loans secured by stock and bond collateral were esSeptember 51,576,590 37.030,166 37,109,231 18,184.160 14,643,289
tablished over and over again from beginning to end Total third quarter 141,357,978 118,212,667 102,969.397 64.311,373 40,339,781
of the year, and have borne witness to what was Total nine months 413,165,132 337,120,665 307,871,524 178,840,167 172,199.954
going on in that respect; and the further addition Month of October 50,259,449 40,437,374 54,091,794 18.332,992 15,802,900
November 51,016,335 31,313,410 49.176,979 41,657,077 22,588.598
during the closing months of the year was of such
December_ 62,092,302 41,973,806 43,264.506 43,101,361 25,523,868
dimensions that even hardened speculators found Total fourth quer_ 163,398,086 113,724,590 146,533,279 103.091.430 63,915,368
themselves obliged to take notice. Suffice it to say Tot.second six mos 304,656,064 231.937,257 249,501,676 167.402,803 104,225.147
ens
here with reference to these brokers' loans that according to the figures compiled by the Stock ExWith such records as the foregoing concerning the
change itself, the total increased every month in the further expansion in stock speculation, and the conyear, except in January, and on Dec. 31 1927 stood tinuous growth in the bringing out of new capital
at $4,432,907,321 against $3,138,786,338 Jan. 31, an issues, the greater part of which financing is always
increase for the last 11 months of 1927 of consider- clone at or through New York, it becomes evident
ably over 114 billion dollars, or in excess of 33 1-3%. that the clearings at this centre must be separated
/
With reference to the volume of Stock Exchange from those for the rest of the country if we want a
speculation itself, the statistics tell their own story. true picture of the industrial situation, as reflected
The aggregate of the stock sales for the two previous by the Clearing House returns. And when this is
years had been deemed as belonging in a class by done, the story for New York City in this matter
itself, 450,845,256 shares having been dealt in in of clearings is found to be quite different from that
the calendar year 1926 and 454,404,803 shares in the for the remainder of the United States. At New
year 1925, as compared with 281,931,597 shares in York there has been further growth in clearings of
1924, 236,115,320 shares in 1923 and 258,652,519 a very pronounced character. For the rest of the
shares in 1922, but it remained for 1927 to furnish country, treating it as a whole, there has been vira new conception of the real magnitude that stock tually no further growth at all, the increase being
speculation on the New York Stock Exchange might so trifling as to be really insignificant. In brief, the
attain when the activity was continued month after total of the clearings at New York has risen from
month without let up or hindrance. The total for $290,354,943,483 in 1926 to $321,234,213,667 in 1927,
the year ran up to the huge figure of 576,563,218 being an increase of 10.6%, while the clearings outshares, being a further increase of over 25% as com- side of New York have risen only from $233,418,828,pared with either the 1926 volume of sales or the 972 to $233,917,200,167, being an increase of only a
1925 volume, the latter of which had stood as the very small fraction of 1%. Stock speculation, comprevious high record. As compared with 1924, when ing in to swell the totals, raised the volume of the
the sales aggregated 281,931,537 shares the total of exchanges at New York to unexampled proportions,
576,563,218 shares marks an increase of over 100%. and the absence of this stimulating agency elsewhere
As a matter of fact, the further increase in 1927 or at least to anywhere near the same extent, held
as compared with 1926 of 125,717,962 shares is larger the volume of exchanges for the remainder of the
than the total amount of trading done in some years country down to former figures.
Trt•gral #1111 ...ay.
F•111 MAR 010 dr, GAS OFR ASA
QM 001 wai l[fVF nqa 'le 0nn
141928.]
FINANCIAL CHRONICLE
J.
And yet it cannot be said that stock speculation
played no part in affecting the exchanges elsewhere
than at New York. There are stock exchanges at
many other points throughout the country, though
the dealings here in New York vastly overshadow
those at all other stock exchanges combined. Yet
the record at these outside stock exchanges has in
most cases been like that at New York in showing
a much larger volume of trading in 1927 than in 1926
and, like the experience at New York, in showing in
not a few instances the largest volumeof business ever
done on these exchanges, far surpassing any and all
previous records in that respect. This being so, it
follows that if we could eliminate the clearings arising from increased stock speculation, the clearings
outside of New York would actually show a falling
off instead of the slight increase which our compilations record. And such falling off would be in accord with the real course of trade and industry. As
a matter of fact, at many separate places in various
parts of the country, the Clearing House exchanges
for 1927 do show a falling off from 1926, at some
where stock exchange speculation was a factor and
at many more points where no stock exchanges exist. In the following we show the totals of the
clearings for a long series of years back, both with
and without New York, and for New York by itself.
Year.
New York
Clearings.
Inc.
or
Dec.
Clearings
Outside
New York.
Inc.
or
Dec.
Total
Clearings.
Inc.
or
Dec.
ar
$
$
$
%
,o
1921 see note 321.234.213,667 + 10.6 233,917,200,187 +0.1 555,151,413,834 +6.0
1926 see note 290.354.943,483 +2.4 233,418.828.972 +2.1523,773.772.45.5 +2.3
1925 see note 283,819.244.636 +13.5 228.598,660,498 +11.0 512,215,805,135 +12.4
1924 see note 249,868.181,339 +16.8 205,165,887.454 +2.9 455,034,088,793 +10.1
1923 see note 213.996,182.727 -1.8 199.458,248.672 +14.8413.452,431,399 +5.6
1922 see note 217,900,388.116 +12.1 173,806,925.839 +7.7 391.507.311,955 +10.1
1921 see note 194,331,219,683 -20.0 161,256,972,883 -21.9 355,588.192.538 -20.5
1920 see note 243,135,013,364 +3.1 206,592,968.076 +12.3 449,727.981.440 +7.6
1919
235,802,834.887 4-32.0 181,982.219,804 +18.3 417,784.854.891 +25.7
1918
178,533,248.782 +0.6 153,820,777.881 +18.7 332,354.028.483 +8.3
1917
177,404,985,589 +11.5 129,539,780,728 +28.7 306,944,726.317 +17.2
1918
159,580,645.590 +44.4 102,275,125,073 +32.4 281,855,773,863 +39.4
1915
110.5'4,392,834 +33.2 77.253.171.911 +7.0 187,817,564,545 +20.9
1914
'
83,018.580.016-12.3 72,226,538,218 -3.9 155,245,118.234 -8.6
1913
94,634,281,984 -6.1 75381,418,816 +2.7 169,815,700.800 -2.4
1912
100,743,967,262 +9.1 73,208.947.649 +7.9 173,952,914.911 +8.6
1911
92,372,812.735 -5.0 87.856,980.931 +1.6 180,229,773,688 -2.4
1910
97.274,500,093 -6.1 86.820.729,908 +7.3 164,095.229.999 -1.0
1909
103,588,738,321 +30.7 62,249.403.009 +17.2 165,838,141,330 +25.2
1908
79,275,880.258 -9.1 53,132,968.880 -8.4 132,408,849.136 -8.8
1907
87,182,188,381 -18.7 57,843.585,112 +4.8 145.025,733,493 -9.2
1906
105,678.828,658 +11.6 55,229,888,677 +10.1 159,905,717,833 +11.0
1906
93.822 ARO 2n2 4-nft 7 nn MR RAR 930 4-13.9 143.827.448.441 4-27.1
Note.
-Figures for 1920, 1921, 1922, 192J, 1924, 1925. 1928 and 1927 in th B table
for total clearings and for clearings outside of New York do not make an exact comparison with previous years, Inasmuch as St. Joseph, Toledo, and about a dozen
minor places which in 1919 and previous years contributed regular returns now
refuse to furnish reports cif clearings. The omitted places added. roughly. 22,000,000,000 to the totalIn 1919.
One fact worthy of special mention in the foregoing extended comparison is that in the totals of
the clearings, both outside of New York and with
New York included, there has been but a single break
in the uninterrupted series of increases since 1914,
the year of the outbreak of the European War. In
each and every year, with the exception referred to,
there has been an increase since 1914. The exception
named, however, was a very important one. It occurred in 1921. This last mentioned year was, as
has been so many times pointed out by us, a period
of intense depression in trade
-so much so that it
has had few if any parallels in the mercantile and
financial history of the country, it marking the collapse of the speculative post-war boom which culminated so suddenly toward the close of 1920. Bank
clearings naturally felt the influence of that depression and the total of the clearings outside of New
York fell off from those for 1920 no less than 21.9%.
and those for the whole country only just a little
less than that, or 20.5%. Increases since then in
both sets of totals have been continuous year by year
but the early increases were simply a recovery of
what had been so suddenly lost in 1921.
It took three years to recover from the 1921 loss
and it was not until 1924 that the total of the coun-
157
try's bank exchanges again reached, and surpassed,
the amount recorded in 1920, when the post-war
boom was at its height and commodity prices were
so prodigiously inflated. In the three years since
1924, however, the further growth has been noteworthy, even though outside of New York the aggregate for 1927 remained virtually stationary at the
figure recorded in 1926. In other words, the total
for 1927 at these outside points at $233,917,200,167
compares with $205,165,887414 in 1924 and with
$206,592,968,076 in 1920. The increase over 1920
is close to 14%, which will appear rather moderate,
but the country's growth in its normal activities,
commercial and financial, cannot be measured by
the mere percentage of increases. Consideration
must also be given to the fact thatin 1920 commodity prices ruled inordinately high and that in the interval since then much of the inflation has been
squeezed out of values. It is obvious that when account is taken of this latter circumstance, the ratio
of real growth must be deemed to have been far in
excess of that shown by the face of the figures.
Yet the fact remains that the absence of further
growth in 1927 has been an important factor in holding the totals down and that if there had been the
normal further growth in 1927 the result would have
been quite different from what it has turned out to
be and there would accordingly be no reason to
cavil at the slow rate of growth of clearings at the
outside points. The mere circumstance that the
total stood still at these outside places in 1927, taking the year as a whole,is of little consequence. The
point of real importance is that trade during at least
nine of the twelve months was on the down grade
and that as respects many leading industries the
trade situation was at its lowest ebb in the dosing
months of the year. The various trade statistics
presently to be cited clearly show this. In the clearings figures however the circumstance is obscured
by the fact that in the closing months of 1926 trade
was also experiencing a setback and accordingly
comparison is with diminished totals at that time,
both at the outside points and in the total for the
whole country, including New York.
In reviewing the figures for 1926 we pointed out
that the gain for the twelve months, both with and
without New York, would have been larger except
for the losses of the last four months and said the
point of most importance was that while the grand
aggregate of the clearings for 1926 ran considerably
in excess of that of 1925, which had been the best
previous year, a change in that respect was already
under way before the year closed. It is this last circumstance, namely, that clearings had begun to fall
off during the last four months of 1926, that served
to improve the comparisons in the later months of
1927 when the figures were set against the reduced
figures of 1926, thereby conveying the mistaken impression that at least as far as the clearings are con,cerned, a change for the better had occurred towards the end of 1927 and that the shrinkage in
trade was diminishing, rather than proceeding at
the same rate as before, or actually increasing. In
the following two tables we show first the clearings
by months for the whole country for the last two
years and also those outside of New York by months
for the same two years, and then in the second table
the monthly clearings at New York by itself, the
comparison in this last instance being extended so
as to cover four years.
158
FINANCIAL CHRONICLE
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AIL
!milt.
1927.
1926.
1927.
%
1926.
%
$
$
$
$
Jan__ 45,209.424,033 47.611.459.198 -5.1 19,647,510,562 20,510,360,932 -4.2
Feb___ 40.361.508.749 38,758.757.643 +4.1 17.303,381,426 17.305.400,168 -0.03
Mar_- 48.948.371.418 48,460.993.827 +1.0 20,219.528.569 20,369,120.885 -0.7
lst au_ 134 519 304200 134 831210668 -0.2 57,170,418.557 58,184,881,985 -1.8
Apr __ 45,718,620,044 45.488.511,518 +0.5 19,253,159.393 19,504,450,850 -1.3
May.._ 43,977,075.034 42,370.068.700 +3.8 19.233.954.625 18,983,923,067 +1 3
June._ 47.694.488.950 44.099.611.887 +8.2 19,818.739.814 19,904,622.301 -0.4
2d 09_ 137390.182.048 131938.192.205 +4.1 58,305.853,632 58,392,996.218 -0.1
6 mos.. 271909,486.248 268769402.873 +1.9 115478,272,189 116577,878.203 -0.9
July __ 44.242.150.509 43.740,219.022 +1.1 18,795,919,821 19.913.006,383 -5.6
Aug __ 43,958,528.146 39,905,694,050 +10.2 18.578,939,268 18,229,714,351 +1.9
Sept._ 45,840.754,50840,108,227,999 +14.3 19,241,362,817 18,748,209.251 +2.6
88 au- 134041,431,161 123754,141,071 +8.3 56,616,221,904 56,936,035,287 -0.6
0 mos:. 405950917,409 390523 543,944 +4.0 172092494.093 173488808.188 -0.8
Oct ___ 48,138.023.972 44,855,040.481 +7.3 20,757,495,586 20,521,753.401 +1.1
Nov ....48,488,449.171 41,229,934.356 +17.6 20,383,209,877 19,078.355.570 +6.8
Dew ..- 52,594,023,275 47.185.253,863 +11.520.684.000.62420,449,911.803 +1.1
Ath qr. 148976,202.513 133222.423.260 +11.8 61.600,412,162 59.922.324,534 +2.8
19 mem AR5I61 AIR ARA 592772 779 AAA
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n 9920179nn
167 29941882R872
4.01
CLEARINGS AT NEW YORK.
!Ilona.
1927.
1926.
Inc. or
Dec.
1925.
1924.
$
$
$
$
%
January. 25,561,913,470 27,101,098,266 - 5.7 28,720,693,986 20,689,128,472
Feb_ _ _ _ 23,059,217,323 21,453,357,475 +7.5 21,057,059,252 18,120,109.848
March__ 28,727,754,849 28,091,872,942 +2.3 23,349,010,749 19,650,227,162
lot guar. 77,348,885,642 78,646.328,683
+0.9 71,127,763,987 58,459,465,480
Apr1l__ 26,465.460,851 25,964,060,788 +1.9 22,848,884,805 20,325,861,115
May _ _ _ 24,743,120.429 23,386,145,633 +5.8 23,847,434,420 20,721,604,744
June_ _ 27,875,747.336 24,194,989,586 +15.2 24,018,843,715 19,958,549,054
28 guar. 79.084,328,416 73,545,195,987
+7.5 70,715,162,740 61,006,014,913
5 mos._ 156,433,214,058 150,191,524,670
+4.2 141,841,926,727 119,465,480,393
July___ 25.446,230,688 23,827,212,640 +6.8 23,395,750:107 21,126,633,025
Auguat
. 25,379,586,880 21,675,979,699 +17.1 20,218,518,365 20,342,116,225
Sept__ 26,599,391.889 21,360,018,748 +24.5 21,774,438,479 19,290,850.736
3d guar_ 77,425,209,257 66,863,215,077 +15.8 65,388,706,951 60,759,399,986
9 mos.._ 233.858,423,315 217,054,735,757
+7.7 207,230,633,678 180,224,880,379
October. 27.380,528,406 24,333,287,080 +12.5 25,952,146,998 21,584,627,234
Nov____ 28,085,239,289 22,251,578,786 +26.2 23.477.178,083 22,432,730,125
Dec_ _ _ 31,910,022,651 26,715,341,860 +19.4 26,959,285,877 25,625,943,601
6thquar. 87,375,790,346 73,300,207,726 +19.2 78,388,610,958 69,643,300,960
5ear_ _ _ 321.234,213,661290.354,943.483 +10.6 283,619,244,636 249,868,181,339
The clearings at New York, under the stimulus of
the growing volume of speculation,make an imposing
exhibit, each and every month of the year except Jan.
showing larger totals than the corresponding figures
for the previous year, and the gains are especially
large, both in ratio and amount, in the last five
months of 1927, when stock speculation proceeded on
a scale never before witnessed. Aided by these favorable results at New York, the grand total of the
clearings for the whole country also makes very satisfactory comparisons during all the months of the
year, excepting January, and especially so during
the last five months from August to December inclusive. But outside of New York, that is with the
New York clearings eliminated from the totals, except for January the showing is totally different.
In the first seven months of the year the outside
clearings each month, with the exception of May, recorded lower totals than in the preceding year, and
in May, when there was an increase, the increase was
below that of the whole country, being only 1.3%
against 3.8%. In like manner during the last five
months, though the outside clearings showed increased totals the same as the grand totals, their
rate of increase was always far below that for the
whole country. Especially was that the case in the
closing quarter of the year when the outside cities
showed only 2.8% increase, while the aggregate for
the whole country recorded 11.8% improvement and
New York by itself 19.2%.
One favoring circumstance existed which served
to enlarge the totals of some of the outside cities
the latter part of the year aside from the fact that
comparison was with reduced totals in 1926 as already indicated. We have reference to the fact that
[VOL. 126.
the Spring wheat sections of the Northwest were
blessed with an unusually abundant harvest of
Spring wheat. In many districts the Spring wheat
crop was the heaviest ever raised and the whole of
the Spring wheat crop of the United States is put at
319,307,000 bushels, against only 203,607,000
bushels in 1926, the increase being, it will be seen,
in excess of 50%. This large harvest wrought a
wonderful transformation in the economic situation
of that part of the country. All the Western farming districts have for some years been under a cloud
because of the unsatisfactory agricultural situation,
more particularly the fact that prices for many of
the products of the farm had declined much faster
than the general level of commodity values. And
no part of the country suffered more acutely than
the Spring wheat region, because there the crop
had been repeatedly deficient, so that the farmer suffered in a double way, that is, both because of a diminished yield and a low price. The excellent harvest
of 1927 changed this, and the benefits were immediate. The new crop came rapidly to market and the
railroads serving the Spring wheat country had their
grain tonnage enlarged, while the farmers out of
the proceeds of their sales had their purchasing capacity raised to a higher level than for many years
in the recent past.
Not only that, but the quickening influence of this
improved situation has been felt in -all the various
activities in that part of the country. And the circumstance has not failed to reflect its presence in
bank clearings in many places in the Minneapolis
Federal Reserve District. The clearings a,t Minneapolis itself for December showed only 2% increase,
but at Duluth, which seems to be getting especial
benefits from the larger Spring wheat yield, the increase in December, as compared with the same
month of the previous year, was 15.4%, while at
some of the minor points the ratio of gain has been
-at Minot, for instance, 33.6%. It devery large
serves to be added that the Western agricultural situation generally underwent slow improvement during 1927, which was not without some benefit in an
economic sense to that part of the country, the level
of agricultural prices having gradually risen, though
in the Winter wheat sections of the Southwest this
was offset by a reduced yield of wheat
-the Winter
wheat crop having turned out poorly, while the
Spring wheat production proved bounteous.
It is the manufacturing and mining regions of the
country that have had to contend with growing declines in trade. And there is no excuse for attempting to minimize the importance of this factor, as appears to be the disposition in Administrative circles
in Washington. The decline has been a very serious
matter. First of all, there has been the great shrinkage in iron and steel production. The "Iron Age"
puts the make of iron in the United States in December at 2,695,755 tons and in November at 2,648,376
tons, against 3,483,362 tons in March and 3,422,226
tons in April. There was a falling off in output in
1926, too, as already indicated, but while the start
was from somewhat the same figures in March and
April of that year, namely, from 3,441,986 tons and
3,450,122 tons respectively, the decline was only to
3,236,707 tons and 3,091,060 tons in November and
December. The total make of iron for the calendar
year 1927 is given as 36,232,306 tons, as against 39,070,470 tons in the calendar year 1926. The production in December was only 86,960 tons a day, the
JAN. 14 1928.]
FINANCIAL CHRONICLE
159
smallest since July 1925. The statistics of steel proportions and was an important influence in reproduction tell the same story of a progressive de- ducing railroad traffic and railroad revenue nearly
cline, only at a still greater rate. The American everywhere, but particularly in the great manufacIron and Steel Institute calculates the production turing districts in the Middle and Middle Western
of steel ingots in the United States at 3,150,345 tons States. It was known that there would be a strike
for December 1927 and at 3,101,764 tons for Novem- of the miners beginning with April 1 in virtually all
ber against 4,499,092 tons in March. Here there the unionized bituminous coal districts throughout
has been a shrinkage in output of more than one the country, since the operators everywhere felt that
third. In 1926 the decline was only from 4,468,617 they could not continue the old scale of high wages
tons in March to 3,466,766 tons in December. The while the non-union mines were mining coal in steadtotal output of steel in the United States in 1927 is ily increasing quantities on a much lower basis of
put at 43,040,916 tons against 46,936,205 tons in wages. In the knowledge that a strike was certain,
production was speeded up to an unusual degree in
1926.
great shrinkage, too, during 1927 in the first three months of the year, so that accumuThere was a
the production of automobiles. This was largely if lated stocks would be available to draw upon. Actnot entirely the result of the suspeffsion of produc- ing under such pressure the production of soft coal
tion by the Ford people, pending the introduction in the first three months of 1927 reached 172,000,000
of their new model, which involved the complete tons as against 148,000,000 tons in the first three
transformation of all the different Ford plants and months of 1926. The strike extended over a period
machinery. In the calendar year 1926 the produc- of six months until the following October and in
tion of motor vehicles in the United States, includ- most of the districts was virtually complete, about
ing passenger cars and trucks, was 4,298,785. For the the only exceptions being in parts of western Penncalendar year 1927 the production figures will aggre- sylvania. Meanwhile the non-union mines in West
gate in the neighborhood (precise figures are not yet Virginia and in Kentucky were turning out coal
available for the full 12 months) of 3,350,000 cars, in increasing amounts and yet leaving the total coal
showing a falling off of almost a million cars. output far below what it had been in the correspondDoubtless the stoppage of work at the Ford plant ing period of the previous year. Ohio, Indiana and
played some part in intensifying the depression in Illinois got their supplies from these non-union
the iron and steel trades, though it cannot fairly mines, and no one anywhere in the coal trade, or out
be claimed that it caused or brought about the de- of it, appeared to be in the slightest degree dispression itself. Mr. Ford himself has been quoted turbed. No one apparently had the least fear of a
as dissenting from the idea that the slowing down famine in coal. In October some sort of a settlement
in general business could be ascribed to the suspen- was patched up which apparently was not entirely
sion of activities at the Ford plants. "It has been satisfactory either to miners or operators. It was
said," Mr. Ford commented, that "national business supposed that as a result mining would be immedihas suffered during the months when we were pre- ately resumed on the old scale, especially after such
paring to produce the new car. I do not believe it. a long period of reduced production. Instead of
It may be true that fewer cars were sold than would that, the output of coal (union and non-union comhave been sold if our factory and sales organizations bined) fell to a lower basis than before, and week
had been operating on a normal basis. But during after week, right up to the close of the year, it conthat period when we were not actually building auto- tinued far below the soft coal output during the
mobiles we were still spending hundreds of millions corresponding period of the previous year.
It happened, too, that in the second half of the preof dollars for wages, materials, new machinery and
vious year (1926) soft coal production had been
in experimental work."
It may well be questioned whether if the Ford swollen by a special favoring circumstance of large
plants had continued to turn out cars the same as importance, namely, the coal miners' strike in Great
before, there would not have been a very large fall- Britain, which lasted from the 1st of May of that
ing off any way in the production of motor vehicles year (1926) to about the 1st of December, a period
in 1927. There had been, it should be remembered, of seven months. This paralyzed industrial operasome slackening in the automobile trade even during tions in Great Britain and induced huge buying of
1926. In November of that year the production of coal in the United States (as also in Germany) to
cars fell to 256,300, or the smallest of any month make up, in small part at least, for the great void in
since August 1926, and in December it dropped to British home supplies of fuel created by the strike.
only 167,922 cars, or the lowest figure for any month Export orders for coal for shipment from the United
back to March 1922. It seems quite likely, there- States to Great Britain kept steadily growing and
fore, that the decline would have continued even if the shipments of coal continued large even through
Mr. Ford had not dropped out of the field for the December of that year when the British mines had
time being. If so, the suspension of work by the returned to work. The Pocahontas region, which
Ford plant simply served to create a void which the produces the coal which seemed to be most closely
General Motors Corporation and other makers of adapted to British requirements, was most favored
motor vehicles were able to fill to a certain extent and the earnings of the roads serving that region—
and did fill as far as possible and yet leave the namely, the Chesapeake & Ohio, the Norfolk & Westtotal production of cars almost a million smaller ern and the Virginian Railway—were enormously
than in 1926. The only fact of importance, however, increased as a result. The influence of this special
in this analysis is that the make of cars did fall off export demand for coal finally extended to the other
almost by a full million, whether or not the result coal mining regions of the country, and during Nomight have been different had the Ford situation vember, before the settlement of the British strike,
the weekly output of coal in this country broke all
been different.
Perhaps the most important falling off anywhere previous records. For the week ending Nov. 13 of
was in the mining of coal. This reached very large that year (1926) the United States Bureau of Mines
160
FINANCIAL CHRONICLE
[VoL. 126.
made the production of bituminous coalin the United
Down in Louisiana the worst stages of the inunStates 13,807,000 tons, a figure never previously dation did not occur until June. In
Arkansas the
reached, and for the week ending Nov. 20 it esti- overflowed area in April comprise
d 1,838,000 acres,
mated the product at no less than 14,282,000 tons, while in Mississippi 735,000 acres
were at one time
while for the week ending Dec. 4 the output was under water. In Louisiana the submerge
d area was
figured at 14,676,000 tons, all far in excess of the not so extensive, but many of the sugar
parishes sufproduction during the corresponding weeks of fered very extensive damage and as
the overflow
1925.
here came late in the season, not a little cotton area
It was not supposed that these exceptionally high suffered almost a total loss. In brief, in
the whole
records of production would be equalled in 1927, of the Mississippi Valley, agricultural
operations
even though output had been so heavily reduced dur- may be said to have been seriously interfere
d with
ing the six months of the strike, but neither was it for long periods of time, where not totally
paralyzed,
supposed that the production would run as low as it and industrial activities correspondingly
crippled.
actually did. We have already stated that for the And in many instances, the adverse effects
had not
first quarter of 1927 the production of bituminous entirely passed away by the end of the year.
Mencoal in 1927 reached 172,000,000 tons as against tion perhaps should also be made of the
great rain148,000,000 tons in the same period of 1927. At the storms with accompanying floods that
swept New
end of the nine months, the 1927 production was England and particularly Vermont early in
Novem395,000,000 tons against 408,000,000 tons, while for ber, causing the loss of 150 or more lives
and doing
the full calendar year 1927 the production is esti- enormous property damage. This
disturbance was
mated at 519,762,000 tons against 573,367,000 tons much more limited in its application and
yet was a
in the calendar year 1926, a decrease of over 53,000,- serious matter in the localities most immediat
ely af000 tons. It will be seen that the bulk of this heavy fected and for a time interrupted the normal
course
loss occurred in the closing months of the year. The of business and played its part no doubt
in affecting
anthracite coal output also fell below that of 1926, bank clearings in the sections referred to.
and for a two-fold reason, namely, the mild weather
In any broad and general analysis of the business
(hard coal going mainly into household and family situation in its bearing upon bank
clearings one
use for heating purposes) and the fact that hard coal fact must be borne in mind above every
other, nameis gradually being supplanted by other classes of ly, that one great geographical division
of the counfuel, more especially oil. The anthracite production try suffered business depression from one
end of the
for 1927 is estimated at 80,650,000 tons against 85,- year to the other. We allude of course
to the South000,000 tons in 1926, a decrease of 4,350,000 tons, ern States. The business depression
there had its
and the falling off is the more noteworthy inasmuch origin the latter part of the previous
year. We reas during 1926 anthracite mining had been suspend- ferred to this in our review of the
bank clearings of
ed during all of January and the greater part of 1926. The South had in that year
raised a cotton
February owing to the strike which had extended crop of prodigious size—far the
largest in its hisover from September 1 of the previous year. How- tory. The mistaken conclusion
was drawn that it
ever, the anthracite product for 1926 at 85,000,000 would be impossible to find a
market for such an
tons compared with 61,817,000 in 1925, when, as just immense quantity of the staple.
The consequence
noted, mining was suspended on account of the was that the price of the staple
sank to very low figstrike during the whole of the last four months of ures. Middling upland spot cotton
in New York at
the year. In 1924 when normal conditions as to the end of August of that year still
sold at 19.05c.,
labor prevailed the same as in 1927, the product was in September the price got below 15c.,
and in October
87,500,000 tons.
it dropped to 12.45c.; on December 31 1926 it was
Nature also played its part in producing adverse still no higher than 12.95c. The
South, as it hapconditions during 1927 which served to restrict the pened, suffered other setbacks. The
real estate boom
volume of trade and business over large areas of ter- at the Winter resorts completely
collapsed, particuritory. Among the unfortunate happenings of this larly in Florida, and this had the
usual consequences
class foremost mention of course must be made of in the falling off in general trade and
business. Then
the floods which in the Spring of 1927 caused the also the hurricane which did so
much damage in
overflow of the Mississippi River and its tributa- Miami and other Florida points in
September of the
ries. Arkansas, Mississippi and Louisiana were the year referred to proved a very
serious matter. It
worst sufferers from these floods, but several other came as a sort of final blow
completely upsetting
States likewise suffered to a greater or less extent. the economic equilibrium. The effect
of all this in
The overflow of the Mississippi was the worst in his- impairing the purchasing capacity
of the Southern
tory and the reader may recall the distress that grew population and in causing a great
shrinkage in the
out of it and the huge relief measures that had to volume of trade was seen in the large
losses of revebe provided by the Red Cross and Governmental and nue reported the latter part of 1926 by
the railroads
other agencies. In the upper reaches of the Missis- serving that great section of the
country. Bank
sippi and its tributaries, the overflow reached an clearings, more especially at the
Florida points,
acute stage as early as April and then the water suffered a big shrinkage.
passed slowly off, so that farming operations could
It might have been supposed that in 1927 this
be resumed the latter part of May on many of the trade prostration would find great relief
in the nosubmerged areas, but unfortunately in June the table recovery in the price of cotton
which then ocSpring freshets caused a second overflow which did curred. Not so, however, if the revenue returns
of
new damage and though this second overflow did not the railroads can be accepted as a guide. At the low
cover so wide an area, it covered a substantial por- level to which the price of cotton had dropped the
tion of it, and much of this twice submerged land export demand for the staple proved really astonishwas still under water in June and even in the early ing. The whole world seemed to want American cotpart of July.
ton at such bargain figures. The price accordingly
JAN. 14 1928.]
FINANCIAL CHRONICLE
rose with great rapidity. As against 12.95c. on Dec.
31 1926 middling upland spot cotton in New York
had risen to 17.05c. on May 31 1927. Then came the
big reduction in the area planted to cotton, to add
a further stimulus to the upward movement. The
overflow of the Mississippi River and its tributaries
did its part in speeding the upward trend of values
and weevil activities and unfavorable weather conditions operated in the same direction. During the
course of the Summer it became increasingly apparent that the 1927 crop of cotton, as a result of all the
circumstances mentioned, would show a heavy reduction from the prodigious yield of 1926. In September middling upland spot cotton in New York sold as
high as 23.90c. The whole of the advance was not
maintained to the end of the year, but nevertheless
the price Dec. 31 1927 was 20.10c., as against 12.95c.
on Dec. 31 1926.
As already observed, it might have been supposed
that this great change for the better in the market
value of cotton, the money crop of the South, would
serve to lead to a revival of trade activity in that
part of the country. Instead, trade activity suffered
a further great shrinkage—certainly in the Atlantic
Coast sections of the South. Take for illustration
the revenue returns of the leading roads serving that
part of the country. The November returns are the
latest available. In that month in 1927 the Atlantic
Coast Line earned gross of $6,355,448 against $7,742,123 in the same month of 1926 and $8,362,242
in November 1925; the Florida East Coast earned
gross of $1,081,069 against $2,128,524 and $2,634,396 respectively and the Seaboard Air Line had
gross of $4,906,764 against $5,503,750 and $5,764,993.
The progressive nature of the decline here should not
escape attention. A still more forcible presentation
of the falling off is furnished when we take the figures for the eleven months of the year ending with
November. For these eleven months, the Atlantic
Coast Line earned gross of $73,851,615 in 1927 as
against $88,847,220 in 1926; the Florida East Coast
earned $16,479,500 against $26,922,539; and the Seaboard Air Line $56,816,580Ugainst $61,892,335. Or
take even a system with such an expansive territory
as the Southern Railway. The Southern Railway
Co. system earned gross of $179,474,161 in the eleven
months of 1927 against $189,972,024 in the same period of 1926.
With this general summary of the conditions and
influences of the year as a basis, examination and
study of the records of bank clearings can be conducted with intelligence and understanding. In our
geographical grouping of the clearing houses we
subdivide the country in accordance with Federal
Reserve districts. And in view of what has just been
said concerning trade depression in the South, it
seems proper that we should look first of all at the
figures for the two Federal Reserve districts covering that part of the country, namely, the Atlanta
Reserve District and the Richmond Reserve District.
And pursuing our inquiry along these lines we find
just what would be expected, that is, that these two
Reserve Districts in the comparison with the previous year, make the poorest exhibit of all. The Atlanta Reserve District shows a heavier falling off
than any other of the twelve Reserve Districts, it
having a loss of 10.8%, while the Richmond Reserve
District comes next with a decrease of 5.2%. The
shrinkage in these two instances is the more noteworthy as it follows a shrinkage, too, in 1926 as
161
compared with 1925. In the Richmond Reserve District the previous year's decrease was trifling, but
in the Atlanta Reserve District it amounted to 7.6%.
As a consequence, the aggregate of the clearings for
the eighteen cities included in that Reserve District
stands at only $11,108,531,915 against $12,456,123,556 in 1926 and $13,477,069,522 in 1925. Looking at
the separate cities in the Atlanta Reserve District,
the Florida cities are seen to have been especially
hard hit. The Jacksonville clearings show a contraction of 33.4%,the Miami clearings of 58.9%, and
the Tampa clearings of 42.7%. The 58.9% decrease
at Miami follows a decrease of 40.7% in 1926 as
compared with 1925. And the collapse there is one
of the most striking in bank annals, the aggregate
of the clearings having first fallen from $1,066,528,874 in 1925 to $632,867,020 in 1926 and now to $260,039,000 in 1927, leaving the total little above what
it was in 1924, when the amount was no more than
$212,353,780. The Tampa clearings have dropped
from $461,800,170 in 1925 to $237,515,432 in 1927.
Even in the case of a city of the long-established
prominence of Atlanta there is a decrease of 12% in
1927 following a decrease of 15.2% in 1926 in comparison with 1925, and the result is that Atlanta's
aggregate of $2,688,483,712 for 1927 compares with
$3,604,290,297 for 1925, being a shrinkage in two
years of not far from $1,000,000,000.
On the other hand, Birmingham in the Southern
iron district has suffered comparatively little,
though this city did not share in the antecedent
great expansion which marked some other Southern
cities. Birmingham's clearings for 1927 are $1,332,515,451 against $1,337,643,645 in 1926 and $1,372,382,901 in 1925. New Orleans also has a record of
comparative stability, the total for 1927 at $3,055,799,395 comparing with $3,084,716,952 for 1926 and
$3,169,573,524 for 1925. Nashville, Tenn., has actually managed to increase its totals somewhat and
the same is true of Knoxville, Chattanooga, Savannah, Columbus and Macon. At the Mississippi
points, where the overflow of the Mississippi may
be supposed to have been an influence, Vicksburg
and Hattiesburg showed decreases and Meridian and
Jackson increases, though bank exchanges at all
these points are so small that the changes may have
little significance. In the Richmond Reserve District Richmond itself shows a further small decrease
in 1927 after some falling in 1926 so that the amount
for 1927 at $2,517,251,589 compares with $2,839,366,382 for 1925. Baltimore lies in this same Reserve
District and it has 5.6% decrease after 2.4% increase in 1926, the totals being $5,618,191,924 for
1927, $5,953,736,235 for 1926 and $5,832,393,840 for
1925. Washington, D. C., clearings have held quite
steady, the amount for 1927 being $1,385,897,427
against $1,392,580,952 in 1926 and $1,353,278,092 in
1925. It is to be said, moreover, that in both these
Reserve Districts the situation was very little relieved in the closing month of the year. In the Richmond Reserve District the comparison, indeed, was
more unfavorable in the closing month than for the
full year, the decrease for December being 6% as
against 5.2% for the entire year. In the Atlanta
Reserve District, on the other hand, while December still showed a decrease, it was only 5.3% as
against 10.8% for the full year.
But the two Reserve Districts mentioned do not
stand alone in showing decreased clearings for 1927.
Five other Reserve Districts keep them company,
162
FINANCIAL CHRONICLE
though the decreases were all quite moderate! The
fact that seven of the twelve Reserve Districts
showed smaller clearings than in 1926 must be accepted as indicating that business recession, large
or small, was an influence with all of them. As a
matter of fact, the same remark may be made with
reference to the five remaining Reserve Districts
which record enlarged clearings for 1927. These five
other Reserve Districts are all districts where at one
or more points financial transactions and stock speculations play a prominent part in affecting clearings, and both these factors, as indicated at the outset of this article, were of overwhelming prominence
in 1927, the gains on that account being of such
magnitude as to completely overshadow any loss of
clearings resulting from business depression. As to
the New York Reserve District, this is of course conspicuously true. That district registers an increase
in clearings of no less than 10.4%. New York City
by itself shows 10.6% increase. Albany and Jamestown, New York, are two of the fourteen places in
this Reserve district which report somewhat diminished clearings; all the other cities show enlarged
totals. The Boston Reserve District is another one
which bettered its clearings records in 1927, though
the gain for that district is only half that for the
New York Federal Reserve District, being 5.1%. But
the result in the Boston Reserve District is governed
very largely by the result at Boston itself where
financial transactions may be said to hold second
place only to those at New York. At Boston clearings in 1927 increased 5.3% over those for the previous year and Boston, be it remembered, has shown
continuous growth for a long series of years. Four
of the fifteen cities in that Reserve District suffered
a reduction of their clearings, namely, New Bedford,
Springfield and Worcester, Mass., and Manchester,
N. H., and doubtless the unsatisfactory condition
of the cotton goods industry in New England is in
larger or smaller measure responsible for this.
The Chicago Reserve District and the Cleveland
Reserve District are two others distinguished for
improved clearings, though the gain is not large in
either case, being just 2% in both. Here also financial transactions are always prominent features in
affairs, and may be supposed to have favorably affected the result. Cleveland itself shows 4.5% increase and Chicago 3.0%. Detroit is also in the Chicago Reserve District and that point has a decrease,
but it is trifling and much smaller than might be expected, considering the depression in the automobile
/
trade, being only 1 2 of 1%; probably the gain in
financial transactions counterbalanced the loss in
trade transactions. Indianapolis is also in the Chicago Reserve District and shows 1.3% increase.
Gary, Indiana, however, has suffered a decline of
3.9%, which cannot be deemed strange, bearing in
mind the depression which prevailed in the steel
trade. Milwaukee likewise lies in the Chicago Reserve District and shows 2.1% increase. No doubt
the revival of activity in the Spring wheat area in
that part of the country the last half of 1927 was
of benefit to that city and also to Chicago. No less
than 12 of the 29 cities in the Chicago Reserve District sustained some loss in clearings in 1927 as compared with 1926.
Cincinnati and Pittsburgh are two other large
cities, besides Cleveland itself, located in the Cleveland Reserve District, and Cincinnati reports 0.2%
decrease, while Pittsburgh has 1.0% increase. The
[VOL. 126.
showing for Pittsburgh is better than might have
been expected having regard to the depression in
the steel trade and in the bituminous coal regions,
but here again financial transactions may be supposed to have influenced the result, Pittsburgh being a banking center of no mean proportions.
The other Reserve District with heavier clearings
totals for 1927 is the San Francisco District which
has an increase of 1.9%. This Reserve District belongs in a class all by itself, embracing the Pacific
Coast section, where business often follows a different course from that of the rest of the country. The
two big cities in this Reserve District are San Francisco, which has 3.2% increase, and Los Angeles
which has an increase of 5.2%. At both of these
points financial transactions are conspicuous factors and stock speculation also has been on an ascending scale, particularly at San Francisco, as will
appear from the figures given further along in this
article. Portland, Oregon and Seattle, Washington,
are two other places of prominence in the San Francisco District. The first mentioned shows a decrease
of 5.9% and Seattle an increase of 0.6%. Thirteen
of the twenty-nine cities in the San Francisco District have suffered decreases in clearings.
The Philadelphia Reserve District is another
where financial transactions must be supposed to
have played their part, but this Reserve District has
fallen 2.8% behind in its clearings, and Philadelphia
by itself shows 3.1% decrease. However, there was
the depression in the steel trade and the coal trade
alike to contend against. Six of the fourteen cities
in this Reserve District report diminished clearings.
As to the other Reserve Districts, the Minneapolis
Reserve District shows only a trifling decrease,
namely, 0.2%,and the change which the large Spring
wheat harvest brought, the latter part of the year,
is indicated by the fact that in December the Clearing Houses in the Minneapolis District showed 2.2%
increase over their figures for the same month of
1926. The prominent points in this Reserve District
are Minneapolis, where for the year the clearings
show 0.4% decrease; St. Paul, where the decrease for
the twelve months reaches 3.8%, and Duluth, where
the showing is 12.1% increase. Duluth got immediate and direct benefits as a result of the immensely
larger Spring wheat movement to that point, and
Minneapolis was also more or less advantaged in
the same way. Only four of the thirteen cities in the
Minneapolis District report diminished clearings.
The St. Louis Reserve District has fallen 1.1% behind in its clearings. The depression in the South
has no doubt contributed to this and the smaller
cotton movement along with the diminished grain
crops in the Southwest have been influences to the
same end. Five of the ten cities in the St. Louis district report losses in clearings. Similar observations apply to the Kansas City Reserve District,
where clearings in 1927 were 0.8% smaller than in
1926. At Kansas City the decrease is 0.7%, at
Omaha 0.1%, and at Denver also 0.1%. Oklahoma
City is favored by an increase of 1.9%. Ten of the
16 cities in the Kansas City District have suffered
decreases. For the Dallas Reserve District, the decrease is 2.5%. The reduced cotton yield of 1927
must have been an important factor in that district.
Seven of the twelve cities in that district have suffered losses in clearings. However, Dallas itself has
enlarged its total of the previous year by 5.3% and
while Houston has sustained a loss, the decrease is
FINANCIAL CHRONICLE
JAN. 14 1928.]
163
of this analysis. In the table we now insert we show
no more than 0.4%. Full details for all the differcts
e
, the totals for the several Federal Reserv Distri
ent cities in all the different Federal Reserve dis
for each of the last eight years.
tricts will be found in the elaborate tables at the end,
SUMMARY OF BANK CLEARINGS.
Federal Reserve
Districts.
No.
Cities.
18t Boston
2nd New York
3rd Philadelphia
4th Cleveland
5th Richmond
6th Atlanta
7th Chicago
8th St. Louis
.
9th Minneapolis_ _
10th Kansas City_
11th Dallas
12th San Francisco.-
14
14
14
15
10
18
29
10
13
16
12
28
Total
Outside N. Y. City-
193
Canada
RI
1920.
1921.
1922.
1
$
$
$
$
$
8.476
$
%
5
18,802,252,335 16,501,807,314 21,526,68
$
+5.1 25.525,891,741 24,051,259,710 21,926,025,8711 „ ,
93,009 247,629,286,3Q2
199,277,5
29,608,240,625 28.182,070.347
85,917 256,565,553,138 220,932,019,132
87748
01,556 298,325,474,068 + 10.4 291,123,3 6,681 28,144,370,886 27,021.900.335 24,466,873,994 22,102,095,629 26,936,561,5'S
329,460,4
31,761,03
22,26293
30,564,388,289 31,434.818,164 -2.8 20,822,673,742 19,023,200,794 19.458,577,867 18,429,998,141 16,338.831,975 9,990,009,735
+2.0
22,012,742,276 21,582,647,725 -5.2 10,980,309,435 9,940,690,246 9,538,908,053 8,267,285,235 7.509,385,130 10,744,117,438
,462 7,531,943.373
10,335,542,052 10,901,020.215
44,766,436,187
13,477.069.522 10,586,076,389 9.787,208,455 8,144,101
11,108,531,915 12,456,123,556 -10.8 51,302,734.279 45,989.493,112 44,776,960,599 39,000,926,300 35,354,192,489 12.023,009,926
,959
+2.0
52,677.335,684 51,641,391,122 -1.1 11,868,632.259 11,041.317,386 10,990,451,162 9,981,200,867 9,078,837.994 7,204,3134,142
6.016,415
11,894.757,283
,272
11,757,013,950
7.161,324,018 6,666,382,662 6,541,351,637 5,938,828
20,353.323.045
6,751,071,502 6,765,505,827 -0.2 14,500,818,244 13.432170,566 13,570,859,97 13,082,337.037 13,998,375,175 5,985,693.219
-0.8
, , , , 4,467,984.9744,363.427.924 20.301.522.084
14,75832088 14.873,742.285 -2.5 6,571,295,884 5,891.593,056
6.565
1,457 17,515.28
6,645,305,996 6,812,696,906
27.121.635.413 24,420.234,546 23,637,299.965 19,637,97
29,472,715,001 28.903,424,957 +1.9
80,817
391,507.311,955 355,588.192,536 449,727,9
15.805.135455.759,342.491 413,452,431,399 173,606,925.839 161,256,972,873 206,592.968.076
555,151,413,834 523.773.772,455 +6.0512.2
60,498 205,891,161,152 199,456,248.672
00,167 233,418,828,972 +0.1 228,596,5
233,917,2
17.444.720306 20,232.406,616
3.264 16.977.924.066 17.332.343.7911 16.263.805.791
90 ARA 572 854 17 n429E11.411 4-16.1 16.731.24
1927.
1926.
Inc.or
Dec.
1925.
1924.
1923.
$3,383,788,695 in 1925 and $3,804,352,615 in 1924.
It seems desirable also to have the record for some
Dealings in United States Government bonds no
of the leading cities for a long serieS of years. Acdid on
carry- longer play the conspicuous part they once
cordingly we insert here the following table,
The par value of the
the New York Stock Exchange.
ing the comparisons back for nine years. It is worth
1926 $262,204,for 1927 sales in 1927 was $289,502,300 and in
noting that while many of these cities show
$876,930,815 and back in 1919
ic- 300, but in 1924 it was
the largest clearings on record, and very emphat
volume of finan- it was $2,900,913,150.
ally so at New York, with its large
ation, SALES OF STOCKS AND BONDS ON NEW YORK STOCK EXCHANGE.
cial transactions and inordinate stock specul
not
12 Mos.. 1927. 12 Mos., 1926. 12 Mos., 1925.
Description.
there are quite a few interior points that have
454,404,803
450,845,256
totals of 1920 during Stock-Number of shares
576,663,218
yet got back again to their
inflation. Thus Kansas City's Railroad and miscellaneous bonds_ _ _ $2,142,367,700 $2.004,266,900 32.331.926.175
the period of post-war
3909,29.760
262,204,300
289.502.300
United States
with State, foreign.Government bonds... 837,167.200 720,661,950 660,932.760
As., bonds
clearings at $7,245,000,000 for 1927 compare
000,- Total oar value of bonds
83.269.037.200 82.987.133.150 53.383.788.695
$11,615,000,000 in 1920; New Orleans at $3,056,
000 compares with $3,315,000,000 for 1920; Omaha
At the outside Stock Exchanges the transactions
,000,000 with $3,094,000,000; St. Paul at $1,- in 1927 were also generally larger than in 1926,
at $2,102
556,000,000 with $1,870,000,000; Denver at $1,688, though there are some exceptions to the rule, as in
Richmond at $2,000,000 with $1,980,000,000, and
the case of Philadelphia and Los Angeles. On the
517,000,000 with $3,046,000,000. On the other hand, Philadelphia Stock Exchange the dealings in 1927
at all the distinctively financial centers like New aggregated 7,959,556 shares against 10,174,589
York, Chicago and Boston, and even at Philadelphia, shares in 1926, 6,297,878 shares in 1925, 3,434,690
the 1927 totals of clearings run far in excess of those shares in 1924, 2,319,270 shares in 1923, 2,456,631.
of 1920. Uninterrupted growth is also the feature shares in 1922, 1,579,470 shares in 1921, 2,367,312
in the case of Pacific Coast cities like San Francisco shares in 1920 and 3,230,740 shares in 1919. On the
and Los Angeles. The table referred to is as fol- Detroit Stock Exchange business for some years
lows:
kept dwindling, one reason for this having been that
CLEARINGS AT LEADING CITIES.
dealings in unlisted stocks have been discontinued
1 1924. I 1923. 1922. 1 1921. 1920. 1919.
(000,0000 1927. I 1926. 1925.
since October 1925. In 1927, however, trading again
$
$
$
$
$
$
2
$
$
omitted.)
dealings in listed
7
,1234,803 increased, the aggregate of the
194,331 213
New York_ 321,234 290,354 283,619 249,868 213,996 217,900 25,97 32.669' 29.686
Chicago_ _ _ 35,958 34,907 35,392 21,654 31,113 28,036 14,328 18,8171 17,903 stocks during that year having been 2,786,915 shares,
Boston.- _ _ 26,468 25,130 22,482 21,323 19,310 16,453 20.445 25,095 22,095
Philadelphia 28,354 29,25: 29,0791 25.645 24,651 22.488 6,235 8,294 8,202 against 1,852,451 shares of listed stocks in 1926.
718
St. Louis_ 7,387 7,632 7,6271 7,175 7.2046,
6,808 8,982 7.277
Pittsburgh. 9.289 9.1988,857 8,037 8,213 6,758 6,629 8.122 7,286 This
compares with 3,264,164 shares of listed and unSan Fran__ 10,118 9,800 9,479, 8,366 8,049 7,2741 3,745 4,896 4,343
5,025 4,838 4.142
894 shares
Baltimore__ 5,618 5,974 5,8321
3,003 2,801 3,597 3,131 listed qocks combined in 1925 and 2,485,
3,710 3,353 3,445
Cincinnati. 3,877; 3,88
7,537 11,815 11,223
Kansas City 7,2451 7,302 7,036 6.582 8.882 6.81h 4,667 6,907 5,482
4,646
ned in 1924. At Cleveland the transactions in
combi
5,9971 5,4411 5,550
Cleveland__ 6,4571 6,17
2,210 3.315 3,170
N. Orleans_ 3,056 3,08. 3.170 2,986 2,811 2,406 3,356 4,012 2,267
and bonds ($1,000 being taken as the equivaMinneapolis 4,095 4,110 4,463 4,026 3,677 3,370' 1,199 1,290
929 stocks
1,336
Louisville_ 1,880 1,782 1,744 1,612 1,552 5,389, 4.648 6,014 4,503
lent of ten shares of stock) aggregated 1,263,211
8,4311 7.358 6.694
Detroit.... 8,770 8,81
1,570 1.4451 1,736 1,528
Milwaukee_ 2,246 2,200 2,062 1,912 1,876 5,152 4,211 3,994 2,339
t 1,226,551 shares in 1926,
Los Angeles 0,382 8,917 7,945' 7,915 7,029
602 shares in 1927 agains
5341 697
5811
833
622
718
714
729;
Providence_
1924, 812,1,903 3,094 3,058
1,9821
Omaha..._ 2,102 2,104 2,188 2,004 2,103 2.0111 1,811 2,293 1,655 1,864,659 shares in 1925, 736,976 shares in
Buffalo_ _ -_ 2,732 2,727 2,782 2,310 2,346
966
1,805 1,600. 1,663 1,870
in 1922, 863,644
1,556 1,617 1,6311 1,618;
1,556
St. Paul._
810 682 shares in 1923, 833,952 shares
942
785
886,
985 1.055
9041
Indianapolis 1,2081 1,192
1.630
1,528
_ 1.683 1,88! 1,6681 1,611 1,658 1,464 2.092 1,980 3,091 shares in 1921, 943,250 shares in 1920, 725,970 shares
,
2,304
Richmon Denver._d. 2,5171 2,610 2,839, 2,853 2,608
819 1.191 1.128
Memphis.. 1,102, 1.197 1.233' 1,114 1.140 1,002 1,511 2,073 2.021 in 1919 and 176,463 shares in 1918. On the Chicago
2,205 2,039 1,949 1.658
-- 2,3671 2,35
452
531
456
490
567
654
10,695,750
783
8321
801
Hartfor
Seattle-.d827 Stock Exchange Op dealings reached
892
662
672
785
805
922
898
924;
Salt L. City
t 10,253,664 shares in 1926, 14,agains
411,099 383,407
Total....509,285476,452466,154 414,170373,537 358,109324,334 38.629 34,378 shares in 1927
45,866 47,321 46,062 41,589 39,915 33.399 31,254
Other
102,892 shares in 1925, 10,849,173 shares in 1924,
449,728417,785
773512 216
Total all_ 555.151 523. ___•_ _ 455•759 413 452 391,508 355,588
• __ ___ ____ __-_-_ ........- _
13,337,361 shares in 1923 and comparing with 9,145,.-...-.__ .400,005 100.'tOO Li 0,...................
•
972 shares in 1921, 7,367,We have already dealt at length with Stock specu- 205 shares in 1922, 5,165,
ar- 441 shares in 1920 and 7,308,855 shares in 1919. In
la tion at New York in the earlier part of this
t 919,365 shares of stock were
ticle. In the case of bonds on the New York Stock the Baltimore marke
0 shares in 1926, 951,426 shares
Exchange firmness and strength were also the fea- sold in 1927, 590,73
and 468,063 shares in 1924; while the value
tures throughout the whole year, but dealings in the in 1925
was $12,032,800 against $7,882,500
sanie did not reach very unusual proportions. The of the bond sales
in 1925 and $8,246,000 in 1924.
aggregate par value of all bonds dealt in on the New in 1926, $9,623,000
On the Boston Stock Exchange the sales totaled
York Stock Exchange in 1927 was $3,269,037,200
in 1927 against 9,562,931 shares in
against $2,987,133,150 in 1926, but comparing with 8,807,874 shares
-.
164
FINANCIAL CHRONICLE
$48,519,402 in 1922, $67,776,342 in 1921, $27,340,080
in 1920 and $71,681,901 in 1919. On the Toronto
Stock Exchange the stock sales totaled 4,663,042
shares in 1927, against 2,470,167 shares in 1926,
1,999,218 shares in 1925, 907,871 shares in 1924,
1,025,923 shares in 1923, 1,214,543 shares in 1922,
548,017 shares in 1921 and 670,064 shares in 1920.
As to the Canadian clearings, the Dominion evidently enjoyed unalloyed prosperity from beginning
to end of the year—that is if the clearings records
can be accepted as a guide. Dominion clearings ran
well above those for 1926 in each and every quarter
of the year and reached a grand aggregate of $20,488,872,694 for the twelve months of 1927, against
$17,646,961,411 in 1926 and $16,731,243,264 in 1925.
In other words, there was an increase of 16.1% in
1927 over 1926 after an increase of 5.5% in 1926 over
1925. Moreover, only one city out of the twenty-nine
from which we get returns shows smaller totals of
clearings for 1927 than for 1926. The exception is
St. John, and its decrease is only 1.1%. Back in
1920 the grand total of the Canadian Clearings was
$20,232,406,616; from this there was a decline to
$16,263,805,239 in 1922, and the totals remained low,
thereafter, until the recovery which came in 1926
and 1927. At $20,488,872,000 for 1927 they are the
largest on record. The Canadian totals of clearings
by quarter-year periods for the last twelve years appear in the table we now append.
CLEARINGS IN THE DOMINION OF CANADA.
Clearings
Reported.
too0D056:10:181:10tOr
...-.....-8t4t*13 1310 N
34 ,
10000,-.b1C.2511.128
.88.8.118..
1926, 9,912,352 shares in 1925, 5.300,862 shares in
1924, 4,783,324 shares in 1923, 5,495,041 shares in
1922, 3,974,005 shares in 1921, 6,696,423 shares in
1920, 9,235,751 shares in 1919 and 3,929,008 shares in
1918. On the Pittsburgh Stock Exchange the sales
in 1927 were 1,347,563 shares against 1,562,769
shares in 1926, 1,778,138 shares in 1925, 1,372,711
shares in 1924, 2,506,032 shares in 1923, 2,230,146
shares in 1922, 2,630,704 shares in 1921, 4,153,769
shares in 1920 5,579,055 shares in 1919 and 6,072,300
shares in 1918.
On the San Francisco Stock and Bond Exchange
the sales of listed and unlisted stocks during the
year 1927 amounted to 15,552,507 shares, having a
value of $653,521,804, against 8,611,169 shares, having a value of $344,925,947 in 1926; 9,272,598 shares
with a value of $267,653,230 in 1925, and 6,848,625
shaves valued at $102,778,333 for the year 1924.
Bond sales at this Exchange were $4,947,000 in
1927, against $13,027,500 in 1926,$25,971,500 in 1925
and $38,426,000 in 1924. For the Los Angeles Stock
Exchange the dealings are reported at 27,968,334
shares valued at $231,543,345, as against 44,067,288
shares valued at $184,727,444 in 1926, 36,230,111
shares valued at $88,955,330 in 1925 and 24,131,544
shares valued at $38,585,898 in 1924. The bond sales
are reported $10,707,000 for 1927, against $18,392,900 for 1926, $33,243,300 for 1925 and $26,513,400
for 1924. At the St. Louis Stock Exchange transactions aggregated 500,601 shares valued at $
,against 382,839 shares valued at $17,101,763
in 1926, 591,667 shares valued at $32,087,323 in 1925
and 139,482 shares with a value of $12,193,180 in
1924, while the bond sales were $3,840,360 par value,
against $2,325,000 par value in 1926, $2,355,200 in
1925 and $2,424,100 in 1924.
Stock dealings on the Canadian Stock Exchanges,
further heavily increased during 1927. On the Montreal Stock Exchange stock sales of listed shares for
the twelve months of 1927 were 9,992,627 shares,
against 6,751,570 shares in 1926, 4,316,636 shares in
1925, 2,686,603 shares in 1924, 2,091,002 shares in
1923, 2,910,878 shares in 1922, 2,068,613 shares in
1921, 4,177,962 shares in 1920 and 3,865,683 shares
in 1919. The bond sales in Montreal were $16,077,600 in 1927 against $17,807,921 in 1926, $17,715,503
in 1925, $22,153,753 in 1924, $38,003,500 in 1923,
[VOL. 126.
First
Quarter.
&cowl
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
$
$
$
$
$
4.306.639,000 4,891,579.000 4,718,506.000 6,572,147.000 20.488,872,000
3.929,891,000 4,388,475,000 4,217,059.000 5,111,536,000 17,646,981,000
3,708.304,000 3.854,678.000 3.904,277,000 5,263,984,000 16.731,243,000
3,834,897,000 3.950,010,000 4,072,622,000 5,120,395,000 18,968,924,000
3.606.308,000 4,158,184,000 3,864,938,000 4,702.913.000 17,332.342.000
3,840,001,000 4.031,429,000 3,706,793,000 4,685,582,000 16,283,805,000
4.127,525.000 4,447,088.000 3,983,965.000 4.886,142,000 17,444,720,000
4.638,357,000 4,924,428,000 4.819,806,000 5.849,805,000 20,232,406,000
3,329,475,000 3,970,863.000 4,127,237,000 5,275,350,000 18,702,925,000
2,818,417.000 3.387,131,000 3,212,600,000 4,300,425,000 13,718,573,000
2,657,205,000 3,363.807,000 2,923,735,000 3,611,971,000 12.656.718,000
2 IR2 218.1100 2.818.482.000 2.489.518 000 1 22R RIM non in one coo non
To complete our analysis we now give the complete
statement of the clearings at the different cities in
the United States for the last eight years, classified
according to Federal Reserve districts and also the
ratios of increase or decrease as between 1927 and
1926. The Canadian bank clearings in detail for the
last seven calendar years are added at the extreme
end of the compilations.
BANK CLEARINGS IN DETAIL FOR THE LAST EIGHT CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS.
Clearings at—
Year 1927.
Year 1926.
Inc.or
Dec.
Year 1922.
Year 1925.
Year 1923.
Year 1921.
Year 1924.
Year 1920.
ly
9
9
$
9
9 9
%
9
8•
First Federal Reserve 13 'strict —Bosto n—
Maine—Bangor
42,555,464
39,196.075 +8.6
40,413,868
38,033,888
40,138,437
40.588,658
41,855,269
48.538.088
Portland
192,468,223 +2.8
197,891,247
160.450,419
164,138,227
174,371,073
157,915,528
140,608,794
161,489,197
blassachusetta—Boeton...... 28.468,065,274 25,130,344,097 +5.3 22,481,915,310 21,323,000,000 19,310,172.382 16,453,000,000 14,328.413,721 18,818,778,696
Fall River
103,832,149 +3.2
107,131,493
124.743.525
100.814,566
121,230,152
107,787,753
79,470,642
119,427,181
Holyoke
46,883,818
50,115.764
49.337,294
45,041,238 +3.6
47,091,321
44,299,646
43,632,988
53,733,053
Lowell
56,883,614 +11.7
63,500,525
68,589,542
59,153,471
60,639,419
80.973.339
56,819,399
68,003,343
Lynn
a
a
a
a
a
a
a
it
a
New Bedford
65,623.291
79,991,080
79,943,697
68,898,612 —4.8
79,033,874
74,187,803
74,033,903
101,461,094
Springfield
283,174,997
303,889,872
266,185,531
273,833,974
233,105,376
299.931.804 —5.6
210.452,807
285,430,059
183,348,619
Worcester
186,433,169
194,635,139
190.236.822 —2.0
183,377,338
181,398,149
180,617.978
234,988,546
800.845,811 +4.0
588,589,795
Connecticut—Hartford
653,780,589
490,131,145
783.288,783
832.271,077
456,975,030
531,038,823
New Haven
412,492,500
370,484,451
342,812,458
291,355,625
373.982,839 +10.3
358,478,841
274,849,673
326,577,298
133,611,000
98.780,986
129,137,900
125,216,500 +8.7
, Waterbury
109,544,800
87,252,900
81,291,500
102,427.100
717,576,500
633,123,600
Rhode Island—Providence621,865,600
580,722,300
729.
415.100
714 45.000 +2.2
.0
533,785,800
898,799,000
39.390.670
41,428,285
41,367,963 —4.8
N. H.—Manchester
39,494,909
Total (15 cities)
29,608,240.825 28.182,070,347
+5.1 25,525,891,741 24,051.259,710 21,926,025,871 18,802,252,335 18,501,307,814 21,526,688,476
r Second Federal Reserve District—New York—
322,885,780
332.232,566
338,712,898 —4.7
270,189,979
295,976,337
236,831,877
New York—Albany
249,344,568
218,783.279
68,019,910
52,802,700
59,325,542
60.305,169 +9.5
57,557,900
52,889,762
Binghamton
47,999,221
63,379,600
2,735,748,436 2,728,882,610 +0.3 2,781,546,912 2,310,146,597 2,345,940,700 2,010,651,040 1.811,485,206 2,293,015,699
Buffalo
42,537.314
49,071,454
38,338,921
53,788,254
53,208,693 +1.1
28,941,689
Elmira
25.441,244
73,230,583
77,417,836
60.885.467
63,048,666
77,093.639 —0.5
56.129,651
Jamestown
48.298,471
48.296,470
321,234,213,687 290,354,943,483 +10.6283,619.244.637 249,868.181,339 213.996,182.727217.900.388,116 194,331,219,883 243,135,013,364
New York
54,933.844
55.359,559 +19.3
50,853,968
66,051.202
61.402.385
65.656,564
53,116,873
50.024,885
Niagara Falls
667,924,306
553,674,346
729,305,528
684,858,080 +8.5
598,939,497
491,705,769
594.398,278
453,315,967
Rochester
242,876,903
338,123,241
301,561.843
319,368.064 +5.9
261.665,876
218.598,137
254,623,897
201,131,156
Syracuse
183,262,196
188,037,428 +6.4
157,161.942
200,103,084
161,713,196
131.029,732
70,985,513
122,924,113
Connecticut—Stamford.-.25,303,131
48.047.788
34,100,200
42,494,630 +8.4
31.255,790
23.087,947
29,071,239
23,507,936
New Jersey—Montclair
1,374,097,957 1,309,996.214 +4.9 1,129,083.897
896.228,908
988,486.297
Newark
2,139,849,263 2,038,418,587 +5.1 1,762,919,810 1,779,262,851 2,182,484,975 2.029,681,395 1,899,042,632
790.885,922
Northern New Jersey
69,760.864
78,015,034 +3.8
80,958,890
54,359,285
80,134.293
44,421,237
51.962,282
47.181,878
Oranges
_—__,
d an Ant AAR 20,4 22R 474 ORR .l-104 201 122 2115.017 258.565.553.13R 220.932.019.132 223.287.551.041 100.277_503.009 247.629.286.302
-,..,,,
JAN. 14 19281
165
FINANCIAL CHRONICLE
BANK CLEARINGS IN DETAIL FOR THE LAST EIGHT CALENDAR YEARS ACCORDING TO FEDERAL
-(Continued).
RESERVE DISTRICTS
Clearings at-
Year 1927.
Year 1926.
Inc. or
Dec.
Year 1925.
Year 1924.
Year 1923.
Year 1922.
Year 1920.
Year 1921.
$
$
$
$
$
5
5
%
5
Third Federal Reserve District-Phil adelphia49,960.558
56,257,540
74,927,281
78,352,550
73,609,909
84,490,339 +2.8
86,818,244
Pennsylvania-Altoona_ _ _ _
148,261.469
164,679,360
215,037,790
217,585.765
199,810,058
238,163,397 +3.5
Bethlehem
246,606,709
53,191,492
56,962,184
70,832,174
66,680,312
77,529,200
73,814.118 +0.7
74.320,524
Chester
197,119.683
201,210,296
220,790,574
253,681,837
228,139,000
253,099,487 -2.1
247,771,510
Harrisburg
131,125.175
144,366,794
165,262,839
115,810,401
149,971,474
118,782,669 -2.5
Lancaster
115,838,586
30,983.622
26,204,214
30,270,008
32,485.324
30,335.728
33,643,772 -0.2
33,580,050
Lebanon
34,890,495
39,255,648
48,158,088
55,109,799
45,721,320
47,836,493 +2.3
•
Norristown
48,945,988
29,258,000,000 -3.1 29,079.000,000 25.645.000,000 24,650,722.000 22,488,390,000 20,445,229.473
28,354,000,000
Philadelphia
129,163,674
143,787,808
174,735,291
197,491,250
178,975,851
+0.7
219,885,671
Reading
221,391,913
241,511,815
234,316.827
299,737,971
318.740,033
304,448,208
326,296,868 +1.4
330,285,930
Scranton
136,894,949
147,075,707
174,190,172
208,029,953
199.586,437
191,824,257 +10.0
212,591,319
Wilkes-Barre
66,849,863
67,854,859
80,812,315
99,618,300
91,660,586
97,955,116 -116
96,368,743
York
253,966.660
706,645,894
488,468,910
572,128,600
648,618.036
163,586,890 -12.7
142,807,716
New Jersey-Camden
183,436,701
208,043.847
243,295,232
320,956,375
281,813.967
327,539,087 +7.6
352,521,057
Trenton
a
a
a
a
a
a
a
Delaware-Wilmington_ _ _a
_
30,564,388.289 31,434,918,164 -2.8 31,761.036,681 28,144.370.886 27,021,900,335 24,466.873,994 22,102,095.629
Total (14 cities)
Fourth Federal Reserve District-Clev eland
326,285.000
304,599,000
359,023,000
399,027.000
312,480,000
316,985,000 +6.3
336,895,000
Ohio-Akron
177,118.844
197,620,199
240,417,716
252,147,137
234,573.321
212,805.852 +0.5
213,842,119
Canton
3,877.324,829 3,885,182,015 -0.2 3,709.995,616 3,353,396,387 3,444.728,332 3,002,696,354 2,800,971,276
Cincinnati
+4.5 5,996,668,609 5,441.304.185 5,549,996,148 4.646,443,940 4,666,948,126
6,457,413,647 6,178,768,145
Cleveland
660,408,100
728,809,700
788,068,900
802,748,100
729,097,000
880,312.600 +4.8
922,793,200
Columbus
210.625,250
a
a
a
a
a
a
a
Dayton
29,957,518
34,235,937
41,719,412
42,123,639
45,642.269
49,398.905 -3.5
47.674,711
Hamilton
39,338,310
43.203,848
a
a
a
a
a
a
Lima
16,394,416
16,918,319
19,479,444
22,357.078
26,169,237
23,936,686 -4.0
22,970,232
Lorain
64,242,584
96,579,682
71.120,900
94,969,676
103,342,812
108,577,509 -6.5
101,512,961
Mansfield
a
a
a
a
a
a
a
a
Springfield
a
a
a
a
a
a
a
a
Toledo
188.369,061
192,241,724
221.883,443
230,550,078
271,710,112
+4.0
278,698,371
289,968,195
Youngstown
32,690,761
33,122,920
41,382,150
38,948.907
38.335,888
39,349,464 -4.7
37,485,477
1'a.
-Beaver County
a
a
a
a
aa
a
a
Erie
17,337,138
17,390,842
17,462.875
16.788,458
17,863,881
19,632,402 -19.4
15,890,477
Franklin
71,033,255
81,475,004
64.900,200
80,384.053
74,122,404 +0.3
74,377,495
Greensburg
+1.0 8,856.572,090 8,036,969,344 8,212,798,574 6,757,743,989 6,808,206,145
9,289,443.577 9,197,686,60
Pittsburgh
71,722,888
87.579,183
102,680,192
93,140,286
98,888,981
+4.7
95,372,16
99,877.333
Kentucky-Lexington
223,827,117
229,627,472
229,153,574
219.210,840
226.340,773
221,819,602 +1.6
225,273,023
West Virginia-Wheeling_
,
22,012,742,276 21,582,647.725 +2.0 20,822,672,742 19,023.200,794 19.458,577,867 18.429,998,141 16,338,831,975
Total (15 cities)
55,124,037
109.985,297
78.788,384
205.922,436
156.086,031
40,241,372
43,405,190
25,094,696,654
154,410,276
267,995.988
148,981.702
80,472,866
295,042,097
205.416,418
a
26,936,568,748
584,917,000
267,397,140
3,596,794,020
6,907,387,037
751,010.400
249,491,107
37,762,194
55.233.635
22,770,026
89.181,095
a
a
243,665,233
42,854,221
a
42,482,761
8,982,887,399
111,124,547
281,992,700
22,266,931,515
Fifth Federal Reserve D istrict-Richm ond84,595,000
79.673,600 -13.7
68,727,520
West Virginia-Huntingtona
a
a
a
Virginia-Newport News
434.725,868
438,943.130 -29.8
308,349,887
Norfolk
2,517,251,589 2,610,110,000 -3.6 2.839,366,382
Richmond
a
a
a
a
North Carolina-Asheville_
144,447,129
137,166,758 +2.6
140,724,518
Raleigh
a
a
a
a
Wilmington
132,823,778
129,465,413 -5.4
122,430,598
South Carollna-Charleston
94,252,877
92,220,790 +14.6
105,661,217
Columbia
5,618,191,924 5,953,736,235 -5.6 5,832,393,840
Maryland-Baltimore
24,216,680
25.429,360 +0.7
25,616,114
Frederick
90,209,789
41,693,977 +2.4
42.691,258
Ilagerstown
1,385,897,427 1,392,580,952 -0.' 1,353,278,092
D. of C.
-Washington
95,430,118
a
410,030,506
2,823.259,786
a
127,834,023
a
128,720,868
100.929,588
5,025,334.741
22,302,730
39,454,460
1,167,398,426
106,715,857
a
417.592,524
2,607,658,000
a
123,034,303
a
136,596,755
144,619,704
4,838,199,185
21,552,958
40,779,793
1.102,158,974
84,746,051
a
378,724,141
2,303,640,337
a
95,719,124
a
118.654,406
110,450,925
4,141,820,192
20,320,745
32,717,694
980,491,620
86,508,000
a
359,033,009
2.092,674,217
a
66,167,871
a
126,609,427
101,534,211
3,745,337,258
23,850,647
32,264,783
876,405.707
75,797.582
a
526,234,163
3,045.520,224
a
80,041,899
a
227,842,426
170,171,700
4,896,016,381
32,179.180
39,066.276
897.109,844
-5.2 10,980,309,435
9,940,690,246
9,538,908,053
8,267,285,235
7,509,385,130
9,990,009,735
328,290,641
160,661,525
1,012,243,160
2,895.571,945
99.663.868
45,680,188
78,296,104
a
808.093,771
212,353,780
195.979,545
1,367,180,827
95,917,771
89,029,038
77,703,590
67.121,323
44,942,766
21,165,040
2,986.178.447
331,326,017
160,236,191
1,003,582.995
2,733,986.892
110,799,885
47,248.143
78.124,637
a
653.380,124
280,578,709
142,737.597
898,067,590
2,191,186.830
94,691.236
40,507,842
65,072,524
a
514,437,052
269,037,000
149.401.816
845.509.812
2,108,957.591
101.318,893
39,359,041
63.519,418
a
487.697,668
410,316,650
173,725,822
1,179,501.244
3,256,765,739
205,420,013
56,406,088
*120,000,000
a
625,635,097
156,764,842
1,305,871,357
101,287,721
88,838,664
83,417,851
47,656,164
19,513,218
54,066,338
2,811.107,416
118,325,039
1,124,502.189
91,304,244
72,374,453
118.325,378
899,335,312
83.758,004
68,215.190
125,269,623
990.962,579
128,871,991
98,833,667
43,140,553
18,138,114
44,391,654
2,405,555,836
33.752,598
16,506,417
37,067.366
2,210,181,869
20,982,231
36,107.456
2,315,319,238
11,108,531,915 12,456,123.556 -10.8 13,477,069,522 10,586,076,389
9,787,208,455
8.144,101,462
7.531.943,373
10,744,117,438
Total (10 cities)
10,335,542,052 10,901,020,215
Sixth Federal Reserve D istrict-Atlan a
908,840,266 +4.6
Tennessee-Chattanooga-- _
427.694,713
169,432,729 +1.3
Knoxville
171,715.288
1,198,811,102 1,120,611,577 +6.4
Nashville
3,055,832.656 -12.0
Georgia-Atlanta
2,688,483.712
109,335,360 +3.2
Augusta
112.844.591
+0.6
65,878,556
Columbus
56,220,343
98,414,790 +15.5
Macon
113.724,379
a
a
Savannah
a
Florida-Jacksonville
1,002,493,423 1,505.427,663 -33.4
632,867,020 -58.9
Miami
260,039.000
914,418.178 -42.7
Tampa
237,515,432
1,332,515,451 1,337,693,645 -0.1
Alabarua-13irmingham
109,203,325 -8.3
Mobile
100,138,512
95,733,107 +3.2
Montgomery
88,435,870
104,220,743 -11.0
92,801,751
MissisalIMI-Ilattlesburg
47,121,300 +8.7
Meridian
51,217,929
21.823.478 -0.2
Vicksburg
21,788,660
+8.7
88,596,211
Jackson
96,292,358
3,034.716,952 -0.9
Louisiana
-New Orleans_ _
.
3,055,799,395
Total (18 cities)
Seventh Federal Reserv c District
-Ch icago12.851.871
14.494,728
Michigan-Adrian
Ann Arbor
59,356,150
55,414,307
Detroit
8,770.133,565 8,813,261,202
Flint
150,681,429
180,332,538
Grand Rapids
431,880,060
412,852,920
Jackson
92,142,380
95,234.799
Lansing
142,451,107
142,867,854
Indiana-Fort Wayne
153,161,060
158,338,950
Gary
322,544,570
309,886,459
Indianapolis
1,207,528.918 1,191.869,000
South Bend
162,609,400
160,969,629
Terre Haute
310,964,607
300,965,151
Wisconsin-Milwaukee
690
2,246,371.313 2.200.177.
Oshkosh
49,605,19
61.943,102
8.iadi-on
186,137,234
186,297,553
Iowa-Cedar Rapids
139,254,664
147,406.458
Davenport
516.676,84
538,435,921
Des Moines
546,115.41
515,292,642
Iowa City
25.775,23
25,934.934
Mason City
f
f
Sioux City
336,873,14
324,686,291
Waterloo
65,414,01
66,654,559
Illinols-Aurora
88,742,50
82,120,290
Bloomington
84,849.48
84,152,299
Chicago
35,958.215,634 34,907,132,94
Danville
a
a
Decatur
69,799,500
70,376.309
Peoria
262,806,045
253,540,410
Rockford
180,484,298
170,363.037
Springfield
147,894,237
136.403,765
Total (29 cities)
52,677,335,684 51.641,391,122
Eighth Federal Reserve District-St.L oulsIndiana-Evansville
305,203,072
280,656,764
New Albany
9,822,696
9,789.770
MLsscouri-St. Louis
7,387,457,173 7,631.792.498
a
Springfield
a
Kentucky-Louisville
1,879,529,149 1,781.981,052
Owensboro
19,749,870
19,692,702
Paducah
117.705,779
112,093,719
1,191,854,410 1,196,581,429
Tennessee-Memphis
740,952,228
Arkansas--little Rock
754,627,362
19,932,176
21,557.265
Illinois--Jacksonville
84,774,576
85,897.544
Quincy
Total (10 cities)
11,757,013.950 11.894.757.283
373.405,137
162,354,714
1.122,203.951
3,604,290,297
110,907,207
55,946,341
92.439,419
a
1,446,158,867
1,066,528,874
461,800,170
1,372,382,90
106,497.788
93,706,133
91,157.667
45,737,142
22,873,142
70,100,248
3,169,573,52
14,170.314
31,947,723
4,104,323,103
130,818.577
352,898,673
85,320,244
99,072,122
108.622,114
74,129.264
941,938,000
99.495,626
10,233,248
10.652,135
11,081,939
12,333,617
+12.8
12,884,211
30,119,761
36,979,412
41,330,175
45,246,243
-6.6
62,723,702
-0.5 8,430.797,003 7,355,598.022 6,693,595,581 5,389,251,503 4,648,490,38.0
74,941,907
82,206,318
112,328,068
120,053,97
+19.7
125,846,805
291,514,444
316.740,272
344,740,021
363,187,181
-4.4
415,171,313
62,338,490
66.857,1 9
89,947,954
87.684,083
+3.4
110,245,863
97,796,544
93,891,670
121,261.123
128.430,042
140,964,419
+0.1
92,206.238
101,017,089
121.740,534
127,312,901
147,658,263
+3.4
57,483,401
124,507,300
200,870,511
210,616,956
-3.9
267,637.178
785,350,000
885.681.013
984,874,000 1,005,025,000
+1.3
904,278.000
08,804,200
109,492,365
127.308.969
123,684.785
-1.0
151,241,800
305,616,689
285,451,373
-2.3
304,297,487
.1 2,062.451.850 1.911,755,916 1,876,239.105 1,569,987,894 1,445,267.846
+2
33,792.796
32,173,212
38.303,540
38,657,285
44.312,208
+4.7
93,844,934
131,164,602
162,735,232
133,704,284
+0.1
105,097.465
129,167.904
107,953,795
126,526,061
+5.8
138,901,696
549,979,497
539,336,560
550.774,269
+4.2
610,259,307
459,177,930
490,365,390
568,486,827
558,805,547
572,052,641
-5.6
30,186,580
31.760,662
31,971,121
24,709,215
22,075,364
+0.6
27,320,208
29,285,431
26,700,598
26,746,730
f
f
284,871,895
289.854,113
324,275,394
367,858,973
333,556.857
-3.6
69,770,097
76,952,214
68,205,756
69,689,317
77,441,966
+1.9
45.108.115
61,805.584
49,841,703
79,004,498
63,886,388
-7.5
68,788,960
67,344,631
77.527.839
75,850,204
86,680,608
-0.8
+3.0 35,391.593.57 31,653,583,049 21,112,945,757 28,036,204,337 25,974,692,057
a
a
a
a
a
a
58,129,169
58,245,449
71.550.841
66,578,865
77,593,249
+0.8
190,650,096
205,568,102
237,563,061
229,195.011
240,174,212
-3.5
95,562,813
99,936,929
120,299.719
117,145,966
148,670,755
+5.9
124,002,050
115,864,943
130,597.641
131,189,386
145,548,018
-7.8
641,749.310
36,315,220
97.649,396
503,531,309
106,868,616
49.815,825
97,224.374
32,669,233,535
a
80, 24.319
281.528,229
136,846,998
146.814.929
+2.0 51,302,734,279 45.989,493,112 44,776,960,599 39,000,926,300 35,354,192,489
44,766,436.187
1,551,895,901
24,027,659
123,049,883
1,140,369,121
605,907,351
18,678,528
74,332,592
217,898,167
6.840,775
6,718,029.800
a
1,336,370,707
23,860,814
85,742,896
1,008,743,103
499,708,912
16,598,320
67,407,373
98,029,000
6,006.530
6,235.129,198
77,474,191
1,199,298,211
22,993,455
78,393.734
819.009,454
459,412,342
17,853,042
65,438.802
281.887,296
8,010,561
8,294,027.136
110.720,255
1,290.498.398
35.091,193
98,831,224
1,191,104,425
602,978.065
32,838,765
97,022.701
-1.1 11.868.632.259 11.041.317.386 10.990.451.182
9.981.200,867
9.078,837,959
12,023.009.921
+8.7
+0.3
-3.2
a
+5.5
-0.5
+5.2
+0.1
1.8
-7.5
-1.3
281,939,450
9,030,201
7.626,579.123
a
1,743.689,890
21,826.590
110,568,863
1,232,818,801
735.856,786
22.230,884
84,091,671
258,034,160
8,387,513
7,174.033,847
a
1,611,927,608
22,650,180
119,906,430
1,114,087,697
640,360,864
17.303,432
74,625,655
240,642,009
7,880,616
7,203,067,512
a
1,736,237,000
38,662.133
150,794,214
166
FINANCIAL CHRONICLE
[VoL. 126.
BANK CLEARINGS IN DETAIL FOR THE LAST EIGHT CALENDAR YEARS
ACCORDING TO FEDERAL
RESERVE DISTRICTS
-(Concluded).
Clearings at-
Year 1927.
Inc. or
Dec.
Year 1926.
$
$
Ninth Federal Reserve District
-Minn eapollsMinnesota-Duluth
465,061,789
414,865,676
Minneapolis
4,094,562,453 4,110,311,738
Rochester
32,123.424
28,236,650
St. Paul
1,556,483,398 1,617,454,198
North Dakota-Fargo
100,360,797
97,024,377
Grand Forks
72,139,000
70,908,000
Minot
17,801,540
15,705,910
South Dakota-Aberdeen
66,757,056
76,436,736
Sioux Falls
82,668,196
79,223,998
Montana-Billings
34,521,615
32,104,577
Great Falls
55,408,877
47.337,663
Helena
163,967,351
166,861,271
Lewistown
9,216,006
9,035,033
Year 1925.
Year 1924.
Year 1923.
Year 1922.
Year 1921.
%
$
$
$
$
$
Year 1920.
$
+12.1
-0.4
+13.8
-3.8
+3.4
+1.7
+13.3
-12.7
+4.3
+7.5
+17.0
-1.7
+2.0
498,450,286
4,462,950,450
22,880,408
1,631,459;933
85,601,746
74,480,000
13,487,998
77,750,830
61,037,892
32,928,493
40,201,009
152,712,443
7,382.530
504,915,852
4,025,843,109
20,618,429
1,617,749,116
94,406,016
68,235,694
12,227,853
69,714,916
54,408,657
28,233,717
34,391,079
135.471,553
f166,671
390,031,753
3,677,176,267
22,764.353
1,805,224.936
105,274,062
59,355,300
13,865,040
67,224,103
155,949.650
27,006,003
41,300,582
164,295.937
11,883,651
320,577,946
3,369,928,782
21,648,002
1,599,711,125
98,020,882
53,283,900
15,352,795
63,082,335
136,602,027
31,078,529
42,974,637
168,305,165
18.262,087
334,987,342
3,355,654,989
21,312,922
1,662,221,623
102,431,095
63,889,262
14,632,537
63,704,876
115,737,719
38,271,751
55,806,848
163,848.372
23,916,658
468,056,391
4,012,206,419
33,837,110
1,870,424,350
149,040,028
85,425,000
19,556,718
92,483,832
178,970,141
68,875.652
95.746,057
98,340,186
31,432,258
-0.2
7,161,324,018
6,666,382,662
6,541,351,637
5,938,828,212
6,016,415,994
7,204,394,142
Tenth Federal Reserve District-ICans as CityNebraska-Fremontas
20,856,808
19,738,367 +5.7
Hastings
24,570,478
28,008,329 -12.3
Lincoln
254,013,059
245,980,286 +3.3
Omaha
2,102,408,685 2,103,548,186 -0.1
-Kansas City
Kansas
121,216,030
213,374,463 -43.2
Lawrence
a
a
a
Pittsburgh
a
a
a
Topeka
172,613,529
179,146,598 -3.5
Wichita
424,562,352
435,778,140 -2.6
Missouri-Joplin
81,691,204
93,584,411 -12.7
Kansas City
7,245,050,814 7,301,562,157 -0.7
St. Joseph
337,727,941
375,642,241 -10.1
Oklahoma-Lawton
a
a
a
McAlester
666,406
10,281,364 -93.5
Muskogee
a
a
a
Oklahoma City
1,555,022.655 1,526,008,448 +1.9
Tulsa
596,642,699
527,417,855 +13.1
Colorado-Colorado Springs
64,167,032
61,750,994 +3.9
Denver
1,687,612,802 1,688,644,834 -0.1
Pueblo •
69,302,494
63,275,613 +9.5
22,396,587
32,596,380
254,049.952
2,188,210,683
213.127,476
a
a
184,941,687
401,638,512
89,178,302
7,036,471,383
392,705,388
a
14,727,154
a
1,443,875,836
436,148,418
63,581,225
1,667,800,725
59,266,536
21.457,420
21,532,291
28,341,820
27,199,226
215,769,668
215.136,673
2,004,488,419 2,103,475,129
236,428,504
264,352.028
aa
a
a
153,019.279
169,025,208
388,348,065
466,734,222
77,214,000
73,853,814
6,581,628,797 6,881,567,927
364,481,235
a
a
a
15,134,877
18,638,258
aa
1.283,152,230 1,165,341,866
351.403,042
402,491,637
56,755,109
61,091,657
1,611,163.932 1,655,870.321
50,384,169
44,549,720
19,385,004
28,265,768
200,821,198
1,981,529,346
229,071,097
a
a
143,491,794
536,121,306
66,212,000
6,811,486,964
a
a
17,305,274
24,870,877
29,004,354
174,144,975
1,903,158,686
215,767,252
a
a
143,935,182
556,080,029
53,860,820
7,537,160,601
a
a
a
161,534,791
1,214,391.012
365.342,425
50,096,140
1,527,547.230
41,480,801
39,746,046
43,866,560
286,469,930
3,094,338.415
242,791,314
a
a
174,180,439
719,765,924
93,265,048
11,615,142,427
a
a
a
241,241,938
1,037,717,950
669,690,614
62,382,894
1,980,644,477
52,079,690
Total (13 cities)
6,751,071,502
Total (16 cities)
6,765,505,827
14,758,124,988 14,873,742.285
Eleventh Federal Reserv e District
-Da IlasTexas-Austin
84,936,476
85,870,973
Beaumont
102,736,000
87,755,313
Dallas
2,651,392,060 2,518,137,647
El Paso
254,780,035
252,853,538
Fort Worth
656.641.904
743,352,678
Galveston
440,218,000
598,903,000
Houston
1,872,575,124 1,881,077,054
Port Arthur
32,292,812
29,893,340
Texarkana
34,385,522
37,614,237
Waco
86,733,479
115,105,048
Wichita Falls
146,825,000
182,772,225
Louisiana-Shreveport
281,789,584
279,361,853
Total (12 cities)
6,645,305,996
6,812,696,906
a
1,105,066,227
385,221,994
53,841,087
1,464,123,463
40,394,515
-0.8 14,500,816,244 13,439,170.566 13,570,859,977 13,082,337,037 13,998,375,175
20,353,323,045
-1.1
+17.1
+5.3
+0.8
-11.7
-26.5
-0.4
+8.0
-8.6
-24.7
-19.7
+0.9
105,349,233
72.708,101
2,556,829,919
252,882,072
652,152,962
519,951,000
1,765.968.080
26,832.869
42,558,699
128,903,194
170,705,772
276,453,983
84,597,962
71,556,763
2,213,634,863
252,557,446
623,989,586
476,068,314
1.578,359,500
26,180,365
35,208,514
163,964,289
119,265,646
246,209,808
91,918.627
69,313,010
1,738,530,234
255,297,088
584,884.838
460,441,966
1,486,957,553
31,486,103
32,215,246
162.331.551
101,808.370
255,683,760
80.003.877
58,309,312
1,392,807,318
243,637,669
577,294,106
372,499,434
1,243,315,900
21,068,987
25.861,016
132,647,690
94,755,887
225,783.778
73,463,056
54,036,000
1,301.332,809
260,721,121
612,142.408
383,317,456
1.200,770,776
20,065,693
26,120,944
127,827,120
107,078,853
196,551,688
84,349,049
75,779,546
1,868,685,312
346,074,091
992,888,032
409,843,066
1,504,251,520
20,927,985
38,363,379
164,918,143
228,479,587
251,133,509
-2.5
6,571,295,884
5,891.593,056
5,270.868.346
4,467.984,974
4,363,427,924
5,985,693,219
Twelfth Federal Referve District-San Francisco
Washington-Bellingham
46,641,000
48,055,000 +1.1
45,254,000
40.148,000
38,425,000
34,753,147
26.800,000
Seattle
28,149,719
2,366,923.226 2,352,953,405 +0.6 2,205,404,626 2,039,249,570 1,949.171.370 1658,144,134
1,511,348,283
Spokane
2,072,639,437
663,295,000
644,971,000 +2.8
606,901,033
573,914,864
578,862,349
534,619,000
Tacoma
518.456,000
659,860,797
a
a
a
g
a
a
a
a
Yakima
a
77,903,882
78,171,284 -0.3
82,266,636
68,567,871
70.631,111
70,041,478
68,653,714
Idaho-Boise
88,214,198
63,271,668
59.201.417 +6.9
57,198,886
53,975,270
50,670,103
55,204,184
Oregon-Eugene
26,000,750
28,038,489 -7.3
27,542,807
22,483,880
15.863,945
20,219,168
14,394,311
Portland
17,567,447
1,978,932,067 2,103.840,202 -5.9 2,015,148.908 1.898.910,859 1.871.946,130 1,600,517.593
1,528,495,024
Utah-Ogden
1,906,796,902
86,612.536
83,084,509 +4.2
108,213,000
73,236,000
75.834,000
71,443,502
90,439,000
Salt Lake CRY
133,604,030
924,051,647
922,163,600 +0.2
898,102,610
804,709,503
785,330,073
671,653,910
Nevada-Reno
661,686,278
892,346.395
35,368,955
35,923,678 -1.5
35,036,112
31,832,496
35,664,574
30,419,000
33,915,000
Arizona-Phoenix
45,220,028
153,160,900
135,689,009 1+12.9
121,928,000
96,211,668
110.490,149
California-Bakersfield
67,109,144
66,884,028 +0.3
59,438,319
49,854,551
50,490.278
52.333,596
59,040,379
Berkeley
67,098,150
263,145.486
232,803,013 +13.0
220,021.829
210,547,624
207,836.127
194,696,065
160,378,670
Fresno
150.987,832
227,342,851
231,399,177-1.7
201,331,828
200,208,229
226,954.967
229,234,818
226,657,300
Long Beach
277,206,368
369,058,937
367,054,556 +0.5
332,122,723
369,536,444
432,151.552
250,496,140
Los Angeles
163,595,436
9,381,948,000 8,917,424,000 +5.2 7,945,493,000 7,194,525,000 7.028,870,000 5,152,305,000 4 181,639.876
,211,189,000
Modesto
3,994,274,000
45,510,934
46,203,317 -1.5
44,958,841
39,107,843
38,226,663
39,927,112
35,911,884
Oakland
25.126,381
969,103,648 1,077,033.672 -10.0 1,063,291,078
801,230.517
845.144.456
679,820,874
543.092,161
Pasadena
552.613,822
350,763,565
334,578,791 +4.8
268.829.267
310,599.694
200,271,022
293.184,216
161.701,121
130,724,824
Riverside
57,372,651
52,790,322 +8.7
42,786,332
37,150.156
39.932,002
30,598,482
24,241,933
Sacramento
34,637,801
400,244,548
442,501,119 -9.5
450,001,211
378.313,445
323,673,714
430,134,192
284.417,587
San Diego
324,345,255
292,706,408
315,225,056 -13.9
269,815,389
215,183,262
192,800,008
156,888,305
138.665,592
San Francisco
154,929,338
10,117,987,269 9,799,768,682 +3.2 9,479,464,458 8,366,230.636 8,049,061,000 7,273,500,000
6,629,000,000 8,122,064,917
San Jose
148,888,528
158,055,163 -5.8
143,791.357
123,522,486
126,497,742
117,315,972
92,064,797
Santa Barbara
116,995.085
78,281,207
76,943,863 +1.7
58,774,470
73,009,035
62,145,992
48,275,720
42,452,548
Santa Monica
26,921,441
113,320,549
119,396,676 -5.1
105,354,048
99,881,868 Not included in total.
Santa Rosa
26.217,243
26,406,238 -0.7
26,577,953
28,046,959
25,412,496
25,604,390
21,516,807
Stockton
21,689,481
141,554,400
146,867,700 -3.6
150,581,700
140,631,100
132,600,507
124,314,800
249,179,300
293,913,000
Total (29 cities)
29.472,715,001 28,903,424,957 +1.9 27.121,635,413 24,420,234,546 23,637,299.965 19,637,971,457 17,515,286,565
20,301,522,084
Grand total (193 eitles).555.151,413.834 523,773,772,455 +6.0 512,215,805,135
455.759.342.491 413.452,431,399 391,507,311,955 355,588,192,536 449,727,981.440
/Mettle New York
192/ 017 9011 107 922 4161595079
4-0 1 995 AAR nan AOR NIA 501 1R1 159 100 ARA 945 R79172 AAR 09A 520 101 9500,9
12,1 ono enn nfen nmn
CANADIAN BANK CLEARINGS FOR THE LAST EIGHT CALENDAR YEARS.
Clearings atMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
3herbrooke
Kitchener
Windsor
Prince Albert
Woncton
Kingston
Year 1927.
Year 1926.
Inc. or
Dec.
9
I
$
%
6,771,872,659 5,646,347,421 +19.9
6,484.586,731 5,196,428,183 +24.8
2,794,527,877 2,708.415,764 +3.2
924,784,859,
888,704,118 +4.1
338,607,358 +10.6
374,560,769
319,659,404 +9.3
349,324.254
150,800,492 +8.5
163,572,908
296,400,645
268,402,609 +10.4
393,910,637 +10.8
436,380,336
134,755.4571
136.226.527 -1.1
110,885,953 +5.9
117,462,545,
142,856,910 +17.4
167,784.864!
286,552.842
259,611,119 +10.4
259,733,292
240,953,818 +7.8
31,888,338,
31,005,956 +2.8
31,878,544;
29,565,732 +7.8
103,237,697 +6.5
109.929.060
69,893,412;
64,190,200 +8.9
63.699.387.
55,117,564 +15.6
51,979.079
48,102,058 +8.1
42,108,115
39,253.110 +7.3
18,017,757
15,462,521 +16.5
45,621,253
41,385,282 +20.2
47,448,683
44,259,492 +7.2
60,999,516
51,757,433 +17.9
243,923 681
219 129,742 +11.3
20,755,563
20,193,964 +2.8
45,899,119
44,207,861 +3.8
42,541,149
38,282,486 +11.1
Year 1925.
$
5,143,250,794
4,914,652.246
2.892,376,615
807,197.610
328,862.264
296.868.697
153.908,814
250,224,656
355,320,700
131,306,092
101,269,481
136.640,609
239.350,281
225,429,503
31,805,295
28,311.024
91,330,853
61,186,405
50,714,486
43,110.272
33,049,655
15,359,364
40,564,340
42,169,656
49,231.111
172,716,001
17,347,712
41,258.874
36,429,854
Year 1924.
$
5,353,492,462
5,255.433,826
2,682,695,199
803,051,359
332.140,501
291.276,519
198,486,237
255.781,872
343,415,332
133,734,811
108,146,581
140,878.932
220,329,384
179,302,867
29,796.999
27,718,555
83,355,958
58,471.697
46,050,667
48,122,905
30,816,500
16,463,668
40,621,725
41.432,014
48,875,860
164,187,439
16,572,705
41,537,923
35,733,539
Year 1923.
$
5,493,105.775
5,591,368,205
2,528,311,969
750,693,542
353,699,360
303,116.299
152,328.562
301,554,611
272,438,496
141,395,039
105.229,802
151,868.946
217,273,336
190,195,987
30.970,260
31,976,083
89,106,604
63,910,782
52.934,940
49,754,115
29,251,757
17,668,504
39.376.920
43,320,228
51,889,983
176,443,115
18,010,599
50,243.501
34.886,471
Year 1922.
Year 1921.
Year 1920.
$
$
$
4,093,942,868 5,720,258,253
7,109,189,038
4,974,658,388 5,105,893,766
5,410,214,802
2,563,938,704 2,682.441.103
3,015,704,299
683,054,537
708.205,932
867,901,614
370,776,458
404,237,674
515,006,228
284,484,623
302,491,488
364,651,362
160.112.235
181,802,598
255,678.403
283,272.009
297,932,727
380,733,960
263,240,201
335,465,202
438,073,277
142,488,127
147,301,169
176,671,887
105,773,654
122,416,239
145,707,146
147,787,996
161,956,960
192,157,969
234,211,250
260,888,619
294,863,362
184,149,429
203,659,641
231,070,269
33,077,838
39,282,713
41,398.339
30,979,137
35,350,739
47,397,555
87,892,573
100,553,190
115,403,076
64,035,266
74,739.761
94,584,910
54,067,107
76,113,949
62,235,591
41,147.689
43,619,961
48,072,207
27,367,208
36,435.337
30,737,565
17,707,358
21,848,524
27,808.580
37,100,117
50,639,788
44,195,516
43,261,746
64,046,86)
53,641,710
52.490,715
61,600,500
51,159,584
170,789,813
162,268,354
171,282,078
17,974,160 Not included In total.
59,344,596
56,262,833
34.679,437
33,872.694
Total (29 cities)
I 20,488,872.694 17.646,961,411 +16.1 16,731,243,2641 16.977,924,066 17.332.343.791 16.263.805
220
a No longer report clearings. f All banks closed.
17 AAA 790 100
90 999 AAA Ala
JAN. 14 1928.]
FINANCIAL CHRONICLE
167
Gross and Net Earnings of United States Railroads
for the Month of November
which had lasted continuously'from Sept. 1 1925 almost up to the end of February, 1926. All the anthracite carriers reported enormous gains in earnings, gross and net, in November 1926, in part because of the speeding up of production referred to,
but still more because comparison was with November of the previous year (1925) when there was complete suspension of mining in the anthracite regions
because of the strike, not a pound of hard coal having then been mined. Thus both the soft coal carriers and the hard coal carriers enjoyed very exceptional gains at that time in gross earnings and net
earnings alike—the gains by the anthracite carriers
being merely a recovery of the big losses suffered in
November 1925—and in our review for November
1926 we stressed the point that the improvement in
the general totals of earnings for the country as a
whole followed almost entirely from the exceptional
circumstance referred to, trade reaction being then
already in evidence and having acted to reduce merchandise and general traffic and that with the gains
contributed by the coal carriers eliminated, the
gains in the general totals would have entirely disappeared.
In November 1927, on the other hand, these spe19
Month of November—
• (—). cial favoring circumstances of 1926 were not only
Mlles of road (183 roads)___238,142
+569 0.24%
238,711
not repeated, but there were distinct unfavorable
Gross earnings
$502,994,051 5561,153,956 —558,159,905 10.37%
Operating expenses
377,037,037 402,652,395 —25,615,358 6.36% developments which served to make the contrast beRatio of expenses to earnings
+3.21%
71.75%
74.96%
tween 1927 and 1926 all the more marked. In the
Net earnings
$158,501,561 —$32,544,547 20.53%
$125,957,014
case of the coal traffic things went to the opposite
The strikingly poor exhibit here made follows extreme. In the bituminous regions a strike at the
from a twofold cause: (1) The absence of certain union mines prevailed during the whole of the period
special favoring circumstances which served to spell from April 1 1927 to early in October 1927. A part
traffic and earnings in the previous year and were of the loss arising from the suspension of mining in
not repeated in 1927, and (2) of the existence of dis- the soft coal districts, was made up by increased
tinctly unfavorable conditions and circumstances in production at the non-union mines, but only a part.
1927. In reviewing the results for November 1926 In October some sort of a compromise was reached
we took pains to make mention of the special favor- between the miners and operators at the unionized
ing circumstances which then had acted to swell the mines and it was then supposed that work at the
totals. - The comparison then with the year preced- union mines would at once be resumed on the foring was not particularly good, but even so, it was mer normal basis. Instead of that, mining was now
misleading, as what little improvement actually was conducted in a very apathetic way, there being little
recorded followed almost entirely from the enor- evidence of any great demand for coal inasmuch as
mous coal traffic with which the railroads were then general trade had begun to slow down and the iron
being favored as the result of the huge export de- and steel industry was rapidly drifting into a state
mand for coal induced by the strike of the coal of actual depression. What a strong contrast this
miners in Great Britain, which was not settled until worked in the case of coal alone will appear when
the end of November of that year, and which led to we say that according to the Bureau of Mines the
an enormous export demand for coal in the United production of bituminous coal in November 1927 agStates in order to fill in part the void occasioned by gregated only 40,770,000 tons as against 59,213,000
the alk.ence of home supplies of fuel in the British tons in November 1926. The production of hard
Isles. The carriers serving the Pocahontas region coal also fell off, though not to anywhere near the
enjoyed the greatest advantage in that respect, since same extent. The stimulus to a large output which
that region yields the grade of coal particularly de- had existed the previous year was absent; in addisired, these roads being the Norfolk & Western, the tion, the demand itself fell off, in part because of
Chesapeake & Ohio, and the Virginia Ry., though as the mild weather and in part also because substia matter of fact, the influence of this special demand tutes for hard coal are now being used in no small
for coal extended to the bituminous districts virtu- degree, particularly in the shape of oil.
ally everywhere in the middle and middle western
As to the other adverse conditions and influences
States, where enormous increases occurred in both which operated to produce a falling off in railroad
the mining and shipping of coal.
traffic and revenues, trade reaction became quite
Simultaneously the output of coal in the anthra- general in November, while in the steel industry
cite regions was then also above the normal, mining something closely akin to actual depression develof hard coal still being pressed with great vigor to oped. According to the "Iron Age" of this city, the
make up the loss suffered earlier in the year during make of iron in November 1927 was only 2,648,376
the long period of the anthracite miners' strike, tons against 3,236,707 tons in November 1926, and
•
Our monthly compilations of the earnings of
United States railroads have been making unfavorable comparisons with the preceding year for quite
some time, but the statement for the month of November, which we present to-day, makes the most
unfavorable showing of the whole series—in fact, it
ranks among the very poorest we have ever been
called upon to record. It is not merely that the falling off as compared with the previous year is very
heavy in gross and net earnings alike, but that virtually all classes of roads and all sections of the country have participated in the shrinkage. Even in the
case of the separate roads and systems there are
few exceptions to the rule of loss, and these exceptions generally follow from some special cause like
the large grain movement in its effects on Northwestern roads. Stated in brief, gross revenues show
a falling off of $58,159,905, or 10.37%, and net earnings a falling off of $32,544,517, or 20.53%, as will be
seen from the following comparison of the grand
totals of the gross earnings, the operating expenses
(before taxes) and the net earnings for the two
years:
168
FINANCIAL CHRONICLE
[VOL. 126.
according to the American Iron & Steel Institute, heavy losses the previous year. That is particularly
the production of steel ingots dropped to 3,101,764 true of the roads connecting with, or running
tons in November 1927 as against 3,705,744 tons in through Florida. The Atlantic Coast Line shows
November 1926. The depth to which the automobile this time $1,386,675 decrease in gross and $805,160
industry fell is, of course, well known; only 133,202 decrease in net and this follows $621,528 decrease in
motor vehicles were turned out in November 1927 as gross and $611,889 decrease in net the previous year;
against 256,300 in November 1926 and 337,435 in the Florida East Coast reports $1,047,455 loss in
November 1925. It only remains to say, in order gross and $536,513 loss in net, which comes after
to make the picture complete, that in the South trade $505,872 loss in gross and $71,794 loss in net the predepression, which developed the latter part of 1926 vious year. The Seaboard Air Line has $596,986
as a result of the big drop at that time in the price loss in gross and $285,003 loss in net which follows
of cotton, the collapse of the real estate boom and $276,172 loss in gross, but $75,661 gain in net in
the hurricane which swept over Florida in Septem- 1926. The losses all through the South are very
ber 1926, was unrelieved to the end of 1927 notwith- heavy with a few minor exceptions, though not in all
standing that the price of cotton fully recovered and cases do these losses come after losses the previous
ruled very much higher than at the corresponding year. The Louisville & Nashville has suffered a
period in 1926. The great shrinkage in the size of reduction of $1,124,914 in gross and of $458,the crop in 1927, as compared with 1926, of course 718 in net, following $81,721 loss in gross and $653,operated directly to reduce the tonnage of the rail- 975 loss in net in November 1926. On the other hand,
roads in cotton.
the Southern Railway system, which reports gross
In view of the foregoing, it can be no surprise that reduced $1,190,856 and net reduced $158,953, in 1926
earnings in November 1927 heavily declined and that reported $30,089 gain in gross, but $672,266 loss in
the losses extend, as stated at the outset, to all net.
classes of roads and to all sections of the country.
As a matter of fact, there are so many conspicuous
The great east and west trunk lines, serving the man- decreases among Southern roads that it would be
ufacturing districts of the middle and middle west- wearisome to enumerate them all. The same is true
ern States, with their enormous traffic in coal and also with reference to most of the Southwestern
other minerals, naturally were the heaviest suffer- roads, though the Texas & Pacific forms a conspicuers. For extent of loss, the Pennsylvania Railroad, ous exception with $399,847 gain in gross and $241,with $10,044,858 decrease in gross and $2,628,442 de- 075 gain in net. The Atchison, among these Southcrease in net, stands at the head of the list, as would western roads, shows gross smaller by $2,381,116
be expected, and the other big trunk line systems and net by;1,218,402, and the Southern Pacific falls
stand close behind. The Baltimore & Ohio has $3,- behind no less than $849,047 in gross and $1,204,868,431 loss in gross and $2,004,783 loss in net. The 175 in net. As we move further north in the western
New York Central falls $3,927,472 behind in gross half of the country, some comparisons of a different
and $2,725,449 behind in net. This is for the New nature are met with, but the showing is by no means
York Central itself. Adding the various auxiliary uniform in that respect. The Union Pacific belongs
and controlled roads so as to get the entire New in the favored class, it reporting $862,148 gain in
York Central system, the result is $6,435,093 loss in gross and $740,243 gain in net. The Burlington &
gross and $4,284,224 loss in net. The Erie has suf- Quincy, however, has lost $755,615 in gross and
fered a decrease of $1,163,393 in gross and of $1,068,- $232,856 in net. The Chicago & North Western has
201 in net. The other anthracite carriers have done done no better, its gross being $816,885 below that
no better, the Reading showing a shrinkage of $1,- of the previous year, though this was converted into
650,303 in gross and of $1,121,658 in net; the Lehigh a gain of $30,487 in net. The Northern Pacific is eviValley $611,222 in gross and $229,746 in net; the dently deriving immediate benefits from the bounLackawanna $857,269 in'gross and $304,508 in net. teous Spring wheat harvest in its territory and reAnd these illustrations could be further extended. ports $418,471 gain in gross and $615,759 in net.
As to the roads serving the Pocahontas region Contrariwise, the Great Northern reports only $5,whose coal tonnage the previous year was swollen to 340 increase in gross with $250,346 decrease in net;
such an unusual extent, the Norfolk & Western re- on this system the larger wheat movement was eviports $2,994,532 loss in gross and $2,500,703 loss in dently offset by the tremendous shrinkage in the
net; the Chesapeake & Ohio $2,195,414 decrease in iron ore traffic to Lake Superior points. This begross and $1,466,611 decrease in net, and the Vir- comes quite evident when we find that the Duluth,
ginian Railway $932,978 in gross and $471,268 in Missabe & Northern, a distinctively ore carrying
net. And the New England roads have done no bet- line, shows no less than $866,268 loss in gross with
ter, the Boston & Maine having fallen behind $720,- $572,586 loss in net, and that the Duluth & Iron
770 in gross and $1,161,825 in net and the New Range, another ore carrying road, also has suffered
Haven $506,273 in gross though having $370,690 considerable decreases in gross and net alike.
gain in net. Even the Central of Vermont shows
The Milwaukee & St. Paul shows little change in
$519,451 decrease in gross and $607,692 decrease in gross, having $25,175 decrease in gross, but this is
net, but presumably this follows directly as a con- accompanied by $1,175,875 decrease in net, owing to
sequence of the torrential rains and floods which a big augmentation in expenses. The Minneapolis
caused so much havoc during the month in Vermont & St. Paul & Sault Ste. Marie is in enjoyment of
considerable benefit from the larger Spring wheat
and took such a large toll in lives.
When we come to the Southern roads, the fact movement, but that is not reflected in its November
that the South has not yet recovered in any degree statement, which records only $116,406 increase in
from its business depression is forcibly impressed gross with $6,112 decrease in net. In the following
upon the mind. This is the section that did so poorly we show all changes for the separate roads, or sysin November of the previous year, and in many in- tems, for amounts in excess of $100,000, whether instances therefore the 1927 losses come on top of creases, or decreases, and in both gross and net:
JAN. 14 1928.]
FINANCIAL CHRONICLE
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
, OF NOVEMBER 1927.
•
Decrease
Increase.
Union Pacific (4)
596.986
$862,148 Seaboard Air Line
Northern Paddle
589.365
418.471 Delaware & Hudson
Texas & Pacific
399,847 Bessemer & Lake Erie
548.748
Kansas City Mexico & Or
128,255 CentralVermont
519.451
Minn St P & S Ste M.
116,406 Pere Marquette
509.626
NYNH& Hartford..
506.273
Total(8 roads)
$1,925,127 Chicago & Alton
476.210
Wheeling & Lake Erie
474,670
451,225
Decrease. Central of Georgia
Pennsylvania
426,988
$10.044,858 Detroit Toledo & Ironton
New York Central
426.498
a3,927,472 Colorado & Southern (2)
Baltimore & Ohio
359.501
3,816.431 Chicago & East Minas_
Norfolk & Western
359.294
2,994,532 Chicago R I & Pac (2)Atch Top & S Fe (3)--.. 2,381.116 Yazoo & Miss Valley....
324.302
Chesapeake & Ohio
2.195,414 Elgin Joliet & Eastern..
307,325
Illinois Central
1.739,356 N Y Chicago & St Louis
302.909
Reading
1,650,303 Buffalo Roth & Pittsb.279,253
Atlantic Coast Lino
255,650
1,386,675 Detroit CM Hay & Milw_
Erie (3)
245,398
1.163,393 Rutland
Louisville & Nashville
231.028
1.124,914 Union RR (Penn)
Florida East Coast
1.047,455 Chicago Ind &
219,503
Western Maryland
206,927
1,017,786 St Louis Southwest (2)....
Missouri Pacific
203,604
933.164 Internet Great Northern
Virginian
931,978 Mobile & Ohio
201,646
Southern Railway
168,981
5915,523 Grand Trunk Western....
St Louis-San Fran (3)
914,646 Pittsburgh & W Va
158.912
Wabash
153,121
910,613 Duluth & Iron Range.
Cleve Cin Chic & St L.
904,160 Central of S.ew Jersey
149,448
Duluth Miaeabe & N or
866,268 Nash Chan & St Louis
140,494
Southern Pacific (2)
849.047 Monongahela
130.835
Del Lack & Western
857,269 CM New Orl & Tex Pac_
119.830
Pittsburgh & Lake Erie..
832.756 West Jersey & Seashore..
118,899
Chicago & North West
108,254
816,885 Can Pac Lines in Verm't
Chic Burl & Quincy..
755.615 Term By Assn of St L107,306
Boston& Maine
106.426
720,770 Clinchfield
Michigan Central
678,256 Evans Ind & Terre Haute
103,343
Lehigh Valley
611,222
Mo-Kan-Texas (2)
608,949
Total (76 roads)
$58.184,955
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is a decrease of $6,435,093.
b This is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $1,190,856.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF NOVEMBER 1927.
Decrease.
Increase.
Union Pacific (4)
428,660
$740,343 Bessemer & Lake Erie
Northern Pacific
398,954
615,759 Chicago & Alton
Central of New Jersey
395.765
395,501 Pere Marquette
NYNH & Hartford__372,127
370.690 Colorado & Southern (2)
Texas & Pacific
359.559
241,075 Mo-Kan-Texas (2)
Long Island
342,168
191,812 Yazoo & Miss Valley
Chicago R I & Pac (2)
308,132
100,465 Wheeling & Lake Erie....
Del Lack & Western
304.508
Total (11 roads)
289,392
82,655,645 Elgin Joliet & Eastern
Western Maryland
287.910
285.003
Decrease. Seaboard Air Line
New York Central
274.495
a$2,725,449 Detroit Or Hay & Milw_
Pennsylvania
266,443
2,628,442 Missouri Pacific
Norfolk & Western
250.346
2,500,703 Great Northern
Baltimore & Ohio
b236,153
2,004,783 Southern Railway
Chesapeake & Ohio
233,327
1,466,611 Detroit Toledo & Ironton
Illinois Central
232,856
1,251.948 Chicago Burl & Quincy
Atch Top & 8 Fe
229.746
1,218,402 Lehigh Valley
Southern Pacific (2)
186.500
1,204,175 Chicago & East Illinois
Chicago MU & St Paul..
175.696
1,175,875 Chicago Ind & Louisv
Boston & Maine
174,163
1,161,825 Chicago St P 54 & Om
Reading
167.130
1,121,658 Western Pacific
Erie (3)
164,786
1,068,201 Nash Chatt & St Louis
Wabash
853,351 Grand Trunk Western
154.752
Atlantic Coast Line
145,021
805,160 Internet Great North..
Central Vermont
142,836
607,692 Union RR (Penn)
Duluth S flambe & Nor
136,651
572,586 Central of Georgia
Cleve CM Chic & St L
563,020 Duluth & Iron Range
127,549
Florida East Coast
118,577
536,513 Pittsburgh & W Va.._ _
Michigan Central
116,039
496,773 Detroit & Toledo Shore L
Delaware & Hudson
113,512
482,234 Mobile & Ohio
Virginian
109,543
471.268 Buffalo Roch & Pittsb
Louisville & Nashville
458,718 St Louis-San Fran (3)...._
100,068
Pittsburgh & Lake Erie..
457.461
Rutland
Total (64 roads)
533,901.890
441,675
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central,the "Big Four," &c.,the result is a decrease of$4,284,224,
5 This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System.
the result Is a decrease of $158.953.
When the roads are arranged in groups, or geographical divisions, according to their location, the
generally unfavorable character of the exhibit for
the month is strikingly illustrated. All the different districts, namely the Eastern, the Southern
and the Western, show diminished totals in gross
and net alike, and so also do all the different regions
in each of those districts. Our summary by groups is
as follows:
SUMMARY BY DISTRICTS AND REGIONS.
District and &MX.
Gross Earnings
November.
1926.
ine.(÷) or Dec.(-)
1927.
Eastern District
New England region (10 roads)
21,791,139 23,874,280 -2,083,141 8.72
Great Lakes region (34 roads)
88,000,978 99,737,498 -11,736,520 11.77
Central Eastern region (31 roads)
110,257,550 131,085,207 -20,827,657 15.88
Total(75 roads)
Southern District
Southern region (31 roads)
Pocahontas region (4 roads)
220,049,867 254,896,085 -34.647.318 13.60
64,733,641 73.251,820 ---8,518,279 11.63
20,588,525 26,789,845 --6,201,320 23.15
Total (35 roads)
Western District
Northwestern region (18 roads)
Central Western region (22 roads).......
Southwestern region (33 roads)
Total (73 roads)
Total all districts (183 roads)
85,322,066 100,041,865 -14.719,599 14.73
62,211,778 63,704,619 --1,492,841 2.34
87,264,125 90,123.735 -2.859.610 3.17
48,146,415 52,588,952 -4,440,537 8.44
197,622,318 206,415,308 -8,792.988 4.26
502,994,051 561.153,958 ---58,159,905 10.37
169
Net Earning
Diets. & Reg.
-Mtleage--1927.
1926. Inc.(+) Or Dec.(-).
November.
Eastern Districts- 1927.
$
1926.
$
$
%
New England region 7,194 7,438 4,106,090 8,184,717 -2,078.627 36.03
Great Lakes region__ 24,895 24,968 17.576,185 25,635.588 -8,059.403 31.44
Central Eastern reg'n 27,120 27,122 24,804,512 32,981,104 -8,176,592 24.79
Total
59,209 59.528 46,486.787 64,801,409 -18,314,622 28.26
Southern Districts
Southern region
89,812 39,349 14,309,544 18,644,419 -4,334,875 23.25
Pocahontas region- 5.611 5,805 6,058.474 10,521,707 -4,463,233 42.42
Total
45,423
Western District
Northwestern region. 48,500
Central Western refer:151,304
Southwestern region- 34.275
Total
44,954 20,368,018 29,166,126 -8,798,108 30.16
48,493 17,415,765 18,903,891 -1,488.126 7.87
51,173 28,173,365 30,757,219 -2483,854 8.40
33.994 13,513,079 14.872.916 -1,359,837 9.14
134,079 133,660 59.102,209 64,534,026 -5,431,817 8.42
Total all dlstricts___238,711 238,142 125,957,014 158,501,561 -32,544.547 20.53
NOTE.
-We have changed our grouping of the roads to conform to the claalfi
cation of the Inter-State Commerce Commission, and the following indicates thconfines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg.
W.Va., and south eta line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
-This region comprises the section east of the Mississippi River
Southern &MIS.
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region -This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Regton.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kanaaa City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
We have already indicated above that treating the
roads as a whole this year's heavy loss in gross and
net comes after only moderate increases in November 1926, notwithstanding the special favoring circumstances which at that time prevailed, as detailed
above. The increase in November 1926 was only
$28,736,430 in gross, or 5.41%, and $10,065,218 in
net, or 6.79%. In November of the preceding year
(1925) the gains likewise were moderate, our tabulation at that time showing $26,960,296 gain in gross,
or 4.34%, and $16,775,769 gain in net, or 12.77%.
Moreover, this 1925 gain in gross came after a decrease of virtually the same amount in November
1924 as compared with 1923. It amounted, therefore,
to merely a recovery of what had been lost the previous year. November 1924, it will be recalled, was
the time of the Presidential election, when industrial
activity was greatly stimulated by the result of that
election. But trade, nevertheless, was of much
smaller volume than in November 1923, which accounts for the $26,135,505 decrease then shown.
However, while the 1924 gross was diminished in the
sum named, there was at that time no loss in the
net, inasmuch as operating expenses were curtailed
in amount of no less than $32,485,896, leaving the
net at that time larger by $6,350,391. As a matter of
fact, up to the present year the improvement in the
net had been continuous year by year ever since
1919, often in the face of a heavy falling off in the
gross earnings. In November 1923 the change from
the previous year was small, there being $7,648,500
increase in gross and $7,307,781 increase in net. In
November 1922 our statement showed $57,618,155
gain in the gross and $15,846,050 gain in the net.
In November 1921 there was improvement in the net
even in face of the great falling off in gross revenues.
By drastic cuts in every direction, a saving in expenses was then effected in the extraordinary
amount of $144,962,518, leaving, therefore, $18,934,852 increase in the net, notwithstanding a loss of
$126,927,666 in the gross. November of the previous
year was one of the few months of the year 1920 that
netted fairly satisfactory net results, our compila-
170
FINANCIAL CHRONICLE
tions for November 1920 having registered $154,239,572 increase h.. gross (mainly because of the higher
schedules of transportation charges put into effect
a few months before), and $37,533,530 of this having
been carried forward as a gain in the net. In the
years immediately preceding 1920, however, the November showing had been bad, large losses in the
net having piled up in 1919, 1918 and 1917. In
1919, particularly, the showing was extremely poor,
this having been the period of the strike at the bituminous coal mines. This strike had the effect
of very materially contracting the coal traffic over
the railroads and proved a highly disturbing influence in other respects. The result was that our tabulations recorded a loss in gross and net earnings
alike for the month-only $2,593,438 in the former,
but $26,848,880 in the net earnings, or over 35%.
Added emphasis attached at the time to this large
loss in the net because it came on top of a considerable shrinkage in the net in November of the previous year. In November 1918 a tremendous augmentation in expenses had occurred, owing to the prodigious advances in wages made that year. These
wage advances, with the great rise in operating costs
in other directions, so augmented railroad expenses
that the increase in the latter far outdistanced the
gain in gross revenues, even though these were swollen by the higher rates put in force some months
before. The gain in the gross then reached $82,163,408, or 23.06%, the augmentation in expenses
amounted to no less than $102,091,182, or 39.16%,
leaving the net reduced by $19,927,774, or 20.80%.
The year before (1917) a closely similar situation
existed and our tabulation for November 1917 recorded $33,304,905 increase in gross earnings, but
$20,830,409 decrease in the net. It was in the prodigious expansion of the expenses in these early years
that there existed the basis for the retrenchment and
economies subsequently effected. In the following
we furnish the November summaries back to 1906.
For 1910, 1909 and 1908 in the table we use the InterState Commerce totals, which then were on a very
comprehensive basis, but for preceding years (before the Commerce Commission required monthly
returns) we give the results just as registered by
-a portion of the railroad
our own tables each year
mileage of the country being always unrepresented
in the totals in these earlier years, owing to the refusal of some of the roads at that time to give out
monthly figures for publication.
Gross Earnings.
NU Earnings.
Year
Preceding.
Inc.(+) or
Dec.(-).
Noe.
1906 140,697,12 131.123.621 +9.573,502 48,065.287 46,506.1
+1,569,127
1907 _ 138,079,281 133,284,422 +4,794,859 39,171,387 46,113.471 -6,942,084
1908 _ 211,597,79 220,445,475 -8,847,673 74,511,332 66,294,996 +8,216.336
1909 _ 248,087.561211,784,357 +36,303.204 94,531,128 74.556,970 + 19,974.158
+994.650 83,922,437 94.383,397 -10,460.960
1910 _248,559,1 247,564.470
1911 _241.343,763243,111,388 -1.767,625 79,050,299 82,069,166 -3.018.867
276,430,016244,461.845 +31.968,171 93,017,842 80,316,771 +12,701,071
1912 _
1913 _ 269,220,882278,364.475 -9,143,593 78,212,966 93,282,860 -15,069,894
1914 _ 240.235.841272,882,181 -32.646.340 67,989,51 77,567,898 -9,578.383
1915 _ 306,733,317240,422,695 +66.310,622 118,002,02 67,999.131 +50,002,894
+323.000
1916 _ 330,258,74 306,606,471 +23,652.274118.373.536118.050.446
1917 _ 360,062,05 326,757,147 +33,304,905 96.272,216117.102.625 -20.830,409
1918 _ 438.602.283356.436,875 +82.163,408 75.882,188 95,809,962 -19,927,774
1919 _436.436,551 439,029,989 -2.593.483 48.130.46774.979.347-26.848,880
1929 _ 592,277,620438.038.048 +154,239,572 85.778.171 48,244,641 +37.533,530
1921 _ 464,440.498590,468.164-126.027,666 97,366,264 78,431,412 +18,934.852
1922 _ 523,748,483466,130,328 +57.618,155113,562.987 97.816,937 +15,846,050
1923 _ 530,106,708 22,458,208 +7,648,500124.931.318117,623,537 +7,307.781
1924 _ 504.589,082530,724.567 -26,135.505435,105.125125.084,714 +6,350.391
,7 2,07 504,781,775 +26,960,296148.157,616 131,381.847 +16,775.768
1926 _ 559.935,895 531.199.465 +28,736.430158.197,446148,132,228 + 10,065,219
1927 _ 502,994.051 561.153,956 -58,159.905125.957.014158.301.561 -32,544,547
Note.
-In 1906 the number of roads Included for the month of November was 97;
In 1907,87;in 1908 the returns were based on 232,577 miles of road: in 1909, 239,038:
In 1910. 241,272; In 1911, 234,209; In 1912, 237,376; In 1913, 243,745; In 1914.
246.497: In 1415, 246.910; In 1916, 248,863: in 1917. 242,407; in 1918, 232,274; In
1919,233,032;In 1920,235.213;in 1921, 236,043; In 1922. 235,748:In 1923.253.589;
In 1924. 236,309; In 1925. 236.726; In 1926, 237,335; in 1927, 238.711.
DroL. 126.
volume of wheat moved, but to the larger tonnage of
all the different cereals with the exception of corn.
The receipts at the Western primary markets for
the five items, wheat, corn, oats, barley and rye, combined, for the four weeks ending Nov. 26 1927 aggregated 80,495,000 bushels, which compares with only
65,119,000 bushels in the corresponding period of
1926. The receipts of wheat for the four weeks ending Nov. 26 1927 were 42,794,000, as against 27,983,000 bushels in the same period the previous year and
the increase was particularly large at the Spring
wheat points, Duluth and Minneapolis; the receipts
of corn were only 15,815,000 bushels, as compared
with 21,575,000 bushels, but the receipts of oats were
11,154,000 bushels against 10,237,000 bushels; of
barley, 6,504,000 bushels against 3,232,000 bushels,
and of rye 4,228,000 bushels, against 2,092,000 bushels. The details of the Western grain movement in
our usual form appear in the table we now subjoin:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Ended
Barley
Corn
Flour
Oats
Wheat
Rye
Nov. 26. (Mx.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
3,787,000
1927 ___ 1,005,000 2,685,000 6,904,000
645.000
990,000
1,590 000 13 025 000 3 724,000
1926
492.000
1,027.000
366,000
Milwaukee
674,000
680,000
199,000
1927 _ __ 314.000
731.000
81,000
634.000
1,153,000
1926155,000
680,000
658.000
100,000
St. Lossi;::
1,460,000
692.000
1927 ___ 424,000 2,037.000
177,000
35,000
1,772,000
1,048,000 1,062,000
1926__ 339.000
221,000
9,000
Toledo-:
259,000
157,000
1,595,000
6.000
1927
14,000
367.000
554.000
733,000
1926.
15,000
Detroit
54,000
104.000
153,000
6.000
1927
34,000
214,000
166,000
200,000
1926
68,000
Peoria
1,523.000
666,000
67,000
1927 _ _ 225,000
102,000
2,000
1 115,000
506,000
183 000
68 000
1926 ___
56.000
Duluth
146,000
16,824,000
266.000 3,405.000 2,668.000
1927
292,000
298,000
7,549,000
1926
669,000 1,120,000
Minneapolis
408.000
9,726,000
1,563,000 1,424,000
1927
403,000
515,000
1,307,000 1,130,000
8,049,000
1926
350,000
Kansas CRY
1,558.000
387,000
5,621.000
1927
710,000
3.984,000
275,000
1926
Omaha dk Indianapolis
1,725,000 2.784.000
1,442,000
1927
1,160.000 2 972 000
1926
978,000
42,000
Sioux City
150.000
246,000
1927
380,000
1,000
8.000
243,000
205.000
1926
78.000
6,000
14,000
St. Joseph
607,000
725,000
1927
100,000
436.000
513,000
1926
70,000
IVichka62.000
1,287,000
1927
60.000
1,480,000
52,000
1926
18.000
Total all
1927 _
1.968,000 42,794,000 15,815,000 11,154,000
1926 __ 1.704,000 27 983 000 21 575.000 10,237,000
Corn.
Wheat.
Jan. I to Flour
Oats.
(bush.)
(bush.)
Nov.26. ((bbls.)
(bush.)
Chicago
1927 __ _11,107,000 44.169,000 76,162,000 43,379,000
1926 _ _ _11,802,000 37,217.000 85.708,000 43,812,000
Milwaukee
1927 _ _ 2,467,000 6,402,000 9,847,000 13,163,000
1926 _ _ _ 1.798,000 7.062,000 7.747,000 12,682,000
St. Louts
1927 ___ 6.507,000 28,383.000 17,701,000 18,815,000
1926 ___ 4,849,000 31,691.000 22,549,000 23,845.000
Toledo
10,867 000 3055,000 7.785.000
1927
11,121,000 4.004,000 6,414,000
1926
Detroit
1927
2,378,000
1 100 000
1 060 000
736,000
1,788 000
1926
1,234,000
Peoria
1,121,000 23.025.000 8,061,000
1927 _ _ 2 700 000
1926 ___ 2.369,000
1,446,000 22.997,000 8,281,000
Duluth
103,300,000
1927
397.000
844,000
48,697,000
26
422.000 10,193,000
Minneapolis
1927
103,233.000 10.238,000 20 061 000
91,903,000 9,033,000 22,098,000
1926
Kansas City
78,789,000 12,221,000 3 367 000
1927
26 79 155,000 15,579,000 3,798.000
Omaha and Indianapolis
34,446,000 36.558,000 15,254.000
1027
26
23,166,000 33,041,000 15,398,000
Sioux City
1,930,000
1927
3,351.000 3,094,000
2,356,000 3,002,000 2,124,000
1926
St. Joseph
1927
9.555,000 8,256,000
1.235,000
1926
8,722,000 10,174,000
1,871,000
IVichtla1927
20.507.000
606.000
421.000
24,712.000
1926
1.558,000
375,000
6,504,000 4,228,000
3.232,000 2,092,000
Barley
(bush.)
Rye
(bush.)
9.722,000 3,437,000
8,719,000 2,033,000
983.000
8,687,000
8,021.000 1.030.000
1,008.000 1,026.000
1,007.000
337,000
45,000
24,000
164,000
213,000
45 000
3.000
446 000
327,000
1,379.000
1.264,000
36.000
47,000
19.969,000 26,127,000
5,168.000 9,436,000
15 425,000 4,531,000
14.289,000 4,382,000
--
10,000
10,000
45,000
64,000
212,000
40,000
8.000
16,000
26,000
8,000
4,000
Total all
1927 _22,781,000 445,080,000 202,517.000 136,539.000 56,510,000 36,829,000
1926 __20,818 000 369 036 000 216 550 000 152 125 000 38 549 000 17 865 000
On the other hand, Western roads in November
suffered a falling off in their livestock movement
as compared with the same month of the previous
Western roads, as already noted, enjoyed, many year. At Chicago during November the receipts comof them, a much larger grain traffic than in Novem- prised only 22,004 carloads against 25,079 carloads
ber 1926. This was due not alone to the increased in November 1926; at Kansas City, 9,628 carloads
JAN. 14 1928.]
FINANCIAL CHRONICLE
171
against 11,510 cars, and at Omaha, 6,449 carloads bales in 1924, as will be seen by the following
table:
against 7,045.
Coming now to the cotton movement in the South, RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JAN. 1 TO NOV. 30 1927, 1928 AND 1925.
this was naturally on a greatly reduced scale, owing
Since Jan. 1.
Month of November.
to the much smaller crop of the staple raised in
1926.
1925.
1927.
1927.
1926.
1925.
1926. .Gross shipments overland in November 1927
430,716 569,825 648,594 2,236,650 2,755,733 2,684,666
Galveston
bales in Texas City, dm
were only 168,242 bales, as against 262,506
512,299 768,271 273,310 2,910,644 3,108.405 1,778,599
287,595 468,797 341,914 1,748,499 1,871,219 1,814,985
November 1926; 287,403 bales in 1925; 288,108 bales New Orleans
144,568
22,353
Corpus Christi
96,074
33 327 299 697 294 417 189 006
Mobile
49,961
in November 1924, and 235,137 bales in November Pensacola arc
5.371
6,892
15,598
25,535
3,11'9
87,541 854,983 867,150 765,188
69,059 152.7b9
1923. Receipts of the staple at the Southern out- Savannah
413
813
Brunswick
26,564
87,452
32,890 418,462 472,743 308,358
Charleston
ports aggregated no more than 1,488,452 bales in Wilmington
21,221
18,750
17,952 150,745 112,554 124,853
68,484 102,898
96,642 284,739 408.678 440.132
Norfolk
November 1927 as against 2,267,965 bales in 1926; Lake Charles
200
200
1,539,068 bales in November 1925, and 1,619,712 Total
1 488,452 2,267.965 1,539,068 9,054,558 9.908,910 8332.135
Indications of Business Activity
new printed goods for the spring trade. Raw silk was firmer
-COMMERCIAL EPITOME.
STATE OF TRADE
but quiet.
Friday Night, Jan. 13 1928.
Wheat declined slightly with only a fair export business
The weather has again set up a barrier against the transaction of normal trade, for temperatures have been abnor- at best and hardly that at times and corn attracting more
mally high over vast areas of the country. At best the retail attention as a speculation than wheat. But the foreign
trade has been only fair under the stimulus of special sales. markets have advanced and there are complaints of deThe wholesale business has not been active, although there ficient snow covering for the winter wheat in the Southwest
is some buying on spring orders. Jobbing trade has been on owing to the abnormally mild weather. Corn has been
a fair scale, with some increase here and there, but with noticeably more active than wheat in the "futures" trading
plenty of room for improvement. Certain industries are and it ended about two cents higher than a week ago. It is
reported to be a little more active. Most of the improve- noteworthy, too, that within 48 hours the sales to Great
ment is in iron, steel and automobiles. The automobile Britain and the Continent have 1 een fully 700,000 bushels.
shows have stimulated business in that line, aided by sharp Cash corn has been conspicuously strong and is steadily
reductions in prices, while the quality of the product has rising, owing partly to a persistent demand, home and
much improved. Finished steel seems to be tending up- foreign, and partly to an idea that the corn crop has been
ward, although there is no marked advance. There was an somewhat overestimated. Moreover the country offerings
attempt to advance pig iron prices 50 cents in some direc- have generally been small. St. Louis and New Orleans are
tions and the demand was reported good at the West with a selling corn direct to Europe. The predicted big crop
fair business in Philadelphia. But the New York trade is movement of corn has not come to pass. Missouri river
slow. The non-ferrous metals have been quiet. Wool has markets are shipping corn tu Illinois and Iowa, which
been firm but not at all active. The lumber trade is slow, usually have plenty of corn for feeding purposes and even
as usual at this time of the year. In the North Pacific States a surplus. The Argentine corn crop is nearing the critical
curtailment of output of lumber is very noticeable. Some stage and meanwhile American prices are on the export
Southern hard woods have been firmer. The furniture level. In rye there has been a little export business and
industry seems to be reasonably cheerful, with prospects stocks are still much smaller than those of a year ago. But
good at the Grand Rapids hundredth semi-annual furniture the lack of a large export outlet prevents any advance at
market now open. Detroit employment is up to 214,301, this time. Oats advanced slightly with stocks not at all
an increase for the week of nearly 9,500, while it is something burdensome, anywhere. It is said that a larger percentage
over 3,000 larger than at this time last year.
of the crop than usual has been consumed on the farms,
Cotton has declined about half a cent owing to some down- owing to the unsatisfactory quality of the corn in some parts
ward tendency in Liverpool, dullness of cotton goods, slow- of the belt.
ness of the spot trade and finally to-day a disappointing
Some provisions have advanced during the week in spite
statement of the consumption in this country in the month of of the big supply of hogs, which keep the price at about
December. The total given of 543,600 bales shows a decrease $8.50. There has been a good European demand for lard
as compared with November of about 82,000 bales, and it and other provisions. Coffee has advanced and it is still
is some 60,000 bales less than in December last year. But plain that the Defense Committee has what might be called
on the other hand the stocks in public warehouses and com- the whip hand. There was talk at one time that Victoria
presses are nearly 900,000 bales smaller than those of a coffee would prove to be a burden and cause a decline in
year ago. The consumption in this country for five months prices, but the Committee,it appears, is going to restrict the
of the season ending December 31st is nearly 220,000 bales receipts of Victoria coffee as it has those in other markets.
larger than in the same time last year. It is true that the The Victoria crop is supposed to be about 1,200,000 bags and
stocks held by the mills are not much less than those of a for a time there was enough anxiety to sell this coffee to
year ago curious as that seems. It attracted attention to- bring about lower prices. But latterly the tone has been
day. At the same time there is some fear of a strike in firmer. Sugar has declined somewhat with only a fair busiLancashire growing oot of the reduction in wages there of ness, at best, and with trade much of the time slow. It is
12%% and an increse in the working time for the week of understood that Cuba will fix the crop at 4,000,000 tons.
43,4 hours; and there seems to be some fear of a strike of one The program is supposed to be to retain 150,000 tons in Cuba
mill at Fall River where wages have been cut 10%. Mean- for home consumption, sell 3,300,000 tons to the United
while the daily sales of the actual cotton at the South are States and 400,000 tons to foreign countries. With a carrymuch smaller than on the corresponding date last year. In over of 250,000 tons of old-crop and a production of 4,000,000
other words the spinner at home and abroad is still holding tons, there will remain 400,000 tons the disposition of which
aloof. Yet it is a fact that the average weekly output of must be decided upon later. It remains to be seen how suc9
standard cotton cloth in December was 73/% less than in cessful this program of artificial interference with the natural
November and 1034% less than in October. Yet the total course of trade will turn out in the end. There are interests
.
sale0 of standard cotton in December were 9.6% above the in Cuba which oppose the arbitrary fixing of the size of the
piOduction and December 31st the unfilled orders were marketed crop. Rubber shows some decline for the week,
133% larger than on December 1st. At times finished as the London stock is steadily increasing and during much
cotton goods during the past week have been in rather • of the e eek at New York trade was slow. But within 24
better demand, but in the main they have been quiet. hours there have been signs of a better demand, and prices
Woolen and worsteds in some cases have sold more freely have rallied somewhat. Imports in 1927 made a high record.
for immediate shipment. Men's wear goods have remained
The stock market has been very active and at times dequiet. There was a better demand for broad silks especially pressed, under liquidation. But to-day even with lessened
172
[VOL. 126.
FINANCIAL CHRONICLE
'.."1
.... ..
19.00.P.NOW
p0...JVIOD.0101
.
00=
activity the drift was upward both in railroad stocks and 1928. Undisturbed ease in the money market has prevailed all along and
industrials. Money was easy at 4% with some outside loans capital accumulation is continuing unabated. Since midsummer, the trend
of commodity prices has been in a generally upward direction. Neither
at as low as 33 %. Bonds were active and tending upward. ease in money nor firmness in prices would have been possible had condi4
London was about steady, though tobacco stocks and some tions in industry been other than healthful.
others had a downward trend. Paris was quiet. Sterling
exchange was higher to-day with a continued good demand,
Business Indexes of Federal Reserve Board.
and Dutch and Japanese rates also advanced.
The indexes of production, employment and trade, issued
At Fall River, Mass., the American Printing Co. including
Jan. 3 by the Federal Reserve Board, follow:
printing and cotton divisions is to resume operations next
Monday under a 10% reduction in wages involving 4,500
Business Indexes of Federal Reserve Board.
hands. There were rumors that there might some opposiINDEX OF INDUSTRIAL PRODUCTION.
by the workers to the reduction. At Fall River, Mass., over
(AdJusted for seasonal variations. Monthly average, 1923-25 equals 100),
more textile workers than could be given employment
100
were at the Stevens Manufacturing Co. plant when it
Nov. Oct. Nov.
Nov. Oct. Nov.
1927 1927 1926
1927 1927 1928
reopened on Jan. 9th under a 10% reduction in wages
103 108
Manufactures
following a week's shut down for the purpose of taking an Total
Manufactures
102 106 Iron and steel
87
93 104
105 118 Textiles
inventory of stocks. Manchester, N. H., reports that Minerals
111 113 110
Food products
94
94
98
10% more operatives are now employed in the textile mills
MineralsPaper and printing
111 112 116
90 124 Lumber
91
9.5
95
than there was a year ago. There is no surplus of skilled Bituminous
Anthracite
107 114 Automobiles
47
71
88
Petroleum
124 117 Leather and shoes___ 100 109
operatives and machinists in that State. There is, an Iron ore
99
95
97 Cement, brick, glass_ 106 108 107
clerical help and unskilled labor. The textile copper
oversupply of
102 116 Nonferrous metals_ __ 106 106 119
110 120 Petroleum refining___ 140 142 133
industry is operating at approximately 70% of capacity. 6Inc
Lead
106 116 Rubber tires
113 116 108
91
93 Tobacco mfrs
122 121
115
Charlotte, N. C., reported that following an all day meeting Slyer
there of 40 representatives of carded yarn mills, North and INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
South, having nearly 900,000 spindles engaged in making
INDUSTRIES.
carded sales yarns, each representative indicated his purpose
(Without seasonal adjustment. Monthly average 1919 equals 100.)
to reduce production by suspending operations from noon
on Fridays until the following Monday morning, effective
Employment.
Payrolls.
Friday, Jan. 20th and continuing indefinitely.
Nov.
Oct.
Nov.
Nev.
Oct.
Nov.
1927. 1927. 1928. 1927. 1927. 1926.
Manchester, England, reports trade outlook better but
Cote'
91.7
90.1
95.2 101.2 105.1 108.8
with the feeling more or less unsettled, owing to the pro- Iron
and steel
82.3
84.0
91.5
85.2
88.2
99.0
posed reduction of wages of 12% and an increase in work- Textiles--Group
94.2
94.5
93.6 102.9 106.9 102.0
Fabrics
97.2
97.0
97.0 106.9 108.9 107.3
ing time per week of 43i hours.
Products
91.4
90.3
89.4
98.1 104.3
95.5
Lumber
92.4
91.2
99.4 106.3 109.1 116.4
The first ten chain store companies to report December Railroad vehicles
73.4
75.5
83.0
82.2
83.6
92.1
100.7 109.9 110.2 117.6 133.6 131.3
sales are said to have d sclosed a total business of $113,326,- A utomobilee
Paper
109.7 108.6 111.1
149.0 151.0 152.3
December,a new high record for any month and com- Foods,and printing
463for
&c
89.2
88.6 103.0 104.8 102.9
87.7
Leather, .4o
81.5
86.5
89.0
76.8
88.5
90.4
pared with $97,670,614 in December last year, making a Stone. clay, glans
114.7 116.2 123.9 140.8 154.0 154.6
Tobacco, acc
85.3
84.6
82.3
90.5
91.3
90.6
gain of 15.9%.
Chemicals. &a
77.8
78.2 109.7 110.0 108.6
78.5
The weather all over the country, especially at the East
and the West, was abnormally warm for this time of the
INDEXES OF WHOLESALE AND RETAIL TRADE.
year. On the 9th inst. it was 40 to 46 here, while at Boston,
Nov. Oct. Nov.
Nov. Oct. Nov.
it was 44 to 48, at Philadelphia 44 to 46, at Portland, Me.,
Wholesale Trade
Retail Trade-a 1927 1927 1926
1927 1927 1926
38 to 42, at Quebec 26 to 28, at Chicago 36, at Cincinnati
--,88 Depart't store sales
91
82
34 to 36, at Columbus 34 to 36, at Duluth 32 to 36, at Total
Groceries
Adjusted
86
87
85
139 133 138
Meat
84
76
Unadjusted
68
156 151 158
Milwaukee 38 to 42, at Memphis 48 to 52, at Kansas City Dry goods
91 Dept. store stocks83
95
Adjusted
67
50, at Minneapolis 36 to 40, and at Omaha 48 to 58. The 3hoes
83
75
137 136 138
hardware
103 111 104
Unadjusted
154 152 156
weather has been abnormally mild here this week. On the Drugs
117 138 117 Mail order sales
Adjusted
128 122 123
11th inst. it was 39 to 47 degrees here. In Chicago on the
Unadjusted
160 158 153
10th inst. it was 32 to 44, in Cincinnati 28 to 56, in Cleve- a Figures for the new index of wholesale distribution, presented in the December
1927 Federal
land 34 to 42, in Kansas City 40 to 56, in Philadelphia January 1928 Reserve Bulletin, will be given in this statement beginning with
40 to 60,in St. Paul 30 to 42. To-day it was 43 to 53 degrees
here. The forecast for Saturday is for cold weather. In
Chicago yesterday it was 46 degrees, in Cincinnati and New York Federal Reserve Bank's Indexes of Business
Activity.
Kansas City 56, in Cleveland and Milwaukee 48, in Philadelphia 50, and in St. Paul 44.
The following is from the Jan. 1 issue of the "Monthly
Review" of the New York Federal Reserve Bank:
A further slight decline in
First Wisconsin National Bank of Milwaukee on Busi- number of this bank's indexes general business activity was indicated by a
for November which are shown in the followness Conditions-Recovery from Downward Move- ing table. Catioadings, both of merchandise and of bulk freight, declined
further; foreign trade was smaller: business failures were somewhat more
ment Looked for in Early Months of 1928.
numerous. The volume of bank debits continued considerably larger than
A review of business and financial conditions by the First a year ago, however, and retail trade showed some improvement, followWisconsin National Bank of Milwaukee, under date of Dec. ing the slow business of October.
(Computed trend of past years
-100 per vent)
15, thus summarized conditions:
Between-Season Dullness,
It cannot be said that much actual improvement has taken place in the
general industrial situation during the last 30 days. An immediate revival
however, could not be expected. The peak of the fall season has been
passed and from this time on until the end of January industrial activities,
especially those of an outdoor nature, generally subside. For a number
of industries, such as apparel and automobiles, this is a between-season
period.
Retail and Wholesale Trade.
Distributive trade, however, rises to a peak in the last month of the
year. This is the time when people spend their money and the amount
they spend depends upon how profitably they have been employed In the
active season. Retail sales of department stores in October fell over 3%
below October last year, while chain store and mail order sales were 11%
and 8%. respectively, higher than October 1926.
During the year to Nov. 1, retail trade somewhat more than held its own
compared with last year. but the autumn months have fallen short of the
expected seasonal rise. Mild weather may have had something to do
with this, but it is more likely that the considerable recession of manufacreason.
turing and employment in recent months is the real
As to the outlook for 1928 the bank said:
considerations that a minor downward moveIt is evident from the above
past nine months, unaccomment of business has been going on during the
indications premonitory of crisis or depression. Most
panied, however, by
automobile groups. Other
affected have been the metals, machinery and
industries have been affected slightly or not at all. Textiles and leather
products, for example, are in better shape than for several years.
Unfavorable as these considerations are, favorable factors have been
coming into prominence which point to recovery in the early months of
1926.
1927.
Nov.
Oct.
Nov.
100
86
090
all3
Primary Distribution
Car loadings, merchandise and miscellaneous
Car loadings, other
Exports
Imports
Panama Canal traffic
108
111
96
127
95
105
96
100
114
96
103
92
95
114
101
Distribution to Consumer
Department store sales, 2nd district
Chain store sales
Mall order sales
Life insurance paid for
Real estate transfers
Magazine advertising
Newspaper advertising
102
105
102
117
102
105
108
108
105
110
111
94
100
102
100
108
102
106
89
95
102
General Business Activity
Bank debits, outside of N. Y. City
Bank debits, New York City
Bank debits, 2nd district excl. N. Y. City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits, N. Y. City
Shares sold on N. Y. Stock Exchange*
Postal receipts
Electric power
Employment in the United States
Business failures
Building permits
New corporations formed in N. Y.State
106
112
102
99
115
146
98
105
102
105
137
112
118
151
111
109
153
235
93
106
99
101
119
112
117
136
112
110
144
228
90
103
98
102
114
115
137
106
108
135
231
94
220
* Seasonal variation not allowed for. a Preliminary.
222
222
220
Composite index of wages
al08
013
106
94
96
101
aOl
106
140
116
JAN. 14
1928.]
173
FINANCIAL CHRONICLE
Federal Reserve Bank of New York on Production and
Trade in 1927.
In its Monthly Review for January the Federal Reserve
Bank of New York has the following to say regarding production and trade in 1927:
Electrical energy generated, by sections. during 1927,shows the following
totals:
Kilowatt-Hours.
New England
4,983,173,000
Atlantic
27.086,021,000
North Central
22.606,564,000
South Central
6.713.755,000
Mountain-Pacific
13,726,565.000
Notwithstanding the much reduced level of activity in important industries such as iron and steel, automobiles, and coal mining during the latter
part of the year, it appears probable that the whole volume of production
and trade in 1927 will show at least a small increase over 1926. Preliminary
1927 figures for all of the principal series of industrial and business data
have been assembled, after adding estimates for December. and In some
cases for November, to the figures for the first ten or eleven months of the
year. An unweighted average of these 115 series indicates an increase
over 1926 of 23.4 % In the total volume of business, or somewhat less than
the usual year-to-year growth. The following comparison of the 1927
estimate with similar estimates for previous years indicates, that as a
result of the decline In the latter half of the year. this year's growth in
production and trade has been smaller than in five of the last six years.
Total
75,116,078,000
In 1927 the gross revenue of the light and power Industry was $1.783,000.000 and the net was 51,017,000.000. The gain in gross revenue over
1926 was 8%, and the increase in net revenue was 9%. The operating
ratio of the electric utilities declined from 44% in 1926 to 43% In 1927.
More than $8.000.000.000 Is now invesed In facilites for giving electrical
service to the nation, which compares with 52,175,500.000 five years ago.
At the close of last year there were 4,409 light and power systems in
the United States, "Electrical World" says, as against 6,355 five years
ago. The reduction in the number of operating plants was brought about
by interconnection of power systems.
With 6% of the world's population, the United States has about 60%
of the world s telephones. Fifty years after the first commercial telephone
line finds 18,500.000 telephones in use in this country.
Electrification of industry made further progress and it is estimated
that 75% of American industry is electrified.
1924 over 1923- 2%
I
1920 over 1919 + 6%
I
1925 over 1924 + 6%
1.21 over 1920 -14%
1926 over 1925 ± 5%
1922 over 1921 +16%
I
1927 over 1926 + 234%
I
1923 over 1922 +12%
The following tabulation Indicates a high degree of irregularity among
individual lines of production and trade and even among the principal
groups. The outstanding increase over 1926 has been In financial transactions. The distribution of merchandise also has been larger than last
year, with the largest increase In chain store sales. In the later months
increases in mall order business also have been substantial, but the Increase
for the year in department store sales is the smallest in several years
Manufactures and crop production have exceeded those of 1926 by mall
margins, but the minerals and metals group, and building materials and
construction show small decreases. Production of food products and
tobacco on the average shows no change from last year.
The following table shows only the more important series:
Per Cent
Per Cent
Chance
Change
1927
1927
from
from
1926.
1928.
--3
Wheat flour
Manufactures--5
+18 Sugar meltIngs
Sole leather
--8
+14 Cattle slaughtered
Cottonseed oil, refined
-18
+13 Cheese
Cotton consumption
0
Group average
+8
Silk consumption
+7
Budding Materials and Construction
Boots and shoes
+4
Tiros
+6 Cement
+3
+4 Face brick
Radiators
+1
-8 Building contracts
Automobiles, trucks
-12
-13 Building permits
Malleable castings
-14
Automobiles, passenger
-23 Lumber
--2
Group average
Locomotives
-38
Trade
Group average
+2
+22
Grocery chain store sales_
Minerals and Metals+11
Petroleum
+19 Other chain store sales
+2
Gasoline
+11 Department store sales
+2
Anthracite coal
-3 Mall order sales
+2
Zinc
-4 Mdse.exports
-4
Copper
-5 Real estate transfers
--4
Wholesale trade
Steel sheets
-8
--5
Pig iron
-7 Mdse. impts
+5
Steel ingots
Group average
8
Bituminous coal
--8
MauledGroup average
-2
+51
Cotton futures
Crops+30
Rye
+44 Corporate financing
+26
Barley
+44 Stock sales, N. Y. Exchange
+12
Hay
sales
+29 Bond
--9
Potatoes, white
+13 Grain future sales
Wheat
Group average
+22
+5
Corn
+3
General
Grapes
+2
_4 Rank debits, N. Y. City
+15
Rice
-4 Electric power
Oats
+7
+0
Tobacco
-5 Business failures
Cotton
-29 Bank debits, outside N. Y. City__ +5
Peaches, total
+3
-35 Postal receipts
+2
Apples, total
-50 Life insurance sales
.
Group average
+3 New corporations, N. Y State-- +1
Foods and TobaccoCarloadIngs, mdse. & infix
--4
Butter
+13 Employment(United States)
--4
Cigarettes
+9 Newspaper advertising
--6
CarloadIngs, other
Hogsslaughtered
+7
Lard
+2
Group average
+1
+2.5
Clgars
0 Average of 115 Items
Industrial Activity Based on Consumption of Electrical
Energy-Volume Generated in United States in
1927 up 8.6%-21-700,000 Customers Served.
The beginning of 1928 finds the electric light and power
industry serving 21,694,110 customers, classified into 17,596,400 residential, 3,166,570 commercial and 931,140
industrial power users, "Electrical World" reports in its
annual statistical number. The net increase over January
1927 is 7.5%. In 1912 the total number of central station
customers in the United States was placed at 3,837,518
The number of persons living in homes served by electricity
at the close of last year was 75,500,000, as against 14,000,000
back in 1912. The authority quoted further states:
Statistics of the light and power industry reveal that 75,116,000,000
kilowatt-hours of electrical energy were generated during 1927. of which
total 46.000,000.000 kilowatt-hours were generated in the fuel-burning
stations. and 29,000,000,000 kilowatt-hours in hydro plants. In 1926
the total amount of electrical energy was placed at 69,158,000,000. For
several years more than 60% of the energy used has been generated from
fuel, and this percentage is apt to ificrease in the future, according to the
publication. Economic, political and engineering handicaps to waterpower development become greater each year, because of these handicaps
and because of advantages possessed by fuel-burning stations, it becomes
increasingly difficult to find economic justification for large water-power
and transmission projects in localities distant from load centres.
The Atlantic and North Central States generate nearly 75% of the
total energy produced in this country. The South Central States have
increased their generation most rapidly since 1922; the Far Western States
are second in rate of growth and the Now England States have grown
slowly in the same period. In no section of the country is there evidence
of saturation.
Silberling Business Service On Business Conditions On
Pacific Coast-Gain in Department Store Trade.
In its business report Dec. 27 the Silberling Business
Service says:
The index of Pacific Coast department store sales, from which purely
seasonal changes have been eliminated, stood practically in agreement
with the growth trend in November. It is our opinion that some portion
of the advance in the sales Index since summer has been due to active
merchandising efforts and also to rise in the prices of cotton textiles.
'1 he actual sales were greater than a year ago, but not as much greater
as would be expected from normal growth. This growth trend of
department store business is now progressing at the rate of about
4.6% a year; while the trend for the stores of this type in the United
States generally is at present about 3% a year. This must always
be remembered in interpreting comparisons of current performance
with a previous period.
Business Policy
The outlook for the immediate future suggests a slight reaction
from the present level before spring, since the Index has lately been
moving in the upper portion of the forecast range. This range reflects
a relatively less favorable future trade position than we find reason
to expect for the country generally; and this emphasizes the necessity
of observing local and not national conditions alone in this retail field.
Many rural localities on the Pacific Coast are experiencing various
degrees of depression and commodity lines adapted to this trade should
not be too heavily stocked. Installment credit policy should take into
account the probability of some continued unemployment in large
centers and the possibility of expansion of automobile credit financing,
owing to the highly competitive situation now in prospect in that
industry, which may affect credit arrangements in many families of
moderate means.
Commercial Failures in December.
It was expected that the number of commercial failures in
December, following the seasonal trend, would show an increase, and the total reported to R. G. Dun & Co. for that
month is 2,162. This is approximately 16% above the number for the shorter month of November, is about 21% in
excess of October's defaults and marks the highest level
touched since last January. The number of insolvencies
invariably rises toward the end of a year and particularly
in the last month, when there is some added strain in connection with the annual settlements. Last year in December failures numbered 2,069, or only some 4% below the total
for that month of 1927 and 13% more than the number for
November 1926. In respect to the liabilities, the amount
for December of the year just ended increased to $51,062,253
from approximately $36,100,000 in November. The December aggregate is considerably higher than the amount involved a year ago, when the liabilities were $45,620,000.
In December 1925, 1924 and 1921 they were in excess of
$50,000,000, while in December 1922 nearly $73,800,000
was shown. The high mark for 1927 was attained in March
at about $57,900,000.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
NUMBER.
1927. 1926, 1925.
December
November
October
Fourth quarter
September
August
July
Third quarter
June
May
April
Second quarter
March
February
January
First quarter
LIABILITIES.
1927.
1926.
1925.
2,182 2.069 1.878 $51,062,253 245,819,578 238.528,180
1,864 1.830 1,672 38,146.573 32,893.993 35.922.421
1,787 1,763 1,581 36,235,872 33.230.720 29,543,870
5,813 5,662 5,131 $123,444,698 $111,544,291 2101,994,451
1.573 1,437 1.465 232,786.125 529,989,817 $30,687.319
1,708 1,593 1.513 39,195,953 28,129,660 37,158,861
1,756 1,605 1,685 43,149.974 29,680,009 34.505,191
5.037 4.635 4,663 $115,132,052 $87,799,486 5102.351,371
1.833 1,708 1,745 $34,465,165 529,407.523 $36,701,496
1.852 1,730 1,767 37,784,773 33,543,318 37,026,552
1 968 1,957 1,939 53,155,727 38,487.321 37,188.622
5,653 5.395 5,451 5125,405,665 2101.438.162 2110,918,670
2 143 1.984 1,859 $57.890,905 $30,622,547 $34,004.731
2,035 1,801 1.793 46,940,716 34.176,348 40,123,017
2.465 2,296 2,317 51,290,232 43,661.444 54,354,032
8,643 8,081 5,969 $156,121,853 $108.460,339 $128,481.780
174
FINANCIAL CHRONICLE
FAILURES BY BRANCHES OF BUSINESS
-DECEMBER 1927.
NUMBER.
LIABILITIES.
1927. 1928. 1925.
1927.
1926.
1925.
Manufacturers
$
$
$
Iron, foundries and nails
6 585,558
10
10
481,100
201,700
Machinery and tools
690,545 2,249,238 1,937,588
33 32
35
Woolens,carpets and knit goods
90,900
8
3
3
245,000 1,100,827
Cottons,lace and hosiery
1
2
1 312.000 800,000
53,238
Lumber,carpenters and coopers
95 60 55 8.071.598 2,480,730 1,414,718
Clothing and millinery
49 51
89 1,010,471
925,837 1,187,254
Hats, gloves and furs
247,828
18 472,725
35 11
291,193
Chemicals and drugs
9 1,527,800
5
7
84.813
529,098
Paints and oils
34,800
2
8
70,100
Printing and engraving
22
11
13 208,007
108,121
118,000
Milling and bakers
55 38 42 547,498
278,275 424,850
Leather, shoes and harness_ _ _
17
14
13 878,040 407,418
154,800
Liquors and tobacco
9
11
7 2,281.100
298,985
39,050
Glass, earthenware and brick..
5
13
_ 5,988,313
.
221,420
240 241 218 8,387,410 7,954,150 5,411,284
All other
Total manufacturing
597
494 490 29,024,365 18.758,491 12,931,276
Total trading
Other commercial
Total United States
,•—•.003...em 00.D02.: IDOCIO I
,
Traders
General stores
94 130
Groceries, meat and fish
331 329
Hotels and restaurants
107 109
Liquors and tobacco
29
14
Clothing and furnishings
195 215
Dry goods and carpets
90 103
Shoes, rubbers and trunks
63 52
Furniture and crockery
55 79
Hardware,stoves and tools_ _ _ 53 28
Chemicals and drugs
88 83
Paints and oils
11
13
Jewelry and clocks
28 29
Books and papers
10
11
Hats, furs and gloves
24
14
All other
287 269
1,092,014
2,708,110
1,337,306
81,089
3,088,482
1,478,518
452,225
890,003
831,100
703,714
180,889
511,773
125,555
821,320
3,074,757
1,751,794
3,287,887
1,155,827
181,700
4,073,400
2,002,217
598,200
1,427,880
357,200
731,837
157,900
814,200
217,100
103,800
3,780,452
1,531,912
2,848,139
2,478,627
222,103
4,248,842
1,072,508
519,484
1,283,693
1,328,808
472,114
113.937
478.385
233,191
143,557
3,881,771
1,430 1,489 1,307 18,732,833 20,578,954 20,835.051
135 108
81 5,305,255 8,282.133 2,981,833
5.152 2050 1.878 51.062.253 45.819.578 38.52 8.18
Loading of Railroad Revenue Freight at Low Ebb in
Closing Week of Year.
Complete reports for the year show that 51,714,302 cars
were loaded with revenue freight in 1927, the Car Service
Division of the American Railway Association announced
Jan. 11. This was a decrease of 1,384,517 cars, or 2.6%,
compared with 1926, but an increase of 490,150, or 0.9%,
compared with 1925.
Despite the decrease under 1926 in the volume freight
traffic in 1927 was handled by the railroads with greater
expedition and by the use of fewer trains and locomotives
n proportion to the amount of traffic carried than ever before. Not only was the average daily movement per freight
car the greatest, but, due to improvements in locomotives
and an increase in the capacity of freight cars, freight was
transported with less delay and a heavier load was carried
per train. Loading of revenue freight exceeded one million
cars in 28 weeks in 1927, the greatest number of such weeks
on record. In 1926, 27 such weeks were reported, and 20
in 1925. Total loading by commodities for 1927 compared
with 1926 follows:
1927.
Grain and grain products
2,389,552
Live stock
1,547,652
Coal
9,242.176
Coke
548.691
Forest products
3,420,682
Ore
1,881,621
Merchandise and less than carload lot freight-13,328,178
Miscellaneous freight
19.355.750
1926.
2,363,361
1.596,184
9.931,812
683,366
3.654,399
2.179,141
13,310.782
19.379,774
For the week ended on Dec. 31, loading of revenue freight
amounted to 679,600 cars, a decrease, due to the Christmas
holidays, of 149,406 cars compared with the preceding week.
It also was a decrease of 54,681 cars under the corresponding
week in 1926 and a decrease of 21,461 cars under the same
week in 1925. Particularizing, the report says:
Miscellaneous freight loading for the week totaled 237,300 cars, a decrease of 10.036 cars under the corresponding week in 1926 and 13,964 cars
below the same week in 1925.
Coal loading amounted to 141.293 cars, a decrease of 29,855 cars under
the same week in 1926 but 18,913 cars above the same period in 1925.
Grain and grain products loading totaled 35.956 cars, an increase of 743
cars above the same week In 1926 and 2.605 cars above the same period in
1925. In the Western districts alone, grain and grain products loading
totaled 25,431 cars, an increase of 3.530 cars above the same week In 1926.
Live stock loading amounted to 22,148 cars, a decrease of 1.614 cars under the same week in 1926 and 549 cars under the same week in 1925. In
the Western districts alone live stock loading totaled 16.607 cars, a decrease of 1.287 cars under the same week in 1926.
Loading of merchandise and less than carload lot freight totaled 192,168
cars, a decrease of 6,140 cars below the same week in 1926 and 8,440 cars
below the corresponding week in 1925.
Forest products loading totaled 34,905 cars. 3,132 cars below the same
week in 1926 and 10,948 cars below the same week in 1925.
Ore loading totaled 6,459 cars. 2,886 cars under the same week in 1926
and 3,747 cars below the same period in 1925.
Coke loading totaled 9,371 cars, a decrease of 1.761 cars under the same
week in 1926 and 5,331 cars below the same period in 1925.
All districts for the week ended on Dec. 31 reported decreases in the total
loading of all commodities compared with the corresponding period in 1926.
and all except the Pocahontas and Northwestern showed decreases compared with the same period in 1925.
Loading of revenue freight in 1927 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Four weeks in September
Five weeks in October
Four weeks in November
Five weeks in December
Total
[VOL. 126
1927.
3,784,401
3,823.931
4.016.395
4,890.749
4.096,742
3,974.160
4,935.397
4,249,359
4.360,022
5.587,921
3,822,620
4,172,605
1926.
3.686,696
3.677,332
3.877,397
4,791.006
4,145,820
4,089.340
'5,213,759
4,388,118
4.523,112
5,967,576
4,248,272
4,490,391
1925.
3.559.581
3.656,319
3.633,740
4.659.599
3,940,292
3,885.786
4.892,638
4.242,615
4.301,349
5.567,030
4,261,663
4.623,540
51,714,302
53,098,819
51,224,152
National Automobile Show Opens in Grand
Palace.
Central
The National Automobile Show, under the auspices of the
National Automobile Chamber of Commerce, opened for its
twenty-eighth annual display in the Grand Central Palace,
New York, N. Y., on Jan. 7 and will continue until to-night,
Jan. 14 at 10:30 p. m. This year there are 43 exhibitors of
passenger cars, 18 of trucks, 156 of accessories and parts,
and 56 of machines and devices for the equipment of service
stations, garages and repair shops.
Style and comfort, together with increased refinements
and ornamentation, are the outstanding characteristics of
the show as a whole. There is a decided trend towards
greater power in engines combined with increased speed and
safety. The general impression of the new models is that
they are longer, lower and roomier. This is due in part to
actual changes in measurements but, in addition, to smaller
wheels and drop frames, together with other revisions in
appearance such as the shape of the hood which is higher and
narrower, the use of mudguards which have sweeping lines
and heavier appearance, wider and lower doors and windows,
the shrouding of ohms's parts to simplify the general lines,
and the arrangement of color on the body and frame. The
new trend in color treatment is two-fold-one toward
striking contrasts, while the other holds to two-tone effects
in harmony. In interior fittings and refinements so many
changes have been effected as to defy description in a limited
space. A brief survey of the more prominent exhibitions, as
to model and price is given below, omitting those which
were described in last week's issue, pages 24 and 25.
The Auburn is exhibiting three new chassis designs, one of6
-cylinders and
two of 8. Internal hydraulic brakes and central chassis lubricating system
are features in the mechanical construction. The newest of 16 models
is
the "speedster" with radical lines.
Buick, presented by the Buick Motor Co. of General Motors Corporation, has a double drop frame,said to be the most striking improvement in
the 1928 Buick chassis. All models are new with attractive lines and colors.
Cadillac, also a General Motors Corporatiotr offering is available in
every variety of model, with the heavy duty 90
-degree, V-type 8
-cylinder
engine and bodies either standard or special custom-built by Fisher
and
Fisher-Fleetwood.
The Chandler, shown by the Chandler-Cleveland Motors Corporation,
has a new 1928 line of models in the new Royal Eight, Big Six and Special
Six series. The feature in mechanical improvements is the adoption of the
Westinghouse vacuum brakes, a braking system which is said to stop
the
car three times easier In a fraction of the distance. The Royal Eight series
-passenger sedan, 7
adds three new models, the 5
-passenger sedan and
cabriolet. The large sedan sells for $2.195 f.o.b. factory. The Big Six new
-passenger and 7
-passenger sedans, the Metropolitan sedan,
models are a 5
at $1,525. a 4-passenger coupe and a cabriolet. The Special Six series
Includes two entirely new models, the 5
-passenger Invincible sedan and a
cabriolet, the former priced at 81,085 and the latter at $1.215. Chandler
one-shot lubrication system Is retained
All Chrysler models have been revised with quality unchanged. In
addition.prices were reduced effective Jan. 10, on the "52" and "62"
lines.
New prices are as follows:
-cylinder.)
Chrysler "52"(4
Chrysler "62" (6-cyclinder.)
New Price.
ModelModelNew Price.
-door sedan
2
Business coupe
$670
$11:090655
Coupe
670
Roadster
1,075
Roadster
Touring
670
Touring
2
-door sedan
695
1,095
-door sedan
4
Coupe
720
1,145
De luxe coupe
-door sedan
720 4
1,175
De luxe sedan
Landau sedan
790
1,235
These comprise reductions of from $55 to $75 per model on the
Chrysler
"52s" and from $50 to $100 on the Chrysler "625." Prices on the "72"
and
lines remain practically unchanged, the ihtsbelng .
,8.
, 0as
Chrysler "72"(6-cylinder.)
Chrysler
(6
-cylinder.)
ModelNew Price.
ModelNew Price.
-pass. coupe
2
$1,545
Roadster
$2,795
Royal sedan
1,595
5
-pass. sedan
2,945
Sport roadster
1.595
Town sedan
2,995
-pass. coupe
4
1.595 17
-pass. sedan
3 075
Town sedan
1,695
Sedan-Limousine- - ---3495
Convertible coupe
1,745 I All prices f.o.b. --------Crown sedan
1,795 I
Durant Motors has rearranged and revised its lines.
The Star 4-cylinder
car is retained and improved with 4
-wheel brakes. There are four models,
roadster. $495: coupe. 8495; 2
-door sedan. $495, and 4-door
sedan, $570.
f.o.b. factory. The Star 6-cylinder and the Flint lines
have been discontinued. They are replaced by an entirely new line known
as Durant Sixes.
In three series, the "55," "65," and "75," all
equipped
distinctive
radiator, bodies, 4-wheel brakes and other features, with a
on three different
length chasses. 107, 110 and 119 inches, prices
from $795 to $1,550. The
"75" motor is high-speed, said to be built for 80
m.p.h. with 4-speed transmission, providing noiseless shifting of gears.
The Franklin Mfg. Co. presents two new
models of the Franklin (aircooled) Airman on a 119
-Inch wheelbase, a Victoria brougham and
a 3
passenger coupe, improved with 4-wheel brakes.
The Gardner Motor Co. offers 15 body designs in 50
color combinations.
mounted on three 8
-cylinder chassea called the "75," "85" and "95." with
prices ranging from 61.195 to $2,495.
JAN. 14
1928.]
FINANCIAL CHRONICLE
175
The new Graham-Paige line, which replaces the Paige of former years, pictorial exposition of Detroit, Toledo and Ironton It. R.
is presented by the Graham Brothers (Joseph B., Robert C. and Ray A.) and Great Lakes ore boats showing how Ford methods
-cylinder cars prices from $860 to $2,085. Additional
in three series of 6
have been applied to railroading and shipping. In addimodels and prices will be announced later. The present price list stands
tion, there are motion pictures showing the complete picas follows, f.o.b. Detroit:
-6
Model 610 -cylinders, 52 h.p., 110%-inch wheelbase, sedan (5-pas- torial story of the Ford industries, the assembly of the
-6
619 -cylinders, 97 h.p.
-passenger), $860. Model
senger) $875; coupe (2
its performance under severe driving con119 inch wheelbase, 4 speeds forward, sedan (5-passenger), $1,595; coupe new Ford, and
-inch wheel- ditions.
-5
(4
-passenger), $1,575. Model 629 -cylinders, 97 h.p., 129
-passenger), $1,985; sedan (7-passenger),
base, 4 speeds forward. sedan (5
This exposition is, in effect, a miniature picture of the
$2,110; town sedan (5-passenger), $2,085.
-inch work of the Ford industries.
are offered in both the 118
In the Hudson line, the 1928 models
-inch wheelbase. Reversing the price-cutting tendencies. the
and 127
Hudson Motor Car Co. has announced some increases in its new models
Industry Lies in Sugar Export Co.
which have been much improved in detail. The price advances range from Hope of Cuban Sugar
and Sugar Commission Diversification Prohibited Un$40 to $100. New prices(118-inch chassis) are:coupe,$1,295;sedan,$1,325.
and coach, $1.250. On the 127-inch chassis, prices are. standard sedan,
der Tenant Farmers' Contracts.
$1,450; victoria, $1,650; custom landau sedan. $1,650 and custom 7
That the Cuban tenant farmers' contracts expressly propassenger sedan, $1,950. All prices are f.o.b. Detroit. Essex models were
described last week, page 24.
hibit diversion, and the cultivation of any other crops or
The Jordan Motor Car Co., in introducing its new Air Line eight series
work than sugar, is set forth by D.
and its custom six series, has also announced price reductions of from $200 form of agricultural
to $300 effective as of Jan. 9. The flat reduction of $200 has been made on Alfredo Santiago, director of El Heraldo Commercial, Haall the eights bringing the top price down from $2,195 to $1,995. In the vana, in a report to the Pan-American Information Servsix series, the sport salon has been reduced to $1,295 from $1,595; the sedan
2. Sr. Santiago is quoted
and tomboy to $1,395 from $1,595 and the blue boy to $1,495 from $1.745. ice, this city, made public Jan.
The Lincoln is being shown with a number of improvements, including as saying:
an engine with 3 -inch larger bore.
"To those unfamiliar with the mechanism of the planters' contracts
Locomobile is exhibiting four chooses with new and improved bodies. the question occurs: Why do not the sugar growers, faced with the
the 8-70. 8-80. 6-90 and 6-48.
anomalous situation of marketing their product at a figure below
The Marmon Motor Car Co's display includes the initial showing of an the cost of production, turn to other crops, or to live-stock developentirely new line of low-priced straight eights to be known as the new ment, as a means of equalizing, or balancing, their output? However,
-passenger
Marmon 68. selling at $1,395. It is being produced in the 5
against this very alternative, that
-passenger coupe models. The it is the contractural stipulation
-passenger victory coupe and 2
medan. 4
has brought about the ruinous condition now prevailing in the Cuban
Marmon 78. at $1,895 (introduced in December) includes six body models.
sugar fields. For the grower may produce only sugar-cane and may
The large Marmon 75, which the company has been manufacturing for
not cultivate any other product nor raise birds, poultry, cattle or
years, is also shown in their display.
sheep, or, even, horses, beyond those actually required to haul vehicles
The Moon Aerotype 8-80, introduced for the first time by the Moon
those used in the sugar industry. Nor can he
Motor Car Co., at present includes two models, the 4-door sedan and the carrying sugar, or
purposes or produce any cattle products, such as
-door close-coupled sedan, both on 125-inch chooses and priced at $2,195 grow cattle for dairy
4
butter or cheese. Such is the situation that confronts 45,000 men
f.o.b. St. Louis.
from sugar.
The McFarlan is being shown with mechanical improvements and more who derive their living
"Since the war sugar has maintained minimum prices in the world's
attractive bodies.
equip- markets—generally a figure ebelow production cost. Estates have been
Nash lines for 1928, announced some time ago. have much added
hands with a frequency not
ment and some new body styles, including a vestibule sedan on the ad- foreclosed and properties have changed
compatible with out national economic stability. Some planters, it is
vanced-six chassis, designed for chauffeur driving.
from the industrial
The Oakland. another General Motors Corporation offering, has numer- true, have survived thus far, due to causes apart
so on. It
ous improvements, Including the GMR high-compression cylinder-head, routine: to personal sacrifices, to patience of creditors, and
the All-American may be said without exaggeration, however, that of the 45,000 now
AO fuel pump and new line of Fisher bodies. It is called
engaged in the industry, two thirds are leading lives of misery and
Six.
clothing on
The display of new Peerless models includes the new six-cylinder model privation, and have little of this world's goods beyond the
-inch chassis in five body styles—metropolitan sedan, victoria, their backs and, possibly, their working tools.
on a 120
hope of the industry now appears to be in the Ccanpania
"The only
cabriolet, five and seven-passenger sedans, selling from $1,895 to $1,995.
Reductions of from $50 to $750 were made on other models in the 6-60,6-80 Exportadora de Azucar (Sugar Export Company) and the Comisio
The cuts wore as follows: On the 6-60 series phaeton del Azucar (Sugar Commission) recently created by the Cuban Conand 8-69 series.
and roadster, $100 each; roadster-coupe and four-door sedan, $60; on the gress, and Sr. Santiago thus defines the scope of their activities:
"The former is charged with the task of preventing the weight on
6-80 roadster, coupe, five-passenger sedan and close coupe sedan. $200
each; phaeton, $100: on the 8-69 series, the five-passenger and the Berlin the American market of sugars destined for local consumption or
limousine, $650; roadster, $750; seven-passenger sedan. $550. and five- exportation to other countries, a movement invariably conducted in a
Passenger coupe, $430. The 6-60 series now ranges in price from $1,195 haphazard way and without definite knowledge, on the part of buyers
to $1,295; the 6-80 series, from $1,295 to $1,395; the 8-69 series, from or sellers, of the exact state of the market. This organization will
also keep careful record of crude sugar sold, thus preventing the belief
$2,245 to $2,645.
The Pierce Arrow is shown in several closed models of its recently intro- that there is on hand in Cuba hundreds of thousands of tons when
the contrary is the case. The other entity has for object the fixing
duced moderately priced six-cylinder line on the 130-inch chassis.
Reo Flying Cloud and Wolverine lines are without arresting changes as of production of the various 'centrals' or mills, by provinces. Also it
to chooses. A new custom-built phaeton is offered in the Flying Cloud is charged with the study and solution of the problems constantly
model and a new four-door five-passenger sedan and cabriolet are added arising in the 'centrals' themselves, and to effect distribution of the
surplus once the mills have ground cane and produced their sugar.
to the Wolverine line.
The Stearns-Knight Company is displaying new models in its six and This work will prove no mean task, for when the allotted 4,400,000
eight cylinder lines, improved with the new ventilating cowl, designed to tons of sugar have been turned out, there remains standing in the fields
sufficient cane to produce more than a million additional tons of
admit in-rushing air in front of the dash and above the floor boards.
The Stutz display introduces a number of mechanical improvements in- sugar."
cluding internal hydraulic brakes. The line includes 25 models. 10 of them
flexible fabric covered bodies.
Mexican Sugar Agreement.
Vella Motors Corp. has incorporated many refinements in its new line
of six and straight-eight-cylinder models, the 6-66 and 6-77 and the 8-88
The following is from the "Wall Street Journal' of
respectively. The lines include two five-passenger models—the Royal
Jan. 6:
and Special Sedans mounted on the 8-88 chassis of 125-inch wheelbase,
Under the present Mexican laws the three largest producers of repowered by straight eight motor; two five-passenger models--Royal and
Special Sedans on the 6-77 chassis of 118-inch wheelbase and a five-pas- fined sugar in Mexico, including Potrero Sugar Co., financed here,
senger sedan, two-door sedan and three-passenger coupe with rumble seat have formed a cooperative organization for the marketing of their
for two mounted on the 6-66 chassis of 112-inch wheelbase. All of the 6-77 sugars in the Mexican market, according to information received by
and 6-66 models are powered by the Vella-built, valve-in-head, airplane J. A. Sisto & Co.
Sugar prices in Mexico have recently had a firmer tendency and
type motor.
In addition to the Whippet line introduced by Willys Overland, Inc., and are higher than a month ago.
described last week. page 25, this company is showing a new six-cylinder
Knight-motored chassis while continuing the two larger Willys-K_nights.
Flour Stocks According to Study of
The new Knight standard six replaces the former Wh.ppet Six, and sells Speculation Influences
Food Research Institute of Stanford University.
for around $1,145 f. o. b. factory. The complete WIllys-Knight line Is
priced from that figure up to $2,695, in the Standard Six, Special Six and
Speculative buying often builds up very large total flour
Great Six divisions.
Ford Motor Company Holds Special Exposition in Madison
Square Garden.
The Ford Motor Company is this week holding an exposition of automobiles, airplanes, trucks, tractors, shipping and modern manufacturing methods in the Madison
Square Garden, New York, N. Y. The exposition which
opened Monday, Jan. 9th and will close tonight at midnight, includes Ford and Lincoln cars, Ford-Stout airplane, Ford trucks, Fordson tractors and a step-by-step
demonstration of turning raw materials into finished products at low costs. There are also exhibits of some of the
exacting physical tests to which Ford subjects raw materials and finished parts; cut-outs showing engine, transmission and differential of new Ford cars in operation; an
exhibit of the safety of the Ford-Triplex shatter-proof
glass used in the windshields of all the new Ford cars; a
stocks in the United States when wheat prices are expected
to rise, according to a study just completed by the Food
Research Institute of Stanford University. The University
in indicating the results of its study says:
The sensational rise of wheat prices in 1924-25 led to an acctunnlattion on March 1 of that year over 3 million barrels greater than In
March of the year before. On the other hand, when wheat prices are
declining, as was the case this last autumn, buyers hold off and
total stocks may remain at very low levels. On the first of November
1927 total flour stocks were over 4 million barrels below the figure for
the previous November. The part played by speculation is made clear
by the estimates of monthly changes of total flour stocks in the United
States for recent years prepared by the Food Research Institute, the
first of their kind ever published. The ordinary reports on stocks of
the trade give no view of total stocks for they cover only commercial
stocks and present no indication of the amount or even of the direction
of the movements of total flour stocks.
These estimates of changes in total flour stocks as well as new estimates of the quantities of wheat that have had to be ground in
different years to make a barrel of flour, are used in this study as
part of the basis for a revision of the existing annual statistics of
American flour production, consumption, and of the quantities of wheat
176
FINANCIAL CHRONICLE
ground and of mill feed produced, by crop years, over nearly half a
century. This revision makes available for the first time complete
annual series for the most important items relating to the American
wheat milling industry prior to 1923-24, and provides revised and
improved monthly statistics for the period 1923-24 to 1926-27.
The flour used per person in the United States dropped suddenly
about 10 per cent in 1917-18 during the war and has shown no material
increase since. Milling has only recently returned to its pre-war
volume and this is due to increase in population—not to increase in
per capita consumption which has remained at the war-time level of
about nine tenths of a barrel per capita a year. Apparently food
habits formed during the war have persisted—at least in so far as the
use of flour is concerned.
[VOL. 126.
ing to 27,699,395 feet. of which 16,803,830 feet was for domestic cargo delivery and 10,895,565 feet export. New business by rail amounted to
33,462,939 feet, or 52% of the week's new business. Fifty-five per cent
of the week's shipments moved by water, amounting to 37,811,619 feet,
ef which 18,077,072 feet moved coastwise and intercoastal and 19,734,547
feet export. Rail shipments totaled 27,035,201 feet, or 40% of the week's
shipments, and local deliveries 3.518,740 feet. Unshipped domestic cargo
orders totaled 111,533.253 feet, foreign 100,515.723 feet and rail trade
127,739,196 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting shipments were 6.97% below production and orders were
10.12% below production, and 3.39% below shipments. New business
taken during the week amounted to 48,641.664 feet (previous week 40,740,480); shipments 50,349,472 feet (previous week 39,505.920). and production
54,121,146 feet (previous week 45.766,134). The normal production of
these mills is 66,335,715 feet. Of the 102 mills reporting running time, 47
operated full time, 2 of the latter double shifts. Eight mills were shut
down and the rest operated from 1 to 6 days.
The Western Pine Manufacturers' Association of Portland, Ore., with
four more mills reporting, shows considerable decrease in production, a
substantial increase in shipments and new business slightly below that reported for the week earlier.
The California Redwood Association of San Francisco, Calif., reports
some increase in production, a nominal decrease in shipments and a fair
gain in new business.
The North Carolina Pine Association of Norfolk, Va., with eight fewer
mills reporting, shows production about the same, some increase in shipments and a notable decrease In orders.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
with two fewer mills reporting, shows a considerable increase in production
and nominal increases in shipments and new business.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis. (in its softwood production), with eight more mills reporting,
shows some decreases in production and shipments and new business well
in advance of that reported for the preceding week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association et
Oshkosh, Wis., reported from 18 mills (eight more mills than reported for
the previous week) notable increases in all three items.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 113 mills (40 more mills than reported for the week before) big increases
in all three factors. The normal production of these units is 18,984,000
feet.
Lumber Industry Ahead of Last Year.
Telegraphic reports received by the National Lumber
Manufacturers' Association from 444 of the leading lumber
mills of the country indicate that the semi-annual holiday
shutdown for repairs and rearrangement is about over, as
the reporting mills show production, shipments and orders
above those of the preceding week. On the other hand,
comparisons with the corresponding week a year ago indicate that some mills are prolonging the shutdown, probably
on account of unsatisfactory markets, although shipments
are practically the same as last year; production and orders
are considerably less. Taken by itself, the softwood group
of the industry shows a slight increase in orders, an appreciable increase in shipments and a gain of about 6% in production as compared with the preceding week. Compared
with the same period a year ago, there was a decrease of
rather notable proportions in production and new business,
with little change in shipments. The hardwood group ran
slightly behind the preceding week in production and shipments, but enjoyed a sharp expansion of new business. The
new business of this group about dotbIed that taken a year
ago and the same is true of production and shipments.
The National Lumber Manufacturers' Association, instead of published weekly statistics this week, announces West Coast Lumbermen's Association Weekly Report.
the 1927 totals of production, shipments and orders for eight
One hundred nine mills reporting to the West Coast
regional associations that are now compiling statistics. The Lumbermen's Association for the week ended
Dec. 31 manuproduction of the Southern Pine Association in 1927 was factured 49,238,474 feet, sold 67,317,914 feet
and shipped
3,470,324,378 feet; the West Coast Lumbermen's Association, 66,522,971 feet. New business was
18,079,440 feet more
5,243,995,097; the Western Pine Manufacturers' Association, than production and shipments
17,284,497 feet more than
1,472,625,000; California Redwood Association, 403,387,- than production.
000; California White and Sugar Pine Association, 1,185,COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
416,973; Nonth Carolina Pine Association, 368,515,730;
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Dec. 24.
Dec. 17.
Northern Hemlock and Hardwood Association (softwood), No.of mills reporting.._ Dec. 31.
Dec. 10.
109
113
117
116
165,932,00w; Northern Pine Manufacturers' Association, Production(ffet)
49,238,474
93.181,982 116,318,897 118,986,997
New business (feet)
67.317,914
80,243,838
97,184,885
99,320,737
441,464,300; total softwood, 12,751,660,478. Hardwoods: Shipments (feet)
66,522.971
93,841,241
84,116,013
83,300,298
Unshipped
Northern Hemlock and Hardwood Association (hardwood), Rau (feet) Business— 120,154,784 111.715,188
116,919,369 110,300,029
105,772,575 110,394.437 122,745,893 110,774,764
238,331,000 feet; Hardwood Manufacturers' Institute, Domestic cargo (feet)
98,498,080 109,555,606 128,337,349 122,408,725
Export (feet)
1,289,529,000; total hardwoods, 1,527,860,000. The year's
Total (feet)
324,425,439 331.665,201 368,002,611 343,483,518
decrease was just under a billion feet, practically all of it
First 52 Weeks of—
1927.
1928.
1925.
1924.
chargeable to the softwood industry. The only regional Average no. of mills
97
106
113
122
5243.995.097 5,476,810,276 5,148,148,138 4,813,061,724
associations reporting increases of production in 1927 over Production (feet)
New business (feet)
5099,696,534 5,348,172.137 5,306,818,132 4,918,424,423
5,032,872,749 5.371.805,388 5,314,323,778 4,930,220,068
1926 were the Northern Hemlock and Hardwood Associa- Shipments (feet)
tion, in its hardwoods, and the Northern Pine ManufacturOrganization of Sugar Institute, Inc., Under Laws
ers' Association and the California Redwood Association.
of New York—E. D. Babst, President.
Unfilled Orders Increase.
The conferences of the executives and counsel for the
The unfilled orders of 217 Southern Pine and West Coast mills at the
end of last week amounted to 526,556,524 feet, as against 512.901,599 feet sugar refining industry of the United
States, held in this
for 213 mills the previous week. The 104 identical Southern Pine mills
In the group showed unfilled orders of 186,768,352 feet last week, as against city in December, and which adjourned for the holidays,
188,476,160 feet for the week before. For the 113 West Coast mills the were resumed on Jan. 7 at a luncheon at the
Lawyers Club.
unfilled orders were 339,788,172 feet, as against 324,425,439 feet for 109
The conferences had adjourned to permit counsel, Wilbur
mills a week earlier.
Altogether the 313 comparably reporting softwood mills had shipments L. Cummings of Sullivan & Cromwell, to submit to the
105% and orders 102% of actual production. For the Southern Pine mills Government the plans for the formation
of a Sugar Instithese percentages were respectively 93 and 90, and for the West Coast mills
tute. Mr. Cummings reported that the plans had been sub107 and 101.
Of the reporting mills, the 335 with an established normal production for mitted to the Government and that the Sugar Institute,
Inc.,
the week of 215,605,097 feet, gave actual production 71%. shipments 76% had been
formed under the laws of the State of New York.
and orders 74% thereof.
The following table compares the lumber movement as reflected by the Earl D. Babst, Chairman of the Board of the American
reporting mills of eight softwood and two hardwood regional associations Sugar Refining Company, who had
presided at the former
for the three weeks indicated:
conferences, again presided at the meeting.
The meeting considered and adopted the report of its ExCorresponding Week. Preceding Week 1927
Past Week.
1926.
(Dec.) (Revised).
ecutive Committee, which put into operation the plans of
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood. the Institute. While the
Institute is composed initially of
131
313
Mills
330
115
326
83 refiners of sugar, it is expected that invitations for memProduction_ 141,828,000 14,673,000 164,538,000 14,813,000 121,503,000 6,940,000
Shipments 149,283,000 15,225,000 151,655.000 15,600,000 134,149,000 7,813,000 berships will be extended to other branches of the in144,596,000 15,241,000 161,794,000 12,727,000 142,160,000 8,414,000
Orders
dustry. The immediate plans of the Institute call for the
The mills of the California White and Sugar Pine Association make weekly adoption by the industry of
business methods which will
reports, but not being comparable, these are not included in the foregoing
tables. Twenty-two of these mills, representing 67% of the cut of the eliminate discrimination as between purchasers of refined
California Pine region, gave their production for the week as: 10,469.000 sugar; the establishment of uniform
trade practices; the
shipments 15,242,000 and new business 14.649,000. Last week's report
Improvement of methods of distribution; the effecting of
from 14 mills, representing 39% of the cut, was: Production, 6,266.000
economies in the industry; the collection and dissemination
feet; shipments, 7,663,000, and new business, 8,626.000.
of statistics; and the encouragement of increased consumpWest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new tion.
business for the 113 mills reporting for the week ending Jan. 7 was 1%
It is considered that the United States should consume
above production and shipments were 7% above production. Of all new
business taken during the week 43% was for future water delivery, amount- annually at least 20 pounds more of refined sugar per person
JAN. 14 1928.]
FINANCIAL CHRONICLE
177
than at present. This would approximate the consumption
The plans relative to the organization of the Institute
of Australia, which is about 125 pounds per person. The were referred to in an item in
our issue of Dec. 17, pagecheapness of sugar and its food value probably will be the 3275.
subject of a national advertising campaign. The officers
elected are:
Cuban Sugar Reduction.
President, Earl D. Bakst of the American Sugar Refining Company.
Havana, Cuba, advices published in the "Wall Street
Vice-President, W. S. Pardonner of Savannah Sugar Refining Company.
Treasurer, Manuel E. Rionda of MeCahan Sugar Refining Co.
Journal" of last night (Jan. 13) said:
Secretary, M. E. Coetzinger of Arbuckle Bros.
The Directors will be: James H. Post, President of the
National Sugar Refining Company, to be Chairman of the
Board and of the Executive Committee of the Institute;
Wilbur L. Cummings, of Sullivan & Cromwell, counsel;
W. J. Eldridge, of Imperial Sugar Refining Company; W.
Edward Foster, of American Sugar Refining Company;
M. E. Goetzinger, of Arbuckle Brothers; William Henderson, of William Henderson Sugar Refining Company; W.
H. Hoddless, of Pennsylvania Sugar Refining Company;
George N. Keiser, of Colonial Sugar Refining Company;
J. Moog, of Godchaux Sugars, Inc.; W. S. Pardonner, of Savannah Sugar Refining Company; Manuel E. Rienda, of
McCahan Sugar & Molasses Corporation; Alexander Smith,
of Texas Strgar Refining Company; Rudolph Spreckels, of
Federal Sugar Refining Company; F. E. Sullivan, of Western Sugar Refining Company, and H. E. Worcester, of Revere Sugar Refining Gompany.
It was made known on Jan. 11 that George A. Zabriskie,
formerly chairman of the United States Equalization Board,
has consented to serve the Sugar Institute in an executive
capacity, the interests identified with the Institute having
sought to enlist hib services in the direction of its affairs.
The exact title under which Mr. Zabriskie is to serve will be
decided upon later. It is understood that he has declined
to accept any remuneration whatever in connection therewith. The code of ethics of the Sugar Institute, made public
Jan. 10 states that among the purposes for which the Institute
was formed were the following:
To promote a high standard of business ethics in the industry;to eliminate
trade abuses; to promote uniformity and certainty in business customs and
practices; and to promote the service of the industry to the public.
It is also stated therein that:
The Institute declares its policy to be founded upon, and recommends to
Its members the adoption of business methods in accordance with the following principles, to wit:
1. All discriminations between customers should be abolished. To that
end sugar should be sold only upon open prices and terms publicly announced.
2. The business of the sugar refining industry is that of refining a raw
product, the price of which to the industry is the controlling factor in the
price which the industry receives for its own refined product; and the industry, as a purchaser of raw sugar, receives no concessions for quantity
purchased. Concessions made by the industry for the quantity of refined
sugar purchased have resulted in discrimination between customers, which
discrimination the Institute believes it to be in the interest of the industry,
of the trade and of the public to avoid. The Institute, accordingly, condemns as discriminatory, and, in so far as this industry is concerned, as unbusinesslike, uneconomic and unsound, concessions made to purchasers on
the basis of quantity purchased.
3. The following trade practices, if not uniformly employed with all customers of a refiner, are discriminatory. Furthermore, if not secretly employed they will, of necessity, be generally demended, with the result that
they must then be uniformly employed or abandoned. If uniformly employed they amount, to a general price concession which should frankly
take the form of a price reduction. The Institute condemns them as unethical except when practiced openly; as discriminatory unless uniformly
employed;and in any event as wasteful and unbusinesslike.
(a) Variations from the open and publicly announced prices and terms,
including (but without limiting the generality of this clause) the following:
Special allowances by way of discounts, brokerage, storage or advertising; variations from openly announced grade or package differentials;
reduction or substitution of grades or packings; delayed billings; full discounts in cases of delayed payment; and rebates or other allowances by any
name or of any nature.
(b) Split billings, except on cars moving on an 80,000
-pound minimum
and rate.
(C.) The use of differential rates on consignments, or otherwise than on
direct shipments, over differential routes at customers' request.
(a.) Payment of brokerage whore any part thereof inures to the benefit
of the purchaser.
(e.) Storage of sugar in customers' warehouses.
(I.) Allotments to brokers running beyond the close of business of the
day on which an advance in price is announced by the refiner.
(e.) Special services to customers without appropriate charges therefor.
(h.) The sale of second hand sugar by refiners.
(i.) Sales for export under contracts which do not provide for shipment
out of the country.
4. The factors which enter into and determine the cost of his product for
the refiner are so largely outside his control, and the probable margin
of his profit so small, as to render highly speculative and unsound the giving
by him of options to purchase his sugar. Furthermore, unless equally
available to all customers alike, the giving of options is discriminatory.
The institute condemns the giving of options by refiners.
5. In the interest of more even distribution to the trade the institute recommends that sugar shall be consigned only to recognized detention points
for reshipment, or to recognized markets and then in care of railroad or
steamship lines or to public or brokers' warehouses, and that the control
of the sugar shall remain with the refiner.
6. The institute recommends the use by members of uniform contracts
to be adopted by the institute for Eastern,Southern and Western markets."
President Machado of Cuba conferred with members of the Sugar Defense
Commission and they expressed conformity with the plan to restrict sugar
output to 4.000,000 tons. Machado asked that the question be held up•
until next week, as he is busy preparing for the reception of President
Coolidge and the opening of the Pan-American Conference. It is unlikely'
that the decree will be issued this week.
Decline in Production of Standard Cotton
Cloths in December.
Average weekly production of standard cotton cloths
during December 1927 declined 7.5% as compared with
weekly production in November, and 10.3% as compared
with the weekly production in October, according to reports
for the month just compiled by the Association of Cotton
Textile Merchants of New York. Under date of Jan. 12
the Association says:
These three months, October. November and December, are the only*
ones for whicn comparison of identical reporting groups may be made.
The December report covers a period of five weeks.
Production during the five weeks of December was 372.042.000 yards.
Sales amounted to 407.881.000 yards. or 109.6% of production. Ship—
ments were 361,376,000 yards, or 97.1% of production during the month.
Unfilled orders on Dec. 31 amounted to 386.726,000 yards, an increaseof 13.7% over unfilled orders on Dec. 1. Stocks on hand at the end of
the month were 303,201.000 yards, an increase of 3.6% during the month.
Through the co-operation of The Cotton-Textile Institute, Inc.. and by
reason of the addition of new reporting groups from the membership of the
Association of Cotton Textile Merchants of New York, the statistics at the
end of the year were much more complete than the industry has ever had;
but because of these additions the figures are not comparable with data.
available at the first of the year. The reports are based on statistics
compiled by 23 groups on the production and sale of standard cotton cloths
and represent a very large part of the manufacture and sale of these fabric*,
In the United States.
Census Report on Cotton Consumed in December..
Under date of Jan. 13 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of December, 1927 and 1926. Cotton consumed
amounted to 543,598 bales of lint and 518,844 bales of linters,
compared with 602,986 hales of lint and 53,960 bales of linters
in December 1926 and 625,680 bales of lint and 62,041 bales
of linters in November 1927. It will be seen that there is a.
decrease from December 1926 in the total lint and linters
combined of 61,504 bales, or 9.4%. The following is the
statement complete:
Cotton consumed during December amounted to 543,598 bales exclusive
of linters,compared with 025.680 bales in the preceding month and 602.986
bales in December. 1926.
Total consumption for five months of the cotton season—Aug. 1 to
Dec. 31—amounted to 3,042,968 bales, against 2,825.916 consumed in the
corresponding period a year before.
Cotton on hand in consuming establishments on Dec. 31 was 1,707.326
bales against 1.551,336 on Nov. 30 and 1,763.739 on Dec. 31 a year ago.
Cotton on hand in public storage and at compressors on Dec.31 amounted
,
to 5,655,736 bales contrasted with 5,969,418 on Nov. 30 last and 6,548.25r
on Dec. 31 1926.
Active spindles in December numbered 31.715,388 compared with,
32,269, 478 in the preceding month and 32.489.570 in the same mouth a
year ago.
Domestic exports of cotton in December amounted to 767,314 bales
compared with 999,501 In November and 1,531,297 in Dec,embert 19261
The exports for the five months ending with Dec. 31 amounted to 3,864,076
bales as compared with 5,573,220 bales in the same period a year ago.
Imports of foreign cotton during December totaled 41,211 500-1b. balm
against 28.845 500-1b. bales in the previous month and 39,851 500-1b. bales
in the same month a year ago. The imports for the five months ending
with Dec. 31 amounted to 145,678 bales against 135.445 bales in the same
five months of the previous year.
Linters consumed during December amounted to 51.344 bales compared)
with 62,041 during November and 53,960 during December. 1926. Consumption of linters for the five months ended Dec. 31. totaled 339.326
bales, against 340.892 for the corresponding period of 1926.
There were 202,370 bales on hand in consuming establishments on Dee.32
compared with 172,261 on Nov. 30 1927. and 140.564 on Dec. 31 1926.
Thenumber of bales in public storage and at compressors on Dec. 31 last
was 55,753 compared with 54.735 on Nov. 30 last and 57.113 on Dec. 31 a
year ago.
' ^ 1111401,11 111
,
Consumption of lint cotton in the growing States was 406,710 rannieg
bales in December, against 468,596 in November and 438.511 in December
-month
of last year. Total consumption in the growing States for the 5
Period was 2,250,757 bales, against 2,039,543 in the five months of 1926.
Cottonseed Oil Production During December.
On Dec. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on,
hand and cottonseed products manufactured, shipped out,
on hand and exports during the month of December 1922
and 1926:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
On Hand at Mills
Crushed
Received at Mato
Dec. 31.
Aug. 1 to Dec. 31. Aug. 1 to Dec. 31.
WOOD PULP REVIEW FOR ELEVEN MONTHS IN 1927.
Grade
State.
1927.
1926.
1927.
1926.
251,217 261,832 198,092 213.346
Alabama
28.392
32,205
37,036
32.494
Arizona
272,163 360,011 204,067 271,964
Arkansas
41,708
29,680
66,959
38,160
California
357,794 449,330 299,704 357,107
Georgia
141,386 191,540 120.267 138,841
Louisiana
478,570 523,067 341.478 368,698
Mississippi
235,070 320,480 180,009 204,147
North Carolina
309,235 427,086 210,670 278,866
Oklahoma
South Carolina__ _ .... 164,564 205,891 144,220 165,038
225,494 274,567 167.240 217,479
Tennessee
1.348,982 1,483.465 1.037,534 1.054,402
Texas
45,677
69,253
94,548
57,166
All other
United States
3,912,295 4,695.812 3,007,030 3.413,054
1927.
48,689
4,876
88,617
25,251
93,645
52,828
160,546
116,854
148,600
41,465
58,909
438,090
25,311
992,049 1,303,681
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED
ON HAND.
-
Season.
On Hand
Aug. 1.
Produced
Shipped Out
Aug.1-Dec.31 Aug.1-Dec.31
1927-28 *16,296,641 936,356,134
Crude oil 8,280,561 1,017.816,168
1926-27
(pounds)
1927-28 a378,612,700 8709,674,193
Refined oil
1926-27 145,670.884 773,554,350
(pounds)
1,335,729
1927-28
63,632
Cake and meal
1,528,270
1926-27
142,844
(tons)
168,045
856,263
1927-28
Hulls
980.403
1926-27
92.333
(tons)
545,145
1927-28
46,177
Linters '
557,687
65,753
(running bales) 1926-27
31,873
1927-28
21.930
Hull fiber
40,383
(500-1b. bales) 1926-27
17,335
19,237
1,842
Grabls,motes,&c. 927-28
17,761
(600-1b. bales) 926-27
6,763
No.
of
Mills
ProSuction
Used
Shipped
On Hand
End of
Month
1926.
53.908
4,275
69,777
11,249
60,472
31,747
149,763
55,815
120,121
21,659
59,370
345,379
8,514
*Includes seed destroyed at mills but not 89,784 tons and 23,249 tons on hand
Aug. 1, nor 31.137 tons and 48,031 tons reshipped for 1927 and 1926, respectively.
. Item:
[VOL. 126.
FINANCIAL CHRONICLE
178
OUT AND
On Hand
Dec. 31.
814,062,699 *157,577,576
910,494,886 158,347,705
a502,900,676
332,415,390
1,209,007
190.354
1,503,714
167,400
795.404
228,904
808,079
264,657
438,940
152,382
402,093
221,347
33,137
20,666
38,524
19,194
12,397
8,682
11.769
12,755
* Includes 6,235.454 and 5,090,904 lbs held by refining and manufacturing establishments and 4,638.300 and 24,770,350 lbs. In transit to refiners and consumers
Aug. 1 1927 and Dec. 311927, respectively. a Includes 9,784,634 and 7,188,368
lbs. held by refiners, brokers, agents and warehousemen at places other than refineries and manufacturing establishments and 10.818,983 and 7,010.380 lbs. in
transit to manufacturers of lard substitute, oleomargarine, soap, &c., Aug. 1 1927
and Dec. 31 1927. respectively. 8 Produced from 766.933,226 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 4 MONTHS END. NOV. 30.
1926.
1927.
Item
5,276,012
11,562.827
-Crude. pounds
011
3,561,155
3,081,149
Relined. Pounds
170,532
159,052
Cake and meal, tons
33,943
60,333
Linters,running bales
November Pulp and Paper Statistics-Figures for
Eleven Months.
The total production of paper for the month of November,
as reported to the American Paper 86 Pulp Association, was
558,061 tons as compared with 571,066 tons for October,
a decrease of 2%. The sharpest individual decline in production was in the felts and building grade, which fell off
17%, while the other grades showed decreases of from
1 to 7%. Total production of all grades of pulp totaled
190,804, a 3% increase over the production of 185,419 tons
in October. Detailed statistics are furnished as follows
by. the Association:
Groundwood pulp
Sulphite, sews grade
Sulphite, bleached
Sulphite, easy bleached
Sulphite, MItscherlich
Sulphate pulp
3oda pulp
Pulp, other grades
Tntsd rill ffrasing
91
38
23
7
6
10
11
2
942,110
444,658
271,789
44,651
74,413
183,480
182,958
479
952,139
414.062
232,410
37,357
64,410
166,801
133,795
186
28,619
29,959
40,416
5,868
10,391
15,987
49,507
143
91,756
9,450
2,587
1,844
408
2,918
2,378
162
2.144.538
2001060
180.1400
111.F.nn
Canadian Newsprint Price Remains at $65 per Ton.
Prices of Canadian newsprint for 192S delivery remain
nnehanged at $65 per ton, Consul General Albert Halstead,
at Montreal, has reported in a dispatch made public by the
Paper Division of the Bureau of Foreign and Domestic Commerce. The full text as given in the "United States Daily"
of Dec. 29 follows:
While some American newspaper publishers have not as yet made their
contracts for 1928 delivery, most of the newsprint required for the coming
year in the United States is under contract. The price remains at $65
for a ton of 2,000 pounds, the American publishers, however, to bear the
first $4 per ton of freight charges and paper manufacturers to absorb
all freight costs in excess of this amount. This additional freight can
not be averaged 60 as to ascertain the net price received by the paper
manufacturers. It is assumed, however, that each publisher will as a
rule purchase from the mill nearest his publishing plant.
Larger Decline Reported in Crude Oil Output.
Crude oil output continues to decline, according to statistics compiled by the American Petroleum Institute. The
daily average gross crude oil production in the U. S. for
the week of Jan. 7 1928. was 40,700 barrels less than the
daily average during tile preceding week. Production for
the week ended Jan. 7 was 2,379,050 barrels as compared
with 2,419,750 barrels for the week of Dec. 311927. In the
week of Jan. 8 1927 production was 2,389,850 barrels,
or 10,800 barrels greater than the corresponding week this
year. The daily average production east of California was
1,754,850 barrels, as compared with 1,794,950 barrels, a
decrease of 40,100 barrels. The following are estimates of
daily average gross production by districts for the weeks
indicated:
DAILY AVERAGE PRODUCTION.
Jan.7•28. Dec. 31 '27. Dec. 24 '27. Jan. 8 '27.
(In Barrels)701,250
705,750
587.200
674,900
kiahoma
107,850
105,550
116,600
107.300
ansas
80,250
83,000
137,550
76,500
anhandie Texas
74,650
75,000101,450
forth Texas
57,600
58:150
68,850
56,050
Vest Central Texas
260.600
264,450
64,950
258,900
Vest Texas
26,800
26,950
52,950
26,650
cast Central Texas
24,400
40,250
23.800
24,650
outhwest Texas
REPORT OF OPERATIONS IN IDENTICAL MILLS FOR
COMPARATIVE
46,500
51,150
44,600
47.000
Louisiana
forth
TIIE MONTH OF NOVEMBER 1927.
93,350
94,350
133.250
90,150
rkansas
•
120,450
121,350
170,650
117.900
oastal Texas
15,050
13,000
14.850
14,900
P. C. Stocks on . oastal Louisiana
P. C.
No. Practical
110,500
108,500
110,000
110,500
of Product'n Prod- Capa- Ship- Capa Hand End 1 astern
Grade.
54,450
57,900
59,000
57,450
ments
city
city of Month ''yoming
Mills Capacity duction
11,500
11,500
11,550
11,000
1 Iontana
5,800
6,550
6.350
7,750
I oiorado
79 116.612
28,543
78
71 149,058 117,222
Newsprint
3,500
2,300
2,700
5.500
94,112
1 Few Mexico
83
85
55,212
96,006
66 113.516
Book
624,800
624,200
621,300
658,800
( alifornia
41,976
76
76 200,909
116 264.238 201,366
Paperboard
50.294
46,871
80
82
51,033
62,498
73
Wrapping
2,419,750
2,432,200
2.379.050
2,389.850
82
12,479
Total
81
8,885
12,695
15,496
20
Bag
29,916
89
87
40,138
29,332
33,670
74
Fbae
The estimated daily average gross production of the Mid-Continent field
13,145
92
95
13,951
13,624
14,352
46
Tissue
5,961
81
83
5,858
including Oklahoma. Kansas, Panhandle, North, West Central, West Texas,
3,588
7,202
9
Hanging
8,936
65
66
iLost Central and Southwest Texas, North Louisiana and Arkansas, for the
2.858
9,090
13,702
13
Felts and building__
77
22,779
74
1
17,706
21.835
29,510
60
Other grades
eek ended Jan. 7 was 1,434,400 barrels, as compared with 1.473,700
a decrease of 39,300 barrels. The Mid79 259,728
1 arrels for the preceding week,
79 555,143
705.242 558,061
Total all grades_ _ _ _
( ontinent production, excluding Smackover. Arkansas heavy oil was
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL 1 .365,400 barrels as compared with 1,402,550 barrels, a decrease of 37,150
MILLS FOR THE MONTH OF NOVEMBER 1927.
I arrels.
The production figures of certain pools in the various districts for the
Shipped On Hand „urrent week compared with the previous week follow (figures in barrels
Used
No. On Hand Producen
End of '
During
During
for
First of
of
Grade
c f 42 gallons):
Month
Month
Month
Month
Mills Month
Jan. 7. Dec. 31.
Jan. 7. Dec. 31.
„ Oklahoma3,717
91,756
85,703
85,361
95.815
North Louisiana85
3,100
3,050
Groundwood Pulp
Braman
tforth Braman
9,450
2,718
38,926
35.772
9,014
38
1,850 Hayneaville
6,400
Sulphite, news gr
6,750
1,850
outh
2,495
21,273
2,358
24,082
2,044
22
7,600
7,850
15,000 15,150 Urania
Sulphite, bleached
onkawa
1,844 '
3,193
247
3.280
2,004
7
10,150 10,450
Sulphite. easy bleached_
(tuber
408
5.856
935
6,784
415
6
Arkansas
37.100 38,600
Sulphite. Mitscherlich-I urbank
2,918
1.516
14,391
15,926
2,899
10
9,200
8,500
24,500 24,600 Smackover, light
sulphate PuiP
I ristow Slick
2,378
4.372
12.167
16,383
2,534
11
69,000 71,150
10,600 10.650 Smackover, heavy
Soda pull)
162 (romwell
107
62
207
2
8,950
9,000
pulp, other grades
1 ewoka
Coastal Texas
53,700 56,650
minole
15,970 111,411
114.932 190,804 178.355
8,500
8,450
102,950 107,950 Wen Columbia
Total all grades
1 owlegs
3,900
3,950
20.150 21,150 Blue Ridge
E aright
PAPER REVIEW FOR ELEVEN MONTHS IN 1927.
11,850 11,800
36,350 38,150 Pierce Junction
I Rae River
12,050 12,450
124,700 137,450 Hull
1 arlsboro
Spindletop
52.050 53.400
Panhandle TexasNo. Production Shipments Stocks on
4,200
4,050
Hand End I utchintion County_ - - - 51,300 52,400 Orange County _....
of
Grade.
7,700
7.450
of Month (ae-son County
Mai
Wyoming
16,500 18,800 Salt Creek (ray
38,950
42.450
1,300
1,200
(Net Tonil (Na Tons) (NetTons) 1 eeler
Montana
28,543
West Central Texas71 1,367.595 1,352,073
Mr:imprint
15,950 17,000 Sunburst
9,000
9.500
rown County
1
54,794
63 1,009.678 1.000,834
4,950
Book (M. F. S. C. and coated)
Shackelford County-- 5,200
chip.
Paperboard (straw, fiber leather,
California
40,735
West Texas113 2,129,535 2.133,649
38,500 38,500
22,050 22,800 Santa Fe Springs
r eagan County
47,351
553,999
567.385
74
.
Wrapping anat. manila fiber, &e,).. ___
118,000 118,000
53.200 48,350 Long Beach
139,501
f ecos County
139,328
8,885
23
60,500 60.500
Etag (all kinds)
330,110
Cvane & Upton Counties.107,100 111,400 Huntington Beach
328.542
40,138
74
20,000 20,000
Fine (writing, bond, ledgers. &O.)
61,200 60,000 Torrance
t, inkier
14,799
157,857
159,318
53
&c.)_
13,500 13,500
nesse (toilet, crepe fruit wrappers.
Dominguez
3,588
East Central Texas62,323
62,954
9
&c.)
8,000
8,000
13,000 13,000 Rosecrans
Banging (No. 2 blank, oatmeal, tile,
111,961
C orsicana-Powell
2,858
112,508
31,500 31,800
1,900 Inglewood
building (roofing.sheathing,&c.) 13
Felts and
1,850
rrigger Creek
81,000 81,000
Other grades (specialties not Otherwise
Midway-Sunset
Southwest Texas
242,791
17,706
243,423
60
51,000 52,000
classified)
13,500 13,850 Ventura Ave
L uling
41,500 42,500
7.350 Beal Beach
7,100
L edo District
6.120.266 6.085.098 259.397
TMAIsHomAm
FINANCIAL CHRONICLE
JAN. 14 1928.]
Crude Oil and Gasoline Prices Are Unchanged.
No changes of note were reported in crude oil and gasoline
prices this week. Wholesale prices at Chicago on Jan. 13
were reported as follows: U. S. motor gasoline 5%@538,
4
kerosene (water white), 41 @4%; fuel oil, 24-26 gravity,
80@85c.
Output of Natural Gas Gasoline Reaches New High
Mark in November 1927.
According to the Bureau of Mines, Department of Commerce, the natural gasoline industry performed as usual during November, 1927, when another new high mark for output was established. The total output for that month
amounted to 143,200,000 gallons, which, while 400,000 gallons below the total of October 1927, represents an increase
over the latter in daily average production of 140,000 galons. The output of November 1927 was also 15% greater
than that of November 1926. Of the total production,
115,900,000 gallons, or 81%, was reported as having been
blended at refineries, 8,600,000 gallons, or 6%, was turned
into pipe lines in California, 3,500,000 gallons was blended
at the natural gasoline plants or sold by them to jobbers,
1,600,000 gallons was added to stocks, leaving 13,600,000
gallons, or 9%,for losses and quantities not accounted for.
The latter figure will probably be somewhat reduced when the
final figures are compiled. Stocks of natural gasoline at the
plants Nov. 30 1927 amounted to 34,440,000 gallons, a moderate increase over the previous month. The Bureau continues:
this production as being 85% of the world's total, which has been the ratio
In recent years, the world's production in 1927 will be about 1.730,000,
compared with 1,695,000 tons in 1926, an increase of 2.02%. It is possible
that the percentage of copper refined in North and South America in 1927
will be slightly less than 85, which would cause the p;reentage of increase to
figure slightly higher.
The rate of world's production in the second half of 1927 has been about
the same as in the first half, perhaps a little smaller.
The production of copper in the form of blister, by the countries reporting
monthly,and accounting for about 98% of the total, will be about 1.654.000
tons, compared with 1,600,000 tons in 1926, an increase of 3.26%. Relatively little secondary copper is included in the production of blister, and
consequently the statistics in respect of the latter are the closest reflection
of virgin production.
The total of production reported in the form of blister always falls short
of the total reported as refined, inasmuch as the latter includes secondary
copper reworked by primary refiners. It is, however, the report of production on the refined basis with which stocks should be correlated and consumption gauged.
in North and
The total stock of copper in and at smelters and refineries
in process
South America and in transit between them, including what was
beginning of January 1927: 354,183 tons
of refining, was 358,636 tons at the
At the same
at the end of June, and 340,945 tons at the end of November.
and 14,346
times the stocks in Great Britain were 38,792 tons, 24,676 tons
tons. In the aggretons; and in France 9,688 tons. 3.733 tons and 1,929
tons and 367,220 tons. These regate they were 407,116 tons, 382,592
world. In respect
ported stocks represent nearly all of what exists in the
of North and South America, the major part of the stock (about 60%) is
refining, and consein transit from smelters to refiners and in process of
quently is a part of the capital account of the industry.
in the second half
The reduction in stocks, which was a little more rapid
in greater
of 1927 than in the first half, indicates deliveries for consumption
entirely in
ratio than the increase in production. This occurred almost
during the first eleven
countries abroad, for deliveries in the United States
tons in Januarymonths of 1927 were 763.982 tons, compared with 840,232
11 months
November 1926. Foreign deliveries were 578,228 tons in the first
of 1927 compared with 473,024 tons in the corresponding period of 1926.
which checks the other evidence that foreign consumption increased while
OUTPUT OF NATURAL GAS GASOLINE (IN GALLONS).
Production.(u)
Stocks End of Month.
Oct. 1927. Nos. 1927. Nov. 1926. Oct. 1927. Nov. 1927.
7,400,000 8,300,000 9,500,000 2.813,000 2,918,000
Appalachian
294,000
276,000
1,400,000 1,400,000 1,500,000
Indiana, Illinois, &e_
17,774,000
Oklahoma, Kansas, &e. 53,000,000 53,700,000 44,200,000 17,172,000 10,422,000
27,600,000 27,500,000 22,500,000 9,615,000
Texas
Louisiana and Arkansas 6,900,000 6,700,000 6,800,000 1.011,000 1,314,000
469,000
575,000
3,800.000 3,900,000 .3,700,000
Rocky Mountain
100,100,000 101,500,000 88,200,000 31,462,000 33,191,000
Total east of Calif
43,500,000 41,700,000 36,400.000 1,335,000 1,249,000
California
Total United States_ 143,600,000 143,200,000 124,600,000 32,797,000 34,440,000
Daily average
4,630,000 4,770,000 4,150,000
a Approximately 97% net production: 3% gross.
Buying of Copper and Older Non-Ferrous Metals-Rolling
Mills and Brass Makers Place Orders for Copper.
Consumers have again entered the market after the
holiday lull so that sales of most of the non-ferrous metals
have been of average volume in the past week. Prices, in
general, have shown little change, with the exception of
tin which has declined more than a cent in view of weaker
quotations in London, "Engineering and Mining Journal"
reports which goes on to say:
Total sales of copper in the domestic market have been the highest
since the first week of December and not far below an average week's
business.
Buying of copper has been well distributed between rolling mills and
brass manufacturers. More than the usual proportion was absorbed
by Middle Western consumers, reflecting greater activity in automobile
lines, especially Ford. Indications are that one-half of February requirements of copper have been purchased and from 10 to 20 per
cent of those for March. Most sellers continue to quote the Eastern
4 cents, delivered, and the Middle West at 14.25
market at 14.121
cents. Weaker London cables have resulted in several offerings through
irregular channels at slight concessions.
Zinc demand has improved with good sales at 5.65 cents for any
delivery, St. Louis basis. A slight increase in ore prices occurred in
the Tri-State field.
Inquiry for lead has been better and prices have ruled steady. The
contract price in New York held at 6.50 cents a pound.
World's Production of Refined Copper in 1927 Increases
-Output of Lead and Zinc
About 2% Over 1926
Also Larger Than Previous Year.
According to Walter Renton Ingalls, Director of the American Bureau of Metal Statistics, the production of refined
copper during 1927 will total about 1,730,000 tons compared
with 1,695,000 tons in 1926, an increase of 2.02%. The production of lead by countries accounting for 90% of the world's
total will be about 1,645,000 tons, compared with 1,575,000
tons in 1926, an increase of approximately 4%. The production of zinc in 1927 by countries representing about 97%
of the world's total is estimated at 1,420,000 tons, compared
with 1,330,000 tons in 1926,an increase of a little over 6%.
In discussing the output of these three metals Mr. Ingalls
Dec. 22 said:
Copper.
The production of refined copper in North and South America will be
Estimating
about 1,470.000 tons compared with 1,440,500 tons in 1926.
179
domestic decreased.
Lead.
The production of lead by countries reporting monthly and accounting
for 90% of the world's total will be about 1,645,000 tons compared with
produc1,575,000 tons in 1926, an increase of a little more than 4%. The
tion in the United States will be about 686,000 tons, compared with 708.000
production in the rest
tons in 1926, a decrease of 3.2%. By difference, the
an
of the world will be about 968.000 tons compared with 866.000 tons,
Increase of more than 10%.
There was increased production of lead in most of the foreign countries:
most largely in Mexico, and considerably in Australia, Germany, Canada
and Burma. Of the principal countries Spain was the only one showing
a decrease.
The position of stocks outside of the United States and Mexico is statistically unknown. Consequently we are not yet able to measure foreign
consumption. In the United States, deliveries for consumption decreased
about 7.5%, while production decreased about 3.2%.
Zinc.
The production of zinc in 1927 by the countries for which we report
monthly, representing about 97% of the world's total, will be about 1,420.000 tons, compared with 1,330,000 tons in 1926. an increase of a little more
than 6%. The production in the United States will be about 611,000
tons compared with 638.500 tons in 1926, a decrease of about 4.2%. By
difference, the production in the rest of the world will be about 809.000
tons compared with 692,000 tons in 1926, an increase of 14.4%.
By semesters the production figures are as follows:
-19213
1927
Second.
First.
Second.
First.
319,233
319,300
294,000
317,425
United States
363,694
328,470
415,800
392,758
Elsewhere
082,927
647,770
709,800
710,183
Total
The United States has held down its production and curtailed during the
last semester, while in the rest of the world there has been a steady, and
large, increase. Outside of the United States no country shows a decrease
in 1927.
In the first half of 1927 the stock of zinc in smelters' hands in the United
States increased by 21,971 tons. From June 30 to Nov. 30 it decreased by
4,538 tons. The delivery of slab zinc for domestic consumption in the
United States in 1927 (December estimated) decreased by about 5.8%.
compared with the decrease of about 4.2% in domestic production.
Statistical report of stock of slab zinc in foreign countries is unavailable.
The indications are that the consumption of zinc abroad increased, as did
the consumption of copper, while in the United States it decreased.
The stock of zinc ore in the Tri-State district increased from 20,320 tons
at the beginning of 1927 to 44,510 tons at the end of November.
Deliveries for Consumption in the United States.
When diagrammed the graphs for copper, lead and zinc are substantially
parallel, indicating that the same causes were affecting them in common.
It appears also that the total deliv cries were in each instance materially
less than in 1926 and only a little more than in 1925,and that these ratios
were about the same for copper, lead and zinc. The data of domestic
shipments by months and in short tons are as follows:
- -Zino-Lead
-CopperMonthly. Daily. Monthly, Datil!. Monthly. Daily
45,975 1,483
62,596 2,019
76,499 2,468
1927-January
43,555 1,556
56.295 2,165
,_ 67,564 2,413
February
48,107 1,552
66,980 2,161
79,537 2,566
March
44,821 1,494
56,558 1,885
73,976 2,466
April
45,560 1,470
49,299 1,590
May
69,779 2,251
43,122 1,43'
56,529 1.884
63,465 2,116
June
47,359 1,528
56,034 1,808
61,965 1,999
July
49,739 1,604
59,721 1,926
August
71,736 2,314
44,038 1,468
58,441 1,948
71,578 2,386
September
46,602 1,503
59,206 1.910
68,619 2.214
October
44,374 1.479
59,488 1,983
59,264 1,975
November
503,252 1,507
641,147 1,920
Total(11 months)
763,982 2,287
44,808 1,473
57,320 1,885
1925 (averages)
69,264 2,277
48,650 1,599
62,956 2,070
1926 (averages)
75,181 2,472
The results of record in respect of the United States may be in part associated with the recessions in automobile manufacturing and in municipal
building in 1927.
Production of Zinc in United States in December.
Stocks of slab zinc on Dee. 31 totaled 40,751 short tons,
compared with 39,320 short tons at the beginning of the
month, an increase of 1,431 tons, according to the American
180
FINANCIAL CHRONICLE
[VOL. 126.
Zinc Institute, Inc. Production in December 1927 amounte and in 1925
at 5,033,364 tons. In the following we show the
d
to 52,347 tons, compared with 49,127 tons in the precedin amounts back
g
to 1922. Figures of earlier date may be found
month. Shipments amounted to 50,916 tons, of which in our issue of
April 14 1926 on page 1617.
46,483 tons went to domestic consumers and 4,433 tons
UNFILLED ORDERS OF SUBSIDIARIES OF U.
were exported. Metal sold, not yet delivered, at the
S. STEEL CORPORATION.
end
End of
1926.
1925.
of December, amounted to 23,536 tons; total retort capacity January Month 1927.
1924.
1923.
1922.
3,800,177 4,882.739 5.037,323 4.798.429 6,910,776
4,241.873
Dec. 31 was 131,484 tons; the number of idle retorts
3.597,119 4,616,822 5,284,771 4,912,901 7,283.989
avail- February
4,141,089
March
able within 60 days, 42,744; average number of
3,553,140 4,379,935 4,863,564 4,782,807 7,403,332
4,494,148
retorts April
. .
. .
4,446.568 4,208,447 7.288.509 5.098.917
operating during December, 76,488; the number of retorts May
3,050.941 3,649.250 4,049,800 3.628,089 6,981.851
5,254,228
operating at the end of the month, 77,084. The monthly June
3.053,246 3,478.642 3,710,458 3,262,505 6.386,261
5,835,533
July
3.142.014 3,602,522 3,539.467 3,187,072 5,910,763
figures are as follows:
5,778,181
PRODUCTION,SHIPMENTS AND STOCKS AT END OFPERIOD
(FIGURES
IN SHORT TONS).
Domestic
Total Stocks at End
Production. Shipments. Exports. Shipments. of Month.
December
52,347
46,483
4,433
50,916
40,751
November
49,217
44,374
1,746
46.120
39,320
•October
50,185
46,602
1,637
48,239
36,223
September
47,735
44,038
4.007
48,045
34.277
August
49,012
49,730
4,009
53,748
34,587
July
47,627
43,359
4,803
56,162
39.329
June
49,718
43,122
4.784
47,906
43,858
May
51,296
45,560
•' 4,898
50.458
42.046
April
51,626
44,821
1,876
46.697
41,208
March
56.546
48.107
5,098
53,205
36,279
'February
51,341
43,555
4,760
48.315
32,938
January
56,898
45,884
2,989
48.873
29,912
Total
613,548
549,644
45,040
594,684
For production, &c., figures for the first half of December
1927, see "Chronicle" of Dec. 31 1927, page 3556.
Increase in December Production of Steel Ingots.
The output of steel ingots in December showed an increase
of 46,346 tons over the preceding month, according to
the American Iron & Steel Institute. The production in
December by companies which made 95.01% of the ingot
production in 1926 was 3,005,429 tons of which 2,557,130
tons were open-hearth and 448,299 tons Bessemer. On
this basis the calculated monthly production of all companies is 3,150,345 tons which compares with 3,101,764
tons in November and with the high figure of the year
4,499,092 tons, reached in March. The approximate daily
output of all companies was 121,167 tons in December
119,299 tons in November and 166,633 tons last March.
In the table below will be found the details of production
back to January 1926.
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926,
TO DEC. 1926
GROSS TONS.
[Reported for 1926 by companies which made 95.01% of the
total steel ingot
production in that year
Monthly Calculated No.of Approx. Per
Out
Monthly Work- Daily
Open- Bessemer. All Companies Output All ins Output Cent
OperaHearth.
Other. Reporting. Companies Days. AU Cos. lion.
January... 3,326,846 581,68 13,664 3,922,193 4,132,210
26
158,931 98.86
February.. 3.023,82 5,58,031 12,818 3,592,678 3,785,051 24
157,710 98.10
March... 3,590,791 635.680 15,031 4,241,502 4,468,617
27
165,504102.94
April__ _ 3,282.43 601,037 13,652 3,897.124 4,105,799
26
157.915 98.22
May _ _ 3,201,2 I 516,676 10,437 3.728,343 3,927,97
.
26
151,076 93.97
June __ _ _ 3,036,162 498,7641 9,441 3,544,367 3,734,153 26
143,621 89.33
July
2,911,375 526,5001 12.372 3.450,247 3,634,993 26
139.807 86.96
August _ 3,145,05 627,2731 12,003 3,784,331 3,986,966 26
153,345 95.38
Septem
3,089,240 612.5881 12,660 3,714,488 3,913,383 26
150,515 93.62
•October_l 3,224,
630.526 12.348 3.867,458 4,074,544 26
156,713 97.48
November2.915,5
592,2391 9,6053.517,402 3,705,744 26
142,529 88.65
Decembe 2.788,47 493.172 8,919 3.290,570 3,466,766 26
133.337 82,94
Total 37,535,
6.872.169 142.95044,550,70346.936,20 311
150,920 93.87
The figures of "per cent of operation" are based on the
et Dec. 31 1925, of 50.000,000 gross tons of open-hearth 'practical capon ty" as
. bessemer, crucible and
electric* ingots.
Months
1926.
MONTHLY PRODUCTION OF STEEL INGOTS, JAN.
1927 TO DEC. 1927
GROSS TONS.
[Reported for 1927 by companies which
Bessemer steel ingot production in 1926.1 made 95.40% of the open-hearth and
Months
* 1927.
January ....
February _
March__
April
May
June
July
August
'September
October
November
December_
Openhearth.
.3fonfhly
Calculated No.of Approx.
Per
Output
Monthly WorkDaily
Cens
Bessemer Companies Output AU ing Output AU opera
Reporting. Companies. Days. Companies. lion.
3.041,233 545,890 *3,588,923
3,042,232 565.201 *3,607,433
3.701,418 590,716 *4,292.134
3.340,852 565,634 *3,906,486
3,272,810 557,683 *3,830,493
2.822 477 486,047 *3.308,524
2,595,692 436,446 *3,032.138
2.805,657 505.584 *3,311,241
2.611,976 471,45.5 *3,083,431
2,641,920 495,798 *3,137,718
2,477,253 481,830 *2,959,083
2.557,130 448,299 *3,005,429
*3.759.877
*3,781,376
*4,499,092
*4,094,849
*4,015,192
*3,468,055
*3,178,342
*3,470,903
*3,232,108
*3,289,013
*3,101.764
*3,150,345
28
24
27
26
26
26
26
27
28
26
26
26
*144,811 *89.06
*157,557 *97.03
*166,633 *102.62
*157,494 *96.99
*154,430 *95.10
*133,387 *82.15
*127,134 *78.29
*128,552 *79.17
*124,312 *76.56
*126,500 *77.90
*119,299 *73.47
*121,167 *74.62
sv4,0
IA win AKAR inn Alas *411 051 055 *43 040 918
311
*138.305 *85.23
• Excludes crucible and electric ingots, as it has not been found feasible to secure
monthly figures from a sufficient proportion of producers to fairly represent the production of steel ingots by these processes.
The figures of "per cent of operation" are based on the "practical capacity" as of
311026 of 50,500,000 gross tons of open-hearth and Bessemer steel ingots.
Unfilled Tonnage of U. S. Steel Corp. Shows Increase
in December.
The United States Steel Corp. in its statement issued
Jan. 10 reported unfilled tonnage on the books of the subsidiary corporations, as of Dec. 31 1927 at 3,972,874 tons
This is an increase of 518,430 tons over the November figure
and an increase of 172,697 tons below the Jan. 31 figure.
On Dec. 31 last year orders on hand stood at 3,960,969 tons
August
September
October
November ___
December .
3.196,037
3.148,113
3,341.040
3.454.444
3.972,874
3,542,335
3,593.509
3.683.661
3.807.447
3.960.069
3,512,803
3.717.297
4,109.183
4,581,780
5.033.364
3,289,577
3.473.780
3,525,270
4,031,969
4.816.676
5,414,663
5,035,750
4,672,825
4,368,584
4,445.339
5.950,105
8,891,807
6,902,287
6,840,242
6.745,703
Steel Operations Show Further Gain-Pig Iron Price
Rises.
Steel mill operations have shown a further gain, reflecting
the recent bulge in specifications against fourth quarter
contracts, declares the "Iron Age" in its Jan. 12 review of
the week's activity in the iron and steel markets. Steel
ngot production in Pittsburgh and nearby districts has
risen to 75% of capacity, or almost 15 points above the low
point of last month. The Steel Corporation has lighted
two blast furnaces in the Valleys and has added the second
n two weeks at Chicago.
Sheet manufacturers have fully 900,000 tons of unfilled
business, with independent mill operations averaging close
to 90% of capacity. Substantial increases have been registered also in the schedules of mills producing hot-rolled bars,
cold-finished bars and strip steeL At Chicago rail output
averages 80%. Production of tin plate and pipe, however,
is showing relatively little improvement, observes the
"Age," adding:
Comfortably filled order books and heavier mill engagement
do not
offset the fact that present commitments are at prices below
those now
quoted. Apart from sheets and strip, for which specifications
at fourth
quarter contract prices are still being accepted, the bulk of
specifying has
been completed, and current activity is limited chiefly to shipping
instructions.
Little fresh buying has developed, but it is recognized that
mill quotations face a real test as a result of efforts of the automotive
industry to shift
the burden of recent concessions in motor car prices.
Encouraging developments are a continuation of railroad
equipment
buying, further rail purchases, large placements of fabricated
steel and
concrete bars and increased activity of farm implement manufactur
ers.
In fact, good-sized railroad purchases, together with the
first quarter
installment on large tin plate contracts, help to explain the gain
of 518,430
tons in the Steel Corporation's unfilled orders in December.
Rollings
against the rails bought will be spread over a period of
several months.
It is significant that the gain in unfilled tonnage is the largest
since that of
December 1924, which was 785,000 tons.
Railroad equipment orders for the week call for 1,800
cars, of which the
Texas & Pacific bought 1,000 and the Southern 500, bringing
the latter's
total up to 5,950, including those ordered in December.
The Central of
Georgia and the Union Pacific have each inquired for
500 cars. The Rock
Island and Illinois Central are expected to come into the market
for about
3,000 cars each.
Rail purchases include 13,800 tons by the Cotton Belt and
10,000 tons
by the Western Pacific, with about 100,000 tons yet to be placed
by various
Western roads, not all of which have issued definite inquiries.
The Pennsylvania RR. has inquired for its first quarter steel
requirements amounting to 25,000 tons of plates, 8,000 tons of bars, 2,000
tons of
shapes and smaller lots of other products.
Structural steel awards total 44,500 tons, inclusive of 9,000 tons
of shields
for the Fulton Street tunnel, New York, while fresh inquiries aggregate
45,500 tons, of which 8.000 tons is for a building in Chicago and 7,800
tons
for New York subway construction. The Fulton Street tunnel also
calls
for 54,000 tons of cast iron segments, awarded to two companies, and
2,000
tons of special bolts.
Reinforcing steel awards of more than 21,000 tons include two
projects
of unusual size, the Coyote Point bridge across San Francisco Bay,
calling
for 8,500 tons, and a viaduct in Cincinnati, 3,500 tons.
Pig iron shipments are increasing in the Detroit district
because of demends from foundries engaged in automobile work. The week's
buying
included 25.000 tons at Cleveland, 15.000 tons at Philadelphia and
upward
of 12,000 tons at St. Louis.
Small sales of malleable iron In the Valley district brought
that grade
down 25c. a ton, but a stiffening tendency In prices Is noted
in some other
districts, particularly in eastern Pennsylvania, where an
advance of 500.
on foundry grades has been announced, and at Cleveland,
where recent
large sales have lessened the efforts of Lake furnaces to sell
in competitive
markets. Buffalo iron Is at a minimum of $16.50 in
New England and
adjacent districts.
Production of steel ingots in December, at
3.150,345 tons, or 121,167
tons a day, showed a gain of 1.6% over the November
output of 3,101,764
119,299 tons daily. In December 1926 average
daily production
was 133,337 tons and the peak rate of 1927, in March,
was 166,663 tons.
A new price schedule on 12 to 24
-inch hot-rolled strip in No.
12 gauge
and heavier has been adopted by some mills in an
effort to equalize quotations with those on two keenly competitive products,
blue annealed sheets
and light plates. The new prices are based according
to gauge on prices
of 1.80c. on plates and 2.10c. on blue annealed sheets.
A concurrent move
was an advance of 81 a ton in the prices of strip not
covered by the schedule.
A price of $33, mill, on sheet bars, or a reduction
of $1 a ton, has appeared
at Cleveland, and as low as $32 has been reported
in the Valleys.
The "Iron Age" pig iron composite price has
advanced to $17.59 a ton,
from $17.54 of the past four weeks, its low of recent
The flashed
steel composite remains for a fourth week at 2.314c. a years. shown in the
lb., as
following table:
tons. or
JAN. 14 1928.]
181
FINANCIAL CHRONICLE
Pig Iron.
Finished Steel.
Jan. 10 1928, $17.59 a Gross Ton.
Jan. 10 1928, 2.314c. a Lb.
$17.54
2.314c. One week ago
One week ago
17.54
2.3070 One month ago
One month ago
19.39
2.439c. One year ago
One year ago
15.72
-year pre-war average
1.6890. 10
-year pre-war average
10
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates,
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago.
and black sheets, constituting 86% of the Philadelphia, Buffalo, Valley and Birmingham.
United States output.
Low.
High.
Low.
High.
1
1927_2.453c. Jan. 4 2.2935. Oct. 25 1927_$19.71 Jan. 4 $17.54 Nov. 13
1926_2.453o. Jan. 5 2.4030. May 18 1926__ 21.54 Jan. 5 19.46 July
1925_2.560o. Jan. 6 2.3954. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
19.21 Nov. 3
1924_2.789o. Jan. 15 2.460c. Oct. 14 1924_ 22.88 Feb. 26
1923_2.824o. Apr. 24 2.4460. Jan. 2 1923._ 30.86 Mar.20 20.77 Nov.20
Lighting of seven blast furnaces, an increase of 518,430
tons in the unfilled orders of the United States Steel Corporation and an upturn in steel ingot production in December gauge the vigor of the iron and steel markets, says the
"Iron Trade Review" in making a brief survey of the latest
developments in the trade during the past week.
Even discounting the improvement normally occurring in
January and the fact that neither demand nor production
slumped appreciably over the holidays, the insistence of
consumers for tonnage is inspiriting. The late December
rate of activity has carried over into January on a higher
plane, declares the "Review" on Jan. 12, adding:
Largcr Ferromanganese Output.
More ferromanganese was made in December than in any month since
August. The total was 20,992 tons, bringing the 1927 production to 291,840
tons. This compares with 315,828 tons made in 1926. The December
speigeleisen output was also the largest since August at 6,816 tons. The
1927 total was 99,368 tons, which exceeds the 1923 roduction of 74.096
tons by over 32%.
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Spiegeletsen and Ferromanganese.*
Total Iron,
-1926- -1927----Spiegel and Ferro.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
1927.
1926.
7,486
7,746 31,844
29,129
2,599,876 2,343,881
January
7,045
24,560
7,084
22.309
2,256,651
February
2,272,150
7,650
7,339 27,834
March
2,661.092 2,675.417 24.064
7,051 24,735 12,907
April
2,677,094 2,637,919 24,134
9,788
6,999 28,734
23.159
May
2.687,138 2,619,078
5,864 29.232 10,535
June
2,465.583 2,343,409 25,378
Half year
July
August
September
October
Novemter
December
It has been over two years since so many as seven stacks have been put
on the active list in one week and January promises to be the first month
since last March to develop a gain in pig iron production. Five of the
lighted stacks are steel works ones and two merchant, faithfully portraying
the greater interest in steel than in merchant iron.
Prompted by heavy railroad buying of rolling stock and specifying of
track material and the gradual comeback in the automotive industry, the
Pittsburgh and Chicago districts are relatively more active than the Eastern
ones. For the first time in many months some makers of light products,
such as strip, are accumulating backlogs. Steelmaking the country over
now averages close to 75%, with Steel Corporation subsidiaries having
moved up to 77%.
At 3,972,874 tons as of Dec.31, unfilled bookings of the Steel Corporation
were at the highest level since March 31 1926. December rail orders
usually pull this barometer up, but the increase over November was 15%,
Compared with only 4% a year ago.
With December ingot output definitely down as 3,150,345 gross tons,
the 1927 total stands at 43,040,916 tons, or 8% below the record 46,936,205
tons of 1926. The heartening feature of December was the rise in daily
output from 119,299 tons in November to 121,167 tons.
Eastern pig iron markets are beginning to reflect the activity which
marked the Western ones last month. Fully 20,000 tons has been closed
In eastern Pennsylvania, accompanied by a 50-cent advance in foundry Mon
to $19.50. base, furnace. Coverage of basic needs at St Louis has given
Melters drawing on the Lake furnaces
that district a 15,000-ton week
A sale of 1,000 tons
are more interested in shipments than commitments
Of basic at $17. Valley, clarifies that grade in the Pittsburgh market.
Wage reductions in process in the western Pennsylvania coal fields do
not affect beehive coke prices, as first quarter contracts anticipated this
development. Spot sales of beehive furnace coke have been priced at
$2.75, but on contracts $2.85 to $3 governs. Beehive foundry coke is in
greater demand at $3.75 to $4.25.
Independent sheet mills have started the first quarter with fully 750,000
tons on their order books, While the leading sheetmaker is booked two
months at current operations. All classes of sheet users are taking good
shipments, chiefly at lower prices than now quoted. Some automotive
users of full finished have covered for entire quarter at 4c., Pittsburgh.
and are more exacting in their inspection.
Freight car orders of the past week total 2,600, including 1,200 by the
Texas & Pacific, 700 by the Mobile & Ohio and 500 by the Southern. Two
hundred miscellaneous cars have also been ordered. Chicago mills have
booked 20,000 tons of rails and 15,000 tons of fastenings.
For some makers of heavy finished steel the past week has been the best
In almost two years, considering both bookings and specifications. Bar
demand loads both at l'ittsburgh and Chicago. Fabricators are specifying
plain material better than a year ago in anticipation of spring building
programs, which promise much.
Specifications for buttweided pipe are increasing as jobbers begin to order
for spring trade.
Increasing pressure is being put upon Youngstown strip steel mills,
with the result some are at 90%.
Demand for hot rolled strip is especially
insistent. Cold finished bar mills also are benefiting from the quickening
in the automotive industry.
The Pennsylvania RR, opens bids Jan. 20 on 32,000 tons of plates,
shapes and bars for first quarter.
Higher prices on some grades of sheets and semi-finished steel, not yet
fully established, but the market at the moment, have raised the "Iron
Trade Review" composite of 14 leading iron and steel products 16 cents
this week,to $35.23. This compares with an average of $35.09 for December and $37.68 for last January.
Actual Data on December Pig Iron Output.
Below are additions to pig iron data for December compiled by the "Iron Ago," completing the record which was
published in last week's issue, page 28. The amount of
steel-making pig iron made last month was 1,987,652 gross
tons, or 64,818 tons per day. This compares with 1,938,043
tons, or 64,600 tons per day, made in November. The total
steel-making pig iron produced in 1927 was 27,345,888
tons, which is 2,725,256 tons, or about 9%, less than the
30,071,144 tons made in 1926. Details are given in one
of the tables. The "Age" adds the following:
Capacity 21:ctive on Jan. 1.
15,362,933 14,876,355 148,173
2,165.101 26,877
2,461,151
2,424,687 2,213,815 23,557
2,436.733 2.090,200 25,218
2,578,830 2,076,722 28,473
1,938,043 31,903
2,484,620
2,322,180 1,987,652 31,627
42,083 166,939
3,699 26,394
4,372 21.279
2,925 20.675
17,710
6,295
17,851
7,565
7,157 20,992
55,411
9,350
9,104
6.037
6.129
6,521
6.816
Year
30,071,144 27,345,888 315,828 74,096 291,840 99,368
*Includes output of merchant furnaces.
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Total.
Merchant.*
Steel Works.
107,890
25,070
82.820
1926-November
99.712
24,803
74,909
December
100,123
24.514
75,609
1927-January
105,024
24,429
80,595
February
112,366
26,062
86,304
March
114,074
26.144
87.930
April
109,385
24,899
84,486
May
102,988
24.878
78,110
June
95,199
25,421
69.778
July
95,073
23,660
71,413
August
92,498
22,825
69,673
September
89,810
22,819
66,991
October
88,279
23.679
64,600
November
86,960
December
*Includes pig iron made for the market by steel companies.
Report of Bureau of Business Research Regarding
Employment in Ohio Construction Industry, Blast
Furnace Industry, Steel Works and Rolling Mills.
The following information regarding employment and
wages during November in the Ohio construction industry,
the Ohio blast furnace industry, Ohio foundries and machine
shops, Ohio steel works and rolling mills, &c., is made available by the Bureau of Business Research of the Ohio State
University:
-MONTH OF NOVEMBER 1927.
OHIO CONSTRUCTION INDUSTRY
Index of Employment by Months.
1927,
1926.
Nov. Dec. Jan. I Feb. I Mar. Apr. May.
94 I
84
Number of wage earners actual
Correction for seasonal variation
85
90
62
88
69
103
65
71
66
88
g9
1927.
N
June. July. Aug.1Sept. 1 0ct. 1
77
69
Number of wage earners actual
Correction for seasonal variation
88
74
96
79
84
71
95
78
ov.
73
668
INDUSTRY'
INDICES OF EMPLOYMENT IN THE OHIO CONSTRUCTION Equals 100•
Corrected for Seasonal Variation. In Each Series Average Month 1923
City.
Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Toledo
Youngstown
Numebr of Wage Earners.
No. of
Reporting
Firms.
Nov.1927
October
1927.
17
10
6
23
10
8
6
3
68
41
91
70
51
122
84
66
November Change from
Oct. 1927.*
1927.
65
28
67
64
59
76
94
63
-5
--32
--27
--9
+14
--38
+12
--5
Change from
Nov. 1926.*
--18
+9
--2
--33
--37
--61
+53
+6
-22
--7
66
71
100
All State
* Minus(-)Indicates per cent decrease.
13% less
Employment in Ohio construction industry in November was
than in October. This decline is 7% greater than the average seasonal
November
decline. Employment was 22% less in November 1927 than in
with
1926. Two of the cities show increases in employment in comparison
October, and the same number show increases in comparison with November
1926.
OHIO BLAST FURNACE INDUSTRY BULLETIN ON EMPLOYMENT
MONTH OF NOVEMBER 1927.
Index of Employment by Months-Number of Wage Earners.
1927
1927192672
95 August
99 March
November
73
94 September
92 April
December
76
93 October
May
192779
November
96
94 June
January
891
98 July
February
The November employment reports from 7 blast furnaces show a continuation for the third consecutive month of the recovery from the August
low point. Employment in November was 4% greater than in October
and 20% less than in Nov. 1926.
in
The "Iron Trade Review" reports 52.9% of the Ohio blast furnaces
than
operation in November. This is 3% less than October and 24% less
November 1926.
ON EMPLOYOHIO STEEL WORKS AND ROLLING MILLS BULLETIN
-MONTH OF NOVEMBER 1927.
MENT
of Wage Earners.
-Number
Index of Employment by Months
I 1927
I 19271926Later returns show that one more furnace wont out of blast in December-.
96
105 August
113 March
-bringing the number of November
94
the Utah furnace of the Columbia Steel Corp.
104 September
April
December
101
89
105 October
active on Jan. 1 1928, to 169. It is estimated that the capacity of these
May
1927102 November
88
101 June
furnaces VMS 86,835 tons per day, as compared with 87,700 tons per January
169
100
February
100 July
day for the 170 furnaces active on Dec. 11927.
182
FINANCIAL CHRONICLE
[vol.. 126.
vised figure of 9,832,000 net tons for the week of Dec. 24.
Likewise, a decline of 290,000 net tons of anthracite caused
the output of that fuel to fall from 1,513,000 net tons in the
week of Dec. 24 to 1,223,000 net tons in the week ofDec..31.
The output of beehive coke also declined from 87,000 net
tons in the week of Dee. 24 to 82,000 net tons in the week of
Dec. 31, a loss of 5,000 net tons. The Bureau report follows:
19261926192719271927
November
94 March
94
100 August
August
oo
oo
December
95April
April
101 September
101
86
86
1927
May
May
96October
October
85
85
January
January
94 June
94
95 November
95
82
82
February
98July
July
96
The November employment reports from 64 foundry and machine shops
show a decline from October and also from November 1926. Employment
In November was 4% less than in October and 12% less than in Nov. 1926.
The increases from last month in Columbus, Dayton and Toledo were
more than offset by the declines in Cincinnati and Cleveland. Employment in all of the cities shows declines from November 1926.
City.
No. of
Reporting
Firms
Nov.1927
Number of Wage Earners.
October
1927.
Cincinnati
Cleveland
Columbus
Dayton
Toledo
8
17
4
3
8
103
97
State
64
November Change from
1927.
Oct. 1927.
Change from
Nov. 1926.
60
44
99
87
51
74
44
-3
-11
+2
+24
+2
-3
-17
-13
-4
-53
85
82
-4
-12
ao
OHIO AUTOMOBILE AND AUTOMOBILE PARTS MANUFACTURERS
BULLETIN ON EMPLOYMENT
-MONTH OF NOVEMBER 1927.
Indices of Employment by Months.
192619271927
October
93 February
85 July
89
November
84 March
94 August
86
December
84 April
101 September
70
1927May
105 October
75
January
76 June
97 November
511
The November reports from 26 automobile and automobile parts
manufacturers show a decline in employment for the sixth consecutive month.
The index is at the lowest level since February 1922. Employment in
November was 17% less than in October; 31% leas than in November
1926:
and 45% less than in May, the peak of employment this year.
Passenger car production in the United States in October was 17% less
than in September and 36% less than in October 1926.
Analysis of Imports and Exports of the United States
for November.
The Department of Commerce at Washington Dec. 30
issued its analysis of the foreign trade of the United States
for the month of November and the eleven months ending
with November. This statement indicates how much of the
merchandise exports for the two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF NOVEMBER 1927.
(Value in thousands Dollars)
Month of November.
Group.
1926.
Eleven Mos. Ended November.
1927.
1926.
Value. Per Value. Per
$
Cent.
Cent.
$
Value.
$
Domestic Exports
Crude materials
168.594 35.6 145.889 32.3 1,101,387
Crude foodstuffs
37.463 7.9 48,723 10.3 308,027
M'factured foodstuffs. 44,973 9.5 42,428 9.4 455.037
Semi-manufactures__ _ 61,724 13.0 56,206 12.4 692,895
Finished manufactures 160,740 34.0 160,839 35.6 1,797.947
1927.
Per
Cent.
Value.
$
Per
Cent
25.9 1,075,211 24.7
7.2 397,805 9.1
10.7 421,278 9.7
13.9 640,290 14.7
42.3 1,825,367 41.8
Total domesticexports 473,494 100.0 452,085 100.0 4,255,293 100.0 4,359,940 100.0
6,805
Foreign exports
8,152
87,988
97,286
480,299
460,237
4.343,291
Imparts
Crude materials
Crude foodstufs
M'factured foodstuffs
Semi-manufactures__ _
Finished manufactures
141,136
49,675
39,517
65,916
77.637
37.7 117,647
13.3 49.149
10.6 36,119
17.6 60,089
20.8 80,510
34.2 1,654,361
14.3 490.369
10.5 385,704
17.5 739,632
23.5 801,360
Total imports
373,881 100.0 43,514 100.0 4,071.426 100.0 3,852.536 100.0
4,457.226
40.6 1,478,367 38.4
12.0 453,070 11.7
9.5 422,367 11.0
18.2 690,577 17.9
19.7 808.155 21.0
Christmas Holiday Cuts Down Production of Bituminous Coal and Anthracite.
Owing to the observation of Monday, Dec. 26, as a holiday, a loss of 1,910,000 net tons was sustained in the output
of bituminous coal during the week ended Dec. 31, reports
the U. S. Bureau of Mines. The output for that week
amounted to 7,922,000 net tons, as compared with the re-
BITUMINOUS COAL.
Curtailed by the Christmas holiday on Dec. 26, the production
of bituminous coal during the week ended Dec. 31 (including lignite
and coal coked
at the mines) amounted to 7,922,000 net tons. This is less
by 1,910,000
tons, or 19.4%, than the revised estimate of 9,832,000 tons for
the preceding week.
The total production of bituminous coal during the calendar
year 1927
s now estimated at 519,762,000 net tons. In comparing the
estimate for
the year 1927 with the figures for earlier years given below, it should
be
borne in mind that the preliminary estimate Is subject to slight
revision.
Estimated United States Production of Bituminous Coal (Net Tona).
Aver, Per
Christmas Week Production. Aver. Per
Calendar Year: Production. Wkg. Day.I
Ended
Wkg. Day.
1927 b
519,762,000 1,690,0001 Dec. 31 1927 b__ 7.922,000 1,584,000
9,762,000
1926
573,367,000 1,864,0001 Dec. 25 1926._ 10,397,000 2,079,000
1925
520,053,000 1,692,000 Dec. 26 1925____ 8,384,000 1,677,000
1924
483,687,000 1,573,000 Dec. 27 1924-- 7,546,000 1,509,000
1923
564,565,000 1,845,000 Dec. 29 1923____ 6,949,000 1,390,000
1922
422,268,000 1,379,0001 Dec. 30 1922__ 10,529,000 2.106.000
1
a Figures Mc calendar years 1922-1926 are final figures as reported by the opermtors. Those for 1927 are preliminary estimates. b Subject to revision.
As already indicated by the revised figures above, the total production
ofsoft coal for the country as a whole during the week ended Dec. 24 is estimated at 9,832,000 net tons. This is an increase of 44,000 tons, or
0.4%.
over the output in the preceding week.
The following table apportions the tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Soft Coal by Stales (Net Tons).
Total Production for Week Ended
Decembe
Dec. 24
Dec. 17
Dec. 25
Dec. 28
Average
State1927.
1927.
1926.
1925.a
1923.b
Alabama
333,000
347,000
340,000
288,000
338,000
Ark., Kan., Mo.& Okla
301,000
300,000
249,000
206,000
234,000
Colorado
182,000
164,000
267,000
246,000
245,000
Illinois
1,510,000 1,416,000 1,688,000 1,411,000 1,485,000
Indiana
351,000
397,000
528,000
408,000
498,000
Iowa
77,000
78.000
122,000
88,000
117,000
Kentucky-Eastern
755,000
833,000
579,000
512,000
565,000
Western
371,000
358,000
289,000
247,000
197,000
Maryland
57.000
55,000
66,000
46,000
35,000
Michigan
13,000
18,000
14,000
22,000
20,000
Montana
96,000
81,000
77,000
59,000
61,000
New Mexico
67,000
75.000
57,000
50,000
55,000
North Dakota
65,000
60,000
31,000
25,000
26,000
Ohio
134.000
135,000
608,000
448,000
580,000
Pennsylvania
2.400,000 2,350,000 2,841,000 2,268,000 2,727,000
Tennessee
79,000
94,000
84,000
73,000
99,000
Texas
20,000
20,000
24,000
20,000
20,000
Utah
142.000
141.000
94,000
88,000
96,000
Virginia
218,000
224,000
183,000
154,000
187,000
Washington
48,000
45,000
63,000
48,000
56,000
West Virginia:
Southern c
1,647,000 1,717,000 1.376,000 1,099,000 1,124,000
Northern d
713,000
730,000
730,000
426,000
642,000
Wyoming
204,000
194,000
172,000
149,060
168,000
Others
3,000
2,000
4,000
5,000
5.000
Total
9,832,000 9,788,000 10,486,000 8,384,000 9,580,000
a Revised. b Weekly rate maintained during the entire month. c
Includes operations on the N.
C.
Virginian, K.& M., B. C. & G. and Charleston
division of the B.& 0. d Rest of State. including Panhandle.
ANTHRACITE.
The production of anthracite during the week ended Dec. 31 is
estimated
at 1,223,000 net tons, a decrease of 290,000 tons from the
output in the
preceding week. Monday. Dec. 26, was observed as a holiday.
The total production of anthracite during the calendar
year 1927 is now
estimated at approximately 80,650,000 net tons. This figure is
subject to
slight revision.
Estimated United States Production of Anthracite (Net Tons).
1927
1926
WeekEndedWeek.
Daily Aver.
Week.
Daily Aver.
Dec. 17
1,381,000
230,000
1,782,000
297,000
Dec. 24
1 513,000
252,000
1,493,000
299,000
Dec. 31
1,223,000
a245,000
1,128,000
224,000
a Based upon 5
-day week.
BEEHIVE COKE.
The output of beehive coke was 5,000 tons less in the week
ended Dec. 31
than in that of Dec. 24, as the following table indicates:
Estimated Production of Beehive Coke (Net Tons).
Dec. 31
Dec. 24
Jan. 1
1927
Week Ended1927.a
1927.13
1927.
to Dale.
Pennsylvania and Ohio
53,000
61,000
138,000
5,274,000
West Virginia
11,000
12,000
13,000
795,000
Ala., Ky., Tenn. and Georgia
6,000
2,000
7,000
256,000
Virginia
5.000
5,000
5,000
316,000
Colorado and New Mexico
4,000
4,000
5,000
104,000
Washington and Utah
3,000
3,000
4,000
168,000
_United States total
82,000
87,000
172,000
7,003,000
Daily average
16,000
15,000
29,000
23,000
a Subject to revision. b Revised since last report.
The weekly estimate of bituminous coal production in the
United States, prepared by the National Coal Association
from preliminary shipping reports, gives the total for the
week ended Jan. 7 as about 9,400,000 net tons. While this
tonnage shows a substantial increase over the preceding
holiday week, the total is nearly 4,000,000 tons below that
of the corresponding week of a year ago, a loss which is due
entirely to the lack.of demand.
183
FINANCIAL CHRONICLE
Production of Coal by States During the Month of
November.
Below are shown the first estimates of the production of
bituminous coal, by States, for the month of November as
compiled by the United States Bureau of Mines. The
distribution of the tonnage is based in part (except for certain
States which themselves supply authentic data) on figures of
loadings by railroad divisions, and in part on reports on
waterways shipments.
The total production of bituminous coal for the country
as a whole in November, is estimated at 40,628,000 net tons,
in comparison with 44,000,000 tons in October. In Nov.
1926, the production of bituminous coal amounted to 59,213,000 net tons, being 18,585,000 tons greater than Nov.
1927. The average daily rate of output in November was
1,638,000 tons, a decrease of 3.2% from the average daily
rate of 1,692,000 tons for October.
Anthracite production in the month of November
amounted to 6,902,000 net tons, as compared with an output of 7,404,000 tons in October, and with 7,397,000 tons
in Nov. 1926. The current output thus shows a decline of
495,000 tons from that of the corresponding month one year
ago. The average daily rate of output in November was
288,000 tons, a decrease of 2.7% from the average daily
rate of 296,000 tons for October.
ESTIMATED PRODUCTION OF COAL BY STATES IN
(NET TONS.a)
Nov.'27.
State-Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania (bit.)
Tennessee
Texas
Utah
Virgbila
Washington
West Virginla-Southern.b
Northern_c
Wyoming
Others_d
Oct. '27.
1,420.000 1,565.000
265,000
214,000
918,000
561.000
5.415,000 4,600,000
1,475,000 1,222,000
171,000
211,000
306.000
265,000
3,525,000 4,333,000
1,360,000 1,653,000
250,000
246,000
66,000
74,000
297,000
330,000
337,000
365,000
280,000
295,000
227,000
285,000
690,000
641.000
324,000
312,000
9,690,000 10,666,000
390,000
372,000
100,000
90,000
441,000
531,000
983,000 1,095.000
235,000
268,000
7,670,000 8,970,000
3,195,000 3,785,000
802,000
821,000
12,000
14,000
NOVEMBER
Nov.'26. Nov.'25. Nos.'23.
..p
.opoow
,
wA.wwwwwwww-iw.wom.
wrpwe.Fow,lopppo!oppwwwp. w.--...-.4
JAN. 14 1928.]
1,868,000 1.671.000
116,000
133,000
963.000
1,170,000
6,745,000 6,416.000
1,992,000 2,188.000
523,000
466,000
416.000
461,000
3.835,000 2,957.000
890,000
1,385,000
144,000
274,000
106,000
84.000
300,000
282.000
340.000
381,000
253,000
244,000
143,000
182.000
2,851,000 3,120,000
293,000
239,000
12.879,000 12,222.000
481,000
500.000
117,000
90,000
458,000
467,000
886,000
1,137,000
293,000
234.000
8.546,000 5,325,000
3,282,000 3,034,000
750.000
747,000
20,000
23,000
40,628,000 44,000,000 59,213,000 50,497,000 44,425,000
153,000 7.575,000
6,902,000 7,404,000 7,397,000
A.7 ronnnn er .... nrus en nlis nt.'s rn nen nnn KO Ann nal
2,..3u.vvy oa,ftar*.vvy ano,toavo.n.m oty.uovonnot"......w•
N.& W.•
a Figures for 1925 and 1923 only are final. b Includes operations on the
& 0.
C. az O., Virginian ,K. de M., B. C. dr G., and Charleston division of the B.
c Rest of State. including Panhandle. d This group is not strictly comparable in
Total bituminous
Penna. anthracite
the several years.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 11, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows declines for the week of
$81,700,000 in holdings of discounted bills, of $82,100,000 in
Government securities, $81,100,000 in Federal Reserve note
circulation and $12,400,000 in member bank reserve deposits,
and increases of $78,000,000 in cash reserves and $5,400,000
in acceptances purchased in open market. Total bills and
securities were $158,600,000 below the amount held a week
ago. After noting these facts, the Federal Reserve Board
proceeds as follows:
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week further
increased $9,550,000 to another record figure, the grand aggregate of these loans for the week of Jan. 11 being $3,819,573,000 against $3,810,023,000 last week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-50 Banks.
Jan. 11 1928. Jan. 4 1928. Jan. 12 1927.
All of the Federal Reserve banks except Boston and Chicago reported Loans and investments total
7 285,444,000 7,437,051,000 6,394,200.000
smaller holdings of discounted bills, the principal decreases being: New
5,308,439,000 5,536,671,000 4,629,689,000
total
Loans and dLscounts
Cleveland,
York, $29,900,000; Philadelphia,
each. The system's holdings
59,796,000
and St. Louis and San Francisco,
46,041,000
Secured by U.S. Govt. obligations-- 41,933,000
while hold2 625,301,000 2,850,503,000 2,129,282,000
of acceptances purchased in open market increased
Secured by stocks and bonds
2,641,205,000 2,640,127,000 2,440,611.000
of United States TreasAll other loans and discounts
ings of United States bonds decreased
ury notes
and of certificates of indebtedness
1 977,005,000 1,900,380,000 1,764,511,000
less than a week ago, Investments-total
Federal Reserve note circulation was
in circulation, the
1 047,615,000 979,317,000 842,693,000
all of the Federal Reserve banks reporting a decrease
U. S. Government securities
921,818,000
Other bonds, stocks and securities-. 929,390,000 921,063,000
at Chicago,
largest declines being
at New York,
at Boston.
at San Francisco and
722,509,000
Reserve with Federal Reserve Bank.... 796,641,000 822,884,000
64,460,000
65,595,000
60,145,000
The statement in full, in comparison with the preceding Cash in vault
5635.993.000 5,822,300,000 5.191.145,000
week and with the corresponding date last year, will be found Net demand deposits
1,095,383,000 1,102,790.000 922,559.000
33.518,000
48,929,000
36.989,000
-namely, pages 219 and 220. A sum- Time deposits
on subsequent pages
Government deposits
$17,100,000;
$14,700.000,
$7,400,000
$5,400,000,
$66,600,000,
$11,600,000.
$4,000,000
$81.100,000
$14,900,000
$19,800,000
$10,700,000
$11,900,000
mary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending Jan. 4
1928 is as follows:
+) or
Increase (
Total reserves
Gold reserves
Decrease (-)
During
Week.
Year.
-$78.000,000 -$103,900,000
+65,400,000
-108,100.000
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
-158,600,000
-81,700,000
-41,400,000
-30.300,000
+234,600,000
-51,300,000
+43,300,000
-94,600,000
+5.400,000
+54,400,000
U.S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-82,100.000
-66,600,000
-4,000,000
-11,600,000
+234,200,000
+173,800,000
+7,000,000
+53,500,000
Federal Reserve notes in circulation
-81,100,000
-70,800,000
Total deposits
Members'reserve deposits
Government deposits
-18,900,000
-12,400,000
+1,400,000
+193,600,000
+199,700,000
-5,900,000
Bills bought in open market
99,375,000
106,128,000 133,561,000
1 383,721,000 1,473,639.000 1,133,644,000
Due from banks
Due to banks
Borrowings from F. R. Bank-total.-- 117,400,000
122,950,000
88.838.000
94,900.000
22,500,000
80,100,000
42,850,000
49,100,000
39,738,000
Secured by U.S. Govt. obligations
All other
Loans to brokers and dealers (secured by
stocks and bonds): For own account _1,321,088,000 1,511,177,000 947,891,000
For account of out-of-town banks_ .1,502.580,000 1,371,213,000 1,100,475,000
995,905,000 927,633,000 742,769,000
For account of others
3,819,573,000 3,810,023,000 2,791.135,000
Total
2,973,692,000 2,969,949,000 2,105,791,000
845,881,000 840,074,000 685,344,000
On demand
On time
Loans and investments-total
-43 Banks.
Chicago
2,014,651,000 1,991,759,000 1,325,575.000
Loans and discounts-total
1,512.976,000 1,489,408,000 1,418.880,000
11,424,000
Secured by U.S. Govt. obligations__
793,317,000
Secured by stocks and bonds
708,235,000
MI other loans and discounts
501.675,000
Reserve with Federal Reserve Bank_
Cash in vault
502.351,000
406.695.000
222,856,000
279,495,000
169,555,000
237,140.000
192,427.000
20,834,000
U. S. Government securities
Other bonds, stocks and securities
Net demand deposits
Time deposits
Government deposits
13,008.000
689,304.000
716,568,000
225,793 000
275,882,000
-total
Investments
Returns of Member Banks for New York and Chicago
Federal Reserve District-Broker's Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics cover-now 658
ing the entire body of reporting member banks
cannot be got ready.
12,981,000
783,660,000
692,767,000
194,744,000
22,932,000
167,451,000
23.513.000
1,335,868.000 1.331,569,000 1.217,084.000
638,920.000 636.768.000 580,616.000
5.644,00
8,015,000
6,007,000
142,708.000
372.126.000
167,693,000
401,978.000
151,320.000
380,362.000
Borrowings from F. R. Bank-total._ _
31.292.000
21,393.000
8.086.000
Secured by U S. Govt. obligations...
All other
11.311 »
11,407,009
Due from banks
Due to banks
184
FINANCIAL CHRONICLE
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
657, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business Jan. 4:
The Federal Reserve Board's condition statement of 657 reporting meinber banks in leading cities as of Jan. 4 shows increases for the week of
$423,000,000 in net demand deposits, of $95,000,000 in time deposits, of
$198.000,000 in loans and discounts and of $40,000.000 in investments.
and a decline of $69,000.000 in borrowings from the Federal Reserve banks,
Loans on stocks and bonds,including U.S. Government obligations, were
8223,000,000 above the Dec. 28 total at all reporting banks, increases of
$180,000.000 being shown for the New York district, of 824,000,000 for the
Philadelphia district and of $11,000,000 for the Chicago district. "All
other" loans and discounts declined $26,000,000 at all reporting banks,
$15,000,000 in the St. Louis district. $12,000,000 in the Boston district,
$9,000,000 in the Philadelphia district and $7,000.000 in the Atlanta district, and increased $19,000,000 and $7,000,000, respectively, in the
New York and San Francisco districts.
Holdings of U. S. Government securities, which show a total increase of
315,000,000 for the week, increased $17,000.000 at reporting banks in the
Chicago district and 36,000.000 in the San Francisco district, and declined
$8.000,000 in the Philadelphia district. Holdings of other bonds, stocks
and securities increased $10,000.000 in the St. Louis district and $24,000,000
at all reporting banks.
Net demand deposits were 3287.000.000 higher than a week ago at reporting member banks in the New York district, $68.000,000 in the Chicago
district, $24,000,000 in the Boston district, 813,000,000 in the Philadelphia
district. $11,000.000 in the San Francisco district, $10,000,000 in the Atlanta district and $423,000,000 at all reporting banks. Time deposits,
which at all reporting banks were $95,000,000 above the preceding week's
total, increased $59,000,000 in the New York district, $23.000,000 in the
San Francisco district, $10,000,000 in the Philadelphia district and $8,060,000 in the Cleveland district and declined $8,000,000 in the Chicago district.
The principal changes in borrowings from Federal Reserve banks comprise declines of $79,000,000 reported for member banks in the New York
district and of $18,000.000 in the Boston district, and an increase of $21,000,000 in the San Francisco district.
A summary of the principal assets and liabilities of 657 reporting member
banks, together with changes during the week and the year ending Jan. 4
1928, follows:
Increase or Decrease During
Week.
Year.*
$
22,057,306,000 +237,671.000 +1,879.028,000
Jan. 4 1928.
[VoL. 126.
000,000 to 820,000,000 schillings. The 1927 figure of expenditures includes a total of 139,000,000 schillinge for capital investment such as
telephones, cable laying, investment in Government enterprises,
;
excluding this item, the Government financial operations for the first
nine months show a surplus of 101,000,000 schillings, as against 110,000,000 schillings in the same period of 1926.
BRAZIL.
There has been a slight improvement in business turnover during the
week, although milreis exchange has been off a little. The two coffee
authorities, Medeiros and Wileman, are said to agree that the 1927-28
crop exportable from Santos will exceed 17,600,000 bags. This together with nearly 3,000,000 bags estimated locally to have been dill on
the fazendas in early December and that is regulatory and private warehouses, which are loaded to capacity, make a total crop for all Brazil
of 24,000,000 bags. The Federal budget of Brazil for 1928 anticipates
a deficit of 152,000 contos (approximately $18,088,000), and the budget
of the municipality of Rio de Janeiro anticipates a deficit of 6,000
contos (approximately $714,000).
CANADA.
Domestic business during the week was largely occupied with inventories and clearance sales, but merchants seem optimistic over prospects
for 1928. Most districts report normal business with collection still a
little slow. An important merger of elevator companies in the Prairie
Provinces is reported, consolidating an elevator capacity of 9,000,000
bushels.
CHILE.
Although there has been no noticeable change in the general situation,
somewhat more optimism prevails and local observers predict an early
recovery in general merchandising. The number of bankruptcies and credit
adjustments among the smaller firms continues to be high. The recent
lowering of the discount and rediscount rates of the Central Bank, which
action was taken in the hope that commercial bank rates would decline,
is bearing fruit, as one banking institution has notified the public that
its discount rate has been fixed at 81%, with no commission charges.
/
2
This action is expected to greatly improve the situation in the provinces
and the bank's disposition to increase its discounting operations should
soon aid conditions. Both the Shipping Bill, which provides governmental
aid for the shipping industry, and the bill for the encouragement of the
coal industry, were passed in the face of strenuous opposition from the
nitrate and copper industries, as it provided for a considerable increase
in the duties on petroleum, coal, and coke. The municipality of Santiago
has contracted a loan of $4,000,000 from American bankers. The loan
carries an interest rate of 7%, is to extend over a period of 21 years,
and is not guaranteed by the Government.
CHINA.
As a means of relief to Tientsin shipping difficulties caused by the
silting of the Hai Ho River, plans have been completed for the construction of a metal-surfaced motor road between Tientsin and Tangku. The
Tientsin Consulate reports that the approach of Chinese New Year
settlements is causing merchants much concern. Nevertheless, should
extraneous disturbances not interfere, a considerable building boom in
the concession area is looked for following the Chinese New Year.
DENMARK.
The deflation process of the past year is apparently completed and
Loans and discounts—total
15,631,010,000 +197,682,000 +994,109.000 1928 promises slow recovery of industry and trade beginning with early
Spring. Danish industry during December continued the slight improveSecured by U. S. Govt. obligat'ns 121,912,000
—6,341,000 —26,750.000
Secured by stocks and bonds
6,816,643,000 +229,576.000 +955,008.000 ment which has been evident during the last few months. The shipping
All other loans and discounts
8,692,455,000 —25,573,000 +65,851,000 industry was less active with an increase in idle tonnage and unemployInvestments—total
6,426,296,000 +40,009,000 +884,919.000 ment rose with the advance of a severe winter. The holiday
trade was
reported quite brisk. Agricultural production and exports reached record
U. S. Government securities
2,819,714,000 +15,346,000 +507,773,000
Other bonds, stocks and secur's... 3,606,582,000 +24,663,000 +377.146.000 figures for the year with priees declining. The money market continues
Reserve with F. R. banks
1,851,833,000 +38,690,000 +102,050,000 to show a slight easiness due to the influx of foreign capital. Note
Cash in vault
. .
—22,014,000 —12,798.000 circulation increased and the gold cover correspondingly dropped.
Net demand deposits
The
14,208,672,000 +422,519.000 +960.973,000 stock
exthange was irregular with only a slight turnover, quotations reTime deposits
6,610,890,000 +94.811,000 +692.381.000
Government deposits
164,169,000 —27,851,000
+8,316,000 maining practically unchanged. Prices were firm, the wholesale index
Due from banks
1,389,204,000 +172,304,000
being unchanged at 154.
Du e to banks
3,921,322.000 +354,778,000
EGYPT.
Borrowings from F. R. banks—total 394,293,000 —68,819.000
—52,217,000
Preliminary returns of foreign trade for the first eleven months
of
Secured by U.S. Govt. obligations 278,462,000 —50,206,000
+6,463,000 1927 point to a favorable balance of trade for the year, in
All other
contrast to
115,831,000 —18,613,000 —58,680,000 an adverse balance
in 1926, when values of exports were seriously affected
*Figures for first 11 months of 1927 revised.
by the cotton price slump. Exports during the current period of 1927
totaled £E43,236,000 as against £E37,258,000 in the same period
of
1926, while imports were £843,933,000 and £E48,272,000 respectively.
Summary of Conditions in World's Market According The excess of imports over exports was therefore ZE697,000 as
against
to Cablegrams and Other Reports to the Depart- £E11,014,000 in the same period of 1926. In November 1927 the adverse balance was reduced by about £E948,000. (£E1 equals
approximent of Commerce.
mately $5.)
FINLAND.
The Department of Commerce at Washington releases
General activity in Finland during December slackened somewhat
for publication to-day (Jan. 14) the following summary of
under
seasonal influence. Commercial conditions remained
conditions abroad, based on advices by cable and other the month although a general seasonal decline was satisfactory during
noticeable. Industrial
means of communication:
and export activities have declined incident to the closing of
the active
export season and the approach of Winter. The lumber market
ARGENTINA.
continues
firm with advance sales for 1928 continuing active at satisfactory
prices.
Crop nooditions throughout the week continued to be good. Imports are The pulp markets show no
improvement, but the plywood
market is
Increasing and interior merchants are buying more freely. The lumber
brighter. The wage dispute in the metal Industry has been
settled and
trade has recovered its normal stability. The liabilities of commercial all employees
are now resuming work. The tariff for 1928
recently
' houses which failed during December amounted to 18 million paper pesos signed
by the President shows several important reductions.
Following
(about $7,500,000 United States currency).
the continued easiness in the money market a slight
stringency became
noticeable during November and early December. Foreign
AUSTRALIA.
exchange holdThe holiday trade, which was a little slow in starting in Australia, fin- ings continued to increase while the note circulation showed a decline.
ished fairly strong and, generally speaking, most dealers are satisfied with Rediscounts were again higher. Deposits at the commercial banks were
results. The usual post-holiday dullness is noticeable in most large cen- lower and there was a marked decrease in the foreign credit balance.
ters, and the labor situation in the shipping branch is again troubleFRANCE.
some. January wool sales opened strong at December closing rates for
The major industries in France have improved
slightly following the
all descriptions. with Japan and Germany well represented in the buying.
usual holiday slump in manufacturing operations. The
According to a recent decision the sugar embargo will be continued for a
situation of the
metallurgical industry is better, due to a stronger
further three years. Customs revenues for December declined about £300,buying and higher
prices. Other factors contributing to the
improvement in the iron and
000 as compared with the corrapcnding months in 1926, indicating a
steel industry are the renewal and formation of.
domestic sales organizadecrease in imports which was shared by all States except Western Austions and a lessening of the apprehension that
the forthcoming general
tralia, where an increase is indicated. The butter export bounty reverts
elections in the Spring may have an unfavorable
to 3d. per pound.
effect on industry. Production of basic pig has been rising and that of
steel ingots and castings
AUSTRIA.
remain practically stable. The textile industries,
with the exception of
Provisional figures for Austrian Federal revenues and expenditures cotton, show a normal recovery,
but conditions are far from prosperous.
for the first nine months of 1827 show, as compared with the corre- The discount
rate of the Bank of France was reduced to
4% on Dec. 29,
sponding 1926 figures, a 13% increase in revenues, from 688,000,000 The Bank of France's
note circulation on Jan. 6 of 58,640,000,000
to 777,000,000 schillings, and a 20% increase in expenditures, from 682,francs
estahltned a high record. Special attention is called
to the huge increase
Loans and investments—total
JAN. 14 19281
FINANCIAL CHRONICLE
185
in miscellaneous credits of the bank which rose from 4,000,000,000 francs imports of petroleum were substantial, but below the average for the year
in Nov. 4 1926 to nearly 28,000,000,000 francs on Jan. 5 of this year. according to preliminary figures, which show continued heavy receipts
This increase Is understood to represent purchases of foreign currencies. of crude oil. Receipts of Russian oil have been steady at a somewhat
The law promulgating the budget for 1928 gives estimated receipts as reduced rate. Unusual preholiday activity in coal production and ship42,497,000,000 francs and expenditures of 42,445,000,000 francs. The ments obtained early in December and was followed by a holiday slump.
law prohibiting the exportation of capital has been prolonged until Dec. The British chemical markets show few changes, although the usual holiday
31 1928. Car loadings during December fell off. The general agricul- Inactivity has obtained, but demand otherwise is good and prices are steady.
tural situation is good and cereal sowings have been completed under Activity in the engineering trades remains about the same as a month ago.
The electrical machinery trade is less active although prospects are better.
favorable conditions.
Automotive construction for the coming season is well started with inHUNGARY.
creasing employment.
According to the official crop report of Dec. 17 the condition of the
Venezuela.
Winter crop is satisfactory. With sufficient fodder supplies for the
There is no prospect of change in the present business stagnation although
Winter on hand, the condition of cattle is also satisfactory on the
retailers have experienced a slignt temporary improvement due to holiday
whole.
trade. Imports into Venezuela have fallen off to such an extent that it is
INDIA.
necessary for the banks to import gold. Leading local exporters estimate
Following the holidays, all markets in India except textiles, metals and the new coffee crop not more than 60% of last year's, which was below
brisk. Money remains firm, due to year-end requirements, normal. Cacao and other crops damaged by heavy rains.
machinery, are
with the bank rate at 7 and the call rate at 4 to 6%. Interest is reviving in jute and shellac, which were quiet over the holidays.
JAPAN.
Business in all lines is quiet, and year-end settlements are being made
smoothly. The money market is easy, with rate for call loans lowered by
1%% since Dec. 31. Owing to signs of greater soundness in business and
finance circles, the outlook for 1928 is encouraging, and the present improvement is expected to result in the consummation of considerable deferred business.
MEXICO.
A slight improvement was noted in the commerei ii situation during the
week ended Jan. 6 1928. Iron and steel products and hardware lines were
somewhat better, while textile sales continued at a minimum.
Mexico (Vocation).
Business conditions in Yucatan are slowly improving. During December,
1927, exports of henequen from Progreso amounted to 70,070 bales as
compared with 62,007 bales in November. Of the amount shipped in
December, 45,454 bales or 64.88% went to the United States. The total
stock on hand at Progreso, Merida, Campeche, and on plantations at the
end of December amounted to 174,109 bales as compared with 195,651
bales at the end of November. The sale price of henequen remained at
6 cents per pound f.o.b. vessels. It has been officially announced that
68,880 metric tons of corn were harvested. which is almost sufficient to
supply the needs of the peninsula and, as a result, imports of corn will be
considerably less in 1928.
Netherlands East Indies.
Following a quiet holiday season, the Netherland East Indian export
market was firm with moderate transactions during the past week. Demand
for robusta coffee and gaplek meal was good. Exports of rubber from all
of Netherland India amounted to 25,107 metric tons in November.
Peru.
By presidential decree the new tariff passed during the latter part of
December became effective on January 2 in all parts of the republic except
Iquitos where it will apply beginning March 1. Merchandise movements
and collections are temporarily restricted by the holidays. According to
the December 31 statement of the Reserve Bank the gold reserve amounted
to 5,830,536 Peruvian pounds as compared to 5,179,872 Peruvian pounds
on November 30; note circulation as of December 31 was 6,035,879 Peruvian
pounds compared with 5,894,440 Peruvian pounds on November 30; bank
clearings during December totaled 6,759.099, a considerable increase over
the total for the previous month, when bank clearings amounted to 5.780,225
Peruvian pounds. Exchange has fluctuated but little, being quoted at
$3.89 to the Peruvian pound on January 6, this being approximately the
same quotation as that reported on December 23.
Philippine Islands.
Philippine markets have not resumed normal activity since the holidays
and business is practically featureless. With continued scarcity of supply,
demand for copra is firm. Normally,copra production is heaviest in the last
quarter of the year but the current cocoanut crop is reported locally to be
maturing very slowly. It is anticipated that the supply for January and
February and probably March may be about 30% under normal, with a
heavier than normal crop later in the year. Copra prices remain unchanged,
with the provincial equivalent of resecado (dried copra) delivered at Manila
13.25 pesos per picul of 139 pounds; Hondagua, 12.75, and Cebu, 13.75
pesos.(1 peso equals $0.50.)
The abaca market has been inactive since the holidays. Receipts are
heavy but prices are purely nominal at 33 to 34 pesos per picul for grade
F;I, 29; SUS,23.50; JUK,20; and L. 17.50 Pesos.
Porto Rico.
The general situation in Porto Rico is dull as a result of the stagnation
of wholesale business and industry during the past holiday week and the
small movement of agricultural products which occurs at this period of the
year. However, the outlook for 1928 is one of general optimism because of
the prospects of disposing of the old tobacco crop and expectations of a
good sugar crop at fair prices. Bank clearings in the calendar year 1927
amounted to $276,127,000 as compared with $261,858,000 in 1926.
Sweden.
A Swedish lockout was declared on January 2 affecting approximately
17,500 pulp mill workers and about 4,000 mine workers. The lockout is
the result of failure to reach satisfactory wage agreements and the government has appointed a mediation commission. Unless an early settlement
is reached it is feared that the paper and saw mills, which are closely associated with the pulp industry may be forced to shut down. The official
discount rate was unexpectedly reduced to 3%% by the Bank of Sweden.
effective January 2. A special extra % discount rate for private banks'
rediscount was reintroduced making the discount rate 3% for bills not
exceeding 90 days. The effect of these changes is already noticeable in an
Increase in foreign exchange rates. Bourse quotations show a rising tendency.
T. W. Lamont of J. P. Morgan & Co. To Visit Egypt—
Sails Jan. 16.
Achieving a reputation in Wall Street as the globe-trotting
partner of J. P Morgan & Co. because of his fifty voyages
to Europe, his trip to Mexico and his recent vis't to Japan
and the Far East, Thomas W. Lamont is sailng again Jan.
16 to Egypt with Mrs. Lamont on the new White Star liner
Laurentic, says the "Post" of Jan. 9. The banker has chartered the Chonsu,the largest of Cook's fleet of private steamships on the Nile,for one month. He intends to go up the Nile.
Governor Strong of New York Federal Reserve Bank to
Visit Poland in Spring.
It was stated in the "Wall Street Journal" of Jan. 4 that
on the invitation of Charles E. Dewey, American Advisor to.
the Bank of Poland, Benjamin Strong, Governor of the
Federal Reserve Bank of New York, will visit Poland late
this spring or in the early summer, according to a Warsaw
cable dispatch to the American Polish Chamber of Commerce
and Industry in the United States.
Premier Poincare Repeals Law Prohibiting Export of
Capital from France—Action Said to Have Been
Taken at Request of Bank of France—Gold Reserve Held by Latter.
Announcement was made on Jan. 10 that Premier Poincare
had signed a decree, approved by the French Cabinet, repealing the law prohibiting the export of capital from.
France. Copyright advices from Paris on Jan. 10 to the
New York "Herald-Tribune" said:
The decree actually repeals the law of April 3 1918, and other measurer
which have bottled up French capital for the last ten years.
French rentes and other securities registered considerable gains and it is
expected will rise further during the next few days.
The sudden Governmental Act restoring the free ebb and flow of French
currency wherever markets may attract it came as a pronounced surprise
since it had not been expected that Premier and Finance Minister Poincare
would lift the bars so soon and so unequivocally. It is therefore hailed
here as conclusive evidence that the French Treasury is in extremely strong
condition and has the utmost confidence that it can protect the franc
against all attacks, regardless of how much capital may be drawn into
foreign markets.
Legal Stabilization Believed Near.
In some sections the move also is interpreted as indicating that the legs
stabilization of the franc cannot be far removed, certainly very little beyond the coming elections. Others believe that the Government has.
amassed such tremendous reserves of foreign currencies that its position is
so solid that it cannot be rushed into legal stabilization even for some months.
to come.
Actually it is learned that M. Poincare is not over-anxious to throw open
the gates to a possible exodus of French currency, but that the suspension of the export embargo rather was forced upon him,due to circumstances.
The chief director of the Bank of France presented these arguments to the
Premier so forcibly prior to the Cabinet meeting that he complied.
Hoarding Blamed for Inflation.
The immediate cause of the Government's decision was the recent steady
inflation of the national currency which was climaxed last week, when.
the Bank of France's circulation of bank notes bounded upward 2,000,000.000 francs and touched the highest point in the history of the republic at
58,639,000,000 frahca.
The biggest contribution to this inflation has been the constant hoarding
of francs by the French peasants and bourgeoisie. Ever since M. Poincare
pinned the franc at slightly higher than twenty-five to the dollar a year
ago, Frenchmen have had more reason to cache their saving's. Last summer, when M. Poincare wiped out short-term bonds, first three-months.
then six-months and later yearly bonds, he automatically cut off one of the
main avenues of small French investors who need a rapid turnover of their
money.
A copyright cablegram from Paris Jan. 11 to the New
York "Times" indicating that the request for the removat
United Kingdotn.
The increased value of British exports for November indicates industrial of the ban had come from the Bank of France, stated:
Improvement, although the continued heavy unemployment, the reduced
Reasons for which the Government, at the request of the Bank of France.
domestic consumption of iron and steel, and decreased building operations, has lifted the ban on exportation of capital from France brings into the
conditions still far from satisfatory. However, the building slump is limelight an extraordinary position in regard to the circulation of bank
show
due chiefly to reduction of the house-building subsidy and to bad weather; notes.
Circulation now stands at 58,000,000.000 paper francs. The bank has
whereas, Increased railway freight receipts and bank clearings tend to
confirm the other indications of general improvement in the industrial In its vaults something over $700,000.000 worth of gold and available
situation. The general retail trade volume has shown a satisfactory in- in England $100,000,000 worth. In the last fifteen months the bank has
crease; sales have been stimulated by Christmas and cold weather require- accumulated foreign liquid assets to the extent of $1,200,000,000.
Taking the paper franc at its present value of 20 centimes, the bank has
ments. Iron and steel production remain steady with exports increasing
whlle domestic consumption and imports are reduced. Prices are steady. about enough gold available to redeen the whole circulation. No other
be tinplate market Is improving but the sheet trade is quiet. December country except the United States has its bank issue in that position. Put
186
FINANCIAL CHRONICLE
[Vox,. 126.
In another way, If the Government wished to issue a new gold franc toAt this time there are no diplomatic overtures in progress on the
morrow the bank could put about 100% gold reserve behind it. Yet with subject. The matter has remained
untouched for several months.
this situation the country cannot have the franc go any higher unless it
France, in the meantime, has made
consolidates, which means reduce the interior debt, which at slightly more tary Mellon's opinion, toward settling remarkable progress, in Secreher own internal currency diffithan 300,000,000.000 francs blocks all further revalirization so long as it re- culties. He is inclined to regard the increased
value of the franc as
mains at that figure. More than 50% of the taxes paid by Frenchmen goes an evidence of French confidence in their
own country's economic
for debt service now, and if the franc rose any further with the debt at its structure rather than as a result of a
movement toward stabilizing
present figure the proportion would go even higher.
currency in the formal fashion.
It is learned that there was considerable discussion before the Government took the step of permitting the export of capital. Some of Premier
Poincare's advisers told him it was dangerous because a slightest panicky
feeling might cause a rush to buy foreign securities. However. the Premier Outstanding Bonds of French Government Loan of 1920
Called for Redemption—$70,000,000 Still Out—Funds
decided in favor of the request of the Bank of France. It is explained that
so much foreign money is coming into France through purchase of French
for Redemption Obtained Through Loan from Swedish
securities that the bank deems it advisable to set up a counter-current by
Match Co.
having Frenchmen invest abroad.
The bank has been following the policy of printing bank notes to buy
J. P. Morgan & Co., as sinking fund trustees, have isup foreign gold money entering France, and this is given as the reason for sued a notice to holders
of The Government of the French
the rise in circulation to 58,000,000,000 francs in last week's bank statement. A further increase Is expected to be shown when the next statement Republic 25-year external gold loan 8% sinking fund bonds,
Is published to-inorrow.
dated Sept. 15, 1920, that all outstanding bonds of this loan
Through purchases of French riches which have returned to the country
foreign money invested here the bank had piled up a credit of 28,000.- not heretofore called for redemption amounting to about
and
000,000 francs' worth of foreign paper, according to the bank statement, $70,000,000 have been called for redemption at 110 on March
and the figure generally cited this week is $1,200,000.000.
15, 1928, out of moneys paid by the Government into the
In an interesting commentary on the effect of confidence on the country's
finances, the fact is cited that there are more paper francs existing now sinking fund. Coupons for interest due on such redemption
with the franc at 20 centimes than there was when the franc was worth date will bep ayable upon surrender of such coupons. Inslightly more than half that, eighteen months ago.
Of course it must be borne in mind that these dollars and pounds the terest on the bonds will cease to accrue after the redempbank purchased do not belong to it but to investors of the country most tion date. The New York "Times" of yesterday (Jan. 13)
largely, since a considerable part of the francs with which the purchases had the following
to say regarding the issue:
were made was loaned at sight. Nevertheless, control of this amount
The redemption had been forecast by a loan of $75,000,000 obtained
of gold value paper constitutes enormous means for defense of the franc
If that becomes necessary. Meanwhile the effort of the bank is directed by France from the Swedish Match Company last November. It had
been understood that this loan was arranged for the purpose of paying
In the opposite direction to keep the franc from going any higher.
One cannot help remarking that if France did to the franc now what cif the 8s, but no official announcement was made until yesterday.
The 8% issue was sold here in 1920. It amounted originally to
Germany did to the mark she would be able to wipe out her domestic
debt and have new money with 100% gold reserve behind it, for she had $100,000,000, but the amount had been cut down through the workings
about 11,000,000,000 francs in money at par value before the war and she of the sinking fund. The bonds were due in 1945 but became callable
last year at 110. They will be paid off at that price. Sixty days'
now has that much gold.
advance notice is necessary for the calling of the bonds, and the
It was further stated in the "Times" of Jan. 12:
announcement had been expected this week as the next interest date
The foregoing dispatch is substantiated and supplemented by an author- on which the bonds can be retired is March 15.
itative statement made in the Echo de Paris, on Dec. 29, by Marcel Huth',
Of the $75,000,000 loan to France, $50,000,000 was taken up by the
a close friend of Premier Poincare, who is also Minister of Finance. M. American subsidiary of the Swedish Match Company, and an issue of
Hutin declared that M. Poincare has informed him that in spite of the an equal amount of the American corporation's debentures was sold to
favorable gold situation in France, stabilization would not be accomplished the American public last November. This is the first time on record
before the elections in May. He also affirmed that the $10,000,000 gold that a debt of a major national Government has been refunded through
consignment shipped on the French liner Rochambeau from New York a loan from a private corporation.
In common with other French
securities, the 8s have risen strongly in price in the last year and
on Dee. 28, was destined for the Bank of France.
M.Hutin went on to say that the Bank bought a great deal of gold during recently have been selling at about their call price. The new bonds
1927, but so far it has remained in the Bank of England and in the Federal sold by France to the match company bear an interest coupon of
5%.
Reserve Bank—held at the order of the Bank of France. That is why, he
says, it does not figure on the balance sheets of either the British or the
American bank and he adds that, as It does not serve as the basis for any Gilbert
H. Montague, Counsel for French Ambassador in
foreign credit, it cannot be withdrawn without disturbing the London
Franco-German Potash Suit,
and the New York markets. M. Hutin continues:
"However that may be, the gold held in France by our bank of issue,
Gilbert H. Montague, counsel for the French Ambassador
augmented by the gold which was recovered at the beginning of 1927,
thanks to the repayments made to the Bank of England, and the gold and the French defendants in the Franco-German potash
purchased on the markets of London and New York since the beginning suit, issues the following statement regarding the contenof the year 119271 form altogether an imposing total.
tions of those whom he represents:
"When the Bank of France has again come into possession of the 1,400.The Republic of France, through the French Ambassador, Hon. Paul
000,000 gold francs, which it placed as security with the British Treasury
on account of the French Treasury, the total metallic reserve of our great Claudel, yesterday (Jan. 13) filed its formal appearance as an interissuing institution will reach about 6,500.000,000 gold francs. Probably venor in the suit begun last April by the United States against the
some people may regard this as exaggerated, but the holders of bank Franco-German potash interests.
The Republic of France, by permission of the U. S. District Court
notes will not be of that opinion, because they think, and very wisely, that
granted January 10, 1928, now becomes a suitor for the protection of
as a security for gold notes it is far better than theories.
"Thus the moment is gradually approaching when it will be possible its interests in all the French defendants.
These French defendants, the French Ambassador states, "have
to realize that momentary recuperation, which is the precursor of stabilnot
ization—a stabilization which will not be accomplished before the next elec- done anything in America or entered into any agreement with anyone
whatsoever which could be construed as an infraction of anti-trust
tions, as M. Poincare himself informed me."
laws."
Pointing out that up to the present only 1,000 francs
These French defendants, the French Ambassador further
"were and now are instrumentalities of government in which states,
could be exchanged against foreign money at one time
the Republic of France had and has an interest and which the
Republic of
and any sending of francs abroad had to be justified as France employed and employs in the sale of
its potash and this suit
definitely paying for imports into France, copyright advices was and is therefore in effect against the Republic of France."
Neither the Republic of France nor these French defendants,
from Paris to the "Times" also had the following to say
the
French Ambassador states, have ever consented to be sued
or proin part:
ceeded against by judicial process in this court.
It is Interesting to note the many cases now pending against persons
Realizing the importance of the issues raised by the
Republic of
accused of sending francs abroad in 1926 and at the beginning of 1927. France, both governments and all the
parties together with
What becomes of those cases now Is a question.
sel have at every stage cooperated in the friendliest spirit their counin order to
Of course the real reason for the Government's action Is the plentitude facilitate the determination of these issues, for
of capital in France. The franc now has such confidence in back of it desire except to procure a decision which shall, neither side has any
to quote the French
that the Government believes it is safe to let it travel. In other words. Ambassador's petition, adjudicate these claims
"according to the law
private persons may do what the Bank of France and the Treasury have and the practice of the courts of the United
States."
been doing for the past year, during which they have bought $1,200,000,000
The United States in this suit, according to the French
Ambassador,
worth of liquid foreign assets.
is attacking as a violation of the anti-trust laws the
unification of the
The effect on the Bourse was at once noticeable in the Fall in all for- export operations of the French and German
potash producers, which
eign securities listed on the Paris Exchange. This was because the number unification operates not merely in the
United States but also through
of foreign shares registered in France, limited as they have been since out the world, being one of the provisions in the
Franco-German Potash
the war, have been at a premium since the bar to the exporting of capital Accord executed at Lugano by
representatives of the French Governinterfered with Frenchmen buying English shares in London and American ment and other French and German
interests, this being one of the
shares in New York.
economic accords between France and Germany in line
with the policy
Now that this may be done, naturally the foreign shares listed in Paris of both nations to promote friendly relations
with one another.
lost their premium.
Since this unification of export operations 'automatically
resulted in
the withdrawal last May of the French corporate
within the United States, and the transfer of the agency from business
Franco-German potash
Secretary Mellon Expects No Further Negotiations Toward business to parties other than this French
corporate agency
Settlement of French War Debt to U. S. Until After assurances, notice and information regarding this were at and since
the time
duly given to the United States Government,
the French Ambassador
May Election.
includes this as another reason why this suit
should not go on against
It was stated in Associated Press advices from Washing- the French defendants.
ton Jan. 12 that Secretary Mellon does not expect that any
further international negotiations between the United Study
of Swiss Currency—Views of Laopold Dubois
States and France looking to the settlement of the French
on Question of Return of Switzerland to Gold
war debt will be initiated until May. The dispatch added:
Standard.
On that date a French national election will settle the political conA recent issue of the monthly bulletin published by the
trol of that country and American officials are inclined to believe that
toe result will be the fixation of French policy toward the debt.
Swiss Bank Corp. contains a study of the position of th
FINANCIAL CHRONICLE
JAN. 141928.]
187
Swiss currency and is of particular interest as voicing the
opinions of Leopold Dubois, the Chairman of the Bank,
on the question of the official return of Switzerland to the
gold standard. The Bulletin questions in conclusion,
whether Switzerland should rather adopt the gold standard
pure and simple or the gold exchange standard and inclines
rather to the latter for various reasons:
(1) The Swiss people have now lost the habit of using gold coins and
This is sufficient to illustrate that the position is at least not lees favorable
than it was before the wax.
There remains to be considered the much-discussed question of the
export of capital. This export may take place either (1) by issues or
Introductions of foreign securities or (2) by participations in industrial
enterprises abroad or (3) by short-dated bank credits to foreign concerns.
Of recent years the issue in Switzerland of foreign securities has been
considerable and perhaps more considerable still has been the purchase
of bonds and shares abroad. Carried to extremes these operations would
obviously have an unfavorable effect on the national balance of payments,
but up to now no such consequences have been felt.
have absolute confidence in the notes of the National Bank.
Again it does not appear that Switzerland's industrial participations
(2) Gold is chiefly useful for settling balances of foreign payments
define but which are
and even so, the debtor would in most cases sooner ask the National Bank abroad—the importance of which is difficult to
nevertheless numerous and important—have had great influence on the
for foreign exchange against his notes.
that coming from foreign
(3) If the Bank's sight assets abroad are regarded as complementary exchange. The revenue derived from them, like
legal covering and particularly by maintaining a stock of short dated investments, goes to strengthen the balance of payments.
Short-dated bank credits for their part are rather a factor tending to
foreign bills it will be possible to avoid leaving a part of the reserve against
notes and short liabilities completely unproductive. Further, the adoption help the stability of the exchange, for as soon as the exchange exhibits any
of a gold exchange standard would not hinder a large part of the legal signs of weakness, the money thus lent out will return with additional
profit to the banks.
reserve say, 30 to 40%,from being in the form of gold bullion or coin.
One further objection has been raised to a complete adoption of the
To sum up, the writer of the bulletin fails to see why Switzerland should
wait any longer to effect her monetary reform; in any case some con- gold standard, namely the loss which the State would sustain owing to
five-franc piece to the status of divisional coinage.
siderable time must elapse before the technical formalities are complete the reduction of the
It may be estimated that, with allowances for the quantities melted down
and the whole scheme becomes law.
at the time when silver was at a premium, not more than 70 million francs
The Bulletin starts with a history of the develcipment of remain in circulation—which is execosive—for the five-franc piece is clumsy
the Swiss currency from its inauguration by the Federal and since the war the public prefer bank notes of 20 or 50 franca.
The writer estimates the amount required for circulation at 50 million
Monetary Law of 1850 to the eventual retirement of Switzersuggests that the balance should be withdrawn. The loss
1926. Continuing, francs and about 10 million francs is unavoidable and as it is possible
land from the Latin Monetary Union in
involved of
that the fall in the value of silver will continue, it would seem better to
it says:
As a consequence of war, the system of the Union gradually became get rid of the surplus at the earliest opportunity. Nor will the State
put have to provide specially for writing off this loss, since recourse can be
Inoperative from the time in 1915 when various States of the Union
an embargo on the export of coins and later as a result of the gradual had to the Currency Reserve Fund, which, at the end of October last..
depreciation of the currencies of the other member States, Switzerland amounted to 25,914,000 francs.
became flooded with their silver five-franc pieces—exported as contraband—
to such an extent that they had to be withdrawn from circulation.
Time Limit for Revaluing German Bonds Extended to Feb.
Switzerland has regained her freedom of action, but since the cu•29—Warning Issued by International Germanic Comrency law has not been altered, she is still tied to a system of "limping
bi-metallism" which means that (1) Swiss gold coins are legal tender
pany, Ltd.
without restriction, the total which may be coined being unrestricted:
Owing to the fact that many old German Government,
tender to any amount but the
(2) Swiss silver five-franc pieces are legal
total which may be coined is limited to 80 million francs; (3) the divisional State and Municipal loans have not yet been presented for
coins are only legal tender to a limited degree and the extent of their coinage revaluation in accordance with
the German Revaluation
Is restricted. Further, the notes of the Swiss National Bank still remain
Laws and that considerable apprehension is felt for the
Inconvertible, as they have been since July 1914.
This state of affairs cannot be tolerated indefinitely. Bi-metallism, holders of these old securities, who have not presented them
either real or "limping" stands definitely condemned. Sweden, Great
Britain, Holland ,and Denmark have returned to their old gold parity, for exchange for the revalued bonds, the International Gerand with a few minor restrictions, have fully re-established the gold manic Company, Limited, has issued a statement remindstandard.
ing American holders of such securities that they must be
A number of other countries have re-established the convertibility of
their notes, not necessarily into gold, but into foreign exchange of countries lodged with the designated depositaries for exchange at the
with a gold standard, that is to say, they have adopted a "gold exchange earliest possible moment. It is announced that the time
standard," while others are prepared to follow suit and the time is not
far removed when the whole of Europe (Russia excepted) will have a gold limit has been extended to Feb. 29. Interest on the new
standard or a gold exchange standard. Switzerland cannot thus in- bonds ceases at the end of the year in which they are drawn
definitely remain in her present position.
and it is therefore of paramount importance to the holders
Although the Swiss franc showed a very steady record during and after
the war and only fluctuated between 99.70 and 100.66% in relation to of the drawing rights resulting from the exchange of bonds
the dollar and although the situation of the National Bank is strong and of the "oldp ossession" (bonds acquired before July 1, 1920)
compares favorably with that of the majority of banks of issue, only the
abolition of inconvertibility and the reduction of the five-franc piece to the to have the certificates promptly presented for payment.
status of divisional coin can place the future beyond the reach of all un- It is stated that many German communes and municipalcertainty. It is therefore imperative that Switzerland should not delay too ities
have made cash offers for their old bonds, which are
long in giving full legal status to a monetary position which has de facto
sometimes more favorable than the regular exchange of
existed for many years.
Proceeding to discuss the preliminary conditions which must be fulfilled old securities against new ones under the Revaluation
to allow a return to convertibility, the writer of the Bulletin illustrates
the sound position of the National Bank by the following figures taken Laws. On behalf of American holders of the old securities
from the bank return of Nov. 23 1927:
the company offers to attend to the checking of numbers
Assets—Gold
450,935,075 francs and other details upon their publication in the German OfSight assets abroad (gold exchanges)
51,176,500 francs
Liabilities—Notes in circulation
791,554,280 francs ficial Gazette and also to the collection of drawn numbers.
Deposits
142,680,183 francs
In order to facilitate the handling of these matters for the
All sight engagements are thus' shown to be covered by gold or gold
exchange as to 54 %, while the note circulation itself is covered by more American holders the International German Trust Co. will
than 63% %.
receive the bondsf or safe-keeping. The International GerThe other items that go to make up the Bank's balance sheet are absolutely sound. In the case of its holding of silver only the Swiss five-franc manic Co., Ltd., will also advise as to the relative adpieces are reckoned at their nominal value. the foreign coins of that de- vantages, if any, of accepting a cash offer in preference to
nomination still held, being calculated at the current price of silver bullion. the depositing of the bonds for revaluation.
The foreign bills are almost entirely commercial, advances against securities
are all of a class which can legitimately serve as complementary cover
to the note issue, that is to say, they can be realized almost immediately. Bonds of Saarbruecken Mortgage Bank Acquired for
So far as the Bank is concerned, therefore, the convertibility of notes
Sinking Fund.
can be decreed without any danger, provided Switzerland herself fulfils
Ames, Emerich & Co., Inc., as fiscal agents, have been
the other conditions requisite to prevent any disturbances of the stability
of the exchange: A sound state of public finance which will remove all advised by the Saarbruecken Mortgage Bank that $12,500
danger of direct or indirect inflation of the currency and the absence of
par value of that institution's 6% external gold bonds, Seany deficit in the balance of foreign payments.
The war, and the period that followed, involving as they did great ries "A," have been acquired for the sinking fund. This is
expenditure for mobilization of the army and for provisioning the country the
second installment of that fund.
in general caused a serious increase in the floating debt, though this is now
consolidated. The so-called war taxes have contributed largely to restoring the situation. A 40-year sinking fund is now pro ided to pay off
First Palestine Coins Issued in Nearly 2,000 Years
the debt and the budget has reached a state of equilibrium. Fears of
renewed inflation from this quarter no longer exist The accounts of the
Exhibited in Wall Street.
Federal Railways and of the Cantons and municipalities are likewise on a
Seven different denominations of the first coins issued by
sound basis, and thanks to the vigilance of the National Bank, which
can always raise its discount rate—at present the lowest of any State in Palestine in nearly 2,000 years were received this week in
Europe—there is no danger of inflation emanating from excessive credits New York by Guttag Brothers, 16 Exchange Place. These
to trade and industry.
coins, the first to be seen in this country, range in value
As regards the balance of payments the Swiss Bank Corporation have
in American monetary standards of from one-half cent to
compiled the following estimate:
BALANCE OF PAYMENTS.
fifty cents, and are struck in silver, bronze and nickle.
1913.
—681
1. Trade balance
+215
2. Tourists
Services rendered (transit
3.
(7)
traffic, dzo.)
+260-315
S. Investments
Total
1925.
1926.
—326
+150
--Mil
+205
—487
+200
+85-90
+210
+80-90
+305
+105-110
+320-330
1924.
—51 to 106 +120 to 124 +221 to 231 +138 to 153
Each coin is inscribed in three different languages, Hebrew,
English and Arabic, and bears the imprint of an olive
branch. The issue is the first coinage struck by Palestine
as a nation since 70 A. D., when the Jews were in revolt
against the Roman Emperor, Vespasian, who ruled the coun
try at that time. Since then Palestine has always brAnn
188
FINANCIAL CHRONICLE
[Vot. 126.
a colony of some foreign power, principally Turkey. This ment regarding the economic and industrial conditions in
-coinage issue is in line with the League of Nations plan Denmark during November, 1927:
The Danish export of agricultural products was in November larger for
to make Palestine again a home for the Jewish race, alall products
though at the present time Palestine is still under British compared to than in November last year, especially the export of bacon,
what has been the case during the preceding months, was
mandate.
considerable. The average weekly exportations were:
Proposed Financial Reorganization of India-Stabilization of Rupee Only Proposal Thus Far Adopted.
'Of the three proposals made by the Royal Commission for
ithe financial reorganization of India, only one-the stabilization of the rupee-has so far been adopted, according
to "The Index" published by The New York Trust Co. on
Dec. 27. "The Index" says:
Of more immediate consequence to the present condition of India are the
proposals made by the Royal Commission on Indian Finance and Currency
in a report a year ago. This report calls for the stabilization of the rupee
at Is. 6d., the adoption of the gold bullion standard, and the establishment
of a central bank.
The first of these measures has been put into effect by government legislation, and the rupee is now stabilized at the above mentioned value
about 36 cents in American money. The proposal for the gold bullion
standard has been set aside, and the question of a central bank which is of
very great importance is still unsettled and is likely also to be deferred for
the present.
After several years of wide fluctuation in the rupee after the war, the government attempted to stabilize it in 1920 at 2s. This effort was a failure.
Within a few months the rupee had fallen below its pre-war parity, and the
government of India suffered heavy losses in attempting to check the
decline. Since then the rupee has remained close to Is. 6d., and it was
stabilized at this figure by legislative enactment on April 1 this year.
Reason for Avoiding Gold Circulation.
The Commission's proposal for a gold bullion standard attracted wide
attention because of its possible effect on the world's price level. Some
visible gold support was necessary if the Indian peasant was to have confidence in his currency: but a standard which permitted the exchange of
notes for gold coin would result in an enormous demand for gold, Particularly in view of the Indian peasant's habit of hording all the gold he can
get his hands on. (India has hidden and hoarded nearly half the world's
gold supply already.) To avoid this additional drain on the world's gold,
the Commission proposes that the notes shall be redeemable only in gold
bullion in large amounts-which in effect prevents their redemption. This
proposal has met with some opposition and is not likely to be settled in the
Immediate future.
The Royal Commission looked upon the establishment of a central bank
as an urgent and orthodox requirement. There is at present a divided
control in India in the administration of currency and credit. The control of
currency is in the hands of the Indian Government, whereas the control of
credit rests with the Imperial Bank of India. The Royal Commission
believed that such a system was inherently weak. It felt that if the imperial
Bank were reorganized into a central bank, it would no longer be able to
function successfully as a commercial bank. Recommendation was made.
therefore, that a sew Reserve Bank of India should be established.
This proposal also has not yet been ratified by the Central Indian Legislature. The stabilization of the rupee, however, at its existing level will
ultimately help the financial and economic stability of the country. It
should be added that after a difficult post-war period, the budget has been
balanced for the past 3 years.
It was also noted in the "Index" that a second Royal
Commission appointed in the fall is likely to propose similar
far-reaching changes in India's political and administrative
functions. As to this Commission it states:
The present system of government in India, which is partially representative, was set up in 1919. It was provided at that time that a Commission should be appointed 10 years later for the purpose of inquiring into
the results of the new government and of considering the development of a
more representative administration. For various reasons it has been
-year
decided to undertake this investigation before the expiration of the 10
period, and the British Government has, therefore, appointed a Commission
for this purpose.
This Commission is headed by Sir John Simon.
Butter-2.460.300 kilos (November 1926 2,278,200 kilos.)
Eggs-719,400 scores (November 1926 590,100 scores).
Bacon-4,919,200 kilos (November 1926 3,846.300 kilos).
Beef and cattle--1,395.100 kilos (November 1926 1,267,400 kilos).
The prices were, except for the bacon prices, on the same level or higher
than last year. The average weekly quotations in November were thus:
Butter-337kr.(November 1926 289kr.) per 100 kilo.
Eggs-2.44kr.(November 1926 2.46kr.) per kilo.
Bacon-1.18kr.(November 1926 1.60kr.) per kilo.
Beef
-57 ore (1926 52 ore) per kilo on the hoof.
The trade balance with foreign countries in October amounted to
144,000,000 kr. for imports and 134,000,000 kr. for exports, so that
there was an import surplus of 10,000,000 kr. agaitet 7,000,000 kr. in October 1926. For the months January-October the import surplus was
in 1927 77,000,000 kr. against 32,000,000 kr. in 1926.
The Statistical Department's wholesale index was for October, as for
September, 154. Of variations in the individual groups should especially
be mentioned that the price index for vegetables fell from 138 to 135 and
fertilizers from 102 to 99, while feedbag stuff west up from 148 to 152 and
hides, leather and shoes from 140 to 143.
The freight rate figure was for November 1927 calculated at 107.5
against 109.6 in October; there was thus a decrease of more than two
points. The decrease is especially due to the low coal rates, as well as
to the fact that the increase in the lumber freights which generally
comes with the fall months has failed to appear this year. In November
1926 the freight rate figure, as a result of the English coal strike, was
considerably higher, namely, 159.0.
In continuation of the later years' emergency statutes the Government
at the end of November has proposed a number of bills which through an
emergency loan fund instituted by the Government places altogether
26,000,000 kr. at disposal for loans under different conditions to agricul.
ture, industry and crafts.
It is proposed that of the 26,000,000 kr., 10,000,000 kr. are loaned
to banks and savings banks for further loans to farmers, while 6,000,000
kr. are placed at disposal for loans to societies for lending money to
farmers. Of the remaining 10,000,000 kr. up to 4,000,000 kr. go to
defray the expenses caused by law 31-3 1926 concerning industries which
were affected by the crisis, while 4,000,000 kr. are loaned to industry
to carry on business and 2,000,000 kr. to minor industries.
Concerning banking and financial conditions, the following should be
noted:
Ir. the three principal private banks the outstanding loans as well aa
the deposits have de :reased, namely, with 18,000,000 kr. and 35,000,000
,
kr. respectively, or with very nearly the same sum with which these items
increased in October. At the same time the banks' net debt to domestic
banks and savings banks has gone down, namely with about 10,000,000
kr. On the other hand, their net debt to foreign correspondents has increased with about 20,000,000 kr.
The outstanding loan of the National Bank has altogether decreased
about 3,000,000 kr. and the deposit of the Ministry of Finance 4,500,000
kr., while the bank has sold currency for 9,000,000 kr., the amount of bills
in circulation has during the month gone down frcm 365.2 to 346.0
million kr. As the stock of gold has not changed during the month of November, the percentage for covering increased from 53.9 to 56.8.
The transactions in stocks and bonds on the Copenhagen stock exchange
were during November about the same as during October, as the average
weekly transactions in bonds amounted to 1.6 million kr. (October 1.8
million kr.) and in stocks 2.1 million kr. (October 2.0 million kr.) in
November 1926 the corresponding figures were 2.3 and 2.7 million kr.
In the index for Stock Exchange quotations there was during the month
a slight decrease for bonds but an increase of one point for stocks. The
bond index was for November 88.7 (October 88.9), the stock index 100.8
(October 99.6) when the quotations of July 1 1914 are fixed at 100.
Compared with November 1926 the index figures for all stock groups were
rather high as the index this year for banks was 85.9 (1926: 81.5) for
shipping stocks 120.3 (1920: 111.7) for industrial stocks 94.8 (1926:
86.7) and the complete index 100.8 against 91.2 in 1926.
Amendments to Mexican Oil Law Become Effective.
Rumania to Stabilize-Negotiates With Blair & Co.for
it was announced in dispatches from Mexico City this
Reconstruction.
week that the amendments to the Mexican oil law, which
The "Post" last night (Jan. 13) announced the following in its original form caused friction with the United States
Government and American oil companies, became effective
from Paris:
Gaston Jeze, French economist, has gone to Rumania to advise on sta- on Jan. 11 through publication in the Diario
Official. The
bilization and will be followed by a high ogfficial of the Bank of France
enactment of the amendments was noted in these columns
and the chief engineer of the Nord Railways.
Loan negotiations continue, with Blair ir Co. on a comprehensive scheme Dec. 31, page 3565. The Mexico City advices Jan. 11
for financial reconstruction which will probably take some time to mature. (Associated Press), said:
From London the "Wall Street Journal" reported the
Unofficial interpretation is that the amendments remove retroactive
and allegedly confiscatory features of the oil law. The amendments
following in its issue of yesterday (Jan. 13):
Rumanian Government has concented in principle to loan of 400,000.000
lel for payment of urgent debt to the state railroads pending conclusion of
negotiations for foreign loan. Rumania has not yet made application
to the League but Is expected to do so shortly as the loan is a necessity
ft the present government is to remain in power.
Bank of Poland Declares 14% Dividend.
A 14% dividend has been declared by the Bank of Poland
for the year 1927, according to Associated Press advices
from Warsaw Jan. 13. It is stated that the net income
of the bank for last year was 24,000,000 sloty, approximately $2,700,000.
Economic and Industrial Conditions in Denmark
During November-Proposed Loans in Behalf of
Farmers.
The Danish National Bank of Copenhagen and the Danish
Statistical Department issued on Dec. 30 the following state-
were passed recently by Congress at the suggestion of President Called and
under Mexican procedure their publication to-day in the Mario Official
makes them effective immediately.
The amended law as officially published is the same in text as that sent
by President Calles to Congress and as passed by that body, but it has In
addition a penalty clause providing that oil companies which do not accept
the amended law within one year from its publication will lose their
property
rights and will not have any claim upon the Government in consequence.
The amended articles, XIV and XV, originally provided that foreign
oil companies must accept fifty-year confirmatory concessions for oil land
rights they had acquired prior to the adoption of the present Mexican
Constitution in 1917 and would forfeit those rights unless they applied for
such concessions before Jan. 1 1927.
The amendments eliminate Articles XIV and XV and substitute for
them the following:
"Article XIV. There shall be confirmed without any expense and by
means of concessions the fallowing rights:
"(1) Those derived from lands on which petroleum exploitation work
commenced before may 1 1927,
"(2) Those derived from contracts closed before May 1 1917. by owners
of surface rights or parties under contract to them for the express purpose
of oil exploration,
..(3) To those constructing pipe lines and refineries under
concessions
or authorizations Maned by the Department of Commerce. Industry and
Labor.
JAN. 14
1928.]
FINANCIAL CHRONICLE
"Article XV. Confirmation of rights referred to in the preceding article
must be sought within one year from publication of this law if such rights
have not already been the subject of confirmatory petitions.
"After one year these rights (rights for which confirmation has not been
sought under the amended law) will be renounced and will be without
effect against the Mexican Government.
"Oil rights acquired by owners of surface lands (before 1917) will be
confirmed without time limit. Rights acquired by contracts with owners
of surface lands will be confirmed for the period of those contracts."
The official text, of course, is in Spanish and so all translations are
unofficial.
The privately expressed opinion of some of the foremost oil men and
representatives of the American Government in Mexico City is that the
amended law seems to remove the retroactive and allegedly confiscatory
features of the former law, but that it remains to be seen how the amended
law will be applied in actual practice.
The oil men say the amendments at least give them another year in
which to think things over and decide where they stand.
189
thereafter and prior to maturity; in all cases with accrued
interest. They will be coupon bonds of $1,000 and $500
denominations, interchangeable and registerable as to principal. Interest (May 1 and Nov. 1) will be payable in
United States gold at the principal office of International
Acceptance Securities & Trust Co., New York, fiscal agent.
With regard to the purpose, &c., of the issue, Dr. Felix
Maria Reina, Governor of the Department, says:
Purpose of Issue.
The proceeds of the present issue will be used to retire all the present
outstanding funded and floating debt of the Department, to complete
the construction of the Ambalema-Ibague Railway and for the building
of highways and for other proper constructive purposes.
Security.
These bonds, in the opinion of counsel, will be the direct obligations of
the Department of Tolima and will be secured as to principal, interest
and sinking fund by a first lien of 90% of the Departmental revenues derived
from the following taxes: Liquor revenues, slaughter tax, tobacco tax
and tax upon consumption of foreign liquors. During the past five fiscal
years the applicable proportion of these revenues has averaged over $760,000
per annum and during the past fiscal year has amounted to $904.479.
equivalent to more than 33% times the annual interest and sinking fund
charges of these bonds. Estimated pledged proportion of revenues for
the fiscal year 1927-28 is over 4h times such charges.
The Department will covenant in the fiscal agency agreement not to
issue any of the remaining authorized bonds unless the pledged revenues
during the fiscal year immediately preceding such issuance shall have
been at least four times the annual service charges of all bonds outstanding
and of all such additional bonds to be issued.
Finances of the Department.
Total
Total
Revenues. Expenditures.
Years Ended April 30-$975,021
$978,061
1923
719.811
722.959
1924
1,005.112
951,664
1925
1.081.234
1.077,640
1926
1,051.600
1,078.700
1927
1,302.114
1.302.114
1928 (estimated)
Offering of $3,396,000 6% Bonds of City of Buenos
Aires (Argentina) Books Closed.
Blyth, Witter & Co., Chatham Phenix National Bank and
Trust Co. and J. Henry Schroder Banking Corp., offered on
Jan. 11 at 98% and accrued interest to yield over 6.10%,
$3,396,000 City of Buenos Aires (Argentina) external sinking
fund 6% gold bonds, series "C-3," due Oct. 1 1960. Proceeds from the sale of the bonds are to be used for public
improvements, including the construction and improvement
of productive enterprises owned by the municipality. The
books were closed the day of the offering. The bonds will
be dated Oct. 1 1927. They will be redeemable as a whole or
in part on 30 days notice at 100 and interest. A cumulative
sinking fund is provided sufficient to retire the entire issue
by maturity through the purchase of bonds at not exceeding
100 and interest or redemption by lot at that price. Application will be made by the City of Buenos Aires to list these
The Department showed a surplus in 1922-23 and in 1923-24. In the
bonds on the New York Stock Exchange. They are in coupon fiscal years 1924-25 and 1925-26, due to the revocation by court decision
cigarettes, a tax which has been re-established by later resoluform in denominations of $1,000, registerable as to principal. of the tax on National Council of State. the Department reported small
tion of the
interest (April 1 and October 1) will be deficits of approximately $53,400 and $3,500. respectively. At the end
Principal and
payable in United States gold coin of the present standard of of the fiscal year 1926-27, the Department showed a surplus of $27.100.
Public Debt.
weight and fineness at the office of the Chatham Phenix
Upon the application of the proceeds of this financing, these bonds will
National Bank and Trust Co., New York, fiscal agent,
constitute the ony debt of the Department. The Department has never
without deduction for any Argentine national or local taxes been in default in the punctual payment of principal, interest or sinking
when held by other than residents or citizens fund of any of its obligations. All Departmental loans are passed on by
present or future
of the Argentine Republic. The Chatham Phenix National the National Government and approved only after careful scrutiny.
Bank and Trust Co. is fiscal agent. Dr. Julio N. Bastiani,
comptroller of the City of Buenos Aires has the following to
Nicaragua May Get Loan in U. S.—Negotiations Resay regarding the bonds and the city's finances:
ported Near for $1,500,000.
Security.
From the "Sun" we take the following Associated Press
opinion of counsel, the direct obliThese bonds will constitute, in the
gation of the City of Buenos Aires. The loan contract provides that if, advices from Washington yesterday (Jan. 13):
while any of the bonds remain outstanding, the municipality should issue or
guarantee any loan or bonds secured by any right of retention on any of its
income or funds, these bonds shall be secured in equal form.
The City of Buenos Aires enjoys a high credit standing, having punctually
paid principal and interest on all outstanding debt during the past 34
Years. Prior to the war the bonds of the city sold on approximately a 4 %
basis on the London Stock Exchange.
Finances.
The City of Buenos Aires has had a balanced budget for each of the past
5 years. Revenues of the city have shown a steady growth, having increased
over 99 % during the past 10 years. The total receipts from all sources,
including municipally owned properties,for the fiscal year 1927 are officially
estimated at $37,633,300, whereas annual interest and sinking fund charges
on the city's entire debt, including this issue, will require but $5,367,000.
The city's revenues are derived principally from tax on real esatate and
from contribution for public health and safety services.
The total funded debt of the City of Buenos Aires, as of Jan. 1 1928,
including the present issue, amounts to approximately $67,681,000,of
which the external debt, including these bonds, is $33,885,300. Total
debt is less than $32 per capita, compared with an estimated wealth per
capita of $2,150.
Offering of $2,500,000 7% Bonds of Department of
Tolima (Republic of Colombia)—Books Closed.
A syndicate headed by Redmond & Co. and E. H. Rollins
& Sons announced the offering on Jan. 13 of $2,500,000
Department of Tolima external 20-year 7% sinking fund
gold bonds. The issue was priced at 9332 and accrued
interest, to yield 7.64%. This is the first time this Department, which is one of the States of the Republic of
Colombia, has floated a bond issue in this country. Application will be made to list this issue also on the Exchange. The
bonds on the offering were closed at 10 a. m. Jan. 13. The
bonds are part of a total authorized issue of $4,866,500.
They will be dated Nov. 1 1927, and will become due
Nov. 1 1927. A semi-annual cumulative sinking fund
commencing May 1 1928, is calculated to be sufficient to
retire by maturity all the bonds at any time issued, by
purchase up to, or redemption by lot at, the current redemption price. The bonds will be redeemable as a whole
or (otherwise than through the sinking fund) in part on any
semi-annual interest date upon 60 days' notice at 1023.
if redeemed on or before Nov. 1 1937; at 1013/i if redeemed
thereafter and on or before Nov. 1 1942; at 100 if redeemed
Negetiation of another loan to Nicaragua by American bankers probably
will not await the outcome of a Nicaraguan economic survey now being
made for the State Department, although that survey probably will furnish
the basis for a department policy toward later borrowings.
Although department officials do not know the exact status of conversations understood to be already in progress in New York, and will make no
official comment regarding them, it is known here that Nicaragua may regard it as necessary to arrange without much delay for an emergency ad..
vance of$1,000,000 or $1,500,000 to help organization of the National Guard
and restoration of order.
Nicaragua obtained a loan of $1,000,000 in New York last March for the
purpose of retiring certain outstanding obligations. It was equally divided
between J. & W.Seligman and the Guaranty Trust Co.,and was in the form
of a banker's credit. The loan was for one year at6% and the State Department's information is that repayment will be completed by June 1.
The State Department survey of economic and financial conditions in
Nicaragua. on which a future policy may be formulated, is being conducted
by William W.Cumberland. Such a survey was proposed by President Dial
with the approval of both Nicaraguan political parties as the starting point
for adoption in Nicaragua of a comprehensive financial program. This
program would cover not only emergency needs due to the civil war, but
also the execution of much needed public works, such as the railway from
the capital to the Atlantic Coast.
British & Hungarian Bank, Ltd., of Budapest, Negotiates
for American Dollar Loan.
British and Hungarian Bank, Ltd., with headquarters
at Budapest, has been negotiating in American market for
a dollar loan to increase facilities for extended operations
In mortgage loan field under authority of Hungarian Mortgage Loan Law. The bank, established in 1890, through
interest of Royal Hungarian Government, is one of the
strongest institutions in Hungary. It has twenty-seven
branches and auxiliaries in Budapest and the Provinces,
and connections with British, American, Dutch and Swiss
associates. Last fall, Helbert Wagg & Co., of London,
were instrumental in placing additional capital stock with
British Overseas Bank, Ltd., so that now British interests
own about one-third of the bank's capital. The bank, aside
from its mortgage loan business, performs function of a
commercial and investment bank, owns industrial enterprises and transacts important business for Royal Hungarian Government. It has paid dividends since 1893 without interruption.
190
FINANCIAL CHRONICLE
Proposed Greek Loan of £9,000,000—Participation by New
York Bankers.
Cabled advices received in New York from London Jan.
11 announced officially that the Greek Finance Minister
has concluded negotiations with an international financial
syndicate headed by Hambros Bank, Ltd., of London, and
Speyer & Co. and The National City Bank of New York
relative to the flotation of a Greek loan and the issue will
be offered in the near future. The loan, totaling £9,000,000
will be under the auspices of the League of Nations and
will be WA bonds to be utilized mainly for refugees settlement and currency stabilization purposes. Revenues relative to the service of the loan will be under the control
of the International Financial. Commission. The issue
will be made simultaneously in London, New York and
on the Continent. In New York the bankers for the issue
will be Speyer & Co. and The National City Company. New
York participation is understood to be about £3,500,000.
Fifty-Five Export Trade Associations Formed Under
Webb Law, According to Frazier, Jelke & Co.—
Development of Foreign Trade Through the
Associations.
Exports handled by associations formed to develop the
foreign trade of this country have increased more than 40%
during the past two years, according to Frazier Jelke &
Co., who under date of Dec. 29 stated:
Fifty-five export associations have now been formed in the United
States under the Webb-Pomerene law enacted in 1918 and are now representing this country in foreign markets, without danger of attack from
anti-trust proceedings.
The associations in 1928 accounted for snore than $200,000,000 of the
American export total and this year a much larger percentage of increase
is expected.
Five new organizations handling metal and lumber exports have been
Included—Copper Exporters, Inc., Zinc Export Association, Export Screw
Association of the United States, American Export Door Corporation, and
Western Plywood Export Co.
In addition to raw materials handled through these associations, many
manufactured products are marketed abroad through the activities of special
groups. The list of articles embraces locomotives, springs, tires, buttons,
furniture, pipe fittings, paints, handles and other finished articles including foodstuffs.
The advantages gained by this form of selling abroad are similar to
those found by trade associations operating in American markets—reduction in selling costs, grading of products, stabilization of prices, and
consolidation of shipments to lower transportation costs. The expense of
developing new markets and collecting trade and credit information is
divided among a number of member companies through this system.
Thus, no one company is compelled to carry the entire expense of investigating foreign markets.
One advantage of grouping export activities, according to reports from
various associations, has been the ability to meet competition, especially
In Europe where similar goods are sold from 5 to 10% less than American
prices. A further advantage of the Association method in dealing with
foreign purchasers has been the development of a better understanding
of foreign conditions.
American foreign trade has increased during the past year and the trend
Is likely to continue. Expansion of foreign markets is needed to maintain
a high rate of production in this country. Establishment of these export
gssociations and their further development can be depended upon to contribute a large share in this program.
[VoL. 126.
This development bears out the forecast made by Mr.
McHugh in his remarks a year ago when he said: "An
important feature of the acceptance market is the considerable volume of purchases by banks abroad for the
profitable employment of gold exchange reserves. A
further increased demand for American acceptances may
materialize as more European Governments stabilize the
currency of their countries." An indication that many
hundreds of millions of dollars are invested in American
bankers' acceptances for gold exchange purposes is seen
in the statement of the Federal Reserve Banks which reported on Dec. 28, 1927, contingent liability of $220,904,000
on bills purchased for foreign correspondents. The Reserve banks on that date held $385,527,000 of acceptances
purchased in the open market. For the ninth successive
year, the corporation reported a steady growth in 'its
business, maintaining its record of no losses and satisfactory profits, with prospects for 1928 good. After payment
of dividends, amounting to $350,000, at the rate of 7% for
the year, transferring $1,000,000 to surplus, and making
-Provisions for taxes and all other contingencies, the balance sheet of the corporation shows capital of $5,000,000,
surplus of $2,000,000, and undivided profits of $964,111.
Aside from cash amounting to $2,597,531, the assets of the
corporation consist of bankers' acceptances, approved bank
endorsed trade acceptances and short-term government securities available for use at the' Federal Reserve Bank.
Financing of Surplus Cotton Crops by Farmer-Owned
Banks Proposed.
From New Orleans under date of Jan. 11 the New York
"Journal of Commerce" reported the following:
To admit that the South cannot control its cotton surplus is to
admit that the South does not possess the business ability nor the
financial resources to manage her internal affairs, which is of course
not true, said Col. Harvey Jordan, general manager of the Better
Farming Campaign of the American Cotton Association in session here
today and tomorrow.
Col. Jordan proposed the South form banking organizations for the
control of the surplus; the counties in which cotton is raised to form
a bank with a cotton planter as head and a banker as vice president,
these associations to loan money to the farmers on warehouse
receipts
on their cotton. In this manner cotton may be retired when there
is
a surplus, he said.
The following year there should be a cut in the acreage so
that the
surplus will not remain, his plan continued.
The cut should be
governed by the amount of the surplus, the cotton that has been
retired
to be kept off the market until there is a need for it in
the legitimate
trade. With these two methods the cotton trade can be
stabilized, he
said.
The reckless dumping of cotton on the market, as is done
at present,
only causes a great depression in the market. Whether
we get aid
from Washington or not, the South is well able to protect
itself from
the• wolves, said Mr. Jordan.
On Jan. 12, according to New Orleans advices to
the
same paper, the American Cotton Association passed
a
resolution calling on the association to name a man from
each of the cotton producing States to form a
committee
to organize a cotton bank so that the surplus cotton
may
be retired from the market. The meeting of the
association was attended by bankers, planters, ginners,
wareOperations of Discount Corporation of New York During
housemen and others interested in the industry.
J. S.
1927—Use of Acceptance Credits In Financing Trade.
Wannamaker, president of the association, will name
the
The operations of the Discount Corporation of New York committee. The same
account added:
during 1927, as revealed in its ninth annual report issued
The year following a surplus the cotton States
Jan. 12, were the largest in its history, reflecting the on a basis of the amount of cotton raised in that will reduce acreage
State,
to
growth of the use of the dollar acceptance. Transactions the resolution. The financing of these cotton banks will according by
be done
charging 10 cents a bale at the gin and $10 a year from
the county
of the corporation in short-term United States Government banks loaning money to the farmers.
securities, as well as in acceptances, established a record
Resolutions were passed asking the different users of the
commodity
as the Treasury Department called freely upon the facili- to increase consumption of it.
ties of the discount market in carrying out its 1927 refunding program. American banks and bankers during the last Assessment of 100% Levied Against Stockholders
of
Bankers' Joint Stock Land Bank of Milwaukee.
year financed upwards of $0,000,000 of trade through the
use of their acceptance credits. At the end of November,
An assessment of $1,200,000, amounting to 100%
of the
the reporting banks and bankers had outstanding an ag- stock of the Bankers' Joint Stock Land Bank of
Milwaugregate of more than $1,000,000,000 such credits. The kee, which went into receivership last June, was
levied on
revenues from commissions on this business and on in- Jan. 11 by the Federal Farm Loan Board upon
the bank's
creased exchange transactions and the benefits from in- shareholders. It is stated that the action was
taken upon
creased deposits are regarded as a partial offset to the in- the recommendation of Howard Greene, the Receiver
of
fluence upon the banking business of existing low interest the Bank. In announcing the assessment the Board said:
The Farm Loan Board announces that, in
reefrence to rates, John DifeHugh, chairman
rates. With
accordance with the
recommendation contained in the report of the
Receiver of the Bankers
of the Corporation, in his remarks to shareholders said:
Joint Stock Land Bank of Milwaukee,
The Federal Reserve Bank of New York reduced its discount rate
to 3%T; on August 4 with relative reductions in the rate of discount
for purchases of bills in the open market. The favorable rates soon
had the effect of considerably increasing the dollar acceptance business.
Contemporaneously there was a demand from abroad for employment
This demand, added to the customary
of gold exchange reserves.
purchases of short bills by the Federal Reserve Banks, created a
market equilibrium which continued throughout the balance of tke year
without further important change in rates of discount.
dated January 9, 1923, it has
made and levied an assessment upon the
shareholders of the Bank for
$1,200,000, or 100% of the capital stock of the
them ratably on or before the first day of March, bank, to be paid by
the Receiver to take all necessary proceedings 1928, and has directed
to enforce the liability
of the shareholders.
The board has authorized the receiver to
grant an extension of
time, without interest, to any shareholder who
pays 25% of his
assessment on or before March I, 1928, and gives
a written obligation,
satiafactorily guaranteed, to pay 25% additional
on or before April
JAN. 14 1928.]
FINANCIAL CHRONICLE
1, 1928, 25% additional on or before May 1, 1928, and the remaining
25% on or before June 1, 1928.
Appropriate notices will be sent by the receiver to each of the shareholders of the bank at the time it was placed in the hands of the
receiver.
As to the Receiver's report, we quote the following from
the Washington dispatch Jan. 11 to the New York "Journal of Commerce":
Receiver Greene's report to the board showed that many loans made
by the bank were based upon inflated land values and that consequently
the amounts loaned proved imprudent or excessive. The insecurity of
some of the loans is not inherent in farm loans but is due to the fact
that the amounts are out of proportion to the real value of the lands
and their earning capacity, according to Mr. Greene. These loans
were said to make it less possible for borrowers to meet the required
interest and instalment payments on amortized farm loans.
Other loans were characterized as having been made on land of no
real agricultural value. In many cases borrowers are in a distressed
condition owing to debts secured by junior liens, or to heavy taxation
in the drainage districts. The drainage tax, although levied subsequent
to the mortgage, is in effect a prior lien upon the land.
$13,587,324 Loan Value.
Greene's report showed that the bank had 2,059 mortgage loans of
$13,587,324 book value. Of these loans 1,643 are not in default, 187
are in default less than three months, 45 are in default from three to
six months and 183 are in default over six months.
Of these loans in default 148 have been authorized or recommended
for foreclosure. Greene said that in view of the conditions and general
experience of the bank with delinquencies growing out of such
a
situation, including the expense of foreclosure procetclings, sales, commissions, repairs, management and taxes, it is believed that in any
program of liquidation the mortgages would not have a liquidation
value of over $12,010,549.
On July I, 1927, the bank owned 153 farms of a book value of
$1,198,355. During the six months' period the receiver acquired 38
farms by completion of foreclosure proceedings or quit-claim deeds and
in the same period sold 26 farms. The losses on farms sold
aggregated
$17,825. The bank now owns 168 farms of $1,282,074 book
value.
Greene said that much of this property cannot be disposed of at this
time except at a great sacrifice.
The New York "Journal of Commerce" in discussing the
matter editorially in its issue of Jan. 13, had the following
•to say:
The Farm Loan Board has levied an assessment of 100%
the shareholders of the Joint Stock Land Bank of Milwaukee against
following
a report by the Receiver, who reveals a deficit considerably in
of the total amount of the authorized assessment. The action excess
taken
is the most hopeful indication so far received that the Farm
Loan
Board intends to pursue the healthy policy of forcing these
institutions
to shoulder the responsibility for their own mistakes and to
pay the
penalties that are the usual result of incompetency or dishonesty
in
the conduct of private business.
There is nothing in the law in any case to warrant the
Farm Loan
Board's taking any other attitude than that it is now pursuing,
although
a great deal of mischievous misinformation has in the past been
given
to the public concerning the privileged status of the private
joint stock
land banks. Purveyors of their bond issues have sedulously
tried to
persuade prospective investors that the Government was
"behind" these
joint stock land banks and that it was unthinkable
that they would be
permitted to fail or bring losses to those buying their
obligations.
In the case of the Milwaukee bank, however,
stockholders lose twice the amount of their originalnot only must the
investment, but it
is evident that if the Receiver has correctly diagnosed
the situation
there will be a considerable loss to the holders of
since the maximum assessment permissible is about the bank's bonds,
$600,000 below the
estimated deficit in the resources of the
institution. Considering the
virtual cetrainty that not all the stockholder
s can
further difficulty of determining the liquidation be reached and the
value of mortgaged
properties, it is a foregone conclusion
that the
of this particular joint stock bank will be poorer holders of the bonds
and wiser as a result
of their experience.
The action taken by the Farm Loan Board
is being hailed as a
salutary warning to other banks to
avoid the conscienceless and
suicidal practices that seem to have
characterized the management of
the Milwaukee institution.
It should
admonition to the public to think twice be still more effective as an
before
any institution whose chief claim to considerati it invests its funds in
on lies
it is subject to some sort of governmental supervisionin the fact that
.
Dade County Securities Co., a Large
Building and
Loan Association, Goes into Receiver's
Hands.
From the "Evening Post" we take the
following Miami
(Florida) advices under date of Jan. 13:
The Dade County Securities Co.. one
associations In the South. estimated to of the largest building and loan
hold more than $15,000,000 in
mortgages and secured loans, was in receivershi
p to-day under a petition
granted creditors yesterday.
Judge Henry D. Clayton, in naming Earl 11. Harwick
receiver, ordered
discontinuance of operations until affairs are
settled in court.
Attorneys for the company appeared to-day
before Judge Clayton with a
request that the order be vacated.
Assistant Attorney-General Shea of New
York, Discusses Investment Trust Law—Alternative
Legislative Program by Bankers' Committee
Considered
Unsound.
Timothy J. Shea, New York State Assistant
AttorneyGeneral in charge of the Bureau of Securities, stated on
Jan. 8 that counter proposals in the way of legislation are
under consideration by a group of bankers as an alternative to measures for the regulation of investment trusts, advanced by Attorney-General Ottinger. Mr. Shea said it was
barely possible that the underlying motive for the alterna-
191
tive proposals was to make it difficult for an investment
trust to sell its securities in New York State because the
increase in outstanding securities of investment trusts
might, if continued, make inroads upon the distribution of
special investment securities by certain houses.
Mr. Shea said his understanding of the proposed counter
legislation was that it was virtually an extension of the
powers of the Anti-Fraud Bureau and specifies a number
of things which circulars and advertisements sent to purchasers should fully set forth including the following:
1. The exact commissions paid and any other cost of raising capital.
2. The full amount paid for supervision of investments, advice, counsel, &c.
3. A list of all investment restrictions, &c.
4. Details of any special contracts for compensation to managers, &c.
5. A statement of all accounts sold short during the previous months,
names of securities, brokerage houses through which sold, &c.
6. Statement of all accounts operated cn margin during previous period,
names of houses through which borrowed, &c.
7. Classifications of all securities held geographically, industrially
or classified by bonds, &c.
8. A statement that no contracts of any special nature exist
unless set
forth in detail.
9. Source of income for the previous period and various other provisions
of similar character.
It is the opinion of the Assistant Attorney-General that
these provisions constitute a Blue Sky requirement far less
complete than the information required to be filed under
most Blue Sky laws of the various States. When asked
whether the investment trusts coming under the Attorney
General's scrutiny could successfully comply with these requirements, Mr. Shea stated there would seem to be no
doubt about it except that it would place them in the attitude with reference to their customers of soliciting business
but at the same time saying "we are not burglars, highwaymen, gunmen or even pickpockets." Mr. Shea said
the
prospective customer would very likely get the impression
that the advertiser was unduly protesting and might be a
crook. It is in fact this class of alibi advertising that
the
Bureau of Securities finds in general use where fraudule
nt
stocks are being promoted.
The Attorney-General's bill proposes that the Superint
endent of Banks shall pass upon the responsibility
of the project but it does not substitute his management
for the
management of the directors or trustees. The theory
underlying the alternative legislation is in absolute
conflict to
that underlying the proposed bills advanced by
AttorneyGeneral Ottinger and his Bureau of Securities.
The definition of an investment trust set forth
in the
alternative legislation seems entirely impractical to
the Attorney-General's office. It could not apply to an instituti
on
just starting and would certainly include any public
utilities
holding company as well as the New York American
Company, American Watar Works, Bancitaly Corporation, Financial and Industrial Corporation, American International
Corporation and many others which were definitely excluded from the investment trust classification by the Attorney-General in his report and in his proposed legislation.
Mr. Shea stated that the supplemental report on investment trusts, distributed on Jan. 10 to members of the
legislature and others interested, would, in his opinion, answer
all the questions and objections that have been
raised concerning the original report. An item regarding the
supplemental report appeared in our issue of Jan. 7,
page 34.
Review of Investment Market During 1927 by
Lawrence Stern & Company
The investment market during 1927 was
featured by a
continuance of the great flow of new security
offerings at
an unprecedented rate; record high prices
of seasoned issues, and a steady decline in the yield on investme
nts. In
no peace-time year has so great an amount
of new securities been offered to investors, say Lawrence Stern &
Company, Chicago investment bankers. All classes except real
estate participated in this increase.
Approximately
$2,000,000,000 was placed in new public utility loans during
the past twelve months, and only a little less than
that
amount was loaned to industrial enterprises. This compares with borrowings in 1926 by public utilities of less
than $1,500,000,000 and by industrials of slightly more
than $1,200,000,000. The company's review also says in
part:
Foreign loans floated in this country in 1927 totaled about
one
a third billion dollars and railroads received almost three-quart and
ers of
a billion of investors' dollars. Foreign borrowing in 1926
was less
than a billion dollars, while railroads in that year issued
only slightly
more .
than a third of a billion dollars of new securities.
New tax
192
FINANCIAL CHRONICLE
exempt securities in 1927 showed no large increase over 1926, but
were offered to an amount more than $1,500,000,000.
Real estate bonds offered to the public during 1927 alone showed a
decline. This might well have been expected in light of the declining
amount of new building done in this country and the additional fact
that many investment institutions, such as banks, building and loan
associations, and life insurance companies, are lending tremendous
sums on real estate projects, not included in the total offered to the
public.
The large amount of new offerings was unable to meet all the demand
securof investors for places to put their savings to work. Seasoned
ities were purchased at higher and higher prices by those who wished
prices will appear to be
t okeep their surplus dollars employed. Higher
attractive to those who anticipate a continuation of the trend towards
lower yield returns, according to Lawrence Stern and Company.
to
A considerable portion of the new financing done in 1927 was
funds
take advantage of the relatively easier terms upon which capital
back it was necessary for some
could be obtained. Not many years
7%
of our largest and most prosperous railroads to pay more than
the
on loans, while today these same railroads can issue bonds to in
is noticeable
4
public on less than 41 % basis. This decline in yields
industrial, real estate, foreign
all classes of financing. Public utility,
investor
and tax exempt securities are also being sold to yield the
ago.
less than these same securities would have yielded only a sbort time
The opinion of Lawrence Stern & Company on the outlook for 1928 is:
of
"Business conditions appear generally sound at the beginning
state.
1928. The investment market in particular is in a very healthy
by
The slight attack of "indigestion" occurring last summer caused
Another
too many bond offerings in too short a time has disappeared.
congestion of this sort should be avoided in the future if investment
dealers have learned their lesson.
is
"A continuance of a great amount of new investment financing
the
in prospect for next year, although it is problematical whether
figure set in 1927. Large
total for the year will reach the large
investcorporations will, no doubt, take advantage of conditions in the
than
ment market to issue new securities on more favorable terms
structures
those outstanding at the present. Changes in the capital
are anticipated in
of many industrial and public utility companies
as one of
the coming year with the saving in fixed interest charges
the motives for these changes.
secure
"The average investment bond today is in a much more
position than ever before. With earnings continuing at a satisfactory
being set up in physical assets,
rate, with larger and larger equities
mainand, most of all, with conservative practice and attitude being
year
tained in business generally, securities offered during the coming
known."
should afford the best opportunities for investors ever
President Simmons of New York Stock Exchange on
Developments During Year Broadening Position
of Exchange as International Market—Record
Volume of Business on Exchange in 1927.
With the conclusion of the year, E. H. H. Simmons, President of the New York Stock Exchange, notes that "the total
volume of business done in stocks by members of the Exchange on its floor, according to compilations made by the
press, exceeded that of any other year in its history."
President Simmons also commented on what had been done
toward the development of the Exchange as an international
market: his statement follows in full herewith:
[Vol.. 126.
are probably few if any years in the institution's history when so many
records, some of them of long years' standing, have been shattered. The
total volume of business done in stocks by members of the Exchange on
its floor, according to compilations made by the press, exceeded that of
nay other year in its history.
Continued prosperity throughout the country, accompanied by a steady
accretion of investable surplus in the hands of the American public are,
of course, in large measure responsible for this growth. With larger funds
available on every hand for investment and speculation in securities, interest
in the financial markets naturally broadened perceptibly. This growth
created new problems for the authorities of the Stock Exchange to solve,
problems vitally concerned with the steady and smooth operation of the
leading security market. Many of these have been solved to the satisfaction of everyone; others are being gradually worked out by offieials
nd
of the Exchange to the , that even, steady and unconfused conditions
in the market may prevail at all times.
The fight against fradulent security promotion has been waged continuously throughout the year by the New York Stock Exchange in co-operation
with such other agencies as the Better Business Bureaus, public officials,
and the American press. That progress has been made is not to be
denied, for the public of the United States is to-day more alive to the
menace of the security swindler and more on its guard against his wiles
than ever it was before. The assistance given to this campaign by the
newspapers and other periodicals of the country cannot be overvalued.
Public officials, too, both Federal and State, have earnestly and eonscientiously prosecuted the fight, while the Better Business Bureaus throughout
the country, with their searching investigations and their presentation of
information and evidence to the authorities, have rendered a service without
which much that has been accanplished would have remained undone.
Raymond J. Schweizer Suspended from New York Stock
Exchange for Period of Six Months.
By formal action of the Board of Governors the New
York Stock Exchange on Thursday of this week (Jan. 12)
suspended Raymond J. Schweizer from membership for a
period of six months. President F. H. H. Simmons, in
announcing Mr. Schweizer's suspension from the rostrum of
the Exchange said:
A charge and specification having been preferred under Section 7, Article
XVII of the Constitution against Raymond J. Schweizer, a member of this
Exchange, said charge and specification was considered by the Governing
Committee at a meeting held on Jan. 111928,said Raymond J. Schweizer
being present.
Section 7 of Article XVII of the Constitution is in part as follows:
"A member who shall have been adjudged by a majority vote of all
existing members of the Governing Committee guilty . . . of conduct
or proceeding inconsistent with just and equitable principles of trade. may
be suspended or expelled as the said Committee may determine. . . ."
The substance of the charge and specification against Mr. Schweizer was
that on Oct. 25 1927, while acting as a specialist, he made an opening trade
for his own account at a price which was net justified by the condition of
the market, thus placing In effect a stoo order, and then purchased part of
the stop order for his own account.
Said Raymond J. Schweizer was found by the Governing Committee to
be guilty of said charge and specification and was suspended for a period of
six months.
The high principles which the Exchange maintains require every member
to subordinate his own interest to that of his customers, and a specialist.
by reason of the nature of his work, is particularly under a duty to see
that orders entrusted to his care are executed in the best possible manner.
without giving any consideration to the benefits that may result to him
personally.
According to yesterday's (Jan. 13) New York "Journal of
Although the growth of the New York securities market toward the posi,
tion of an international market has been comparatively steads for several Commerce," the firm of Schweizer & Shea, of which Mr.
years past, it remained for the year just ended to witness the most important Schweizer was a member, was dissolved on Wednesday of this
steps in that direction. Chief among the developments of this nature
York week, Jan. 11. Mr. Schweizer became a member of the
which stand out in the annals of 1927 is the decision of the New
Exchange to extend its facilities for the marketing of the stocks Exchange on Jan. 29 1920.
Stock
of foreign corporations, and thereby to provide investors in America
with the machinery for a wider and more comprehensive investment of
Annual Review of New York Curb Market—Record Tradtheir surplus funds in foreign enterprises.
The action of the Exchange having been determined upon but recently,
ing in Securities—Increase in Price of Seats—Admisit is of course entirely too early to expect any sizable addition to the list
sion of Foreign Stocks.
of foreign stocks admitted to trading on its floor.
A review of the activities of the New York Curb MarEver since the war the New York Stock Exchange has been an important
capital market in the broadest international sense, yet by far a major ket during the past year states that 1927 has proved to be
in
proportion of its foreign listings has been in the form of bonds issued
constructive year for the New York Curb Exterms of the dollar. As a great creditor nation with large mans of money "another
available for investment in foreign enterprise, and with the securities of change". Among the outstanding features which developed
alien corporations finding their way more and more rapidly into the hands during the twelve months was the advance in price of memits
of American investors, the Exchange deemed it advisable to extend
foreign berships which reached the high record of $67,000, an inregulations so as to permit the inclusion in its list of those
would crease of $45,000 over the low of the year and comparing
capital securities which were being sold here and which could and
meet its requirements.
have with a previous top of $37,500, made in December, 1925.
The increase in the number and value of foreign securities which
represented on the prevailing price of seats
sought a market in the United States in recent years has been considerable. The capital
Stock Ex- amounts to $36,850,000. The review goes on to say in part:
On October 1 of this year there were listed on the New York
face value of
change foreign bonds, government and corporate, to a total
A further reflection of the rapid expansion of the market in 1927
of more
$5,350,903,461 and a market value of $4,946,274,085, an increase value, is shown in the daily average of issues in which transactions were
face
recorded. For instance, the number which ruled around the 500 mark,
than $641,000,000 since Jan. 1 1927. In other words, the
York
set a new high record and compares with an average of about 300
as of Oct. 1, of the bonds of other countries traded in on the New
approximately 16% of the total bond listings issues per day in 1926. Since the first of the year, and particularly
Stock Exchange represented
of more than $37,000,000,000. At the same time the number of individual during the last few months, there has been a large influx of securities
more than desiring admission to the trading list. From January 1st to the end
foreign bond issues was 271 out of a total of 1,483—slightly
of December, about 650 new issues have been admitted to trading
18%.
on the Exchange list is, of privileges, thereby bringing the grand total up to around 1,700 stocks
The number and value of foreign stocks
than in the case of bonds. The latter and bonds. This establishes not only a new high record in numbers,
course, of vastly smaller percenatge
steadily but the character of the new securities has been of a high order.
have been gravitating toward the New York market more or less
months,
In connection with the introduction to trading of a record number
ever since the war, whereas it is only within the last couple of
for of securities during the year, the Board of Governors of the Curb
with but a few exceptions, that foreign stocks have been available
foreign capital Exchange, early in the summer, increased the personnel of the Comlisting here. At the beginning of October twenty-four
issues were dealt in on the Exchange, their market value aggregating mittee on Listing to ten members from five in order to facilitate the
$738,297,955 out of total stock listings of a value of $47,609,636,595. increased work coming under the jurisdiction of that body.
year
Trading in issues of recognized intrinsic valuation was heavier is
This ccenpares with foroign stock listings as of the beginning of the
1927 than in any year in the history of the market, and for the
of a value of $613,884,188, an increase of more than $123,000,000.
been taken during the last year to second consecutive year since the Exchange moved indoors, total annual
In addition to the steps which have
the 100 million share mark.
facilitate the distrinution to American investors of foreign securities, the transactions approached
The volume of bond dealings also surpassed all previous records,
twelve months presented other features and other problems to the exchange
compared
which make up an interesting record of effort and achievement. There there being approximately $800,000,000 worth changing hands
JAN. 14 1928.]
FINANCIAL CHRONICLE
with a previous peak amount made in 1926 of $450,000,000, while of
all the new bond flotations in 1927, about one-half of the issued bonds
made their initial appearance on the Curb Exchange list.
Another important step taken in 1927 toward broadening the scope
of operations, and giving to the Exchange more of an international
flavor, was the decision by the Board of Governors to admit to associate membership, foreign bankers and brokers. This action, taken
principally to facilitate trading by foreign investors in American
securities, was in the form of an amendment to the Constitution of
the Exchange, authorizing applications for associate membership not
only to citizens of the United States and of Canada, as heretofore, but
also to individuals, themselves members of the London, Paris, Amsterdam and Berlin Exchanges.
Since the new policy became effective, a number of leading European
security dealers have become affiliated with the Curb Exchange. . . .
The policy of associate membership was established December, 1920,
and while associate members are not permitted to appear on the Floor
of the Exchange to transact business in person, their privileges include
some important considerations, among them a reduction in commissions. Floor privileges are limited to regular members. The associate membership is largely made up of members of the New York
Stock Exchange, who deal through the regular members.
Shortly following the approval of the amendment to admit European
bankers and brokers to associate membership, the Curb Exchange made
a further bid for international trading with the promulgation of two
sets of requirements, one for listing, and the other for unlisted trading privileges, by making more stringent their rules, and providing
through the Guaranty Trust Company rapid transfer facilities.
A majority of the rules for the admission of foreign stocks to unlisted trading privileges relate to payment of dividends, data and form.
These unlisted shares must be from countries on a gold basis, the
statistical data must be translated in English, members must guarantee
to maintain a market in the stock, and the shares must be in the
form of certificates issued by an approved American institution, or
by an American branch of an approved foreign institution, based upon
the deposit with a foreign correspondent of the original foreign shares.
Columbia• Graphaphone Company, Ltd., an English 'company, was the
first stock admitted under these new rules, and it is understood that
a number of other seasoned securities of foreign origin which hitherto
have not enjoyed the advantages of an American market will be added
to the trading list of the Curb Exchange. However, prior to the
adoption of the above rules, the Curb Exchange had on its trading
list more than 100 representative foreign stocks and bonds.
Such names as August Thyssen Iron Works of Germany, the Perelli
Company of Italy, Courtaulds, Ltd. of London, Sni Viscosa, Batavian
Petroleum, Imperial Tobacco of Great Britain and Ireland, Rio Tinto
Company, Ltd. and Anglo-American Oil Ltd. and others give a rather
cosmopolitan aspect to the New York Curb Exchange list.
Another great stride made by the Exchange during the year, and one
which has added additional prestige to the market was the broadening
of the ticker service which now covers most of the principal cities east
of the Mississippi River and extends into Canada. Also, negotiations
are under way for the extension of the service beyond the Mississippi
and announcement may be made soon of the accomplishment of this
feature.
The cities in which ticker service has been inaugurated during 1927
number eleven, and include Atlantic City, Hartford, New Haven,
Providence, Albany, Troy, Rochester, Schenectady, Syracuse, Cleveland
and.Montreal, Canada. The latter city now enjoys the same ticker
service as does Toronto, which has been installed for some time. The
other cities which go to make up a chain of twenty-one in all include,
aside from New York, Chicago, Brooklyn, Boston, Buffalo, Newark,
Philadelphia, Pittsburgh, Cleveland, Wheeling, W. Va., and Toronto,
Canada.. The extension of the ticker service has brought the number
of machines in operation up to more than 1,000.
The Clearing House of the New York Curb Exchange was another
department that enjoyed a successful year. The number of issues
cleared on Dec. 31, totalled 350, compared with 300 in 1926. In fact,
the growing importance of the Clearing House is not better exemplified
than by the fact that twenty-five of the largest banks in the East
now
accept guarantees of Curb Exchange members in stocks that
pass
through the Clearing House.
The range in price of curb seats follows:
Year
1921
1922
1923
1924
1925
1926
1927
High
$8,000
10,000
9,500
9,000
37,500
35,000
67,000
Low
$3,750
4,200
3,900
4,000
8,500
17,500
22,000
New York Curb Market Suspends Charles Leichner
from Membership for One Year.
On Jan. 5 Charles Leichner, a bond trader, connected
with the firm of John L. Morganthau & Co., with offices
at 2 Rector Street, this city, was suspended from membership in the New York Curb Market for a period of one
year for violation of Section 7 of Article 17 cif the Constitution, which reads as follows:
193
the Governing Committee, whose terms expire in May.
The Nominating Committee holds at least three meetings
during the month of March to which the members of the
Exchange are invited for the purpose of suggesting nominees, and reports its recommendations to the Exchange on
the second Monday in April, after which nominations may
also be made by petition by members of the Exchange. The
annual election of the Exchange is held on the second
Monday in May.
S. P. Arnot Elected President Chicago
Board of Trade.
Samuel P. Arnot was elected President of the Chicago
Board of Trade at the annual election on Jan. 9. John C.
Wood was named Vice-President. Neither was opposed.
Mr. Arnot has been a member of the Exchange for twentyseven years. Mr. Wood joined the Exchange thirty-three
years ago. Both have served in various offices. Directors
elected are John H. Jones, Ervin L. Roy, Kenneth S. Templeton, Francis B.
'Fox and Thomas Y.Wickham,the latter
two having been nominated by petition, and George A.
Koehl, who will fill the unexpired term of Mr. Wood. The
nominating committee is composed of John A. Bunnell,
James C. Murray, Benjamin R. Brown, John R. Leonard
and George T. Carhart; committee of appeals, William C.
Jacob, Walter Metcalfe, Caleb H. Canby Jr., Charles H.
Rohde, Wilbur F. McWhinney, Herbert McNamee; committee of arbitration, Michael Necas, John H. Wheeler,
Richard Gambrill Jr., David H. Annan, John J. Coffman,
Philip A. Copenhaver (to fill one year vacancy). Mr. Arnot,
who was born in Greenville, W. Va., located in Chicago in
1900 and has since been a member of the Board of Trade,
serving as director and as executive Vice-President. He
was the first President of the Council of Grain Exchanges
of North America. During the past two years he has been
Chairman of the Cotton Committee. He is associated with
Clement, Curtis & Co.
Albert H.Wiggin of Chase National Bank Finds General
Business Strong and Liquid but Warns Against
Over-expansion of Bank Credit—Urges Support of
Coolidge-Mellon Tax Reduction Program.
Support for the conservative program of President Coolidge and Secretary Mellon of reducing taxes by approximately $225,000,000 as against the proposals for substantially larger reductions is urged by Albert H. Wiggin, Chairman of the Board of the Chase National Bank of New York,
in his annual report presented to the shareholders on Jan.
10. "The surpluses during the last year or two have been
due, in part, to sources of revenues that cannot be relied
upon in the future," says Mr. Wiggin,"and the reduced business activity of the second half of 1927 may easily mean that
revenues in 1928 from income and corporation taxes will not
make as good a showing as 1927 revenues have made. The
Treasury program of debt reduction should not be put in
jeopardy."
Although explaining that the general business situation
remains strong and liquid, Mr. Wiggin points out that the
contrast between the movement of business and the movement of bank credit in the United States during the second
half of 1927 is noteworthy. He says:
"Business has declined in volume as compared with 1926, although
the total volume remains large and no general unemployment has appeared.
Bank credit on the other hand has expanded greatly and has largely
gone into investments and loans against securities. There have been substantial issues of securities to replace bank borrowings by business corporations but there also exists a countrywide speculation in securities.
"Taking the figures of nearly seven hundred reporting member banks
(of the Federal Reserve system) as a basis for comparison, we find that
between November 30th, 1926, and December 1st, 1927, commercial loans
showed a decline of nearly $4,000,000 whereas the investments in securities showed an increase of over $800,000,000 and loans on stock and
A member, who shall have been adjudged by a majority vote of all the
existing members of the Board of Governors guilty of a violation of the bond collateral showed an increase of $842,000,000. This condition should
Constitution of the Exchange, or guilty of a violation of a rule adopted receive thoughtful consideration."
Pursuant to the Constitution, or guilty of a violation of a resolution of the
Advocating the repeal of the Federal estate tax, Mr. WigBoard of Governors regulating the conduct or business of members, or
guilty of conduct or proceedings Inconsistent with just and equitable gin suggests that it should be coupled with the adoption of
principles of trade, may be suspended or expelled as the said Board may an estate tax by the District of Columbia, so that this Feddetermine, unless the offense is the violation of a resolution or rule for eral district
would not become a tax-exempt haven competwhich a different penalty has been provided, in which case such other
ing with the forty-six states which now have inheritance or
penalty may be imposed.
Members of Nominating Committee of New York Stock
Exchange.
Harold 0. Barker, Charles H. Blair, Arthur W. Butler,
George M. Sidenberg and Herbert G. Wellington have been
elected members of the Nominating Committee of the New
York Stock Exchange for 1928. This committee will nominate candidates for President, Treasurer and members of
estate taxes. Discussing the proposal to exempt acceptances
from Federal taxation when held by foreign central banks,
he expresses his opposition to making any type of investment tax-exempt and also to making favorites of any particular markets. On this point President Wiggin says:
The proposal has been made that acceptances should be free from Federal
taxation when held by foreign central banks. In the case of the acceptance
market it seems to me desirable that American canks should themselves
be primarily holders of acceptances. These acceptances constitute ad-
194
FINANCIAL CHRONICLE
mirable secondary reserve and when held in the portfolios of banks contribute definitely to the liquidity of our banking system. The yield on
these acceptances is already low, so that American banks are reluctant
to hold them in adequate volume and if they are made tax-exempt when
held by foreign central banks, this yield may be still further reduced. I
am opposed in principle to making any type of investment tax-exempt and
also to making favorites of any particular markets.
As to the foreign situation, Mr. Wiggin states:
"The year 1927 has witnessed improvement on the whole in the foreign
situation. Real progress has been made by industry and trade in Great
Britain during the year. It was possible a year ago to express the belief
that France had seen the worst of her financial troubles. To-day we
can express admiration for the financial strength of the French position
and for the skill and sagacity of the leaders of French finance. Belgium
has taken a place, which her history justifies, among the nations whose
finances are secure. It is a rleasure to refer in this connection to the
recent visit of the distinguished Governor of the National Bank of Belgium
to the United States, which did much to increase America's commercial
interest and confidence, already great, in Belgium. Italy, at the end
of the year, adds to a long series of financial achievements the definite
stabilization of the lira on the gold basis, and her financial leaders are
entitled to our greatest respect and admiration.
"Speculation was somewhat serious in Germany during the, early part of
the year until checked by the vigorous action of the Reichsbank, and
certain financial tendencies in Germany have led to a 'judicious word of
caution by the able Agent-General for Reparation Payments. We believe
there exists in Germany a clear understanding of financial realities on
the part of the leaders in industry, finance and Government, and a disposition to co-operate loyally with the reparations authorities.
"An international co-operation for stabilizing the Polish situation by
an international loan has been carried through admirably, and Poland
has been brought into the ranks of the countries with stable currencies.
"Elsewhere in European countries purogress has been made. National
political frictions have arisen but the disposition to work them out by
discussion and compromise is manifest."
Reviewing the year's operations, Mr. Wiggin says that
the year just completed has been in many respects an outstanding one in the annals of the Chase National Bank.
Exceeding for the first time the billion-dollar mark in total
resources, the fiftieth anniversary of the bank, the opening
of the Grand Central branch and the merger with the Mutual Bank all contributed to make 1927 a year worthy of
note. Satisfactory progress in the erection of the new Chase
building and the broadened selling policy of the Chase Securities Corporation also were reported. At the time of the
Mutual Bank merger the capital of the Chase National Bank
was increased from $40,000,000 to $50,000,000 and the surplus from $25,000,000 to $40,000,000. The Dec. 81 1927
statement, as shown in the annual report, gives total resources as $1,001,292,727.
Profits of the bank from Dec. 31 1926 to Dec. 31 1927,
after deducting all expenses and making full provision for
all bad and doubtful debts, and providing for reserve for
taxes, were $8,070,375. Out of these profits dividends of
14% were declared on the $40,000,000 capital of the bank.
amounting to $5,600,000. Profits of the Chase Securities
Corporation for the same period were $3,475,708, out of
which dividends of $1,600,000 were declared, amounting to
$4 per share on the 400,000 shares outstanding. The surplus and profit account of the corporation on Dec. 31 1927
was $11,549,352. In reporting on the Chase Securities Corporation, Mr. Wiggin states that during the years 1926 and
1927 the corporation acted as one of the syndicate managers
in issues totaling more than $1,100,000,000.
James S. Alexander of NationalaBank of Commerce in
New York Sees No Indications of Unfavorable
Changes in Underlying Conditions.
That "we have now had three successive years of prosperity in the United States, and as yet there are no indications of unfavorable changes in underlying conditions" is
the observation made by James S. Alexander, Chairman of
the Board of Directors of the National Bank of Commerce
In New York in his annual report to the stockholders on
Jan. 10. Mr. Alexander says:
In a number of ways 1927 was not so active a year as the two preceding.
Although the earnings of many individual enterprises made new high
records, aggregate output and profits of some important industries were
lower than in 1925 and 1926, and there was more unemployment. So
many kinds of activity are embraced in what we call general business
that Its course is certain to be irregular. Now and then expansion goes
too far in some industries, and when this occurs it follows that they must
mark time for awhile. When several important lines are simultaneously
making these adjustments, business slows down.
This is apparently what has been taking place recently. Instead of being
a cause for uncertainty, the dullness which characterized the latter part
of 1927 and which may continue through the early weeks of 1928 is an
important element of strength in the outlook. Most industries have carefully watched their markets and curtailed production when it was evident
that this was becoming advisable. The result is that stocks of finished
goods are being used up, and as Spring advances a gradual increase in
industrial activity will be necessary to supply current demand.
[VOL. 126.
given unit of time, but the labor cost per unit of output, is the crux
of the wage question, and that high productivity, high wages and high
purchasing power are elements of prosperity. But it does not follow
that wages can advance uninterruptedly. Labor costs per unit must keep
pace with rising wages. This is exemplified by the position of the railroads, which in recent years have shown what can be done in improving
earnings by increased operating efficiency. Of late, there are evidences
that for the time being they have gone about as far as they can go in
this direction, and that higher wages from now on will mean lowered
earnings. Yet even now many of the railroads are not earning enough
to put them into a satisfactory position for the betterment and extension
of their facilities. We have apparently reached a point where the question
of whether or not the country remains prosperous indefinitely will depend to a considerable extent on the thorough understanding by labor
of the facts as to the national and international competitive situation.
Stevenson E. Ward, President, in reporting on the operations of the bank for the year, said:
Banking operations In 1927 resulted in earnings larger than in any
year since 1919, notwithstanding that the period was one of declining
money rates with only moderate demand for commercial accommodation.
Operations for the year ended Dec. 31 1927 resulted as follows:
Profits after all expenses and taxes and full provision for
bad and doubtful items
$6,459,224.16
Payment of regular dividends of 16% and extra dividend
of 2%
4,500,000.00
Addition to undivided profits account_
$1,959,224.16
The Midtown Office at 269 Madison Avenue, between Thirty-ninth and
Fortieth Streets, has brought the facilities of the bank to the threshold
of our customers in the Grand Central area, and now serves a widening
clientele of firms, corporations and Individuals, whose patronage has not
heretofore been enjoyed.
The growth of the Trust Department since its establishment four years
ago has exceeded the most favorable expectations. The volume and importance of its present business, corporate and personal, are fully commensurate with the other activities of the bank.
The volume and profits of our foreign business exceeded those of any
previous year. This broadening and development of our operations in
International trade and finance assure the maintenance of the outstanding
position which the bank holds in this field.
The number of stockholders is 6,696, the average holding being about
37 shares.
The bank's statement of condition Dec. 31 1927 shows
capital of $25,000,000; surplus of $40,000,000 and undivided
profits of $4,438,544; deposits of $537,262,387, and total resources of $753,336,246.
Stocks of National City Bank and Chase National Bank
Removed From New York Stock Exchange Trading
List—Resolutions Adopted by Governing Committee of
Exchange.
The stock of the National City Bank of New York and
the receipts for shares of the Chase National Bank and
Chase Securities Corporation were removed on Jan. 11 from
the list of securities dealt in on the New York Stock Exchange. The stockholders of the respective institutions approved this step at their annual meetings on Jan. 10,—the
proposal to this end having been referred to in the case of
the National City in our issue of Dec. 10, page 3115 and in
the case of the Chase, in our Dec. 24 number, page 3431.
Action by the Governing Committee of the Stock Exchange
was taken at a regular meeting on Jan. 11, when the following resolutions were adopted:
WHEREAS, the stockholders of the National City Bank have by
almost unanimous action requested the Governing Committee to remove
said stock from the list of securities dealt in en the Exchange;
BE IT RESOLVED, that said stock be and hereby is striken from
the list of securities dealt in on the Exchange.
WHEREAS, the holders of receipts for shares of the Chase National
Bank of the City of New York, and shares of Chase Securities Corporation, have by almost unanimous action requested the removal of
said receipts from the list of securities dealt in on the Exchange;
BE IT RESOLVED, that said receipts be and they hereby are
stricken from the list of securities dealt in on the Exchange.
The "Journal of Commerce" on Jan. 12 stated:
The decision of the Governing Committee closes the controversy between Charles E. Mitchell, President of the National City Bank, and
officials of the Stock Exchange. When some time ago he requested
removal of the stock from the list, on the ground that bank stocks
should not be subjeci to the sometimes violent fluctuations on the Stock
Exchange, the exchange officials countered with the request that he
first secure the approval of a majority of the stockholders in making
the request. An almost unanimous consent was given at the annual
meeting of stockholders of the National City Bank on Tuesday.
The speculation was given its impetus on September 17, 1927, when
the bank stocks were assigned to the inactive post on the exchange,
where trading is done with a unit of ten shares instead of the ruling
100-share lot. This action was taken by the Committee of Arrangements, it is understood, in order to create more trading in the stocks.
The shares of fifteen other banks now remain listed on the New
York Stock Exchange, although they are traded little.
None of the
other banks took action at their recent meetings, but it is expected that
several others will soon follow in requesting the removal of their
stocks from the list.
Noting that the shares of the National City Bank and of
the Chase National Bank were on Jan. 12 once more traded
Wages and business are also the subject of comment by in in the "over-the-counter" market the "Times" of Jan. 12
said:
Mr. Alexander, as to which he says:
The last sale of the National City Bank on the Stock Exchange was
The relation of wages to the course of business inevitably raises some
interesting questions. The American theory is that not the wage for any 777 and its bid and asked price in the over-the-counter market yester-
JAN. 14 1928.]
FINANCIAL CHRONICLE
195
The shares of the Chase National Bank, whose
day was 765-772.
last sale on the Stock Exchange was 575%, were quoted yesterday at
571-577 in the outside market.
the quality of business management will be a factor of first importance
But, generally speaking, domestic business should be active.
Relatively easy money seems likely to continue. And easy money always
sustains business.
In any analysis of the monetary policies of the
President Johnson of Chemical National Bank Regard other important forces operative in the moneyFederal Reserve Banks and
market, the inter-play of
domestic and foreign influences becomes apparent. We are obliged to take
General Business Situation as Fundamentally
cognizance of this inter-relation.
Sound.
The most important recent event in the field of international finance was
In his report to the stockholders regarding the opera- the over-night return of Italy to the gold standard. And to provide against
the draining of gold, Italy arranged foreign credits of 2125,000,000 with
tions of the bank during the year, Percy H. Johnston, Presi- fourteen
nations. Probably these credits will not have to be used. But
dent of the Chemical National Bank of New York, makes they form a secondary line of defense.
It is a hopeful sign for the stabilization of Italy's currency that the
the statement that "we regard the general business situation
Italian budget shows a considerable surplus for 1927. A
as being fundamentally sound, and we anticipate another does not make for the maintenance of a stabilized currency. budge deficit
good business year." President Johnston also states that
So the New Year starts in a promising way for Italy.
The
"the year just closed has been a satisfactory one for the has strength of the French financial situation, throughout 1927, perhaps
not been sufficiently recognized. Large
reserves at home and
bank. The net earnings of the bank were some $300,000 large deposits In foreign banks, designed goldprotect her exchange,very
put
to
less than last year, but this was caused by two factors— France in a position where she could return to a gold standard whenever
political considerations made this advisable.
low interest rates and the establishment of four additional
It will be remembered that, just before Christmas of 1926, an announcebranches. It is our policy to pay as we go." In part, ment was made that dollars and pounds sterling would be bought and sold
for a certain number of francs. This was not official stabilization of the
he also said:
franc, but French exchange has been remarkably free from fluctuation
One of the outstanding developments during the last year has been the throughout
1927 and this stability indicates that a return to the gold
continued large growth of the trust department More and more the standard
is a possibility for 1928. The more so since Italy's return to a
officers, directors and shareholders and many of the large customers are gold
standard.
appointing the bank in a fiduciary capacity, and present indications
When England resumed the gold standard, that country had not reare that this department in the course of a few years will be a large covered from doles, unemployment,
labor difficulties, idle shipping, demoney maker for our institution.
pression But the British financial situation is now more favorable and
The foreign department continues to show a satisfactory development should aid British industry
to retain its recent gains. There is reason to
and its business is steadily increasing. Our foreign office at 70 Cornhill, think that business in England will improve in 1928.
London, E. 0. 3, in charge of assistant vice-president Leonard St. C.
American loans have helped Germany to meet reparation payments.
Ingrams, is rendering an important service and is being made use of by But Germany still has a financial problem. S. Parker Gilbert, agent general
many of our large customers both at home and abroad.
for reparation payments, has served notice of the need of government
The deposits for the year have again shown an increase and have for economy. President Schacht, of the Reichsbank, has warned against
1927 averaged slightly more than $6,500,000 over 1926.
borrowing for unproductive purposes, particularly by municipalities.
The amendment of the National Banking Act by the last session of
Internal conditions are greatly improved in Germany, but imports still
Congress permitting national banks in large cities to have branches is exceed exports. And the problem of transfer of funds has given rise to
a distinct advantage to our institution. Acting under the provision of much discussion in financial circles. A policy of higher money rates in the
this law, we have established four additional branches during the past United States would complicate the transfer problem, especially during the
year.
second half of 1928 when Germany's reparation payments are scaled up.
•
• •
These problems of international finance will be met by sound common
During the past year we have inaugurated a policy of having active ad- sense and courage, guided by experience. There is no reason to be Pesvisory boards for the branches and over fifty of New York's leading simistic over the outlook or fear for the foreign trade of the United States.
business and professional men have accepted our invitation to serve on But in the guidance of the affairs of your bank, our point of view must be
these boards, thereby identifying with our bank an entirely new group as broad as the scope of the bank's operations. Yours is an American
of successful and influential individuals. A director of the bank is a bank. At the same time what happens abroad affects the American money
member and acts as chairman of each of these boards. These boards are market, American banks and American business.
I look with entire confidence to the prospects for your bank during the
all listed on following pages.
Early last Spring we entered into a contract with the owners of the coming Year and the plans laid should assure continued growth and Profits.
large building at 165 Broadway to erect a new five-story building on
The statement of condition of the bank at the close of
the corner at Cortlandt Street and Broadway, such building to be conbusiness on Dec. 311927, presented by President Reynolds
nected with and forming a part of the present building at 165 Broadway.
The building will have a frontage of 75 feet on Broadway and 306 feet showed net earnings for the year were $7,452,266, after
on Cortlandt. The bank will occupy the entire five floors of the new setting aside $2,000,000 for taxes and providing ample rebuilding and two floors of the building connected thereto. The main
banking office will have apprcximately 16,500 square feet and will be serves against contingencies. These earnings compare with
modernly equipped in every respect. We have leased about 56,000 square a net of $7,189,745 for 1926, when interest rates were higher.
feet for a term of twenty-one years with two renewal privileges; we have For 1927, said President
Reynolds, net earnings are equivaalso a contract whereby we can acquire about 40,000 square feet additional,
lent to 29.81% on the capitalization of .825,000,000, which
should the development of our business make such action advisable.
We will move our main office to this new location in September. 1928. the bank had until Dec. 1, and 10.46% on the total invested
Our present main office at 270 Broadway will be disposed of and prior capital. Regular dividends
at the annual rate of $16 per
to moving we will open a branch at 320 Broadway to care for our imshare were paid during the year on both the old and new
portant business in that district.
During the past year Mr. Henry A. Caesar, due to his desire to de- stock. In part President Reynolds also said:
crease his business activities, withdrew from the board of directors and
The year just ended has been a memorable one In the history of the bank.
It is my painful duty to report the loss of another director in the tragic With the enactment of the McFadden Bill, it was no longer necessary to
death of Major Garard Comly. Three new directors were added to the maintain two separate banks, as the activities of the state bank could legally
board during the year: Mr. Lanunot du Pont, President of the E. I. be combined with those of the national bank. And the consolidation, which
du Pont de Nemours Co.; Mr. Robert Goelet, both of whose families have you authorized Nov. 15 and which became effective Dec. 1. gives you a
been identified with the bank for a hundred years; and Mr. William C. bank that ranks with the foremost institutions of the country in size.
Langley, head of the investment banking house of W. C. Langley & Com- strength and prestige.
The consolidation has made possible even greater centralization of adminpany.
At the annual meeting in January 1927 the shareholders ratified the istrative control and complete co-ordination of the facilities of both banks.
stock dividend of $500,000 and this amount was transferred from the un- This organization change, coupled with economies that have been effected.
divided profit account to the capital stock of the bank, making the capital should be reflected in the future earnings of the bank.
Even greater financial strength has been placed behind each department
$5,000,000.
After charging to earnings account all expenses and extra compensation of the bank. And this financial strength—represented by invested capital
of more than 273.000,000 and resources of 2632.930,000—should be an imto employees and after charging off all losses and setting up proper
tax and other reserves, we have made disposition of the balance of the portant factor in the development of the bank's business.
To the end that the systematic program now under way for the extension
year's earnings as follows:
of business may be most effective. I ask for the officers of the bank the con24% dividend to shareholders
$1,200,000.00 tinued support and co-operation of stockholders and directors.
And the
Stock dividend to capital account
500,000.00 wide facilities of the bank should afford this opportunity:
Commercial bankAdded to undivided profit account
14,601.70 ing, foreign banking, personal and corporate trusts, savings, safe-keeping
of securities, safe deposit facilities, real estate loans and mortgages. In
*1,714,501.70 addition, there is your Continental National Company,engaged in the underThere are at present 712 members of our staff, of which 54 are officers. writing,
wholesaling and retailing of investment securities.
We have 1,487 shareholders.
Brief mention may be made of the huge volume of business handled by the
The Board of Directors and the management again pledge themselves bank. For example,
in 1927,the Continental cleared well over 210,000,000,to a continuation of the conservative policies and sound principles which 000,or 29.7% of the total amount of clearings
of the Chicago Clearing House
have been time tried and which have made this bank a landmark in AmeriOne bank out of every six in the United States has money on deposit with
can business.
the Continental National Bank ez Trust Co. And the Continental has banking connections with more than 21,000 foreign banks. In the matter of
inter-bank relations, so important
Arthur Reynolds of Continental National Bank & Trust second to none in the country. for service as well as profits, the bank is
Co.of Chicago Looks for Active Business—Strength
of French Financial Situation, and View of Con- Indorsement of Lower Interest Rate on Time Money—
ditions at Home and Abroad.
Iowa Banks Favor "Service Charges."
The French financial situation, conditions in Germany,
The following is from the Des Moines (Iowa) "Register"
&el. were commented upon by Arthur Reynolds, President of Jan. 5:
of the Continental National Bank & Trust Co. of Chicago, Possibility of a reduction of interest rates to 3% on time money and indorsement of "service charges" on bank accounts are among the practical
in his report to the stockholders under date of Dec. 31. As results attained
by 11 recent district conferences of county banking officials,
to conditions at home and abroad, Mr. Reynolds said:
according to George J. Schaller of Storm Lake, president of the Iowa
The trend of American business is in the direction of continued prosperity.
There will be variations in volume of business and in profits, between localities, lines of business and concerns. Keen competition will continue and
Bankers Association.
"The Iowa Bankers Association has already indorsed the principles
underlying the 3% interest rate," he declared las night, "and district con-
196
I
.V0L. 126.
FINANCIAL CHRONICLE
ferenFes have demonstrated that there is much sympathy in favor of the
move.
"However, sentiment is divided on the proposition, and bankers differ
in their view points, depending on conditions in their respective sections
of the state."
Arguments in favor of the proposed reductions in interest rates hinge
on bankings conditions within the state. Such a drastic move many bankers
believe, would tend to stabilize banking in the state, where bank failures in
the last two years have been numerous.
Other measures suggested at district bankers' conferences for relief of
banking conditions in Iowa included reduction in overhead of banking
establishments, improved bookkeeping methods which would standardize
the figuring of interest rates, and increased efficiency of banking establishments.
The 3% reduction in interest on time money is foreseen by state banking
officials as an "ideal" or objective for the banking interests of Iowa to
strive for, rather than an immediate innovation.
Interest Rate on Time Deposits Lower By Camden
(NV.) Banks.
City and county banks in Camden, N. J. announced on
Dec. 29 a reduction of the time interest rate from 4 to 33 %
effective Feb. 1, according to advices to the New York
"Journal of Commerce" which said:
Dropping rates on government and municipal bonds in which savings
funds are invested was given as the reason. The present rate barely allows
payment of overhead, they say. Philadelphia banks are contemplating a
like move, local bankers say.
Frank C. Mortimer Describes Development of Southern
California.
So much has been written about the growth and development of Los Angeles that many in other sections are inclined
to be skeptical. This prompted a financial writer from
Wall Street, who has recently taken up his duties in California, to ask one of the city's conservative business men
—if possible a banker—to set down in black and white the
true story of the progress of Los Angeles. Frank C. Mortimer, Vice-President of the Citizens National Bank and of
the Citizens Trust & Savings Bank, was chosen for the task.
Before taking up his present duties Mr. Mortimer was for
several years an official of the National City Bank of New
York, the largest banking institution in the United States.
In a local way, Mr. Mortimer's conservative and constructive reports, as Chairman of the local cotton and wool
committees, have attracted nation-wide attention. His
facts and figures depicting the development of Los Angeles
since 1920 follow:
1920.
1927.
1,300,000
576,673
Population
616,000
276,100
Names in city directory
298.000
160,228
School enrollment
$1,971,820,700
$741,313,726
Assessed valuation
$48,350,391
$35,106,612
Federal income taxes paid (1926)
$3,994,280,520
Bank clearings
$383,252,411
(est.)$1,135,000,000
Bank deposits
Department store sales (as reported to Federal
855,000,000
(est.) $96,000,000
Reserve Bank)
$9,765,000
$4,190,660
(est.)
Postal office receipts
$60,023,600
(est.) $123,000,000
Building permits
825,000
$2,000
Price of Stock Exchange seats
(above)
18.916,976
27,000,000
Stock Exchange sales (Shares)
$32,112,821
(est.) $240,000,000
Stock Exchange sales (value)
700,000
190,624
Auto and truck registration (Los Angeles County)
5.804
3,311
Industries In metropolitan area
$300,200,000 (est.)3200,000,000
industrial payroll
Annual
$788,652,885
81,300,000,000
Value of manufactures
149,000.000
32,127,876
011 production (barrels)
$64,000,000
Value of agricultural products (Los Angeles Co.) $93.000.000
$18,606,121
8111,000,000
Los Angeles Harbor exports
840,130,000
$9,897,336
Los Angeles Harbor imports
$822,260
$6,150,000
Customs receipts
164
5
Number of steamship lines
2,886
7,288
Vessels entering Port of Los Angeles
$153,919,000
8910,822.000
Total value tonnage shipped
One of those expressing surprise at the President's statement that he sees nothing in the situation beyond the
expansion of business is Representative Dickinson of Iowa,
who, according to the New York "Journal of Commerce,"
is seeking to have a constructive study of the brokers' loans
situation made by the House Committee on Banking and
Currency with a view• to determining whether legislation
to limit the utilization of liquid funds in speculation is
desirable. The advices to that paper from Washington
Jan. 11 also said:
Mr. Dickinson is looked u )on in the H01160 as the leader of the farm
bloc, the membership of which has been paying some attention to the
mounting totals of brokers' loans weekly reported by the Federal Reserve
Board.
On the Senate side of the Capitol, Senator Brookhart of Iowa is seeking
more drastic action in the consideration of this matter and will endeavor
to have measures introduced by him taken up in the Senate Banking and
Currency within the next week or ten days.
Plans Nothing Destructive.
Discussing the situation to-day, Representative Dickinson sought to
make it clear that he contemplated nothing destructive, and, while he
declined to explain his talk on the subject with Chairman J. T. McFadden
of the House Banking Committee, it is understood that yesterday he
urged upon the latter that hearings be arranged for. It is further understood that Mr. McFadden suggested a delay of a few days so that he might
have time to consider the matter.
Information concerning some of the plans of Mr. Dickinson came to light
at the Capitol to-day. It was learned that he contemplated placing the
matter before the heads of the various agricultural organizations, which will
gather in Washington next Monday preparatory to appearing before the
House Committee on Agriculture in connection with the meetings on farm
relief legislation. Mr. Dickinson will. it is said, point out to the form leaders
the desirability of their interesting themselves in this matter. While it
could not be learned to-day whether or not other responsible farm leaders
have interested themselves in the brokers' loans problem, there has been a
persistent rumor about the capital that an investigation was imminent.
Mr. Dickinson stated that he was seeking simply a study of the latter.
He pointed to the vast millions that have found their way into the speculative movement and is viewing it with alarm since, he said, it is giving to
the country a wrong impression of existing propserity, There, in fat,
much of the activity exists only in a speculative may and has not a firm
foundation.
Loan Statement Criticized.
The temporary impetus given to the market by the statement of the
President on Friday last, as repeated by White House visitors, that the
Increase in the total of brokers' loans might at least, in part be attributed
to large bank balances and an increased number of issues on the market has
brought about some adverse comment. There has been heard a rumbling in
certain quarters and the suggestion that it would have been better had
not the White House report been given publication, even though the
statement attributed to the President, was safeguarded with the qualification that the President had not personally studied the matter but was
relying on the information that had come to him from the government
departments.
House leaders are very desirous of checking the consideration of any matters in committee that likely will prove of a controversial character. Changes
in the Federal Reserve Act clearly would come within such a prohibition.
Recently there was a conference between leaders and committee chairman.
at which , it is said said, it was agreed to stave off all but absolutely necessary legislation. Whether the rank and file of the House will be content
to submit to such a program remains to be determined. The McFadden
committee has not arrived at a program for the present session of Congress
but there are indications that beyond such matters as the bill providing
machinery for the establishment of a pension plan in the Federal Reserve
system and the Strong bill for the stabilization of the dollar little else may
be looked for as coming up in the committee.
Senator Brookhart proposes very drastic changes in the Federal Reserve
Act. His amendments are designed to prevent handling of speculative
stocks in the Reserve system, the result of which, the Senator has insisted,
would be to release a large volume of capital for agricultural credit.
111
Report To-day Early Awaited.
To-morrow's report is being looked forward to with a great deal of inter'
eat here. A week ago loans to brokers and dealers secured by stocks and
bonds went to a record for all time, advancing $92,401.000 over the high
mark reached the week before. The aggregate reported at the close of busiBrokers' Loans Said to be ness Wednesday. Jan. 4, was $3,810,023.000, while that of the preceding
Action Toward Curbing
$3,717.622,000. These figures are nearly a billion dollars
Wednesday
Under Consideration by Farm Leaders in Congress higher than was totals of a year ago.
the
—Representative Dickinson Expresses Surprise at "I have for a long time considered that this prosperity is artificial; that,
as a matter of fact, we are riding toward the brink of a great economic
Views of President Coolidge.
chasm." declared Representative Dickinson. "The trouble is that the
A brief reference to the comment made last week by present system has destroyed investment securities for a great many sections
President Coolidge regarding the increasing brokers' loans of the country so that when a banker has idle money he immediately sends
reloaned
it to New York,
appeared in our issue of Jan. 7 (page 34). The further tive purposes on where it ismarket. and where it finally is used for speculathe open
Associated Press accounts from Washing- "To me that is a very unhealthy situation and I was greatly surprised
and more detailed
ton as to his views (published in the daily papers of Jan. 7) the other day when the President said he could see nothing in the situation
beyond the expansion of business.
said:
"I can see in it a possible bombshell that may wreck our system unless
Although loans to brokers and dealers held by New York Federal Reserve some curb is put on it, because the values in many of the
speculative issues
member banks have reached the unprecedented height of $3,810,023,000, are not intrinsic and no one knows that better than the manipulators on
President Coolidge does not see any reason for unfavorable comment.
The encouragement given by the President's statement
the Exchange.
The loans are larger than at any time within the history of the Federal might prove very disastrous. I have long felt that
something should be
Reserve System and are about a billion dollars in excess of those reported done to check this sort of speculation. The Federal
Reserve Bank in New
on Jan. 5 1927. During the last month they increased by about $100,000,- York should be prevented from making loans when
there is reason to believe
000. and except for a few minor fluctuations they have increased steadily that the indirect effect is going to be the expansion of speculative trading."
for the last eighteen months.
In continuing his discussion. Representative Dickinson explained how the
The President, it was said at the White House to-day, believes that the loans are made and added that he is
making a study of Sections 13 and 14
increase represents a natural expansion of business in the securities market of the Reserve Act to determine whether an
amendment thereto whereand sees nothing unfavorable in it.
by such transactions may be curbed is desirable.
While feeling that this increase in brokers' loans is only natural, the
The farm.bloc leader is determined that attention shall be given the subPresident was represented as not attempting to qualify as an expert on ject. He wants a hearing before the House
Banking Currency Committhe Federal Reserve System. In a general way, however, he believes tee and will again take the matter uo with its
chairman, Representative
the growth of securities in recent years and of bank deposits would result McFadden, at a very early date.
naturally in greater brokerage business with the resultant expansion in
brokers' loans.
The President, it was explained, does not feel that he is in a opsition
to say whether the loans have reached the stage of disproportion with the
resources of the country,
The following regarding the expression of views 34
President Coolidge appeared in the New York "Times"
of Jan. 8:
JAN. 14 1928.]
FINANCIAL CHRONICLE
A Surprise from Mr. Coolidge.
Old-timers in Wall Street tried without much success yesterday to recall
any precedent for Mr. Coolidge's remark on brokers' loans, quoted in the
morning newspaper dispatches. None of them could remember an instance
in which the country's Chief Executive had made a public declaration on
a controversy of Just that character. Such questions have been publicly
discussed by Presidents of the Federal Reserve banks or by the Comptroller
of the Currency, although usually when they wished to warn against existing practices, and the White House has at times given out reassuring individual statements when gold exports were creating alarm, as happened repeatedly in the time of President Cleveland. But the Chief Executive
has traditionally avoided expressing opinion on subjects purely technical
or which are surrounded with problems of speculative activities.
The "Times" also on Jan. 8 observed as follows the effect
of the President's statement on stock market operations:
Stocks were turned over in huge volume on the New York Stock Exchange
yesterday,largely as a result of enthusiasm aroused by President Coolidge's
statement that he saw no reason for alarm in the large expansion of brokers'
loans. The market was the second heaviest for a Saturday in the history
of the Exchange. Transactions totaled 1,678,511 shares. This compared
with Saturday's record of 1,682,550 shares established on Oct. 17 1925.
The reassuring statement by the President did not come out until after
the close of the market on Friday, and the stock market community,
after reflecting on it over night, concluded that it invited heavy buying of
shares. There was urgent short covering during the first hour of trading,
resulting in sharp advances in many of the market leaders, in luding
United States Steel, General Motors. General Electric, Radio Corporation.
Montgomery Ward and Allied Chemicals. The gains, amounting in many
instances to 3 points or more, were reduced before the close by a rush of
profit-taking. The market was somewhat irregular at the close, but with
gains far outnumbering losses.
Durant Expects Bigger Loans.
In addition to the statement by President Coolidge, Wall Street had
before it a bullish comment by William C. Durant on brokers' loans.
Answering his own question, "Why all the hue mid cry about the bank
loans to brokersI" Mr. Durant said:
"The function of a bank is to receive and loan money. The banks, due
to the wonderful prosperity of the country, have accumulated enormous
deposits and will continue to do so. These deposits must be loaned. Where
or to whom could the banks loan $3,000,000,000 to better advantage or
more safely than to brokers or individuals, secured by choice collaterals of
their own selection. In the ordinary course of business. I am of the opinion
that brokers' loans, or 'Street loans,' so called, will within the next twelve
months exceed $5,000.000,000."
Mr. Durant is credited with a great deal of success as a stock market
operator.
Noting the continued advance in the total of loans to
brokers and dealers secured by stocks and bondsTwhch
reached $3,819,573,000 at the close of business on Jan. 11,
the Washington correspondent of the "Journal of Commerce"
referred further on Jan. 12 as follows to the subject:
Says West if Being Bled.
Making further comment on the rise in the total of brokers' loans to-day,
Mr. Dickinson declared that this only emphasized the facts noon which
he based his request for a hearing before the McFadden committee. He
is said to be possessed of a considerable emount of data to back up his
contentions that the "West is being bled white of ready cash to feed into
Wall Street money which ultimately will be used for speculative purposes."
He declared that the present situation is serving to drain his section of the
country to the extent that local bankers in Iowa,for instance, are precluded
from helping local industries and the promotion of local projects.
All persons interested in the situation are taking great care to make no
untoward move to upset trading conditions in the market. No effort is
being made to affect market quotations or values, it is declared, the ont
desire being to curb the flow of money into Wall Street. It is pointed out
that this is in no wise a political move. Mr. Dickinson asserted to-day that
he would be very guarded in his activities in seeking to accomplish the results at which he is aiming. He has lost none of his determination to secure
a "study" of the movement of funds from other sections of the country.
however.
Reserve Board Reticent.
Interested persons are preparing to sound the members of the Federal
Reserve Board on this matter. Newspaper inquiries made of them, however. were unproductive of results, since the board members declined to
talk on such a delicate proposition. It is indicated, nevertheless, that
since the board gives consideration to conditions such as now exist, the same
as all other things that may have to do with the credit structure of the
country. It has already concerned itself with the matter.
It is pointed out that in any event $3.800,000,000 is a tremendous volume
of credit and that necessarily the Federal Reserve Board and everyone
else connected with a fiduciary institution must take such a volume into
consideration. . . . Whether the volume is too great, It is contended
Is a question that is open to discussion, it being added that it is doubted if
any one person would be willing to pass judgment on the amount and have
ading operations guided by such an assertion.
The "Brokers' Loans" Controversy.
Editorial discussion of the above appeared as follows in
the New York "Times" of Jan. 11:
That President Coolidge should have allowed to be publicly quoted the
remarks ascribed to him, regarding the unprocedentedly large expansion of
bank loans to the Stock Exchange, can hardly be classed as wise or prudent.
This judgment does not depend on the correctness or incorrectness of the
White House view of such credits. But it was much like passing offhand
judgment to describe that increase as a "natural expansion of business," in
hich the President could see "nothing unfavorable." Mr. Coolidge was
escribed as not attempting "to qualify as an expert," or indeed to be in a
osition to say whether these brokers' loans had "reached a stage of disproortion." But if this was so, it would surely have been better to say
°thing. It VMS in many respects a highly technical question; it was partly
nod up with dispute as to whether stock speculation had or had not been
ed to excess. These are not matters which a Chief Executive should
eel himself called on to discuss.
From whatever viewpoint it is considered, the scope of increase in this
articular use of credit has been a striking phenomenon of the day. It was
reseen two years ago that it was bound to become a matter for careful
atching. The Federal Reserve had required since 1917 confidential weekly
eports from banks in its membership, giving particulars of loans made by
197
such banks to "brokers and dealers in stocks and bonds." At the beginning
of 1926 this information was no longer held in confidence: it was published
with the weekly Reserve Board statement. At the same date the Stock
Exchange authorities themselves required monthly reports of borrowings on
stock and bond collateral by members of the Exchange, and the compiled
total was regularly made public.
The adoption of this policy was recognized as an outcome of what had
happened in the period of speculative excitement toward the end of 1925.
The Reserve Board's confidential weekly summaries had shown "brokers'
loans" by the New York City banks to have risen during that calendar year
from $1,715,048,000 to $2,743,862,000. or slightly over one billion dollars.
In November of 1925 the Reserve Banks raised their discount rate, and the
member of the Reserve Board who acted as spokesman for his colleagues,
stated in a public speech that the year's great increase in the country's bank
loans had "not been in the commercial loan account but in the collateral
account." It was due "mainly to the huge volume of credit absorbed by
the country's great speculative centre." These conditions, Dr. Miller continued, constituted "one of the danger spots in our present situation."
New York "brokers' loans" decreased $120,299,000 between the end of
that year and the end of 1926. Then the movement changed again: the
Stock Exchange's monthly reports showed such credits to have risen $1.294.000,000 during the whole year 1927 and 8759,000.000 in its last four months.
That this immense expansion occurred simultaneously with almos tunrnterrupted speculation for the rise in active stocks no one denied. It was
to be sure, pointed out by bankers that loans of that class would be enlarged
by borrowings for houses engaged in underwriting new securities. The
Reserve Board explained in its December bulletin that the year's reduced
activities in general trade, with consequent reduction of commercial need
for credit, had contributed to the enlarged facilities. But temporary borrowings, to carry newly underwritten securities while reselling them to investors, could hardly explain the comparison with total "brokers' loans" a
year ago, and explanation of why the available credit facilities'are so large
does not answer criticism directed to the employment of them.
The controversy is by no means settled: in some respects it is one of those
controversies which is never conclusively settled except by events. In so
far as the situation may be supposed to represent the use of credit in unre:
cedented sums to buy stocks at advancing prices and hold them for a further
and greater rise, experience would hardly make it a reassuring sign of the
times. The most hopeful consideration lies in the fact that the larger
menace pictured in 1925, the spread into commodities and trade of speculation based on the huge credit fund, has not been realized. Industrial prices
are in most cases lower than a year ago, and 1927 was a year of relaxing, not
abnormally stimulated, trade activity.
New Regulations of Federal Reserve Board—Semi-Weekly
Reports of Member Banks' Reserves.
Referring to the fact that, beginning Jan. 10, member
banks of the Federal Reserve System in New York would
be required to report twice a week on their reserve position, in place of the system formerly in force under which
weekly reports were made, the "Times" of the 10th inst.
said:
The new regulations caused wide comment in Wall Street, where
they were interpreted as a move toward a closer checking up by the
Federal Reserve authorities on loaning activities.
The bank credit situation has been the subject of much discussion
recently in view of the expansion of more than $800,000,000 in stock
and bond collateral loans in 1927, despite the slower pace of business,
and the expansion to record levels in brokers' loans, as reported both
by the Federal Reserve Board and the New York Stock Exchange.
The new system of computing reserve balances was regarded as the
direct cause of the calling of more than $20,000,000 of loans yesterday,
which resulted in an advance from 4 to 4Y 7 in the demand loan
3,0
rate. The regulations will not include any change in the Clearing
House system under which the Clearing House member banks issue
weekly statements on Saturday. The Clearing House statement at the
end of last week showed a deficiency of $62,374,630 in reserves, which
contributed to the firmer tone in money yesterday. This firmness was
responsible for considerable selling in the stock market yesterday.
Under the old system, the average reserve position of the Federal
Reserve member banks was computed as of the close of business every
Friday.
Henceforth, the computations will be made every Tuesday
and Friday. Although the new system actually went into effect last
Tuesday, today will be the first day on which a semi-weekly computation will be made, as the figures last Friday covered a week's period.
Gates W. McGarrah, Federal Reserve Agent at New York, has sent
to all the member banks in the Second Federal Reserve District a
letter calling attention to the new regulations of the Federal Reserve
Board.
While the first impression in Wall Street was that the regulations.
would tend to restrict loaning activities, the general conclusion was
that it would merely add another stabilizing influence to the money
market. Under the old system of averaging the reserve position of the
banks over a week's period frequently heavy loans were made for
several days in a row, followed by heavy withdrawals of loans when
the settlement day approached. This at times made
for sudden and
wide fluctuations in money rates. The closer check-up is
expected to
result in a more orderly basis and more evenness in
money rates.
Under the Reserve Board regulations, member banks in New
York
City are required to maintain on deposit with the Federal
Reserve
Bank an actual net balance equal to 13% of their demand
deposits.
Penalties are provided where deficiencies occur.
The new regulations were referred to in these columns
Dec. 31, page 3567.
Amendments to Federal Reserve Act Proposed by
Senator Brookhart—Would Fix Rediscount Rate
at 3% and Redeposit Rate at 2%.
Legislation to amend the Federal Reserve Act was introduced in the Senate on Jan.4 by Senator Brookhart (Republican) of Iowa, who on Jan. 2 issued a statement making
known his intention to submit measures designed to prohibit
member banks from making loans for speculative purposes;
as to his proposals regarding rediscount and redeposit rates,
he said:
198
FINANCIAL CHRONICLE
If the redeposit rate if 2% and the Federal Reserve banks required to
pay it, their volume of business will be so greatly increased that they can
easily operate on 1%, and a rediscount rate of 3% is high enough. .. .
If the rediscount rate is 3%, then a 2% margin is wide enough for the
ordinary interest rate under the usury law. A fair competition would
produce a 5% rate now, and I shall propose amendments to bring about all
these results.
[Vol.. 126.
interest payment to be made at the time of exchange. The
item went on to say:
Interest to Offset Prenvium.
This means that the holders of Third Liberties who make immediate
2
/
exchanges will begin to draw interest on Jan. 16 at 31% on the new
notes, and also receive interest at 4%% from Jan. 16 to March 15. or
for two months, on the bonds they exchange for the notes.
Senator Brookhart's statement in full follows:
This two months' interest would represent a fraction over 70 cents on each
A study of the financial reviews indicates that a drive will be made $100 and would just about compensate holders of Third Liberty bonds for the
the Federal Reserve Bank premium at which the bonds are now selling in the open market. The same
Immediately after the first of the year to force
to raise the rediscount rates above the present level of 3%%. This is a policy was followed by the Treasury in its operations to refund the Second
very important part of the great scheme of credit control in the United Liberty Loan last year.
States to maintain high interest rates on the country at large with low
The Treasury is confident that there will be a heavy response and
interest rates for the financial centres and for speculation.
that exchanges will be made much more readily than with the Second
rate naturally means a higher general interest rate. Liberty Loan. The latter issue had been very widely distributed among
A higher rediscount
The supply of credit in the United States is so great that if it were distrib- small holders, and it is believed that the Third Liberty Loan bonds are
uted according to natural laws the interest rate in the whole country would more closely held by large interests.
be the lowest in all history. But the international bankers have willed
In announcing the new issue of Treasury notes on Jan:8
otherwise. The Federal Farm Loan bonds are now selling at 4%, but
being tax exempt they ought to sell at not higher than 31i% if credit were Secretary Mellon said:
on a natural basis of supply and demand in this country. This would be
%
2
/
The Treasury announces that on January 16th it will issue new 31
a very great relief to the interest burden of American farmers everywhere.
Treasury notes, Series 0-1930-32, in exchange for Third Liberty Loan
The two great items that have caused this present situation are the
% bonds of 1928.
2
/
41
provisions of the Federal Reserve law which do not permit the Reserve
The new notes will be dated and bear interest from Jan. 16 1928,
banks to pay interest for redeposits from member banks, thereby forcing
will mature Dec. 15 1932, and will be callable on and after Dec. 15 1930.
the biggest item of Reserve bank business into New York and into specuThese notes will be issued only in exchange for the Third Liberty Loan
lation at a low rate of interest.
will be limited by the amount of such
- The other great item was ably pointed out by Senator Glass recently bonds, and the amount to be issued
when he criticized the State Department for censoring and approving foreign bonds tendered and accepted.
The Third Liberty Loan bonds mature on Sept. 15 1928, and will not
loans and thereby sending vast quantities of American capital abroad for
holders of the
investment at a high rate of interest, when if the same capital would stay bear interest after that date. The present exchange gives
their bonds as
at home where it belongs it would tend very strongly to reduce the home Third Liberty Loan bonds an opportunity to exchange
% interest
2
/
of Jan. 16 1928, par for par, for Treasury notes bearing 31
rate of interest to farmers and small business generally.
I shall present some bills to correct these evils immediately upon the from Jan. 16 1928. Those taking advantage of this offer will receive, when
are delivered, interest in full to March 15 1928 on their
the new notes
reconvening of Congress.
The Federal Reserve law now outlaws speculative loans for rediscount Third Liberty Loan bonds, without deduction because of the earlier repurposes. There is no logic nor consistency in a banking law that makes demption. This interest payment will compensate holders of these bonds
these loans legal for ordinary banks and then outlaws them for rediscount for the premium at which the bonds are now selling.
The Secretary of the Treasury reserves the right to close the offering
In the Federal Reserve banks. I therefore propose an amendment to outlaw
these loans all along the line and prohibit the ordinary banks from making at any time without notice.
them. This will release about $4,000,000.000 that now goes into speculaDetails of the offering follow:
tion and send it out for ordinary investment, and its effect will certainly
UNITED STATES OF AMERICA 334% TREASURY NOTES.
be to lower the interest rate.
In the next place, the Federal Reserve Bank should transact the reSERIES 0-1930-32.
business of the country, and it should pay a return to its member
deposit
4
Offered Only in Exchange for Third Liberty Loan 41 % Bonds.
banks upon this business. The fixing of this rate of return Is in the nature
Dated and bearing interest from Jan. 16 1928. Due Dec. 15 1932.
of a usury law, which is a principle as old as the English law. I shall thereRedeemable at the option of the United States at par and accrued interest
fore propose a 2% redeposit rate by law.
15 1930. Interest payable June 15 and Dec. 15.
If the redeposit rate is 2% and the Federal Reserve banks required to on and after Dec.
4
pay it, their volume of business will be so greatly increased that they can To Holders of Third Liberty Loan 47 % Bonds of 1928:
1. The Secretary of the Treasury offers for subscription, at par, through
easily operate on 1%. and a rediscount rate of 3% is high enough. I agree
%
exchange for Third Liberty Loan 41
2
/
with Senator Glass that the Federal Reserve Board should not be clothed the Federal Reserve banks, in
4s), Treasury notes
with this great power of fixing the rediscount rate. It means the fixing bonds of 1928 (hereinafter referred to as Third 41
of prices in general, as well as the fixing of interest rates. But neither of Series 0-1930-32 of an issue of gold notes of the United States authorshould this power be given to the branch Federal Reserve banks. In fact, ized by the Act of Congress approved Sept. 24 1917, as amended. The
It is too great to be lodged in any private institution except the Congress amount of the issue will be limited to the amount of Third 434s tendered
of the United States itself, and therefore the rediscount rate should be fixed and accepted.
by law at 3%.
2. Third Liberty Loan 434% bonds of 1928 will mature on Sept. 15
If the rediscount rate is 3%, then a 2% margin is wide enough for the 1928, and will not bear interrt after that date. Interest on any Third
ordinary interest rate under the usury law. A fair competition would 4 4s surrendered and accepted in exchange for the Treasury notes herein
,
produce a 5% rate now, and I shall propose amendments to bring about offered will be paid in full to March 15 1928.
results. Objection has been made that this will destroy the little
all these
Description of Notes.
banks, but they are being destroyed now in a most ruthless and autocratic
3. The notes will be dated Jan. 16 1928 and will bear interest from
fashion, and in another measure I propose to take care of them in a co%
2
/ per annum payable on June 16 1928, and
that date at the rate of 31
operative system.
With more than 40% of the corporations operating at a loss and with thereatter semi-annually on December 15 and June 15 until the principal
00% of the farmers in the same condition and with high interest rates, amount becomes payable. The notes will mature Dec. 15 1932 but may
one of the principal causes of this situation, it is high time for drastic be redeemed at the option of the United States on and after Dec. 15 1930,
action by the Congress of the United States. Objection has been made in whole or in part, on any interest day or days, on six months' notice
that these provisions would drive the business now transacted by the na- of redemption given in such manner as the Secretary of the Treasury may
tional banks into the State banks and trust companies, but the State banks prescribe. In case of partial redmption the notes to be redeemed will
can be denied the United States mails and the privileges of inter-State be determined by such method as may be prescribed by the Secrtary of
commerce unless they comply with these provisions.
th Treasury. From the date of redemption designated in any such notice,
interest on the notes called for redemption shall cease. The principal
and interest of the notes will be payable in United States gold coin of the
Offering of 334% Treasury Notes in Exchange for present standard of value.
Loan 43.1,% Bonds.
4. Bearer notes with interest coupons attached will be issued in deThird Liberty
nominations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
2
1
/
retiring the outstanding 4 % bonds The notes will not be issued in registered form. The notes will be acceptInitial steps toward
of the Third Liberty Loan were taken by Secretary of the able to secure deposits of public moneys, but will not bear the circulation
Treasury Mellon on Jan. 8, when announcement Was made privilege. notes of this series shall be exempt, both as to principal and
5. The
2
1
/
of the proposed issuance on Jan. 16 of new 3 % Treasury interest, from all taxation now or hereafter imposed by the United States,
notes, to be offered in exchange for the Third Liberty Loan any State, or any of the possessions of the United States, or by any
(a)
or inheritance taxes, and (b)
bonds. Subscription books for the new issue were opened local taxing authority, except taxes,estate
commonly known as surtaxes, an
graduated additional income
on Jan. 9. The amount of Treasury notes to be issued will excess profits and war-profits taxes, now or hereafter imposed by the
be limited to the amount of bonds tendered and accepted. United States, upon the income or profits of individuals, partnerships
or corporations.
A total of $2,147,653,150 of Third Liberty Loan bonds was associations,
6. The notes of this series will be accepted at par during such time
bonds will mature Sept. 15 and under such rules and regulations as shall he prescribed or approved
outstanding on Jan. 5. The
1928 and interest thereon will cease on that date. The by the Secretary of the Treasury, in payment of income and profits tax
payable at the maturity of the notes, and, with respect to any such note
plans for retiring the Third Liberty Loan bonds follow the that may be called for prior redemption, will be receivable in like manne
measures taken last year for the redemption of the Second and for the same purpose at the redemption date fixed.
Application and Allotment.
Liberty Loan bonds, the redemption of the latter having
2
1
/
7. Applications will be received at the Federal Reserve banks, as fisc
begun early in March, when an issue of 3 % Treasury
agents of the United States. Banking institutions generally will htuidl
notes were offered in the refunding program, and further applications for subscribers, but only the Federal Reserve banks are all
financing having been undertaken in June, September and thorized to act as official agencies.
8. The right is reserved to reject any subscription, in whole or i
November in furtherance of the refunding plans with repart, and to allot less than the amount of notes applied for, and to do
spect to the Second Liberty Loan bonds. It is pointed out the subscriptions at any time without notice, and the act of the Secrets
in the New York "Times," Jan. 9, that as the Third Liberty of the Treasury in these respects will be final.
Loan bonds have been selling at a slight premium of 23-32,
or 75 cents on each $100, and the law does not permit the
Government to pay more than par for securities retired,
either in cash or in other securities, the Treasury has
adopted the expedient of paying interest in full until March
15 on the Third Liberty bonds which are exchanged, this
Payment.
9. Payment for any notes alloted may be made only through the stir
4s which will be accepts
render of a like principal amount of Third 41
at par, and, at the time of delivery of the notes, interest on any suc
4s so surrendered and accepted will be paid in full to March 1
Third 41
1928. Third Liberty Loan 434% bonds tendered in payment for no
subscribed for should be presented when the subscription is tendered. I
JAN. 14 1928.]
FINANCIAL CHRONICLE
any subscription is rejected in whole or in part, any bonds which hay
have been tendered and not accepted, will be returned to the subscriber.
Surrender of Bonds.
10. Surrender of Coupon Bonds.—Third 4%s in coupon form tendered
for exchange for Treasury notes issued hereunder should be presented and
surrendered to a Federal Reserve bank. The bonds must be delivered at
the expense and risk of the holder. Facilities for transportation of bonds
by registered mail insured may be arranged between incorporated banks
and trust companies and the Federal Reserve banks, and holders may take
advantage of such arrangements when available, utilizing such incorporated banks and trust companies as their agents. Incorporated banks and
trust companies are not agents of the United States under this circular.
11. Coupons dated March 15 1928 and September 15 1928 must be attached to such coupon bonds when presented. At the time of delivery of
the Treasury notes of Series C-1930-32 (or interim certificates) upon
allotted subscriptions, Federal Reserve banks will pay to the subscriber or
his authorized agent the interest from Sept. 15 1927 to March 15 1928,
on the coupon Third 41 surrendered in exchange.
4s
12. Surrender of Registered Bonds.—Third 4%s in registered form,
tendered for exchange for Treasury notes issued hereunder, should be
assigned by the registered payee or assigns thereof to "The Seertary of
the Treasury for redemption," in accordance with the general regulations
of the Treasury Department governing assignments for transfer or exchange into coupon bonds, and thereafter should be presented and surrendered to a Federal Reserve bank. The bonds must be delivered at the
expense and risk of the holder. At the time of delivery of the Treasury
notes of Series C-1930-32 (or interim certificates) upon allotted subscriptions, Federal Reserve banks will pay to the subscriber or his authorized agent the interest from September 15 1927 to March 15 1928 on the
registered Third 4%s surrendered in exchange.
13. The Federal Reserve banks, as fiscal agents of the United States,
are hereby authorized and requested to receive subscriptions for Treasury
notes hereunder, to receive Third 4%s tendered in exchange, to mak allotments of subscriptions on the basis and up to the amounts indicated to them
by the Secretary of the Treasury, and to make delivery of Treasury notes
on full paid subscriptions allotted and, pending delivery of definitive notes,
to issue interim certificates.
Further Details.
14. Any further information which may be desired as to the exchange
of Third 4'4is for Treasury notes under the provisions of this circular
may be obtained upon application to a Federal Reserve bank. The Secretary of the Treasury may at any time or from time to time prescribe
supplemental or amendatory rules and regulations governing the exchange,
and may terminate the offer at any time in his discretion.
A. W. MELLON, Secretary of the Treasury.
Treasury Department, Office of the Secretary, Washington, Jan. 9 1928.
Department Circular No. 892 (Public Debt.)
In advices from its Washington bureau, Jan. 8, the New
York "Journal of Commerce" said:
Secretary of the Treasury Mellon does not anticipate that the exchange
of Third Liberty bonds, maturing Sept. 15, for the new four-year 8%%
notes will amount to as much as 81,500,000,000, it was learned to-day.
It was indicated that no further plans for financing the retirement
of the Liberties .will be made by the Treasury until the volume of the
exchanges for the new bonds become known. Mellon has not as yet
decided bow long the new issue will be held open.
As soon as the Treasury knows definitely the extent of the exchanges
arrangements will be made for further operations to retire the Liberties
outstanding in a volume of over $2,000,000,000.
Use of Radio by Treasury to Broadcast Plans for
Retiring Third Liberty Loan Bonds Barred by
Comptroller-General McCarl.
199
tour the city and to visit the nearby harbor, which Mr. Coolidge helped
finish some time ago by pressing a button which released the final blast of
dynamite. From Miami the special train will push southward over
bridge which connects the numerous keys of Southern Florida.
Embarking on the Texas early Sunday morning, the President will cross
to Havana in seven hours, to be met there by President Machado and a
party of distinguished citizens. He will go directly to the national palace.
where he and Mrs. Coolidge will live during their two-day visit.
After delivering his address Monday and attending a dinner in his honor
in the evening the President will remain in the palace overnight and begin
his journey homeward the following morning. On the way North a stop
will be made at Jacksonville, where another automobile tour of the city
has been arranged. The President will be back at his desk Thursday
morning.
Senator Smooth Reiterates Stand on Postponement of Action On Tax Bill Until After March 15—Tax Cut to Be
Retroactive.
Senator Smoot, Chairman of the Senate Finance Committee, who on Jan. 1 was reported as expressing himself
as confident of effecting delay by the Senate on the tax bill'
until after the first tax payments are made on March 15, reasserted this week the intention of the Administration to
have action on the bill postponed until after the date mentioned. Senator Smoot's statement of this week was
coupled with the announcement that the proposed tax cut
would be retroactive. The advices from Washington Jan.
12 to the New York "Evening Post" indicating this follow:
Heckled from the Democratic side of the chamber, Senator Smoot,
of Utah, chairman of the Finance Committee, promised the Senate not
only that a tax reduction bill would be passed at the present session,
but also that it would contain retroactive provisions so that taxpayers
would not suffer because of the delay.
Senator Walsh, Democrat, of Massachusetts, a member of the Finance
Committee, questioned Senator Smoot about the postponement of action
on the tax bill until after March 15. He declared that the business
interests of the country were anxious for prompt action and charged
that the Republicans were breaking their promise to reduce taxes.
Senator Smoot replied with some heat that there would be a tax reduction soon after March 15.
Senator Borah, voicing the attitude of the insurgent bloc, declared
against any tax reduction, insisting that the money should be used to
meet the expense of internal improvements, such as Mississippi River
flood control and to reduce the public debt,
Walsh Is Fiery.
"Before this Congress convened," said Senator Walsh, "it was
heralded far and wide that the chief and immediate business of thissession was to be tax reduction. The country was promised prompt
enaetment of a tax reduction law. The House speedily passed a new
revenue bill which came into the Senate on December 17. Since that
time no action has been taken in the Senate. There has been no
meeting of the Finance Committee to consider this important question.
No explanatory statement has been made upon the floor of this body.
Why this secrecy? Are we to really have any tax reduction?"
Senator Smoot agreed that "It was true that the American people
have been promised a reduction in taxation" and explained that it was
his intention to insert in the bill a provision for the refunding to the
amount of the reduction on taxes paid on March 15.
"So the Senator expects to make the legislation retroactive?" asked
Senator Walsh.
"Absolutely," answered Mr. Smoot. "There is no question about it,
I will say to the Senator, and no taxpayer will lose anything at all."
Senator Walsh wanted to know if the Treasury expected a falling
off of tax receipts on March 15.
Under a ruling of Comptroller-General McCarl, the Treasury will be prohibited from using the radio to broadcast
facts about the proposed retirement of the Third Liberty
Gain May Be Small.
bond issue callable Sept. 15, said Associated Press dis"It may be that the gain will be less than we expect," said Senator
Smoot, "but if it is not less then we will know what sort of a bill
patches from Washington Jan. 6, which added:
to pass and there will be no chances to assume.
Mr. McOarl holds it is illegal for the Treasury Department to use the
radio for advertising purposes without specific authority from Congress.
During the campaign for retirement of the Second Liberty issue, the
Treasury used a widespread radio hook-up which it credited with a great
part of the success of the retirement program. Overtures have been made
to the Comptroller-General by Treasury officials, but he has declined to
revoke his order.
President Coolidge En Route to Havana—Will Open
Pan-American Congress on Jan. 16.
President Coolidge and his party left Washington yesterday afternoon (Jan. 13) for Key West, where he will board a
battleship for the journey to Havana (Cuba) to participate
in the Pan-American conference which will be opened on
Monday next (Jan. 16). President Coolidge is accompanied by a party of 85; his trip by train will be along the
Atlantic seaboard through Virginia, the Carolinas, Georgia
and Florida to Key West; at the latter point he will board the
battleship Texas for the crossing to the Cuban capital.
The Associated Press advices from Washington yesterday
(Jan. 13) said in part:
"If my mail is any criterion as to the attitude of the taxpayers of
this country they are almost unanimously in favor of the proposition
of waiting until after March and then to pass a bill which we will
know will leave sufficient revenue to meet the requirements of the
Government."
It will be recalled that Secretary Mellon in a letter to
Senator Smoot on Dec. 29 (published in our issue of Dee.
31, page 3586) favored the postponement of the enactment
of the bill until after March 15.
Resolutions of Chicago & North Western Railway Co.
on Death of Marvin Hughitt.
The death at Chicago, on Jan. 6, of Marvin Hughitt,
Chairman of the Finance Committee of the Chicago &
North Western Railway removes an outstanding figure from
the railroad world, and one, who for 56 years had been
identified with the Chic. & N. W. Mr. Hughitt, who on
Aug. 9 last, reached his ninetieth birthday, suffered a
paralytic stroke on Jan. 5 which resulted in his death the
following day. On Jan. 11 the directors of the Chicago &
North Western adopted resolutions recording the services
rendered by Mr. Hughitt and the esteem in which he was
held, these resolutions having also been adopted at a subsequent meeting of the "Omaha" board; the resolutions
follow:
Carrying a message of friendly feeling from the people of the United
States the President will open the sixth annual Pan-American Congress
In Havana Monday with an address that will be heard by representatives
of nearly all of the countries of the Western Hemisphere comprising the
International Conference of American States. The speech and that of
President Machado of Cuba will be broadcast.
A group of distinguished Americans were invited by the President to
make the trip with him. These included Secretary and Mrs. Kellogg and
The Board of Directors of Chicago & North Western Ralivray Co. bow
Secretary and Mrs. Wilbur. Secretary Davis of the Labor Department In humble submission to the will of Divine Providence in the death of Mr.
had business in Florida and was invited to ride with Mr. Coolidge to Jack- Marvin Hughitt. for fifty years an active and valuable member of this
sonville.
Board.
The only formal stop on the way south will be at Miami to-morrow
Mr. Hughitt's first connection with the company was on March 1 1872,
(Saturday) afternoon where the President and his party will detrain to
when he was called from the position of General Superintendent of Pullman's.
200
FINANCIAL CHRONICLE
Palace Car Co. to be General Superintendent of this company. Since then
he has been continuously associated with the Chicago & North Western
Railway System as General Manager, Vice-President, President, Chairman
of the Board of Directors, and Chairman of the Finance Committee. In
1882. at the age of 45 years, he was elected President of Chicago St. Paul
Minneapolis & Omaha Railway Co., and in 1887 he was chosen President
of Chicago & North Western Railway Co., which position he filled with
ability and distinction until 1910, when he was elected Chairman of the
Board of Directors. This position he held until June 1925, when, at his
request, he relinquished the position, since which time he has served the
company as Chairman of its Finance Committee.
Thus, for 56 years, Mr. Hughitt has been continuously and exclusively
associated with this company. He has seen it grow from divers separate
entitles into the present Chicago & North Western System. His guiding
influence and directing ability have had much to do with the expansion and
development of this company's properties. The present expanse and stability of the company are the beet memorial of his outstanding and commanding qualities.
Mr. Hughitt has been intimately and forcefully associated with American
railroads from almost their beginnings. His courage and foresight overcame
the obstacles of the pioneer days, while his optimism and faith in the destinies
of the Nation led him far in advancing steam transportation beyond the
rugged frontiers. His guiding influence and sound judgment were keenly
felt in the trying days of railroad expansion. With the coming of the everexpanding scope of Governmental regulation of railroads, Mr. Hughitt readily adapted himself to the altered environment and never lost confidence in
the ultimate fairness of the American people. When advancing years
called him to relinquish the exactions of executive direction he remained a
valued counselor to his successors. His rugged constitution, his charming
and attractive personality, his keen and clear intellect and unfailing loyalty
to his friends have been the admiration of all who knew him and have enshrined his memory in our hearts.
Therefore, Be It Resolved, That, valuing the service and appreciating the
ability of Mr. Hughitt, we do give formal expression of our affection for him.
We shall miss his able counsels and his admirable personal qualities; but his
memory shall abide;
That, grieving at his passing, we hereby preserve as a lasting record our
love and esteem for him and express to members of his family our sympathy
in their bereavement;
That this resolution be entered in the permanent records of the company
and that copies hereof be sent to each member of his family.
Bank of Italy's Earnings for Year Over 20 Million Dollars—
Vice-President Mount On Business Conditions—Nationwide Branch Banking Looked for.
Coincident with the semi-annual stateemnt of the condition of the Bank of Italy, A. J. Mount, Senior Vice-President of that institution, issued a statement which expressed
the belief that 1928 will be a good year and that there is
every indication that the improvement in certain major economic factors will be continued. "When we talk about
prosperity this coming year the chief things considered are
employment and production," Mount said. "We do not
mean to suggest that business will be easy to get, but rather
that it will be there for the fellow who has gumption to
go after it."
Earnings of $20,125,371 for the current year, or more
than $2,000,000 in excess of the estimate of $18,000,000
made at the December meeting of the Board of Directors,
were reported in the annual statement of the Bank of Italy,
published this week. Included in this is $1,581,684 that
will be distributed to employes, under the profit sharing
plan. Aggregate resources of $765,188,976 are shown in
the statement, an increase of nearly $300,000,000 since the
first of the year. Deposits have grown from $416,000,000
to $645,000,000 during this same period and the number of
depositors now stands at 1,290,315, as compared with 626,016 last January, a gain of approximately 665,000. "The
progress that our institution has made during the past
twelve months, marks the year as the most satisfactory we
have ever enjoyed," said James A. Bacigalupi, President of
the bank. "Profits have exceeded our most sanguine expectations and have amply justified the action of our Board
of Directors in approving the recent increase in the annual
dividend rate to $6 per share, or on the basis of $30 for the
old $100 par value shares."
The statement shows that the authorized capital increase has been fully paid, bringing the total combined capital investment of the Bank of Italy and National BankItaly Company to more than $200,000,000. This gives the
stockholders of the Bank of Italy the world's largest aggregation of banking capital. During 1927 the combined
average paid in capital has been $40,000,000 with an average of 1,174,000 shares outstanding. On March 15, the capital was increased from $28,000,000 to $42,000,000 and again
on October 25 from $42,000,000 to $52,500,000 by the payment of a 25% stock dividend. On the basis of the current
statement the earnings for the year are in excess of 50%.
In publishing its statement on January 2 rather than on
the first day of the year, the Bank of Italy is inaugurating
a new practice. Formerly the books were closed a day ,or
two in advance of the end of December, so that the report
might be available on the first of January. In the future,
however, the statement will be for the last day of the year,
[Vol.. 126.
and will be held until Jan. 2, in order that simultaneous
publication may be made in papers throughout the nation.
Figures made public at the annual meeting of the stockholders of the Bank of Italy in San Francisco on Jan. 12
revealed that the institution not only has the largest aggregation of banking capital in the world, amounting to
over $200,000,000; but the largest number of stockholders,
$1,290,000; the largest holdings it is claimed of United
States securities, $174,682,000; and ranks ast he largest
bank west of New Yor4 and fourth largest in America, being exceeded only by the National City Bank, Chase National Bank and the Guaranty Trust Co.
It was also shown at the meeting that a total of 39,617
shares of stock with a market value of more than $10,000,000 has been acquired to date by employees of the Bank
of Italy under that institution's profit sharing plan which
gives 40% of the net profits to members of the organization
at the close of each six months' period. In his annual report President James A. Gacigalupi said:
"During the past six months after deducting all charge-offs, interest,
dividends, reserves and contingent fund, there is available for distribution under the provisions of the plan $900,258; dividends received and
credited to the fund amount to $88,511. In addition there are miscellaneous receipts including those from the California Joint Stock
Land Bank that total $623. To this should be added $256,797 of employees' savings, making the aggregate invested or distributed to employees for this period $1,246,190."
In his annual address to the stockholders Mr. Bacigalupi referred to
the various gains that the bank has made during the year and emphasized particularly the fact that the institution had advanced from ninth
to fourth place among the banks of the nation. At the same time he
sounded a warning against speculation in the stock of the institution
and said that the bank sought to have its stock the most strongly held
security in the United States.
"It is my own firm belief that all prejudice and opposition to branch
banking will soon disappear and that nationwide adoption of this system
will be the order of the future. Our opinion is that the structure should
be patterned after the Federal Reserve because we believe it meets the
requirements and temperament of the American people."
At the meeting two new directors were elected, namely
Morgan A. Gunst, Assistant Vice-President and General
Manager of the General Cigar Co., Inc., Pacific Coast
branches, and C. P. Cuneo, a Vice-President of the National
Bankitaly Co. All other of the 48 directors were re-elected
by the stockholders.
Advices from Los Angeles on Tuesday of this week (Jan.
10), appearing in the "Wall Street News" of the same day,
stated that the Bank of Italy has purchased the Federal
Trust & Savings Bank of Hollywood, Ca., and that beginning Monday next (Jan. 16) the acquired institution will
be operated as the Bank of Italy's Hollywood branch. The
addition of the Federal Trust & Savings Bank, it was said,
Increases the total resources of the Bank of Italy by approximately $5,000,000.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Albert L. Smith
to Austin L. Smithers, and that of Stuart Scott to Chas. A.
Frankhauser, the consideration in both cases being stated as
$300,000. This is the same as the last preceding transaction.
The membership of Mark C. Steinberg was reported posted
for transfer to Chas. A. Batton for a nominal consideration.
A New York Produce Exchange membership was reported
sold this week for $4,300.
The vote on Jan. 10 of the shareholders on the proposal
to remove the stock of the National City Bank of New
York from trading on the New York Stock Exchange was
practically unanimous in favor of such action, only a few
scattering votes being registered in opposition. The letter
of President Mitchell to the stockholders regarding the
proposed action was given in our issue of Dec. 10, page
3115. At a meeting of the Executive Committee of The
National City Bank on Jan. 10, Charles V. Sheehan and
Henry A. Koelsch, Jr., were appointed Assistant Vice
Presidents and Walter J. Hoffman was made Assistant
Cashier.
At the Annual Meeting of Shareholders of the Chemical
National Bank held Jan. 16 all directors were re-elected.
Frederic W. Stevens began on that day his 57th consecutive year as a member of the board. This is the longest
record for continuous service on any bank board in this
or any other country. He was elected to the board 10
years before the President of the bank, Percy H. Johnston,
was born. His family have been stockholders in the bank
almost from the very beginning of the bank-103 years
JAN. 14 1928.]
FINANCIAL CHRONICLE
201
ago. Mr. Stevens is known to his associates as an old Yale
"bulldog", having graduated at Yale in 1858 where he was
a member of the football squad and of the Yale crew. He
Is the second oldest living alumnus of Yale. He was a
private in the Civil War with the Gist Regiment. The
Goelet and Roosevelt families have been identified with
the bank from its organization. The Du Pont family have
been customers of the bank for nearly 100 years. The
newest member of the Chemical board is William C. Langley of W. C. Langley & Company, who was elected just a
few weeks ago. In its entire history the bank has had
only 35 directors. The full board of directors as elected
Is as follows:
Frederic W. Stevens
W. Emlen Roosevelt
Robert Walton Goelet
Darwin P. Kingsley
Charles Cheney
William Fellowes Morgan
Arthur Iselin
Frederic A. juilliard
Ridley Watts
Charles A. Corliss
Edwin S. Schenck
William A. Phillips
Jansen Noyes
Lammot Du Pont
Robert Goelet
William C. Langley
Percy H. Johnston
Frank K. Houston
Samuel Shaw
ground. The Bank of New York was organized in 1784,
shortly after the close of the Revolutionary War and before the existence of either state or national government
to which it could apply for a charter. Alexander Hamilton drew up the Articles of Association, leading men of
New York subscribed to the stock and the bank was organized five years before the United States came into being.
Twelve years later, the bank purchased from William
Constable for E11,000 New York Currency, the site at the
corner of Wall and William Streets, which it has occupied
since 1797. In 1922, the Bank of New York was -merged
with the New York Life Insurance & Trust Company,
founded in 1830, and the latter's quarters at 52 Wall
Retired
Street were remodeled to house the combined organization,
Roosevelt & Son
the offices at 48 Wall Street becoming headquarters of the
Real Estate
Pres't, N. Y. Life Insurance Co.
bank's foreign department until the razing of the old
Pres. Cheney Bros.
structures to make way for the new 32-story home of the
Chairman, Merchants RefrigeratBank of New York & Trust Company.
ing Co.
Pres't, William Iselin ,& Co.
V. P., A. D. juilliard & Co.
Ridley Watts & Co.
Pres't, Lamont, Corliss & Co.
Director, Nat'l Surety Co.
Dillon, Reed & Co.
Hemphill, Noyes & Co.
Pres't, E. L Du Pont De Nemotn
Co.
Real Estate
W. C. Langley & Co. .
President
Vice President
Cashier
The Chemical National Bank announced on Jan. 12 the
following promotions in its official staff: Samuel Shaw,
Vice-President and Cashier; John D. Perry, Vice-President; Harry L. Barton, Harold H. Helm and J. C. Parkes,
Assistant Vice-Presidents; Jerre L. Dowling, William A.
Edwards, Harold S. Gibbons and Spencer Tunnell, Jr.,
Assistant Cashiers. All other officers were re-elected.
President Edwin G. Merrill, executive officers and
trustees of the Bank of New York & Trust Company at
10:30 o'clock on Jan. 11 fittingly observed the one hundred
and seventy-first anniversary of the birth of Alexander
Hamilton,founder of the bank, by laying the cornerstone of
the new building at the northeast corner of Wall and
William Streets, on the site occupied by the bank since
1796. In a copper box, 18 inches long, 18 inches high and
14 inches wide, were placed reports, statements, publications and other articles which the trustees and executive
officers feel certain will be of interest if, when and as the
new structure should be demolished. The uncovering of
the cornerstone of the old building erected in 1856 in June
of last year proved to be disappointing inasmuch as little
of interest was brought to light. The contents of the box
which were placed in the cornerstone on Jan. 11 included
a history of the Bank of New York published in 1884, the
one hundredth anniversary of the bank's organization; a
list of trustees, officers and employees of the Bank of
New York & Trust Company at present; the charter and
by-laws of the bank together with documents and photographs of current interest to the organization; medals of
Washington, Hamilton, Lincoln and Coolidge, struck off
by the United States Mint and presented by Albert A.
Grinnell, of Detroit, President of the American Numismatic Association; notes and newspaper clippings of interest in connection with the history of the bank and current events; the constitution and by-laws of the New York
Clearing House; reports of the stock and commodity exchanges; "Franklin" pennies with description; specimens
of coins of the United States of the issue of 1927; current
issues of postage stamps; a copy of "We", Colonel Charles
A. Lindbergh's story; a copy of the National Geographic
Magazine for January, 1928, describing Lindbergh's flight
over the forty-eight states; income tax blanks and laws,
Federal and State; copies of current financial publications
including the latest issue of the the Commercial and
Financial Chronicle; the New York Times Annual Review
of 1927; the Jan. 11 issues of The New York Times on rag
paper and pulp paper and the Jan. 10 issue of The New
York Evening Post.
Albert H. Wiggin, Chairman of the Board of The Chase
National Bank of New York, announced the following
changes in the official staff on Jan. 11:
John McHugh, formerly President of the Bank, succeeds Gates W.
McGarrah as Chairman of the Executive Committee, Mr. McGarrah
having recently resigned to become Chairman of the Board of the
Federal Reserve Bank of New York. Robert L. Clarkson, formerly
Vice Chairman of the Board, succeeds Mr. McHugh as President.
Earl D. Babst was added to the Board.
James H. Gannon, the Bank's London Representative, becomes a
Vice President, and William E. Purdy, George H. Saylor, M. Hadden
Howell and Joseph C. Rovensky, formerly second vice presidents, are
promoted to be vice presidents.
The following assistant cashiers become second vice presidents: S.
Frederick Telleen, Otis Everett, William H. Moorhead, Harold L.
Van Kleeck, T. Arthur Pyterman, Ambrose E. Impey and Robert J.
Kiesling.
Lynde Selden, formerly secretary of the American Sugar Refining
Company, Thomas B. Nichols, manager of the Produce Exchange
Branch of the bank and George S. Schaeffer, manager of Bank's
Isthmian Branches, were also elected second vice presidents.
The following assistant cashiers were appointed: Manfred Barber
and Ernest H. Kuhlman, formerly manager and assistant manager,
respectively, of the Fereign Department, Frederick C. Eggerstadt,
formerly chief clerk, August Bender and John J. Lendrum.
Fred Brunck was appointed assistant manager of the Eighty-sixth
Street Branch.
Mr. Wiggin, who continues as Chairman of the Board of
Chase Securities Corporation as well as the Bank, also announced the following changes in the staff of that Company: Jonas C. Anderson and Charles F. Batchelder, formerly Assistant Vice Presidents, have been made Vice
Presidents and M. G. B. Whelpley, formerly a Vice President of The Chase National Bank, has become a Vice President of the Securities Company. Leslie W. Snow, formerly Assistant Secretary of the Securities Company, is
promoted to be an Assistant Vice President.
Mr. Clarkson, who at the age of 36 becomes President of
the Chase National Bank of New York, one of the two
largest national banks in the United States, began his
financial career as a runner for a brokerage house at $4 a
week. Within a few months he had advanced to a place
as bookkeeper which he soon resigned when an opportunity came to enter the bond department of Effingham
Lawrence & Company. When the firm of Alexandre &
Burnet was organized, Mr. Clarkson became associated
with them and was soon admitted to partnership. With
the coming of the war, he enlisted in the Navy and was
sent to Annapolis where he won his commission as Ensign. Becoming associated with the Chase Securities Corporation in 1919, he spent about a year in the credit department of the bank, and then returned to the Chase
Securities Corporation and in January, 1921, was elected
Vice-President. He became a member of the board of directors of the Chase Securities Corporation and ViceChairman of the executive committee in August, 1925, and
at the same time was appointed Assistant to the President of the Chase National Bank and a director of the
bank. Following the merger of the Chase National and
Mechanics & Metals National Bank in 1926, he was made
Vice-Chairman of the board of directors of the Chase National Bank.
M. G. B. Whelpley, who has become a Vice-President of
Chase Securities Corporation, was formerly a Vice-President of the Mechanics & Metals National Bank and retained
that office in the Chase National Bank when the two inPresent building operations have interrupted a record of
stitutions were merged. Last year he was President of the
occupancy of a business site by an institution
continuous
Bond Club of New York.
that has few parallels in the history of New York real
Bank of New York and Trust Company is the
estate. The
The stockholders of the Chase National Bank at their anoldest financial institution in New York and both the site nual meeting Jan. 10 approved the proposal to remove the
and the bank itself have considerable historical back- receipts for shares of the Chase National Bank and the
202
FINANCIAL CHRONICLE
[Vol.. 126.
Comptroller of AcChase Securities Corporation from trading on the New Assistant Cashiers; J. W. Griffiths,
The bank's letter to stockholders counts.
York Stock Exchange.
advising them of the proposal appeared in our issue of Dec.
The election of David L. Loew and Edward Ludeman as
24, page 3431.
directors of Chelsea Exchange Bank of New York is announced by Edward S. Rothchild, President. The addithe
At the stockholders meeting of the Bank of America of tions of Mr. Loew and Mr. Ludeman make a total of four
10, F. Wilder Bellamy of Dominick &
this city held on Jan.
new directors added to Chelsea Exchange Board during
Dominick, John Hill!Morgan of Rumsey & Morgan, and the past month, A. E. Lefcourt and Herbert Yates having
William J. Montgomery a Vice-President of the bank were been elected the latter part of December. David L. Loew,
elected directors of the institution. The Bank of America son of the late Marcus Loew, is at present Vice-President
also announces the appointment of A. Edward Scherr, Jr., of Loew's, Inc. Edward Ludeman is New York repreas Assistant Cashier.
sentative of the Skinner Engine Co. A. E. Lefcourt is
At the meeting of the stockholders of the State Bank of President of the Lefcourt Realty Corporation recently orPresident of Consolidated Film
New York this week, Harold C. Richard was re-elected ganized. Herbert Yates is
John Kneisel, Vice-President. All other Industries,Inc. The present board of Chelsea Exchange
President, and
officers and directors were re-elected for the ensuing year, Bank, in addition to the four new directors, consists of
and the following new appointments are announced: Francis Jules E. Brulatour, William J. Flynn, Louis Golde, Victor
J. McGrath, Chris J. Ochs, Charles P. Ranges, Charles A. H. Gramount, Louis Haas, Toney A. Hardy, George Kern,
Wells and Walter H. Lindemeyer to be Assistant Cashiers. William A. Lobb, William E. Reed, Edward S. Rothchild,
Lewis H. Rothchild and Chas. J. Specht. President RothAt the annual stockholders' meeting, Jan. 10, of the Sea- child in submitting his annual report for 1927 to the stockboard National Bank of the City of New York, the retiring holders this week stated that deposits had increased apBoard of Directors was re-elected for the ensuing year. proximately $3,800,000, now totaling $21,590,000 compared
The shareholders also approved the action of the Board of with $17,790,000 at the close of 1926. Net earnings totaled
Directors at their meeting of Dec. 1, 1927 when they had $397,439 before charge-offs and dividends, equal to almost
unanimously approved the terms for the consolidation of 2616% on the capital stock. Undivided profits totaled
the Seaboard National Bank and the New Netherland $673,525 on Jan. 1, 1928 compared with $576,156 for 1927,
Bank. Reference to the directors' action was made in our an increase of $97,369 for the year.
issue of Dec. 3, page 3013.
The Seventh National Bank of this city on Jan. 6 opened
At the Annual Meeting of the Stockholders of The New for business its new branch office at Eighth Avenue and
York Trust Company on Jan. 11 the following Trustees Forty-fourth Street. The branch not only will be open
were re-elected for a period of three years: Otto T. Ban- during the regular banking hours but also until midnight
nard, Mortimer N. Buckner, Harvey D. Gibson, F. N. Hoff- on every business day. At the organization meeting of the
stot, Walter Jennings, Robert A. Lovett, Howard W. Max- board of directors of the Seventh National Bank of New
well, Edward S. Moore, Grayson M. P. Murphy and George York, Harry Revman was re-elected President; Julius
F. Rand.
Blauner, formerly Vice-President, was elected First Execu-President; Alfred Fantl was re-elected Vicemeeting of stockholders of the Central tive Vice
At the annual
President; Seymour I. Danziger, formerly Assistant
Union Trust Company of New York, this week, the retiring
Cashier, was elected Assistant Vice-President; Victor J.
trustees were re-elected.
Pere, formerly Assistant Cashier, was elected Cashier,
Frank H. Fayant, Vice-President of Lord & Thomas and and Nathaniel J. Levine was elected Assistant Cashier.
Logan, Inc., New York and Chicago; Walter W. Price of The statement of condition as of Jan. 1, 1928, showed deLivingston & Co., New York; and Philip Ruxton, President posits of $9,538,849, against $8,385,142 a year ago, and
of Philip Ruxton, Inc., Printing Inks, New York, were total assets of $12,872,294, against $10,982,918.
elected directors of the Harriman National Bank at the
M. F. Eitelbach was this week elected an Assistant Viceannual meeting of the stockholders on Jan. 10, these additions continuing the bank's policy of selecting as directors President of the New York Title and Mortgage Company.
representative business interests. At a meeting of the di- Mr. Eitelbach, who has been with the company for twelve
rectors of the Harriman National on Jan. 13 Milton S. years, was advanced from the Assistant Treasureship. He
Billmire was elected Vice-President and Cashier, F. Sedg- acts as a comptroller for the company.
wick Williamson was elected Vice-President, and Howard
Sherman M. Fairchild was elected a director of the
F. Wortham, formerly Trust Officer of the Manufacturers
Murray Hill Trust Co. of this city on Jan. 4. Mr. Fairchilit
Trust Company, was appointed Trust Officer of the Harriis President of the Fairchild Aviation Corporation.
man National. The other officers were re-elected.
Charles Frederick Daly, Vice-President of the Durant
At this week's annual meeting of the stockholders of
Bankers Trust Company of New York the retiring di- Motors, Inc., died suddenly on Jan. 6 at the Hotel Bretton
Hall in this city. In 1924 to 1926 Mr. Daly was President
rectors were re-elected.
of the Liberty National Bank of this city, continuing
At a meeting held on Jan. 10 all directors of the Grace thereafter as a director. He was also President of the
National Bank of New York were re-elected for the year Durant Motors Company of Michigan, Vice-President of
the Locomoble Company of Amerca, and a director of the
1928.
American Safety Razor Corporation. From 1905 to 1920
At the annual meeting of the International Union Bank he was Vice-President of the New York Central Railroad.
of New York the following directors were re-elected for Mr. Daly was 61 years of age.
the ensuing year: Solomon Fillin, Morris Hillquit, Simon
Lewis Gawtry, President of The Bank for Savings and
State, Frederick F. Umhey, Morris Rosen, Max SchlesPresident of the American Express
singer, and Phillip Koplowitz. The following elections to Frederick P. Small,
Company were elected directors of The National Bank of
the board are also announced: Morris Sigman, president
York at the annual meeting Jan. 10. All
International Garment Workers' Union; Charles Allen, Jr., Commerce in New
Nalven ; Arthur C. Brill; retiring directors were re-elected. The National Bank of
investment securities; Jacob
also announces the appointment of Ellsworth C.
Walter Jeffreys Carlin, attorney; S. M. Schatzkin, director Commerce
Patrick F. Cusick, member of the New Bissell as Assistant Cashier.
Burns Brothers;
York Stock Exchange; George F. Driscoll, real estate and
At the annual meeting of the Hanover National Bank of
construction; Irving H. Bernstein, and William Rosenblatt.
this city held on Jan. 10 William Crawford was elected a
At the annual meeting of the Lebanon National Bank of director. All retiring directors were re-elected.
this city on Jan. 10 Abraham Lewenthal, Milhem Saidy
At the annual meeting of the National Park Bank of
and A. B. Keljikian were elected directors of the institution and thereby increased the board to 16 members. The this city on Jan. 10, Thomas I. Parkinson and Harvey C.
following officers were elected on Jan. 11: J. A. Mandour, Couch were elected directors. Mr. Parkinson is President
-President; W. J. Large, of the Equitable life Assurance Society of the United
President; J. F. Connor, Vice
Cashier; N. A. Haddad, C. V. Tapp and W. N. Mandour, States. Mr. Couch is President of the Southern Power &
JAN. 14 1928.]
FINANCIAL CHRONICLE
203
Light Company. All other directors were re-elected and meeting of the directors on Jan. 10, according to the HartWalter S. Jelliffe formerly Assistant Vice-President was ford "Courant" of the following day: Dominick F. Burns,
elected a Vice-President.
formerly President of the trust company since its formation in 1919, was elected to the newly created office of
At the annual meeting of the Chatham Phenix National Chairman of the Board of Directors, and Richard M.
the
MacDonald
Bank & Trust Company of this city George
O'Brien, heretofore Treasurer, was promoted to the Presiwas elected a director. All other directors were re-elected. dency to succeed Mr. Burns. James M. Hayes, formerly
The Chatham Phenix National Bank and Trust Company an- Assistant Treasurer, was promoted to Treasurer to sucnounces the following promotions made by the directors at ceed Mr. O'Brien. The other officers, namely Frederick
the January meeting:
P. Holt and Frederick C. Loeser, Vice-Presidents, and
Robert C. Brown, Elliott Debevoise, Edward C. Devarennes, and John Charles W. Cobb, Jr., Secretary, were re-elected.
B. Glenn, formerly Assistant Vice-Presidents, appointed Vice-Presidents; H. Jerome Meyer, formerly Assistant Cashier, appointed As.
sistant Vice-President; Ralph M. Myers and John W. Martin, formerly
In clerical capacities, appointed Assistant Cashiers; Archibald B. Fisk
and Charles B. Denny, formerly in clerical capacities, appointed Assistant Trust Officers; Crawford Hill, formerly Assistant Vice-President,
appointed Vice-President; Arthur L. Barnes and Clarence Klinck, formerly Assistant Cashiers, appointed Assistant Vice-Presidents; Jesse
Unger, formerly in clerical capacity, appointed Assistant Vice-President; William A. Knawa, R. B. Stafford, H. G. Cooperman, and Henry
B. Lockwood, formerly in clerical capacities and managers of branch
banks, appointed Assistant Cashiers.
At the annual meeting of stockholders of the Commercial Exchange Bank of New York on Jan. 10, Dr. A. H.
Giannini and Lionello Perera were re-elected Chairman of
the Board of Directors and President respectively. Other
directors and officers were re-elected. John R. Savarese
was appointed Assistant Cashier, a newly created office.
The latest figures published by The First National Bank
of Boston continue to show a steady growth. Deposits
on Dec. 31, 1927, aggregated $360,000,000, an increase in
one year of over $50,000,000. During the year resources
advanced $66,000,000 to a total of $477,000,000. With the
increase in capital and surplus to $50,000,000, on which
stockholders will vote in February, it is expected that before long New England may boast a half-billion dollar
bank. The showing of The First National in the acceptance field is equally interesting. New England ranks second to New York as a Bankers' Acceptance market with a
volume nearly four times as great as that of Chicago or
San Francisco. Of the total amount of acceptances outstanding in New England, The First National is responsible for nearly one-third.
At the annual meeting of the Stockholders of The EquitThe executive board of The First National Corporation
able Trust Company of New York held Jan. 10, the folof Boston announced this week the following appointlowing retiring trustees were re-elected:
ments:
Albert
Cole, Henry E. Cooper, Frederic
B. Boardman, Howard E.
R. Coudert, Clarkson Cowl, Paul D. Cravath, Bertram Cutler, Thomas
M. Debevoise, James A. Goldsmith, Charles Hayden, Otto H. Kahn,
Alvin W. Krech, Arthur W. Loasby, Hunter S. Marston, John C.
Martin, Chas. G. Meyer, George Welwood Murray, Henry H. Pierce,
Winslow S. Pierce, Harry H. Powell, Lyman Rhoades, Edward P.
Townsend, George P. Whaley, Charles A. Wimpfheimer and Henry
Rogers Winthrop.
The Bank of America announces the election of Oscar F.
Meredith as Vice-President. Mr. Meredith who formerly
held the title of Assistant Vice-President is in executive
charge of the bank in the Central Western and Western
Districts. The Bank of America also announces the appointment of Hugh M. Garretson and George S. Talbot,
formerly Assistant Cashiers, as Assistant Vice-Presidents.
Mr. Garretson will continue to make his headquarters at
the Atlantic office, 257 Broadway. Announcement is also
made by the Bank of America of the appointment of Wellington Elmer, formerly assistant manager of its Foreign
Department, as Assistant Cashier and the appointments of
F. W. C. Rideout and Einar Hammer as Manager and
Assistant Manager, respectively, of its Latin-American
Department. John J. Creed has been appointed by the
Bank of America as District Representative for the following states: Pennsylvania, Delaware, District of Columbia, Maryland, Ohio and the Southern section of New
Jersey.
New York—W. A. Sholten, Assistant Manager, purchasing department; H. M. Jefferson, Assistant Vice President; L. P. Hillyer, W. J.
Keville, Assistant Managers, trading department.
Boston—G. B. Seager, Assistant Vice President; G. Collier, Manager; J. T. Baldwin, C. R. Brown and A. R. Bancroft, Assistant
Managers; A. L. Coburn, Manager, statistical department.
Baltimore—D. A. deLima, Manager.
Chicago—F. L. Tritshler, Assistant Manager.
All other officers were re-elected or reappointed.
The stockholders of the National Shawmut Bank of
Boston at their annual meeting on Jan. 10 elected Frederick E. Snow, senior member of Gaston, Snow, Saltonstall
& Hunt, and W. Eugene MacGregor of Harris, Forbes &
Co., Inc., additional directors and re-elected the old directors, according to the Boston "Herald" of Jan. 11. At
the subsequent meeting of the directors, held the same
day, the following changes were made in the personnel of
the institution: James E. Ryder, formerly Vice-President
and Cashier, elected a Vice-President only; Stanley P.
Wyatt, formerly an Assistant 'Cashier, elected Cashier;
Joseph A. Erickson, heretofore an Assistant Vice-President, elected Vice-President; W. Rudolph Cooper, formerly
an Assistant Cashier and acting Comptroller, promoted to
Comptroller; Ralph W. Hill, formerly an Assistant Trust
Officer, given the additional office of an AssistantVicePresident; Myron 0. Wilkins, formerly Manager of the
credit department, made an Assistant Vice-President, and
The stockholders of the Brooklyn Trust Company at their William B. Morgan and William L. Carroll elected Assistannual meeting on Jan. 9 approved the plan to merge the ant Trust Officers, the two last named being new appointBank of Coney Island into their institution. The Bank of ments.
Coney Island will be maintained as a branch. The conAt the annual meeting of the stockholders of the Exsolidation, which became effective Jan. 10, is accomplished change
Trust Co. of Boston on Jan. 10, the proposed inthrough an exchange of stock on a basis of 5 shares of crease in
the bank's capital from $1,250,000 to $1,500,000
stock of the Bank of Coney Island for 2 shares of the (referred
to in our issue of Jan. 7, page 39) was approved,
Brooklyn Trust Company. The stockholders of the Brookaccording to the Boston "Herald" of Jan. 11. The new
lyn Trust also approved plans whereby the capital is in- stock, par value $100 a share, will
be offered, it is undercreased from $2,000,000 to $2,080,000 by the issuance of stood,
at $200 a share to present stockholders, thus adding
SOO additional shares of stock at $100 par value. An item $250,000 to capital and a similar
amount to surplus
regarding the proposed merger appeared in these columns
account.
Dec. 24, page 3432.
At the meeting of the Board of Directors of the GuardAt the annual meeting of the stockholders of the Mid- ian Securities Company of New Jersey on Jan. 10, the folTrust Co. of Brooklyn held on Jan. 11, T. Ferdinand lowing
wood
officers were elected for the ensuing year: James
Wilcox of Wilcox & Co., members of the New York Stock Rattray, President; Clarence G. Appleton and Grover C.
Exchange, was elected a member of the board of directors Trumbull, Vice
-Presidents; Harvey J. Campbell, Viceto fill the vacancy created by the decease of Eugene Schuy- President and Secretary, and Ira C. Ayers, Treasurer.
ler. All of the directors whose terms expired were reelected. At the meeting of the board of directors of the
At the Annual Stockholders' Meeting of the Guardian
Midwood Trust Co. held immediately following the stock- Trust Company of New Jersey, this week, the following
holders' meeting, William Weisgerber, Trust Officer, was directors were elected for the ensuing year:
Clarence G. Appleton, President; Jack Augenblick, Vice President,
-appointed Vice-President and Trust Officer. All the other
M. Augenblick & Bro.; Paul J. Bonwit, President, Bonwit, Teller &
officers were re-elected or appointed.
Samuel F.
Dixon, Inc.; Nathaniel Min,
Dixon, President, William
Co;
Vice President, Min Auto Supply Company; Albert M.
Greenfield,
The following changes took place in the personnel of the President, Albert M. Greenfield & Co., Philadelphia; Michael Hollander,
Park Street Trust Co. of Hartford, Conn., at the annual President, A. Hollander & Son; Joseph Igoe, Igoe Bros., Inc.; William
204
FINANCIAL CHRONICLE
W. Kamm, Vice President, Louis Kamm, Inc.; Mayer Krasner, Vice
President, Federal Title & Mortgage Guaranty Company; Arthur M.
Lamport, A. M. Lamport & Co., Inc.; Gustave Lewis, Vice President,
Lewis Bros., Inc.; Philip Lindeman, President, Lindeman & Co.; Leo
N. Lissner, Lissner Brothers; Clarence R. O'Crowley, Surgeon; I. J.
Rachlin, Vice President, Union Building Company; James Rattray,
President, Guardian Securities Company; Benjamin J. Sugarman,
Treasurer, Donal Company; Grover C. Trumbull, Vice President;
Edward M. Waldron, President, Edward M. Waldron, Inc.; Oscar L.
Weingarten, President, Weingarten Bros., Inc. and Max Weinstein,
President, Russeks Fifth Ave., Inc.
At this week's meeting of the stockholders of the West
Side Trust Company of Newark it was voted to change
the par value of the outstanding capital stock of $1,000,000
from $100 a share to $25 a share,and the stockholders
have been notified to present their present stock of $100
par value for exchange into the new stock of $25 par value
on or after Jan. 16, 1928. At the meeting of the stockholders of the South Side National Bank and Trust Company it was also voted to change the par value of the
capital stock from $100 to $25, the exchange to be made on
or after Jan. 16, 1928, and to increase the capital stock
from $200,000 to $300,000 by selling to the stockholders of
record as of the close of business on Jan. 23, 1928, the new
stock at $62.50 per share of the par value of $25. Subscription warrants will be mailed to the stockholders as of
the close of business on that date entitling them to subscribe for one-half of the number of shares of the par
value of $25 which they then hold, and in order to exercise
these rights, it will be necessary for them to subscribe for
the new stock before the close of business on Feb. 7, 1928,
and to pay for the same before the close of business on
Feb. 14, 1928.
[VOL. 126.
D. Pugsley, Vice-President and Frederick I. Pugsley,
Cashier. Net earnings were 149% on capital stock for the
year 1927.
That a plan looking towards the amalgamation of the
Manayunk National Bank of Philadelphia and the Quaker
City National Bank of that city to form a new organization with resources in excess of $18,000,000 was approved
on Jan. 10 at a joint meeting of the respective directors of
the institution, was reported in the Philadelphia "Ledger"
of Jan. 11. The plan, it was stated, was drawn up by a
joint committee composed of members of both boards,
Maurice W. Sloan, a director of the Quaker City Nationat
Bank, being Chairman. A special meeting of the stockholders of both banks will be held in the near future to
vote on the proposed union. The consolidated bank, which
will be known as the Manayunk-Quaker City Nutional
Bank, will be capitalized at $1,000,000 with surplus and undivided profits of $2,796,123. The headquarters of both
institutions—the Manayunk National Bank at 4375 Main
Street, and the Quaker City National Bank at 721 Chestnut Street—will be continued as at present, it was stated,
and the branch office of the Manayunk National at Ridge
and Midvale Avenues will also be maintained. The Comptroller of the Currency, it was said on Jan. 10 granted
the Quaker City National Bank permission to establish a
branch office at the Northwest corner of 20th and Chestnut
Streets and a two-story bank building will be erected at
that location and occupied as a branch office of the enlarged bank. Clarence F. Hand, the present head of the
Quaker City National Bank, will be Chairman of the
Board of the consolidated bank, while William A. Dyer,
now President of the Manayunk National Bank, will be
President. R. Bruce Wallace, at present Chairman of the
Board of the Manayunk National Bank, will be Vice-Chairman of the Beard of the new organization. It was announced that all the officers of the two banks will continue in their official pdsitions, it was stated.
The stockholders of the Peoples National Bank of Newark took practically the same action as the stockholders of
the South Side National Bank and Trust Company, changing the par value of the stock from $100 to $25 per share
and increasing the capital from $200,000 to $300,000, the
only difference being that the new stock is to be sold to
the stockholders at $50 per share of $25 par value. The
At the annual meeting of the Penn National Bank of
dates for exchange, on which subscription warrants will
be mailed and on which the right to subscribe must be Philadelphia on Jan. 11, Charles F. Hint, President of the
exercised and subscriptions paid, are the same as in the J. C. Winston Co., and William J. McGlinn, President of
ease of the South Side National Bank and Trust Company. the Continental-Equitable Title & Trust Co., were elected
directors, according to the Philadelphia "Ledger" of Jan.
Meyer Kussy, the President of the West Side Trust 12. William Boyd, Vice-President of the Curtis PublishCompany and its affiliated institutions, the South Side Na- ing Co., who was elected a director several weeks ago, was
tional Bank and Trust Company and Peoples National re-elected for a full term, it was stated.
Bank, died on Jan. 6. All of the propositions submitted
T. W. Bull, Cashier of the Broad Street National Bank
to the stockholders of the three banks at the meetings on
Jan. 10 had been approved by the Boards of Directors of of Philadelphia, was given the additional office of a VicePresident, at the annual meeting of the directors of the
the banks previous to Mr. Kussy's death.
Institution on Jan. 10, according to the Philadelphia
Frank H. Smith, former Commissioner of Banking and "Ledger" of Jan. 11. At the stockholders' meking held
Insurance of New Jersey, has been elected Chairman of previously Leon J. Obermayer, of the law firm of Edthe Board of Directors of the North American Title Guar- monds, Obermayer & Rebbman, was elected a director of
anty Company and of the North American Security Cor- the institution, to succeed Harry Bachrach, resigned.
poration. Mr. Smith, who is well known in New Jersey
banking and insurance circles, is President of Lawrence
V. Gilpin Robinson resigne- d as President of the SixtyPortland Cement Company, and is a director of the Re- Ninth Street Terminal Title & Trust Co. of Philadelphia
insurance Corporation of America and other companies. on Jan. 11 and was succeeded by his nephew, Walter R.
Colonel Wrisly Brown, former Deputy Attorney General Johns, previously a Vice-President of the institution, acof the United States and President of the Terminal Ware- cording to the Philadelphia "Ledger" of Jan. 12. Mr. Johns
housing Company of Washington, D. C., has been elected a had been associated with the Media Title & Trust Co. of
director of the North American Title Guaranty Company. Media, Pa., for twenty-seven years. Mr. Robinson, who, it
The North American Title Guaranty Company of New was said, is 76 years of age and the oldest bank executive
York also announces the appointment of Eugene Medanich in Delaware County, will continue with the bank as a dias Assistant Vice-President in charge of the White Plains rector. It was furthermore stated that the directors of
office and the appointment of George Helfgott as Assistant. the bank announced on Jan. 11 that a four-story bank, ofVice-President in charge of the Brooklyn office of the com- fice and apartment building is to be erected on the site of
pany at 26 Court Street.
the present headquarters of the institution at 69th S and
At the annual stockholders' meeting of the Westchester Market Streets at a cost of $1,200,000.
County National Bank at Peekskill on Jan. 10 it was anJohn K. Showers, William Patterson and George C. Boo
nounced that half the stockholders are women. There are
shares of were elected additional Assistant Cashiers of thb Overfifty stockholders, holding the two thousand
Bank of Philadelphia at the directors' ana par value of fifty dollars each, and twenty-five are brook National
holdings of the women stockholders nual meeting on Jan. 10, according to the Philadelphia
women. The total
the following day. All the other officers of
are five hundred and thirty-three out of the two thousand "Ledger" of
ledger in continuous use for ninety- the bank were re-elected.
shares. The old stock
and
five years was again used for a record of stockholders
An application to organize the Northeast National Bank
re-elected were
their holdings at the meeting. Directors
in Philadelphia, Pa., was approved by the
Directors of Holmesburg
William D. Baldwin, Chairman of the Board of
Comptroller of the Currency on Dec. 6. The institution
Martin Nilsson, Research
of the Otis Elevator Company;
capital of $200,000 and surplus of $60,000. C.
L. Dyck- will have a
OrganizaEngineer of the Fleischmann Company; William
John Bilkmann has been made Chairman of the
and Hon.
man, retired farmer; Thomas Nelson, capitalist,
Committee and Wilhelm F. Knauer, Secretary and
Chester tion
Cornelius A. Pugsley, President of the institution;
JAN. 14
1928.]
FINANCIAL CHRONICLE
Treasurer. The stock will be sold at $65.00 a share. The
amount above the par value (50) will be applied toward
surplus.
Charles M.Ashton, Normal T. Hayes and Francis J. Rue,
formerly Assistant Vice-Presidents of the Philadelphia-Girard
National Bank of Philadelphia, were promoted to VicePresidents at the annual organization meeting of the directors
on Jan. 11, according to the Philadelphia "Ledger" of the
following day. Levi L. Rue, Chairman of the Board, Joseph
Wayne Jr., President, and other officers of the institution
were unanimously re-elected.
Wilmer W. Hoopes of Paoli, Pa., long a director of the
National Bank of Chester County at West Chester, Pa.,
was elected President of the institution on Jan. 3, according to the Philadelphia "Ledger" of Jan. 4. Mr. Hoopes,
who is President of the Hoopes Brothers & Thomas
Nursery Co., succeeds as President of the bank Thomas
Marshall, wfio died suddenly a short time ago. Mr. Marshall had been President of the institution for several
years.
Henry M. Warfield was elected a director of the Continental Trust Co. of Baltimore at the annual meeting of
the directors on Dec. 30 to fill the vacancy caused by the
recent death of his borther, S. Davies Warfield, according
to the Baltimore "Sun" of Jan. 1, which continuing said:
William J. Casey, president of the company, in his report showed
that the bank had earned $350,669 in 1927. After operating expenses,
taxes and all dividends net income for the year was $35,120, increasing
surplus and undivided profits to $2,032,181.
205
and is active in numerous interests. In addition ,to heading the American Battle Monuments Commission, as chairman he is actively directing
the National Cathedral fund drive, is a director of the National
Geographical Society, and is associated with other numerous civic
and
national organizations.
Edwin B. Parker, formerly of Houston, Tex., but now a resident of
Washington, was formerly general counsel of the Texas .Company. During the war he helped organize the War Industrial Board and
was a
member of it. After the armistice he was appointed chairman of the
United States Liquidation Board, was umpire of the Mixed Claims
Commission for the United States and Germany in 1923, and is now
chairman of the board of the Chamber of Commerce of the United
States.
Charles H. Tompkins is president of the Charles H. Tompkins Co.,
constructing engineers, which firm recently completed the new filtration
plant of the Potomac Electric Power Co., and has been a member of
the advisory council of the bank for a number of years.
Maj. Henry P. Erwin, capitalist, formerly president of the Hydraulic
Machinery Co. of Chicago, has been a resident of Washington
for a
number of years and was a member of the investment banking firm of
John L. Edwards & Co., until shortly after the death of Mr.
Edwards.
Adolph A. Hoehling, who last month resigned as Associate Justice of the District of Columbia Supreme Court, on
Jan. 4 was elected Vice-President and General Counsel
of
the National Metropolitan Bank of Washington, D. C., according to an announcement by George W. White,
President of the institution, as reported in the Washing
ton
"Post" of Jan. 5. According to the paper mentioned Justice
Hoehling by his election again becomes an officer of
the
bank, with which he became connected as first Trust
Officer when the National Metropolitan Bank was
granted
fiduciary powers under the Federal Reserve Act. He continued to serve the institution in that capacity and also
as Secretary of the Board of Directors, of which he wits a
member, until his appointment to the bench by Presiden
t
Harding in 1921. Justice Hoehling was born in Philadelphia on Nov. 3, 1868, but moved to Washington in his
early boyhood when his father, a medical director in the
United States Navy, established his home there. He attended Troy Polytechnic (now Van Rensselaer Institut
e)
and Lehigh University, and later studied law at Columbian
University (now George Washington Law School). He
was graduated in 1890 with the degree of Master of
Laws
and was admitted to the bar the same year. Subsequently
he was associated with the law firm of Shellabarger
&
Wilson until the death of the partners, after which he
practised law in his own name- until 1913, when he formed
the law Arm of Hoehn*, Peale & Ogilby. He was
President of the District of Columbia Bar Association. In
conclusion the "Post" saia:
That the following changes were made in the personnel
of the Baltimore Trust Co., Baltimore, at the annual meeting of the directors on Jan. 9, was reported in the Baltimore "Sun" of the following day: Eugene L. Miles, formerly Assistant to the President, was promoted to a VicePresident; William R. Webb, heretofore Secretary, Henry
E. Emmart, J. G. Jacobson, and Clinton Wyatt were promoted to Assistant Vice-Presidents, and Charles 0. KieftHer was made Seeretary in lieu of Mr. Webb. At the
stockholders' annual meeting on the same day, Iredell W.
Iglehart was elected a director, to fill the vacancy caused
by the resignation of Laurence Jones, whom he succeede
d
some weeks ago as Vice-President of the company
. The
"Sun" furthermore stated that the entire executive
ofices
of the company have been moved to 17 South Street,
which
While the resignation of jitstice
has now become the main office of the bank, and
the of- court circles and his retirement from Hoehling was a distinct shock in
the bench was generally regretted,
fices at 25 East Baltimore Street and Bdltimore Street
and the financial district was expressing delight yesterday over the return
Hopkins Place have become branches. The bond
of one of their former associates to the financial field.
department, it was said, has also been transferred to the
South
At the annuel meeting of the stockhelders of the MerStreet office.
chants' Bank & Trust Co. of Washington, D. G., on Jan. 4
Van Lear Black was elected Chairman of the Board
of William E. Leahy, well known Washington attorney, was
Directors of the Fidelity Trust Co. of Baltimore at
the an- elected a director to fill the vacancy caused by the death
nual meeting of the directors on Jan. 9, and was
of William Henry White, according to the Washington
succeeded in the presidency by W. Bladen Lowndes,
hereto- "Post" of Jan. 5. At the directors' organization meeting
fore First Vice-President, according to the Baltimor
e which followed B. Ashby Leavell, heretofore Assistant
"Sun" of Nov. 10. J. H. Beaton, heretofore a Vice-Presi- Trust Officer, was elected Trust Officer, and Frank
P. Hardent and Secretary, it is understood, was advanced
to the man, Jr., formerly a Vice President, was given the addiposition of First Vice-President vacated by Mr. Lowndes tional office of Secretary. Other officers were re-electe
.
d as
Mr. Black requested that he be relieved temporarily
from follows: Peter A. Drury, President; Rolfe E. Bolling,
the details of his executive duties, as he wished to travel Frank P. Harman, Jr., and Frank E. Ghiselli,
Vice Presiextensively during the next several months. Mr. Lowndes dents; H. J. Donoghue, Treasurer; R. M.
,
Wolfe, Auditor,
the new President, has been a Vice-President of the and Wade H. Ellis, Counsel. Officers re-electe
d who are
Fidelity Trust Co. since 1912 and has spent his entire
life at the branch offices of the institution were: Luther E.
in the banking business. At the annual stockhol
ders' Schreiner, Vice President, and W. G. Baden and Henry S.
meeting of the institution held the same day, Mr. Beaton, Wattles, Assistant Treasurers,
Dupont Branch; J. Ia.
the new First Vice-President, was elected a director. The Sherwood, Vice President, and W.
Clarke Vernons, Assistpaper mentioned furthermore stated that announcement ant Treasurer, Brookland branch, and
Ernest Gerstenberg,
was made that Mr. Black would resign on Jan. 17 as Vice President, Pennsylvania Avenue
and Twentieth Street
Chairman of the Board of the Fidelity Deposit Co.
(an Northwest branch. In regard to Mr. Leaven, the new
affiliated institution of the Fidelity Trust Co.) but will Trust Officer, the "Post" said:
continue as a director of the company.
Mr. Leaven is an authority on trust matters and
the author of
several books on the subject
At the annual meeting of the shareholders of the Riggs
National Bank of Washington, D. C., on Tuesday of
this
week, Jan. 10, General John J. Pershing, Edwin B. Parker,
Charles H. Tompkins and Major Henry P. Erwin were
added to the Board of Directors. The former director
s
of the institution were re-elected. In reporting the election of the new directors of the Riggs National, the Washington "Post" of Jan. 11 had the following to say:
and is at present
of Washintgon Chapter, American Institute of a member of the faculty
Banking, as lecturer on
trust functions.
Announcement was made on Jan. 5 by Z. Edward Morris, President of the Washington Bank & Trust Co. of
Indianapolis, that a 100% stock dividend had been authorized by the stockholders at their annual meeting Jan 4,
Increasing the bank's capital stock from $100,000 to $200,000, according to the Indianapolis "News" of Jan. 5. The
stock dividend, it was stated, follows the 6% regular diviGen. Pershing, who has been a depositor of the Riggs National
since
graduation from West Point in 1887, has been in the public
eye since dend and a 2% extra cash dividend, which were declared
his retirement from the army almost as much as in the
service days, by the directors on Dec. 20, 1927, and leaves
a surplus and
206
FINANCIAL CHRONICLE
undivided profits of approximately $100,000, and a reserve
account of $108,000. Resources of the institution now aggregate $6,982,000, Mr. Morris announced. Continuing the
paper mentioned said:
The stock dividend was declared to prepare the bank for increased
action
business and to afford additional protection to depositors. The
the
follows the greatest business year in the history of the institution,
volume being double to that of any other year, Morris said.
about
An expansion program enlarging the bank's quarters to include e of
an expenditur
17,000 square feet of floor space and which entails
s.
more than $40,000 was approved by the stockholder
n Company,
A favorable report also was submitted by the Washingto
Its rean affiliated concern doing a large mortgage loan business. s of the
sources were shown to be $6,720,000. All other department
real estate
bank, the bond department, foreign travel, insurance and
submitted highly favorable reports of condition and volume of business
transacted in 1927.
At the annual meeting of the directors, Mr. Morris was
re-elected President of the institution as were the other
officers, as follows: Mark V. Rinehart, Vice-President and
Secretary; Francis W. Payne, Vice-President and Assistant Secretary; Clifton N. Fields, Treasurer; J. Edward
Johnson, Auditor; Delmar G. Patrick and Calvin J. Clymer, Assistant Secretaries, and Treasurers; Otto Meyer
and Gordon S. Griffin, bond department Managers; Henley
T. Hottel, real estate department Manager; M. L. Hall,
business and industrial property manager; Petrache yelessen, Manager of foreign department, and R. E. Throckmorton, insurance department Manager.
to
According to the Indianapolis "News" of Dec. 30, Chesthe
ter L. Robinson, until reecntly Assistant Cashier of
been
Fletcher American National Bank of that city, has
of
elected President of the Marion County State Bank
Indianapolis in lieu of his brother, Clyde E. Robinson, who
Subresigned to become Treasurer of Marion County.
was elected a Vice President of the
sequently, the latter
institution. He has been connected with the Marion
County State Bank for the last thirteen years, entering
from
the institution as a messenger and being promoted
position to another until he became President. Chesone
ter L. Robinson, the new President, joined the Citizens'
State Bank of Indianapolis fourteen years ago and since
that time has been connected with several Indianapolis
banking institutions. In the last four years he has been
Assistant Cashier of the Fletcher-American National Bank
and also has served as liquidating agent of the National
City Bank of Indianapolis. He has been a director of
the Marion County State Bank for the last six years.
Other officers of the Marion County State Bank are Roy
C. Shaneberger, Vice President; E. W. Hughes, Cashier,
and Willard Barney, Assistant Cashier. The "News"
furthermore stated that Mr. Shaneberger together with
the Robinson brothers acquired control of the stock of the
Marion County State Bank two years ago from John L.
Duvall, former Mayor of Indianapolis, who sold them his
entire holdings.
At the respective annual stockholders' meetings of the
Peoples' State Bank of Detroit and the Wayne County &
proHome Savings Bank of that city, held on Jan. 10, the
posed union of the institutions under the title of the People's
Wayne County Bank, was ratified, according to the Detroit
"Free-Press" of Jan. 11. The new organization will have a
total capital fund of $36,500,000; deposits in excess of $250,000,000, and total resources of more than $290,000,000, as
noted in our issue of Dec. 31 1927, page 2590.
For,. 126.
George B. Everitt, President of Montgomery Ward and
Company, and William F. Hayes, of W. F. Hayes, of W.
F. Hayes & Co., were elected directors of the Continental
National Bank and Trust Company of Chicago at the annual meeting of stockholders on Jan. 10. Arthur H. Evans
was elected a Second Vice-President of the bank with
duties in the Trust Department. Mr. Evans was employed
by the American International Corporation from 1917 to
1924 and during the period 1924-27 was trade commissioner
of the United States Department of Commerce, doing
financial work abroad. Present directors and officers were
re-elected. A real estate mortgage company, with capital
stock of $1,000,000, has been organized. It will be known
as the "Continental National Mortgage Company". Arthur
Reynolds, President of the bank, will be President of the
new company and Floyd C. Hassler will be manager. This
company will make real estate loans, buy and sell mortgages and market real estate mortgage bonds.
Robert Allerton, whose father, the late Samuel W. Allerton, was one of the organizers and for more than fifty
years a director of the First National Bank of Chicago,
and Chauncey McCormick of the Miami Corporation, were
elected directors of that bank at the annual meeting of the
stockholders held Jan. 10. At the meeting of the board
of directors immediately following, Edward M. Tourtelot,
manager of the Credit and Statistical department was
made Assistant Vice-President; P. M. Riesterer, Norman
G. Stockdale, Clarence E. Carlson, Edward J. Jennett and
Charles H. Wood, Jr., were appointed Assistant Cashiers.
Elmer E. Schmus, who had been Assistant Cashier in the
First Trust and Savings Bank was transferred to the
First National Bank with the same title. Edward E.
Brown, senior Vice-President of the First National Bank,
was elected also Vice-President of the First Trust and
Savings Bank. James B. Milne, manager of the Real
Estate department was made Vice-President, and Frank
G. Guthridge was appointed an Assistant Manager of the
Real Estate Loan Department of the First Trust and Savings Bank. Clarence W. Weldon was appointed Assistant
Treasurer of the First-Trust Joint Stock Land Bank of
Chicago and of the First-Trust Joint Stock Land Bank of
Dallas.
At the annual meeting Jan. 10 of the stockholders of the
Union Trust Co., Chicago, the following new additions to
the Board of Directors were announced by Frederick H.
Rawson, Chairman of the Board:
the Tribune Co., pubColonel Robert R. McCormick, President of
of the
lishers of the Chicago Tribune; Charles R. Walgreen, President
of Drug Stores; W.
Walgreen Co., operators of the Walgreen Chain
H. Alford, Vice President and Comptroller of the Nash Motors Co.,
Walter J. Kohler,
Automobile Manufacturers, Kenosha. Wisconsin;
President of Kohler Co., manufacturers of plumbing fixtures and
electric plants, Kohler, Wisconsin.
Including the new members, the complete Board of Directors is as follows:
W. R. Abbott, President, Illinois Bell Telephone Co.; W. H. Alford,
Co., Kensoha, Wisc.;
Vice President and Comptroller, The Nash Motors
Richmond
R. J. Collins, The Fulton Street Wholesale Market Co.;Vice
PresiPullman Co.; Howard Elting,
Dean, Vice President, The
J. B. French Co.; C. K. Foster, Vice President,
dent and Treasurer,
American Radiator Co.; Hale Holden, President, C. B. & Q. R.R. Co.;
Marvin Hughitt, Jr.; C. A. Johnson, President, Gisholt Machine Co.,
Madison, Wisconsin; W. J. Kohler, President, Kohler Co., Kohler,
Wisconsin; B. H. Marshall, Architect; R. R. McCormick, President,
& Co., investment securiThe Tribune Co.; George Pick, George Pick
ties; G. A. ffanney, Vice President and Treasurer, International HarVice President, Chicago Surface Line:
vester Co.; G. A. Richardson,
G. G. Thorp, Vice President, Illinois Steel Co.; C. R. Walgreen,
President, Walgreen Co.; Daniel Willard, President, B. & 0. R.R.
Warren Wright, President, Calumet Baking Powder Co.; C. B. Hazlewood, Vice President, Union Trust o.; C. R. Holden, Vice President,
Union Trust Co.; H. A. Wheeler, President, Union Trust Co.; F. H.
Rawson, Chairman of the Board, Union Trust Co.
The election of Hawley D. Newberry, formerly Assistant
Cashier of the National Bank of Commerce, Detroit, as
Secretary-Treasurer of the Standard Trust Co. of that
city, effective Jan. 15, was reported in the Detroit "Free
Following the stockholders' meeting, the directors anPress" of Jan. 9, which continuing said:
nounced promotion and new appointments to the bank's
State
Mr. Newberry is a native of Ohio and a graduate of the Ohio
air official staff as follows:
After his graduation he entered the United States
university.
discharge from
A. C. Miskelly and W. G. Kropp, Assistant Cashiers; L. R. Rochetto,
service for the balance of the war period and upon his
York.
the army entered the service of the National City Bank of New 1922 Assistant Trust Officer; L. H. Northrop, Assistant Manager, invest.
institution until
He remained with America's largest banking
; R. W. Thies, Assistant Manager, investment departassistant cashier meat department
when he came to Detroit. Since that time he has been
ment.
of Commerce.
of the National Bank
The Union Trust Company which was established in
Reynolds
1869, has just closed one of the most successful years in the
With regard to the recent election of John A.
Detroit,— history of the institution, according to Mr. Rawson. Duras a Vice President of the Union Trust Co. of
New York ing the past six years deposits have increased from $42,noted in our issue of Dec. 24, page 3433—the
"Evening Post" of Jan 3 had the following to say: the co- 000,000 to more than $94,000,000. In 1927, the bank added
bringing about
Mr. Reynolds is known for his initiative in
$1,000,000 to surplus. Combined capital, surplus and undeevlopment of the life
operative program that has resulted in the
Association of divided profits are now $8,118,000.
trust idea. Mr. Reynolds has addressed the rs, and many
insurance
—-underwrite
Life Agency Officers, the annual gathering of
upon as an authority
In the Noel State Bank, Chicago, Otto Lund, Vice-Presiagency conventions, and he generally is looked
dent of the H. N. Lund Coal Company was added to the
on the life insurance trust program.
JAN. 14
1928.]
FINANCIAL CHRONICLE
207
bank's board and Charles Lange, President of the Charles
A special dispatch from Knoxville, Iowa, on Jan. 2 to
Lange & Bros. Company retired. The following changes the Des Moines "Register" stated that 0. M. Bundy, Presiare announced in the official stair:
dent of the Knoxville National Bank & Trust Co. had anOtto J. Hartwig, Chairman of Board, to Vice-Chairman of Board.
nounced the consolidation of the Guaranty State Bank of
Joseph R. Noel, President, to Chairman of Board.
that place, with his institution. The enlarged bank will
Frank W. Hausmann, Vice-President to President.
James M. Hurst, Trust Officer to Vice-President and Trust Officer. have a combined capital and surplus of $125,000, and deN. J. Reuland, Mgr. Real Estate Loan Department to Vice-President posits of $1,500,000.
Under the terms of the merger, the
and Mgr. Real Estate Loan Department.
E. M. Breitsprecher, Assistant Cashier to Assistant to the President. dispatch stated, the stockholders of each institution will
Alex A. Bregenzer, Chief Clerk, to Assistant Cashier.
own half of the stock of the consolidated bank. E. R.
The profits of the bank are reported as follows:
Jordan, former President of the Guaranty State Bank,
Net profits for 1927
$167,760.56 will become a Vice President of the fiew institution, while
Rate on Capital
16.77%
S. L. Walker, former Cashier of the Guaranty State Bank,
Rate on average capital, surplus and undivided profits
11.23%
will be given a similar position with the consolidated bank.
In addition to the changes which occurred at this week's
annual meetings of Chicago banking institutions, to which
we refer above, other changes are noted below:
Advices by the Associated Press from Ottumwa, Iowa,
on Jan. 3. appearing in the Des Moines "Register" of the
following day, stated that a consolidation of the Iowa National Bank and the Iowa Savings Bank, two of Ottumwa's
oldest financial institutions, had been announced by Cyrus
K. Blake, President of the Iowa National Bank. The enactment of the McFadden bill, which obviated the necessity of operating one bank under the National banking
laws and the other under the State laws, it was said, was
assigned as one of the reasons for the consolidation. Other
officers of the Iowa National Bank besides Mr. Blake were
given as H. W. Merrill, Vice President; Carl F. Rauscher,
Cashier, and Will C. Miller, Assistant Cashier.
CENTRAL TRUST O.—Joseph E. Otis, Jr., Vice-President and
General Manager of the Bassick Manufacturing Co., was elected a
director to succeed Chandler B. Beach who resigned. The board will
meet to elect officers January 19.
CHICAGO MORRIS PLAN BANK.—Reelected all directors.
CHICAGO TRUST CO.—Directors were reelected and all officers
were reappointed. Paul T. Lansford was made manager of the municipal division in the bond department and C. C. Dunlap and Robert
E. O'Day were made assistant managers of the real estate loan department.
BANK OF AMERICA.—Morris E. Greenebaum retired as President
and C. Howard Marfield was elected to succeed him. C. A. Bente!,
Cashier, becomes a Vice-President and K. K. DuVall and E. B. Tilton,
were made Vice-Presidents. C. B. Freeman and H. W. Schimmelpfeng
were made Assistant Vice-Presidents.
ILLINOIS MERCHANTS TRUST & SAVINGS BANK.—AlexPurchase of the Farmers' National Bank of Oskaloosa,
ander Legge, President of the International Co.; Fred W. Sargent,
President of the Chicago & Northwestern Railway Co. and H. G. P. Iowa, by the Oskaloosa National Bank and the combining
Deans, Vice-President of the Illinois Merchants Bank & Trust Co., of the business of both institutions in the Oskaloosa Nawere elected to the directorate. Twenty-seven retiring directors were tional Bank Building
was announced on Jan. 2, accordre-elected.
ing to advices from Oskaloosa on that date to the Des
HARRIS TRUST & SAVINGS BANK.—Announced that $1,000,000
had been transferred to surplus, making that item $5,000,000 and Moines "Register". Continuing the dispatch said:
leaving undivided profits of $1,060,766. During 1927 the bank earned
The action, approved by the boards of directors of the two instituprofits after all deductions of $1,561,361 or 16.14% on the average tions late Saturday, provides Oskaloosa with another banking house
capital employed. Retiring directors were re-elected. J. J. O'Brien, with resources of over $2,000,000. The Oskaloosa National bank has
President of H. M. Byllesby & Co., and Frank McNair, Vice-President enlarged its present quarters, constructed a large safe deposit vault
of the bank were elected to the directorate. All of the officers were and installed new equipment in anticipation of the purchase.
re-elected.
Business of the Farmers National was moved into the Oskaloosa
CHICAGO TITLE & TRUST CO.—Elected Holman P. Pettibone National building today. Carl Mayer, who has been identified with the
as Vice-President in addition to his other duties as Trust Officer. Farmers bank for years, goes over to the Oskaloosa National as a vice
Ralph Adam resigned as Vice-President after 35 years of service. president.
Colonel Noble B. Judah resigned as a member of the Executive Committee and is succeeded by Bertram Winston.
At the annual meeting of the Board of Directors of the
CONGRESS TRUST & SAVINGS BANK.—All officers and directors
First National Bank in St. Louis, held Jan. 10, F.0. Watts,
re-elected.
STATE BANK OF CHICAGO.—Directors and officers re-elected. President of the bank was elected Chairman of the board
The four vacancies in the directorate and the vacancy in the presidency and Walter W. Smith, Vice-President was elected President
were not acted upon at this meeting.
to succeed Mr. Watts. Mr. Watts went to St. Louis in
LAKE STATE BANK.—J. D. Utendorfer was made a director
and 1912 as President of the Third National Bank, and while
all other directors and officers were re-elected.
directing this bank conceived the consolidation of the Third
FOREMAN NATIONAL BANK.—Frank C. Pondrom was elected
a
Second Vice-President.
Other officers and directors were re-elected. National Bank, with the St. Louis Union Bank, and the
.
FOREMAN TRUST & SAVINGS BANK.—Percival Trudeau,
Vice. Mechanics
-American National Bank, which became effecPresident of the Foreman National Bank, was elected a
director. tive July 7 1919 as the First National Bank in St. Louis,
Marshal J. Fletcher was elected Cashier and Manager of
the savings
department. Frank J. Klauck, formerly Secretary, was
made a Vice. the largest National bank west of the Mississippi river, of
President.
Franz W. Siemens, 64, Assistant Cashier of the First
Wisconsin National Bank of Milwaukee and for more
than thirty years a banker in that city, died Jan. 6. He
had been in ill health several months with heart disease.
Mr. Siemens was born in Danzig, Germany, April 14, 1863
and i n1884 went to Milwaukee. He first was associated
with the old Commercial Bank, but in 1893 went to the
Wisconsin National Bank. He was made Assistant Cashier
of that institution some years later. He retained this office when the consolidation with the First National Bank
caused the name to be changed to the present First Wisconsin National Bank.
which Mr. Watts was made President. Mr. Smith was born
in St. Louis. He was educated in the public schools and
graduated from the Benton College of Law. After, entering
the banking business. For many years he was a Clearing
House bank examiner and later a national bank examiner.
His personality, executive ability, and his wide knowledge
of financial affairs have made him the logical choice for
many posts of honor and responsibility both local and national. At the time of the organization of the Federal
Reserve System Mr. Smith was a class C Director and
Deputy Federal Reserve Agent of the Eighth Federal
Reserve District. In 1915 he became Vice-President of the
Third National Bank and has been Vice-President of the
First National Bank sines its organization.
At the annual meeting of the directors of the First National Co. (a subsidiary of the First National Bank) held
Jan. 11, F. 0. Watts, President of the First National Co.
was elected Chairman of the board; Walter W. Smith was
elected President and Henry T. Ferriss was re-elected
Executive Vice-President. F. 0. Watts, Chairman of the
board,announced the following changes: Walter L.Schnepel,
formerly Treasurer, was made Assistant Mortgage Loan
Officer and H. W. Heidenreich, formerly Ass:stant Treasurer, was made Treasurer. A new office of Ass:stant Sales
Manager was created and Edward Bakewell of the sales
force was elected to this position.
A consolidation of three banks in Ames, Iowa, effective
Jan. 3, was reported in special advices from that place on
Jan. 2 to the Des Moines "Register'. The merged institutions are the Union National Bank, the Union Trust &
Savings Bank, and the Commercial Savings Bank. The
new organization, which continues the name of the Union
National Bank, is capitalized at $100,000 with surplus of
$25,000. Its deposits approximate $1,250,000. George F.
Goodnow of Chicago, consulting engineer and capitalist, is
Chairman of the Board of the new bank and A. H. Munn
of Ames, Vice Chairman. J. G. Tilden continues as President of the enlarged bank, while D. W. Atkinson continues
as Managing Vice President. A. J. Martin, former Cashier
A highly satisfactory annual statement has been issued
of the Union National Bank, has been made a Vice Presi- by the Canadian Bank of Commerce (head office Torondent. arNi E. J. Engeldinger, former President of the Com- to). The report, which covers the fiscal year ending Nov.
mercial Savings Bank, Cashier of the new bank.
30, 1927. shows total resources of $558,709,494, the largest
ever recorded by the institution, of which $270,366,394 are
208
FINANCIAL CHRONICLE
liquid assets. Of the latter gold and silver coin on hand
and gold deposited in central gold reserves alone amount
to $23,762,740. Total deposits are shown at $437,430,003;
call loans at $85,001,138, and current loans and discounts
at $254,807,624. Net profits for the twelve months, after
providing for all bad and doubtful debts, amounted to
$3,726,910, which when added to $1,280,299, representing
the balance to profit and loss brought forward from the
preceding fiscal year, made $5,007,809 available for distribution. Out of this amount, the report shows, the follow.
ing allocations were 'Bade: $2,400,000 to cover four quarterly dividends at the rate of 12% per annum; $200,000 to
pay a bonus of 1%; $475,000 to take care of Dominion and
Provincial Government taxes; $55,000 to cover donations
and subscriptions; $203,885 transferred to pension fund
and $250,000 written off bank premises, leaving a balance
of $1,423,925 to be carried forward to the current year's
profit and loss account. The institution's paid-up capital
Is $20,000,000 with a rest fund of like amount. Sir John
Aird is President of the Canadian Bank of Commerce and
S. H. Logan, General Manager.
[VoL. 126.
-Bar Silver, Per Os. Std.Bar Gold,
QuotationsCash.
2 Mal,
Per Or. Fine.
Dec. 22
26 7-16d.
26%cl.
84s. 104.
23
263id. .
263d.
84s. 11d.
28
26 7-16d.
26 7-16d.
84s. 1134d.
Average of the above 3 days_ -26.458d.
26.437d.
84s. 10.8d.
The silver quotations to-day for cash and two months' delivery
respectively 1-16d. and 3-16d. above those fixed a week ago.
We have the pleasure to wish you all possible prosperity during the
coming year.
THE CURB MARKET.
With the volume of business on the Curb Market this
week at record figures prices held fairly firm. Some profit
taking at times caused irregularity, but prices usually recovered a good part of the losses. American Rolling Mill corn.
was conspicuous for a drop from 114 to 1028 and a final
%
recovery to 104%. Auburn Automobile com, lost over six
points to 1233-f, but sold up finally to 129. Celotex Co.
corn, sold down from 573. to 50 and at 53 finally. Deere &
Co. lost about 5 points to 225, then advanced to 2393.,
reacting finally to 236. Bohn Aluminum & Brass improved
from 35 to 42, the close to-day being at 413. Fansteel Products sold down from 33% to 26, the close to-day being at 28.
Ford Motor of Canada declined from 559 to 545 and sold
finally at 549. General Baking, class A rose from 81 to
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of 883,and ends the week at 85%. Industrial Rayon, class A,
Samuel Montagu & Co. of London, written under date of fell from 21% to 189i, moved up to 22, and fell back finally
to 20%. Johns Manv.11a Corp. corn. lost 5 points to 117,
Dec. 28 1927:
the close to-day being at 1177
/. Lehigh Coal & Navigation
GOLD.
The Bank of England gold reserve against notes amounted to £149,401,- ran up from 110 to 1183.,reacting finally to 115 8 Midland
.
760 on the 21st inst. as compared with £148.794,800 on the previous
Steel Products sold down from 108 to 95% recovering finally
Wednesday.
%
-came on to 1043 . W. A. Sheaffer Pen dropped from 830 to 790 but
Only a small amount of gold from South Africa-£20,000
offer in the open market. The usual demands for India and the Trade sold up to 849. Public Utilities held fairly well, changes for
met by the withdrawal of £43,000 from the Bank to-day.
were
small. Among the oils, Chesebrough
It was announced from New York yesterday that gold to the value of the most part being
$4.000,000 had been engaged for shipment to Holland and 3450,000,for advanced from 121 to 136 and sold finally at 135. Illinois
Batavia.
Pipe Line sold up from 177 to 1833 and at 182 finally.
The following movements of gold to and from the Bank of England have
Standard Oil (Ky.) fell from 133 to 127, and finished to-day
been announced:
Dec. 22. Dec. 23. Dec. 24. Dec. 28.
at 130. A heavy business was reported in several gold
£1,532,000 £5.000
Received
Nil
£5,000
Nil 12,000
Withdrawn
Nil
43,000
money stocks. Engineers Gold Mining selling up from
The receipt of bar gold on the 22nd Inst. represents practically all the 33% to 75% and down to 35% with the close to-day at 3%.
gold which arrived last week on the S. S. "Berengaria" from New York.
Centre Mines advanced from 2% to 6% and finished
The £12,000 sovereigns withdrawn were destined for Holland. During the Golden
week under review the Bank has received £1,487,000 on balance, reducinf to-day at 5%.
the net efflux this year to £184,000 and since the resumption of an effective
gold standard to £5,508,000, as set out in the daily bulletins at the Bank.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 21st inst.:
Exports
ImportsUnited States of America--£206.564 Poland
£359,070
21,244 Germany
British West Africa
27,565
85.354 Belgium
British South Africa
56.600
1,798 Switzerland
Other countries
59,578
Egypt
20,550
British India
82,545
Other countries
10,560
£314,960
Total
£616.468
A Royal Decree issued in Rome on the 21st inst. announced the return
of Italy to the gold standard. The decree fixed the parity of the new lira
as follows: 92.46 to the pound sterling. 19 to the dollar, and about 366 for
100 of the old gold lira: 100 of the new lira being equivalent to 7.919
grammes fine gold.
The Imperial Bank of India announced on the 22nd inst. that its official
rate of discount was raised from 6 to 7 per cent.
The following figures (in lacs of rupees) relate to India's trade during the
month of November last:
21,69
Imports of merchandise on private account
29.10
Experts. including re-exports of merchandise on private account
gold
1,23
Net imports of
7
Net imports of silver
Net imports of currency notes
6.65
Total visible balance of trade in favour of India
5,61
Net balance of remittance of funds against India
SILVER.
As usual about this time of the year most of the necessary business is
transacted in good time before the holidays. The silver market has been
accordingly very quiet and prices have shown but little change. On the
23rd inst. the premium on cash silver disappeared.
A shipment of 375 silver bars, possibly the proceeds of demonetized
French coin, was made last week from Marseilles to Bombay by the
S. S. "Narkunda."
The following were the United Kingdom imports and exports of silver
registered in the week ended the 21st inst.:
Exports
Imports-£294.025 Germany
£25,100
Mexico
23,906 British India
26,000
Other countries
Other countries
10.917
Total
Total
£317,931
Total
462,017
INDIAN CURRENCY RETURNS.
Dec. 7, Dec. 15. Dec.22.
(In lam of rupees.)
17961
18165
17858
Notes in circulation
11149
11046
10954
Silver coin and bullion in India
bullion out of India
Silver coin and
2976
2976
2976
Gold coin and bullion in India
India
Gold coin and bullion out of
3692
3696
3696
Securities (Indian Government)
140
140
143
Securities (British Government)
Bills of exchange
reported during the week ended the 22nd Lust.
No silver coinage was
inst. consisted of about 48,500.000
The stocks in Shanghai on the 24th
2,540 silver bars, as compared
ounces in sycee, 75,000,000 dollars, and
with about 51.400,000 ounces in sycee, 74,200.000 dollars, and 5,680 silver
bars on the 17th inst.
DAILY TRANSACTIONS AT THE NEW YORK CURE MARKET.
STOCKS (No. Shares).
Week Ended Jan. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
/nd&Misc
Oil.
Alining.
BONDS (Per Value).
Denten' . Foreign Govt.
279,824
332,635
296.405
251.805
390,450
346,770
103,910
164.000
145.410
116,980
129,730
226.760
53,810
142,300
148,680
84,830
71,100
66,130
22,028,000
3,652,000
4.225,000
6.391.000
4,430.000
4,161,000
$167,000
459,000
377,000
382.000
308,000
235,000
1,897,889
880,790
566,850 524,857,000
$1.928.000
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
Realizing sales made the stock market at times irregular,
particularly during the early part of the week when prices
moved sharply downward. Specialties have been moderately strong, but aside from occasional manifestations
of strength in some special issue there have been no movements of noteworthy importance. The interesting features
of the week included among others (1) the announcement
of the unfilled tonnage report of United States Steel Corporation, showing the largest gain that has been recorded
in any month since December 1924 and (2) the brokers'
loan figures included in the Federal Reserve Statement
issued on Thursday indicating a gain of $9,550,000 to a new
high record.
The stock market fairly boiled on Saturday with a wild
outburst of buying inspired by the announcement that in
President Coolidge's view there was no cause for alarm
about the unprecedented heights to which brokers' loans
have climbed. The early sales were in large blocks and
nearly all of them were one or two points higher. Montgomery Ward came in with a rush and sold up to 129, as
compared with Friday's close at 1243. Radio Corporation
was another record breaker and soared upward to a new
top price at 1033', though it slipped back to 101 at the close.
Specialties were the strong stocks of the session. International Harvester gained 6 points, International Nickel
advanced 3 points to above 62 and International Match
did equally well. As the day advanced most of the standard
stocks lost their early gains, General Motors and United
States Steel common dropping back to Friday's closing
prices. Railroad shares made little progress either way,
though here and there throughout the list were exceptions,
JAN. 14 1928.]
FINANCIAL CHRONICLE
notably St. Louis Sr Southwestern which improved nearly
2 points and Bangor & Aroostook which moved forward
about 3 points.
Irregularity was the dominating characteristic of the
stock market on Monday, trading lagging along in the first
hour without def,nite trend, followed later in the day by a
brisk rally in which most of the early losses were recovered.
Specialties continued to attract a large part of the speculative interest, especially Radio Corporation which was
consistently strong and closed at 104 with a net gain of 3
points and also reaching the peak price for all time. The
usual market leaders, General Motors and United States
Steel common, were weak, the former dropping a point
and the latter slipping back to 150. Railroad shares sagged
all along the line, both St. Louis& San Francisco and Reading
losing all of the gains of the previous session. Railroad
equipments issues were higher, Westinghouse Air Brake,
Pullman, American Brake Shoe and General Railway Signal
all closing with substantial gains.
On Tuesday widespread liquidation carried prices down
with a crash and except for the brief rally around midsession
when the unfilled tonnage statement of the United States
Steel Corporation was given out the trend continued downward. Motor stocks were especially weak, General Motors
dipping to 132. United States Steel common sold down to
147. Corn Products Refining was conspicuous because of
its advance of 2 points to a new high record at 7034. Brooklyn Edison broke about 5 points and such issues as General
Electric, Montgomery Ward, International Paper and
Woolworth declined a point or more in the early trading,
though some improved just before the close. The market
was confused and unsettled on Wednesday with alternating
periods of advances and recessions during the greater part
of the session. Railroad stocks displayed considerable
improving, particularly St. Louis-San Francisco and Canadian Pacific both of which advanced about 2 points.
Toward the end of the session copper stocks were in demand
and Greene-Cananea came back about 7 points, followed
by Calumet & Arizona which gained about 3 points of its
loss. Timken Roller Bearing also displayed considerable
strength and Corn Products & Refining continued its advance
to a new top at 71.
Market movements were again irregular on Thursday,
some issues moving up to higher levels with other stocks,
equally popular, moving slowly downward. Copper stocks
were again strong, Greene-Cananea leading the upward
swing with an advance of 9 points and substantial advances
were made by Anaconda and Kennecott. Motor shares
were heavily traded in, General Motors advancing about
3 points and Hudson Motors was in strong demand at
steadily improving prices. Local utilities were again
strong, Brooklyn Union Gas moving forward 634 points
to 153%,followed by Brooklyn Edison with an advance of
6 points and by Consolidated Gas which improved about
2 points. United States Steel was moderately active and
closed with a fractional gain. United States Cast Iron
Pipe & Foundry improved a point or more and Midland
Steel Products pref. advanced 10 points to 261. Other
strong stocks included Christie-Brown with a net gain of
1034 points, Warren Bros., Houston Oil, National Lead,
Borden, General Asphalt, Mathieson Alkali and International Harvester.
Public utilities assumed the market leadership on Friday,
Brooklyn Edison bounding upward to 220 and scoring a net
advance of 10 points for the week. Brooklyn Union Gas
climbed into new high ground at 15534 and Consolidated
Gas sold up to 124. The strength of the three leaders
stimulated interest in the lower priced issues, especially
North American and Electric Power & Light which moved
briskly upward to higher levels. Copper stocks continued
to move forward and substantial gains were recorded by
Greene-Cananea, Calumet & Arizona, Kennecott and
Anaconda. Numerous specialties were conspicuous at
various times during the session, notably Collins & Aikman
which rose 5 points to above 109, American International
which reached its best for the present shares at 86 and
Endicott-Johnson which advanced about 3 points. Railroad
issues were higher, the strong stocks including New York
Central, Union Pacific, New York Chicago & St. Louis
and Great Northern pref. Radio Corporation was prominent in the closing hour and advanced about 4 points to
10434, and both General Asphalt and International Nickel
improved about 3 points. The market was strong at the
close.
209
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
ctc..
Bonds.
Stale,
Municipal db
Foreign Bonds,
1,678,510
2.835,740
3,372,930
2,403.926
2,028,950
2,159,100
35,279,000
7,109.500
8,605.500
7,718.500
7,883,000
8,660,000
11.953,000
3.539,000
3.951.000
3,084,000
3,156,000
3.296,000
1810,000
1,101.000
661.500
1.398.250
545,000
1,224,000
14.479.156
345.255.500
318.979.000
15.739.750
Week Ended Jan. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
ccin at
New York Stock
Exchange.
Week Ended Jan. 13.
1928.
Jan. 1 to Jan. 13.
1927.
1928.
1927.
14,479,156
7,586,8.05
26,391,156
14,557,512
$5,739,750
18,979,000
45,255,500
57,553,900
29,946,700
58,642,000
$9,803,750
33,786.000
80,143.200
316.181,700
51,052.200
105.019,300
569,974,250 $96,142,600
$123,732,950
$172,253,100
Stocks
-No. of shares_
Bonds.
Government bonds...
State andforeign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHL11 AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Jan. 13 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray orrek resv1apr1
PlitladelpMa.
Baltimore.
Shares. Bond Sales Shares. Bond Sates. Shares. Solid Sales.
.
.22.812
*40,702
*46,119
*36,890
*30,295
17,866
120,300
60,850
43,150
51,900
36.400
25,000
28.711
33,075
47,338
48.575
70.699
24,744
194,684
$237,600
253,142
161 2527
S2C1:1 nra)
1 1 fi 91R
111,100
41,100
65,000
91,600
106,900
11,000
1,794
3,090
3,200
2.970
3,239
4.230
$57,700
75.000
25,300
45,400
25.800
50,000
$32,700
18,523
5279,200
3313000
21 445
5154 RIM
• In addition, sales of rights were: Saturday, 1,268; Monday, 3,202; Tuesday;
915; Wednesday, 1,334; Thursday, 4.665.
COURSE OF BANK CLEARINGS.
Bank clearnings this week will show a substantial 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, Jan. 14),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 17.7%
above those for the corresponding week last year. The total
stands at $12,062,797,222, against $10,248,123,562 for the
same week in 1927. At this centre there is a gain for the five
days of 35.4%. Our comparative summary for the week is
as follows:
agarings-Raurns by Telegraph.
Week Ended Jan. 14.
1928.
1927.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
51. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltiniore
New Orleans
50,335,000.000
647,560,776
523.000.000
476,000.000
117,980,065
129,600,000
197,390,000
171,541.000
144,362,150
158,672,166
110,476.286
90,288,064
68,496.765
14,679,000,000
574,761,164
455,000.000
409,000,000
132,138,984
128.200,000
173,363.000
165,978.000
146.585,334
140,777,861
104,750,900
94.497,318
60,884.612
+35.4
+12.7
+14.9
+16.4
-10.7
+1.1
+13.9
+3.4
-1.5
+12.7
+5.5
--4.5
+12.5
Thirteen cities. 5 daysOther cities. 5 days
59.170,367,272
1,131,963,750
57.264,937.113
1,330,701,435
+26.2
-7.4
Total all cities, 5 days
AU cities. 1 day
510,302,331.022
1,760.466.200
$8,595,638,548
1.652.485.014
+19.9
+6.5
111 061.797.212 110 241.123 162
.1.177
Total all MIAs tnr %rapt
Complete and exact details for the week covered by the
foregoing will appear in our *ssue 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. 7. For
that week the increase is only 0.9%, but this is due to the
fact that the New Year Holiday came in this week the
present year, having fallen on Monday, whereas last year it
came on Saturday of the proceeding week. The 1927
aggregate of clearings for the whole country for the week
ending last Saturday is $13,111,853,191, while the 1926
aggregate was $12,991,811,199. Outside of New York City,
there is a decrease for the week of 7.4%, the bank exchanges
at this centre having increased 6.5%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve District (including this city) there is an increase of
6.3% and in the Boston Reserve District of 5.4%, but in
the Philadelphia Reserve District the totals have fallen off
7.7%. The Cleveland Reserve District shows a loss of
11.6%, the Richmond Reserve District of 19.1%, and the
Atlanta Reserve District of 11.4%, the latter due largely
to the falling off at the Florida points, Miami having fallen
behind 57.8%, and Jacksonville, 38.4%. In the Chicago
Reserve District the clearings have decreased 5.8%, in the
St. Louis Reserve District 8.8%, and in the Minneapolis
Reserve District 9.8%. The Kansas City Reserve District
shows a falling off of 15%, the Dallas Reserve District of
20% and the San Francisco Reserve District of 7.8%.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS.
SUMMARY OF BANK
Week End. Jan. 7 1927.
Inc.or
Dec.
1927.
1928.
$
Federal Reserve Mats.
725,603,370
1st Boston_ _ _12 cities
8,423,039,684
2nd New York _11 "
692,206,199
3rd Philadelphial0 "
437,334,538
4th Cleveland_ _18 "
212,000,539
5th Richmond -16 "
223485,956
5th Atlanta_ _ __13 "
1,092,147,701
7th Chicago_ _ _20 "
264,977,625
8th St. Louis_ _18 "
119,573,993
9th Minneapoll817 "
250,304,329
10th Kansas City12 "
82,498,944
15 "
11th Dallas
589,980,313
12th Ban Fran_ _17 "
3
688280,587
7,926,586,919
749,802,666
494,879,712
262,081,036
250,669,431
1,159,333,397
290,442,854
132,593,086
294,382,869
103,038,443
639,720,199
1926.
1925.
3
a
%
564,032,333
726,647,797
+5.
4
+6.3 7,219,250,163 6,610,134,252
643,591,123
718,141,476
-7.7
402,367,089
458,124,479
-11.6
211,548,905
241,545,802
-19.1
198,012,857
307,486,244
-11.4
-5.8 1,102,296,187 1,012,145,827
254,833 161
296,312,339
-8.8
135 591,979
138,260,573
-9.8
270,618.394
278,467,474
-15.0
93,962,075
99,928,285
-20.0
504,084,000
609,137,240
-7.8
129 cltles 13,111.853,191 12,991,811,199 +0.9 12,195.598,059 10,905,932419
Total
4,857,532,331 5,243,789,700 -7.4 5,142,375,784 4,437,707,056
Outside N. Y. City
51 Milos
Ann AAA A.Act
Tlii nAl AAA -5-230
345.522.554
459.313.591
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending January 7.
Clewing* at-1928.
1927.
Inc. or
Dec.
$
First Federal Reserve Dist rict-Bosto 020.2
1.044,024 833,037
Maine-Bangor__
4,502,906 +7.3
4,833,699
Portland
-Boston_ _ 652,000.000 612,000,000 +6.5
Mass.
2,186,303 -9.7
1,973,468
Fall River_ _ _ a
a
a
Holyoke
1.621,652 -9.8
1,462,625
Lowell
a
a
a
Lynn
15.3
1,382,513 1,154,519
New Bedford_
11.2
8,370,462 7,429,347
Springfield_ 4,940,618 +2.1
5,044,095
Worcester
3.6
21,604,269 20,834,585
-Hartford.
Conn.
10,573,284 -11.8
9,328,960
New Haven_ _
19,045,500 +3.4
19,692,300
R.I.-Providence
1,029.056 -1.2
1,018,735
N.H.-Manches'r
Total(12 cities)
725,603,370
688,280,587
+5.4
1926.
1925.
1.033,364
4,497,799
650,000,000
2,500,160
a
1,357,120
a
1,726,144
8.358,928
5.064.619
20,608,523
9,069,028
21,463,200
968,912
872.546
3.611.486
502,000,000
2,367. 18
a
1,312,063
a
1,814,684
6,644,154
4,825,000
16,446,325
7,859.066
15,526,400
953,451
726,647,797
564,032.333
Second Feder al Reserve D istrict-New
9.446.374
7,252,129
-Albany_ _
N. Y.
1,696,300
1,683,608
Binghamton_ _
64,440,415
62,215,287
Buffalo
1.185,886
920.237
Elmira
1,839,671
d1,427,193
Jamestown_ _ _
New York_ _ _ 8,254,320.860 7,748.081,499
21,510,857
20,470,413
Rochester
10,519,538
8.676,145
Syracuse
3,739,783
c3,493,438
Conn.
-Stamford
932,570
1,581,725
-Montclair
N. J.
60,998,649
63,194.046
Northern N.J _
York.
7,187,045
_
8,647,475
1,570,500
-0.8
1,757,100
62,735.357
71,230,784
-3.5
900,885
1,085,423
-22.4
1,950,727
22.4
1,426,288
+6.5 7,053,222,275 6,468,215,063
14,542,355
19,816,997
6,848,771
9,039,630
17.5
3,299,141
4,033,524
6.6
573,448
669,207
+69.6
42,835,399
47,797,021
3.5
Total(11 cities) 8,423,039,684 7,926,586,919
+6.3 7,219,250.163 6,610,134,252
Third Federal Reserve Dist rict-Philad elphia
14.6
1,848,745 1,578,490
-Altoona __
Pa.
4,585,582 +5.0
4,814,652
Bethlehem _ _
2,046,684 -34.4
1,342,760
Chester
2,613,808
2.490.339
Lancaster
-7.9
652,000,000 708.000.000 Philadelphia _
1.5
5,954,238 5,863,131
Reading
12.0
9,346,629 8,228,689
Scranton
4,890,747 --2.0
d4,793,300
Wilkes-Barre_ _
2,152,929 +18.2
2,501.918
York
8,363,324 +2.7
8,592,920
N.J.
-Trenton.
a
a
a
1,570,181
4,654,415
1,153,674
3,705.125
679,000,000
5,094,505
8,402,476
5,096,332
2,244,361
7,220,377
a
1,351,843
3,812,049
1,438,148
3,114.930
608.000,000
3,970,271
7,931,250
4,082,025
2,196,372
7,714,235
a
-7.7
718,141,476
643,591,123
Total(10 cities)
692,206,199
749,802,668
Fourth Feder al Reserve D strict-Clev eland.
5,760.000 +20.1
d13.920,000
Ohio-Akron. _
14.7
4,606.476 3.929,120
Canton
9.7
90,180,142 81.391,782
Cincinnati
140.045,501 150,798,078 --7.1
Cleveland
21,940,200 --18.4
18,334,300
Columbus_ _
a
a
a
Dayton
a
a
a
Lima
2,073,654 --8.5
1,896,538
Mansfield
a
a
a
Springfield_ _ _
a
a
Toledo
-22.7
7,508,895 02,247
'
5,6
Youngstown _
a
a
a
Pa.
-Erie
-15.6
179,015.050 212.012,267 Pittsburgh_
Total(8 cities). 437,334,538 494,879,712 -11.6
6,627.000
4,840,049
85,031,301
135.891,031
19,603,700
a
a
2,401.758
a
a
6,325,400
a
197,404.240
10,641,000
4,609,096
74,380,214
118,155,984
15,138,900
a
a
2,043,156
a
6178,589
a
173,620,150
458,124,479
407,387,089
Fifth Federal Reserve Dist rict-Richm ond.1,930.880 -25.9
1,431.659
W.Va-Hunt'g'n.
9,578,320 -45.7
d5,202.698
Va.-Norfolk._ _ _
-27.8
61,778,000 44,596,000
Richmond._ _ _ _
-13.0
3.164,251 d2,752,167
-Charleston
S. C.
Md.-Baltimore- 129,828.302 151,693,647 --14.6
-16.3
33,935,938 28,391.713
D.C.-Washing'n
1,826,293
9,098,924
56,230,000
3,035,796
140,028,541
31,326,248
2,097.006
10,360.761
57,780.000
4,781,814
109,450,631
27,078.693
211,548.905
262,081,036 19.1
241,545,802
Sixth Federal Reserve Dist rict-Atiant a.-1.9
8.039.525 Tenn.-Chatt'ga. d7,888,583
4,733,640 --4.9
*4,500,000
Knoxville
-9.0
25,824.458 23,509,051
Nashville
63,173,628 --12.5
55,307,456
Ga.-Atlanta_ _ _
2,539,264 --12.0
2,235,079
Augusta
2,440,590 --8.9
2,222,144
Macon
a
a
a
Savannah
-38.4
27,543,956 16,970,469
Fla.-Jack'nvIlle.
-57.8
9,192,197 3,881,000
Miami
2.1
32.918,248 32,231,539
Ala.-Birming'm.
3,321,684 -28.5
2,373,702
Mobile
2,055,000 +10.4
2,269.000
Jackson
626,789 -23.4
479,930
Vicksburg.- 68,260,454 +0.1
68,318,003
La.-NewOrleans
8.771,528
5,364,013
24,829,982
88.057,265
2,433,544
1,954,670
a
41,884.804
28,882,591
33,811,615
3,060,231
2,104,000
616,066
65,715,947
222,185,9581 250,669,431 -11.4
307,486,244
Total(6 cities)-
Total(13 cities)
{Vol,. 126.
FINANCIAL CHRONICLE
210
212,000,539
8,814.424
3.728,081
24,776,217
10.508,309
2,641,206
1,809,654
a
21,315,658
9,538,545
33,106,318
2,511,372
1,520,000
739,073 ;
77,000,000
198,012,857
Week Ending January 7.
Clearings at
1928.
1927.
Inc.or
Dec.
$
$
%
Seventh Fader al Reserve D istrict-Chi cago-305,447
285,431 +7.0
Mich.
-Adrian _ _
2,983,477 -57.3
1,273,831
Ann Arbor_ _ _ _
138,792,530 184,810,416 -24.8
Detroit
.
9,164,733
10,705,931 -14.4
Grand Rapids
3,022,068
3,225,000 -8.3
Lansing
3.933,620
3,480,594 + 13.0
Wayne
24,018,000
32,030,000 -25.0
Indianapolis _ _
4,001,500 =18.3
.
3,267,708
South Bend..
7,496,041
10,397.478 -27.9
Terre Haute_ _ _
45,998,398
51,783,769 -11.2
Wis.-Milwauk e
3,892,442 -14.8
3,314,577
Iowa-Ced. Rap _
12,511,366 -12.1
. 10,996,888
Des Moines_ _
6,098,889
7,165,013 -14.9
Sioux City- - - _
1,511,935
1.767,863 -14.5
Waterloo_ _ -- _
1,779,024 +14.1
2,029.881
Ill.-BloomingtoI
818,264,299 812,556,363 +0.7
Chicago
a
a
a
Danville
1,725,215 -23.9
1,313,269
Decatur
6.614,459 -20.5
5.258,181
Peoria
4.432,586 -20.2
3,536,250
Rockford_ _ _ _.
3,385,670 -24.5
2,555.185
Springfield. _ _ _
1926.
1925.
$
$
301.220
261,799
1,682.112
1,305,406
174,887,225 151,647,570
9,485,770
7,821,927
2,528,820
'3.000,000
2,800,453
3,273,119
28,645,000
20,537,000
3,386,800
2,884,700
6,539,786
7,738,763
47,687,416
41,382,723
3,751,083
3,357,177
13,484,400
13,197,463
7,876,271
8,431,448
1.335,364
1,860,224
1,745,750
1,716.478
780,325,171 731,387,367
a
a
1,704,197
1,834,615
6.416,329
5,724,185
3,378,256
2.649,680
3,400.339
3,058,608
)
Total(20 cities 1,092,147,701 1.159,333,397 -5.8 1,102,296,187 1,012,145,827
Eighth Feder a I Reserve Dis trict-St. Lo Ws
6,828,144 -16,2
6,536,175
5,602,175
5,719.986
Ind.-EvansvIll
Mo.-St. Louis_ _ 182,700.000 199,800,000 -8.6 198,100,000 162,800.000
40.838,887
38,782,836
40,864,728 -3.0
39,640,210
Ky.-Louisville_ _
809,899
841,661
803,298 -26.6
589,873
Owensboro_ _ _
31,548,873
29,724,124
22.269,309
23,472,342 -5.1
Tenn.-Memphi i.
16,330.297
16,532,904 -12.8
14,875.912
14,147.170
Ark.-LittleRocit
567,647
555,083
598,201 -38.7
378,600
III.-Jacksonvill)
1,780.561
1,671,390
1,542,237 -0.6
.
1.532,477
Quincy
Total(8 cities)_ 264,977,625 290,442.854 -8.8 296,312,339
Ninth Feder I Reserve Die tact-Minn eapolis7,845,819
6.327,590 +5.1
d6,652.998
Mimi.
-Duluth_ _
88,953,021
82,776,884 -9.1
75.274,590
Minneapolis_ - _
33,993.803
35,665,540 -13.1
30,987,455
_
St. Paul
1,855,704
2,279,566 -18.4
1,905,323
N. D.
-Fargo.._
1.674,569
1.465,990 -19.1
1,185,436
.
S.D.
-Aberdeen
810,034
697,827 -14.5
598,191
Mont.
-Billings.
3,127,623
3.379,889 -12.1
2,972,000
Helena
254,833,161
Total(7 cities) _ 119,573.993 132,593,086 -9.8 138,260,573
Tenth FederaI Reserve Dis trict- Kans as City399,517
411,458 +2.6
.
d422,223
Neb.-Fremont.
494,958 +9.3
758,080
_
540,929
Hastings
6,143,502 -10.6
6,189,787
5,494,475
Lincoln
43,658,803
41.672.007 -8.8
38,000,489
Omaha
4,260,643
3,862.490 +3.2
Kan.
-Topeka _. d3,987.090
8,820,129 -3.7
8,608,850
d8,301,929
Wichita
_ 130,586,142 168,638,570 -22.6 149,614,419
Mo.-Kan. City
7,201,548 -1.1
8,656,749
St. Joseph_ _ _. d7,124,134
a
a
a
a
Okla.-Muskog e
30,551.150 -9.4
31,783,644
27,666,003
Oklahoma Cit r
a
a
a
a
Tulsa
.
1.369,850 +31.2
1.364,588
1,796,727
Colo.
-Col. Spga.
25,000.000 24.018,585 +4.1 21,690,107
Denver
1,398,822 -1.0
e1,384.188
1,482,287
Pueblo
135,591,979
)
Total(12 cities 250,304,329 294,382,889 -15.0
-Da IlasEleventh Fed a ral Reserve District
1,932,381 +9.4
2,114,138
Texas
-Austin _.
63,152,169 -8.2
57.981,008
Dallas
13,961.878 -32.8
9,381,461
.
Fort worth...
15,900,000 -59.2
6,490,000
.
Galveston....
8,092.035 -19.3
6,532,339
.
La.-ShreveGOr/
82,498,944 103,038,443
Total(5 cities) _
r
Twelfth Fade: al Reserve D istrict-San
47,134.966
. 43,506,281
Wash -Seattle..
13,409,000
12,194,000
_
Spokane
a
Tacoma
1,978,840
32.445
1,6'
Yakima
41,810,214
31,595,091
.
.-Portland.
Ore
20,811,365
24,361,702
Utah-S.L.City.
a
a
Nev.-Reno.. a
a
Ariz.-Pnoenix_ .
4,323,165
5,128,132
Cal.
-Fresno. _ _
9,170,556
8,153,001
Long Beach_ .
Los Angeles_ . 195,931,000 208,120,000
21,492,319
25,050,737
Oakland
9,127,299
7,527,148
Pasadena.. -.
9,375,849
d7,284,993
Sacramento .
6,045,012
5,878.378
San Diego.- - _.
. 217,897,000 226,646,589
San Francisco.
4,965,319
3,962,174
San Jose
2,087,906
1,745,501
Santa Barbara.
2,007,969
2,642,783
.
Santa Monica.
.
c3,796.100
3,007,700
Stockton._
8,064,860
85,836,648
33,760,189
2,273,189
1,513,727
724,319
3,419,047
431,794
628,653
5,232,967
43,745,554
4,257,538
8,584,000
143,479,943
10,359,720
a
28,201,818
a
1,269,839
23.128,932
1,299,638
278,467,474
270,618,394
2,286,586
63,071,475
13,749,348
14,448,000
6,372,878
2,107,037
55,902.998
16,408,353
13,924,400
5,619,287
-20.0
99,928,285
Franci sco.-7 7
48,960,669
-9.1
13,410,000
a
a
-22.6
2,012,275
-24.4
39,202,900
-14.6
25,323,310
a
a
a
a
-15.7
5,153,526
-11.1
9.161,802
-5.9 190,279,000
-14.2
25,664.210
-17.5
7,695,121
-22.3
9,266,548
-2.8
7,939,697
-3.9 213,763.000
-20.2
3,860.306
+19.6
1,975,362
-24.0
2,280,014
+26.2
3,189.500
93,98175
Total(17 citiesI 589,980.313 639,720.199
Grand total (12)
.13111,853,191 12991,811,199
cities)
-7.8
Outside N. Y.-- 4.857.532.331 5.243.789.700
-7.4 8.142 175 .
711A
609,137,240
39,087,915
13,015,000
a
1,702,404
34.599,158
17,860,606
a
a
3,860,848
8,104,862
154,090,000
19,767,188
6,897,332
10,736,339
5,244,950
178,600,000
3,483,532
1,519,462
2.078,148
3,436,400
el
504.084,124
+0.9 12195.598.059 10905,922,119
A .1.17 "II, AKA
Week Ended January 5.
Marinas at
1928.
Can tia-Montr al
Toront)
Winni eg
Vancouver
Ottawa
Quebec Halifax
Hamilt m
.
Calgary
St. Joh o
Vietori 1
London
Edmon ton
Regina
Brandoii
Lethbridge_ Saskat on
Moose law_
Brantf .rd
Fort W 1111am_
tei
New estminiMedici le Hat_ _ _
Peterb rough....
Sherbr ,oke.
Kitche ler
Winds r
Prince tlbert.--Monet In
Kingst
Chath m
Sarnia_
$
158,258,879
149,282,008
59,365,340
19,961,330
7,466,725
7,030.155
3,309,847
6,621,939
11,073,305
3,043,208
2.107,285
4,323,057
6,667,575
5,347,173
674,318
848.517
2,569,418
1,765,279
1,358,588
1,071,698
857,821
419,380
648.593
1,110,889
1,258.142
4,568,733
547,327
1,025,464
917,364
879.105
479,197
1927.
a
107,397,022
121,178,910
52,906,802
19,361,414
6,678,650
5.353,418
3,751,880
5,728,299
10,363,129
2,836,275
1,965,155
4,195,888
7,014,674
5,532,398
665,233
555,563
2,173,225
1,698,086
1,416,413
977,043
979,272
359,675
849,67
1,082,706
1,007,134
4,112,345
465,249
910,384
848,170
919,325
779,477
Dec.
1926.
%
3
+45.5 103,377,825
+23.2 101,330,061
+12.3
56,296,378
+3.1
16,493.490
+11.8
6.759,434
+31.3
7,179,918
-11.8
3,225,355
+15.6
4,957,138
+6.9
8,160,403
+7.3
2,709,089
+7.2
2,118.008
+3.0
3,246.450
-4.9
6,997,554
-3.3
5,180,982
+1.4
622,888
+16.7
887,658
+18.2
2,174,865
+4.0
1,631,384
-4.1
1,198,500
+9.7
1,423,436
-12.4
662,003
+16.6
370,305
-23.6
832,518
+2.6
842,549
+24.9
1,164,160
+11.1
3,878,072
+17.6
466,664
+12.6
964.215
+8.2
881,512
-4.4
-38.6
1925.
a
172,396,058
125,942,634
62,941,203
18,681,887
9,163,477
10,415,035
4,524,366
5,913,104
9,510,247
3.080,716
2,691,220
3,594,257
7,587,998
6,201,604
730.525
589,835
2,238.485
1,571,212
1,149.394
940,350
748,003
339.928
1,083,749
932,034
1,201,217
2,894.348
434,252
887,035
951,441
462,655,859 376,081,885 +23.0 345,522,554 459,313,591
a No longer report clearings. b Do not respono to requests for figures. c Week
ended Jan.4. d Week ended 'en. 6. e Week ended Jan.6. * Estimated.
Tota I (31 cities)
JAN. 14
FINANCIAL CHRONICLE
1928.]
211
Treasury Cash and Current Liabilities.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The cash holdings of the Government as the items stood
The daily closing quotations for securities, &c., at London,
Dec. 31 1927 are set out in the following. The figures are
as reported by cable, have been asIfollows the past week:
taken entirely from the daily statement of the United States
Thurs.,
Fri..
Wed.,
London,
Sat.,
Mon.,
Toes.,
Treasury of Dec. 31 1927.
WeekEnd.Jan.13. Jan. 7. Jan. 9.
Jan. 10. Jan. 11. Jan. 12. Jan. 13.
25 5-16d.
26%d.
26iid.
Silver, per oz__ 26 9-16d. 26%d.
26Hd.
Gold.per fine oz 848.1134d. 848.11%d. 84s.10d. 84s.11%d. 84s.11%d. 8414.11%d.
5543
55%
Consols,
%
55%
55%
55%
101%
101%
101%
British, 5%___
101%
101%
96%
96%
British,
%
96%
96%
96%
French Rentes
64.30
64.10
(in Paris).fr. ---64.25
64
63.35
French War L'n
85.10
84.50
(in Paris)_fr_
84.20
83.50
83
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(cts.):
Foreign
57%
57%
57%
57%
57%
57%
CURRENT NOITCES.
—Prince & Whitely, 25 Broad St., New York. announce that Edward
M.Porter, George Hackett and Jerome C. Schnell have become associated
with them in their investment department and Michael A. Hoey has been
appointed their representative in Orange County, N. Y., and vicinity.
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
623,121,912.71 Gold Ws.outstanding-1,617.010.649.00
2,879,618,484.34 Gold fund, F. R. Board
(Act of Deo. 23 1913.
as amended June 21
1,556,510,011.28
1917)
155,420,721.98
Gold reserve
Gold in general fund— 173,799,016.79
3,502,740,397.05
Total
Total
3,502,740,397.05
Note—Reserved against $346,681,016 of U. S. notes and $1,314,850 of 'Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars in the Treasury.
SILVER DOLLARS.
$
Assets—
Ltablittie.s—
$
Silver dollars
477,323,509.00 Silver eds. outstanding_ 472,529,788.00
Treasury notes of 1890
1,314,850.00
outstanding
3,478,871.00
Silver dollars in gen.fund
Total
477,323,509.00
477,323,509.00 Total
GENERAL FUND
Liabilities—
173,799,015.79 Treasurer's checks out6,686,055.33
3,478,871.00 standing
3,962,625.00 Deposits of Government
officers:
3,590,490.00
4,475,486.31
122,408.00 Poet Office DePartnft
19,940,364.00
Board of trustees. Pos2,120,655.79
tal Savings System:
1,358,253.14
5% reserve, lawful
6,435,700.49
money
6,245,720.32
1,086,994.60
Other deposits
Postmasters, clerks of
2,570,645.77
34,101,490.22
courts, disbursing
55,220,640.46
officers, leo
Deposits for:
Redemption of F. R.
249,202,000.00
notes(5% id., gold) 159.633,246.92
Redemption of national bank notes (5%
fund,lawful money) 25,807,034.38
109,107.94
Retirement of additional
circulating
416,175.54
notes, Act May 30
2,630.00
1908
Uncollected items, ex2,806,971.97
8,192,411.83
changes, &a
Assets—
Gold (see above)
Silver dollars (see above)
United States notes__
Federal Reserve notes__
Fedi Reserve bank notes
—The firm of Schroeder & Murdock has been dissolved, and G. G. National bank notes__
Schroeder & Co. and A. J. Bailey, formerly of Schroeder & Murdock, Subsidiary silver coin__
Minor coin
have organized G. G. Schroeder & Co.. members of the New York Curb Silver bullion
Market, with offices at 2 Rector St., New York.
Unclassified,—Collections, arc
—Ward, Gruver & Co., members of the New York Stock Exchange, Deposits In F. R. banks
20 Broad St., New York, have prepared an analysis on the Virginia-Caro- Deposits In special depositaries account of
lina Chemical Corporation, one of the leading producers of sulphuric acid
sales of certificates of
and fertilizers.
Indebtedness
—Nathaniel Orens,for twenty-two years with the New York State Bank- Deposits In foreign depositaries:
ing department, has opened an office at 67 Wall St., New York, and offers
To credit of Treasurer
his services to banking institutions in line of expert bank examinations
United States
and audits.
To credit of other
Govern't officers
—J. K. Rice, Jr. & Co., 120 Broadway, New York. are distributing their
Deposits in natil banks:
bank and insurance investment analysis, showing latest quotations and
To credit of Treasurer
giving a consensus of opinion of business leaders on the 1928 outlook.
United States
To credit of other
—Brooke, Stokes & Co., investment bankers, Philadelphia, announce
262,154,760.46
Oovern't officers_ __ 24,607,181.01
the association with them in the sales department of John H. Hamilton, Deposits In Philippine
272,342,801.10
Net balance
Treasury:
who was formerly with the Land Title & Trust Co., Philadelphia.
To credit of Treasurer
United States
680,146.21
—Robert S. Strauss & Co. of Chicago, real estate mortgage bond dealers.
have opened offices in New York at 150 Broadway under the management
534,497,561.56
Total
534,497,561.56
Total
of Sidney Siegel, who will have charge of the Eastern territory.
Note.—The amount to the credit of disbursing officers and agencies to-day was
—Morris Pollock, formerly of Pollozic & Co., and Louis N. Shour have $380,320,830.62. Book credits for which obligations of foreign governments are
formed the corporation of Pollock, Shour & Co.. to specialize in bank and held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
insurance company stocks at 165 Broadway, New York.
the retirement of outstanding national bank and Federal Reserve bank notes are
—Harry B. Snyder has become associated with Morley, Wood & Co., paid into the Treasury as miscellaneous receipts, and these obligations are made
members New York and Philadelphia Stock Exchanges. 511 Chestnut St., under the Acts mentioned a part of the public debt. The amount of such obligation'
to-day was $43,060,564.50.
Philadelphia, in charge of their trading department.
$3,312,550 in Federal Reserve notes and $19,872,408 in national bank notesare in
—W.H. Newbold's Son & Co., 1517 Locust St., Philadelphia, announce the Treasury in process of redemption and are charges against the deposits for the
that Robert W. Sayles has become associated with them to deal in railroad. respective 5% redemption funds.
utility, industrial and short time obligations.
—Scholle Brothers, members of the New York Stock Exchange,5 Nassau
Treasury Money Holdings.
St., New York, have prepared an analysis of Carreras, Ltd. (ordinary
shares) which is ready for distribution.
The following compilation, made up from the daily
Lewis-Dewes & Co., Inc., Chicago, announce the establishment of a
special department for trading in insurance and bank stocks under the Government statements, shows the money holdings of the
management of Howard Cornelius.
Treasury at the beginning of business on the first of October,
—New Orleans Bank & Trust Co. has opened a bond department to November and December 1927 and January 1928.
function as the New Orleans Securities, Inc., under the management of
Holdings in U.a. Treasury Od. 1 1927. Nov. 1 1927 Dec 1 1927 Jan. 1 1928.
Roy M. Watson, Vice-President.
—O. W. Fanning Co. announce the opening of offices at 25 Broadway.
$
$
$
$
New York, for the transaction of a general business in stocks and bonds Net gold coin and bullion_ 300,312,191 321,098,752 327,013,167 329,219,737
9,724,591
12,699,645
Net silver coin and bullion
16,431,467
13,136,584
and over-the-counter securities.
3,307.290
3,962,625
2,784.313
Net United States notes..
3,239,383
—George E. Hudson, formerly with T. Hall Keyes & Co., has become Net national bank notes_ _
19,940,364
18,031,916
16,367,124
21,788,712
3,590.490
associated with Colyer & McGuire, Inc., 120 Broadway, New York, in Net Federal Reserve notes
1,262,065
1,860,700
3,062,395
122,408
151,950
82,835
Net Fed'i Res, bank notes
170,332
their wholesale department.
2,135,889
2,120,656
Net subsidiary silver
4,034,515
3,975,480
—Robert A. English, has been admitted to membership in the Phila- Minor coin, am
3.928,899
6,123.330
5,439.765
19.711,620
delphia Stock Exchange firm of William H. Maus & Co., Franklin Trust
Total cash in Treasury. 351,887.442 367,510.916 384,843.062 372.609.770
Building, Philadelphia.
Less gold reserve fund _ _ _ 155,420,721 155.420,721 155.420,721 155,420,721
—B. II. Roth & Co., 149 Broadway, N. Y., announce that Robert Z.
Cash balance In Treas'y 196.446,721 212,090,195 229,422,341 217,189,049
Block is now associated with them in their trading department specializing
Dep.In spec'l depositories.
In industrial stocks.
acct. Treasury bonds.
—Howard E. Demuth, who has been associated with Mackubin, GoodTreasury notes and cer41licates of indebtedn'ss 454,012.000 229,900,000
14,664,000 249.202.000
rich & Co., Baltimore, for the past fifteen years, has become a general
34,101,490
Dep. In Fed'I Res. banks_
40,057,683
27.773,107
12.898.338
partner of that firm.
Dep.in national banks:
8,192,412
To credit Tress. U. S_ _
—Monroe Coblens, formerly with Lehman Bros., has become associated
7,359,043
8,138,179
7,717,678
24,607,181
To credit dist". officers_
19,038,171
20.864.931
21,020,418
with Ernst & Co., 120 Broadway, New York, as manager of their invest680,146
Cash in Philippine Islands
941,228
1,171.948
1,250,122
ment department.
525,283
Deposits In foreign dents_
618,260
481,774
521.732
—Field, Glore & Co., Inc., announce the opening of an up-town office Dep. In Fed'I Land banks
at 475 Fifth Avenue at 41st Street, under the management of Irvin C.
Net cash in Treasury
Garverick Jr.
and in banks
718,471,106 500,233,294 272,716,471 534,497,562
—Abbott, Hoppin & Co., members of the New York Stock Exchange, Deduct current liabilities. 227,927,090 238.644,444 259,339.024 262,154,760
announce that James F. Shaw has been admitted to the firm as a general
Available cash balance_ 490,544,016 261,588.850
13,377,447 272,342,801
partner.
*Includes Jan. 1 $6,245 720.32 silver bullion and $1 358,253.14 minor coin, an.,
—Hardy & Co., members of the New York Stock Exchange, 50 Broad not included in
statement "Stock of Money."
St., New York, have prepared for distribution an analysis of Marland
Oil Co.
—H. F. McConnell & Co., 150 Broadway, New York, have prepared an Public Debt of United States—Completed Returns
"Annual Stock Record" for 1927 covering stocks listed on various exShowing Net Debt as of Oct. 31 1927.
changes.
The statement of the public debt and Treasury cash hold—Malcolm D. B. Hunter, member New York Stock Exchange, has been
admitted to Hitt. Farwell & Co., 160 Broadway, New York, as a general ings of the United States as officially issued Oct. 31 1927,
partner.
delayed in publication, has now been received, and as inter—W.Wallace Lyon of W.Wallace Lyon & Co.,51 E.42nd St., New York,
est attaches to the details of available cash and the gross and
has been elected a director of the New York Fire Insurance Company.
—Ralph W. Stansbury and E. W. Stansbury announce the formation
of Stansbury and Company with offices in Suite 1418, Bankers Building,
105 W. Adams St., Chicago. They will deal in Government. Municipal,
Railroad, Public Utility and Corporation Investment Bonds and Stocks.
—A. D. Watts & Co., 1 Wall St., New York, have issued an analysis
of Canadian Canners.
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1926.
212
FINANCIAL CHRONICLE
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 31 1927. Oct. 311926.
$
Balance end month by daily stateusent. Ac
261,588,850
230,560,594
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-1.082,549
+569,780
260,506,301
61,658,839
66,961,816
9,235,530
1,294,397
132,887,844
Total
231,130.374
54,614,773
69,885,723
7,336,410
1,050,938
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
139.150,582
Balance. deficit(-) or surplus 1+)
+127,618,457 +91,970,792
INTEREST
-BEARING DEBT OUTSTA Ni)i NO,
Interest Oct. 311927. Oct. 31 1926.
payable.
Titk of Loan$
$
25 Consols of 1930
Q.
-J. 599,724,050
599,724.050
Q.
-F.
48,954,180
25 of 1916-1936
48,9.54,180
Q.
-F.
25,947,400
25 of 1918-1938
25,947,400
Q.
-M.
49,800,000
38 of 1061
49,800.000
Q.
-J,
35 Conversion bonds of 1946-1947
28,894,500
28,894,000
J -J
Certificates of indebtedness
561,532,500
861,848,500
33is First Liberty Loan, 1932-1947
J.
-J. 1,397,686,700 1,397,687,600
J.
-D.
45 First Liberty Loan, converted
5.155,7005,156,700
4 yis First Liberty Loan, converted
J -D. 532,822,300
532,874.350
4 Xs First Liberty Loan, second converted_ _ _ _J.
-D.
3,492,150
3,492,150
M.
-N.
45 Second Liberty Loan, 1927-1942
17,171,100
20,849,350
740.374,400 3.083,674,950
434s Second Liberty Loan converted
Third Liberty Loan of 1928
M.
-S. 2,147,655,700 2.308.133,250
43.4s
434s Fourth Liberty Loan of 1933-1938
A.-0. 6,296,902,900 6,324,466,150
4145'Treasury bonds of 1947-1952
762.320,300
763.948,300
48 Treasury bonds of 1944-1954
1,042.401.500 1,047,087,500
394s Treasury bonds of 1946-1956
491,212.100
494,898,100
334s Treasury bonds of 1943-1947
494,854,750
4s War Savings and Thrift Stamps
257,413,976
358,070,326
J.
-J.
23.45 Postal Savings bonds
13,951,780
12,881,080
J.
-D. 2.594.290.250 1,197,481,300
53.45 to 514s Treasury notes
Aggregate of interest-bearing debt
Bearing no Interest
Matured, interest ceased
18,112,558,236 19,165,869,736
241.256,690
242,359.016
14.863,790
11,925,990
Total debt
a18,368,678,716 19,420,154,742
Deduct Treasury surplus or add Treasury deficit.... -127,618,457 +91,979.792
--Net debt
b18.241,060,259 19,328,174,950
a The total gross debt Oct. 31 1927 on the basis of daily Treasury statements was
$18,368,491.612, and the net amount of public debt redemption and receipts in
transit, Ac., was $187,104.
b No deduction is made on account of obligations of foreign Governments or other
investments.
Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for December 1927
and 1926 and the six months of the fiscal years 1926-27
and 1927-28.
-Month of December
Six Months
Receipts.
1027.
1926.
1927.
1926.
Ordinary1
S
$
$
Customs
43,113,298 48,431,263 305,263,887 318,817,857
Internal revenue:
Income tax
439,960,000 429,228,920 1,023,922,679 1,046.840,959
Miscellaneous internal rev
48,937,879 55,671.448 311,194,147
334,456,347
Miscellaneous receipts:
-owned secs.:
Proceeds Govt.
Foreign obligations
Principal
26,560.435 26.559,730
26,613,860
26,565,730
Interest
70,769,396 69,986,016
80.962.535
80.334,095
Railroad securities
958,440
1,615,670
86,517,852
31,676,142
All others
261,196
173,466
58,173,386
3,937,876
Trust fund receipts(reappropriated for investment).
4.716,459
1,980,001
32,855,801
22,214,207
Proceeds sale of surplus prop.
604,250
426,812
3,083,725
8,506,824
Panama Canal tolls. Am_
2,489,982
1,926,325
14,743,698
12,169,008
Receipts from miscellaneous
sources credited direct to
1,783,541
appropriations
1.351,202
4,514,775
5,122,173
a12,553,195 8I9,745,481 896,328,336 886,642,730
Other miscellaneous
Total ordinary
652,708,072 657,096,336 1,989,939,172 2,031,519,457
Excess of ordinary receipts
over total expend's chargeable against ordinary rects_ _298,530,170 243,063,969
Expenditures.
Ordinary
(Checks and warrants paid, Am.)
General expenditures
157,448,949
Interest on public debt
c78,968,430
Refund of receipts:
Customs
1,903,767
Internal revenue
10,000,538
Postal deficiency
Panama Canal
983,347
Operations in special accounts:
Railroads
d830
War Finance Corporation
d576,320
Shipping Board
3,139,020
d59,339
Alien property funds
d307,703
Adjusted-service ctf. fund_
d23,314
Civil-service rtirement fund_
Invest. of trust funds:
4,666,607
Govt. life insurance
49,852
D.of C. teachers' retirement
dI3,300
Foreign service retirement
General railroad contingent_
Total ordinary
218,279,938
160,449,080
87,766,278
965.404,314
362,108,432
947,965,357
396.025,434
1,732.710
1,894,969
348,291
10,979,056
69,347,980
13,000,000
5,434.234
9,575.239
53,331,084
7,015,648
3,129,475
d40,212
d1,048,404
2,638,833
345,434
62,110
d237,974
793,441
d2,373,22I
17,896,864
820,632
d352,692
68,760
315,504
d4,852,360
12,010,233
d457,256
d130,771
d304,390
2,945,025
34,976
d6,500
d1,000,000
32,392,663
300,005
116,200
163,134
22,928,742
92,669
122,855
d807,204
256,179,702 255,884,616 1,476,099,301 1,445,960,260
Public debt retirements chargeable against ordinary rects.:
4,374,350 64.200,000
Sinking fund
Purchases and retirements
1,048,800
995,000
from foreign repayments
Received from foreign govts.
92,575,000 92.950,000
under debt settlements
Received for estate taxes_ _
2,750
50
Forfeitures, gifts, Acc
Total
65,509,371
97,998.200 158,147,750
354,660,600
273,310,500
1.048,800
92,950,000
448,330,500
367,279,260
23,760
Total expenditures chargeable
against ordinary receipts. ,354,577,902 414,032,366 1,924,429,801 1,813,239,520
Receipts and expenditures for June reaching the Treasury in July are included.
a Includes $249,591.17 received from Federal Reserve banks as franchise tax
Dec. 31 1927.
S Includes $818,150.51 received from Federal Reserve banks as franchise tax
Dec. 31 1926.
c The figures for the month Include $124,206.82 and for the fiscal year 1928 to
date $731,202.56 accrued discount on war-savings certificates of matured series,
and for the corresponding periods last year the figures include $588,868.93 and $1,
345,341.02, respectively.
d Excess of credits (deduct).
Preliminary Debt Statement of the United States
Dec. 31 1927.
The preliminary statement of the public debt of the
United States Dec. 311927, as made upon the basis of the
daily Treasury statements, is as follows:
Bonds
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal savings bonds
5599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
13,951,780.00
$767,271,910.00
First Liberty Loan of 1932-1947
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938
Treasury
Treasury
Treasury
Treasury
$1,939,156,850.00
2,147,653,150.00
6,296,901,900.00
10,383,711,900.00
bonds of 1947-1952
bonds of 1944-1954
bonds of 1946-1956
bonds of 1943-1947
8762,320,300.00
1,042,401.500.00
491,212,100.00
494,854,750.00
2,790,788,650.00
Total bonds
$13,941,772,460.00
7'reasury Notes
Series A-1930-1932, maturing Mar. 15 1932._ _$1,300,914,650.00
Series 33-1930-1932, maturing Sept. 15 1932...._
619,495,700.00
Adjusted Service
-Series A-1930
39,300,000.00
Series A-1931
03,500,000.00
Series B-1931
70,000.000.00
Series A-1932
123,400,000.00
Civil Service-Series 1931
31,200,000.00
Series 1932
14,400,000.00
2,252,210,350.00
Treasury Certificates
Series TM-1928, maturing Mar. 15 1928
$306,208,000.00
Series TM2-1928, maturing Mar. 15 1928
250,577,500.00
Series TJ-1928, maturing June 15 1928
422,051,200.00
Series TD 1928, attiring Dec. 15 1928
261,761,000.00
Civil Service Retirement Fund Series
6,300,000.00
Foreign Service Retirement Fund Series
147,000.00
1,247,044,700.00
Treasury Savings Certificates 8
Series 1923, issue of Sept. 30 1922
$127,898,135.55
Series 1923, issue of Dec. 1 1923
23,221,851.80
Series 1924, issue of Dec. 1 1923
93,521,512.15
244,641.499.50
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917
Certificates of indebtedness
Treasury notes
33.4% Victory notes 01 1922-23
04% Victory notes 01 1922-23
Treasury savings certificates
Second Liberty Loan bonds of 1927-1942
$17,685,669,009.50
$2,033,590.26
398,000.00
11,000.700.00
23.150.00
2,590,550.00
7,635.250.00
87,060,400.00
110,741,640.26
Debt Bearing NoInterestUnited States notes
Less gold reserve
5346,681,016.00
155,420,720.98
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales, Scc
8191,260,295.02
43,060,564.50
2,046,040.82
3,574,901.71
230,941,802.05
Total gross debt
818,036,352,451.81
•Net redemption value of certificates outstanding.
Sommercial anciAlf•isceilancons4,011103
Breadstuffs figures brought from page 275.- All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c. are prepared by us
from figures collected by the New Yolk Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
M1.1.196155 bush.60 lbs bush.56 /bs. bush. 32 lbs.bush.481bs bush.561bs
144,000 1,791,000
Chicago
207.000
616,000
100,000
34,000
1,753,000
Minneapolis_
183,000
361,000
422,000
60,000
864,000
Duluth
4,000
20.000
35,000 153,000
Milwaukee
18,000
27.000
344,000
93,000 252,000
9,000
302,000
Toledo
50,000
Detroit
33,000
24,000
30,000
7,000
7,000
8,000
Indianapolis.._
200,000
100,000
St. Louis_ _ _ _
330,000
94,000
503,000
222,000
26,000,
3,000
Peoria
27,000
75,000
219.000
123,000
17,000'
581.000
Kansas City876,000
54,000
Omaha
187,000
609,000
86.000,
St. Joseph_
66,000
266,000
6,000
Wichita
226,000
76.000
Sioux City_
19.000
234,000
5
4.0001
3,000
Total wk. '28
Same wk. '27
Same wk. '26
403,000
493,000
500,000
4,658,000
4,690,000
6,225,000
5,353,000
5,566,000
9.717,000
1,815,000
2,982,000
4,385,000,
862,000
646,000
769,000
266,000
302,000
392,000
Since Aug.I1927
11,111,000301,871,000116,339,000 79, 8,00012,325,00028,871,000
07
1926
11,057.000214,538,000106,089,000 77,194,000 8,198.00019,593,000
1925
10,805,000225,144,000108,038,000 138,997,000 53,186,00016,329,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan. 7, follow:
995,000
92,575,000
1.500
44,600
[VOL. 126.
Receipts at
-1 Flour.
Barrels.
New York_ _ _
230,000
Philadelphia _
46,000
Baltimore._ _ _
19,000
55,000
New Orleans•
Galveston__
Montreal. __
25,000
61,000
St.John,N B.
Boston
29,000
iVheat.
Corn.
Oats.
Rye.
Barley.
Bushels.
Bushels. I Bushels
Bushels. Bushels.
927,000
15,000
60,000
219,000
132,000
181.000
23,000
12,000
30,000
461,000
24,000
16,000
15.000
180,000
206,000
84.000
15,000
33.000
126,000
46,000
5,000
25,000
67,000
781,000
186,000
41,000
92.000
17,000
Total wk. '28
Since Jan 128
468,000
468,000
2.727,000
2,727,000
Week 1527...'
Since Jan.1'27
474,000
474,000
6,988,000
6,988,000
277,000
277,000
187,000
187,000
610.000
610,000
218.000
218,000
282,000
301,000 1,217,000
320,000
282,000
301,000 1,217,000
320,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
JAN. 14 1928.]
FINANCIAL CHRONICLE
The exports from the several seaboard ports for the week
ending Saturday, Jan. 7 1928, are shown in the annexed
statement:
Exportsfrom-
1Wheal.
Corn.
Flour.
Bushels. Bushels.
1,039,501
164,000
80,000
444,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
St. John, N. B
Halifax
Houston
Rye.
Oats.
781,000
80,000
64,000
43,000
Total week 1928._ 2,884,501
Same week 1927_
ft 355 65n
148,000
7(10(10
206,112
5,000
9011(141
94(100
19,000
86,000
170,000
5,000
41,000
186.000
41,000 1.087.699
osa 095
flOn 411R
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
and Since
July 1 to-
TVeek
Jen. 7
1923.
Wheat.
Since
July 1
1927.
Week
Jan. 7
1928.
Corn.
Since
July 1
1927.
Week
Jan. 7
1928.
Since
July 1
1927.
Barrels, Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom'. 83,718 2.232,827 1,213,337 51,226,431
406,895
Continent
99,394 3,433,734 1,671,164 110,138,847 137,000
642,844
So.& Cent. Amer_
7,000
237,555
165,000
183,000
West Indies
11,000
262,000
22,000
11,000
411,000
Brit.No.Am.Cols
Other countries
395,023
351,003
Total 1928
Total 1927
206,112 6,561,139 2,884,501 161,903,281
260.943 7.218.006 8.355.650 179.789.821
FOREIGN
148,000 1,643,739
79.000 2.416 530
TRADE OF NEW YORK
-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Imparts.
1927.
I
Customs Receipts
at New York.
Exports.
1926.
$
$
1927.
1
1926.
1927.
$
$
$
January __ 176.319,795215,137,735 155,804,975 153,410,759
February _ 154,108,6881185,930,212 129,846.153 135,855.812
March____ 185.032.299,234.703,468 150,660,298 147,798.478
April
188.933.5081193,961.303 164,037,393 164,810,083
May
163.149,501 161.807.859130,497,4791124,551.837
June
165,089,895 175.031,076 127.325,100 112,535.945
July
158,169,597 164,794.382 138,264,513 132.903,105
August. _ 166,332,013 161.973.351 142,661.747116,821.090
.
September 172.7137,69 182.914,678 126,772,088151,629,613
October__ _ 175,855,280 177,239,667 137,849,733 123,823,326
1926.
24,850.299
23.681.705
26,675,460
26,635,472
24,059,48
27,940,18
26,620,03
30,852,62
32,593,22
31,626,40
26,628.880
25,131.733
29.523.243
24,280,728
20,333,749
25,280.529
24.619,552
29.183,549
32.000,997
31,369,820
Total_ _ 1705668 27411863493 731 1412739 479 1364139 648 275,534,888268,352,778
Movement of gold and silver for the ten months:
Gold Movement at New York.
Month.
Imports.
1927,
I
1
1026.
Silver-New York.
Exports.
1927.
Imports. , Exports.
1926.
1927.
$
6
I
$
3
January _ 17,840,8681
705,698 14,468,637 2,569,831
February _ 14,060.641 10,707.020 2,084,371 2,012,359
March__ _ _ 1,512,3631 3,201,667 1,628,544 2,038,148
April
6,853,0561
895,8051,928,638
802.7311
May
27,257,658
619,245
756,245
901,20
June
8.031,123 4.287,601
932,108, 2,174,5101
July
6.215,029
846,762 1,090,7301 1,698,5
6.107.889662,466
883,618 21.154,974
Septem her 1,714,313
972,617 24,166,981 21,675.322
October__
495,910
523,979, 9,147,118 1,013,79
1927.
$S
1.105,6281 3,861,180
955.028' 3,757.076
1,702,2781 3,745,506
1,154,6641 4.766.576
1,514,513 3,854.017
1.501,9131 2,833,622
1.554.118 3.470.003
1,492,0261 2.727,989
2,154,7051 4.450.040
1,796,403 2,402,526
Total.. 89,089,748 23,402,950 57,084,990 55,941,413
14.931,2761 35.888,535
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Amount Bonds
on Deposit to
Secure Ctrculaion for National
Bank Notes.
Dec. 31 1927
Nov. 30 1927
Oct. 31 1927
Sept. 30 1927
Aug. 31 1927
July 511927
June 30 1927
May 31 1927
Apr. 30 1927
Mar.31 1027
Feb. 28 1927
Jan. 31 1927
Dec. 311026
Nov. 30 1926
Oct. 3111)26
Sept. 30 1926
Aug. 311028
July 311026
June 30 1926
May 31 1926
Apr. 30 1926-Mar. 31 1926
Feb. 27 1926
Jan. 31 1926
Bonds.
Legal
Tenders.
667,127,710
666,830,210
666.873,290
666,965,790
607,143.790
667,156,290
666,991,130
667,095.680
665,724,930
665.641,990
666,138.640
664,503.940
666,211,440
666.278,180
665,492,880
665,830,440
665,889,940
665.941.890
665,616,390
665,465,140
665,686,140
665,568,140
665,235,640
665,3413,590
662,380,082
663,340,675
663,167,030
662,742,593
663,747,178
661,550,768
661,288.545
663,156,720
662,238.833
661.673,603
660.366,240
657,364,790
661.046,465
662.764,613
661.742.830
660,555,797
659,760,467
661,434,195
660,986.560
660,677,175
661,664,478
661,016,470
661,244,347
661 298,333
38,623.507
39.060.424
39,825.664
40,537.019
41,052,614
42.967,269
42,857,722
42.777,217
39.074,404
38,251,364
30,825,184
37.856.759
36.721,464
37.927,974
38.971.702
39,178,467
39,768,777
40,714,779
41,682,684
42,697.987
42.519,201
44,211, 39
45,059,372
45.050 979
National Ba k Circulation,
Afloat on
Total.
701,003,589
702,401,099
702,992,694
703,279,612
704,799,792
704.518,037
704,146.267
705,933,937
701,313,237
699,024,967
697,191,424
695,221,549
697,767,929
700,692,587
700,714,532
699,734,264
699,529,244
702,148,974
702,669,244
703,375,162
704,183,679
705,327,789
706,303,719
706.349,312
$4,439,688 Federal Reserve bank notes outstanding Jan. 3 1928. secured by lawful money, against $5.149,658 on Jan. 3 1927.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Dec. 31:
U. S. Bonds Held Dec. 31 1927 to Secure
Bonds on-Deposit
Dec. 31.1927.
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
Barley.
Barrels. Bushels. Bushels. Bushels.
43,112
326,699
405,000
13,000
3,000
23.000
24.000
61,000
1,000
38,000
232,000
213
2s, U. S. Consols of 19313
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
592,796.350
48,595,540
25,735.820
667,127,710
Totals
592,796,350
48,595,540
25.735,820
667,127,710
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Dec..1 1927
and Jan. 3 1928, and their increase or decrease during the
month of December:
National Bank Notes-Total Afloat
Amount afloat Dec. 1 1927
Net decrease during December
$702,401.099
1,397,510
Amount of bank notes afloat Jan. 3
Legal Tender Notes
Amount on deposit to redeem national bank notes Dec. 1 1927
Net amount of bank notes retired in December
Amount on deposit to redeem national bank notes Jan. 3 1928
6701,003,589
339,060.424
436,917
$38,623,507
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. 5
-The American National Bank of Lakeland, Fla
6100.000
Correspondent. W. H. Brown, 1030 S. Boulevard Ave..
Lakeland, Fla.
Thr State Road National Bank of Highland Park, Pa_
50,000
Correspondent, George Mink, 101 State Road, Upper
r
Darby. Pa.
Jan. 7
-The Vailsburg National Bank of Newark. N..1
200,000
Correspondent. Ernest P. Biro, 786 Broad St., Newark,
N. J.
APPLICATION TO CONVERT APPROVED.
-The Cumberland National Bank of Fayetteville, N. C_ _ _ _6150,000
Jan. 7
Conversion of the Cumberland Savings & Trust Co.,
Fayetteville, N. C.
CHARTERS ISSUED.
Jan. 3
-The Glen Lyon National Bank, Glen Lyon, Pa
675,000
Conversion of the Glen Lyon Bank, Glen Lyon, Pa.
President, H. U. Nyhart: Cashier, B. C. Rydzewski.
The Moultrie National Bank, Moultrie, Ga
100,000
President. R. J. Corbett; Cashier, Lewis Edwards.
VOLUNTARY LIQUIDATIONS.
-The Farmers National Bank of Union, Endisott (P. 0.
Jan. 3
Union, N. Y.)
&50.000
Effective Jan. 2 1928.
Liquidating Agents. John M. Payne and Thos. A. Mac
Clary, Union. N. Y. To be succeeded by a trust company.
Jan. 5
-The Old Town National Bank of Baltimore, Mel
800.000
Effective Oct. 311927.
Absorbed by the Drovers & Mechanics National Bank of
Baltimore. Md., No. 2499.
The Peoples National Bank of Sidney, N. Y
50,000
Effective Dec. 31 1927.
Liquidating Comm.,H.C. Stratton, Oxford, N.Y., G.C.
Doty, Sidney, N. Y., and J. M. Hopkins, Unadilla,
N.Y.
Absorbed by the Sidney National Bank, Sidney. N. Y.
No. 3822.
The First National Bank of Arcadia, Okla
25,000
Effective Dec. 27 1927.
Liquidating Agent, Bank of Commerce of Arcadia, Okla.
Succeeded by Bank of Commerce of Arcadia, Okla.
Jan. 6
-The City National Bank of Holyoke, Mass
500.000
Effective close of business, Dec. 31 1927.
Liquidating Agent, Leonard L.Titus, South Hadley, Mass.
Absorbed by Hadley Falls Trust Co., Holyoke, Mass.
The National Bank of Commerce in Chicago. Ill
800.000
Effective Dec. 311927.
Liquidating Comm.. Edwin L. Wagner. 1831 IIinman
Ave.. Evanston. Ill.; Ralph N. Ballou. 7th and Oak
Sts.. Hinsdale, Ill. and Walter H. Eckert, 10 So. La
Salle St., Chicago. III.
'
Absorbed by the Chlsago Trust Co.
CONSOLIDATION.
Jan. 7
$300.000
-The Portland National Bank. Portland. Mc
Union Safe Deposit & Trust Co. of Portland, Me
250.000
Consolidated under the Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter and title of the "Portland National Bank," No. 4128, with capital stock of
6425.000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Jan. 6
-Bank of Italy National Trust & Savings Association, San Francisco, Calif.
Location of branches, vicinity of Fillmore and Sacramento Sts.
On Balboa St. between 36th and 41st Avenues (both located in
San Francisco, Calif.).
Thr Quaker City National Bank of Philadrlphia, Pa.
Location of branch, vicinity of corner of 20th and Chestnut Ste.,
Philadelphia.
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. Storks.
$ per oh. Shares. Stocks.
$ per an.
2 General
Adjustment Bureau, par
1,000 Southack & Ball Mgt, Corp.,
350
common
250
$1,000 lot
20 Pratt Chuck Co.. pref
$1,000 lot 100 Montana Wyoming & Southern
650 Faultless Nightwear Corp. 7%
7
RR., common
prior pref
10
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
29 Atlantic National Bank
300
18 American Trust Co
475
5 Arlington Mills
4534
1 Fairhaven Mills
5
50 York Mfg. Co
2084
10 Lancaster Mills, pref
20
10 Connecticut Mills, 1st prof... _ 1734
20 Lancaster Mills, pref
2034
2 Naumkeag Steam Cotton Co__ -17534
1 Nashawena Mills
64
9 Mass. Utilities Invest. Trust. prof.
par $50
45 A ex-dlv.
24 Old Colony Invest. Trust, corn_ 38
2 U. S. Envelope Co., Corn
255
5 Mass. Utilities Invest. Tr., corn_ 1234
50 Western Masesehusetts Cos____ 5934
$ per oh'
Shares. Stocks.
10 Tremont Building Trust
6534
500 I.-mtn. W.& P.Co., par $1.16c.-210.
5
50 Merrimac Hat Corp., corn
115 Merrimac Hat Corp., corn _ -__ 5614
40
165 Amer. Glue Co., corn
7234-7334
20 Draper Corp
1 Mass. UM.Inv. Tr., Md.,Par 550.4534
50
1 Hodges Fibre Carpet Co
42
35 Amer. Glue Co.. corn
Per cent.
Bonds.
$1,000 Green Mtn. Pow. Co., Inc.,
5345 Feb. 1956
97
31,500 Y. D. Serv. Garage Worcester let 634s, July 1955
95
$300 U.S. Wtd. Corp., d1v. scrip_S8).4 lot
[VOL. 126.
FINANCIAL CHRONICLE
214
By Wise, Hobbs & Arnold, Boston:
$ per share.
Shares. Stocks.
40 West Boston Gas Co., V. t. e.,
3534
par 525
20 Fiske & Co., pfd., new ctf. of dep 15
10 Plymouth Cordage Co_ __96 h,ex-div.
10 Puget Sound Power & Light Co.,
109%, ex-div.
7% prior pref
20 Plymouth Cordage Co.__96, ex-div.
5 Springfield Gas Light Co., undep.
par $25
66$j, ex-city.
22 Edison Elec. Ill. Co.of Brockton
6434
V. t. c., par $25
2-10 L. A. W. Acceptance Corp. of
Mass., pref.; 1-10 L. A. W. Accept. Corp. of Mass., corn. el. A_ 83.4
50 Springfield Gas Light Co., undep
66%, ex-dly.
Par $25
$ Per Rights.
Rights.
43(
50 First Nat. Bank. when iss
139
1 Holyoke Water Power Co
Shares. Stocks.
$ per share.
273
10 Beacon Trust Co
2 Fed. Nat. Bank, Boston Tr. ctis_268%
21 Old Colony Trust Co_ AO7M-408 h
14 Pepperell Mfg. Co
1033
35 Otis Co
31(
18 Nyanza Mills
28%
17 Arlington Mills
4531
23 Fairhaven Mills, pref
43
331
30 Manomet Mills
481 New Engl. Southern Mills, com. 100.
21 Hill Mfg. Co
6
6 Merrimac chemical Co., par $50_ 86
10 Grinnell Mfg. Corp
69(
11 New England Power Co.. 6%
pref
11414-114 h & accr.div.
5 Hodd Rubber Co.,734% pr. pfd_10034
100 United Elec. Light Co., Springfield, undep., par $25_ _ __148%-14854
20 Plymouth Cordage Co_ _ _96, ex-div.
By Barnes & Lofland, Philadelphia:
S per sh.
Shares. Stocks.
Ground rent. $80 a yr., prin. $1,600
secured by premises No. 1331 Di$1,345 lot
vinity Place
10 West Jersey-Parkside Trust Co.,
331
Camden, N..1
285
25 Colonial Trust Co., par $50
20 Oxford Bk.& Tr. Co., par $50_ _315
376
5 Oak Lane Trust Co
12 Guarantee Tr.& Safe Dep. Co478
683
10 Integrity Trust Co., par $5&
5 ManTrs Title & Tr. Co., par $50. 60
2 Cent. Trust & Say. Co., par 350-242
12 Fox Chase Bank & Trust Co.,
303
par 550
836 34
1 Provident Trust Co
12 Provident Trust Co
835k
12 Republic Trust Co., par $50_ _ _ _170
1 Fidelity-Phila. Trust Co
865
864
6 Fidelity-Phila. Trust Co
86034
3 Fidelity-Phila. Trust Co
254
5 Aldine Trust Co
13 Burlington Co. Trust Co., Mor352
ristown, N. J
37 Burlington Co. Trust Co., Mor350
ristown, N. J
150
25 Hardwick & Magee Co
302
2 Phila. Co.for Guar. mrges
290
20 Colonial Tr. Co., par 550
20 Mits. Fire Ins. Co.. par $10_ _ _ 25
799
5 Phila.-Girard Nat. Bank
$ per share.
Shares. Stocks.
623)
5 Second Nat. Bank
1 256
5 Eighth Nat. Bank
841
10 Corn Exchange Nat. Bank
470
1 Southwark Nat. Bank
560
6 First Nat. Bank of Phila
3 Franklin Fourth St. Nat. Bank_ _725
4 Franklin Fourth St. Nat. Bank_ _723
20 Mitten M. & M. Bank & Trust
107
Co., par $50, stamped
3 Mitten M. & M. Bank & Trust
125
Co., par $50, unstamped
90
10 Bankers Trust Co., par 550
360
50 Union Bank & Trust Co
110 Aldine Mtge. Gu. Co., par $10. 163.(
30%
100 Mfrs. Cas. Ins. Co., par 310_
30
31 Mfrs. Casualty Ins. Co
175)
32nd & 3rd Sts. Pass. Ry
174
1 Ridge Ave. Pass. Ry
175-(
10 13th & 15th Sts. Pass. Ry
40 Keystone Tel. Co., pfd., no par_ 56
10 Land Title Guaranty Co. of
140
Camden, par $100
4 Land Title Guar. Co. of Camden_140
403
4 Phila. Bourse, corn, par $50
10 Phila. Bourse, corn., par MO.__ 40
253i
5 Phila. Bourse. pref., par $25..
52 M
25 East Mahanoy RR
5 Wm.Penn Fire Ins. Co., par $50- 853.
10 Drovers & Merchants Bank_ _ 200
442
1 Chelten Trust
By A. J. Wright & Co., Buffalo:
$ per oh.
Shares. Stocks.
$22,000 Olean St. Ry. let 58, 192h,
9
CU. of dep
541,000 Olean St. Ry. ist 58, 1931,
9
CU. of dep
200 Thermiodyne Radio, no par_ $1 lot
$ per oh.
Shares. Stocks.
2 Buff., Msg.& East. Pow., pref.,
26 34
Par $25
8c lot
500 Night Hawk, par $1
2S3uff., Niag.& East.Pow., no par_34c lot
500 Columbus Kirkland, par 51_.834c lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Dews Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(quar.)_ 813-j Mar. 1 *Holders of rec. Jan.
*758. Mar. 1 *Holders of rec. Jan.
Common (extra)
$1.25 Feb. 1 Jan. 13 to Jan.
Mine Hill & Schuylkill Haven
334 Feb. 1 Holders of rec. Jan.
Nashville Chaff & St. Louls
*3
Feb. 1 *Holders of rec. Jan.
Virginian Ry., preferred
27
27
31
20
14
Public Utilities.
Jan. 30 *Holders of rec. Jan. 16
Amer. Dist. Teleg. of N. J., com.(w.). *$1
*1 h Jan. 16 *Holders of rec. Dec. 15
Preferred (quar.)
Bangor Hydro-Elec. Co., corn. (qu.)._ _ *134 Feb. 1 *Holders of rec. Jan. 10
13 Feb. 1 Holders of rec. Jan. 16
Broad River Power. pref. (quar.)
Central Ill. Pub. Serv.. pref. (quar.)_ _ _ 51.50 Apr. 14 *Holders of me. Mar. 31
Central & S. W. Utilities
Prior lien and preferred stocks (quer.). *51.75 Feb. 15 *Holders of rec. Jan. 31
Commonwealth Gas & El. Cos., pf.(qu.) 51.50 Jan. 16 Holders of rec. Jan. 3a
134 Apr. 2 Holders of rec. Mar. 15
Consumers Power, pref.(quar)
1.65 Apr. 2 Holders of rec. Mar. 15
6.6% preferred (guar.)
7% preferred (guar.)
134 Apr. 2 Holders of rm. Mar. 15
50c. Feb. 1 Holders of rec. Jan. 14
6% preferred (monthly)
500. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
50c. Apr. 2 Holders.of rec. Mar. 15
6% preferred (monthly)
558. Feb. 1 Holders of rec. Jan. 14
6.6% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
55c. Apr. 2 fielders of rec. Mar. 15
6.6% preferred (monthly)
Feb. 1 Holders of rec. Jan. 14
3
Eastern Mass. St. Ry.. pref., B
Feb. 15 Holders of rec. Jan. 31
pref. and sinking fund stocks- - 3
First
Electric Investors, Inc., pref. (quar.)-- - $1.75 Feb. 1 Holders of rec. Jan. 14
51.50 Feb. 1 Holders of rec. Jan. 14
$6 preferred (quar.)
134 Feb. 1 Holders of rm. Jan. 14
Fort Worth Pow.& Lt.. pref. (quar.)--Grand Rapids RR., 7% pref. (quar.) _ _ 111 Feb. 1 Holders of rec. Jan. 15
•134 Feb. 1 *Holders of rec. Jan. 14
Idaho Power, 7% pref. (quar.)
551.50 Feb. 1 *Holders of rec. Jan. 14
$6 Preferred (quar.)
Indianapolis Power & Light, 1st pf.(qu.) $1.75 Feb. 1 Holders of rec. Jan. 18
35c. Feb. 1 Jan. 21 to Jan. 31
Interstate Railways, common
Knoxville Power & Light, $7 pf. (qu.)-- 51.75 Feb. 1 Holders of ree. Jan. 20
51.50 Feb. 1 Holders of rec. Jan. 20
$6 preferred (quar.)
Middle West Utilities, corn. (quar.)- -- - 31.50 Feb. 15 Holders of rec. Jan. 21
450. Feb. 1 Holders of rec. Jan. 20
National Elec. Power, corn. cl. A (qtr.).Northern New York Utilities, pref.(qu.) 154 Feb. 1 Holders of rec. Jan. 14
1 to Jan. 8
Jan. 7 Jan
$2
Phila.& Grays Ferry Pass. Ry
154 Jan. 14 Holders of rec. Dec. 3Ia
San Diego Consol. Gas & Elec., pf.(qu.)
_ •50c. Feb. 15 *Holders of rec. Jan. 20
Southern Calif. Edison, corn. (guar.)._
Standard Power & Light. prof. (quar.)..- $1.75 Feb. 1 Holders of rec. Jan. 16
134 Apr. 2 Holders of rec. Mar. 15
Tennessee Electric Pow.,6% 1st pr.(qu.)
134 Apr. 2 Holders of rec. Mar. 15
7% 1st preferred (April 1)
1.80 Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (War.)
50c. Feb. 1 Holders of rec. Jan. 14
6% first preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
6% first preferred (monthly)
50e. Apr. 2 Holders of rec. Mar. 15
6% first preferred (monthly)
60c. Feb. 1 Holders of rec. Jan. 14
7.2% first preferred (monthly)
60c. Mar. 1 Holders of rec. Feb. 15
7.2% first preferred (monthly)
60c. Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (monthly)
114 Feb. 1 Holders of rec. Jan. 18
Texas Power & Light, pref. (quar.)
134 Mar. 15 Holders of rec. Feb. 29
Light, pref. (qu.)-- Wisconsin Power &
75e. Jan. 16 Jan. 7 to Jan. 15
York Railways, com.(quar.)
6234c. Jan. 31 Jan. 15 to Jan. 24
Preferred (quer.)
Banks.
Continental
Trust Companies.
Corporation
*4
10
Feb. 1 *Holders of rec. Jan. 28
Dec. 31 Holders of rec. Dec. 31a
Name of Company.
Per When
Cent. Payable.
Books Closed.
Days Inclusive.
Fire Insurance.
Amer. Equitable Assurance, corn. (.11113 - 6234c Jan. 20 Holders of rec. Jan. 16
Preferred (quar.)
134 Jan. 20 Holders of rec. Jan. 16
6
City of New York (semi-annual)
On dem Holders of rec. Dec. 31
4
Quarterly
Apr. 10 Holders of rm. Mar. 31
5
Home Insurance (guar.)
Jan. 10 Jan. 1 to Jan. 10
5
Quarterly
Apr. 9 Holders of rec. Mar. 31
Miscellaneous.
Allison Drug Stores, cony. A (quer.) _ _
*35c Jan. 15 'Holders of rec. Jan. 10
American Founders Trust, corn.(quar.).
25c Feb. 1 Holders of Tee. Jan. 14
Corn.(1-140 share com. stk.)
(f) Feb. 1 Holders of rec. Jan. 14
87 14c Feb. 1 Holders of rec. Jan. 14
7% 1st pref.(quar.)
75c Feb. 1 Holders of rec. Jan. 14
6% 1st pref. (quar.)
37 hc Feb. I Holders of rec. Jan. 14
6% 2nd pref.(quar.)
Amer. Vitrified Products, pref.(quar.)
'154 Feb. 1 *Holders of rec. Jan. 20
*25c Jan. 31 *Holders of rec. Jan. 19
Arizona Commercial Mining
4.15‘ Mar. 1 *Holders of rec. Feb. 15
Artloom Corp., pref. (quar.)
•51.8735 Feb. 15 *Holders of rec. Feb. I
Beacon 011, pref.(quar.)
Belton Mills. preferred
314 Jan. 2 Holders of rec. Dec. 23
Bigelow-Hart. Carpet, com. & pfd.(qu.) *51.50 Feb. 1 *Holders of rec. Jan. 19
•13‘ Feb. 1 *Holders of rec. Jan. 20
Bloomingdale Bros., pref. (quar.)
500. Jan. 15
Brading's Breweries, com
Brewers & Distillers (final)
50c Jan. 16 Holders of rm. Jan. 16
British-Amer. Breweries (quar.)
'62340 Feb. 1 *Holders of rec. Jan. 10
*50e Feb. 1 *Holders of rec. Jan. 14
Brockway Motor Truck (quar.)
*25c Feb. 1 *Holders of rec. Jan. 14
Extra
Broadway Dept. Stores, pref.(quar.)_
*51.75 Feb. 1 *Holders of rec. Jan. 13
*750 Feb. 15 *Holders of rec. Feb. 5
Brunswick-Balke-Collender, corn. (qu.)Bullocks, Inc., 7% pref
*$2.33 Feb. 1 *Holders of rec. Jan. 11
Feb. 1 *Holders of ree. Jan. 15
Bunte Bros., corn
*1% Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
Mar.15 *Holders of rec. Feb. 29
California Packing (quar.)
*51
Canadian Bronze, Ltd., pref. (quer.). _ $1.75 Feb. 1 Holders of rec. Jan. 20
114 Mar. 15 Holders of rec. Mar. 10
Carter (William) Co., pref. (quar.)
11
1
4 Feb. 1 Holders of rec. Dec. 31
Chelmsford Co., class A (quar.)
131 Feb. 1 Holders of rec. Dec. 31
1st pref. (quar.)
Chief Consol. Conner (quar.)
*10c Feb. 1 *Holders of rec. Jan. 10
Cleveland-Cliffs Iron (quar.)
$1 Jan. 25 Holders of rec. Jan. 13
Commercial Alcohols, ord. (quar.)
25c Jan. 20 Holders of rec. Jan. 10
2
Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
Columbian Carbon v.t.c. (qu.)
*51 Feb. 1 *Holders of rec. Jan. 20
158 Jan. 25 Holders of rec. Jan. 9
Connecticut Cash Credit, com.(quer.)_ _
15c Jan. 25 Holders of rec. Jan. 9
Preferred (quer.)
15e Jan. 25 Holders of rec. Jan. 9
Preferred (extra)
111.25 Feb. 15 Holders of rec. Feb. 60
Continental Can., Inc., corn. (quar.)
*25c. Feb. 1 *Holders of rec. Jan. 16
Davega. Inc. (quar.)
*25c. Feb. 1 *Holders of rec. Jan. 16
Extra
65e. Feb. 15 Holders of rec. Jan. 31
Dominion Bridge (quar.)
65c. Apr. 14 Holders of rec. Mar. 31
12ominion Engineering Wks.(quar.)-*51.75 Feb. 1 *Holders of rec. Jan. 25
Esmond Mills, com.(quar.)
*1,4 Feb. 1 *Holders of rec. Jan. 25
Preferred (quar.)
*51
Feb. 1 *Holders of rec. Jan. 20
Eureka Vacuum Cleaner (quar.)
*50o. Feb. 1 *Holders of rec. Jan. 20
Extra
12
Jan. 16 Holders of roe. Jan. 10a
Fenn (John J.) & Co., Inc., common_ _
154 Jan. 16 Holders of rm. Jan. 10a
Preferred (quar.)
*80c. Feb. 1 *Holders of rec. Jan. 21
Galesburg Coulter-Disc.(No. 1)
75c. Feb. 1 Holders of rec. Jan. 20
General Tire & Rubber, com.(quar.)_..
40c. Jan. 15 Holders of rec. Jan. 5
Georgian, Inc., Class A
*51.25 Mar. 1 *Holders of rec. Feb. 1
Gillette Safety Razor (quar.)
Gossard (H. W.) Co., com.(monthly)-5 33 1-30 Feb.
*Holders of rec. Jan. 20
•33 1-3c Mar. 1 *Holders of rm. Feb. 17
Common (monthly)
• 33 1-3c Apr. 1 *Holders of rec. Mar.21
Common (monthly)
* 331-3e May 2 *Holders of rec. Apr. 20
Common (monthly)
33 1-3c June 1 *Holders of rec. May 21
Common (monthly)
33 1-3c July 1 *Holders of rec. June 20
Common (monthly)
*IN Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
May 1 *Holders of rec. Apr. 20
Preferred (quar.)
Gotham Silk Hosiery
Feb. 1 5 Holders of rm. Feb. 1
Cora. voting (in voting corn. stock)- -- /4
Feb. 15 Holders of rec. Feb. 1
Corn. non-vot. (in non-vot. com. stk.) ./4
*IN Jan. 31 *Holders of rec. Jan. 24
Halle Bros., pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 20
Harbison-Walker Refract., corn.(qu.)._
2
Jan. 30 holders of rec. Jan. 20
Common (extra)
134 Apr. 20 Holders of rec. Apr. 10
Preferred (quar.)
1% Feb. 1 Holders of rec. Jan. 19
International Nickel, pref. (quar.)
*62 hc Mar. 1 *Holders of rec. Feb. 17
Jaeger Machine, corn. (quar.)
*25e. Jan. 16 *Holders of rec. Dec. 31
Joint Investors,com.(No. I)
Jan. 28 *Holders of rec. Jan. 20
Kaufman Department Stores, corn.(qu.) 2
*25c. Feb. 1 *Holders of rec. Jan. 20
Kress (S. H.) Co., com.(quer.)
515c. Feb. 1 *Holders of rec. Jan. 20
Special preferred (quar.) ______
Feb. 15 Holders of roe. Feb. 1
Louisiana Oil Refining, Pref.(quar.)...
Massachusetts Investors Trust (qu.)--- 4,51
Jan. 20 *Holders of rm. Jan. 9
McCrory Stores Corp., pref.(quar.) _ _ *31.80 Feb. 1 *Holders of rec. Jan. 20
*I
Jan. 30 *Holders of rec. Jan. 13
Mascot 011 (monthly)
$1
Melville Shoe,corn.(quar.)
Feb. 1 Holders of rec. Jan. 24
2
Feb. 1 Holders of rec. Jan. 24
Preferred (quar.)
Mercantile Stores Co.. Inc., com. (qu.)_ $1
Feb. 15 Holders of rec. Jan. 31
154 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
2
Missouri-Ills. Stores, pref. (quar.)
Feb. 2 Holders of rec. Jan. 21
*51
Mohawk Mining (quar.)
Mar. 1 *Holders of rec. Jan. 28
*50e. Feb. 1 *Holders of rec. Jan. 20
Motor Products, com. (quar.)
*13„1 Feb. I
Preferred (quar.)
*Holders of rec. Jan. 20
•51.54) Feb. 15 *Holders of rec. Jan. 14
Mulford (H. K.) Co., corn
Common (extra)
*51
Feb. 15 *Holders of rec. Jan. 14
$1
Nash Motors, com.(quar.)
Feb. 1 Holders cf rec. Jan. 20
50c. Feb. 1 Holders of rm. Jan. 20
Common (extra)
National Biscuit, com. (quar.)
*51.50 Apr. 14 *Holders of rec. Mar.30
*11,4 Feb. 29 *Holders of rec. Feb. 15
Preferred (quar.)
62140. Feb. 15 Holders of rec. Feb. 40
Nat. Food Products, cl. A (qu.)
National Supply, corn. (quar.)
$1
Feb. 15 Holders of rec. Feb. 4
National Tile (quar.)
•75c. Feb. 1 *Holders of rec. Jan. 18
4,1u Feb. 1 Holders of rec. Jan. 15
Neisner Bros., pref. (quar.)
*5
Newport Company, prior corn
Jan. 15 *Holders of rec. Jan. 5
N. Y.& Honduras Rosario Mining (qAL)
250. Jan. 28 Holders of rec. Jan. 18
Extra
250. Jan. 28 Holders of rec. Jan. 18
New York Merchandise (quar.)
*50e. Feb. 1 "Holders of rec. Jan. 20
Preferred (quar.)
*51.75 Feb. 1 *Holders of rec. Jan. 20
New Jersey Cash Credit, corn. (quar.) _ _
15c. Jan. 25 Holders of rec. Jan. 9
Corn. (1-100 share pref. stock)
(17 Jan. 25 Holders of rec. Jan. 11
Preferred (quar.)
15c. Jan. 25 Holders of rec. Jan. 9
Preferred (extra)
15c. Jan. 25 Holders of rec. Jan. 9
Prof. (1-100 share pref. stock)
Crt Jan. 25 Holders of rec. Jan. 9
Nichol Grain & Milling
*35
Feb. 7
Oceanic Oil (hi
-monthly)
*20. Jan. 26 *Holders of rec. Jan. 16
Extra
Jan. 26 *Holders of rec. Jan. 16
Oppenhelm, Collins & Co., com.(qu.)
51
Feb. 15 Holders of rec. Jan. 27
Corn. (payable in com. stock)
110
Feb. 15 Holders of rec. Jan. 27
Palm Olive-Peet Co., com. (quar.)
6230. Jan. 16 Jan. 8 to Jan. 16
Paramount Famous Lasky. pref
2
Feb. 1 Called for redemption
Patine Mines & Enterprises
97.33c. Jan. 14 Holders of rec. Dec. 31
Pennsylvania Cash Cred.Corp.,com.(qu)
12c. Jan. 25 Holders of rec. Jan. 9
Preferred (quar.)
15e. Jan. 25 Holders of rm. Jan. 9
Preferred (extra)
12c. Jan. 25 Holders of rec. Jan. 9
Penn Traffic
7340. Feb. 1 Holders of rec. Jan. 150
Pierce, Butler & Pierce Mfg
Common ($100 par) quer.)
2
Jan. 15 Holders of rec. Jan. 5
Common ($25 par) quar.)
500. Jan. 15 Holders of roe. Jan. 5
8% Preferred (quar.)
Feb. 1 Holders of rec. Jan. 20
7% Preferred (quar.)
151 Feb. 1 Holders of rec. Jan. 20
Pyrene Manufacturing (quar.)
*No. Feb. 1 *Holders of rec. Jan. 20
Reed (C. A.) Co., class A (quar.)
50c. Feb. 1 Holders of rec. Jan. 21
Richmond Radiator, old pref.(qu.)____* 51.0934 Jan. 16 *Holders of rec. Dec. 31
River Raisin Paper (quar.)
noo. Feb. 15 *Holders of rec. Feb. 1
Royal Dutch Co.(Amer. shares)
*51.34
St. Louis Amusement, A (quar.)
75c. Jan. 16 Holders of rec. Jan. 12
Shares Holding Corp., cl. A (qu.)(No. 1) 43hc. Jan. 14 Holders of rec. Dec. 31
Class A (extra)
l2 34c. Jan. 14 Holders of rm. Dec. Si
Shell Transport & Trading (Am. ohs.) _ _
*97c Jan. 23 *Holders of rec. Jan. 16
Silver (Isaac) .4 Bros., pref. (quar.)- _ *154 Feb. 1 *Holders of rec. Jan. 20
Sinclair Consolidated 011, pref. (quar.)-- *2
Feb. 15 *Holders of rec. Feb. 1
JAN. 14 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Skelly Oil (guar.)
*50c. Mar. 15 Holders of rec. Feb. 15
Sewer Mfg. & Eng., pref. (guar.)
134 Feb. 1 *Holders of rec. Jan. 20
Tobacco Products Corp., class A (guar.)_
134 Feb. 15 Holders of rec. Jan. 27
Union 011 of Calif.. corn. (guar.)._
*50c Feb. 10 *Holders of rec. Jan. 19
Unit. Bond & Share Corp., panic pf(gu.)
25c Feb. 1 Holders of rec. Jan. 16
United Drug, corn. (guar.)
234 Mar. 1 Holders of rec. Feb. 15
1st preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 16
Universal Leaf Tobacco, corn. Omani
75e. Feb. 1 Holders of rec. Jan. 20
Venezuelan Petroleum (guar.) (No. 1) __
Sc Feb. 15 Holders of rec. Jan. 31
Wilcox (H. F.) Oil & Gas (guar.)
50c Feb. 10 Holders of rec. Jan. 15
Woolworth (F. W.) Co.(guar.)
*31.25 Mar. 1 *Holders of rec. Feb. 10
Zonite Process Co.(No. 1)
250. Feb. 15 Holders of rec. Feb. 4
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inductee.
Railroads (Steam).
Alabama Great Southern preferred
Preferred (extra)
.
Atch. Topeka de Santa Fe, pref
Baltimore de Ohio. common (guar.)
Preferred (quarterly)
Canaria Southern.
Central RR. of N. J. (extra)
Cincinnati Northern
Cleve. Ctn. Chic. dr St. L.. corn.(guar.)Preferred (quar.)...
Connecticut & Passumprile Rivers, p1...
Cuba RR. preferred
Delaware, Lackawanna West (quar.)
Extra
Detroit River Tunnel
Georgia RR.& Banking (quar.)
Great Northern. preferred
Hudson & Manhattan. pref.(semi-ann.)_
Kansas City Southern. pref. (quar.)--Little Schuylkill Nay. R.R. & Coal_ _
Louisville & Nashville
IVIahoning Coal flit., common (guar.).•
MassawIppi Valley
Michigan Central
New York Central RR.(guar.)
Norfolk & Western. adj. pref. (quar.)..
Northern Central
Northern Pacific (gear )
Pere Marquette, prior pref.(guar.)
Five per cent preferred (guar.)
Pittsburgh. CM.. Chic. Sc Si. Louis
Pittsburgh & Lake Erie
Pittsburgh West Va. corn.(guar.)
Reading Co., corn. (guar.)
St. Louis-San Francisco Hy., pref.(qu.)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Southern fly., common (guar.)
Preferred (guar.)
Troy Union (annual)
Wabash. pref. clam A (guar.)
Preferred B
$1.75 Feb._13
81.50 Feb. 13
214 Feb. 1
134 Mar, 1
1
Mar. 1
134 web. 1
2
Jan. 18
5
Jan. 20
2
Jan. 20
13e Jan. 20
3
Feb. 1
Feb. 1
3
$1.50 Jan. 20
$1
Jan. 20
3
Jun. 16
214 Jan. 15
234 Feb. 1
234 Feb. 15
1
Jan. 18
$1
Jan. 14
334 Feb. 10
$12.50 Feb. 1
3
Feb. 1
Jan. 28
20
2
Feb. 1
Feb. 18
1
Jan. 14
$2
134 Feb. 1
134 Feb. 1
134 Feb. 1
234 Jan. 20
$2.50 Feb. 1
134 Jan. 31
$1
Feb. 9
134 Feb. 1
134 May 1
134 Aug. 1
134 Nov. 1
Feb. 1
2
134 Jan. 16
6
Jan. 16
134 Feb. 25
5
Feb. 6
Holders of rec. Jan. 13
Holders f roe. Jan. 13
Holders of rec. Dec. 300
Holders of rec. Jan. 14a
Holders of rec. Jan. 14a
Holders of rec. Dec. 300
Holders of rec. Jan. 3a
Holders of rec. Jan. 13a
Holders of rec. Dec. 30a
Holders of rec. Dec. 30a
Holders of rec. Jan. 1
Holders of rec. Jan. 160
Holders of rec. Jan. 70
Holders of rec. Jan. 70
Holders of rec. Jan. es
Jan. 2 to Jail 14
Holders of rec. Dec. 27a
Holders of rec. Feb. Is
Holders of rec. Dee. 31a
Dec. 17 to Jan. 15
Holders of rec. Jan. lea
Holders of rec. Jan. lea
Holders of rec. Jan. 1
Holders of rec. Dec. 30a
Dec. 31
to
Jan. 25
Holders of rec. Jan. 315
Holders of rec. Dec. 3Ia
Holders of rec. Dec. 30a
Holders of rec. Jan. 10a
Holders of rec. Jan. 10a
Holders of rec. Jan. 10a
Holders of rec. Dec. 30a
Holders of rec. Jan. 16a
Holders of rec. Jan. 12a
Holders of rec. Jan. 140
Holders of rec. Apr. 70
Holders of roe. July 14a
Holders of roc Oct. 15a
Holders of rec. Jan
3a
Holders of rec. Dec. 27a
Holders of rec. Dec. 30a
Holders of rec. Jan. 2134
Holders of rec. Dee. 31a
Public Utilities.
American Commonwealths Power Corp.
First preferred (guar.)
$1.75 Feb. 1 Holders of roe. Jan.1 4
Second preferred (guar.)
81.75 Feb. 1 Holders of rec. Jan. 14
Amer. Gas & Elec., pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 10
American Light de Trac., corn. (guar.)._ 2
Feb. 1 Jan. 17 to Jan. 26
Preferred (guar.)
132 Feb. 1 Jan. 17 to Jan. 26
Amer. Telep.& Teleg.(guar.)
234 Jan. 16 Holders of rec. Dec. 2134
Water Works & Elec., corn.(gu.).
Amer
250. Feb. 15 Holders of rec. Feb.
Common (1-40th share corn. stock)_. (e) Feb. 15 Holders of rec. Feb. la
la
Associated Gas& El.,class A (guar.) _ _ _ 150e. Feb. 1 Holders of rec. zJan. 10
Class A (extra)
1250. Feb. 1 Holders of rec. zJan.
Bangor Hydro-Electric Co., corn. (qua. •134 Feb. 1 *Holders of rec. Jan. 10
10
Bell Telephone of Cauada (guar.)
2
Jan. 14 Holders of rec. Dee. 23
Bell Telep. of Pa..634% prof.(guar.)._
134 Jan. 14 Dec. 21 to Jan. 15
Brazilian Tr., Lt. & Pow., ord (quar.)
134 Mar. 1 Holders of rec. Jan. 31
Bridgeport Hydraulic Co. (guar.)
*2 Jan. 15 *Holders of rec. Jan. 5
Brooklyn-Manhattan Tran.,corn.(qu.). 51
Jan. 16 Holders of rec. Dec. 310
Preferred, aeries A (guar.)
$1.50 Jan. 16 Holders of rec. Dee. 31e
Preferred. eerie. A (guar.)
51.50 ann. 18 Holders of rec. Apr. la
Central Hudson Gas & Elea, corn. v t e. 50e. Feb. 1 Holders of rec. Dec.
31
Central Illinois Public Serv. pref.(gu.)
51.51 Jan. 15 Holders of rec. Des. 31a
Central Power & Light, pref. (guar.)._
154 Feb. 1 Holders of rec. Jan. 140
Central Power Co.(Neb.) pref.(quar.)..
134 Jan. 15 Holders of rec.
Central dr South West UM.. corn.(qu.) 750. Jan. 16 Holders of rec. Dec. 3Ia
Dee. 31a
Ches. & Potomac Wee., pref. (qu.)._
134 Jan. 16 Holders of
Chicago Rapid Tran., prior pref. A (qu.) 650. Feb. 1 Holders of rec. Dec. 31
rec. Jan. 17a
Prior pref. A (guar.)
850. Mar. 1 Holders of rec. Feb. 21a
Prior pref. series B (guar.)
600. Feb. 1 Holders of rec. Jan. 17a
Prior pref. scrim B (guar.)
60e. Mar. 1 Holders of rec. Feb. 2Ia
Cin..Newport de Cor. L.&Tr. corn (go.).
11.4 Jan. 15 Jan. I to Jan. 15
Preferred (guar.)
134 Jan, 15 Jan. I to Jan.
Clev. Elec. Illuminating. corn. (qu.)._. 24 Jan. 16 Holders of rec. Dec. 35
31s
Columbia Gas & Elec., common (guar.). 91.26 Feb. I 5Flolders of
rec. Jan. 20a
Preferred (guar.)
134 Feb. 1 5Holders of rec. Jan. 20a
Commonwealth-Edison Co. (quar.)---. 4
.2
Feb. 1 *Holders of rec. Jan. 14
Commonwealth Power Corp.. corn.
6234c.Feb. 1 Holders of rec. Jan. lba
634% preferred (guar.)
114 Feb. 1 Holders of rec. Jan. 11
Consolidated Gas of N.Y.. pref.(guar.). 51.25 Feb. 1 Holders of rec.
Dec. 30
Detroit Edison (guar.)
Jan. 16 Holders of rec.
2
Diamond State Telep.. 634% lal.(qu.).. 134 Jan. 14 Dec. 20 to Dec. 20a
Jan. 15
Dominion Power & Transm.. pf.(qu.)..
134 Jan. 16 Holders of roe. Dec. 21
East Bay Water, class A & B (guar.)._
112 Jan. 16 Holders of rec. Dec. 31a
Eastern States Power, pref.(guar.)
$1.75 Feb. 1 Holders o/ rec. Jan. 15a
Edison Elec. 111. 01 Boston (guar.)
Feb. 1 Holders of rec.
3
Electric Bond & Share Secur. (gUar.)... 250. Jan. 16 Holders of rec. Jan. 10
Electric Bond & Share Co., pref.(guar.). 134 Feb. 1 Holders of rec. Dee. 19
Jan. 14
Electric Investors. Inc.. con,(in corn stk) (n)
Jan. le Holders of rec. Dec. 31
El Paso Else. Co.. Prof. A (guar.)
134 Jan. 16 Holders to rob. Jan. 3a
Empire Gas & Fuel, 7% pt.(monthly)._ '581-3 Feb. 1 *Holders of rec. Jan. 14
8% Preferred (monthly)
662-3 Feb. 1 *Holders of rec. Jan. 14
General Public Service. 16 p1. (rill.)--$1.50 Feb. 1 Holders of rec. Jan. 9a
Convertible preferred (guar.)
81.75 Feb. 1 Holders of rec. Jan. So
Havana Elec. & Utilities Co. tat pf (qu.) $1.50 Feb. 15 Holders of rec. Jan.
20
Preference(goer.)
$1.25 Feb. 15 Holders of rec. Jan. 211
Illinois Nor Utilities. 6% pt. (guar.)
*134 Feb. 1 *Holders of rec. Jan. 14
preferred (guar.)
Junior
41.75 Feb. 1 *Holders of rec. Jan. 14
International Telep.& Teleg.(quar.) _134 Jan. 15 Holders of rec. Dec. 27u
International Utilities, Cl. A (quar.)__. 8734c Jan. 15 Holders of rec. Dec. 29a
$7 preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 18a
Kentucky Securities, pref.(guar.)
134 Jan. 16 Holders of rec. Dec. 22a
Kentucky Utilities. pref. (quar.)
134 Jan. 14 Holders of rec. Dec. 24a
Laurentide Power (guar.)
14 Jan. 16 Holders of rec. Dec. 31
Long island Lighting. common (quar.)
75e. Feb. 1 Holders of rec. Jan. 18
Louisville 0.& E.(Ky.)7% pref.(gu.). 134 Jan. 15 Holders of rec. Dee. 31
6% preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Corp., (guar.)
Manila Electric
6234c Feb. 1 Holders of roe. Dec. 30,1
Manitoba Power ((mar.)
$2 Jan. le Holders of ree Dec. 15
Manufacturers Light & Heat, corn. (qU.) 81
Jan, 14 Holders of rec. Dm. 31a
Massachusett Gas Cos., cont.(guar.)... $1.25 Feb. 1 Holders of rec. Jan. 14
Massachusetts Lilt. Co.,6% pref. (qtr.) _
134 Jan. 16 Holders of rec. Dec. 27
(guar.) - - ••
Eight per cent preferred
2
Jan. le Holders of rec Dec. 27
Mass. Utilities invest. Tr., pref. (guar.) 62140 Jan. 16 Holders of rec. Dec. 27a
Name of Company.
215
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Mexican Utilities, preferred
$3.50 Jan. 16 Holders of rec.
Middle West Utilities, pref. (quar.)_ --- 134 Jan, 16 Holders of rec. Dec. 310
Dec. 31
$6 preferred (guar.)
$1.50 Jan. 16 Holders of rec. Dec. 31
Milwaukee Elec. Ry. Sc Light, pt. (:111.)134 Jan, 31 Holders of rec. Jan. 20a
Missouri G.Sc El. Sec., pr. Hen stk.(qu.) 31.75 Jan. 16 Holders of rec. Dec. 31
$6 preferred (guar.)
$1.50 Jan. 16 Holders of rec. Dec.
Montreal L., H. Sc P. Cons.. (guar.)... 50c. Jan. 31 Holders of rec. Dec. 31
31
Montreal Telegraph, (guar.)
800. Jan. 18 Jan. 1 to Jan. 15
Montreal Tramways, corn. (quar.)
234 Jan. 14 Holders of rec. Jan. ea
Mountain States Power, prof.(qua?.)
134 Jan. 20 Holders of rec. Dec. 31
Mountain States Telep & Teleg.(qu )_ _
Jan. 16 Holdersof rec Dec. 3Ia
2
Nevada-Calif Elec., pref. (guar.)
.
13$ Feb. I Holders of rec. Dec. 30
New Bedford Gas Sc Ed. Lt.(quar.)91
Jan. 15 Holders of rec. Dec. 22
New England Power Assn., corn. (guar.) 500. Jan. 16 Holders of rec. Dec. 31
New England Pub.Serv.$7 pref.(gu.)
- $1.75 Jan. 15 Holders of rec. Dec. 310
Adjustment preferred (guar.)
$1.63 Jan. 15 Holders of rec. Dec. 31a
New York Telephone, pref.(guar.)
134 Jan. 18 Holders of rec. Dec. 20
Niagara Falls Power, pref.(guar.)
-- 4334c. Jan. 16 Holders of rec. Dec. 3Ia
North Boston Ltg. Prop., corn.(qu.)--.
56e. Jan. 16 Holders of rec. Jan. 30
Preferred (guar.)
750. Jan. 16 Holders of rec. Jan. 30
Northern Ind.Pub.Serv.,7% pref.(go.) 134 Jan. 14 Holders of rec. Dec. 30a
6% preferred (guar.)
1.85 Jan. 14 Holders of rec. Dec. 30a
Northern Ontario Light & Power
Jan. 25 Holders of rec. Dec. 31
3
North.States Pow.(Del.) corn. A(MO - 2
Feb. 1 Holders of rec. Dec. 31
7% preferred (quar.)
Jan. 20 Holders of rec. Dec. 31
6% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 31
Northwestern Bell Telep. prof.(guar.).
134 Jan. 1 _Holders of rec. Dee. 200
Ohio Edison Co..6% prof.(guar.)
13.4 Mar.
Holders of rec. Feb. 15
6.6% preferred (guar.)
1.65 Mar.
Holders of rec. Feb. 15
Seven per cent preferred (qua?.)
134 Mar.
Holders of rec. Feb. 15
Six per cent preferred (monthly)
50e. Feb.
Holders of rec. Jan. 16
Six per cent preferred (monthly)
50c. Mar.
Holders of rec. Feb. 15
8.6% preferred (monthly)
55c. Feb.
Holders of rec. Jan. 18
6.6% preferred (monthly)
550. Mar.
Holders of rec. Feb. 15
Pacific Ga.Sc Elee.,corn.(guar.)
50c. Jan. 1
Holders of rec. Dec 31a
Pacific Telep. Sc Teleg.. pref. (guar.).
- 134 Jan, 1 Holders of rec. Dec. 31a
Penn-Ohio Edison Co.. corn.(guar.).--250. Feb.
Holders of rec. Jan. 16
Seven per cent prior pref.(guar.)
Holders of rec. Feb. 15
134 Mar.
56 Preferred (guar.)
E1.50 Jan. 1
Holders of rec. Dee. 31
Penn-Ohio Power Sc Light. $8 pref. (go.) $1.50 Feb.
Holders of roe. Jan. 20
Seven per cent preferred (guar.)
134 Feb.
Holders of rec. Jan. 20
6.6% Preferred (monthly)
65o. Feb.
Holders of rec. Jan. 20
7.2% preferred (monthly)
NM Feb.
Holders of rec. Jan. 20
Penn-Ohio Securities, corn. (guar.)
18c. Feb.
2 Holders of rec. Jan. 15
Peoples Gas Light Sc Coke (guar.)
2
Jan, 1
Holders of rec. Jan. 30
Philadelphia Co.,corn.(guar.)
$1
Jan. 3 Holders of rec. Jan. 9a
Common (1-120 sh. cont. stock)
(f) Jan. 3 Holders of rec. Jan. 90
Phila. Rapid Transit, corn.(guar.)
Jan. 3 Holders of rec. Jan. 16a
SI
Phila. Sc Western fly.. pref. (quar.)____ 6234e. Jan. 1 Holders of rec.
Dec. 31a
Power Sc Light Securities Trust
Shares of beneficial interest
50e. Feb.
Holders of rec. Jan. 9
Shares of beneficial Interest (extra)_ _ (r) Feb.
Holders of rec. Jan. 9
Power Corporation of Canada
6% cum. let pf.&6% non-cum.pe(gu.) 134 Jan, 1
Jan. 1 to Jan. 2
Pub.Serv. Corp.of N.J.,6% pf
(mtbly.) 50c. Jan. 3 Holders of rec. Jan. 6
Pub. Ser. Nor. III., corn. $100 par (qu.) *2
Feb.
*Holders of rec. Jan. 14
Common, no par (guar.)
*$2
'Holders of recs. Jan. 14
Feb.
Six per cent preferred (guar.)
*134 Feb.
*Holders of rec. Jan. 14
Seven per cent preferred (guar.)
*Holders of rec. Jan, 14
'134 Feb.
Puget Sound Pow.Sc Lt., prior p5.(gu.). 1% Jan, 1 Holders of rec. Dec. 150
6% Preferred (guar.)
134 Jan, 1 Holders of rec. Dec. 15a
Quebec,Power (guar)
50c. Jan. 1 Holders of rec. Dec. 31a
St. Maurice Power (guar.)
1
Jan. 1 Holders of rec. Dec. 31
San Diego Cons. Gas & El., Prof.(qu.).. 154 Jan. 1
Holders of roe. Dec. 31
Securities Company
234 Jan. 1
Holders of rec. Dec. 310
Southeastern Power Sc Light, corn. (qu.) 25e. Jan. 2 Holders of rec. Dec. 31
Common vot. tr. ctts. (guar.)
25e. Jan, 20 Holders of rec.
Southern Calif.EdisonCo.,orig.pf (gu.) 50c. Jan, 15 Holders of rec. Dec. 31
Dec. 20
Preferred series C (guar.)
3434c.Jan. 15 Holders of rec. Dec. 20
Southern Canada Power Co., corn.(go.) 91
Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 240
Southern N.E.Telephone(guar.)
2
Jan. 14 Holders of rec. Dee. 310
Southern Wisconsin Elec. pref.(quar.)__
134 Jan. 18 Holders of reo. Dec. 310
South Pittsburgh Water Co..7% Ilf.(gU.) 134 Jan, 16 Holders of rec.
Jan. 3a
Five per cent preferred
$1.25 Feb. 20 Holders of rec. Feb. 6a
Standard Gas Sc Elec.(Del.). corn
8734c.Jan. 25 Holders of rec. Dec. 31a
7% Prior preference (guar.)
Mc. Jan. 25 Holders of rec. Der. 31a
Tennessee East Elec.,6% pref.(guar.). 134 Mar. 1 Holders of rec. Feb. la
$7 pref.(guar.)
$1.75 Mar. 1 Holders of rec. Feb. la
United Gas Sc El. Co.(N. J.), pref
234 Jan, 15 Holders of rec. Dec. 31a
United Gas Improvement (guar.)
$1
Jan. 14 Holders of rec. Dec. 31
United Lt. Sc Pow, old corn. A&B (go.).
60e. Feb. 1 Holders of roe. Jan. 16
New COIT1I11011 A & B (guar.)
12e. Feb. 1 Holders of rec. Jan. 16
U.S. Sc Foreign Securities, 1st Pf. (g11.)
51.50 Feb. 1 Holders of rec. Jan. 11
Washington Wat. Pow., Spokane (qu.)
2
Jan. 14 Holders of rec. Dec. 23a
Western Power Corp., pref. (guar.).
- 134 Jan. 16 Holders of rec. Dec. 310
Six per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 50
Western Union Telegraph (guar.)
2
Jan. 16 Holders of rec. Dec. 230
West Penn Power Co.,7% Pref• 1111fte•I 134 Feb. I Holders of rec. Jan. 50
(
WestPenn.Electric Co.7% pfd.(qua?.)_
13.4 Feb. 15 Holders of rec. Jan. 20a
6% preferred (guar.)
134 Feb. 15 Holders of rec. Jan. 20a
Winnipeg Electric Co. (guar.)
1
Jan. 16 Holders of rec. Nov. 30a
134
Banks.
Corn Exchange(guar.)
Public Nat. Bank & Truet, stock city_ _ _
Trust Companies.
Frantecilla Corp.(stock dividend)
Manufacturers. extra
Title Guar. Sc Trust (extra)
o U.S. Mortgage & Trust
Joint Stock Land Bank.
Pennsylvania
Fire Insurance.
National Liberty (new $10 par stk.)_ - Extra ($10 par stock)
Niagara (guar.)
Stuyvesant (guar.)
Miscellaneous.
Abitibi Power Sc Paper, corn.(guar.)
Abraham & Strauss. Prof. (guar.)
Acme Steel(guar.)
Air Reduction Co.. Inc.(guar.)._ .-Akron Rubber Reclaim, corn.(guar.)
killanee Realty (guar.)
Extra
Allied Chemical -re Dye Corp., com.(gu.)
Allis Chalmers Mfg., corn. (guar.)
Alpha Portland Cement, corn. (guar.)._
otagamated Laundries, Prof.(a:ably.).
°referred (monthly)
p-eferred (mon t hly)
Preferred (monthly)._
re•pmrred 'monthly)
Amerada Corporation (guar.)
inerican Art Works.corn.& Prof (qu.).
merlran Can common (gear.)
American Chain,corn.(guar.)
American agar.cern.(guar.)
American Coal (guar.)
Amer. F ,rk Sc Hoe. corn. (guar.)
_
kmerican Home Products. corn. (eithly)
American Ire. common (guar.)
Common (extra)
Preferred (gear.)
American Machine& Fdy.,corn.(guar.)
Preferred (guar.)
American Meter (guar.)
'pelican Rolling MI11. corn. (guar.)
5
e20
Feb. 1 Holders of rec. Jan. 300
Mar. 31 Holders of ree. Mar. 1
*e2
4
5
ilie3313
Jan. 28 *Holders of rec. Jan. 10
Feb. 15 Holders of rec. Feb.
Mar. 31 Holders of rec. Mar.22
Jan. 16 'Holders of rec. Dec. 31
*3
Jan. 14 *Holders of rec. Dec. 31
51
Jan,
52
Jan,
$2.50 Jan.
134 Jan.
16
18
18
30
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Jan. 25 to Jan.
6a
6a
6a
30
$1.25 Jan. 20 Holders of rec. Jan. 100
134 Feb. 1 Holders of rec. Jan. 15a
I *Holders of rec. Mar. 20
$1.25 Jan. 15 Holders of rec. Dec. 300
50c. Jan. 15 Holders of rec. Jan. 5a
621 3',. Jan. II Holders of rec. Jan. ea
50e. Jan. IS Holders of rec. Jan. ea
51.50 Feb. 1 Holders of rec. Jan. 1 la
81.50 Feb. 15 Holders of rec. Jan. 24a
'750. Jan. 1 *Holders of rec. Jan. 3
511.c. Feb.
120
,
eraeiti 150
n:
5 ,e ‘ r.
581:s
. 1c kiar
9
4
er :
er
p
Mar. 15a
rIt/rers t,t rue Apr. 15a
Yav
;elm time 1 Do • 05 , May I6
er.
a
50e. Jan. 31 Holders of rec. Jan. 16a
13.4 Jan. IS Holders of rec. Dec. 31
5nc. Feb. 15 Hollers of rec. Jan. 31a
75e. Jan. 15 Holders of rec. Jan. 130
Feb. 1 Holders of rec. Jan. 14
2
Feb. 1 Jan. 12 to Feb. 5
$1
134 Mar. IS Holders of rec. Mar. 5a
20c. Fe
Holders of rec. Jan. 14a
50e. Jan. 25 Holders of rec Jan. ea
50e. Jan. 25 Holders of rec. Jan
6a
11
4 Di. 25 Holders of rec. Jan. ea
1100. Feb. I Holders of rec. Jan. 19a
11,/ Feb. 1 Holders of rec. Jan. 19a
41.25 Jan. 31 "Holders of rec. Jan. 18
ionIJan. 15 Holders of rec. Dec. 31aa
$1.25 Apr.
216
Name of Company
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Feb. 1 Holders of rec. Jan. 14a
2
Amer. Shipbuilding. corn. (guar.)
15i Feb. 1 Holders of roe. Jan. 14a
Preferred (guar.)
Feb. 1 Holders of reo. Jan. 13a
Amer. Smelt & Refs., corn. (guar.). -- 2
1,' Mar. 1 Holders of roe. Feb. 3a
Preferred (guar.)
.
Amer. Steel Foundries. corn.(guar.) - 75e. Jan. 14 Holders of rec. Jan. 30
Jan. 14 Holders of rec. Jan. ba
Amer. Type Founders, corn.(quar.)---- 2
1fi Jan. 14 Holders of reo. Jan. 5a
Preferred (guar.)
- 500. Jan. 15 Holders of rec. Jan. 5
Amer. Vitrified Products, corn.(guar.)
Amsterdam Trading Co.
750. Jan. 20 Holders of reo. Jan. 16
American shares(No.1)
The. Feb. 20 Holders of reo. Jan. 140
Anaconda Copper Mining (guar.)
corn. (qu.) 750 Feb. 28 Holders of rec. Jan. 210
Archer-Daniels-Midland Co..
13 Feb. 28 Holders of rec. Jan 210
Preferred (guar.)
Armstrong Cork
Jan. le Dec. 16 to Jan. 3
Common (payable In common stock)-1,' Jan. 16 Holders of rec. Dec. 31
Asbestos Corp., Ltd.. pref.(qua;.)
Goods,common (guar.). 63c Feb. 1 Ho dere of rec. Jan. 14a
Associated Dry
134 Mar. 1 Ho'ders of rec. Feb. 110
First preferred (guar.)
lad Mar. 1 Holders of rec. Feb. 110
Second preferred (guar.)
Jan. lb Holders of rec. Jan. 15a
2
Associated Industrials. 1st Pt. (qua;.)...
g Feb. 1 Holders of reo. Jan. 160
Atlantic Refining, pref.(guar.)
$1 Jan. 16 Holders of rec. Jan. 3
Atlas Plywood Corp.(guar.)
134 Feb. 1 Holders of reo. Jan. 200
Atlas Powder, pref.(guar.)
3% Jan. 15 Holders of rec. Dec. 310
Automobile Finance Co.. pref
"4 Apr. I Holders of reo. Mar.200
Babcock dr Wilcox Co.(guar.)
*215o. Feb. 1 *Holders of reo. Jan. 20
Balaban & Katz, corn. (monthly)
*25e. Mar. 1 *Holders of reo. Feb. 20
Common (monthly)
*25o. Ain. 1 *Holders of reo. Mar.20
Common (monthly)
•1yi Apr. 1 *Holders of roe. Mar.20
Preferred (guar.)
Jan. 31 Holders of rec. Jan. 18
Bancroft (Joseph) & Sons Co., pf.(gu.)_
Jan. 16 Holders of rec. Dee. 310
ad
Bankers Capital Corp., common
Jan. 16 Holders of rec. Dec. 31a
84
Common (extra)
Jan. 16 Holders of rec. Dee. 310
$2
Preferred (guar.)
Jan. 16 Holders of rec. Dec. 316
$4
Preferred (extra)
.
"4 Jan. 16 Holders of rec. Dec. 31
Bankers Secur. Tr. of Amer., pf.(qu.)
Barnhart Bros. & Spindler
Feb. 1 Holders of rec. Jan. 23a
First and second pref.(guar.)
62ado. Feb. 8 Holders of rm. Jan. 160
Hamadan Corp., class A & B
$1.75 Apr. 1 Holders of rec. Mar.20a
Bastian-Blessing Co., pref. (guar.)
$1.75 July 1 Holders of rec. June 206
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
"4 Jan. 15 Holders of rec. Dec. 31a
Bayuk Cigars, Inc., let pref.(guar.)
Jan. 15 Holders of reo. Dec. 31a
Convertible second prof. (guar.)
Jan. lb Holders of rec. Dec. 316
Eight per cent second pref.(guar.)--- 2
Beech-Nut Packing. pref. cl. B (final)-- $2.05 Jan. 16 Stk.call.for red.Jan. 16
Belgo Canadian Paper,common (war.). 1% Jan. 12 Holders of roe. Dee. 31
75o. Feb. 1 Jan. 22 to Jan. 31
Blaw-Knox Co. (guar.)
Bloch Brothers Tobacco, corn (Calar.)- - 37%0. Feb. 15 Feb. 10 to Feb. 14
37%0. May lb May 10 to May 14
Common (guar.)
Aug. 14
373.4°. Aug. lb Aug 10 to
(
Common uar.)
37%0. Nov.15 Nov. 10 to Nov. 14
Common (guar.)
lad Mar.31 Mu.26 to Mar.30
Preferred (guar.)
13.4 June 30 June 25 to June 29
Preferred (guar.)
Sept. 30 Sept. 25 to Sept. 29
Preferred (guar.)
lad Des. 31 Doe. 26 to Dec. 30
Preferred (guar.)
Jan. 31 Holders of rec. Jan. 14a
$1
corn. cl. A (guar.)
Bon Aml Co..
500. Jan. 17 Holders of rec. Jan. 14
Common,class B.(guar.)
50c Jan. 17 Holders of rec. Jan. 14
Common, class B (extra)
$1.50 Mar. 1 Holders of roe. Feb. 130
Borden Company,corn. (guar.)
234 Feb. 15 Holders of reo. Jan. 31
Boss Manufacturing,corn.(qua;.)
13.4 Feb. 15 Holders of reo. Jan. 31
Preferred (guar.)
(u) Jan. 23 See note (IC
British-American Tobacco. ordinary _
(u) Jan. 23 See note (is)
Ordinary (Interim)
Brit. Col. Fish de Pack., corn.(qua;.)-. $1.25 Mar. 10 Holders of rec. Feb. 28
13.4 Mar. 10 Holders of rec. Feb. 28
Preferred (quit.)
50c. Jan. 16 Holders of rec Dec. 31a
Brompton Pulp & Paper corn. (guar-)
Brown Shoe, pref.(guar.)
13.1 Feb. 1 Holders of rec. Jan. 20a
600. Feb. 1 Holders of re*. Dec. 270
Bush Terminal Co.. corn.(guar.)
11% Feb. 1 Holders of rec. Doe. 276
Common (payable in corn. Mock)
3
Jan. 14 Holders of reo. Dec. 270
Preferred
13.4 Jan. 14 Holders of reo. Doe. ha
Debenture stock (guar.)
1% Feb. 1 Holders of rec. Jan. lba
Byers (A. M.) Co.. Pref. (quer.)
75c. Jan. 16 Holders of rec. Dee. 31a
Canada Dry Ginger Ale (guar.)
Canadian Fairbanks-Morse. prof.(guar.) 13.4 Jan. 16 Holders of rec. Dec. 31a
Canadian Industrial Alcohol, corn. (qu.) 38c. Jan. 16 Holders of rec. Dec. 31a
Mm.31 *Holders of rec. Mar.20
*2
Canfield 011. com.(guar.)
*2 June 30 *Holders of reo. June 20
Common (guar.)
Sept.30 *Holders of reo Sept.20
Common (guar.)
•2 Dec. 31 *Holders of roe. Dec. 20
Common (guar.)
13.4 Dec. 31 Dee. 21 to Jan 4
Preferred (qua;.)
•1yi Mar.31 *Holders of reo. Mar.20
Preferred (guar.)
*IA June 30 *Holders of reo. June 20
Preferred (guar.)
Sept.30 *Holders of reo. Sept.20
Preferred (guar.)
*151 Doe. 31 *Holders of reo. Dee. 20
Preferred ((Plan)
13.1 Jan. 31 Holders of reo. Jan. 146
Cartier. Inc. pref.(guar.)
Mar. 1 *Holders of rec. Feb. I80
Century Ribbon Mills, pref. (quit.)....
Feb. 1 Holders of rec. Jan. 12a
Cerro de Pasco Copper Co.(qtrar.).... $1
'13.413.4 Jan. 25 Holders of reo. Jan. 140
Chicago Pneumatic Tool (guar.)
Dec. 31 *Holders of rm. Dee. 20
Chicago Ry. EqtriP. prof.(guar.)
33 1-3 Feb. 1 Holders of roe. Jan. 200
Chicago Yellow Cab (monthly)
33 1-3 Mar. 1 Holders of roe. Feb. 20a
Monthly
- 300. Feb. 1 Holders of rec. Jan. lba
Christie. Brown & Co.. corn.(guar.).
U1 Feb. 1 Holders of rec. Jan. 20
Preference (guar.)
ad Feb. 1 Holders of reo. Jan. 14
Cities Service, corn.(monthly)
1% Feb. 1 Holders of reo. Jan. 14
Cora.(payable in corn. stock)
34 Feb. 1 Holders of rec. Jan. 14
Prof. & pref. B. B (monthly)
50. Feb. 1 Holders of rec. Jan. 14
Preferred B (monthly)
Jan. 1 Holders of reo. Dec. 31a
3
City Housing Corp
- 750. Mar. 1 Holders of reo. Feb. 100
City Ice & Fuel (Cleveland) (guar.).
87adc Feb. 1 Holders of rec. Jan. 185
City Stores Co.,clam A (guar.)
500. Mar. 1 Holders of reo. Feb. lba
Cleveland Stone (guar.)
600. June 1 Holders of rec. May lba
Quarterly
500. Sept. 1 Holders of reo. Aug. 15a
Quarterly
Cluett,Peabody dr Co..corn.(quar.)---- $1.25 Feb. 1 Holders of reo. Jan. 21
134 Jan. 16 Holders of reo. Dec. 310
Consolidated Car-Heating (guar.)
Consolidated Cigar Corp.
1.6234 Feb. 1 Holders of rec. Jan. 166
Prior preferred (quit.)(No.1)
31.25 Jan. 16 Holders of rec. Dee. 31
Consolidated Mining dr Smelting
Jan. 16 Holders of reo. Doe. 31
$5
Bonus
200. Jan. 25 Jan. 16 to Jan. 25
Consolidated Royalty 011 (guar.)
33.4 Feb. 20 Holders of rec. Feb. 100
Consumers Company. pref
200. Jan. 30 Holders of rec. Jan. 140
Continental Motors Corp.(guar.)
Jan. 16 Holders of rec. Jan. 3
Continental Securities Corp.(guar.)--- $1
600. Jan. 20 Holders of reo. Doe. 310
Corn Products Refining. corn. (guar.)._
7150. Jan. 20 Holders of roe. flea. 316
Common (extra)
lad Jan. 14 Holders of rec. Deo. 316
Preferred (guar.)
750. Jan. 15 Holders of rec. Jan. 30
Credit Alliance Corp.,corn.cl. A (qu.)
$1.25 Jan. 15 Holders of rec. Jan. 3a
Common dr class A.extra
lad Jan. lb Holders of roe. Jan. 30
Preferred (guar.)
Jan. 20 Holders of rec. Dec. 20a
Credit Discount Corp. of Am.,com.(qu.) SI
5a
Crocker-Wheeler Elec. Mfg. pref.(rm.). 134 Jan. 15 Holders of rec. Jan. 14a
1% Jan. 31 Holders of rec. Jan.
Steel, common (guar.)
Crucible
334 Feb. I Holders of rec. Jan. 18a
Cuba Company, pref
Jan. 14 Holders of rec. Jan. ba
31
Cudahy Packing, corn. (guar.)
d50c. Jan. 10 Holders of rec. Dec. 20
Curtis Publishing, common (extra)
200
Mar.
Decker(Alfred) & Cohn, pref.(qean).- 1% June 1 Holders of rec. Feb. 19a
1 Holders of rec. May
1%
Preferred (guar.)
1,4 Sept. I Holders of reo. Aug. 20s
Preferred (cellar.)
20c Jan. 16 Holders of rec. Doe. 31
Detroit Motor Bus, corn. (guar.)
DIctograph Product Corp.
Jan. 16 Holders of rec. Dec. 31a
1
For quarter ending dSept. 30 1927...
Jan. 16 Holders of rec. Doe. 31a
2
For quarter ending Dec. 31 1927
13.4 Jan. 15 Holders of rec Dee. 276
DodgeBros.. pref.(guar.)
250. Jan. 20 Holders of rec. Dec. 31a
Dome Mines. Ltd.(Cum.)
(WO 50o. Jan. 14 Holders of rec. Dec. 31
Dominion Engineering Works, Ltd.
13.4 Jan. 16 Holders of reo. Dec. 130
Dominion Textile. prof.(guar.)
Jan. 15 Holders of reo. Jan. la
Si
Dunhill International. corn.(guar.)
Apr. 10 Holders of reo. Apr. la
$1
Common (guar)
100
Co., deb. etk.(qu.) lad Jan. 25 Holders of rec. Jan. 31
Du Pont De Nem.&
134 Jan. lb Holders of reo. Doe.
Eagle-Picher Lead. pref.(guar.)
3% Jan. 31 Holders of roe. Dec. 31
Eastern Theatres. Ltd.. preference
[Vol,. 126.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
30c. Feb. 1 Holders of rec. Doe. 3Ia
Eastern Bankers Corp.,common
Common (extra)
30c. Feb. 1 Holders of rec. Doe. 31a
1% Feb. 1 Holders of rec. Doe. 31a
Preferred (guar.)
Eastern Steamship Lines, 2d pref. (qu.)_ 873.40. Jan. 16 Holders of rec. Jan. ba
500. Feb. 1 Holders of reo. Jan. 14a
Eaton Axle ax Spring (guar.)
25e. Jan. 15 Holders of rec. Dec. 31a
Economy Grocery Stores Corp.(quiz.)...
62% Feb. I Holders of reo. Jan. I40
Elgin Nat. Watch (guar.)
51
Extra
Jan. 20 Holders of rec. Jan. 40
760. Jan. 16 Holders of rec. Jan. 4
Ely-Walker Dry Goods, corn. (guar.)._
1st Preferred
3% Jan. 16 Holders of rec. Jan. 4
3
Jan. 16 Holders of reo. Jan. 4
Second preferred
Empire Bond dr Mtge. Corp.. corn.(qu.) $1.50 Jan, 14 Holders of rec. Dec. 310
134 Jan. 14 Holders of rec. Dec. 316
Preferred (guar.)
lad Mar. 1 Holders of rec. Feb. lba
Erie Steam Shovel. pref. (guar.)
Si
Feb. 1 Holders of rec. Jan. 16
Eureka Pipe Line(guar.)
European Bond & Mortgage Co.(guar.) 81.50 Jan. 14 Holders of rec. Dec. 314
lad Jan, 14 Holders of rec. Dec. 310
Preferred (guar.)
3734c. Jan, 31 Holders of rec. Jan. 160
Exchange Buffet Corp.(guar.)
20o Feb. 1 Holders of reo. Jan. 21a
Fair (The), corn.(guar.)
2% Feb. 1 Holders of reo. Jan. 16
Fajardo Sugar (guar.)
Federal Knitting Mills,corn.(guar.)
623.40 Feb. 1 Holders of rec. Jan. b
1234c Feb. 1 Holders of rec. Jan. b
Common (extra)
'623.40 May 1 *Holders of rec. Apr. lb
Common (qua;.)
"1.234c May 1 *Holders of rec. Apr. lb
Common (extra)
"2
Jan. 16 *Holders of reo. Jan. 6
Federal Terra Cotta, corn. (guar.)
"2
Jan. 16 *Holders of rec. Jan. 8
Common (special)
lad Feb. 1 Holdere of ree. Jan. 21a
Prehuved (guar.)
25c. Jan. 16 Holders of reo. Jan. 3
Federated Metals Corp.(No. I)
160. Jan. 17 Holders of reo. Jan. 3a
Fifth Ave. Bus Securities (guar.)
Finance Corp.of Amer.,corn.(guar.)... 150. Jan. 16 Jan. 6 to Jan. 16
43340. Jan. 16 Jan. 6 to Jan. 16
Preferred (guar.)
Jan. 20 Holders of reo. Jan. 104
Firestone Tire & Rubber,corn.(quit.).. $2
134 Jan. 16 Holders of rec. Jan. la
Six per cent preferred (guar.)
134 Feb. 15 Holders of rec. Feb. 1
Seven per cent preferred
lad Feb. 1 Holders of rec. Jan. 14a
Fisk Rubber, 1st pref.(quar.)
1% Feb. 1 Holders of rec. Jan. 14a
Convertible 1st pref.(guar.)
lad Mar. 1 Holders of rec. Feb. 15a
Second preferred (guar.)
750 Jan. 16 Holders of rec. Jan. 10
Flintkote Co..corn.(Cum.)
$1.75 Jan. 16 Holders of rec. Jan. 10
Convertible preferred (guar.)
$1 Jan. 16 Holders of rec. Dee. 300
Fox Film Corp., class A & B (guar.)._
Franklin (H. H.) Mfg., pref. (guar.).
- '13.4 Feb. 1 *Holders of reo. Jan. 20
Feb. 1 Holders of rec. Jan. Ida
31
Freeport Texas Co.(guar.)
750. Feb. 1 Holders of reo. Jan. 140
Extra
Feb. 1 Holders of rec. Jan. 16a
51
General Cigar, corn. (guar.)
lad Mar. 1 Holders of rec. Feb. 210
Preferred (guar.)
Jan. 27 Holders of rec. Dec. 210
1
General Elec corn.(guar.)
150. Jan. 27 Holders of rec. Dec. 21a
Special stock (guar.)
1% Feb. 1 Holders of rec. Jan. 9a
General Motors,6% pref.(guar.)
134 Feb. 1 Holders of reo. Jan. 9a
Seven per cent preferred (guar.)
Six per cent debenture stock (quit.). 134 Feb. 1 Holders of reo. Jan. 9a
General Outdoor Advertising, cons.(qu.) 50e. Jan. 16 Holders of rec. Jan. ba
75e. Jan. 16 Holders of roe. Jan. 7a
General Refractories(guar.)
750. Jan. 31 Holders of rec. Jan. 16a
Gllchast Company (guar.)
13.4 Feb. 1 Holders of rec. Jan. lia
Gimbel Bros Prof.(guar.)
1% Jan. 16'Holders of rec. Dec. 31a
Globe-WernIcke, pref. (guar.)
or redemption Feb. 10
134 called
Gobel(A.) Inc. pref.(guar.)
The. Feb. 1 Holders of reo. Jan. 17a
Gold Dust Corp.(guar.)
Feb. lb Holders of rm.Feb. la
Gotham Silk Hosiery, common (extra).. fd
134 Feb. 1 Holders of roe. Jan. 16a
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 220
Great Lakes Steamship (guar.)
*250. Feb. 15 *Holders of rec. Jan. 31
Hammermill Paper (guar.)
Harbison-Walker Retract, pref. (guar.). 1% Jan. 20 Holders of reo. Jan. 100
Feb. 1 *Holders of rm. Jan. 20
Harris. Seybold, Potter Co., pref. (qu.)_
$2
Jan. 17 Holders of rec. Jan. 30
Hathaway Baking,class A (guar.)
Feb. 15 *Holders of reo. Feb. 4
Hercules Powder. prof.(guar.)
1% Feb. 1 Jan. 22 to Feb. 1
Higbee Co., lot preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 18
Second preferred (guar.)
Hollinger Congo!. Gold Mines.(monthly) 10e, Jan.d28 Holders of rec. Jan. 11
IN Feb. 1 Holders of rec. Jan. 16
Holly Sugar Corp., pref.(guar.)
50e. Jan. 25 Holders of rec. Jan. 200
Homestake Mining (monthly)
Si
Jan. 25 Holders of rec. Jan. 20a
Extra
•131
Feb. 1 *Holders of reo. Jan. 20
Hood Rubber, pref.(guar.)
'134 Feb. 1 *Holders of rec. Jan. 20
Preference stock (guar.)
3734 eJ an. 30 Holders of rec. Jan. 10a
Horn-Hardart(N. Y.)(guar.)
25c. J an. 30 Holders of rec. Jan. 100
Extra
Si
Jan. 16 Holders of rec. Dec. 316
Howe Sound Co.(quar.)
.755. Jan. 16 Holders of rec. Dee. 31
Hub Financial Corp.. class A
81.25 Apr. 2 Holders of rec. Mar. 12
Hudson Motor Car (guar.)
Hunt Bros. Packing, class A (guar.)--- .50o. Feb. 1 *Holders of rec. Jan. 16
260. Feb.
Holders of rec. Jan. 14
Hupp Motor Car (guar.)
600. Jan. 14 Jan. 4 to Jan. 15
1111nols Brick (guar.)
400. Jan. 14 Jan. 4 to Jan. 15
Extra
600. Apr. 14 Apr. 4 to Apr. 18
Quarterly
80o. July 14 July 4 to July lb
Quarterly
600. Oct. 15 Oct. 4 to Oct. 15
Quarterly
75e. Jan. 16 Holders of ree. Dec. 30
Incorporated Investors(Wax.)
62
Jan. 16 Holders of tee. Doe. 30
Stock dividend
e2
July 16 Holders of rec. June 290
Stock dividend
250. Jan. 30 Holders of rec. Jan. 16a
Independent Oil & Gas (guar.)
Independent Royalties Co., pref.
1 &Se Jan. 30 Holders of reo. Jan. 254
51 Feb. lb Holders of roe. Jan. 20
Indiana Pipe Line (guar.)
$1 Feb. 15 Holders of rec. Jan. 20
Extra
Jan. 15 Holders of rec. Dee. 30
Industrial Rediscount Corp., pref.(qu.). 2
$1.60 Apr. 1 Mar. 18 to Apr. 1
Interlake Steamship (guar.)
- 141.50 Jan. lb *Holders of rec. Jan. 5
Internat. Acceptance Bank (guar.)
*50c. Feb. 1 *Holders of rec. Jan. 19
Internat. Cigar Machinery (guar.)
International Harvester, coin. (guar.)-- 1% Jan. 15 Holders of reo. Doe. 240
/2 Jan. 25 Holders of reo. Doe. 240
Common (payable in corn. stock)
80c. Jan. 16 Holders of rec. Dec. 246
International Match Corp.. common
80c. Jan. 16 Holders of rec. Dec. 240
Participating preferred (guar.)
60c. Feb. lh Holders of rec. Feb. la
International Paper. corn.(guar.)
134 Jan. 16 Holders of rec. Doe. 29a
7% Preferred (qua;.)
134 Jan. 16 Holders of rec. Dec. 296
6% preferred (guar.)
Jan. 16 Holders of rec. Jan. 9
Interstate Iron ar Steel. common (guar.) $1
25c. Feb. 15 Holders of rec. Feb. la
Intertype Corp.,corn.(guar.)
25.c Feb. lb Holders of roe. Feb. la
Common (extra)
Johns-Manville Corp.. corn. (guar.)---- 750. Jan. 16 Holders of rec. Jan. 3a
623.4c. Jan. 15 Holders of rec. Dec. 310
Idawneer Company, corn. (guar.)
- 1234c. Apr. 1 Holders of rec. Mar.200
Kaynee Company, common (extra).
Common (extra)
121.40 July 1 Holders of rec. June 200
Si
Feb. 1 Holders of reo. Jan. 164
Kayser (Julius) & Co., corn.(guar.)._
Kellogg Switchboard dr Supp.,corn (qu.)- 3234c Jan. 31 Holders of rec. Jan. 70
Preferred (guar.)
13.4 Jan. 31 Holders of rec. Jan. 76
Kelsey-Hayes Wheel, pref. (guar.)
1% Feb. I Holders of reo. Jan. 206
Kentucky Cash Credit Co.
(I) Jan. 25 Holders of roe. Jan. 18
Common (1-10 share common stook)
15o. Mar.24 Holders of rec. Mar.12
Common(gum.)
15c, Mar.24 Holders of rec. Mar.12
Preferred (guar.)
15c, Mar.24 Holders of rec. Mar.12
Preferred (extra)
Keystone Steel & Wire, corn. (guar.)._ '31
Jan. 15 *Holders of rec. Jan. b
•15,1 Jan. 15 *Holders of rec. Jan. 6
Preferred (guar.)
13.4 Feb. 1 Holders of rec. Jan. 190
Keystone Watch Case Corp.. pref.(quiz
60c. Jan. 15 Holders of rec. Jan. 5
Knott Corporation (guar.)(No. 1)
The. Feb. 1 Holders of rec. Jan. 160
Landay Bros., Inc., class A (guar.)._
•dyi Feb. 29 *Holders of rec. Feb. 18
Lanston Monotype Mach.(guar.)
Lefcourt Realty. pref. (au.)(No. 1)--750. Jan. 15 Holders of reo. Jan. 6
Lehigh Portland Cement
1
J100 Feb. I Holders of ree. Jan. 4
Common (in Prof. stock)
Jan. 31
81.25 Feb. 1 Jan. 15 to
Lehigh Valley Coal Co
40. Jan. 15 Holders of reo. Dec. 31
Lehman Plan, be., class A
2c. Jan, 15 Holders of rec. Dec. 31
Extra
25c. Feb. 1 Holders of rec. Jan. 10
Lemur Co.. common
Lessings, Inc.(guar.)
Jan. 31 "Holders of rec. Dec. 29
500. Jan. 27 1101der8 of rec. Dec. 30a
Lion 011 Refining. common (guar.)
Holders of rec. Jan. 200
90e. Feb.
Liquid Carbonic Corp.(guar.)
Holders of rec. Jan. 21
150. Feb.
Loew's Boston Theatres (guar.)
Loew's London Theatres, corn
Jan. 1 Holders of rec. Dec. 30
3
Sad Jan. 14 Holders of rec. Dec. 30
Preference
Loew's (Marcus) Theatres, Ltd. Prof.. 3% Jan. 14 Holders of rec. Doe. 30
'
400. Fob. 1 Holders of rec. Jan. 180
Loose-Wiles Biscuit, corn. (guar.)
*lad Feb. 1 *Holders of reo. Jan. 18
Second preferred (guar.)
JAN. 14 1928.]
FINANCIAL CHRONICLE
217
Per
When
Books Closed.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)•
Miscellaneous (Concluded).
Lord & Taylor, 2d pref. (guar.)
2
Feb. 1 Holders of rec. Jan. 170 'Puckett Tobacco, corn. (guar.)
1
Jan. 14 Holders of rec. Dec. 310
MacAndrews & Forbes Co., corn.(qu.). _ 65c. Jan. 14 Holders of rec. Dec. 3Ia
Preferred (guar.)
14 Jan. 14 Holders of roe. Dec. 31a
Common (extra)
90c. Jan. 14 Holders of rec. Dec. 31a Tung Sol Lamp Works, corn.(guar.).•20c. Feb. 1 'Holders of rec. Jan. 20
Preferred (guar.)
136 Jan. 14 Holders of rec. Dec. 31a
Class A (guar.)
"45e. Feb. 1 'Holders of rec. Jan. 20
Macy (R. H.) dt Co., corn. (guar.)
$1.25 Feb. 15 Holders of roe. Jan. 280 Union Biscuit 1st pref.(guar.)
14 Jan. 15 Holders of rec. Jan. 5
Common (payable in common stock)_ _ /5
Feb. 15 Holders of rec. Jan. 28a United Cigar Stores of Amer. pfd.(qu.)_
136 Feb. 1 Holders
Madison Square Garden (guar.)
3736c Jan. 16 Holders of rec. Jan. 6a United Electric Coal (guar.)(No. I)...- 750. Jan. 15 Holders of rec. Jan. 13a
Magma Copper Co. (guar.)
75c. Jan. 17 Holders of rec. Dec. 30a United Invest. Secur. Corp..com.(No.1) *10e. Jan. 16 'Holders of rec. Dec. 3Ia
of rec. Dec. 31
Magnin (I.) & Co.. common (guar.)... _ •25c. Jan. 15 'Holders of rec. Dec. 31
United Paper Board. pref.(guar.)
134 Jan. 16 Holders of rec. Jan. 20
Mandel Bros., Inc.(guar.)
6234c. Jan. 16 Holders of rec. Dec. 31a
Preferred (guar.)
134 Apr. 16 Holders of rec. Apr. 20
Maple Leaf Milling, prof. (guar.)
1% Jan. 18 Holders of rec. Jan. 3a
United Profit-Sharing, corn.
60c. Jan. 16 Holders of rec. Dec. 15a
Merchants & Mfrs. Secur., prior p1.(qu.) $1.75 Jan. 16 Holders of rec. Jan. 3a
United Verde Extension Mining
50c. Feb. 1 Holders of rec. Jan. 43
Mexican Petroleum, corn. (guar.)
$3
Jan. 20 Holders of rec. Dee. 31a U. S. Finishing, corn.(guar.)
"14 Jan. 16 "Holders of rec. Jan. 6
Preferred (guar.)
82
Jan. 20 Holders of rec. Dec. 31a
Common (extra)
'2
Jan. 16 *Holders of rec. Jan. Il
Miami Copper Co.(guar.)
3736c. Feb. 15 Holders of rec. Feb. la U.S. Industrial Alcohol, corn.
(qua!')... 14 Feb. 1 Holders of rec. Jan. lea
Miller Rubber, pref. (guar.)
2
Mar. 1 Holders of rec. Feb. 10
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 310
Mining Corp. of Canada
1236c Jan. 25 Jan. 11
to Jan. 24
U. S. Radiator, common (guar.)
50c. Jan. 15 Jan. 4 to Jan. 15
Monarch Mtge. & Investment, com
Sc. Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
14 Jan. 15 Jan. 4 to Jan. 15
Preferred
4
Jan. 15 Holders of rec. Dec. 31
U.S. Rubber, 1st pref. (guar.)
Feb. 15 Holders of rec. Jan. 200
2
Motion Picture Capital. pref. (quar.)
2
Jan. 15 Holders of rec. Jan. 1
U. S. Smelt. Ref. & Min.,
Mountain & Gulf Oil(guar.)
2c. Jan. 16 Holders of rec. Dec. 310 Universal Leaf Tobacco, com.&pf.(qu.) 8736c Jan. 14 Holders of rec. Jan. 6
corn. (guar.) _ _ 75c. Feb. 1 Holders of rec. Jan. 20a
Extra
lc. Jan. 16 Holders of rec. Dec. 31a Universal Pipe &
Radiator, pref.
Mullins Mfg., pref.(guar.)
$2
Feb. 1 Holders of rec. Jan. 16a Valvoline Oil, corn. (in common (quar.). 14 Feb. 1 Holders of rec. Jan. 16a
stock) _
Jan. 17 Holders of rec. Jan. 14
/6
National American Co. (guar.)
.500. Feb. 1 'Holders of rec. Jan. 15
Vick Chemical (guar.)
Feb. 1 Holders of rec. Jan. 16a
51
Quarterly
50c. May 1 "Holders of rec. Apr. 15
Victor Talking Mach., pr. pref. (qu.).
Quarterly
13.4 Feb. 1 Holders of rec. Jan. 30
50c. Aug. 1 'Holders of rec. July 15
$6 cony. pref.(guar.)
51.50 Feb. I Holders of rec. Jan. 3a
Quarterly
550c. Nov. 1 'Holders of rec. Oct. 15
Old preferred (guar.)
51.75 Jan. 16 Holders of roe. Jan. 3
National Biscuit, common (guar.)
31.50 Jan. 14 Holders of rec. Dee. 31. Vulcan Detinning, pref.
(guar.)
134 Jan. 20 Holders of rec. Jan. 9a
National Carbon, pref. (guar.)
2
Feb. 1 Holders of roe. Jan. 20a
Preferred A (guar.)
154 Jan. 20 Holders of rec. Jan. 90
National Cash Register, COM. A (euar.)_ 75e. Jan. 15 Holders of rec. Dec. 30a
V. Vivaudou, coin. (pay in corn. stk.). 1234 Mar. 31 Holders of rec. Mar. 5
Nat. Dept. Stores, 1st pref. (quar.)__. lq Feb. 1 Holders of rec. Jan. 16a
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 130
National Fuel Gas(guar.)
25e. Jan. 16 Holders of rec. Dec. 31a Warner (Chas.) Co.,
National Lead, pref. 13 (guar.)
134 Feb. 1 Holders of rec. Jan. I30
First and second preferred (quar.)
_
134 Jan. 26 Holders of rec. Dec. 310
National Radiator, pref. (guar.)
1H Feb. 1 Holders of rec. Jan. 20a
Weber Heilbroner, preferred (quar.)___ _
National Tea, preferred (guar.)
13.4 Feb. 1 Holders of rec. Jan. 18a
1% Feb. 1 Holders of rec. Jan.d16
Western Grocers Ltd.(Canada), pf.(qu.) 141 Jan, 15 Holders of rec. Dec. 31
Nelson (Herman) Corp., stock dividend
e2
Jan. 16 Holders of rec. Jan. 3
Westinghouse Air Brake (guar.)
50c Jan. 31 Holders of rec. Dec. 310
Stock dividend
Apr. 2 "Holders of rec. Mar. 16
'Cl
Westinghouse El. & Mfg.. corn.(qu.)
Jan, 31 Holders of rec. Dec. 30
31
Stock dividend
•el
July 2'Holders of rec. June 19
Preferred (guar.)
$1
Jan. 16 Holders of rec. Dec. 300
Stock dividend
Oct. 1 'Holders of rec. Sept.18
white Eagle Oil & Refining
25c Jan. 20 Holders of rec. Dec. 300
New Bradford 011 (guar.)
l2)4e Jan. 16 Holders of rec. Dec. 31a White Sewing Mach.,
pref.(guar.)
551
Feb. 1 "Holders of rec. Jan. 19
New England Equity Corp.. corn.(No.1)
50c. Feb. I Holders of rec. Jan. 16
Worthington Ball (quar.)
'50c. Jan. 14 *Holders of rec. Dec. 31
Newmont Mining Corp (guar.)
Jan. 17 Holders of rec. Jan. 3
51
Wrigley (Win.) Jr. Co.(monthly)
250. Feb. 1 Holders of rec. Jan. 200
Stock dividend
CS
Jan. 17 Holders of rec. Jan. 3
Monthly
25c, Mar. 1 Holders of rec. Feb. 203
New York Air Brake (guar.)
75c. Feb. 1 Holders of rec. Jan. 53
Monthly
25c. Apr. 2 Holders of rec. Mar. 250
New York Dock, pref. (guar.)
234 Jan. 16 Holders of rec. Jan. fia Zellerbach Corp. (guar.)
50c. Jan. 16 Holders of rec. Dec. 3I0
New York Transportation (guar.)
50c. Jan. 16 Holders of rec. Jan. 30
Nipissing Mines Co.. Ltd.(guar.)
734c. Jan. 20 Holders of rec. Dec. 310
• From unofficial sources. t The New York Stock Exchange has ruled that stock
Ohio Braris, class A & B (quar.)
Jan. 15 Holders of rec. Dec. 31
$1.25
will not be quoted ox-dividend on this date and not until further notice. I The
Preferred (guar.)
136 Jan. 15 Holders of rec. Dec. 31
New York Curb Market Association has ruled that stock will not be quoted ea.
Oil Well Supply. pref.(guar.)
$1.75 Feb. 1 Holders of rec. Jan. 120 dividend
on this date and not until further notice.
Otis Elevator, corn. (guar.)
$1.50 Jan. 16 Holders of rec. Dec. 310
a Transfer books not closed for this dividend. .1 Payable in preferred stock.
Preferred (guar.)
136 Jan. 16 Holders of rec. Dee. 313
Outlet Co.,corn.(quar.)
Correction. e Payable In stock. f Payable in common stock. g Payable In
Feb. 1 Holders of rec. Jan. 20a
31
First preferred (guar.)
Feb. I Holders of rec. Jan. 20a scrip. h On account of accumulated dividends.
'
Pacific Coast Co., 1st pref.(guar.)
134 Feb. 1 fielders of rec. Jan. 23a
1 Associated Gas & Electric dividends payable either In cash or class A stock
Pacific Steel Boller (guar.)
25c. Jan. 15 Holders of rec. Dec. 31a as follows: 2 47-100 of a share of class A stock on original preferred; 4 32-100 of•
Packard Electric (guar.)
70c. Jan. 15 Holders of rec. Dec. 30
share of class A stock on $7 preferred;on class A stock one fortieth share class A stock.
Extra
30c. Jan. 15 Holders of rec. Dec. 30
n Electric Investors stock dividend is 3-50ths of a share of common stock.
Packard Motor Car, monthly
250. Jan. 31 Holders of rec. Jan. 140
o U. S. Mtge. & Trust stock dividend ratified to stockholders' meeting Dec. 30.
Monthly
250. Feb. 29 Holders of rec. Feb. Ma
Packer Corporation (guar.)
r Power & Light Securities Trust extra dividend Is three one-hundredths of a
6236c. Jan. 15 Holders of rec. Dec. 30
Stock dividend
share of beneficial interest on its shares of beneficial interest.
Jan. 15 Holders of rec.
el0
Parker Rust Proof Co.,corn.(quar.)_ _ _ _ 3734c Feb. 21 Holders of rec. Jan. 3
s Changed from monthly payment to quarterly payment.
Feb. 10
Preferred (quar.)
35e. Feb. 21 ISPIders of rec. Feb. 10
I Seagrove Corp. dividend payable either 30c. cash or 236% stock.
Fender (David) Grocery, cl. B (qu.)___ _
50c. Apr. I Holders of rec. Mar. 15
Class B (extra)
u British American Tobacco dividends are, final, Is. 8d., and interim,
250. Apr. 1 Holders of rec. Mar. 15
10d.
Penmans Ltd., common (guar.)
Transfers received In London up to Dec. 31 will be In time for payment of dividend
Feb. 15 Holders of rec. Feb. 6
SI
Preferred (guar.)
to transferees.
Feb. 1 Holders of rec. Jan. 21
136
Pennsylvania Salt Mfg.(guar.)
v Payable In class A stock.
$1.25 Jan. 14 Holders of rec. Dec. 31a
Philadelphia Insulated Wire
Feb. 1 Holders of rec. Jan. 18a
$2
z Holders of record date changed from Dec. 3) to Jan. 10.
Extra
50c. Feb. 1 Holders of rec. Jan. 16a
Phillips-Jones Corp., pref.(guar.)
14,4 Feb. 1 Holders of rec. Jan. 20a
Pick(Albert).Barth & Co.. part. Pf.(411.) 43He Feb. 15 Holders
of rec. Jan. 426
Pines Winterfront Co., Cl. A & B (guar.)
75e. Mar. 1 Holders of rec. Feb. 15a
Weekly Returns of New York City Clearing House
Plymouth Cordage (guar.)
136 Jan. 20 Holders of rec. Dec. 31a
Postum Co.,(guar.)
$1.25 Feb. 1 Holders of rec. Jan. 16a
Banks and Trust Companies.
Prairie Pipe Line (quar.)
236 Jan. 31 Holders of rec. Dec. 31a
Pressed Metals of Amer., corn.(quar.)_ _
75c. Jan. 15 Holders of reo. Dec. 27a
The following shows the condition of the New York City
Procter & Gamble Co.,8% p1.(quar.).
Jan. 14 Holders of rec. Dec. 24a
2
Pro-phy-lac-tic Brush (guar.)
50c. Jan. 16 Holders of rec. Dec. 31a
Clearing House members for the week ending Jan. 7. The
Quaker Oats ,common (guar.)
Jan. 16 Holders of rec. Dec. 31a
31
Preferred (guar.)
134 Feb. 29 Holders of rec. Feb. la figures for the separate banks are the averages of the daily
Q. R.S. Music Co., corn.(mont
_ _ 1.50. Jan. 15 Holders of rec. Jan. 3a
results. In the case of the grand totals, we also show the
Q. It. S. Music, common (guar.)
•50c. Apr. 16 'Holders of rec. Apr. 2
Preferred (guar.)
Mar.31 'Holders of rec. Apr. 2
•1
actual figures of condition at the end of the week.
Realty Associates, 1st pref
Jan. 16 Holders of rec. Jan. 5
3
Rice-Stix Dry Goods, common (guar.) _
3734c• Feb. 1 Holders of rec. Jan. 15
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Richfield Oil, common (guar.)
25c. Feb. 1 Holders of rec. Jan. 5a
(Staled in thousands of dollars-that is, three ciphers [0001 omitted.)
Preferred (guar.)
43340 Feb. 1 Holders of rec. Jan. 5a
Richmond Radiator, pref.(guar.)
87340. Jan. 16 Holders of rec. Dec. 31a
Rockland & Rockford Lime 1st pref.__
•3y.5 Feb. 1 'Holders of rec.
Net
Jan. 14
Second preferred
•3
Feb. 1 'Holders of rec. Jan. 14
Capital. Profits. Loans,
Reserve
Royal Typewriter. common (quar.) .
Jan. 17 Holders of rec. Jan. 10a
$1
Week Ended
Discount Cash
with
Net
Time Bank
Common (extra)
Jan. 17 Holders of rec. Jan. 10a
$1
Jan. 7 1928. INat'l, Oct. 10 InvestLegal Demand
in
De- CircuPreferred
334 Jan. 17 Holders of rec. Jan. Ina
State, Nov. 15 merits, Vault. Deposi- Deposits. Posits. lotion.
St. Joseph Lead (quar.)
500 Mar.20 Mar. 10 to Mar. 20
(000 omitted) Tr.Cos.Nov.15
tortes.
&C.
Extra
25c Mar.20 Mar. 10 to Mar. 20
Quarterly
50c June 20 June 10 to June 20
Members of Fe d. Res. Bank. Average. Average Average Arerage. Average '
Pe.
Extra
250 June 20 June 10 to June 20
Bank of N Y &
Quarterly
50c Sept.20 Sept. 9 to Sept.20
Trust Co__ _ _ 6,000 12,690
83,100
577 8.882
61,101 8,532
Extra
Sept.20 Sept. 9 to Sept. 20
250
Bk of Manhat'n 12.500 18,884 187.604 4,491 20,575
147.974 30,533
Quarterly
50c Dec. 20 Dec. 9 to Dec. 20
Bank of America 6.500 5,427
93,640 1,137 13,077
99,235 3,941
Extra
25c Dec. 20 nr`C. 9 to Dec. 20
Nat City Bank. 75,000 68,079 957,679 5,258 94.785 '958,910154.238
so
Salt Creek Producers Assn.(guar.).
75c. Feb. 1 Holders of rec. Jan. 140 Chemical Nat'l. 5,000 18.954 158,731 1,767
18,809
145,084 4,932
346
Savage Arms, 2d Prof., (guar.)
Feb. 15 *Holders of roe. Feb. 1
Nat Bk of Comm 25,000 44,198 441,333
556 47,464
358,442 30,697
Scullin Steel, pref. (guar.)
75c Jan. 15 Jan. 1 to Jan. 15
ChatPhNB&Tr 13,500 14,303 239,553
184,785 44.033 6,167
Seagrove Corp.. corn.(guar.)
130c. Jan. 20 Ilolders of rec. Dec. 31, Hanover Nat'l. 5.000 26.322 147.769 2,976 26,311
1,571 18.210
Preferred (guar.)
135.075 2.958
1 1 1 Jan. 20 Holders of roe. Dec. 31a Corn Exchange. 11,000 16,494 201,175 5,477 26,405
3
171,167 30,649
Sears-Roebuck & Co..(guar.)
6236e Feb. 1
950 19.945
150.096 16,494 4,682
Securities Management. class A (guar.). 1 3 Jan. 1,5 Holders of rec. Jan. 14a National Park.. 10,000 24,696 189.980
4
Holders of rec. Jan. 1
Bowery & E hkiv 4,000 7,051
77,185 2,208 7,677
51.660 22.553 2.984
Seem an lirothers, Inc., corn.(guar.) _ _
50c. Feb. 1 Holders of rec. Jan. 16
First National.. 10,000 80.909 429,579
497 35.259
268,991 9,259 8.810
Segal Lock & Hardware, pref. (guar.) _
134 Jan. 15 Holders of rec. Dec. 31a Am Ex Irving Tr 32,000 31,0151 476,747 4,139 56.889
424,436 56,342
Shaffer Oil& Ref., pref. (guar.)
1H Jan. 25 Holders of rec. Dec. 31
Continental Bk
1,000 1,353
8,502
127 1,169
7,009
500
Skelly 011 (guar.)
•50c. Mar. 15 *Holders of rec. Feb. 15
Chase National. 50,000 55,861 680.682 5,935 82,794 *597,713 58,039 2.458
Southern States Corp., class A (guar.) _
50c. Jan. 1
500 3,261
29,307
799 3,726
Spalding (A. G.)& Bros.. corn.(quar.)_ _ 51.25 Jan. 16 Holders of rec. Dec. 22a Fifth Avenue_ _
27,450 1,526
Holders
Garfield Nat'l__ 1,000 1,898
16,700
608 3,591
Spanish River Pulp & P.. corn.& pf.(qu.) I 34 Jan. 16 Holders of rec. Jan. 7
17,648
307
of rec. Dec. 31a Seaboard Nat'l_ 8,000 12,071 151.942
793 16,870
41
128,291 4,455
Square Deal Investment Corp
.1
Jan. 28
Bankers Trust.. 20,000 41,374 426.283
984 47,496 *399,827 45.989
Stock dividend
.5
Feb. 15
US Mtge & Tr.
71.068
899 8.141
67,353 4,068
Steel & Tubes Co.. common (guar.).
750. Jan. 31 Holders of rec. Jan. 20a Guatanty Trust 30,000
33,980 538.276 1,268 55.701 *489,607 83,937
Steel Co. of Canada. corn. & pf. (qu.)__
1% Feb. 1 Holders of rec. Jan. 7
Fidelity Trust __ 4,000 3,459
47,462
739 5,521
Sterling Products(guar.)
$1.25 Feb. I Holdess of rec. Jan. 16a N Y Trust
10,000 23,539
142,355 38,288
776 18,670
Stetson (John 13.) common
$3.75 Jan. 16 Holders of rec. Jan. la Farmers L & Tr 10,000 21,385 198,680
147.393
569 15,621 .118,477 20,268
Preferred
Jan. 16 Holders of rec. Jan. la Equitable Trust 30,000 25,155 321,492
$1
1,387 32,342 *352,448 31,844
Stone (H. 0.) & C0.
Common (payable In corn.stock). _
Feb. 1 Holders of rec. Jan. 16
/5
Total of averages 383,000 597,8536,321,862 46,488685,910 5,050,668 708,41023,567
Sullivan Machinery (guar.)
Jan. 15 Jan. 1 to Jan. 13
$1
Sundstrand Co.. common (No. 1)
SI
Jan. 16 Holders of rec. Dec. 310 Totals, actual co ndition Jan.
7 6,206,795
c4.889,257 721,81523.564
Preferred (qaal%)
1 % Jan. 16 Holders of rec. Dec. 31a Totals, actual condition 1)ec. 314.358.359 48.215592,930
47.180 626.524c5,060,718694,87123,524
Superheater Co.(quar.)
$1.50 Jan. 16 Holders of rec. Dec. 24
Totals, actual condition Dec. 245,967.460 57,570654,088C4,731,592675,
047,
23,645
Swift International
60c. Feb. 15 Holders of rec. Jan. 14
State Banks
Teck Hughes Gold Minea, Ltd
10c. Feb. 1 Jan. 18 to Jan. 31
Not Members of
50. Feb. 1 Jan. 18 to Jan. 31
Extra
Fed'I Res. Bk.
Tclautograph Corp., cont. (guar.)
20c. Feb. 1 Holders of roc. Jan.
Hank..... 5,000 6,292 108,446 5,000 2,497
40,857 62,980*, __ _
Thompaon (John It.) Co.(monthly)._ _ 30c, Feb. 1 Holders of rec. Jan. 146 State
23a Colonial Bank__ 1,400 3,520
33.571 3,590 2,078
27,289 6,5021
onthly
30c, Mar. 1 Holders of rec. Feb. 23a
Oil, cony. pref. (guar.). _ _ _
134 Feb. 15 Holders of rec. Jan. 16a Total of arerages 6,400
Tidewater
9,812 142.0171 8,540 4,573
68,146 69,482:
Tobacco Products Corp.. corn. (qua!'.)
(y) Jan. 16 Holders of rec. Dec. 30s
Jan. 16 Jan. 1 to Jan. 16
Tooke Bros., new pref. (guar.)
Totals, actual condition
Totals.
69,609 69,185 -_
30c. Jan.415 Holders of rec. Jan. 45 Totals, actual condition Jan. 7 141.9581 8,305 6,071
TrUscon Steel,corn.(guar.)
Dec. 311
8,343 4,821
70,269 69,914, -_
/6
Truscon Steel, corn.(In corn. stock)
Feb. 1 Ilolders of rec. Jan. 17a Totals, actual condition Dec. 241 144,4611 8,299 4,217
143,888
69,086 69,188.
_
Net
Reserve
Capital. Profits. Loans,
Time Bank
Net
with
Discount. Cash
Week Ended
De- CircuLegal Demand
in
Jan.? 1928. Nat'l, Oct. I I Investmeats. Vault. Deposi- Deposits. posits. lotion.
State, Nov. 1.
tortes.
(000 omitted) Tr.Cos.Nov. 15 &c.
Average Average Average Average Average Av • ge
Trust Co's
$
$
$
$
$
$
Not Members°
$ 1 $
Fedi Res. Bk
43,951 1,833
70,810 1,918 4,794
Title Guar & T 10,000 21,171
20,383 1,612
3,000 3,602 25,653 1.005 2,042
Lawyers Trust
Total of averag
[VoL. 126.
FINANCIAL CHRONICLE
218
13,000 24,773
Totals, actual Co ndition Jan. 7
Totals, actual co edition Dec.31
Totals,actual co edition Dec. 24
98,463
96,112
95.113
94,342
2,923
2,991
2.889
2,677
6,836
64,334
6,701
6.492
6,4713
3,469
3,525
3,552
•
_-
Gr'd aggr., meg 402.400632,4388,560,342 57,951697,319 5,183,148781,33723,567
-13
Comparison wit h prey. eek _ +233,209-6.494+33474 +236,340+28733
76,444,863 59,511605,702 5,022,767704,46923,564
Gr'd aggr.. am' cond'n an.
Comparison wit . prey.week _ _ -153,070 +1,119i-32,135 -170,341 +26359 +40
Ord "aggr., act' cond'n Dec.31 6,597,933 58.392637,837 5,193.108 768,11023,524
Ord aggr.. act'!cond'n Dec.246.206.670 68,546664,781 4,861,625747,78723,645
cond'n Dec. 1713,162,235 84,405670,883 4,918,611718,801 23,741
Gr'd aggr,
Gr'd aggr., act' cond'n Dec.103.143.968 58,480670.637 4,919,201 723,189 23.643
Ord aggr.. act' eond'n Dec. 311,206,491 53,515650,880 4.941.248 753.253 23.595
-U. S. deposits deducted from net demand deposits in the general total
Note.
above were as follows: Average total Jan. 7, $42,764,000. Actual totals Jan. 7,
336,635,000;Dec. 31, $48,052,000: Dec. 24, 1150,051,000; Dec. 17. 850,052,000:
Dec. 10, $1,162,000; Dec. 3, 31.162.000. Bills payable, rediscounts. acceptances
and other liabilities, average for week Jan. 7, 390,035.000; Dec. 31, $891.128.000,
Dec. 24, 3830,487,000; Dec. 17, 8789.531,000; Dec. 10, 3806,353,000; Dec. 3, 3794,999,000. Actual totals Jan. 7. $856,564,1300; Dec. 31, 3865,148,000; Dec. 24, 5883,220,000; Dec. 17, 3787,413,000; Dec. 10, 3802.383,000; Dec. 3, 3791,375,000.
•Includes deposits In foreign branches not included in total footings as follows:
National City Bank, 3251.365,000; Chase National Bank, $13,230,000; Bankers
Trust Co., 345,270,000; Guaranty Trust Co., $75,491,000; Farmers' Loan & Trust
Co.. $2,664.000; Equitable Trust Co., 3107,040,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank.$37.449.000:
Chase National Bank, $1,648,000; Bankers Trust Co., 31,198.000; Guaranty Trust
Co.. $4,419,000; Farmers' Loan & Trust Co., 32,664,000; Equitable Trust Co.,
$8,261,000.
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.
Reserve
Cash
in
Reserve
its Vault. Depositaries
Members Federal
Reserve Bank_ _
State banks.
Trust companies*. _
Total Jan. 7_ __ _
Total Dec. 3L
Total Dec. 24____
Total Dec. 17_
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
3,445
63,901
82,121
60,947
-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:
Total
Reserve.
Reserve
Required.
$
$
685.910,000 685,910,000 1377.839,140
8.540,000 4,573,000 13,113,000 12,266,280
2.923,000 6,836,000 9.759,000 9,650.100
Week Ended-Sept. 10 1927
Sept.17
Sept.24
Oct. 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
7 1025
Tan
Members Federal
Reserve flank_
State banks.
Trust companies*__
Total Jan. 7...Total Dec. 31_ _
Total Dec.
Total Dee, 17.... _
8.305,000
2.991,000
$
7,179,503,300
7,276.882.800
7,290.010,700
7,304.600,300
7,406.023.400
7,315,962.900
7,307,457,600
7,322,436,700
7,369,553,800
7,421,396,900
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
5 004.1M Rfin
$
5,916,180,700
5,990,245,100
5,885,011,200
5.897.049,400
5,971,040,300
5.903.629.300
5.952,316,500
5,960,174,600
6.030,524,900
6,056,967,900
8,148,900,500
8,183,811.700
8.266,367,500
6,286,819,400
6,292,581,100
6,281,887.800
13,324,178.700
6_575.552.700
$
82,029,500
83,381,800
81,144,800
82.314.800
83.304.200
86.248.900
82.589.900
84.457,300
83.515,500
87,395,500
85,950,800
88,031,600
88.962.900
89,085.500
97.111,900
105,223,300
98,285.100
90.382.500
$
783,450.100
771,880.400
760,449,500
760,172,500
774,359,100
770,304,400
777,194,400
773.177,400
791.129.000
778.567.000
802,801,300
800.450,800
818,811,500
811.488.000
822.545.300
808,138,600
825,703,100
873.495.100
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, *ha Is, three Ciphers 10001 omitted.)
Reserve
Loans,
with
Dia-Cash
Legal
In
counts.
Net
Profits. Invest-Voids. Depositortes.
ments.
vec.
CLEARING
NON-MEMBERS Capital.
Week Ending
Jan. 7 1928.
Member of
Fed'I Ree've Bank.
Grace Nat Bank_ _ _
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne.'
2,002
500
744
9,666
4231
2,747
26.248
+418
5111
+931
2.682* 25.832
2.682 25,716
2,682 25.448
2.682 25,108
418
1
443,
4411
489
4,815
5,805
1,568 a13,637
+111
+857
9,917
+1138
1 447
'
1,46
1,515
1,575
12.780
12,711
13,200
13,372
9,749
9,689
9.690
9,699
a United States deposits deducted, 3136,000.
Bills payable, rediscounts, acceptances and other liabilities, 53,778,000.
In reserve, $80,980 Increase.
Excess
Ord
Gr'd
Gr'd
Ord
aggr., Dec. 31,
aggr., Dec. 24
agar.. Dec. 10
aggr.. Dec. 3
1,500
1,500
1,500
1,500
3
592,930,000 592,930,000 857,257,860 -64.327,860
6,071.000 14,376.000 12,529,620 1,846.380
106,850
6,701,000 9,692,000 9,585,150
• Not members of Federal Resrve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Jan. 7, 221,654,450; Dec. 31. $20,840.130; Dec. 24. 820,251,410; Dec. 17, 319,390,050; Dec. 10, 319,610.430; Dec. 3, 520,523,180.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
State Banking Department.)
(Figures Furnished by
Differences from
Previous Week.
Jan. 7.
$1,443,824,800 +313,413,600
Loans and investments
+433,800
5,733,600
Gold
-1,842.400
26,697,900
Currency notes
+6,532,300
125,054,900
Deposits with Federal Reserve Bank of New York._ _ 1,507,784,700
+38,232,500
Time deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies1,395,404,700
+18,034.000
In N. Y. City, exchanges and U.S. deposits
+12,909,404
208,607,600
Reserve on deposits
reserve. 22.4%.
Percentage of
RESERVE.
-Trust Companies--Stale Banks5116,597,100 16.41%
*340.889.300 18.66%
Cash in vault
38,766,400 05.46%
12,354.800 05.64%
Deposits in banks and trust cos_ _
summARy OF STATE BANKS AND
$155',363.500 21.87%
$53,244,100 24.30%
Total
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 7 was 5125,054.900.
241
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Jan. 11
1928.
Surplus
Reserve.
Na
Net
eman
Time
eposits. Deposits.
Average. Average. Average. Average. Average.
5
$
4,108
88
1,317
8,822
16,582
3
1,000
8.070,860
846,720
108,900
11,296.000 605,702.000 616,998,000 679,372,630 -62,374,630
11,212,000 637,837,00. 649.049,000 700.700.040 51,651,000
10,976 000 664 781.000 675.757,000 656,935.900 18,821,100
10,792,000 670,883,000 681,675,000 663,303,440 18,281.560
Reserve in
Depositaries.
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing
panies.
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
Actual Figures.
Total
Reserve.
Total Cash
in Vaults.
1,500
Gr'd agar., Jan. 71
Comparison with prey. week!
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies. but In the case of members of the Federal Reserve Bank Includes also the amount of reserve required on net time deposits, which was as follows:
Jan. 7, 221,252,300; Dec. 31, 520,387,940; Dec. 24, 819,794,210; Dec. 17, 819,503,090; Dec. 10, 319,524,150; Dec. 3, $20,457,150.
Reserve
Cash
in
Reserve
In Vault. Depositaries
Demand
Deposits.
Surplus
Reserve.
11,463,000 697,319,000 708,782,000 899,755,520 9,026.480
11,456.000 663,845,000 675,301,000 668.171,820 7,129.1813
11.250.000 654.138.000 665.388.000 661,032,450 3,355,550
11,229,000 662.247,000 673.476,000 663,315,450 10,160,550
a
Reserve
Required.
Loans and
Investments.
Changes from
Previous Week.
Jan. 4
1928.
Dec. 28
1927.
$
$
$
I
78.400,000 Inc. 1,250,000
77.150,000
77,150,000
Capital
95,350,000 Dec. 2,246,000
97,638,000
97,596.000
and profits-Surplus
Loans, titans & Invest_ 1,114,757,000 Inc. 6,445,000 1,108,312.000 1,112.581.000
Individual deposits__ 712,830,000 Dec. 12,645,000 725,475,000 696.306.000
186,454,000 Inc. 3,143,000 183,371,000 155,860,000
Due to banks
284,846,000 Dec. 7,229,000 292.075.000 228,781,000
Time deposits
12,966,000 Dec. 4,129,000
18,517,000
17.095,000
States deposits_
United
40,711,000 Dec. 16,581,000
30.162,000
57,292,000
Exchanges for CI'g H'se
08,991,000Dec. 11,442,000 110.433.000
80,255,000
Due from other banks
88.592.000 Inc. 1,249,000
87,343,000
85.185,000
Res've in legal deposles
11,695,000 Dec. 518,000
13,999,000
12,213,000
Cash In bank
929 non
690 non
776.000
1.466.000 Inc.
TtasevaA ASCPASI to F.R.Bk
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Jan. 7, 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. 7 1928.
Two Ciphers(00)
omitted.
Trust
Members ql
F. R.System Companies
1928
Total.
Dec. 31
1927.
Dec. 24
1927.
52,300,0
61,800,0
Capital
13,2%,g 183,g3g,g 182,132,0 182.532,0
),
Surplus and profits_ _ _ 165,847,0
disc'ts & Invest 1,014,592,0 08,800.01.113,192,0 1,101 874 0 1,090,297,0
67 0 .0
:
53,639,0
37, 1,0
41,181.0
Exch. for Clear. House
0
120,191,0
99,565,0
g 7_ ,__ _,C1 112,840.0
CI 21
Due from banks
90
149,872,0
3,827.0
Bank deposits
143,683,0 141,383,0
657,530,0 55.368,0
Individual deposits_ _
192,168,0 24,837,0 217,005,0 SIN,D11,1!) Flgle tg
i
Time deposits
999,576,0 84
Total deposits
.032,01,083,608,0 1,047,784,0 1,021,657,0
8,982.0
11,333,0
11,079.0
Res, with legal depos.11.333,0
72,391,0
70,020,0
70.734,0
72.301,0
Res. with F. R.
in vault
18.710,0
10,869,0
Bank_Csh
2,801,0
14,977.0
13,670,0
95.712,0
83,260,0
98,790,0
14,134,0 97,394.0
Total res. & cash held_
79,117.0
72,389,0
81.027,0
10.521,0 82,910,0
Reserve required
Excess ree. & cash In
16,595,0
10.871,0
15,763.0
14,484,0
3,613,0
vault
• Cash in vault not counted as reserve for Federal Reserve members
1111:
121:22:8
JAN. 14 1928.]
219
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon. Jan. 12 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for th•
iatest week appears on page 183. 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. 11 1928
Jan. 111928. Jan 4 1928, Dec. 28 1927. Dec. 21 1927. Dec. 14 1927. Dec 7 1927
Nov 30 1927. Nov. 23 1927. Jan. 12 1927.
RESOURCES.
lold with Federal Reserve agents
1,524,657,000 1,477.638,000 1,469,255,000 1,505.098.000 1,585.009,000 1,530,667.000 1.476,253.000 1,569.165,000 1,523,670,000
'Gold redemption fund with U B. Treas.
41.594.000
50,318,000
51,447.000
54.681.000
49,238,000
51,068,000
53.925.000
47.952,000
46.190,000
Gold held exclusively agst. F. R. notes 1,575,725,000 1,529.085,000 1,523,936,000 1.559.023,000 1,632,961.000 1.576.857,000 1.525,491,000 1.610,759.000 1,573,988,000
Gold settlement fund with F. R. Board__ 572,502,000 594.958.000 595,110.000 554,358,000 987,463,000 586,049,000 631,911.000 588,007.000 555,673,000
Gold and gold certificates held by banks_ 659,672,000 618.458,000 620,054,000 628.942,000 671.778.000 663.834.000 647.584,000 601,172,000 786,382,000
2,807,899,000 2,742,501,000 2,739.100.000 2,742,323.000 2 792.202,000 2,826,735,000 2,804.986.000 2.859.938.000 2,916,043,000
159,324,000 146,719.000 123.096.000 115,219.000 125,764.000 126.540.000 134,904.000 132.687,000 155,054,000
Total gold reserves
Reserves other than gold
2,967,223,000 2,889.220.000 2,862,196.000 2.857,592.000 2,917,966,000 2.953.275,000 2,939,890,000 2.992,625,000 3,071,097,000
Total reserves
81,808,000
Non-reserve cash
93,146,000
81,352,000
69,647,000
55,211,000
56.310.000
53.728.000
58,274.000
54,117,000
Bills discounted:
Secured by U. S. Govt. obligatIons__. 297,370,000 350,933,000 411,824,000 390,830.000 347,586,000 294,613,000 345,070,000 286.826.000 254,077,000
141,771,000 169.946,000 197,385,000 187.326,000 147.387.000 149.294,000 131.955,000 131,469,000 236,401,000
Other bills discounted
Total bills discounted
81118 bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
439,141,000
392,67,000
520,879,000
387,131,000
609,209,000
385,527,000
578,156,000
365,772,000
494,973,000
381.125.000
443.907.000
379.998.000
477,025.000
354,740,000
418,295,000
326.710,000
490,478,000
338,142.000
226,765,000
100,581,000
217,917,000
293,322,000
104,583,000
229,498.000
287,746.000
62,531,000
252,849,000
276.390.000
53.907.000
257.655,000
270.980.000
59,245,000
267,670,000
266,243.000
-56.105.000
281.8o3.000
264,732,000
55,611.000
227,992,000
269.688,000
51,428.000
305,116.000
52,992,000
93,606,000
164,453,000
Total U. B. Government securities
Other securities (see nets)
545,263,000
760,000
627.403.000
880,000
603.126,000
980.000
587,952.000
980.000
597,895,000
950.000
604.201,000
915,000
547,835,000
915,000
621.232.000
635.000
311,051,000
3,500,000
Total bills and securities (see note)_,. 1,377,731,000 1,536.293.000 1,598,842,000 1,532.860.000 1,474,943,000 1.429,021.000 1.380,515.000 1.366,872.000 1,143,171,000
Goldheld abroad
560.000
568,0000
569.000
566,000
566,000
565,000
Due from foreign banks (see note)
566,000
566,000
657,000
670,056,000 860.067.000 728.018.000 759,246.000 828.912,000 647,516,000 692,230.000 706,811,000 706,362,000
Uncollected items
60.185.000
60.190.000
60.176,000
60,067.000
60,001,000
59,945,000
58,122,000
57.972,000
58,168,000
Bank premises
14,176.000
13,991.000
13,707,000
14,888,000
15,043,000
14,383,000
14,462,000 14.759,000
12,108,000
LII other resources
5,181,732,000 5,440.513,000 5,333.839,000 5,280,080,000 5,353,632,000 5,158.349,000 5,145,467,000 5,194,642,000 5,073,371,000
Total resources
1
v. R. notes In actual circulation
1,679,624,000 1,760,710,000 1.813,198,000 1,821.332,000 1,766.735,000 1,749,795.000 1.716,574.000 1.728.703,000 1,750,464,000
Deposits
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
2,473,358,000 2,485.757,000 2,431,845.000 2.394,335.000 2.418,572.000 2,397,062,000 2,378,563,000 2.392,520,000 2,273,647,000
4.040,000
3,981.000
15.752.000
15.425.000
1.771.000
2,093,000
22,989,000
17,134,000
16,680.000
5.410,000
4.338.000
4.473.000
5,914,000
5.652,000
4,423,000
5,632,000
4,825,000
20,894,000
23,010.000
29,138,000
19.905,000
27.672,000
33.375.000
21,571,000
22,126,000
20,328,000
Total deposits
Deferred availability items
Capital paid in
Surplus
all other liabilities
2,517,443,000 2,536,299.0002,473.276,000 2,434,003.000 2,447,979,000 2,427.253.000 2,413,170,000 2,435,790.000 2,323,839,000
609,065,000 768.850.000 666,322,000 644,451,000 758,776,000 602,517.000 637,726.000 651,939,000 635,148,000
132,585,000 132,512,000 132.460,000 132,403.000 132.315.000 131.738,000 131.698.000 131.649,000 125,066,000
233,319,000 233,319.000 228,775,000 228,775.000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000
19,052,000
18,271.000
9,696,000
8.823.000
19,808,000
19,116,000
17,786,000
10,079,000
17,524,000
Total liabilities
5,181,732,000 5,440,513,000 5.333,839,000 5,280,080,000 5,353.632,000 5.158.349,000 5,145,467,000 5,194,642,000 5,073,371,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
64.4%
66.2%
67.7%
66.9%
63.8%
63.9%
67.9%
68.7%
71.5%
Ratio of total reserves to deposit and
F. R. note liabilities combined
70.7%
67.2%
66.8%
67.2%
69.2%
70.7%
71.2%
71.9%
75.4%
Contingent liability on bills purchased
for foreign correspondents
233,812,000 232,181,000 226,904,000 223,870,000 201,112.000 187,587.000 186,186,000 186,781,000
86,273,000
Distribution by Maturities
1-lb days bills bought In open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days hills bought in open market _
16-30 days bills discounted
16-30 days U. 8. certif. of Indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market,
11-60 days bills discounted
11-60 days U. S. certif. of Indebtedness_
11-60 days municipal warrants
11-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness,,,,
Over 90 days municipal warrants
172,388,000
372,923.000
15,272,000
182,427,000 172,348,000
499.909,000 537,482,000
1,606.000
20,851,000
100,000
100,000
102,696,000 110.201.000
18,059,000
18,330,000
35,473.000
20.000
120,000
75,568,000
78,434,000
27,010,000
26,892,000
141,772.000
515,415,000
22,479.000
100,000
99,627,000
20,455,000
57,376,000
16,186,000
105,220,000
26,341,000
17,995,000
114,569,000
23,207,000
18.617,000
153,370,000
24.786,000
13,368.000
157.098,000
2,776,000
8,355,000
27,738,000
2,099,000
7,906,000
77,850,000
1,337,000
7,888,000
78,628,000
80,578,000
14,383,000
79,449,000
27,294,000
120,000
98,268.000
20,781.000
153.976.000
438,526,000
46,165,000
155,324,000
386.039.000
59.932.000
137,746,000
412,153,000
5.064,000
111,725.000
354,146,000
83,122.000
130,158,000
382,115,000
5.676,000
88,522,000
16.835.000
77,774,000
17,465,000
71.372,000
19,893,000
64,913.000
18.668,000
78,201,000
28,768,000
155,000
100.000
107,092.000 115,489,000
21.386,000
19.288.000
100,000
108,980,000
27,224,000
97,576,000
26.525.000
95,654,000
45,490,000
90,000
29,673,000
11,844,000
29.346,000
11.440,000
55,000
34,501.000
10,912,000
35.000
50,366.000
11,394.000
27,344,000
24,270,000
1,319,000
1,862,000
8,137,000
8,480,000
12,225,000 221,505,000
2,065.000
7.577,000
221,921,000
2.141,000
6,843,000
222.428.000
2,130,000
7,562,000
221.994,000
6,785,000
9,835,000
158,777,000
F. R. notes received from Comptroller
V. R. notes held by F. R. Agent
2,991,317,000 3,020,347.000 3,043,440,000 3,037,792.000 3,017,610.000 2.975,476.000 2,946,575,000 2.934,163.000 3,002,781,000
817,415,000 801,857,000 779,860,000 776,640,000 794,750,000 800.190,000 819,870.000 820,040.000 792,378.000
Issued to Federal Reserve Banks
2,173,902,000 2,218,490,000 2,263,580,000 2.261,152,000 2.222,860,000 2,175.286.000 2,128,705.000 2,119,123,000 2,210,403,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
408,950,000
100,781,000
1,014,926,000
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
406,579.000 405,778.000 405,467.000
100,483,000
99,126,000 100,783,000
998,036,000 1,080,105,000 1,024317,000
907.392.000 826.502,000 790,318,000
405,468,000 415,967.000 306,281,000
109,775.000 108,481,000 106,287,000
961,010,000 1,045,217,000 1,111,102,000
801,551,000 716,423.000 812,610,000
Total
2 333 597 000 2,351 487 000 2308,145,000 2,412.490.000 2,411,511.000 2,320,985.000 2,277,804.000 2,285.588.000 2,336,280,060
.
NOTE.
-Beginning with the statement of Oct. 7 1925. two new toms were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank
debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate
description of the total of
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which. It was
stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANES AT
CLOSE OF BUSINESS JAN.11 1928
Two ciphers (00) omitted.
Federal Reserve Bank of
-
Total.
Boston,
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,524,657,0 118,367,0
Gold redo fund with 11. B. Treas.
51,068,0 6,445,0
New York.
Phila,
Cleveland. Richmond Atlanta. Chicago. 5.,. Louts. Mittman Ran. City
Dallas. San Pro.
$
3
$
$
$
$
$
$
$
$
S
315,067,0 98,481,0 177,666,0 35,644,0 139,636,0 247,767,0 46,201,0 47,561,0 60,449,0 31,070,0 206,748,0
15,173,0 4,777,0 5,671,0 3,589,0 1,515,0 2,801,0 2,587,0 2,230,0 2,227,0 2,057,0
1,996,0
Gold held cad seat. P.R. notes 1,575,725,0 124,812,0
Gold settle't fund with F.R.Board 572,502,0 11,795,0
Gold and gold certificates
659,672,0 42,079,0
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U.S.Govt. obligations
Other bills diSeounted
Total bills discounted
Bilk bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total 11 B. Gov't securities_
330,240,0 103,258,0 183,337,0 39,233,0 141,151,0 250,508,0 48,788,0 49,791,0 62,676.0 33,127,0 208,744,0
248,975,0 36,877,0 47,707,0 10,352,0 7,032,0 89,113,0 16,972,0 15,169,0 24,048.0 16,093,0 48,369,0
407,804,0 24,172,0 42,241,0 11,959,0 7,893,0 60,621,0 12,914,0 5,139,0 7,294,0 7,641,0 29,915,0
2,807,899,0 178,686,0 987,019,0 164,307,0 273,285,0 61,544,0 156,076,0 400,302,0 78,674,0 70,099,0 99,018,0 56,861,0 287,028,0
31,127,0 10,714,0 12,010,0 9,813,0 13,564,0 20,347,0 14,963.0 4,686,0 7,067.0 10,029,0 9,996,0
159,324,0 15,008,0
2,967,223,0 193,694,0 1,018,196,0 175,021,0 285,295,0 71,357,0 169,640,0 420,649,0 93,637,0 74,785,0 101,085,0 66,890,0 297,024,0
28.745,0 1,588,0 5,762,0 10,078,0 5.268,0 10,739,0 5,445,0 1,670,0 3,272,0 3,928,0 5,244,0
93,146,0 11,417,0
297,370,0 9,902,0
141,771,0 10,344,0
439,141,0 20,246,0
392,567,0 59,082.0
226,765,0 13,166,0
100,581,0 6,196,0
217,917,0 14,758,0
.140 W1 1 A
.
as
Ion n
117,433,0 33,279,0 42,451,0 7,576,0 7,597,0 41,351,0 7,532,0 1,287,0 4,567,0 2,525,0 21,870,0
31,
406,0 8,338,0 11,172,0 14,985,0 20.823,0 23,588,0 4,393,0 1,665,0 7,987,0
481,0 6,589,0
148,839,0 41,617,0 53,623,0 22,561,0 28,420,0 64,939,0 11,925,0 2,952,0 12,554,0 3,006,0 28,459,0
85,632,0 38,954,0 26,325,0 44,147,0 4,207,0 63,377,0 6,772,0 17,067,0 9,099,0 23,226,0 14,679,0
38,300,0 13,471,0 30,443,0 4,756,0 3,243,0 40,957,0 16,069,0 9,554,0 19,241,0 16,288,0 21,277,0
23,178,0 9,640,0 12,725,0 1,914,0 1,715,0 12,426,0 9,724,0 6,149,0 5,776,0 4,956,0 6,182,0
65,984,0 20,851,0 17,103,0 5,151,0 5,605,0 25,598,0 11,167,0 7,284,0 13,472,0 10,359,0
16,585,0
107 ano A ,11 0A, n 00 )11 A 11001 Ai In ron n on nn. n no non n nn non n nn .on n n.. --- ,
.044 0
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Total.
$
760,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
[Vol,. 126.
New York.
$
$
Phila.
Cleveland Richmond Atlanta. Chicago. Si. Louts. Minneap. Kan, City
$
Boston.
$
$
$
260,0
.
$
$
$
Dallas. San Fran.
$
I
$
500,0
361,933.0 124,533,0 140,210,0 78,529.0 43.450,0 211.297.0 55,657.0 43,506.0 60,142,0 57,855.0 87,182.0
13,0
21,0
68.0
20,0
25,0
51,0
216,0
46,0
17,0
17,0
35,0
171,297,0 56,713,0 57,944,0 55,598.0 29,342,0 74,686,0 32.461,0 13,323,0 42,154,0 23,451,0 44.509,0
15,898,0 1,749,0 6,865,0 2,889,0 2,823,0 8,615,0 3,790,0 2,202,0 4,308,0 1,785.0 3,374,0
744,0 1,577,0
395,0 1,720,0 41,321,0
5,605,0
263,0 1,349,0
424,0
589,0
814.0
1,377,731.0 113,448,0
37,0
566,0
670,056,0 63,578,0
58,122,0 3,824,0
87,0
14,888.0
5,181,732,0 386,085,0 1.601,840,0 359,913,0 497,475,0 218,871,0 252,263.0 727,375,0 191,755,0 137,076,0 211,402,0 159,495,0 438,182,0
Total resources
LIABILITIES.
4
,0 59 300 0 65,213,0 44,394,0 163,421.0
. .
W R. notes in actual circulation_ 1.679,624,0 137,186,0 354,371,0 128,351,0 210,058,0 73,458,0 140.700,0 248.270,0 5 .902
Deposits:
Member bank-reserve ace't_ 2.473,358,0 157,475,0 985,678,0 142 476 0 189,993,0 72,874,0 70,053,0 354,855.0 85,272,0 53,959,0 92,524,0 69,275.0 198,924,0
620,0 1,082,0 1.504,0 1,090,0 1,226,0
817,0 1.758.0
714,0
972,0 4,156,0 1,780,0
17,134,0 1,415.0
Government
208,0
203,0
673.0
131.0
247,0
460.0
1.350,0
174,0
503.0
363,0
4,825,0
169.0
344,0
Foreign bank
425,0
147,0 1,319,0
13,046,0
225,0 1,173,0
279,0
294,0
536,0
225,0
120,0 4,337.0
22,126,0
Other deposits
Total deposits
Deferred availability items
3apital paid in
3urplus
ill other liabilities
2,517,443.0 159,478.0 1,000.788,0
609,065,0 61,784,0 141,008.0
40,337.0
132,585,0 9,403.0
63.007,0
233,319,0 17,893,0
2,329,0
341,0
9,696,0
143,900,0 193,573.0 74,035,0 71.563,0 358,205,0 86,995.0 55.595,0 94,206,0 73.720,0 205,385,0
52,502,0 54,617,0 52.029,0 24,527,0 68,016,0 33.485,0 11,324,0 38,213,0 28,272,0 43,288,0
13,243,0 14,068,0 6,252,0 5,171,0 17,954,0 5,341.0 3.009,0 4,251,0 4,260,0 9,296,0
21,662,0 24,021,0 12,324,0 9,996.0 32,778.0 10,397,0 7,039,0 9,046.0 8,527.0 16,629,0
255,0 1,138,0
809,0
635,0
306.0 2,152,0
773,0
473,0
322,0
163.0
5,181,732,0 386,085,0 1,601,840,0 359,913,0 497,475,0 218,871.0 252.263,0 727,375,0 191,755,0 137,076,0 211,402,0 159,495,0 438,182,0
Total liabilities
femoranda.
65.1
69.4
48.4
70.7
64.3
75.1
63.4
66.0
79.9
65.3
56.6
70.7
80.5
deserve ratio (per cent)
Dontingent liability on bills pur66,545,0 22,132,0 24,228,0 11,881,0 9,784,0 32,382,0 10,017,0 6,290,0 8,387,0 8,154,0 16,540,0
chased for foreign correspondls 233,812,0 17,472,0
ir. R. notes on hand (notes rec'd
from F. R. Agent less notes in
494.278.0 50.248.0 153.467.0 43.130.0 35.620.0 22.565.0 31.156.0 55.396.0 7.574.0 5.853.0 11.752.0 10.646.0 66.871.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JANUARY 11 1928.
Boston. New York. Plif/a. Cleveland. Richmond Atlanta. Chicago. St. Louis. lifinneap. Kan. City Dallas. San Fran.
Total.
Federal Reserve Agent at.s
s
s
s
s
$
$
s
s
$
3
s
5
Two ciphers (00) omitted.
F.R.notee reed from Comptroller 2,991,317.0244,054,0 784,318,0 207,581,0 286,958,0 119,972,0 230,026,0 477,666,0 79,526,0 83.267,0 112,085,0 72,872,0 292,392,0
15.R.notes held by F. R. Agent__ 817,415,0 57,220,0 276,480,0 36,100,0 41,280,0 23,949,0 58,170,0 174,000,0 17,050,0 18,114,0 35,120,0 17,832,0 62,100,0
607,838,0 171,481,0 245,678,0 96,023.0 171,856,0 303,666,0 62,476,0 65,153,0 76,965,0 55,040,0 230,292,0
V.R.notes Issued to F. R. Bank_ 2,173,902,0 187,434,0
°Astersl held as security for
F.R. notes issued to F. R. Bk.
Gold and gold certificates__ 408,950,0 35,300,0
100,781,0 14,067,0
Gold redemption fund
1,014,926.0 69,000,0
Gold fund-FR.Board
808,940,0 79,328,0
Eligible paper
205,150,0
8,400,0 14,167,0
40,000,0 29,830,0 18,800,0
17,303,0 40,000,0
19.917.0 9,704,0 12.666,0 5,814,0 8.836,0 2,767,0 1,301,0 1,394,0 3,589,0 3,767,0 16,959,0
90,000,0 88,777.0 125,000,0
112,000,0 245,000,0 36,500,0 32,000,0 56,860,0 10,000.0 149.789,0
223,352,0 79,124,0 76,106,0 62.322,0 32,444,0 128,142.0 18,595,0 19,677,0 21,579,0 26,198,0 42,073,0
9 222 007 n 197 605.0
538.410.0 177.605.0 253.772.0 07.066.0 172.080.0 375.009.0 64_706.0 67.238.0 82.028.0 57.208.0 24859.1 n
Pr....o.....11.•...1
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 657 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 184, immediately following which
we also give the figures of New York reporting member banks for a week later.
VEINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS JANUARY 4 1928. (In thousands of dollars.)
Federal Reserve
District-
-total
Anne and Investments
Loma and discounts-total
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. Sg. Louis. Minneap. Kan. City
$
S
s
3
$
22,057,306 1,529,835,8,611,844 1,235,110 2,101,683
I
15.631,010 1,051,783 6,260.925 812,835 1.382,427
3
706,422
$
s
a
a
s
Dallas. San Fran.
$
$
627.224 3,153.960
726,158
381,927
613,905
435,566 1,903,672
530.631
497,040 2,271.187
519,294
249,257
420,190
333.847 1,301,594
15.808
608.014
758,605
3.521
167,713
359,397
18,197
5,337
116,263 1,011,783
375,440 1,241,207
4.277
208.568
306,449
2,348
80,375
166,534
3.465
120,300
296,425
2,897
84,703
246,247
4 ,861
349,844
946,889
121,912
Secured by U. S. Gov't obligee_
6,816,643
Secured by stocks and bonds
8,692,455
All other loans and dIscounts
6,136
47,657
391,431 3,223,315
654,216 2,989,953
7,408
454,334
351,093
6.426,296
478,052 2,350,919
422,275
719.256
175,791
130,184
882,773
206,864
132,670
223,715
101,719
602,078
2,819,714
U. S. Government securities
other bonds, stocks and securities 3,606,582
180,519 1,077,188
297,533 1,273,731
111,032
311.243
311,592
407,664
78,721
97,070
64.195
65.989
352,062
530.711
76,305
130,559
69,780
62,890
102,224
121,491
70,706
31,013
325.390
276.688
82,971
17,333
122,204
33,206
44,763
14.263
45.554
12,677
272.541
51,534
49,881
8,264
24,898
6,436
56,755
12.905
32,893
9,952
117,955
24,624
avestments-total
teserve balances with F. R.Bank_. 1,851,833
205,821
lash In vault
Pet demand deposits
'Ime deposits
lovernment deposits
hie from banks
/ue to banks
105.702
22,567
895.716
82.060
14,208,672
6,610,890
164,169
977,649 6,430,758
496.175 1,622,259
14,287
54,041
786,974 1,046,611
295,591 890,395
14,214
16,556
390,998
248,867
5,693
354,198 1,912,645
243,381 1,192,311
14,148
8,943
433,834
239,765
3,081
228,576
135,638
1.451
498,719
159,844
3,526
305.028
114.599
9,054
842,682
972,076
19.175
1,389,204
3.921.322
77.607 186,206
191,013 1,546,296
76,535
194,273
62,984
135,954
96,137
144,551
261,118
552,897
67,309
162,819
67,351
106,388
127,729
234,101
76,546
131,956
176,796
251,284
45,997
12,668
122,886
269,790
lorrowings from F. R. Bank-total
394,293
5,929
155,023
37,497
56,315
18,086
21.286
1,500
6,759
3,350
29,883
Secured by U.S. Gov't obliga'ns_
All other
278,462
115,831
888
5,041
110,970
44,053
32,025
5,472
45,425
10,890
4,743
13,343
10,480
10,806
33,827
12,170
4,864
7,804
1,500
4 .795
1,961
2,350
1,000
26,595
3,288
657
38
84
48
71
66
33
95
31
24
65
45
57
r........p nf remnrtIna hrinka
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. 11, 1928
In comparison with the previous week and the corresponding date last year:
Jan. 11 1928. Jan. 4 1928. Jan. 12 1927.
SesourcisGold with Federal Reserve Agent
Gold redemp. fund with U.8. Treasury ,
315,067,000
15,173,000
280,067,000
16,591,000
347,897,000
12,716,000
Gold held exclusively agst.9'. R.notes_
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank_
330,240,000
248,975,000
407,804,000
296.658.000
268.392,000
380,374,000
360,613,000
175,459,000
503,566,000
Total gold reserves
Reserves other than gold
987,019,000
31,127,000
945,424.000 1,039,638,000
30,991,000
29,778,000
1,018,146,000
Total reserves
28,745,000
Non-reserve cash
discounted
Bills
Secured by U. 8. Govt. obligations__ 117,433,000
31,406,000
Other bills discounted
975,202,000 1,070,629,000
24,675,000
22,598,000
Total bills discounted
Sills bought in open market
'7.5. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities._
Total bills and securities (See Note)
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
126,853,000
51,918,000
77,651,000
49,568,000
148,839,000
85.632,000
178,771,000
96,440,000
127,219,000
77,977,000
38,300,000
23,178 000
65,984,000
66,737,000
39,822,000
83,278,000
1,891,000
12,958,000
44,889.000
127.462,000
189,837,000
59,738,000
361,933.000
465,018,000
264,934,000
Ma/ditties-Fed. Reserve notes In actual circulation_
'
Deposits
-Member bank, reserve sect_
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fedl Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
Jan. 111928, Jan. 4 1928. Jan. 12 1928
$
$
$
216,000
171,297,000
15,898,000
5,605,000
213,000
232,227,000
15,898,000
6,337,000
657,000
172,417,000
16,276,000
1,776,000
1,601.840,000 1,717,523,000 1,551,364,000
354, 71:00 374,185,000
714 0 0
3
00
985.678,000 1,020,508,000
629.000
1,350,000
2,305,000
13,046.600
18,193,000
391,838,000
897,221,000
3,499,000
1,990,000
12,482,000
1,000,788,000 1,041,635,000
141,008,000 196,293,000
41,337.000
40,333,1100
63,007,000
63,007,000
2,329,000
2.070,000
915,192,000
144,009,000
36,589,000
61,614,000
2.122,000
1,601.840.000 1,717,523,000 1,551,364,000
76.1%
68.9%
81.9%
66,545,000
66,777,000
24,274,000
the amount of balances held abroad and amounts due to
-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separately
NOTE.
Intermediate Credit bank debentures, was changed to "Other
All ether earning assets." Previously made of Federal
foreign correspondents. In addition, the caption "
earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the dis•
Securities." and the caption "Total
provisions ef Sections 13 and 14 of the Federal Reserve Apt, which,It was stated are the only Items Included therein
eounte. acceptances and securities acquired under the
JAN. 14 1928.]
FINANCIAL CHRONICLE
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
#3aniters' Gazette.
tlf(tastily.
Wall Street, Friday Night, Jan. 13 1928.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 208.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Sales
1Veek Ended Jan. 13. for
Week.
Range for Week.
Lowest.
Range for 1927.
Highest.
Lowest. , Highest.
Railroads-Par. Shares $ per share
per share o'S per share.
S per share.
Buff Roch & Pitts pf _100
50 97 Jan 10 98 Jan 9 93
Mar
Dec 110
Chic Ind & St L pref _100
20 76 Jan 9 75 Jan 9 70% Jan 82
Dec
Duluth S S& A
100 2,600 4% Jan 10 5% Jan 9 2% Apr 7% Dec
Preferred
100
7% Jan 10 8% Jan 9 4
Mar 11% Dec
Nashv Chatt & St L_100 320 186 Jan 9200 Jan 13 69
July 210
Oct
NY State Rys
100
100 10 Jan 13 10 Jan 13 934 Dec 22
Feb
Pacific Coast 1st pre1100
10 65 Jan 10 65 Jan 10 34
Apr 70
Nov
Rensallaer & Saratoga100
10 443.4 Jan 1014434 Jan 10 136
Apr 145
Oct
So Ity M & 0 ctfs_ _ _100 190 00 Jan 13105 Jan 9 80
July 115
Dec
Twin City Rap Tran_100 300 50 Jan 10 50 Jan 10 45
Nov 65% Feb
VIcksb Shrev & Pae..1001
10 10334 Jan 1010334 Jan 10 9734 Jan 101
Oct
Indus. & Nliseell.
Adams Express pre:_100 900 95% Jan 13 96 Jan 13 94% Nov 96% Dec
Alliance Realty Co.....•
100 53 Jan 12 53 Jan 12 49
Mar 55
Aug
Am & Foreign Power rts_ 52,000 3% Jan 9 4% Jan 12 3% Dec 6% Dec
Am Mach & Foundry
Preferred ex-warrant. 1,15011374 Jan 10116 Jan 13
Am Radiator
60142 Jan 914334 Jan 11 13234 Sept 139
.100
1
Dec
Austrian Credit Anstalt_
72 Jan 10 73 Jan 12 7214 Dec 80% Nov
Autosales Corp
• 4,700 7% Jan 9 834 Jan 12 434 Mar 11
Dec
Preferred
50 1,500 3414 Jan 11 36 Jan 12 28 May 42% Dec
Borden Co
5043,000167 Jan 7187 Jan 1116734 Dec 169
Dee
Brit Empire Steel_ __100 500 134 Jan 10 134 Jan 13
Dec
15 Apr 2
lot Preferred
100 200 32 Jan 13 3214 Jan 13 1934 Apr 32
Dec
British 2nd pref
100 1,200 334 Jan 7 4 Jan 13 . 1
Apr 7% Dec
Brown Shoe pref
100 120 Jan 11 120 Jan 11 109
100
July
Feb 122
Bucyrus-Erie Co
10 9,000 2634 Jan 11 2934 Jan 13
Cony pref
611,700 3434 Jan 11 3734 Jan 13
Central Alloy Steel pf100, 49010834 Jan 7110 Jan 13 10614 Jan 10934 June
Chemical Nat Bank.100,
10940 Jan 10940 Jan 10 962
Nov 1,000 Oct
City Investing
10 145 Jan 10 145 Jan 10 112
10(),
Feb 150
Dee
Cont Insurance new..1012,300 7674 Jan 10 81 Jan 7,1 7434 Dec 933-4 Dec
Crown-Willamette Istpf., 200 9614 Jan 11 9634 Jan 11 87
July 9434 Nov
Devoe&Ray'ds Istpf _100; 120 108 Jan 9111 Jan 10 101
Jan 11434 Dec
El Pw & Lt pf ctfs full pd, 200 12014 Jan 10121 Jan 9 10834 Apr11134 Apr
Eisenlohr & Bros pref100, 720 90 Jan 994 Jan 13 85 Sept 953.4 Feb
Emerson Brant Cl B___*, 100 434 Jan 7 43.4 Jan 7 13.4 Sept 5
Apr
Erie Steam Shovel pf Ws, 200112 Jan 711234 Jan 711034 Dec 112
Dec
Eqult Off Bldg's pref 100,
90 17834 Jan 9184 Jan 131,11814 Feb 186
Dec
General Cable class A _*, 4,400 57 Jan 10 59 Jan 711 553-4 Dec 6234 Deo
Gen Ry Signal pref 100'
10 110 Jan 7110 Jan 718254 Jan 116
Sept
Gotham Silk Hosiery-!
Prof ex-warrant _ _100, 100 110 Jan 9110 Jan 9
Gulf States Steel lstp(1001
10 104 Jan 10104 Jan 10: 9934 Jan 108% Mar
Hackensack Water pf.251
40 26% Jan 10 30 Jan 13 J 2514 Mar 29% May
Preferred A
10 25% Jan 12 2534 Jan 121 2514 Mar 29% May
25,
Hershey Chocolate ____*I 2,000 33% Jan 11 35 Jan 10, 3454 Dec 40% Dec
Preferred
• 5,400 7314 Jan 10 7414 Jan 7 7034 Dee 74% Dec
Prior pref
100 2,000 10214 Jan 910334 Jan 13 9934 Dec 103
Dec
Internet Paper rts
4,300 1-64 Jan 12
h Jen 7
KelseyIlayesWheelpf100 35010934 Jan 7110 Jan 7 103
July 110
Dec
Kuppenhelmer
5,
60 4634 Jan 950 Jan 13 34
Jan 53
Aug
Mexican Petroleum __100,
30325 Jan 10325 Jan 10 200
Apr 320
Dec
National Radiator
*23,400 3734 Jan 7 4054 Jan 9 3634 Nov 3914 Nov
Preferred
. 800 97 Jan 11 9754 Jan 9 96
1
Dec 98
Dec
Norwalk T & R pref_100 150 35% Jan 10 40 Jan 13 3014 July 75
Jan
Penick & Ford pref_ _100, 120 105 Jan 1010534 Jan 13 10034 Apr 106 May
Phillips Jones Corp
• 100 51
Jan 10 47
Jan 10 61
Jan, 57% Oct
Pressed Steel Car new..'10,000 23 Jan 11 26 Jan 12
1
Prophylactic Brush Co.., 150 70 Jan 13 70 Jan 13, 55
Feb 71
Sept
Pub Service of N J rts_l 7,700 1-64 Jan 10 1-16 Jan 12, 1-32 Dee 1-32 Dec
Reo Motors
10 11,400 2354 Jan 12 2534 Jan 7, 2574 Dec 2634 Dec
Richfield 011 of Callf_25 2,700 2634 Jan 11' 2734 Jan 7 2534 Dec 2834 Dec
Under'd, Ellott Fisher100 8,200 135% Jan 10 6914 Jan 12
Preferred
100
1012054 Jan 11 12034 Jan 12
United Biscuit
*10,300 38 Jan 9 4114 Jan 13 3934 Dec 4014 Dec
Preferred
100 10011634 Jan 1311634 Jan 13
United Dyewood____100 100 6 Jan 9 6 Jan 9 314 June 10
Feb
United Paperboard. 100 200 1934 Jan 10 1934 Jan 7, 1614 Mar 2334
Universal Leaf To'b____• 18,500 75 Jan 10 8434 Jan 13 6034 Nov 7274 Sept
Dec
VS El & Pow pref. __100
100 109 Jan 7 109 Jan 71 100
July 10934 July
Warren Bros lot pre_ _50
270 50 Jan 9 51
Jan 9i 43
Aug 71
Dec
PI Rights
13,600 1734 Jan 10 21
Jan 13 1414 Dec 1934 Dec
Western Dairy Prod A.* 1,200 64 Jan 7 5634 Jan 13 5314 Dec 57
Nov
Class B
• 3,600 2234 Jan 7 26 Jan 12 2454 Dec 2854 Nov
West Penn El pref (6)100 1,110 101% Jan 7 103 Jan 9101
Dec 10134 Dc
• No par value.
New York City Banks and Trust Companies.
Banks-N.Y Bid
America*
382
Amer Union._ 210
Bowecy East It 639
dronx Boro.„ 670
Bronx Nat__ _ 600
Bryant Parke 220
Capited Nat.
Bank & Tr. 305
Cent Mere Bk
& Trust Co. 302
200
Central
570
chase
Chath Phenix
Nat Bk & Tr 600
Chelsea Exch. 326
Chemical_ _ _ 940
Colonial._ _ _ 1100
Commerce.. _ 560
Continental.* 370
Corn Exch__ _ 602
.
Cosmoplan* 400
Fifth Avenue_ 2240
3075
First
Garfield_ _ _ 500
Globe Exch. 250
325
Grace
247
Hamilton_
1290
Hanover
Ash
Banks,
Bid
388
__ _ 870
216 ,Manhattan•.. 575
Harriman646 ,Mutaal.
775
Nati nal City 762
135 New Neth'ds• 660
250 Park
635
Penn Exch.__ 220
312 I'ort Morris.. 700
Public
695
307 Seaboard _ _ 785
215 Seventh
228
575 State*
590
Trade.
270
610 United
300
332 UnItedStates• 520
950 Yorktown.
200
Brooklyn.
565 Coney Island. 425
Dewey•
610 First
420
450 Mechanics'* _ 337
2300 Municipal*
422
3750 Nassau
405
515 People's
900
290
252
315
*State banks.
New stock.
Ex-dividend
o Ex-stock dividend
prices dolla rs per share. I' Ex-rights.
Ask
582
708
680
645
227
800
700
800
234
610
285
E55
220
300
435
345
429
415
Trust Cos, Bid
New York.
'Am Ex Iry Tr. 406
Bank of N Y
1 & Trust Co 700
Bankers Trust 980
Bronx Co Tr_ 350
Central Union 1345
County
410
Empire
440
Equitable Tr. 412
Farm L & Tr_ 700
Fidelity Trust 3.55
Fulton
5313
Guaranty Tr _ 617
Interstate
277
Lawyers Trust
Manufacturer 790
Murray Hill
317
Mutual(West280
chester) _
N Y Trust... 684
Terminal Tr_ 225
Times Square 190
Title Clu & Tr 785
Nng & Tr 470
United States_ 2900
, Westchest'rTr 1000
! Brooklyn.
Brooklyn... 1300
Kings Co .2750
Midwood
280
All
410
708
990
365
.
425
450
416
710
365
550
621
281
800
324
300
690
245
200
795
480
3000
1100
1400
2850
300
New York City Realty and Surety Companies.
Bid
48
350
440
334
Alliance WIty
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 334
All prices dollars per share.
Ask
Bid
Ask
Bid 4.31
53 Mtge Bond__ 173 183 Realty Assoc's
360 Nat Surety__ 340 350
(Bklyn)corn 270 280
450 N Y Title &
1st pref._ 94 I 118
Mortgage__ 580 538
339
2d pref
89
92
US Casualty_ 475
Westchester
340
Title & Tr_ 600 650
221
fat.
Rate.
June 15 1928___ 3/
4%
Mar. 15 1928_ 334%
Dec. 15 1928___
%
Bid.
Asked.
Maturity.
Int.
Rate.
B14. Asked
9915ts 992.32 Mar. 15, 1928_
3% 9974
991lis
iept. 15, 1930-2 31270 992 , 99.1ts
9620a 10!)
"3
992Its 99"ait Mar. 15,1930-32 34% 9925,6 100
Dec. 15, 1930 32 312% 99"st
99,11,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan.7. Jan. 9. Jan.10. Jan.11. Jan.12. Jan.13.
First Liberty Loan
fuigit 10122,, 10121s, 10112,1 101i's, 1012,z, 101"ts
334% bonds of 1923-47._ Low_ 10120,1 101",, 1011'n 1011 n 1011.3, 1011211
(First 33-4s)
Close 101'In 101''n 1011
'n 10116ti 100"a, 101",,
Total sales in $1.000 units__
110
170
88
54
35
77
Converted 4% bonds of High
{
____
____ 101"II
-- -- ---- 1932-47 (First 45)_
Low_
____
____ 101"3:
-- --- ---- Total sales in 31,000 units__
____
____
Converted 434% bonds1 Mgt, 103"s, 103122, 103",, 103
-1211 103(,, 103;
- -1 7
- -1 -,1
of 1932-47 (First 434s) Low_ 10312,1 10311,1 10310n 103",, 103",t 103'n
Close 10312,, 10311,, 103",, 103"at 1031
'n 103"st
Total sales in $1,000 units___
8
44
4
33
62
7
Second Converted 414% High
____
_-__
---------- -bonds 011932-47 (First Low_
___
---------------Second 434,
Close
Total sales in 51,000 units_ _ _
___-------- --- ----fhird Liberty Loan
{High 1002'n 100",, 100"st 100",, 100",, 1003,
494% bonds of 1928
Low_ 10021,1 100202, 10021a3 100"4, 100"as 100"3,
(Third 4,140
Close 100''n 100"23 100"as 100'1:3 100"s, 100":1
Total sales in 61,000 units_ _ _
143
124
176
187
19
24
tiourth Liberty Loan
High 104
.
103,1:3 103"31 103"ts 1032122 1031.31
454% bonds of 1933-38._ Low_ 103"” 1032
,
'n 103"st 103",, 103"st 103"::
(Fourth 434s)
Close 103,,e, 103"t, 103":, 103"1, 103",, 103":,
Total sales in $1,000 units_ __
265
72
39
77
72
93
Treasury
{High 116"ti 1165
. 115.., 116
---- 115"st
4 hs, 1947-52
Low_ 116",, 1162s, 115", 115",,
_-_- 11521n
Close 1164,1 1162st 115",, 115",,
---- 115211,
Total sales fn $1,000 unit,..
60
100
261
____
960
73
High 111,833 1111,31 1114,
--- - 110"tt
--- 48. 1944-1954
low.. 111,132 111 32 110'.32
,
110nas
--Close 1111 n 111.11 110,13,
'
____
-- -- 110"32
Total sales in $1,000 units__.
8
260
66
____
128
____
High 10810s, 108"at 1081%, 10725,1
-___ 107"tt
,5545, 1046-1956
Low_ 108 8, 108 3s 107,,s, 107"33
,
,
---- 107"31
Close 108103, 108
---- 107"si
107"31 107,53,
Total sales in $1,000 units__102
127
312
____
6
5
(111gb 10310n 103 31 1033,1 1021,32 102,,s, 102"sl
,
3544. 1943-47
i Low_ 103.3, 103 st 103
102nt, 102":1 102"st
,
;Close 103"n 103'n 103
” 1021,n
102'1n 102.1
Total sales in 11.000 muss
3(I(I
155
,s.,
i.t.
inn
.1 A 11
Note.
-The
above table includes only sales of coupon
Transactions in registered bonds were:
4 1st 4
103"31 to 103,02,145 4th 4 he
1031 to 103"a2
."
12 3t1 4510
100 .” to 100"sti
,
bonds.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.87%
©
4.87% for checks and 4.87 13-16@4.88 for cables. Commercial on banks.
sight, 4.8734 ®4.87%, sixty days, 4.83 X @)4.83%. ninety days, 4.81 11-16
(&4.8234, and documents for payment, 4.8374. Cotton for payment.
4.86 13-16, and grain for payment 4.86 13-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9374@
3.9374 for short. Amsterdam bankers' guilders were 40.29@40.33 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:
Siding, ActualCables.
Checks.
High for the week
4.88
4.8734
Low for the week
4.87 1-16
4.8674
Paris Bankers' Francs
High for the week
3.93%
3.93 M
Low for the week
3.9274
3.9234
Germany Bankers' Marks
High for the week
23.91
23.90
Low for the week
23.79
23.78
Amsterdam Bankers' Guilders
High for the week
40.31
40.3454
Low for the week
40.24
40.28%
The Curb Market.
-The review of the Curb Market is
given this week on page 208.
A complete record of Curb Market transactions for the
week will be found on page 239.
CURRENT NOTICES,
-Middleton Rose, formerly with the bond department of the Grace National Bank, has been elected President of Securities Management Corp.,
dealers in general investment securities, 66 Broadway, New York, to succeed Edward II. Gilbert Jr., who recently withdrew mm the company to
continue his activities as Vice-President of the Grace National Bank.
-Joseph W. Rowland, for many years with the Fisk Rubber Co. as
Assistant Treasurer and more recently with the New York office of Nelson
S. Gustin Co., announces the formation of a new firm under the name of
J. W. Rowland Co., with offices at 535 Fifth Ave., New York, for the
transaction of a general investment business, specializing in New York
and out-of-town bank stocks.
-The name of the investment firm of Geo. W. York & Co., Cleveland,
Ohio, has been changed to McDonald, Callahan & Co. The officers of
the new firm, who were all previously connected with Geo. W. York & Co.,
are J. I. Callahan, President and Treasurer; C. B. McDonald, Vice-President. and Robert 0. Shepard, Secretary.
-M. Sterling Ramos, Harold M. Gartley, F. W. Dalrymple Jr. and
John A. Hanley, all formerly with Hambleton & Co., Inc., of Newark,
N. J., have formed a partnership under the firm name of Ramos & Co.,
with offices at 60 Park Place, Newark, N. J., to transact a general investment business.
-George P. Van Riper has severed his connection with and resigned
as an officer and director of Love, Van Riper et; Bryan, Inc., St. Louis.
The business will be conducted by John A. Love and P. Taylor Bryan Jr.
under the name of Love, Bryan & Co.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
222
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive. see preceding page
-PER SHARE, NO!' PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 7.
Monday,
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 12.
Jan. 11.
Friday,
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1927.
-share lots
On Oafs of 100
Lowest
Par $ Per share
Railroads.
$ per Share S per share $ per share $ Per Share $ per share S per share Shares Ateh Topeka & Santa Fe_ _100 1614 Jan 6
4-19118 19012 1914 191 19214 191% 10312 21,600
53
190 19212 1893
192 193
100 993* Jan 5
2,000 Preferred
104 104
8
1035 1034
10211 10212 103 1033 10312 10312 104 104
4
2,900 Atlantic Coast Line RR, 100 17478 Apr 6
4
1843 185
185 185
4
1833 185
184 185
18514 186
*186 187
100 1064 Jan 4
3
8
1173 117 1173 Z115'2 1164 26,400 Baltimore & Ohio
8
8
11612 1175 11618 1167 11612
4
1175 119
100 734 Jan 3
Preferred
8
8
8
8
*8112 82% *8112 825 *8112 825 *8112 825 *8112 8253 *8112 825 54,300 Bangor & Aroostook
50 44 Jan 6
4
8414 813 8314 7914 82
8212 82
78
7312 80
71% 74
100 1014 Jan 10
250 Preferred
11118 1114
4
113 113 •111 1123
4
11154 1115 111 11212 113 115
53 Aug 3
,
8
3 545 554 554 55 4 5518 5514 554 554 2,600 Bkln-Manh Trac v t o_No par 7818 Oct 29
5518 557
56
.55
No par
600 Preferred v t o
83 8312
83
4
823 824 83
*8212 83
83
83
83
"82
712 Oct 24
164 8,600 Balumwick Term & Ry Sec_100
8
157 163
3 16
4
163
8 16
8
8 1614 173
3
15 4 157
2 157 167
100 40 Apr 5
30 Buffalo et Susq pref
5114 *5012 51 4 5012 501
,
5114 *50
5114 *50
14 5114 *50
.50
60 Buffalo Rochester & Pitta_ 100 70 Dec 31
75
72
75 •
75
75
*72
75
80 "72
*72
80 80
100 59 Jan 18
Canada Southern
*6214 65
"6214 65
*6214 65
*6214 65
6214 65
*
*6214 65
100 165 Jan
4
8
20914 2123 20914 2113 21014 21238 58,900 Car Milan Pacific
8
3
21314 215 4 2115 21438 20714 211
20318 Dec
500 2nd inst paid
210 210
208 208 "208 211 *206 211
21214 21214 *208 212
100 8338 Jan
Caro Clinch! & Ohio
_-- - *94
*94
*94 -- *94 ---- *94 ____ *94 __
100 9813 Feb
Curtlfs stamped
"10312 -8
•10312 - -- *1035
•10312 -- •10312
5
.10312
400 Central RR of New Jersey_100 285 Jan
.303 310
303 303 4
300 300 "295 310
'300 310
303 idi 4
100 15134 Jan 2
16,600 Chesapeake & Ohio
4
2033 204
20412 20514 20214 20312 19712 20212 199 2014 20018 201
454 Jan
100
500 Chicago de Alton
714
714 *7
7 18 *7
7
7
7
3
2 7 2 '74 74
*73
712 Jan
100
1112 1112 1112 1,000 Preferred
8
1112 *1114 113 *11
4
2
113 1132 1112 113 "11
500,Chic & East Illinois RR_ 100 304 Jan 1
43
43 "41
*41
42
4112 4112 *41
*4112 421/ *4112 42
100 43 Jan
8001 Pre.forred
74
"72
74
72
72 •
72
74
7412 7412 74
75
75
84 Jan
8
4 1214 12% 2,200 Chicago Great Western...100
1212 1212 1212 124 123 123
4
123 1314 1258 13
100 234 Jan
2812 2812 2812 2,7001 Preferred
28
8
275 29
8
275 28
2914 294 2818 29
9 Jan
19% 30,800 Chicago Milw & St Paul...100
10
8 1918 20
8
3
2018 20 4 1914 20 3 195 207
3
4
193 20
9 Jan
100
4
3 187 194 183 19% 1814 19% 37,500 Certificates
3
187 193
8
1914 19% 1914 20
100 1858 Jan
36
374 3512 3614 37,400 Preferred
3714 39
37% 3812 384 387
8 3612 38
3
31,300 Preferred certificates_ __..100 187 Jan
8
357 3714 3514 36
4
4 3712 384 3614 3712 363 38
3714 373
7,200 Chicago & North Western_100 784 Jan 2
3
873 873
4 8612 8712 8512 8614 8514 8612 8518 854 8612 87
100 12414 Jan
Preferred
148 •14212 148
*142 148 •142 148 *14212 148 *14212 148 *14212
10914 1104 8,100 Chicago Rock Is]& Pacitio_100 6812 Jan
109 109
10912 110
8
111 11112 11012 1113 10812 110
8
100 102 4 Jan
200 7% preferred
109 109 •10812 109 2 *10812 10912 "108 10912 *108 110 "108 10912
,
100 9514 Jan 2
900 6% preferred
10212 10212 10218 10218 10214 10214 102 10214 •102 10214 •102 10214
100 84 Jan
300 Colorado de Southern
115 115 "112 122 *112 122 *112 122
"115 122
*115 11912
100 70 Jan
40 First preferred
754 754
7514 751 "7518 7612 *754 76
*7514 77
*7514 77
100 68 Jan 14
30 Second preferred
74
"74
7512 74
76
*74
76
*74
*7214 76
*7214 76
100 65 Aug 13
900 Consol RR of Cuba pref
71
8 71
70% 707
71
*69
71
8 71
7112 715
72
"70
100 794 Apr 11
Cuba RR pref
91
"88
91
*8712 89 "88
*8712 89 1 *8712 89
"8712 89
100 171% Jan 28
az Hudson
3,300 Delaware
4
5
1854 18512 18414 18514 180 4 1825 *181 18212 "18112 1824 182 183
4
4 5,100 Delaware Lack & Western_ 50 13013 Oct 22
134 1345 13412 1353
4
8
13618 13614 136 1363 1333 13512 134 135
58
5812 1,300 Deny & Rio Or West pre/...100 414 Jan 5
58
58
5714 58
58
*57
58
58
5714 58
100 394 Jan 3
8
8
4 63% 6414 633 645 37,900 Erie
8 6314 643
8
8 625 637
3 634 647
6412 657
100 5238 Jan 4
8
3
6212 6218 6238 6214 62% 623 625 11,000 First preferred
4 62
7
634 63 3 6214 623
100 49 Jan 4
61
800 Second preferred
6012
61
6012
61
60 60
8
4
613 "6014 613 *59
"61
9714 8,500 Great Northern preferred_ _100 7938 Jan 4
96
4
0618 953 96
9612 96
8 96
9653 977
3
977 98
100 8518 Mar 28
2,800 Prof certificates
96
95
951
94114 943
4
9614 9512 9512 95
06
4
963 963
18 July 11
.No par
11,400 Iron Ore Properties.
4
223 23
2258 23
4
223 23
4
8
227 2314 223 23
3
227 24
900 Gulf Mobile & Northern. 100 3518 Jan 6
5714 5714
58
*56
58
*55
55
4 55
4
57
5814 573 573
100 105 Jan 14
300 Preferred
4
1063 1064 10714 10714
4
4
'
4
10712 1071 •1063 10712 4 1063 10712 *1083 107
Havana Electric Ry___No par 1412 Dec 29
*1212 15
4
•123 15
4
*123 15
4
*123 15
4
*123 15
4
*123 15
68 Dec 31
Preferred
7112
*6812 74 •__
74 •____ 74 5____ 74 •____ 75
100 200 Jan 5
40 Hocking Valley
355 355 *355 37312
,370 375 *35512 370 *34512 373 *34512 355
4
4
35,500 Hudson et Manhattan-100 4012 Jan 3
8 5418 55
8 543 554 5412 545
3
5712 554 573
55
47
5312 5
100 78 Jan 6
• 1,100 Preferred
92
92
*88
•88
92
*89
8
917 92
91
90
88
88
100 1214 Jan 10
3.900 Illinois Central
4
4
4
8
8
*133 1331 1325 1337 132 13212 1315 1315 1315 13212 132 1334
8
100 1207 Jan 12
300 Preferred
13018 13212
132 •130 135 •130 135
132
.130 135 •132 135
Sec Series A._1000 74 Jan 4
600 Railroad
814
8112 *80
8112 8112 81%
80 .80
80
5
81 4 811
lot Rya of Cent America_ _100 23 Apr 20
40
*36
40
40 "36
*36
*3814 40
40
*36
3
397
533
100 62 Apr 29
30 Preferred
4
4
4
7112 *703 8112 703 703
7112 *70
7112 *70
711 •70
"70
30
305
8 3012 3012 5,100 Interboro Rapid Tran v t o.100 3012 Aug 31
4
*293 30
8
8 295 30
307
8 30
3014 305
1 Jan 17
100
Iowa Central
,
*212 314 *212 34 *212 314 *212 314 *213 314 *212 3 4
100 4114 Jan 4
4 9,400 Kansas City Southern
6018 6015 613
60
61
8 60
624 594 617
63'8 62
63
100 64% Jan 7
100 Preferred
73
73
*71
*71
73
*71
7212 7212 *7214 73
*7212 73
60 8812 Oct 29
9218 934 9512 10,300 Lehigh Valley
92
4
94's 9212 9314 9113 9214 913 93
93
3
100 128 * Jan 14
3,400 Louisville & Nashville
1514 154
151 153
153 155
153 15312 151 152i2 *15012 153
260 Manhattan Elevated guar-100 7814 Dec 22
,
7712 77 2 *7712 79
5
77 4 77$ '7712 79
77
764 75
76
100 414 Dec 29
1,600 Modified guaranty
40'4 40 401 *4018 4012 *4018 41
40
3
40 3 4058 4012 404
412 Nov 3
100 Market Street Railway.-100
4% 4%
*412
*44 51
*44 512 *418 51
*44 5
100 18 Feb 10
Preferred
25
*20
*20
25
25
4120
25
20
25 .
"20
25
20
•
100 415* Feb 7
100 Prior preferred
48
48
*48
50
51
50 "48
50 '46
51 '47
*48
100 1112 Oct 27
Second preferred
15
*10
15
*10
15
15 .10
*10
15
*10
15
*10
15* Jan 13
600 Minneapolis dr St Louis_ 100
312 *3
314
,
34 3 4 *3
3
3
3
3
3
3
St Paul dr S S Marle_100 27 Jan 6
800 Minn
5114
50
51
511 "49
*50
51
*50
52
5112 *49
50
.
100 60 Apr 28
300 Preferred
85
85
*80
3
833 84 '80
84
8212 8212 *80
84
.80
100 15814 Mar 25
80 Leased lines
70
7112 70
4
693 7112 6714 681 *6714 701 *69
4
*693 71
7
8
3912 394 393 40 8 10,700 Mo-Kan-Texas RR__.No par 314 Jan 6
3
39 4 401
4
393 405
8 3912 40
8
407 41
5
100 95 4 Jan 4
3
1084 108 1081 108 1083 108 10814 11,100 Preferred
8
4
4
10812 1083 1083 1083 10814
100 377 Jan 4
51
517
514 5112 5214 23,900 Missouri Pacific
8 51
527
51
7
5178 52 8 50'a 53
100 9018 Jan 4
4
3
8
4
1123 1155 1123 1144 113 11453 1123 113114 11314 113% 24,800 Preferred
8
11212 1137
Aug25
2% 27
8 2,100 Nat Rye of Mexico 2d pref_100
4 2%
'25
3
2 4 27
7
8 23
27
24 3
8 3
27
30INew On Texas & Mexico-100 121 Jan 8
139 139 •138 139%
139 139
'137 140 *137 139
13712 13712 4
100 1374 Jan 27
42,400 New York Central •
8
16014 1617 160% 16112 160% 164
4
163 1644 162 1633 16018 162
128 12814 12812 13312 6,100 NY Chic & St Louis Co-100 DIM June 14
128 128
128 130
13134 13212 129 131
100 102 Mar 8
Preferred
800
4
4
4
4'1083 1093 *1083 10912 *10812 10912
10912 10912 10912 10912 109 1093
50 167 Dee 24
80 N Y & Harlem
8
17312 17312 1725 17253
175 178 *174 17612 174 174
•176 178
100 4138 Jan 4
6338 101,500 NYNH& Hartford
62
6218 627
8
4 6112 6353 6212 634
8
625 643
8
645 66
1
110 8 Oct 31
114 11414 19,000 Preferred
4
1133 114
8
1137 114
8
1135 114
4
1133 1144 114 114
3114 4,500 NY Ontario & Western. 100 2314 Jan 15
8 304 .3112 31
313
8
307 3114 30
8
323 3258 3112 32
438 Dec 19
100 N Y Railways pref ctfs..No par
4 612 •514 612
,
514 612 *54 6 2 *5,
612 612 "514 612 '
100 374 Jan 14
600 Norfolk Southern
47% 47%
48
4912 *46
49
*4612 49
*4712 49
49
46
•
100 158 Jan 4
8 5,900 Norfolk & Western
,
8
18814 18914 186 1887 18612 187 4 18614 18712 1874 1877
189 189
100 83 June 23
300 Preferred
89
•87
87
87
89
.87
87
87
90
*87
89
"87
100 78 Jan 3
7,700 Northern Pacific
9614 97
96
96
97
8 96
3
95 4 967
4
8
9811 984 963 985
100 84 July 1
2,100 Certificates
95
95
9412 943
4
4
943 95
95
95
96
9612 05
*96
100 1514 Feb 3
100 Pacific Coast
30
"25
26
26
30
*25
30
25
30 •
*25
30
"25
50 56114 Jan 3
8
645 64% 8,300 Pennsylvania
3
643 65
8 642 65
3 6412 647
8
645 647
6454 65
100 20 Jan 25
Peoria & Eastern
36
32
*32
36 •
36
*32
36
3418 *32
*34
36
*34
100 11412 Jan 6
1,000 Pere Marquette
127 1291
127 12712 *126 127
127 127
126
•126 127 •125
100 03 Jan 22
Prior preferred
5
4
5
599 100 4 '100 100 4 "100 1003 *100 100
3
•1004 101 *10014 101
5
100 89 4 Jan 4
500 Preferred
*98
2 9914 9914
99,
4
9912 973 98
8
997 '98
*99
99
99
100 1221: Jan 18
1,400 Pittsburgh & West Va
138 142
138 138
140
8
1014 14014 1384 1397 *13714
"14012 144
50 94 Jan 4
5,800 Reading
4
3
1025 10312 51013 10212 10278 1031
8
10514 105% 10212 1037 10218 103
50 4012 Jan 13
300 First preferred
8
*427 431
43
43
43
4334 43
3
43 4 *43
7
*42 8 4354 *43
50 433* Jan 12
400 Second preferred
451
45
45
45
46
*45
45
4
*443 4512 *4434 4514 45
100 43 Jan 7
200 Rutland RR pref
58
*53
58
*53
57
*53
55
55
88
58
55
•
-San Francisco___.100 10034 Jan 6
11418 11314 115% 48,000 St Louis
3
8
8
115 1157 11314 1153 1113 11314 112 11414 113
100 96 Jan 27
300 Preferred A
10112 10112 "994 102
•101 10112 •101 10112 10112 10112 101 101
8
8 774 795 10,100 St Louis Southweatern„ 100 61 Jan 6
3
8 787 787
4
7914 783 787
8
777 79s 773 797
8 77
8
100 767 Jan 8
*gyp 94
200 Preferred
94
9112 9112 *91
94
9212 9212 *92
*9212 94
100 2818 Mar 31
3,800 Seaboard Air Line
291
29
8
914 29
2
29
2914 287 29
*2912 30
3
29 4 30
100 3212 Apr 28
4,100 Preferred
37
37
37
37
37
8 37
3612 373
3714 3712 3714 38
100 10614 Jan 28
12114 12218 17,800 Southern Pacific Co
8
1207 122
8
1213 122
3
120 3 122
8
123 1233 12112 123
100 119 Jan 28
13,200 Southern Railway
14312 144
14418 144 144
8
8
4
1443 1453 14453 14514 1433 14418 14312 10114 101 101
100 94 Mar 10
800 Preferred
3
5
100 4 100 4 101
7
100 53 Jan 7
100 4 16034 101 101
3
53,000 Texas & Pacific
8
4
,
2
10412 1085 10612 1093 1085 110 2 log" 110
100 2824 Aug 31
101 10214 10118 107
1,600 Third Avenue
30
3012 30
3018 3018 *29
8 2818 29
4 2912 307
100 15912 Jan 27
2112 293
10,400 Union Pacific
8
8 1895 191
19312 19212 18914 19014 18914 19012 18914 1895
100 77 Mar 5
1924 193
2,000 Preferred
"8514 86
844 8512 8514 86
8
*843 85
,
100 4013 Jan 4
8
847 8478 *84 2 85
6612 11,800 Wabash
65
4
643 65
8
643 65
4 6312 65
4
4 643 653
100 76 Jan 3
4
643 653
2,200 Preferred A
95
4 9412 9412 95
*9312 943
4 95
100 65 Jan 15
9312 9312 9334 9334 943
200 Preferred B
92
92
12
"90
92
•89
92
*89
92
4
100 135 Jan 6
20 "90
90
4
8
8 4612 485 14,000 Western Maryland
8
8 4512 4712 463 484 463 467 *4713 49
100 2: Jan 7
1
4814 5014 4753 487
600 Second preferred
4712
4512 *46 4812 *46
45
48
48
100 2.218 Apr 26
*4812 50
2,000 Western Pacific new
364 371
37
361 *36
36
37
37
37
36
100 55 Apr 26
*3434 36
61% 618 614 6114 1.200 Preferred new
62
*61
62
62
62
62
12
62
62
Wheeling & Lake Erie Ry._100 27 Jan 3
76
"70
76
76 '70
•70
76
•70
76
100 VII Jan 7
76 "70
*70
100 Preferred
8012
8012 *77
"77
77
8012 77
8012 277
8012 *77
577
-dividend. a Ex-rights.
•Bld and asked Prlegg. a Ex
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
5 per share $ per share $ per share
200 Aug 25 122 Mar 172 Dee
9418 Mar 102 Dee
4
1063 Dec 16
20512 Aug 1 18112 Mar 26212 Jan
4
8312 Mar 1095 Sept
125 Oct 4
6712 Jan 737 Aug
83 June 7
10312May 27
33 Mar 46 Feb
8
977 Feb 103 Dee
122 June 22
7
3
707 Jan 20
544 Mar 77 Dec
5
78 Mar 89 4 Dec
88 Jan 4
193* Dec 20
812 Mar 1858 Nov
40 Dec 50 Mar
58 June 2
4
5
69 4 Mar 873 July
115 Mar 10
58 Jan 61 JUN)
65 Dec 8
Dec 2 1464 Jan 1704 Dee
219
21512 Dec 14
9514 Dec 8
106 Oct 27
305- Jan
348 June 1 iio"
21812 Oct 3 112 Mar 1783, Sept
414 Sept 111 Feb
5
10 8June 21
1814 Feb
618 May
3July 2
185
30 Dec 37 Feb
51 July 11
4
3612 Mar 515 Feb
8
847 Oct 10
754 Mar 124 Sept
2212May 2
8
1614 Mar 315 Sept
8June 2
447
814 Dec 1412 Jan
5
19 4 Dec 31
Jan
5
7 4 Dec 14
1914 Dee 31
1418 Mar 24 Aug
3712 Dec 31
14 Apr 2358 Aug
378 Dec 31
3
6514 Mar 83 4 Sept
97133ept 14
:
150 Oct 6 1181 Jan 12612 Apr
4013 Mar 7114 Dee
116 July 14
96 Mar 108 Dee
11154 Dec 1
834 Mar 98 Nov
104 Nov 11
52 Mar 9614 Oct
5
137 4July 21
Oct
62 Mar 74
78 Dec 30
72 Sept
59 Jan
75 Oct 21
77 May 6
4
685 Nov
7213 Doc
82 Sept 85 July
93 Dee 22
230 June 6 15014 Mar 18312 Sept
173 Mar 23 129 Mar 15312 Jan
Jan
3712 May 47
67114June 9
2212 Mar 42 Dec
3
69 48ept 30
5
33 4 Mar 5514 Dee
6614 Aug 4
6412 Aug 4
30 Mar 5014 Dec
1037
6812 Mar 844 Dec
8Sept 7
101 Sept 15
f$4;12
18
-- -- Dec -2714 - 5
28 45ept 20
8July 21
2518 Apr 4114 Sept
765
11214 Apr 27
95 Mar 1094 sent
8
307 Jan 3
30 Dec 3112 Dec
9512 Dec 9718 Dee
8312July 21
425 Oct 31 147 Mar 214 Sept
8May 10
657
8
345 Jan 4112 Dec
9012May 10
5
67 4 Mar 80 Dee
1393* Oct 3 11312 Mar 131 Sept
140 Oct 3 11512 Mar 12912 Sept
83 Oct 20
7114 Jan 77 J112111
Feb
4213 Oot 7
24 Dec 31
's
7414 Oct 7
62 Mar 66 Jut
5218 Feb 26
2412 Jan 5384 Dec
64 Feb 3
1 Aug
312 Jan
8
7012July 18
3414 Mar 512 Sept
734 Dec 23
8
605 Mar 681/4 Sept
13712June 9
751: Mar 106 Dec
1594 Oct 4 118 Mar 144 SePt
90 Feb 11
4
84 Mar 923 Apr
8
8
547 Feb 28
381,2 Jan 617 May
137
8June 23
418 July 10 Feb
251:June 22
:
191 Oct 40 Feb
4
595 Aug 5
39 June 5138 Feb
1712June 22
2212 Feb
11;84
37 Jan
44 Feb 3
14 Dec
5612 Dec 2
2578 Dec 524 Feb
8812 Dee 3
50 Dec 79 Feb
71 Nov 25
8
Oct 667 Feb
60
5612June 17
2911 Oct 474 Feb
,
10912 Dec 14
82 Mar 968 Dee
62 Apr 23
27 Mar 45 Sept
1185
8Nov 17
714 Mar 95 8321)1
314 Oct 21
15 Oct
4
44 Jan
1597
2June 3 120 Mar 1324 Jan
17112 Oct 4 117 Mar 1474 &PI
:
24012May 26 130 Mar 2041 Sept
110 Dec 30
03 Mar 106 July
Jan
185 Apr 8 17013 Nov 205
634 Dec 27
,
305 Mar 48118 July
1144 Nov 29
4184 Sept 16
4
193 Mar 287 Feb
*
1534 Jan 14
6
Jan 2014 Feb
6412June 10
8
277 Apr 4438 Sept
202 Nov 23 13914 Mar 1707 Oct
3
90 July 25
8312 Nov 8632 Aug
10218 Dee 3
5
65 4 Mar 8212 Anil
2
997 Dec 5
Jan
3134 Dec 23 -15- -Oct 48
68 Oct 4
4858 Mar 5712 Oct
4July 20
4
463
8
157 Oct 265 Jan
1401
:May 28
67 Mar 122 Dor
9914 Dec 23
79 Mar 96 Jule
9712 Dec 9
4
705 Mar 917 Jul,
174 May 24
85 Mar 1354 Dec
123114June 9
79 Mar 1014 Dee
Apr
4312 Dec 12
4
395 Dec 42
50 Feb 16
5
40 Mar 45 4 Dee
lawr
69 May 27
11714June 2
104 July 11
93 June 17
943 Dec 31
4
4114 Feb 17
455
8July 25
1267 Dec 10
149 Dec 8
10118 Dec 19
1037
8Nov 17
41 Feb 8
19754 Dec 3
3
85 4 Dec 15
81 June 9
101 June 9
98 June 9
sJune 9
677
6712June 9
4712June 22
,
763 Feb 7
130 Feb 8
97 May 13
Apr
42
85 Mar
834 Apr
574 Mar
72 Mar
271 Mar
:
3113 Mar
9618 Mar
8
1035 Mar
874 Apr
4212 Mar
1312 Jan
14112 Mar
744 Jan
3373 Mar
68 Mar
57 Mar
11 Mar
16% Mar
274 Dec
72 Dec
18 Mar
37 Mar
6114 Aus
10312 Dec
974 Dec
74 Feb
8014 July
51 Dec
488* Feb
11214 Deo
13114 Sept
954 AN
015* Jan
43 AP!
1683* 001
814 AUg
Jan
52
7834 Jan
72 Jan
5
16 s Jan
52
24 SePt
3914 Jan
3
86 4 Sens
Jan
32
5012 Jan
New York Stock Record-Continued-Page 2
223
For sales during the week of stocks usually inactive, sec second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 7.
Monday.
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 11.
Jan. 12.
$ per'share $ per share $ per share $ per share $ per share
Friday,
Jan. 13.
Sales
for
the
Week.
per share
Shares
Industrial & Miscellaneous.
2,700 Abitibi Power & Paper_No par
1,800 Abraham & Straus
No par
60 Preferred
100
2,800 Adams Express
100
1,000 Advance Rurnely
100
600 Advance Rumely pref
100
15,100 Ahumada Lead
1
3,600 Air Reduction, Inc__ No p r
,
84,300 Ajax Rubber, Inc
No par
11,500 Alaska Juneau Gold Min__ 10
6,500 Albany Pert Wrap Pap_No par
40 Preferred
100
66,900 Allied Chemical & Dye_No par
100 Allied Chemical & Dye pref _100
100
7.000 Allis-Chalmers Mfg
Preferred
100
1214 _ 1,300 Amalgamated Leather_No par
74
200 Preferred
No par
3212 14,000 Amerada Corp
20
19,300 Amer Agricultural Chem_ 100
100
677 14,400 Preferred
8
75
2,500 Amer Bank Note
10
200 Preferred
50
643
4
163
8
300 American Beet Sugar No par
4112
100 Preferred
100
213
4 3,200 Amer Bosch Magneto_ _No par
4412 9,100 Am Brake Shoe & F newNo par
Preferred
100
126
163 19,000 Amer Brown BoveriEl_No par
8
62
100
350 Preferred
7418 147,100 American Can
25
100
138
200 Preferred
10714 7,000 American Car & Fdy___No Par
131
200 Preferred
100
101
100
400 American Chain pref
No par
704 4,900 American Chicle
109
No par
180 Prior preferred
1353 8,700 Amer Druggists Syndicate_ 10
6112 6,500 Amer Encaustic Tiling_No par
173
100
2,800 American -Express
235
8 8,300 Amer & For'n Power__No par
144 14538
145 145 *140 145 2141 141
14012 14112 142 144
10514 10514
•10814 109
107 10814 105 1063 105 10512 •105 108
4
111 111
•11214 11218 11214 11214 113 113
113 113 *11212 113
215 215
210 210 *205 209
209 215
205 205
200 205
.1112 12
12
*1218 13
12
*1112 12
*1112 12
12
12
*3412 36
*3412 36
3512 3612 *35
36
35
3512 *343 36
4
312 35
314 33
8
32
8 33
8
8
33
8 333
338 4
312
314
183 187
18258 18518 178 182
1833 1830 183 18314 183 184
4
4
13
1314 123 1314
4
1212 1218 1212 124 1314
113 123
4
4 12
112 15
138
15
8 158
13
8
134
15
8
13
8 15
8
8
112
13
4
273 2818
4
2514 2512 25
27
26
8
2714 29
2712 263 27
*9914 101
101 101
9914 9914 99 4 9914 *99 4 99 4 *100 10012
,
,
,
4
15614 158
156 15812 15418 1573 *155 1573 1543 1567 156 157
8
8
4
•12212 12312 12314 12314 *12212 12312 *12212 12312 *12212 12312 *12212 12312
11618 1167 1173 1173
4
4
1173 11814 11714 1185 116 11712 11612 117
8
8
8
1214
1214 -12j2 -- -7- -125 -- -7- -12- 12 4
12 8
8 12 8
-372
*70
75
74
72
74
*73
75
8
3214 315
31
32
3112 317
8 31
313
8
19
197
8 187
8
213g 195 2178 1914 20
8
713
8 6718 704 65
673
4 6614 6812 66
75
75
75 •
7934 76
75
76
77
4 643
4
65
*6312 65
643 643
4
65 65
17
4 173 1712 *1712
8
*17
173 *17
4
173
*38
42
39
42
*38
39 - 39
*38
205 21
8
203
4
2158 2118 213
4 2012 21
4314 4414 4334 4412 4314
444 4312 45
126 *124 126 *124 126 *124 126 *124
17
1512 1658 16
1514 155 1612 16
8
4
4
623 623 *62
63
6114 627
8 6212 63
7214 7378 71
727
8 7118 7212 7112
753
140 *138 - 140
1363 1363 138 138 *137
4
4
4
106 1067 106 1083 106
8
10912 10712 109
____ *131
____ *131
13114 13114 *131
•131101 101
101 101 *101 102 *101 102 •101
7118 70
7012 69
73
73
713 7212 70
4
109 109 *108
*107 108
108 108
108 108
1314 134 1314
•1312 133
4 1312 135
8 1314 14
56
57
3
4
4 6014
58
6114 60 4 627
8 603 623
172 172 *172
1753 176
4
169 172
173 174
233
8 23
2312 2334 2318 233
4 2318 2312 23
;1214
«7212
3118
20
6914
78
65
*164
*3718
2112
44
•124
1478
*6118
7412
•136
108
STOCKS
NEW YORK STOCK
EXCHANGE
1212 12
*70
74
32
317
8
4
197
8 193
6814 677
8
75
75
*64
65
173
4 163
8
4112 *38
207
8 207
8
44
443
8
126 *124
16
1558
623 *5514
4
7212 7214
138 *137
1063 10614
4
____ 131
10114 101
7014 70
109
109
1312 1318
603
4 6112
173
173
8 2318
233
PER SHARE
Range for Year 1927.
-share lots
On basis of 100
Lowest
Lowest
Highest
$ Per share
$ per share
83 Jan 27
6214 Mar 26
109 Aug 11
124 Jan 5
74 Oct 24
2218 Oct 22
234June 2
13412 Jan 26
712
.june 15
1 June 18
18 Apr 21
96 June 2
131 Jan 25
120 Mar 11
88 Jan 25
109 Feb 9
1138 Nov 11
68 Dec 21
2758 Apr 28
84 Apr 6
2814 Apr 6
41 Jan 6
5612 Jan 4
154 Oct 22
35 Dec 8
13 Jan 20
3512May 2
11714 Feb 7
54 Aug 26
40 Aug 19
4358 Mar 31
126 Jan 14
95 July 13
12434 Oct 6
9812 Dec 28
36 Jan 26
90 Jan 13
938 Apr 20
383 Aug I
8
127 Jan 17
187 Feb 17
2
15014 Dec 28
7014 May 98 Sept
43 May 72 Dec
11834 Nov 23
11312 Feb 20 10418 Mar 112 Dee
9978 Mar 136 Sept
210 Nov 17
8 Dec 22 Sept
4
153 Feb 9
4
287 Dec 653 Sept
8
4
453 Nov 9
44 Nov
918 Jan
818Sept 6
4
199'* July 18 10714 May 1463 Dee
718 Oct 16 Feb
4
133 Mar 25
78 Oct
24 Dee
214 Feb 18
4
2612 Oct 273 June
32 Sept 6
9614 Oct 102 Des
102 Sept 21
Jan
16914Sept 6 108 Mar 148
4
8
124 Aug 4 1183 Mar 1223 Dec
7814 Mar 9458 Jan
1183 Dec 28
4
Apr 11112 Dee
11212 Apr 21 105
2418 Feb 11
143 Oct 21 Sept
4
108 Feb 1 102 July 115 Aug
8
2414 May 327 Aug
375 Feb 7
8
8
2112 Dec 27
9 Oct 343 Jan
4
353 Oct 9612 Jan
8
723 Dec 27
8
Oct
98 Nov 29 - 345 Mar 46
55
Jan 8812 July
65 Sept 14
2334 Mar 14
2012 Sept 3834 Feb
55 . Nov 83 Feb
6018 Jan 3
18 May 3438 Jan
263 Oct 4
4
46 July 25
1
128 Mar 12 1164 Mar 12814 Feb
3912 Jan 5
3014 Mar 50 Aug
98 Feb 1
8612 Mar 9718 Jan
7758 Dec 20
387 Mar 6318 Aug
8
1413 Dec 28 121
4
Jan 13018 Dec
111 Dec 30
91. Mar 1147 Jan
12
8
4June 8 12012 Oct 13014 Da.
1343
103 Sept 19
-7434Nov 15
31
Oct 51
Jut
110 Dee 27
88 Deb
97 May
1512 Nov 22
414 Jan
103 Aug
8
5712Nov 30
183 Nov 17 115558 Mar 140
Jan
31 Dec 16
1414 Nov
423 Jan
8
4
2,700 Preferred
No par 8612 Feb 15 1093 Dec -14
108 108
10512 107 *106 10612 10612 10612 106 106
10714 108
738 Apr 26 127 Oct 6
8
133 1414
4
4
1312 137
12
121
1318 1312 133 14
a 5,400 American Hide & Leather 100
100 48 Mar 1 667
8July 20
6438 64
64
5,400 Preferred
6112 6458 64
59
61
6012 6212 6118 63
8
4
.265
8
667 15,300 Amer Home Products_ _No par 303 Jan 3 71 Nov 14
8
66
6612 6512 6612 6412 6512 645 6518 643 65
32 Aug 22
No par 253 Oct 21
4
4
303 3112 27,500 American Ice New
4
29
8 203 31
2912 287 293
8 28
287
8 283 303
4
8
100 84 Jan 7 9612MaY 7
*91
9112 *91
9112 1,400 Preferred
90 90
0012 9012 91
91
903 02
4
79,300 Amer Internet Corp_ __No par 37 Mar 23 723 Dec 31
8
89
825 844 84
8
8018 82
8012 8412
4 784 83 •
7918 811
4 June 4 10 Jan 3,
512
514
512 54 17,300 Amer La France & Forruite 10
4
57
8 614
6
512 53
8
53
4 57
8
200 Preferred
100 60 s Dec 31 9018 Jan 61
*56
62
60
5714 574 *5812 75
*56
60
56
56
*57
20,800 American Linseed
100 2018 Apr 6 7212 Nov 17
8
4 563 58
8
6314 6412 613 6212 593 613
8
4 575 583
4
4
8 583 603
1,300
Preferred
100 4658 Mar 19 9212 Nov 4
8612 87
8712 *8612 88
873 8712 87
8
88
883 *87
4
'
87
114 114
4
4 6,500 American Locomotive_No par 9914 Oct 22 116 May 18
1113 114
4
11012 1123 111 1113 1104 11114 11114 1113
4
100 Preferred
100 11912 Feb 23 127 July 23
1273 1274
4
*127 129 *127 129 •127 128 *127 128 •127 128
2,400 Amer Machine & Fdy_ _No par 734 Jan 3 18812 Dee 17
168 170
170 173
17314 17314 *17314 176
163 173
168 171
Preferred
100 12518 Jan 6 247 Dee 17
*236 245 *236 245 *224 225 *225 245 *229 249 *229 249
45
7,000 Amer Metal Co Ltd___No par 3618 Nov 3 493 Dec 22
8
44
4518 45
45
453
4 44
453
8 42
43
433 44
8
11112 11112
100 108 Jan 6 11312 Dec 23
300 Preferred
11114 11114 *110 114 *112 114
11012 112 *111 112
21
700 American Plano
No par 2012 Dec 29 4314June 9
*2012 203
4 203 203
4
4 2012 204 2012 2012 2012 2012 21
*87
89
80 Preferred
100 84 Nov 23 11014 Mar 24
*87
89
88
8012 89
89
•87
89
90 90
8 6318 6438 6,200 Am Power & Light__ __No par 54 Jan 27 734 Oct 101
64
6318 637
633 637
4
6214 63
63
8 8212 63
135 138
133 13412 133 1343 133 13414 134 1343
25 11012 Jan 21 1477 Sept 16
135 136
8
4 7,300 American Radiator
8
112 11310111 103
116 1174 114 IR *110 IU
113 113
4 1,400 Amer Railway Ex press__ _ _100, 8712 Apr 4 11614 Nov 17
6312 693
6912 7112 29,400 American Republics__ _No pall 354 Jan 4 8212 Dec 23
70
7312 6718 72
8 6514 71
6814 72
58
*57
2,6001American Salty Razor__ 100 42 July 23 6478 Nov 21
4
58
58
573 5812 56
58
56
57
*565 57
8
40
2,300 Am Seating v t c
4014 40
No par 384 Oct 22 51 July 20
4012 404 40
4014 4012 405
8 40
4014 40
4
4
4
4
1,900Amer Ship & Comm_ No par
418 414
418 418 .4
418
4
4
212 Oct 22
64 Jan 7
20 American Shipbuilding___ _100 80 Jan 21 12334 Nov 28
114 114 *110 115
8
*110 116
112 112 *1123 114 *110 1123
8
8
180 8 1815 178 18012 175 17818 176 1773 1765 1794 217618 1775 46,400 Amer Smelting & Refining _100 13258 Jan 25 18834 Der 21
3
4
_ _ 134 134
1313 13314 134 134 *13312 134
8
800 Preferred
100 11914 Mar 16 133 Dec 31
133 133
143 144
14178 14178 *14114 142
800 American Snuff
*141 142
100 1193 Jan 17 1483 Nov 23
8
4
142 14212+14212 143
103 103
30 Preferred
4
4
104 104 *103 104
*102 1033 *102 1033 *103 104
100 9412 Jan 4 10612 Oct 13
66
6712 *6614 6612 6512 69
8 6812 691 132,400 Amer Steel Foundries_ _No par 4112 Apr 29 723 Dec 13
675 703
8
8 677g 697
4
4
4
750 Preferred
4
1123 1123 1123 11314 11314 11312 11314 11312 11318 11318 1123 1131
4
100 11014July 5 115 Jan 13
7412 763
777 17,800 Amer Sugar Refining
8 75
7414 76
773
8 763 7714 7612 7814 77
8
100 654 Nov 1 953
4May 26
2,100 Preferred
1097 1094 109 1097 10918 1093 1097 110 *110 111
8
8
•109 110
8
4
100 104 Nov 2 11612May 26
8 5912 61
4
593 604 11,400 Am Sum Tob v t c
4
614 6212 6118 615
5934 6012 593 60
No par 4112 Jan 3 683 Oct 13
4
32
32
*30
200 Amer Telegraph & Cable_ 100 26 Apr 1 363 Aug 24
4
4
32
*30
3012 3012 303 303 *30
*30
32
4
8
8
4
8
18014 1803 1793 1803 179 180
4
179 1795 1783 17912 1783 1791 10,800 Amer Telep & Teleg
8
100 14914 Jan 3 18512 Oct 11
1727 1727 171 172
8
8
172 1731
2,500 American Tobacco Coln
*17312 174
8
1717 1717 171 171
8
50 120 Jan 7 189 Nov 10
8
4
8
5,500 Common Class B
1733 1733 17218 1737 171 172
4
172 1727 171 17112 1727 1733
8
50 11914 Jan 5 188 Nov 10
118 11934 *119 120 *119 120 *119 120
__ 120 120
300 Preferred
*1193
100 11018 Jan 4 120 Dec 29
125
125 126 *123 12512 124 124 *124 1243 123 1233
900 American Type Founders 100 11978Nov 7 146 Feb 18
125 44
8
4
114 114
240 Preferred
1075 1075 1103 112. 114 114
8
1133 114
4
112 112
100 10714 Feb 8 118 Sept 29
58
59
59
58
591
8,900 Am Wtr Wks & Elc newNo par 48 Aug 8 724 Sept 28
60
5912 57
581
80
5814 58
1014 1017 10112 1013 102 102 *102 10318 102 102
8
1,100
1st preferred
102 102
4
994 Oct 28 10312 Dec 7
214 213
4
8 21
4
7,200 American Woolen
*2112 22
213
8 2112 2212 213 213
8
4 213 233
100 1612June 7 333 Jan 5
5212 515 5212 501s 51,
5212 514 5378 5,900 Preferred
8
5212
5112
8June 1 8612 Jan 7
2 5012 52
100 467
*17
18
163 1634 3,500 Am Writing Paper ctfs_No par
4
•17
18
17
16
17
978May 26 2414 Oct 19
153 163
4
4 16
45
*4214 4712 *44
4712 45 45
300 Preferred certificates__ _ _100 25 4 Apr 7 574 Aug 23
*44
4514 4514 453* *44
3
*638 7
67
8 67
8
63
200 Amer Zinc, Lead & Smelt
8 63
8 *614 64 *614
7
*614 7
25
6 4Sept 6 1014 Feb 17
3
4212 41
41
41
4212 *41
41
*41
41
300 Preferred
*40
4212 *40
25 35 Oct 14 5114 Feb 18
8 5618 5712 55
4 583
x.5512 58
563
8
70,700 Anaconda Copper Mining_ _50 4114June 27 6012Dee 23
8
563
4 547 553
4 5518 557
563 5912 563 5712 5712 58
59
59
4
5814 59
4
564 5812 2,500 Archer, Dan'Is. Micll'd_No par 38 Mar 12 63 Dec 27
4.113
4
*1133
-- •1133
4
•1133
4
0 Preferred
*1133 -- -- 1133 1133
4
100 106 Jan 4 11312 Dec 14
8934 - 8 8918 897
4897
8 89 895
8 88
90
*8812 8912 4,900 Armour & Co (Del) pref_..100 79 Oct 22 9614 Feb 16
8814 87
8
814may 4 1578 Jan 7
4
8
117 1214 31.100 Armour of Illinois Class A__25
8
1318 138 125 1338 113 1212 113 12
4
1112 117
718 8
64 712
65
8 7
63
4 7
64 74 82,800 Class B
918 Jan 6
65
8 7
5 Dec 22
25
8 7114 7278 6818 7118 693 70
6814 70
727 737
8
6718 70
8,700 Preferred
4
100 80 Apr 13 8614 Jan 27
5014 4812 4914 48
4812 49
473 48
4
5,200 Arnold Constable Corp_No par 21 Apr 1 6512Nov 19
50
49
4878 49
2512 2512
26
*2512 26
300 Art Metal Construction _ ___1O 22 Jan 11 32 June 24
*2512 26
26
2512 2512 *2512 26
*42
43
45
42
42
*41
42
*42
42
42
300 Artloom Corp
*4218 45
No par 4034 Dec 24 543 Jan 5
4
*1104 1111 *11014 11112 *11014 11112 *11014 11112 •11014 11112,•11014 11112
Preferred
100 10912 Nov 23 11412 Nov 22
47
475
8 4618 47
4714 9,200 Assoc Dry Goods
4
8
473 48
4
4618 463
4 463 473 :47
No par 3912 Feb 9 534Nov 18
11218 11218
200
*111 115 *111 115 *112 115
112 112 *112 113
1st preferred
100 9712Mar 3 112 Dec 21
100 2d preferred
•115 120 *115 120 *115 120
11514 11512 •116 120 *116 120
100 105 Mar 23 114 Dec 2
3914 3914 3614 394 39
41
039
41
40
40
120 Associated 011
39
404
25 35 Oct 20 504 Feb 19
3912 4034 3918 3912 39
40 40
39
404 404 4212 10,900 AVG & W 188 LIne__No par 303 Mar 25 434 Nov 30
39
8
40
39
4012 40
41
40
*39
3912 4014 40
2,400 Preferred
*39
40
4
100 293 Mar 25 414 Nov 21
4
10712 109
16,900 Atlantic Refining
10712 10812 10514 1063 10514 1064 1053 10912 10712 108
4
100 104 Dec 9 13138 Aug 5
100 Preferred
*118 11814 *115 11814 *11712 11812 *11712 11814 *11712 11812 118 118
100 11512 Feb 1 119 Aug 20
6378 64
634 644 64
64
*64
65
65
65
64
65
1,000 Atlas Powder
No par 5612 Mar 17 70 June 9
103 104
103 103
103 103 *10312 1063 1033 106
4
4
80 Preferred
•103 104
100 98 Jan 6 107 July 2
9
9
09
912 *9
912
*812 9
912 11
103 1314 7,800 Atlas Tack
4
No par
714June 25 1218 Apr 7
53
8 6
512 512
512 6
*512 57
8 0512 57
8 2,100 Austin. NIchols&Co vtcNo par
55
8 614
414 Mar 22 1014 Jan 3
30
30
28
28
*27
30
*27
30
*27
30
300' Preferred
3212 3
3
100 2312 Dec 28 61 Jan 5
8 4318 4312 4312 433
8
8
*4312 434 434 437
4 437 434 435 435
8
1,300 Autostr Saf Razor A __ No par 43 Nov 12 467 Nov 25
8
250 251
250 250
251 251 *25212 265
250 25612 3,300 Baldwin Locomotive Wks_100 14318 Jan 18 2853 Sept8
*251 254
4
300 Preferred
120 120 *120 121 *120 121 *120 12012 1201* 12012 121 121
100 116 Jan 14 12514 July7
8
8
8
200 Bamberger (L)& Co pref 100 1063 Mar 30 11078 Dec 16
4
*11012 1115 *11012 11158 1113 1115 111 111 *11012 112 *11012 1123
4
*46
48
*46
48
•46
48
49
4712 4912 04912 51
Barnett Leather
600
*46
No par 40 Jan 6 594 Feb 9
•104 ---- •104 ____ 0104
____ •104
__ *104
l Preferred
*104
100 9514 Mar 31 103 Nov 25
4
2514 243 25
247 2558 2514 253
8
4 255 2618 27,200,Ilarnsdall Corp class A
25 1514 25
25 20 4 Oct 6 3512 Feb 26
3
*2412 2512 *244 2512 *2412 2512 *25
26
253 253
4
4
2001 Class B
4
*243 2512
25 2012 Oct 7 3212 Feb 28
105 105 *104 105 *102 105 *103 105
100 Bayuk Cigars, Inc
No par 4912 Jan 25 109 Dec 6
*105 107 *105 107
1073 10814 10814 1083 *108 10814 10814 109
4
4
4 108 108
First preferred
380
•108 1083
100 101 Jan 10 110 Aug 19
8 1618 17
8
16
4
9,000 Beacon 011
164 153 16
167 1714 167 1714 164 187
8
No par
14 Oct 14
1814June 7
7412 7514 7314 7314 7312 7312 4,400 Beech Nut Packing
4 7318 75
7514 785
8 7612 773
20 6014 Apr 29 7414 Nov 21
116 *11612 11714 *11612 11714 *116 1171 *116 11714
116
10 Preferred
*116 117
100 11412 Jan 17 119 Mar 12
4
22
22
22
7,200 Belding Hem'way Co__No par
19
1914 184 1912 1912 194 103 2114 21
1512July 7 274 Jan 7
547 5518- 5434 55
8
5412 547
8 544 543
8 2,400 Best & Co
5512 544 55
No par 494 Aug 25 5958 Nov 15
55
57
573 5812 56
8
'2 58 1 58l 58
5712 5714 573 37,500,Bethlehem Steel Corp
4
100 43 4 Jan 27 8612Sept 8
3
5712 58
I
prices; no sales on this day. z Ex-dividend. a Ex-rights.
• 1314 and asked
PER SHARE
Range for Previous
Year 1926
Highest
per share $ per share
79 Oct
7 -May
3312 May
2358 Oct
98
1712
6714
305
8
Feb
Feb
Feb
Dee
8113 Oct 8624 June
4
313 July 463 Feb
4
978 Dec 154 Jan
9418 Dec 103 May
2
25 8 Oct 527 Jan
5
Jan
4
673 Oct 87
8
90 Mar 1197 Jan
14
116 Aug 1244 Dec
6514 Oct8012 Aug
114 July 125 Dec
4314 Dec 574 Feb
11312 Apr 120 Feb
-921. - ar 10412 Dec
4 hl-503 -May 7212 Sept
4
10114 May 12238 Aug
774 Mar 90 Dee
397 Nov 74 Jan
8
42 Apr 703 Aug
4
Dec
Kfai
11278 Mar
1213 Oct
4
9534 Nov
40 May
11014 Sept
65 Apr
14
100 June
2914 Aug
2512 July
1395 June
8
1114 Mar
11018 Mar
10618 Jan
Jan
114
10212 Aug
Aug
1223 Dec
8
165 Feb
105 June
47 Aug
115 Feb
8714 Nov
1104 Nov
44 Dec
414 Feb
141 Dec
1243 Sept
4
124 Sept
113 May
135 Feb
10814 Dec
June
427k Ja0
53
-616i-
9014 Dec
13 Aug
618 May
20 May
4112 Mar
344 June
100 Mar
9014 May
1318 May
53 May
4
80
Apr
18
Apr
194 Jan
463 Sept
4
108 Mar
3714 Mar
96 Mar
102 May
4454 Jan
29
Oct
3314 Oct
97 Mar
1151a Oct
64 Mar
Jan
94
8
Oct
718 Oct
54 Nov
412 Jan
1218 Feb
64 Dec
5178 Aug
443 Jan
4
108
Oct
9778 Jan
2512 Feb
Jan
17
93 Feb
314 Jan
233 Oct
4
6312 Jan
113 Dee
544 Jan
10212 Jan
110 Dec
60 Mar
6838 Jan
5614 Jan
1283 May
8
120 June
64 Nov
9738 Dec
1712 Jan
Jan
28
93 Jan
027 Mar
*
105 Mar
ii9i, _Nov
162 -APi 104 July
- -2312 May 3312 Jan
2212 Oct 3912 Jan
39 Mar 553 Nov
8
4
98 May 1023 Dec
I2 4 Oct 714 Feb
1
11412 Apr 1145 Apr
8
4
26 Dec 393 Jan
3714 May "Elie Sept
224
New York Stock
Record--Continued--Page 3
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 7.
Monday,
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 12.
Jan. 11.
Friday,
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK iTOCK
EXCHANGE
PER SHARE
Range for Year 1927.
On Oasts of 100
-share lots
Lowest
Illyhest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Shares Indus. & Miscei. (Con.) par g per share $ per share $ per share $ Per share
4,400 Beth Steel Corp of (7%) _100 1043 Jan 3 120 Dec 29
4
99 June 1057 Dec
8
8Nov 30
700 Bloomingdale Bros___ _No par 34 June 15 527
28 Juno 42 Dee
100 10913 Jan 20 114 Nov 14 10414 June 110 Deo
230 Preferred
100 44 Jan 17 95 Dec 12
390 Blumenthal & Co pref
40 Dec 60
Jan
8
No par 534 Jan 5 693 Dec 14
23,300 Bon Ami, class A
5313 Dec 5018 Dec
8; Apr 14
412Sept 2
No par
15,900 Booth Fisheries
418 Mar
9 Jan
14
100 36 Sept 20 5714May 27
900 1st preferred
34; Oct 5112 Jan
Botany Cons Mills class A...50 18 May 4 3012Sept 6
20 May 4118 Jan
19128ept 27 3638 Feb 23
24
12,600 Briggs Manufacturing_No par
Oct 3713 Jan
100 14812 Feb 11 225 Dec 29 133 Mar 163 Sent
19,500 Brooklyn Edison. Inc
No par 89; Apr 4 15713 Dec 29
13,600 Bklyn Union Gas
88 Mar 98 Dec
No par 3013 Feb 1 5014 Dec 27
4,100 Brown Shoe Inc
2912 Juno 48; Jan
8July 11 387 Jan 10
24; Mar 39 4 Sept
8
3
2,800 Brunsw-Balko-Collan'r_No par 257
4
1.000 Burns Bros new clAcomNo par 8512June 17 1253 Jan 20 121 Mar 144 July
3
500 New class B com___ _No par 1614 Mar 18 34 4 Jan 27
2613 Nov 44 Feb
100 90 June 20 100 Jan 3
97 Mar 10313 June
150 Preferred
1,200 Burroughs Add Mach __No par 290 Mar 2 145 Dec 24
7713 Apr 124 Dec
3
10; Mar 344 July
2.100 Bush Terminal new-___No par 29 4 Jan 12 69 Nov 28
8
100 9114 Jan 6 1117 Dec 21
813
570 Debenture
Apr 93 Aug
100 103; Feb 141 120 Aug 8
994 Jan 104 Nov
100 Bush Term Bldgs, pref
518May 2
4 Dec
5
3;Mar 19
3,700 Butte Copper & Zinc
614 Feb
4
100 44 Oct 131 613 Feb 15
2.700 Butterick Co
17; Mar 71 Sept
718 May 164 Jan
738 Nov 2 113 Jan 7
10
4
1.700,Butte & Superior Mining
63 June 90 Sept
'By-Products Coke
No par 06 Jan 29 9212June 2
28 Mar 44; Nov
No par 42 Jan 31 10234 Deo 21
44.700 Byers & Co (A M)
3
100 105 451ay 3 11212 Dec 31
10 Preferred
9813 Mar 10213 Nov
16,200 California Packing____No par 0014 Apr ii 79 Dee 22
684 Oct 17913 Feb
7
,
25 20 Oct 111 32 Jan 18
51,400 California Petroleum
2834 Oct 3.834 Feb
2; Jan 17
10
113 Mar
114Sept 26
10,100 Callahan Zino-Lead
2 8 Jan
3
5512 Mar 7358 Aug
10 6112June271 12312 Dec 21
56,500 Calumet Arizona Mining
13; Mar 1813 Aug
4
25 1414July 71 243 Dec 15
30,200 Calumet & Heels
3213 Oct 49 Sept
6018 Aug 10
66,800:Canada Dry Ginger Ale.No par 18 Jan
100 132 Jan 27 2834 Oct 7
6212 Jan 176 Aug
15,100Case Thresh Machine
90
Jan 11813 Aug
5001 Csse Thresh Mach pref ___100 111 Feb 28 129 Dec 30
284 Oct 334 Aug
9.100:Central Alloy Steel____No par 24 Apr 1 33 Apr 28
7 Nov 204 Jan
8
8; Jan 31 247 Nov 10
100
1 Central Leather
74 Jan 3 1512May 26
100
83 Noy
4
7 5"
Certificates
597
434 Apr 6834 Jan
Preferred
100 54 Jan 141 84 Oct 4
.97
.95 -_
50 No
Preferred certificates__. 100 54 Jan 3 7854 July 18
____
5413 Dee
4
104 Oo
200 Century Ribbon 51111s_No par 1012 Jan 261 103 Aug 30
13
12; 12
- -38 •12 - - 327 Jan
8
9 III; 912% fi •12; 13
.125 8 lily 912 8 82
82
100 70 Jan 24 8834 Dec 13
.8112 86;
87
78 Dec 90
14
70 Preferred
87 .84
Jan
87 .84
.84
87 .84
67
677 17,400 Cerro de Paso Copper_No par 68 June 27 7212 Deo 23
8
67
57
12 Jan 7313 Aug
6612 6718 260
67
3 66
67
12 678 67 673
7
2918 May 4913 Jan
3
8 594 6018 41,4001Certaln-Teed Produet8_No par 42 Jan 25 55 4May 11
597 607
8
4
4
3
59 8 61; 594 60 4 573 5912 583 00
5
100 106 Feb 1 11814 Doc 23 100 May 1064 Nov
100 1st preferred
3
4
4
4
•118 4 11914 1183 11914 *1183 11914 11914 11914 .1183 119 .118 4 119
3
8
No par 65 Dee 8 787 Aug 23
757 77
8
76
764 7,800 Certo Corp
7514 7612 7512 70
75
75
*73
75
412Nov 15 14 Mar 22
813 Nor 26 -Yob
614 012
612 612
613 67
8
618
618
63
4 63
4 1,700 ChandlerClevelandMotNo par
614 6;
13 June 27 264May 6
No par
17
1714 1714 .10
20; Dec 6514 Feb
2,200 Preferred
173 .1612 17
8
17; 17; 1614 1714 17
8
4June 29 867 Oct 4•
No par 643
8012 8112 794 8114 78
7813 80 4 15,900 Chesapeake Corp
3
4
8 783 79
8012 7812 797
133 133 2132 132
9412 -Apr 128T4 - ea
700 Chicago Pneumatic Tool_ _100 12012 Jan 3 1374 Mar 2
132 132 .130 134 .130 135 *13112 135
154114 41; 4114 4112 424 4214 417 423
8
43 Dec 49 Feb
150 Chicago Yellow Cab_No par 38 July 15 47 Oct 19
8
4112 4112 4112 42
3
4,400 Childs Co
52
4618 May 9038 Jan
51
5212 524 5212 514 524 52
52
No par 48; Mar 31 65 8 Aug 25
52
524. 51
8
414 404 4078 4013 41; 4113 42; 65.500 Chile Copper
25 3318June 27 443 Dec 23
30 Mar 36; Jan
7
414 427k 40 s 42; 40
Apr 1
29 m
164 oot 8
5 2218 Jan 7 24 Deo 31
__
Chino Cornier
26 Nov
34, ja
8
-16 x115 11830,800 Christie-Brown tern ottallo par 347 Jan 5 9078
8
1024 109;105 1103 10613 1
3
100 1097 104 110
No par 3818 Jan 28 6313 Dec 241 2813 Mar 64; Jan
5612 584 5712 58 129,900 Chrysler Corp
4 56; 58
12 5912 5614 573
58 4 60 4 57
3
3
8 Apr 11 116 Dec 5
8
9.3 Mar 108
No par 1023
2,400 Preferred
113 2 1135 11518 11518 115 115 .11414 115 .11414 115
5
1137 115
8
Jan
•52
5212 .5118 5113
54
523 5238 .52
8
100 City Stores class A__ No par 464 Mar 10 64 Dec 19
'Si
5212 .5213 54
No par 4113 Apr 5 6412 Dec 28
6214 6214 6212 6212 1,100 Class B
8
627 62; 6212 62; .6214 63
83
63
00 -Deo 684 Jan
4
7812 7812 781/ 78; 7712 781g 7712 7753 7712 7814 773 8034 4,600 Cluett Peabody & Co No par 51 Juno 17 844 003.28
100 1114 Jan 0 12514 Nov 15 10314 Jan 116 Sept
30 Preferred
120 120 •11813 122
•120 123
11813 11812 11914 11914 .119.2 120
131 1337 1313 1327 132 133
28,000 Coca Cola Co
133 135
8
8
8
131 1323 132 134
4
No par 29612 Apr 27 1994 Apr 22 128 M
174 4 Dee
3
102 10514 10234 105 4 102; 10513 105 1097 66,800 Collins ,k Alkman new_No par 811 Aug 26 113; Dec
3
106 4 108; 10,518 108
3
8
100 10212Sept 1 109; Dec 28- - May 1- 8-1-1 -13 1'
108 108
12 108 10813 108 10814 .108 109 .108 109
600 Preferred
108 108
28
9834
3 1 ;
8
100 425 Jan 4 963
78; 79 4 7714 7912 7612 7912 7714 7918 7814 793
3
8July 12
8014 44,300 Colorado Fuel & Iron
4 79
27; Ma
483 Oct
8
9614 94
95
93; 963
4 93
93
93
6.300 Columbian Carbon v t cNo par 664 Jan 3 10114 Nov 11
4
92; 9312 933 95
55 8 Jan 701 Dee
3
.4
8
3
3
91
924 90; 9112 90 8 91; 9118 92
90 4 92
3
913 92; 21,200 Colum Gas & Elea new_No par 827 Feb 11 98.4May 27
4
86 8 Nov 91 Deo
3
9912 Jan 24 11018 Dec 31
100
109 10914 10914 110
109 109
109 10918 3,400 Preferred new
109 10912 108 109
9878 Nov 10153 Nov
644 65; 6413 64; 6314 6418 23114 6334 6212 634 6312 65 4 17,300 Commonwealth Power_No par 48 8May 25 78; Oct 7
3
_
3
14 June 29 2413 Deo 8 123; =34 2313 2318 234 23
*2212 2314 23
234 23
2314 2,100 Commercial Credit____No par
64
25 17 June 10 244Se01 26
.2318 24 .2318 2312 2313 2313 *2318 24 .2318 24 .2318 24
20 Preferred
2114 Nov 2134 Jan
3June 15 25 Dee 17
25 187
243 243
4
4 2434 25 .2434 25
25
25
380 Preferred B
*2434 25
*243 25
4
20 Nov 27; Jan
610 let preferred (634 %)-- - -100 69 July 8 89;Dec 12
8
8814 8812 88; 8812 8812 8812 883 883
8513 Dec 9913 Feb
4
3
8814 833
4 88 4 89
6212 61
13113 1.900 Comm Invest Trust__ _No par 4118May 4 62 Dec 14
61; *61
613 62; *61
4
6212 614 61; .61
5413 Dec 72 Jan
100 9412Sept 20 102 Dee 13
10 7% preferred
•10014 10412 .10014 10412 *10014 10412 *10014 101; 102 102 .99 102
97 June 104
Jan
100 864July 5 984 Deo 12
100 Preferred (634)
95
96
.95
96 .95
*95
913
*95
96
96
95 .95
89 May 100
Jan
4
8
167; 16812 164 1643 .160 165
3,800 Commercial Solvents__ No par 145 Nov 17 203 Sept 16
1627 16512 16312 16312 164 167
Publica___No par 39 Aug 12 53 Dec 17 ____ ____ __- ---200 Conde Nast
49
48; 49; 49; 4814 4814 .48
49; *47
.48
50 •47
1714 Jan 26 2934 Dec 1
33,850 Congoleum-Nalrn Inc_No par
28
2814 2712 2814 2718 27; 2714 27; 2714 28; 2712 28
1212May 29 8 Sept
3
No par 47 Mar 11 8812 Deo 7
7912 79; 79; 80; 3,200 Congress Cigar
80
4
8014 8112 8012 8012 794 793 .79
4013 May 67 Dee
*14
14
14
*14
3
8
•
4
3,
14 Feb 1
*3
8
12
*38
12
3
8
100 Conley Tin Foil stpd_ No par
1% Dec
5 Jan 6
8
1 Mao
No par 7414 Oct 29 8634.julY 7
8212 8212 8212 6,600 Consolidated Clgar
4
4
837 84; 833 84; 82; 8312 8218 823 .82
8
464 Apr 7814 Dec
100 697 Aug 11 1064 Aug 23
8
9912 9912 *9812 10014 .9812 993
4
8
4 1,100 Preferred
91 Mar 1073 July
*9914 10012 997 10018 993 100
3
12 Oct 24
213 Feb 4
118
114
112 Aug
118
1,
4
113 9,300 Consolidated Distrib'erallo par
1
114
118 I;
Us
613 Jan
14
113
51,600 Consolidated Gas(NY) No par 94 Mar 9 12534 Dec 29
123 124
8
123 12414 1207 12314 119; 12114 12018 121; 1205 123
8
87 Mar 1163 Aug
8
No par 93 Mar 18 103 Dec 21
10214 10214 10214 10214 102 102
8
8 2.200 Preferred
4
101; 1013 10112 1013 1017 1017
4
____ ____ ___
318 Mar 14
718June 18
3; 4
3; 418
3; 44
4
418
114 May
5.600 Consolidated Textile_ _No par
4
4
3; 4
414 Nov
ANo par 3312 Apr 30 74; Jan 0
493 5018 49
4
50
5312 14,000 Continental Baking cl8
48
4914 485 49; 4912 50; 51
50lz Oct 93; Aug
4 May 19 1014 Jan 5
No par
512 53
5; 512
53
8
18,200 Class B
514
53
4 6
4
514 .534
7; Oct 1518 Sept
514 554,
100 72 Apr 1 97'g Nov26
3,800 Preferred
93
87
93
933
4 9412 95
4
8 93
Oct 9011 Aug
93
9334 9314 9314 923 927
4
70 Mar 9212 Jan
8212 81
8
314 84
4
8014 82
81; 813 834 11,300 Continental Can. InoNo par 583 Apr 9 86; Dec 21
80; 817
s 81
100 120 Jan 17 126 June 10 117 Mar 126
•1223 12413 12314 12314 .12314 12413 12413 12412 12412 12412 1243 1243
4
170 Preferred
4
4
Apr
25 135 Jan 27 341 Dec 21 122 Mar 14434 Jan
Continental Insurance
_ ____ ____
878 Nov 2 133 Jan 6
4
1012 10
34 1012 10 4 1012 10 4 105 107
3
97 May
8
8
8
6
8 10; 107 21053 107 15,800 Continental MotorsNo par
3
13; Dec
8
65 4 67
3
67
35 8 Mar 51; Dec
6918 68
3
6912 7012 170,800 Corn Products Refining____25 467 Jan 12 68 Nov 30
7018 7014 71; 6912 71
100 128 Jan 11 14214 Dec 23 12213 Jan 13014 Dee
.138 14012 140 140 *140 14012 1403 1403 1397 1397 *139 140
1
300 Preferred
8
8
8
8
No par 56 Jan 3 123 Dec 31
13412 1363 133; 13614 12912 1321g 12912 13338 132 1337 13212 1337 12.900 Coty, Inc
8
4413 Mar 62 Dee
8
8
8812 893
4 8912 893
4 873 89
5,100 Crucible Steel of America __100 7612 Oct 28 9634 Mar 4
4
04 Apr 82; Dee
87
883 x87
4
873 883
4
4 88
100 103 Jan 18 115 Sept 14
511212 11412 .113 11412 .113 11412 1145 1145s .1143 115 *1143 115
100 Preferred
4
4
8
96 Mar 104 Dec
1472 Aug 21
818 oet 19
o par
2512 255
25; 26
8 2510 2512 2518 2518 2512 2814 26; 2812 16,800 Cuba Co
32858%11: ma t 5378 Jun.
Ocy 50
:
11
No par
50 4 .1a n 4
3018 Jau 58
1 g
7
63
4 6;
718 718
718
718 2,800 Cuba Cane Sugar
718
7
718 714
7
DecJan
100 28 18 Nov 4
3
3014 3014 *30 8 3012 3014 3012 31
Jun
3238 3114 3214 8,000 Preferred
3214 31
June
8
10 187 Nov 4 2812 Jun 3
2212 2234 2134 2314 22
22
3
2
014 Aug 303 Jan
22
4
23
22; 227
8 2218 223 13,100 Cuban-American Sugar
100 9713 Nov 1 107 Aug 11
10318 104
•103 106 .104 106
300 Preferred
1033 1033 .10414 106 .10414 106
4
4
973 Jan 105 Nov
4
1012 Nov 10 18 Jan 21
•11
1212 .11
1212 *11
1212 12
1212 1.000 Cuban Dom'canSug newNo par
.11
1212 .11
12
1512 Sept 2014 June
50 4312 Apr 8 583
5513 16,600 Cudahy Packing new
56
4Sept 26
55
5,512 56; 55; 57; 55
56; 5514 55; 55
514 Nov 65 Dee
15 Nov 1 5
613
4 6014 6112 6014 6214 9,200 Curtis Aer & Mot Co_No par 14118Noo2 111834 I)oc 14
5812 603
4 60
1
60
6112
19 Deo
61
63
119 119 .115 119
•115 119
900 Preferred100
11914 122 .120 123 *120 123
No par 103 Apr 4 152 Oct 17
.14012 14514 *14012 14612 .140 145 .142 145 .142 145
800 Cushman's Sons
1443 147;
4
7712 lair ilii- 15;0
.114 120 .114 120 .114 120
10 Cushman's Sons pref (7)__100 107 Apr 12 125 Dec 14
114 114 .116 120 .116 120
99; Feb 10713 Aug
No par 30 Apr 28 654 Oct 11
5112 513 .5112 52
.51
52
4
52
400 Cuyarnel Fruit
52
.51
52
52
52
32 Nov 51
„fan
12 45; 42
Davison Chemical v t c_No par 2614 Apr 28 4812 Dec 28
45
46
43
433
4 4314 44; 35,100
,
4312 42 2 43; 43
2318 Oct 46; Feb
100 10512 Jan 3 12549lov 14 1047g Mar 110 Nov
450 Deere & Co Prof
•11614 11612 116 11812 11614 11614 .11614 11714 11718 11714 11714 118
100 13312 Jan 21 17012 Dee 30 12313 Mar 1411i Dee
16713 168 51673 168
167 16712 16612 167
4,700 Detroit Edison
8
16612 16812 169 170
453
8 443 47
59,100 Devoe & Raynolds A_ _No par 3612 Aug 13 42; Dec 14
4
47
49; 49
4214 4212 42
50; 4812 50
31
Oct 10418 Feb
100 115 Feb 28 1473
450 Diamond Match
137 137
135; 1363
4Sept 20
4
.13612 1383 136 1384 13712 13712 137 138
4
8
,3 203 21
2014 20; 203 2114 115,800 Dodge Bros Class A____No par 1314 Oct 19 2713 Jan 5 - -1- ivini 17 4
8 2018 213
2012 227
2258 23
8
21 4 -1No par 5612 Oct 19 85 Feb 14
certif
71
72; 7118 71; 35,800 Preferred
7014 7418 70; 7213 7012 72
7314 74
794 May 90 July
No par
7 June 30 1414 Dee 15
8
4
4 123 13 .123 13
4
123 127s 1,600 Dome Mines, Ltd
4
4 123 123
4
13
1314 123 123
8
Oct 20 Mao
Douglas Pectin
No par 46 Jan 3 80 July 6
19 Mar 46 Nov
- -18 2,000 Dunhill InternationalNo par 49 Aug 3 6213 Oct
5612 5612 5612 571g 57
56
5614 5513 5614 551z 57 .56
10-4 2,100 Duquesne Light lot pref___100 11414 Mar 2 117; Nov 18 11112 Mar 1163 -Aug
4
115; 1155 115; 115; 115 115
8
4
; ;115 1153 1153 1153 1153 1153
4
;
4
4
No par 12614 Jan 28 17514Sept 20 106; Mar 1363 Dee
4
Eastman Kodak Co
16412 1633 165
16312 164; 165 105
3,600
166 16612 165 16614 164
4
100 11914 Jan 10 13113 Oct 31 115 Apr 11713 Oot
30 Preferred
129 129
129 129 .126 129 *120 129 *126 129
•126 129
12,800 Eaton Axle & Spring_ No par 2114 Oct 28 293
26
26; 2614 263 x2618 28
2612 27
4
2612 265
4June 20
8 2634 2718
23 Oct 3214 Feb
315 31714 15,200 E I du Pont de Nem new_No par 168 Jan 25 3437 Oct 4 1543 Nov 18112 Dec
31914 3204 315 315
8
310 315
312 316
312 315
4
100 10513 Feb 5 118 Dec 27 100 4 Apr 11018 Dee
600 6% non-vot deb
8
.119 120 4 120 120 *11814 11918 11812 11812 11814 1183 *11712 11818
3
3
25 103 Nov 21
4
1512 1518 153 23,900 Elsenlohr & Bros
15
1512 15
15
4
104 Feb 15
13
1514 1534 147 1512 14
10 4 Oct 2012 Feb
3
No par 6313 Jan 13 102 Dec 10
10714 10812 10814 1093 109 1093 16,500 Electric Autolite
8
8
107 109 4 10512 108
3
107; 109
61; Mar 82 Feb
1312 Mar 2 224 Aug 15
No par
8 1414 1412 1414 1514 7,300 Electric Boat
8 1414 147
15; 157
'8 14; 1518 1414 147
4 Mar 16 Dee
No par
1611 Jan 27 32; Deo 21)
3
1514 Oct 3412 Feb
; 30 8 3114 43,800 Electric Pow & Lt
30
30
; 30
283 2934 29
4
293 30
4
;2934 29
8
Allot ctfs tor pref 40% pd._ 1037 Jan 28 122,4 Dec 21
___ .120
- _ .120
_ .120
9913 Mar 116 Feb
•12112 ___ .121;
_ *12014
No par 96 Jan 14 109 Nov 25
107
1073 107
8
8
-38 1073 10712 1,700 Preferred
--_10712 10712 10612 io738 107
107 107
8913 Mar 984 Sept
5 4 Nov 4 373 Jan 3
3
1112 12
35.500 Electric Refrigeration...No par
1112 12
1114 11; 11; 1178
1218 12 8 113 1214
33; Dec 7812Juns
8
3
3
8 5.700 Elea Storage Battery-No par 6314May 3 791* Ian 6
711. Mar 041, Aug
8
74; 744 7314 74; 721, 734 733 7312 7218 7318 7114 727
a Hz-dividend. a Ex-rignts. b Ex warrants.
Bid aaJ asked prices: no sales on tali day
$ Per share $ per share 3 per share
1204 1204 120 12014 12018 12012
43
4212 4212 4213 4212 .42
10912 111 *11018 111 *11018 111
95
95
9512 953
95 95
4
8
66
6812 67; 677 x6614 663
4
7
614 614 *614
8
612 73
4712 49
*42
49
4712 49
*22
23 .22
23
.2114 23
2312 24
23; 24
23; 24
216 21934
211 217
210 212
1474 14714 148; 15313 153 15518
8
4712 4811 483 48; 48; 4914
4
4
4
333 333
4
4 333 333
4 333 333
9912 99; *99 100 .99 100
17
17
18
*17
17; *17
4
4
4 9912 993
99; 933 993
99
140 140
14018 14018 .140 141
6012 6013 6012 60; 6012 60 4
3
108; 1085
1083 109
8
10813 109
8
4
4
1163 118 .1163 117 *1163 117
4
412 412
8
414 4;
414 43
4912 49; 49; 4912 49;
49
9; 9;
918 918
9
94
70
7014 7014 70
71
71
4
9814 9618 983
96
987
8 95
_
_ •11112
11112 11112 *11113
753 4 78
-- 76
754 7612 76
26;
2614 26
8 26
2534 263
2
218
214
2
2
218
10714 10918
104 10712 106 108
8
4
8 207 213
2018 207
8 2012 207
4
553 5714 56; 573
4
58
57
264 26614
2633 265
4
263 267
12818 12913 .126 130 .126 129
3012 30;
3012 30; 3013 31
25
25 .23
25 .23
.23
_
_
____
____ .100
____ •100
____ .97
$ per share $ per share $ Per share
120 12014 12014 121
12014 12012
*4212 433
4 4258 43
4234 423
4
•10913 110
110 110 .110 111
96
95
96 .96
9612 95
8
6714 655 6718
663 6712 67
4
6
718
7
712
612 612
4713 4712 .42
49
49 .42
*2113 23
4
*2114 23 .2114 223
2434 25
2412 2478 23; 2413
21614 217
4
21313 2153 2003 211
4
15012 1513 1483 150 .142 149
4
4
4712
47; 48
4818 4812 47
33; 33; 33; 34
3312 337
8
9912
99
.9913 100
*99 4 100
3
18
1704 *17
•17
18 .17
99 4 99 4
3
3
98; 99
*983 99
4
140 14112
141 14212 •142 143
60
61
.6112 613
4 6112 62
10812 109
10814 10812 10814 109
4
1163 1163 117 1173
4
4
.1163 117
4
414 413
412 4;
4; 4;
517 527
8
s 514 5214 4814 50
.913 93
4
8
934 9 4
912 95
3
6912 71;
72
72 .70
.70
8
98 4 913 96
3
98 4 101; 96
3
_
__ *11112
_ .11112
77 -- -12 77
7
9
75 4 - 12
3 ii
79
•11113-3
8
8 25 4 26
2614 26 4 2.57 267
3
2
2
214 212
214 2;
103 1067
8
1104 11412 1064 112
2018 214
2134 223
8 2014 22
3
4 55 4 57;
5718 58; 57; 683
202 270
268 27018 270 276
128 128
12612 12612 128 128
31
313
4 314 31; 3013 3118
*23
24
24
.21
24 .23
-iiii
New York Stock Record—Continued—Page 4
225
For sales during the week of stocks usually Inactive, free fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 7.
Monday,
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 11.
Jan. 12.
Friday.
Jan. 13.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year ii.
On basis of 100-share tots
Highest
Lowest
$ per share 7 per share 7 per share 8 per share 7 per share 7 per share Shares
Industrial & Misc. Par $ per share
9
9
9
•73
4 9
*734 9
200 Elk Horn Coal Corp___No par
•81: 9
8
/ 8s
1
4
7
7 Dec 29
017
23% *17
23% *16
2334 *16
2334 •16
23% *16
23%
Preferred
50 15 Dec 28
*7
8
•7
8
7
7
•7
7
200 Emerson-Brant Chun A.No par
8
7
/
1
4
*7
8
3 Oct 8
*29
36
*29 36
*2812 36
*2812 34
*2812 36
*283 34
4
Emporium Corp
No par 30 July 15
77 77
767 77
8
75
/ 764 764 763
1
4
/
1
/
1
4 76
/
1
4
/ 80 10,000 Endicott-Johnson Corp__- 50 6414 Jan 28
1
4
773
: 79
1244 12414 .1211g 12412 *12114 12412 12412 12444 12434 12434 *12114 124%
600 Preferred
100 11614 Jan 5
35 35
344 35
344 3412 344 3434 3412 341: 3414 351: 5,200 Engineers Public Serv_No par 21% Jan 11
/
1
•1077: 109 *108 109 *108 109
108 108
300 Preferred
109 109 *10812 109
No par 9334 Jan 8
36
363
36
4 36
35
3534 *35
35
/ 3578 357
1
4
8 36
37
3.800 Erie Steam Shovel
5 21% Jan 3
3534 364 353: 361: 35
3512 35
3518 354 37
4 35
8,400 Certificates
353
5 301:Sept 9
/
1
4
*110 113 *111 114 *110 114 *110 114 *112 114
11312 116
500 Preferred
100 1011: Jan 6
904 904 9014 91
/
1
9012 9012 9012 9028
901: 911: 100
3.400 Equitable Office Bldg __No par 8438Sept 20
754 7618 741: 75
/ 74
1
4
7414 741: 75 4 754 7638 7534 7614 11,300 Eureka Vacuum Clean_No par 50 Aug 12
/
1
3
*21
211 *21
:
211: 201: 204 •20h 211: •201: 211 *201: 211:
100 Exchange Buffet Corp_No par 15% Jan 25
Ws 34
34
363
4 3614 367
2.800 Fairbanks Morse
: 3514 361g *3512 361
36
36
No par 3014 Nov 15
.
11....- 109
104 104 10106 110 *106 110 *106 110 *106 110
10
Preferred
100 107 Dec 16
1151* 117
11538 1173 113 11634 11378 11518 113 115
11412 11534 66,5 Famous Players-Lasky_No par 92 July 28
/
1
4
8
/
1
4
12112 12112 *12138 12112 12112 12112 1214 12118 1211 122
*12112 122 1.3001 Preferred (8%)
/
4
100 11473July 28
42
, 4214 4212 4214 424 42
/ 4212 42 *4234 427: 42
1
4
/
1
4
/ 43
1
4
/ 4.900 Federal Light & Traci
1
4
15 371: Jan 17
9914 9914 99 99
/ 993 9912 9912 9912 .100 100
1
4
997 10012
2
260 Preferred
8
No par 911 Feb 23
1130 150 *120 145 *122 145 *122 145 *125 145 •125 145
Federal Mining & Smelt4_100 60 Feb 9
*93 831 *9212 94 *9212 95 *9212 93 •921: 93 *S24 93 _
Preferred
100 75h Jan 28
194 20 •1912 20 •191: 20
181: 181 *19
19
700 Federal Motor Truck _No par 17 Dec 30
20
19
193 1943 191 193
:
1891 191
190 190
3,300 Fidel Phen Fire Ins of N Y_ 25 934 Feb 3
18714 1891 1834 187
1114 117k 1114 1114 .1114 12 *1114 12
*114 117 *111: 12
60 Fifth Ave Bus
No par 10 Nov 30
,•10618 109 *105 1081 *105 106 •105 106 41105 106
10514 105
/
1
4
100 First Nat'l Plc. let pre!_100 9712 Jan 13
.284 29
/ 29 29
1
4
2834 2884 28
284 28
/
1
29
29
/ 29
1
4
1.000 First Nat'l Stores
No par 1914May 11
16 8 17
1628 1634 1638 164 162 1618 164 1634 1612 1634 7,400 Fisk Rubber
1
/
1
8
No par 1434 Oct 13
*9134 94 z894 8914
09112 93 *9112 93
914 911 •9114 93
200 let preferred stamped__100 81 Jan 5
98 •94 98 *95
I *95 98 *95 98 •115
98 *95
98 - -- let preferred cony
100 944July 5
7018 7028 70 702
6812 69 4 69 8 7038 61.200 Fleischman Co new ___No par 464 Feb 1
8 684 7018 687 70
3
/
1
8
3
46
4314 46
4634 481
461: 471: 7,500 Foundation Co
46 4 45
45
3
43
/ 46
1
4
No par 35 Nov 9
844 85
8214 8334 831 8434 18,900 Fox Film Class A
:
8412 85
83 844 834 84
_No par 50 June 28
111 111
112 112 •111 1124 •111 11234 •111 11214 *111 11214
/
1
20 Franklin-Simon pref
100 109 Deo 3
1041: 106
1.0312 10514 102 104
103 10014 1071: 1094 105 10614 104,000 Freeport Texas Co_____No par 344 Jan 4
/
1
4
264 264 2512 261
/
1
/ 2534 26
1
4
2518 26
2538 25
2518 26
11,600 Gabriel Snubber A
No par 22 Dec 20
133: 13
/ 134 137
1
4
1278 131 12,500 Gardner Motor
/
4
1211 131
12 8 1314 1314 131
/
4
2
No par
61: Jan 27
64h 65 4 64 641
033: 63
3
/ 63 631
1
4
624 641
/
1
624 62
/ 6.800 Gen Amer Tank Car
1
4
No par 48 Jan 3
•1104 112
110 110 *110 112 *110 112 *110 112 .110 112
100 Preferred
100 1063:Mar 1
8914 92
/ 90 93
1
4
/ 9034 88
1
4
/ 86
1
4
/
1
8
914 883 90
/
1
/ 89 914 184,000 General Asphalt
1
4
100 65 Aug 27
136 1404 137 14011 *130 135
135 137
1324 1351 135 138
3.600 Preferred
100 1074 Aug 27
31135 138 *136 138
1364 138
137% 138 *137 138
1371: 13712
210 General Baking pre1...No par 118h Apr 5
7114 70 714 69 71
71
691 6934 6912 7014 7012 7012 6,200 General Cigar, Inc new-No par 62 Jan 28
/
4
•1.26- •126
_ •126
_ •126
— •126
___ .126
___ ___
Preferred (7)
100 118 Jan 5
2.6712 584 58 58
58 58
*574g 5534 *5734 - - *5744 5812
581g
200 Oen Outdoor Adv A___No par 54 Apr 11
/
1
4
523
8 51
62
52
501: 511
6018 5012 40% 5014 7,500 Trust certlfloates___ _No par 37 Jan 18
:
511 52
1354 1371: 13412 1361 132 1353: 1324 1343: 1311: 1334 133 134
73,900 General Electric New__No par 81 Jan 29
114 1112 114 1112 1114 111
113: 111: 111* 111: *113: 1112 8.300 General Electric epeolal
/
1
A0I 11 June 21
•11612 37 •3614 37
364 361 *35
38 *35
35
38
/ *35
1
4
200 General Gas & Elbe A_ _No par 34 Apr 1
4
/
1
4
:
101071 1083 *107 10834 •107 108% •10734 1081: 1081: 10812 1084 109
/
1
4
400(Jen Gas & Eleo of A (7) No par 100 Jan 3
•1221g 126 •12212 126 •12.21 125
123 123 •12212 125 *12212 125
/
4
100 Preferred A (8)
No par 113 Mar 22
/
1
4
*104 106 .104 106 •104 106 •104 106 •10314 106 •104 106
'Preferred B (7)
No Par 98 Jan 13
1354 13814 133 1361 130 134
132 1343 752,900 General Motors Corp new. 261 1134 Aug 19
/
1
4
1301: 1334 131118 134
:
4
126 126 x1241 1241 124 12411 1241: 1241: 124 12412 12414 12414 2,200 7% preferred
: :
iool 11812 Met 9
-- *108
-- •108
___ •108 _ _ 11108
_ •108
_ _
Gen Motors Corp 6%deb 0100 104 Mar 7
•108119 122
11912 123 1181/ 1211 119 12112 11912 11131 12011 121 .../
4
- : 25.400 Gen Ry Signal new____No par 821 Jan 14
4
3
:
3
8
78
/ 51.700 General Refractories—No par 38 Jan 14
1
4
8 7612 7714 77
79e 80 4 783 8112 76
78
/ 7612 783
1
4
100 1011 9912 10012 984 9934 987 1003
/
1
4
/
4
/
1
8 991: 1004 997e 10012 13,700 Gillette Safety Razor...No par 9514Nov 3
8
36
371
37
3712 37
37
35
/ 364 37
1
4
384 37
/
1
371 13,100 Gimixt1 Bros
/
4
-No par 3512 Dec 27
964 954 9612 9712 97
4
97 *97
98
98
043 9434 1,100 Preferred
98
1001 91 Nov 2
/
1
2134 22
21h 214 204 2112 2014 211: 211s 2134 2112 21/4 18,600 Glidden Co
/
1
-No par 1412May 21
901: 9612 961: 961: 964 063: 973
96 9612 96
/
1
8 9714 974
670 Prior preferred
100i 86 Aug 17
7538 72
73
747
8
72
73
73
/ 72
1
4
7314 21,700,Gold Dust Corp o II 0---No
74
72
74
42 Mar 9
6412 95
/ 93 94
1
4
/
1
4
9112 94
9338 a90114 9112 47,100 Goodrich Co (3 F)
92
9338 92
----No par 423 Jan 3
4
8
11114 11114 1111g 11112 1113 11138 11112 1114 •1113 112
11112 112
8
/
1
800 Preferred
100 95 Jan 3
69
/ 7038 684 70
1
4
/
1
66
6814 67 68
683
4 6712 69 29,200 Goodyear T & Rub—_No peal 4838 Aug 31
12 67
9814 9938 9918 99
/ 9814 9918 9878 99
1
4
8 99 8 9912 6.300 let prof
99 993
1
No part 9212Nov 2
8114 79
/
1
7914 7812 79
4
811 814 80
79
80
/ 80 811 4,600 Gotham Silk Hordery_No par1 57 Jan 12
1
4
/
4
/
1
4
8178 817
79
/ 79
1
4
8 80 83
7978 80 80
/ 79 79
1
4
79
2,200 New
No par 58 Jan 12
*116 119 *118 11914 11712 11712 1173: 11738 *11714 1181 *11712 11812
200 Preferred New
100 104 Jan 20
•834 8
/ •131 87
1
4
/
4
8
84 8 4 *8
3
/
4
81: *81 81
84 812
600 Gould Coupler A
No par
4 Oct 27
41
417: 404 41
/
401 41
4
/
4
411 42
4018 40 4 41
3
424 14,100 Granby Cons M Sm & Pr_100I 3118 Jan 27
37
3714 38
374 364 3714 3011 371
36
7 38
37
/
1
371: 14,500 Great WeeternSugarnewNo par 3518 Dec 10
/
4
11912 11912 119 120 .11912 11978 •11912 1197 1191/ 1194
3
/
1
4
•11912 119 4
80 Preferred
100 11612 Feb 26
/ 13012 139 124 134
1
4
136 147
12914 13678 1374 1431 1404 14414 303,300 Greene Confines Copper_100 2914 Jan 27
g
9
•84 9
•834 9
814 94
83
4 83
4 *84 914
500 Guantanamo Sugar- __No pars
7 Oct 18
107 107
107 107 *105 107 107 107 *106
•106
30 Preferred
100 95 Jan 24
/
1
4
5214 5138 5134 511: 5112 511 / 61
1
4
1
7
5138 511 114 1,900 Gulf States Steel
52 8 52
/
4
lOOl 40 Oct 11
*2234 2318 *223 2314 •22
/ 234 *2234 24 *223 23 •2234 23
1
4
4
/
1
4
Hackensack Water
251 22 Aug 2
68 69 .66
*67 69 •68 69
661: 67 68
691:
68
330 Hanna 1st pref clue A.--100 54
4,24
25
*231: 2412 •23h 24h 2414 241
24 24
25
2534 1,600 Hartman Corp clam A-No par 224 Jan 31
Oct 14
42022 20 4 21) 20
3
194 19
/
1
/ 19
1
4
/ 1934 19
1
4
/ 194 20 20
1
4
/
1
1,900 Class B
_Nopasj 1812 Dec 7
--Hayes Wheel
No par 151: Feb 15
in 113 *112 11412 4
'112 1144.
/ 3112 11412 •112 114 •112 114
1
100 Heime(3 W)
25 7512 Jan 14
.121__ *121 129 *121 129 *121 129 •122 127
122 122
10 Preferred
100 1184 Jan 11
29 29
297
294 2914 29
*29 29
281: 29 •28
29
700 Hoe (R.) & Co
_Noparj 22 Jan31
32
2912 3014 30
/
4
31
1232 321 31
3014 31
33
2,600 Hollander & Son (A)___Noparl 2114June 2
8
8
74
7214 72 •70
73 •70
73
7412 7412 741 743 *73
/
1
4
400 Homestake Mining
100 60 Jan 2
5
664 6712 662 6712 664 6612 6612 6712 671* 6712 674 67
4
/
1
/ 4,600 Househ Prod.Ino.tem ctfNopar 43 Jan 11
1
4
/
1
4
14834 1511 145 151
/
4
151 15412
146 15212 1471: 1511: 1484 152
31,700 Houston Oil of Tex tern ct
/
1
4100 601: Jan 11
43 44
/
1
4
43 4438 4214 4314 4214 441
42
4314 4214 4312 9.300 Howe Sound
No par 344July 11
/
1
822 8334 8014 834 7712 81
8
77
/ 7914 784 804 704 80 s 172,500 Hudson Motor
1
4
3
_No par 4814 Jan 24
/ 3114 3234 3034 3238 311: 3214 33134 32 50.900 Hupp Motor Car Corp
1
4
32
/ 3312 3212 33
1
4
/
1
4
Car_10 16 Oct 20
264 264 2618 2814 264 28
/
1
2714 274 2734 27
27
/ 28 35,700 Independent Oil & Claa-No par 173:May 20
1
4
4312 4312 *4312 44
:
44 44
44
44
*431 4414 4412 441
700 Indian Motocycle
No par 13 Mar 30
105 105 *1004 104
•10011 104
104 104 *1001: 105
105 105
30 Preferred
100 92 Jan 17
/ 1024 1118 1012 11
1
4
8
1014 102
/
1
/
8 1012 111 114 12
4
/ 40,400 Indian Refining
103 10
1
4
712May 12
10
012 10
91s 1018
912 9
9
/ 1038 45,200 Certificates
1
4
/
1
4
9
: 91
3
94 1014
Vaunt)20
10
106 106
:
106 10612 107 107
1021 1021 1031: 1031: 105 105
900 Preferred
100 99 Oct 18
443: 05
931: 9334 92 83 *02
4
921: 921:
93 *911: 92
600 Ingersoll Rand new____No par 874Nov 15
•118 116
116 116 *116 11734 116 116 •1113 118 *116 1 18
30 Preferred
100 10634July 27
89% 51
584 60
/
1
58
59
5938 584 5914 5914 60
58
/
1
11,600 Inland Steel
No par 41 Feb 15
4116 116 *115 118
116 116 *11578_ •11578
__ *1154
/
1
__
100 Preferred
100 111 Jan 3
20
2034 19
/ 20
1
4
191 19
/
4
/ 194 - 1
4
/ 1912 191 1
1
/ 914 194 -4
20
4.700 Inspiration Cons C090er___20 12123une 27
193 201
4
8 1914 20
19
204 2078 10,400 Intereont'l Rubber--__No par 11 Nov 2
/ 20
1
4
/
1
20
/ 20'2 20 201
1
4
1514 1412 14
/ 15
1
4
/ 1438 14
1
4
*1418 15
/ *1414 15
1
4
•I54 15
6.100 Internat Agrioul
61: Apr 23
No par
5914 60
58 58
*5612 59
*5712 594 5812 5812
900 Prior preferred
60 60
100 33 Mar 20
4
1163 1173 115 1171 11712 11812 1181 119
4
:
118 119
/
4
1171 1181 8,400 Int Buainess Machlnes_No par 5318 Jan 13
/
4
/
4
61
: 5818 60
7
Oils 60 60
581: 59
60
617
: 60 6114 9.100 International Cement_No par 4514 Jan 21
/
1
•10g 1091 1092* 1094 109% 1093 *1094 110
/
1
/
1
4
1094 109 *108 110
500 Preferred
100 100 Oct 21
534 544 514 531g 4934 5214 5012 52
/ 5118 5214 5112 5218 85,500 Inter Comb Eng CorIc-tfo par 4018 Oct 29
1
4
104% 1043 10411 105 *1037: 105 *10434 105
.105 10512 105 105
600 Preferred
iool 101 Oct 10
238 241 240 241
243 24734 242 2161 235 240 237h 241
13,800 International Harvester
100l 13538 Jan 1:
141 1411 .14012 1411 141 141
141 141 *140 141
700 Preferred
142 142
1001 12634 Jan 12
/
4
4
/ 41
1
4
/
1
4
4
/ 5
1
4
/
1
4
468 4
4
/ 4
1
4
/
1
4
4
/ 5
1
4
5,100 Int Mercantile Marina
1001
34 Oct 28
393 40s 4014 41h 407: 4214 411g 414 41,600
3034 42
/
1
4011 41's
Preferred
100 3212 Oct 28
1064 1081 103 1063
/
1
4
1 983 1027 10014 103
8
1004 10314 1024
/
1
105.200
2 874 604 895* 93% 013 104 378,000 International Match preL_35l 62 mar 2
8714 893
92
89
4 9538
93
/
1
4
89
Internations. Nickel (The)251 3814 Jan 3
891
7014 7128 68
883 694 6912 7014 29,800 International Paper—No
081s 70
/
1
714 72
par a3912May 18
102 102 *102 103
102 102
102 102 *10212 104
•102 103
100 Preferred
100 8514July 22
/
4
1071 1071 1073* 1071 1073* •10714 1074 1074 107's 5,200 Preferred (6%)
/
4
10714 1071 107%
(7%)
100 961: Jan 3
/
1
*6518 69 4 •654 69'g 651k 651 *6514 69
6834 683 •661 681
:
3
4
30 International Salt
ioot 63 Sept 29
__ ____
___
International Shoe----No par 160 Jan 21
18812 1881: 188 19014 *180 19334 *181 1934 1,800 International S-Iver
188 19214 195 195
1001 1351:Mar 21
_ _ *128
___ *1281: ___ •1284 135
___ •128
1284 1281
/
1
/
4
100 Preferred
100 109 Mar 21
14534 14714 14512 1463 1461a 1463 14.000 Internet Tele()& '1'eleg
*1284
4
, 147 1471: 1461: 14/14 1451: 147
h0Ol 12214 Jan 25
32 •32
3278 32
321: 321: 3234 321: 3214 1,000 intertype Corp
33 *32
*32
No par 191: Jan 31
54
5412 *544 55
55
54
531: 54 •531g 54
700 Island Creek Coal
54 54
ii 4812Mar 11
8318 834 8312 834 8314 3,300 Jewel Tea, Inc
/ 8212 8312 82
1
4
83
/ 83
1
4
84 84
No par 534 Jan 3
:
200 Preferred
*1204 1234 312012 1231 *1204 12312 12014 12014 *110 1231: *119 1231:
1
11112Jul7 25
280 Jones & Laugh
12118 12118 12118 12118 12112 121'3 12113 12112 12112 1211: 12112 12112
stos 383, 37
3814 374 4034 371g 4012 3711 391 38 381 31.700 Jones Bros Tea,Steel Prof loot 117 Feb 2
/
1
/
4
/
4
Ino---No par 1036 Jan 3
13
13
1234 13
131
4 13
1312 1314. 1318 133
11
13
8.400 Jordan Motor Car
No par 1228July 6
4
4
200 Kan City P&L let pf AN0
4
•115 1153 115 115 *1113 11518 *1143 116 *11434 1151: 115 115
109 Dec 15
28.
•Bid and asked pile= no sales on this day. s Eg.41,46406. a Ex_
.74
9o12
.31
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
$ per share 7 Per share 7 Per Marl
153:May 27
1
814 June 16 * Oct
2734May 27
21 Mar 304 Oct
814 Dec
13 Apr 14
84 Dee
:Mar 16
371
054 - ar 72 M
8114 Dec 13
/ Feb
1
4
125 Sept 15 114 Jan 120 Sept
1914 Oct 241: July
39 Oct 8
/
1
4
:
10814 Dec23 9214 Nov 961 Aug
2112 Oct 25 Nov
/
1
4
357: Dec 31
351: Dec 31
0. 102 liov
/
1
43u1y 22 1511
113
997 June 13214 Jul,
k
9312 Dec 14
43 May 683: Dee
777:Nov 30
23 Dec 19
1414 July 17 Are
434May 11
371 Dec 59 4 Feb
3
112 Mar 2 1061: Nov 115 Feb
115 8 Dee 31 10318 Jan 1274 June
3
1242* Jan 12 115 Mar 1244 Dee
/
1
4
47 May 3 28 Mar 47 Dee
100 Aug 25 86 Ju
94 Dee
187 June 16
41 May 111% Jan
97 Mar 12 61
105 Jan
3078 Jan 10
23 Oc
34 Aug
/
1
4
230 Dec 22 100 Ap 20014 Jan
1478May 31
14 •
214 Feb
/
1
10612 Dec 29
96 May 107 Feb
30 Feb 7
28 Nov 49 8 Feb
3
20 Apr 20
144 May 2514 Jan
100 Sept 19
7678 A.
844 Mar
102 Sept 9
94 June 107 Mar
7118 Dec 30
561: Feb
324
88 Apr 1
/
1
4
734
17914 Jan
854 Dec 20
85 Jan
5514
115 Aug 5 106 Jan 10914 Nov
1061: Dec 15
1968 Jan 38 Dee
59 Aug 5
/
1
4
25 Nov 42 Feb
1515 Dec 20
538 Nov
9 4 Jan
3
643 Dec 31
8
89
5518 Jan
991: Ju
1121:Sept 28
109 Dee
9034 Mar 2
50 Mar 944 Aug
..
14478 Mar 2
14018 Aug
8
947
120 Mar
140 Oct 18 107 Ju
747 Dec 9
a
46
594 Feb
136 Sept 22 109 Jan 118 Dee
583: Aug
51 M
697 Nov 16
*
584 Nov 11
/
1
263: M
397: Dee
1483:Sept 7
79 Jun
96 2 Aug
,
1118 Jan •
4
Jan 113 Dee
11
4712 Feb 2
24
59 Jan
1101: Oct 7
95 May 100 Dec
123 Nov 22 1054 Apr 113 Sept
/
1
4
1051: Dec 1
9214 A.
96 Jan
141 Oct 4
1253 Dec 29 1131: Jan
-Dee
109% Dec 7 984 A. 105 Jrms
604
93 .A.
:
7
1531413e96 6
81 Dee 31
38 Ma
49 Jan
1091: Oct 1
59 Sept 17
4114 N.
787 JILD
10812July 14 100 Nov 1111 Jan
/
4
22 Mar 10
153
8J
254 Jan
3
101 June 14
78114 Dec 13
414
567:Feb
9612 Dec 7
394 Nov 7034 Feb
1111: Dec 8
941 8 - 100 Feb
6938 Dec 27 I ---- ------ -.984 Dee 2'7
/
1
853: Dec 19 1314
- - Now
6913
8512 Dec 19
474 July 68 8 NOT
7
122 Sept
29--111425ov 19
8 Oct 2112 Jan
45 May 26
/
1
4
161 Mart 36 Dee
/
4
4418Sept 21
123 Sept 7 1084
112 4 - 1
3 J 3/7
15112 Dec 31
934 Ap
3414 Dee
114May 31
5 s Jani 107: Feb
7
106 Dec 29
90 Mar 95 Dec
/
1
4
64 Feb 28
513: OctI 9318 Jan
27 July 7 ---- ---- --- ,Dee
72 Dec 8
/
1
4
45 June 5012 274 Max 29
26 Oct 281: NOT
29 Apr 18
/
1
4
241: DecI 30 Sept
281:Mar 31
171: Deal46 Jan
125 Oct 5 68 Marl 88 Dee
180 July 6 115 May 119 Nov
4178July 6
17 May 3512 Atli
/
1
4
40 4 Oct 13 -:. -;-- -;,;- -. .
3
:7
7
,a22 04
" ...I an '''' ''''.
'
7038Nov 7
40 Mar 413 Jan
/
1
4
50 Mar 71 Jan
/
1
4
175 Oct 10
4838 Dec 20
27 Jan 45 Sept
9112 Aug 2
40 4 Oct 12314 Jan
3
364 Dec 15
17 Mar 2838 Jan
3234 Feb 1
19 Mar 34 Jan
/
1
4
47 Dec 19
144 Deo 244 Feb
10234 Dec 8
95 Dec 100 Feb
124Sept 8
7% Oct 13 Feb
12 Sept 8
74 Oct 121 Feb
112 Mar 11
90 May 104 Jam
9612 Apr 2
8014 Mar 104 Jan
120 May 5 102 Feb 108 Sein
62 Dec 30
/
1
4
34's May 4334 Dec
118 Oct 17 10814 Mar 115 Feb
254 Jan 12
2014 Mar 2838 Nov
25 Nov 26
12 Dec 211 Feb
/
4
164 Dec 27
/
1
918 Dee 2614 Jab
6612May 26
5638 Dec 95 Jab
11934 Dec 30
381 Mar 56 1)e(
/
4
/
1
4
65 aMay 31
3
4438 Oct 717: Jar
113 Dec 2 1017 Oct 106 Jar
:
64 Mar 1
3318 Mar 644 Jaz
10514 Dec 27
2554 Dee 22 1124 -Mar 1584 /
1
Dei
139 Dec 30 118 Jan 129 Dal
814May 27
6 SePt 12 Fel
/
1
4
553
8May 31
27 Mar 463 Feb
8
534 Mar 6628 Fet
954 Dec 22
8912 Dec 23
3238 Mar 4614 Jar
8112 Nov 25
4418 Apr 63 Aid
/
1
4
106 Dec 7 ----9=-112 Dec 6
/
1
4
89 may 100 Det
75 Dec 5
75 Aug 75 Aug
239 Oct 27 135 May 175 Jar
198 Nov 16 ---- ---- -----128 Oct 17 ---- --- ---- ---1581Sept 14 111 liar 133 Jar
/
4
184 July 29 Jar
3912June 18
67 Sept 8 ---- ---- ---,- s
25 Jan 564 88 Dec 31
Dec
1251:Mar 15 1151: 469 12712 NO1
123 Oct 11 114 Jan 120 Aug
9 Dee 194 Feb
344 Dec 31
/
1
12 Nov 63
224 Jan 5
1164 Dec 12 10714 Marl 115 Nov
1284
Feb
New York Stock Record-Continued-Page 5
226
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. 7.
Monday,
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 12.
Jan. 11.
Friday,
Jan. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1927.
On basis of 100
-share tots
Lowest
$ per share $ per share $ per share $ per share 5 Per share 5 per share Shares Indus. & &Bowel. (Con.) Pat S per share
4
4 6414 6512 65 6512 658 653 21,100 Kayser (J) Co vi c___ _No par 49 Apr 29
8
6314 6312 63% 65% 635 643
25
912 Jan 27
24
2338 2412 20,100 Kelly-Springfield Tire
2412 2514 23% 243
4 2278 2312 2278 2414 23
100 35 Feb 2
*80
81
8014 8014
80
100 8% preferred
*79
80
•78
81
*78
84
*80
100 44 Jan 19
78
*75
79
200 6% preferred
*72
*77
78
78
*72
78
83
78
•
78
19 Oct 19
8
24
25
4,300 Kelsey Hayes Wheel___No pat
8 227 237
23% 2212 2318 2278 227
2312 2312 23
No par 60 Feb 9
8218 828 83
8412 49,500 Kennecott Copper
83
8
4
84% 85% 823 84% 813 8314 82
14June 30
------Keystone Tire & Rubb_No pa?
4june 28
30
-4
No par ‘93
' 7
7
;55" 16- i55" 44 ;35 16- '5'8 16- ;56" 16- -554 -9034 f) Kinney Co
100 56 June 29
90
90
90
898 90
530 Preferred
89% 90
90
90
90
'
89
25 49 June 16
673 6912 67
4
68
61,200 Kraft Cheese
68% 6612 70
65
74
643 6512 68
4
8
6814 6818 6812 16,400 Kresge (E3 S) Co new
10 457 Jan 28
4 68
603 7014 6612 6912 6718 683
4
71
70
11512 11512
100 11018 Feb 9
180 Preferred
11512 11512 11512 11512 11512 11512 *11512 116
*11418 116
10 June 28
8
100 Kresge Dept Stores__ __No par
*1414 1712 *1414 173 *1414 1714 *1414 1714
18
*14
14
14
100 45 Nov 7
Preferred
5412 *5112 5412 *5112 5412 *5112 5412 *5112 5412
51
*5112 I 54'2 .
No par 59 Jan 28
93
93
93
93
400 Kress Co new
*94
9712 *9318 9314 *9314 94
96
96
100 Laclede Gas L (Si Louis) __100 1733 Jan 27
200 200 *190 210 *200 215 *200 215
220 *200 220
*200
80 Preferred
100 95 Jan 5
100 100 *10018 102 • *100 10212 *100 105 *10012 ____ *10012 103
3418 34
8 34
8 337 345
5538 6,900Lego 011 & Transport_No par 2012 Jan 13
34% 3314 343
3412 34
*34
No par 66 Jan 28
803 81
8
8
7912 80
8 7912 81
798 803 10.900 Lambert Co
825
82
828 8114
7 Jan 4
19
185 1918 19,800 Lee Rubber & Tire___ _No par
8
8
8 18
s 1712 18% 177 183
18
187
20
19
No par 3228 Apr 27
3,100 Lehn & Fink
3812 3812 39
39
3912 3814 3878 3812 39
398 3912 39
No par 2014Sept 16
4
8 303 3114 3114 .3114 9,300 Life Savers
8
313
4 317 3234 3113 3178 3118 317
3112
1,500 Liggett & Myers Tobacco.
.25 3.87% Feb 10
121 121 *121 12212 12018 12018 120 120
8
122 1223 122 122
8
25 *865 Feb 10
4
8
4
8
8
12212 12212 12118 12112 12038 1213 121 1217 1193 1203 1183 12012 9,300 Series B
3001 Preferred
100 12434 Jan 27
4
4093 140 *1373 140 *1370 140
,
1373 13814 *1373 140 *1375 140
4
4
4
4
No par 49 Oct 29
60
6014 604 8,700 Lima Loc Wks
61
*61
6112 60
634 6212 6212 61
63
4
75
777 25,300 Liquid Carbonic certifs_No par 453 Sept 19
73
753
4 7412 7614 7412 757
763
4 7412 76
76
8
5753 5814 15,000 Loew's Incorporated_ _No par 487 Jan 4
8 5712 58
578 5753 583
5813 5938 5738 5812 57
No par
5 Oct 17
618 618
614 614
6
614 2,300 Loft Incorporated
618 618
618 618
6
6
*2712 28
1,000 Long Bell Lumber A...No par 2512 Dec 6
2712 28
2714 2838 *2712 2812 *2712 28
2712 2712
5214 513 5314 37,400 Loose-Wiles Biscuit new._ _25 z3512July 1
4
8 51
8
4
523 5318 515 5318 4918 5212 5038 523
120 let preferred
4
100 118 Jan 4
4
4
•12112 12134 12112 12112 1213 12134 12112 12112 121 1213 *12112 1213
2d preferred
100 157 Mar II
1- ,
25 2312May 2
3 2
2 37'8 - -71- -51 3738 - 2 46 Lorillard
8
.
- -1-5. 2 lila -574 "38 8 "iiTs -37"5- "5/ 37171311212 1133 *113 114
4
200 Preferred
100 107 June 27
4
1133 1133 *11212 114 '
4
*11212 115
•11212 115
10 Oct 29
8 1214 1238 20,900 Louisiana 011 temp otts_No par
8 12
128
8 1214 125
4 1218 125
1214 1214 1212 123
20 Preferred
100 8514 Dec 5
903 *893 903
4
4
4
3
3
8912 8912 *8912 90 4 8912 90 4 *90
*8912 91
5
2,300 Louisville 0& El A_ __ _No par 23 8 Jan 3
4
4 285s 29
8 283 287
s
8 283 283
2812 2812 2814 285
2812 29
26
No par 20 Oct 28
2614- 29 4 11,800 Ludlum Steel
8
,
4 255 2614 26
263 263
4
4 2534 263
263 27
4
*4712 4912 4912 4912
47
900 MacAndrews & Forbes_No par 43 Nov 14
47
48
47
49
49
49
*48
115 115 *113 118
500 Mackay Companies
100 105 June 27
116 116 *115 118
118 11812 *116 118
600 Preferred
100 67 Aug 2
6814 69
*68
70
*6814 70
69
693
8 69
8
.6812 693 *69
8
8
No par 8814 Jan 24
8
8
8
8
103 1067 103 10412 10012 1027 1007 1025 101 1023 1013 10214 76.500 Mack Trucks, Inc
100 109 Jan 25
let preferred
100 102 Jan 18
2d preferred
35
400 Macy Co
No par 124 Jan 6
240 255" 235 '251- 235 25 - 272312 *231 240
*255" 216- 'HONo par 2012 Aug 3
23
23
3,000 Madison Sq Garden
227 2312 23
8
4
223 23
2314 2314 2212 23
No par 2912 Feb 9
51% 5278 14,300 Magma Copper
8 50 4 5178 5D8 52
,
8 5012 517
5112 537
54
53
1112 Apr 7
8 1,400 MallInson (H R) & Co _No par
4
4 1612 1612 *1612 167
8 163 163
167 167
8
8
1718 167 17
17
8814 8814 *88
100 66 July 15
50 Preferred
893
4
4
9112 9112 8912 8912 8812 883 '''8814 9112
100 27 Nov 18
535
41
100 Manati Sugar
40
*35
40
40
40
*35
44
*35
43
535
800 Preferred
100 48 Oct 24
80
*75
79
*75
79
79
79
704 80
77
78
*75
600 Mandel Bros
No par 3918 Dec 31
383 3812
8
8
385 387
8
*383 40
4
s 38% 385 *383 387
40
*39
5214 5212 4,700 Mania Elec Supply___ _No par 43 Oct 25
50
513
8 513 52
4
4 5014 513
4
5212 525
53
.
52
3412 3,000 Manhattan Shirt
25 2414 Jan 18
34
34
4 34
3314 337
8 337 343
8
8
8
333 337 *3318 34
Manila Electric Corp No par 40 Jan 22
4
*453 46
4
*453 5512 *453 5512 *453 5512
4
*453 58
4
4
*453 58
4
12 Oct 4
4
4 16
177
8 1714 173
8 153 153
4
4 1714 1818 7,800 Maracaibo Oil Expl_ No par
•15% 1614 153 163
No par 31 June 27
4 3638 37
3612 3712 66,100 Marland 011
3638 3518 3614 3518 3553 351s 363
36
7
No par 27 Jan 10
5118 5112 5.600 Marlin-Rockwell
513
8 493 493
4
4 49 4 5114 51
3
51
5114 5214 .51
1512 Dec 21
*j53 16
200 MartIn-Parry Corp_ No par
8
*1512 16
155 1538 *155 16
8
153 1554 *1514 1512
4
123 1233
8
4 4.100 Mathleson Alkali WorksNo par 82 Jan
8
8
125 12538 1247 1247 12014 12214 12114 1237 12014 123
100 103 Jan 7
*113 11712 *113 11712 *113 115 *115 11712 115 115
100 Preferred
115 115
25 °Panne 28
8212 83
83
8218 83
8314 8312 8312 3,320 May Dept Stores new
827 8318 8212 83
8
No par 2338 Jan 15
7,200 Maytag Co
333 3414 3378 34
4
4 338 3312 3318 34
3318 335
333 34
60 McCrory Stores class A.No par 55 Mar 3
85%
86
8518 8.512 '''83
8512 8512 8512 *83
86
*8512 86
mil Mar 4
No par
3001 Class B
86
86
88
*87
8712 *8712 88
*8712 88
8812 88
*88
100 97 Mar 9
100 Preferred
8
8
•111 11218 *111 11218 111 111 *11018 1113 *110 11138 •11018 1115
Mines_ _5 2412 Mar 14
2714 2718 2718 267 267
2718 274 *26
8
8 2 8 2714 2714 274 1,600 McIntyre Porcupine
67
4
800 Metro-Goldwyn Pictures pf_27 243 Jan 3
8
4 2512 2512 2512 2512 2512 255
*2514 253
8 2514 2512 *2512 255
3 Aug 23
51
514 8,200 Mexican Seaboard 011__No par
5
5%
5
518
5
5
518 514
5
5 14
5 1318June 21
,
8
4 1814 183
8 1814 1914 1812 1812 183 183
1814 193
4 1814 18 8 5,400 Miami Copper
2812 29
28
283
4 2814 2914 2853 29'8 2858 2914 13,800 Mid-Continent Petro No par 2512 Oct 10
285 29
8
100 97 Apr 28
100,Mid-Cont Petrol pref
104 104 *104 105 *104 105
*104 107 *104 107 *104 107
158 Jan 3
10
3
3 18 46,600'Middle States Oil Corp
23
4 27
27
8 318
3%
27
3
27
8 318
3
118 Jan 25
10
2
2 18 2,900 Certificates
13
4 2
2
2
2
214 214
218
2
2 14
261 2673 18,100 Midland Steel Prod pref. _ _100 106 Apr 11
4
4
251 26512 249 2593 251 263
278 28712 265 275
No par 1712 Nov 9
1,400 Miller Rubber ctfs
4
2514 251z 2512 2534 *253 26
245 25
8
247 25
8
2434 25
100 8112 Jan 28
103 106% 7.600 Montana Power
4
8
1047 1047 103 1033 10214 10312 103 10414 103 103
8
8
4
s
8
1243 1273 1205 12514 122 12412 122 12418 1223 1237 308,400 Monte Ward & Co III Corp_ _10 603 Feb 8
4
4
12614 129
6 June 23
No par
67 29,000 Moon Motors
8
612
614 7
4
6'4 718
653 714
638 63
63
4 714
112 Oct 29
27s 4,500 Mother Lode Coalltion_No par
27
8
g
3
27
234 278
8 3
27
3
3
318
3
612Sept 19
No par
300 Motion Picture
712
712 *7
7
712 712 *7
8
*712 738 *6
*7
17 Nov 16
No par
8 2112 2314 2212 227
8 4,900 Motor Meter A
2034 213
211 2114 207 21
s
207 21
8
4
No par 203 Jan 3
26
263
4 2,900 Motor Wheel
4 2512 26
253 253
4
4
52618 2612 2618 2618 253 26
10 Jan 5
8512 18,200 Mullins Body Corp_No par
84 12 8614 84
80 4 7912 84
3
4 78
787 813
8
80 4 83
3
100 80 Jan 14
30 Preferred
107 107
4
3
4
3
4
*107 110 4 1103 1103 *107 110 4 *106 1103 *10612 110
3
No par 35 4May 17
5,100 Munsingwear Inc
4712 48
48
48
4712 48
4712 477
48
48
4812 48
1614 Oct 11
No par
,
4 9,000 Murray Body new
263
8 2618 265
8 26 8 263
4
2814 287
8 2612 2812 253 2612 26
No par 6014 Apr 25
Motors Co
9212 9312 171,500 Nash
9214 9312 9238 93
94
983
4 91
4 95
9838 993
5 Feb 15
4 1,900 National Acme stamped.._10
8
73
4 73
8'4
8
8 *8
77
8 77
83
8
8
8
83
8 85
No par 31 1 8ept 22
49
47
4812 12,500 Nat Belles Hess
4
8 483 4918 48
517
44
44
4418 5018 49
100 8514Sept 16
9412 2,200 Preferred
9412 9412 9412 *92
594
9412 941 95
93
•91
93
4
25 943 Jan 27
4 9.200 National Biscuit
3
16918 170 4 16612 16812 166 16814 16512 16612 16514 1683
*17012 172
100 130 Jan 10
500 Preferred
14214 14212
14212 14212 143 143
•14212 --_ 143 143
8
483 15,600 Nat Cash Register A w 1No par 397 Jan 3
4
48
4812 49
4812 49
49
497 *144--8 4814 49
4912 50
No par 5914Niay
7012 7238 171,000 Nat Dairy Prod
4 6912 71
6718 678 6714 6912 677 6912 6918 703
400 Nat Department Stores No par 2014June 27
22
*22
2212 22
22
2212 22
*22
22
*22
2212 22
100 8912JulY 26
100 let preferred
93
*01
93
*91
93
*91
91
91
91
97
*90
*90
17 Feb 8
8 551s 5614 38,300 Nat Distill Prod ctle___No par
8 5514 555
4
8
5812 545 56% 543 563
56
575
8 56
3
4 674 694 7012 70 4 5,000 Preferred temp ctre...No pat 43 Mar 22
6912 653
713
8 694 70
69
6712 6814
300 Nat Enam & StampIng.......100 1918 Apr 29
2612 2618 2618 *2614 27
2612
28
*26
28
•27
•
27
28
100 691s Apr 29
100 Preferred
9118
92
*90
*90
01
91
91
*90
93
*90
93
•91
100 695 May 31
500 National Lead
126 126 *127 12712 127 129 *12714 129
•126 12712 127 128
100 11312June 2
300 Preferred A
139 139 *139 13914
139 139 *139 1394
4
•139 1393 139 139
8June 7
Preferred B
100 1047
4
4
4
4
*115 1163 *113 1163 *113 1163 *113 1165
*11412 116
1914June 23
15.500 National Pr & Lt ctfs._No par
8 2218 2212 2214 23
2218 223
8 221s 2212
2218 2212 2214 275
9413 1,500 National Supply
50 76 May 11
94l.
04
94 94
54
4
933 94
94
94
95
94
100 a218 July 21
3,100 National Surety
330 340 34012 347
4
330 33912 32514 3323 32514 336
338 340
100 National Tea Co
No par 108 Apr 18
4
170 170 *168 160 *166 1683 *166 1694
*170 172 *170 174
12114June 29
4 183 183
8
4 1812 187 29,200 Nevada Consul Copper_No par
8
8 1818 1853 1814 183
8
185 187
183 19
4
No par 3914 Oct 25
4418 453
4 4512 4512 3,700 NY Alr Brake
8 4414 4512 4412 45
4614 4612 4514 463
------ N Y Canners
No par 1318 Apr 21
Preferred
-----No par 43 Mar 30
---100 34 Jan 14
617i - 8 1,200 New York Dock
"61i4 62 682
6212
6214 6214 *61
100 7218 Feb 9
Preferred
95
95
*91
*91
95
*91
96
*93
96
1393
*93
96 .
800 N Y Steam pref(6)___No par 9312 Feb 9
101 101
10014 101
100 4 101
3
997 101
8
10058 101
100 1007
s
170 First preferred (7). __No par 105 Jan 12
s
8
11112 11112 1115 1115 11178 112
112
4
8
*111 1113 111 1113 1113
8
4
800 Niagara Falls Power pf new_25 273 Jan 31
8 2814 283
8 2818 2818
281s 2818 283
328
2814 '
2814 •28
*28
10 455 Jan 14
6984 62
8
57,200 North American Co
4 5918 60
5978 5914 593
59
595 60
8
5914 60
1,200 Preferred
50 50 Jan 10
5414
54
54
553
4 53% 54
4 5353 533
53% 53% 53% 533
500 No Amer Edison pref __No par 965s Jan 6
10412 104 10412 104 104
•104 10412 104 104 *10312 10412 *10312
330 Northwestern Telegraph_ _ _50 473 Jan 15
4
5012 5012 5012 51
50
50
51
50 •50
50
50
50
37
17
10
1,400 Norwalk Tire & Rubber_
8June 16
312 312 *312 37
314 312
312 *312
3
*312 4
8 93
8% Dec 27
100 Nunnally Co (The)----No par
*87
4 *8713 9 4
3
4
8% *83 10
87
s
557, 912 *8% 912
25
3114 Jan 28
41
377 39l4 3738 3814 54,800 011 Well Supply
8
8 38
8
8 357 383
367
357 36% 36
8
600 Preferred
100 1023 Mar 1
4
11012
1093 10812 1084
4
10812 10812 10812 10912 10912 10912 10912 127 x10812 1284 1258 1258 2,400 Omnibus Corp
11 Mar 25
No par
8 1258
3
1212 127
4 1212
1258 123
1212 19
100 Preferred A
100 81 Jan 19
93
*00
*90
93
90
90
93
*90
93
*90
93
.
90
s 7,400 Oppenhelm Collins de CoNo par 5812 Feb 8
8 8378 837
837 847
8
86
5
863
8 8
85
8
8712 8812 87
1,100 Orpheum Circuit. Ina
237 Dec 29
3
24
23% 2312 *2312 24
8 24
8
2412 243 243
24
23
23
100 10234 Nov 9
1017
8
Preferred
8
8
8
8
*100 101 *100 1017 *100 1007 *100 1017 *100 1017 *100
50 z103 Feb 2
4
8 7.600 Otis Elevator
4
149 1513 14912 1503 14912 14912 150 1537
152% 152% 15112 15314
100 108 Feb 16
80 Preferred
12014 12014 120 12112 *11912 12112
120 120
*120 12112 120 120
No pa
714 Feb 10
1158 117
8 8.500 Otis Steel
11
12
1114
11
3
113
8 10 4 11
1014 115
5 11
sales os this day. s Ex-dividend, a Elt-rights
• Bid aad sated prices; no
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
per share
65 4 Dec 13
3
3314 May 5134 Dee
3214 Nov 15
9
Oct 2112 Feb
102 Sept 21
4
4312 Oct 743 Feb
97%Sept 28
45 Dec 7314 Feb
27 July 11
498 Mar 541 Nov
4
903 Dee 23
8
1 Mar 11
May
218 Jan
45 Jan 6
39 Nov 8218 Jan
93 Dec 12
85 Sept Mg Jan
827 Feb 25
8
562 Dec 68 Nov
8
4234 Mar 82
7714 Sept
Jan
118 July 16 11212 Nov 11434 Feb
18 Dec 1
1518 Mar 133 Jan
8
80 Jan 4
7014 Mar 9314 Feb
10512Sept 8 485 Dec 545
Jan
26712June 2 146 Mar 196 Dec
130 May 7
86 Sept 10112 Deo
19% May 2412 June
373 Nov 15
4
3912 May 72 Nov
8812 Oct 26
4815 I.) 20
13 Dec 9
614 Dec 14
Jan
Nov
303 Mar 4118 Jan
4
1714 May 25 Dec
7218 Mar 103 Dee
1354Seee 3U
24 p pt 3
1
71 Mar 723 Dec
128 Oct 4
8
4
140 Dec 30 1193 Jan 12914 May
7638 Apr 26
5312 Mar 69 4 Jan
5
4312 Oct 587 Nov
783 Dec 29
4
8
3414 Mar 43 8 Dec
637 Mar 17
8
3
8
Oct 1114 Feb
7% Jan 20
4134 Dec f,012 Feb
43 Mar 7
5714 Dec 12
123 Nov 21 iii" "ii; 11914 Den
171 May 7 12014 Mar 175 Dee
273 Oct 4214 Feb
4
4753 July 28
11812 Jan 13 11118 Apr 130 Aug
12 Mar 197 June
8
12 Aug 16
93 Dec 98 Dec
22% Mar 26% Feb
0 )c 5
F
9712 I eb 22
3
225 Oct 5814 Feb
8
3314 Mar 18
5814 Dec 14
134 Aug 24 iii" Oct 138 Feb
68 Mar 7318 Feb
, Aug 18
8
174.4m ay 23
89% Nov 159
Jan
11318July 19 10712 Nov 113 June
102 ''.ct 1083 Sept
4
2812
14
24358 Nov 28
8612 Mar 131 Dec
Oct
-34
Apr Ws Feb
I28732jpuec 229
8° :4 Dne ac 12
04
125 Nov
8
2818 Jan
95 Dec 13
71
Dee 7814 Mar
46 Feb 7
27
Apr 5018 Jan
8034 Dee 29
55 June 82 Feb
493 Aug 17
4
132 Aug 5
44
Oct 8784 July
353 Dec 12
4
217 Oct 327 Jan
1,
8
60 Oct 19
2712 Mar 453 Sent
8
223 Jan 18
4
1612 Oct 28 Feb
5812 Jan 17
4914 Mar 63 8 JUDO
3
55% Nov 30
2412 Oct 33 Mar
243 Feb 24
4
17 May 23 June
13214 Dec 6
6212 May 10618 Jan
120 Dec 10
903 Nov 14 "6912 Dec "io" "ii- ;
8
e
35l Dec 147
De 8 vt 16
19 Mar 2412 Sept
90 Dec 21
7014 Oct 117 Feb
Jan
72 Mar 121
105 Apr 110 Feb
126633'4 Oct 6
018 42
2214 Oct 30 Feb
2614 Feb 21
2214 Jan 2512 Noy
914 Feb 16
133 July
4
8 Feb
203 Dee 19
4
11 Mar 175 Oct
8
Jan
393 Jan 21
8
2712 July 37
105 Feb 3
90 Mar 10414 Dee
33 u: 3
234 n 23
4Ju
3 Nov
4
212 Jan
1% Deo
12 Oct
315 Dec 28 107 Mar 13312 Feb
3
36% Apr 12
30 May 44 4 Feb
10912 Oct 18
893 Mar 8612 Nov
8
Jan
12318 Dec 27
58 May 82
1212 Jan 5
93 Nov 3753 Feb
4
74 Fob
4% Jan 8
4 Nov
165 Mar 18
8
103 Dec 2312 JUDO
4
3834 Apr 18
333 May 53% Feb
4
277 Mar 29
8
337 Feb
8
1918 Nov
7914 Dec 30
191 Feb
4
8 Nov
11014 Dec 31
83 Aug 9418 July
53 Nov 21
4
347 Apr 383 July
4
47,2 Fe::31
3 o 23
1
8
52 Mar 707 Dec '
14 17 I ::30
0 13 D
62
127 Jan
4
5 Nov
97
Apr 19
142
87
Dec 8
1ee 7
88154
6
D e 22
Aug 4
2738 Mar 1
9414 Jan 10
60 Oct 14
693
4June 6
353
8June 6
917
8July 5
2023
4May 16
1393 Dec 28
4
11514 Dec 23
263 Sept 27
4
977 Dec 30
8
370 Deo 25
153
c 1
205 Dee 17
8
50 JUDO 9
2178 Jan 3
72 Jan 13
855 Nov 29
8
9312 Nov 16
10212 Oct 6
11412 Oct 1
295
8May 2
6412 Oct 4
55 Aug 9
105 Oct 4
56 Sept 13
Ws Feb 10
13 Jan 19
387 Dec 22
2
110 June 3
1718June 11
9912May 23
823 Dec 30
8
35 Apr 7
10812June 2
1553 Oct 3
4
12414 Aug 2
1212June 6
50;
74
Jan ioi" 126
Jan 1314 Apr
Jan
3712 Oct 54
--"ii Oct 424 Jan
Jan
893 Oct 97
4
1212 May 34 Jan
3712 Aug 734 Jan
2118 July 404 Jan
76 July 893 Jan
4
138 Apr 181 Dee
161 Mar 544
5512 Jan 88 Dee
208 Mar 237 Dee
Jan
11812 Nov 238
1814 Nov
115 June
8
3812 Jan 664 Bent
8
2018 Nov 84 4 Jan
7014 Dec 85 Apr
8
32 Oct 457 Feb
69 May 77 Deo
9212 Dec 9212 Dec
4
9914 Apr 1053 Oct
272 Mar 2912 Dee
8
Jan
42 Mar 67
49
Jan 5214 Aug
911s Mar 97 Dee
% Oct
12% Dec
30 July
10414 Apr
Oct
12
88 July
47
Jan
2712 Mar
101
Jan
108 May
1025 Ja
4
8
Oct
ii; Jan
174 Jan
364 Oct
Oct
109
2214 Feb
9812 Feb
1335s Sent
3318 Nov
105 MD'
138 Dec
10912 Aug
1414 Jaw
227
New York Stock Record-Continued-Page 6
Fos sales during the week of stocks usually inactive, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Salurday,
Jan. 7.
Monday,
Jan. 0.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 12.
Jan. 11.
Friday,
Jan. 13.
Sale:
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1027.
-share tots
On basis of 100
Highest
Lowest
PER SHARE
Range for Pretious
Year 1926
Lowest
Highest
per share $ per share 5 Per share $ per there
Shares Indus. & Mace!. (Con.) Par
63 Nov 74 Sept
100 6112 Feb 8 91 Nov 23
1,800 Otis Steel prior pret
44 May 5514 Dec
4
No par 523 Jan 24 99 Dec 29
400 Outlet Co
4
1
/
4
533 Mar 90 Dee
25 73 Dec 29 8512 Dec 1
1.700 Owens Bottle
Preferred
100 107 Jan 27 120 Nov 28 112 Mar 117 June
25 31 Feb 18 50 Dec 17
1,700 Pacific Gas - Elec new
-Feb
n1 May
4
17 Jan 7
1 May 25
No par
1,500 Pacific Oil
Jan 135 Sept
100 124 Mar 7 162 Dec 19 117
620 Pacific Telep & Teleg
100 10312 Mar 11 116 Oct 27 10112 June 107 Dec
50 Preferred
4
/
311 Mar 4514 July
4
10 333 Apr 28 62 Dec 31
84,000 Packard Motor Car
9 Nov 2812 Jan
1
/
778 Mar 22 184 Deo 31
75,000 Paige Del Motor Car_ No par
5618 Mar 7612 Jan
8
3,600 Pan-Amer Petr & Trans__ ..50 4018 Dec 21 657 Jan 19
8
1
/
564 Mar 783 Jan
1
/
50 4014 Dec 20 664 Jan 20
88,100 Class 13
Jan
Oct 46
30
4
1
/
4
163 Oct 8 37 Jan 24
5,300 Pan-Am West Petrol &No par
412 Jan 32 June
4
/
181 Jan 17
8 Apr 29
6,000 Panhandle Prod & ret_No par
2
Jan 993 June
51
100 54 Sept 8 83 Nov 1(3
1001 Preferred
4
/
181 Oct 2818 Jan
1
/
2,5001 Park & TlIford tem ctts_No par 20 Jan 27 464 Oct 10
4
/
81 Feb
518 Sept
1
6 Jan 3 1012 Dec 15
41,900,Park Utah C 151
4
33 Dec 29 12 June 17 ____
No par
4,600,Pathe Exchange
---Dec 29 43I4June 17 ---4,600 Pathe Exchange A newNo par 1812
4
/
13,800:Patin° Mines & Enterpr___ _20 1812 Aug 1 271 Feb 2
3112 Nov
4
1
/
23 Nov
50 20 Apr 29 32 Jan 8
13,300 Peerless Motor Car
4
/
161 Jan 24 Dec
19I2Sept 29 2778May 9
No par
20,800 Penick & Ford
7 Aug 19 008
50 1014 Jan 19 2512May 27
100 Penn Coal & Coke
38 Dec 41 Dee
4
1
/
500 Penn-Dixie Cement___ _No par 2112 Dec 29 39 Jan 13
99 Nov 10012 Nov
100 91 Sept 7 100 May 14
200 Preferred
1
/
24 Jan
4
1
/ Oct
118 Feb 14
14June 25
Penn-Seaboard St'l vtc No par
Jan 131 Deo
4
11,400 People's G L & C (Chic)_ _100 126 Jan 14 1683 Nov 30 117
61 8 16312
2
4
8
11i5- jai: 1-61- 15834 ff63- 159 fen-1- 934 1- 3- *149 16534
8
5015 Mar 91 Dee
100,Philadelphia Co (Pittsb)___50 8514 Jan 18 15312 Dec 20
152
151 151
•150 155 *150 154 *147 155 *147 155
Jan 3914 Dec
36
50 40 Jan 12 51 Dec 23
1 5% preferred
4
1
/
4
/
4
3
3
3
*4818 50 4 *4818 50 4 *4818 50 4 •481 503 *4818 50
*4818 50
Oct 5114 July
45
5312Sept 21
50 50 Jan
1
/
4
/
5218 521 5214 5212 5214 5212 5214 524 5218 5214 5214 5212 5,4001 6% preferred
3614 Apr 4838 Feb
4
1
/
8June 30 47 Mar 4
18,100'Phila & Read C & I___ _No par 373
4
/
8 371 38
4
/
3814 371 387
3812 38
38Iz 3812 3814 385
8 38
4
/
4
363 June 451 Jan
1001 Certificates of int___ No par 37I4June 30 47 Mar 4
1
/
*374 39
38
38
8
*377 39
*3714 40
*3814 40
*3818 40
Apr 41 Dec
16
4
/
8
167 1712 7,200,Phillip Morris & Co. Ltd_ _ _10 18 Sept 27 411 Jan 10
8
8 155 175
183
8 1514 1714
,
1814 18 4 1812 183
8 18
4
1
/
40 Mar 57 Dec
No par 36 4 Oct 8 6014 Feb 16
,
4
/
1
/
4
/
8 411 424 411 4214 4218 4314 92,100:Phillips Petroleum
4
403 413
4114 417
4
413 42
8
31 Mar 4614 Nov
8
4
/
5 351 Dec 29 527 Aug 2
1,6001Phoenix Hosiery
2814 29
3412 *32
31
28
33
33
35
*34
35
*34
Oct
94 Mar 103
4
1
/
100 103 Jan 5 107 July 9
190 Preferred
4
/
9714 991 993
4
97
*97 100
4
96
*9913 100
2 993 100
083
19 May 4318 Jan
018 Oct 17 2338Mar 8
8 5,800 Pierce-Arrow Mot Car_No par
1
/
13% 134 133
4
/
121 134 1314
1318 14
1
/
8
143 1438 1312 1418
7613 Apr 12714 Aug
4
/
4
100 373 Oct 19 1021 Jan 3
2,4001 Preferred
4
4
/
4812 481 48, *4812 50
5134 513
4 4814 4912 4712 4812 48
4
/
11 Jan
12 Oct
118June 22
4 4,6001Plerce 011 Corporation
3
4
5
14 Mar 25
34
25
24
4
3
4
3
4
3
,8
4
3
513
34
"o
4
1
/ Jan
27
1118 Nov
100 1313 Mar24 24 June 21
500; Preferred
2013 2012 *18 20 *17 20 *17 20
1912 20
•17l2 20
Jan
7
214 Aug
5I2June 20
212 Mar 22
8
418 43 16,800 Pierre Petrol'm tem ctfallo par
414
4
4
4
438
418
8
414 45
4 14
4
4
/
8 3412 341 49,300 Pillsbury Flour Mills_No par 3078Nov 15 3712 Aug 25 --__
353
8 34
8
3712 3514 367
8 36
3412 363
8 355 367
11318 3,200 Preferred
100 104 Aug 27 109 Oct 13
4
1
/
11012 113 *111
11712 11712 1113 11614 113 114
4
110 112
39 June 4212 Jan
4
1
/
100 32 Mar 22 7412June 7
5012 1,700 Pittsburgh Coal of Pa
8 50
4
1
/ 505
50
51
50
51
50
51
*5112 521: 51
Jan
70 June 85
100 705Mar10 98 Sept 13
300 Preferred
8712 8712
88
88
•8712 89
*8712 00
*8712 90 •8712 90
94 Mar 10012 Dee
Dec29 101 Jan 18
46 Pittsburgh Steel prat
100 94
*95
96
96
*95
95
*9412 96
95
96
96
*89
595
4
1
/ Jan
Oct 63
39
100 3012 Apr 2 55 June 7
500 Pitts Terminal Coal
•35
36
36
*35
36
35
35
35
35
*35
35
35
8012 Oct 9214 Feb
100 74 Apr 29 8412 Dec 20
190 Preferred
78
78
79
78 .78
78
78
7812 78
7812 7812 78
9384 Dee
Jan
60
500 Porto Rican-Am Tob el A_100 65 Aug 19 9112 Jan 5
77
77
79
*7714 79
79
1
/
*7714 784 •7714 7812 •7714 78
1
/
No par
15 Aug 23 524 Dec 13
6,000 Class B
31
3014 311 30
4
/
8 3112 323
327
31
32
8 31
4
/
3012 321
f5 2
par 92 Mar 18 12108 Dec 23 - 1 Ma; 1247k Feb
4
1
/
No
54,700 Postum Co. Inc
12618 127
8
12434 1263 12512 127
4
1
/
123 127
4
8
12614 1277 1253 128
44 Nov
4
/
341 May
7814 Dec 30
100 3612 Feb
Pressed Steel Car new
76
76 *__
*74
4
1
/ Jan
7712 Dec 95
100 7612 Feb 5 9212May 12
100 Preferred
87
8812 *86 16- ;ii- 18' 8614 8614 1186
*85
*8614 89
1
/
11 Mar 204 Oct
8May 16
1
/
,
8 24 4 25% 20,900 Producers & Refiners Corp 50 164 Jan 5 337
24% 2514 2414 253
2518 223 26
2518 2514 25
4
4
308 Stay4114 Oct
50 3678 Jan 6 50 Feb 9
240 Preferred
8
4
*4259 4234 •425 423
8
423 *4212 4259 4214 43
•4113 4212 *4214
8
3114 Oct 333 Nov
1
/
32 Jan 13 464Sept 7
41% 4214 14,700 PubServCorp of NJ newNo pa
4
/
411 42
4112 42
4
/
8
417 42
4112 41% 411 42
Oct
9612 Apr 101
100 9812 Feb 19 105 Nov 12
4
8
4
•10414 1043 10414 1047 10414 10434 104 1043 10454 10454 10414 10412 1,200 6% preferred
100 10812 Jan 5 120I4Nov 23 10318 Jan 110 No.
400 7% preferred
120 *118 120
119 11912 *118 120 *118
11918 11918 119 119
3
100 125 Jan 10 13514Nov 11 115 Mar 124 4 Nov
200 8% preferred
4
/
134 134 •13312 13412 13412 1341 *13312 135 *134 138 •134 135
4
/
Jan 1041 Sept
97
500 Pub Serv Else & Gas pfd_100 102 Jan 4 11012 1)ec 1
4
1
/
4
14 109 109 •109 1094 1003 110
4
/
1091 10918 *10834 10913 *1083 100
3
4
738 Aug 17 84 4 Dec I
,
82 2 8314 213,800 Pullman Company new No pa
83
8318 841 823 833
4
/
4
4 815 8314 811 821z 82
4
/
2
4
50 27 Oct 22 467 Jan 3 -33- -Ain' -494 Dee
4
•323 33
3,900 Punta Alegre Sugar
4
/
4
1
/ 333
32
4 3212 33
333
33
4
1
/ 3212 33
4 321 33
Jan
2514 Oct 31
25 25 Oct 15 3312 Mar 4
,
4 2614 26 8 43,500 Pure 011 (The)
2612 271 2 / 267s 2618 27
2634 263
4
/
8
267 27
4
61
4
1
/
Apr 112 June
100 11138 Jan 11 11512 Dec 7 106
8% preferred
_ *112 115 *112 115
•112 114 *112 115 *112
2
Oct 493 Nov
47
4
1
/
42 Mar 31 83 Nov 3
2
,
s 61 61
61
4 6114 62
-tiff *112- 14 62 6412 6318 63 4 8,200 Purity Bakeries class A
6114 613
5112 Nov 44 Dee
1
/
No Par 4144 Jan 3 984 Nov 21
1
/
4
1
/
110 1131 III 1164 117 12178 33,900 Class 13
1
/
10912 1114 112 11612 110 113
Oct 103 Dee
99
100 10114 Jan 8 110 Nov 12
460 Preferred
109 10514 *109,4
2
108 108 *10818 1083 108 10814 108 109
4
/
32 Mar 811 Nov
8
997 10312 9918 10434 98 10414 98 1027
1
/
8 984 10114 99 10412 851,400 Radio Corp of Amer_ No par 4118 Apr 13 101 Dec 1
4
1
/
1
/
4414 Mar 534 Dee
50 49 May 31 57 Nov 29
1
/
4
553 554 2,100 Preferred
56
•5512 56
56
56
5614 5512 5778 *55
56
4
1
/ Apr 4134 Oct
32
No par 39 Deo 16 48 Apr 25
140 Rand Mines, Ltd
4218 4218 43 43
42
42
•4113 43
42
42
*4114 42
1012 Mar 1614 Nov
5
15 85ept 26
Ray Consolidated Copper..10 13I8July 1
4
/
49 Apr 20 • 371/ Nov 501 Oct
10 2012 Nov 1
-18
26 - *2512 257g _ 3:600 Real Silk Hosiery
251
"2614 -21- 26 2714 25
25
23% Dec 100 Nov
100 80 June 1 99 Mar 2
70 Preferred
87
*86
86
86
86
86
87
87
87
4 86
1
/
•864 873
Jan
3934 Dec 58
No par 3812 Jan 24 8414 Dec 30
_ 14,200 Reid Ice Cream
_
8534 84
83
8
827 83
87
9212
88
Jaa
9512 Mar 100
100 97 May 17 11012 Nov 3
200 Preferred
4
4
4
4
1
/
3
•110 4 112 *1103 11138 *110 111% 1103 1103
4
183 Feb
712 July
9 Jan 10
3
5 8July 23
No par
1,100 Reis(Robt)& Co
7
4 7
*63
7
7
7
7
4
63
2
73
*7
4
/
61 7
_
2378 2418 12,100 Remington-Rand14_ _.,No par 2012 Nov 4 4714June 9
.
1
/
2311 234 235 233
4 234 24
1
/
8
1
/
234 2414 2312 24
94
100 8712Nov 4 10212 Apr 25
300 First preferred
941z *931 9412 94
4
/
95
*931 94,
4
/
*93
4 9418 9414 •93
25
100 90 Oct 29 110 Apr 10_
100 Second preferred
4
9912 9912 *964 102
4
1
/ *963 101
*0612 10012 *9612 10
1
/
4
*963 99
0
ioi Apr 118 Oct
4
/
Rem'g'tn Type 7% 1st pf _100 100 Oct 15 1171 Feb
•19014 no 510014 iio *10014 100 •10014 110 *10014 110 *10014 110
100 104 Dec 16 126 Apr 25 105 • Apr 11514 Aug
40 8% 2d preferred
4
/
10212 1021 •103 110 •100 110 •103 110 *103 110
102 102
2
Oct 157 Jan
8
Jan 10
No par
914 Apr 30 1313
Replogle Steel
8
44 May 635 38.11
5
100 53 Oct 28 757 Mar 11
4
1
/ 6,300 Republic Iron & Steel
60
4
/
4
,
3
-4 W2 611a 60, 01
6034 61¼ 603 io8- 60 601 60
9114 Mar 99 Sept
106
8
100 962 Jan 3 1013 May 25
700 Preferred
4
8
1
/
8
4
4•
/
4
/
s
1057 1051 1054 1057 1058410534 1053 1055 1061 1053 10612 106
1
/
414 Oct 104 Jan
13 Dec 10
4 Feb 21
9,200 Reynolds Spring
No par
4 9
83
812 8%
4
1
/
4
1
/
812 8
4 9
83
812 8
4
1
/ 9
8
8
90 Mar 1217 Nov
14,300 Reynolds(RJ) Tab Class 13 25 981s Feb 24 162 Dec 15
1
/
15712 15914 15712 1584 15714 15712 157 15814 15712 157% 15818 159
Jan
7812 Dec 100
194 Oct 28
17312 17312 6,700 Roasts Insurance Co
25 74 Jan 13
4
/
1661 17714 17412 176
172 175 4 163 172
,
•175 177
4
2
473 Oct 575 Jan
4
/
48
4
1
/ 48
47
4713 4814 4814 4814 4814 481 2,900 Royal Dutch Co(N Y shares). 4414July 27 5412 Feb 9
48
4
473 48
1
/
364 May 4818 Feb
8
8 5,000 St Joseph Lead
8
417 417
10 38 May 23 437 Mar 4
4
413 42
4
/
421 41% 42
4
417 4214
1
/
4212 424 42
4218 Mar 551 Nov
:
4
/
4
523 Jan 3 741 July 20
Safety Cable
No pa
5
Oct
4
/
4
4
/
6034 61
4
1f1/
1012 601 623s 611 6238 6.800 Savage Arms Corporation_100 4312Juno 25 7212 Mar 10 6714 Nov 10212 Feb
;60- - -1
212 Dec
1014 Jan
4
1
/
3 Jan
30
27
234
1
8,200 Seneca Copper
1
/
No pa
4
1
/ 24
2
4
1
/
2
4
1
/ 23
2
212 23
4
1
/ 3
2
4
4
52 Mar 7058 July
8
6712 67
67
6,800 Shubert Theatre Corp. No pa
55 Aug 13 747 Nov 28
8 6714 68
1
/
474 677
4
1
/ 671 67
69
1
/
4
1
/ 664 67
4
/
4212 Mar 13812 Jan
5134 12,900 Schulte Retail Stores_ _ No pa
51
47 Jan 18 57 Sept 8
511
51
5118 513
4 5114 52
4
513 5214 5112 521
1
/
1204
Jan 22 123 Aug 5 11212 Jan 120 Sept
80 Preferred
100 11614
120 120 •120 1201 *120
4
/
1
/
*1204 1211 120 12018 *120 121
1212 Mar
4
1
/
1434 May
4
1
/ 13
4
1
/
8 Sept 9 15 Dec 20
2,400 Seagrave Corp
1
/
No pa
1
/
124 124 •12
13
13
12% 12 4
4
/
8
131 1314
123 13
,
4414 Mar 58 Sept
4
1
/
4
1
/ 74.300 Sears,Roebuck & Co new No par 51 Jan 17 9111 Dec 13
8
,
84 4 8578 x845 85
4
/
8758 881 8614 88
837g 87
84% 86
47 Mar 0938 IBA
5614 Jan 17 10112 Oct 17
5,900 Shatuck (F G)
No pa
90
9014 *9012 91
8
9114 905 921s 8912 90 4 90 90
,
91
2
4012 July 4854 Jan
4
1
/
1
/
4
424 42
100 Shell Transport & Trading...1'2 413 Oct 10 477 Feb 10
8
•423 43
8
8
•423 43
8
•417 43
4
/ 4218 .423 43
*411
4
312 Feb 7
24 Mar 31 Nov
1
/
4
8 2612 264 21,000 Shell Union 011
s
No par 243 Oct 21
4
/
1
/
4 263 265
263
,
4
1
/ 2614 254 261 2578 26 4 26
25
8
8
,
23 8 24 8 237 2414 20,000 Simms Petroleum
,
10 141* July 16 263 Dec 19, 1518 Aug 2858 Jan
4 2312 2378 2318 24
2414 2414 2382 24,
8
283 Oct 5411 Jan
45,500 Simmons Co
2 6212 63
No par 3312 Jan 6 6434 Dec 31
64
: 6218 627
631
63
61
6218
6412 6618 63
4
/
1
/
100 10714 Jan 4 1111 Oct 28 1054 Nov 100% J1112
_
_- - --- Preferred
1
/
4
163 Oct 2472 Feb
15 Oct 29 224 Jan 20
8
197g 2034
4
4
1
/
20 2072O's 2114 72,400 Sinclair Cons 011 CorD_No par
-213- 2034 21
21
"ioiz
90 Mar 9912 JUNI
1,000 Preferred
1
/
100 97 Jan 6 10412 Dec 19
,
1
/
104 104
103,2 1034 10311 103 8 1035s 1034 105 105
103 103
4
1
/
Mg Mar 3718 JUDO
4
8 2714 28, 35,900 Skelly 011 Co
273
25 2418June 27 37 Feb 21
4
26% 27% 27
4
/
2718 263 27
2718 271 27
100 Sloes-Sheffield Steel & Iron 100 11014Nov 9 13414 Apr 6 103 Apr 14212 Aug
126 126 *122 125 •121 125 *121 1251 •121 125
•122 127
8June 22 164July 21
1
/
1618 163 39.000 Snider Packing
115
4
4
No par
163 163
1412 1512 147 17
8
4
/
4
/
1313 131 131 16
5214Ju1y 23
5512 573 24,100 Preferred
s
No par 44 Nov 2'
5314 567
47
4
4
/
481 60
51 14 477 50
47
*45
3812 16,300 So Porto Rico Sag new _No par 33 Aug 12 4238May 18
38
4
1
/
8
3714 383
4
81
4 387 383
4
/
381 3734 3 / 3714 38
38
Oct 121 "Li.;
100 11812 Mar 4 137 Nov 16 110
70 Preferred
4
/
1331 13412 •134 135 •134 135 •134 135
4
/
1341 13414 *13412 136
4414 4414 13,500 Southeng Calif Edison
30 Dec 33 July
4
1
/ 447
4
1
/ 43
4
1
/ 4354 4312 434 43
1
/
26 315* Jan 3 45 Dee 19
4334 43
4312 44
Oct 5512 July
41
5,300 Southern Dairies cl A_No par
2714
May 20 45 8 Jan 13
27
271
3
15
4
/
261 2714 2612 27
1
/
264 2714 27
27
4 3,900 Class 13
4 03
03
1712 Oct 35 4 Mal
3
4
63 Oct 19 20 Jan 7
No par
938 10
4
1
/ 97
9
912 975
4
/
8
95 10
4
/
91 91
3
Jan 105 4 June
109 109
100 Spalding Bros let pref..._., _100 103 Jan 4 112I2Nov 19 101
109 109
*109 11014 •109 11014 109 109
109 109
10 Dec 175 Feb
4
/
131
83,Mayl3 16 Dec 30
230 Spear & Co
13
13
4
No par
4
/
13
4
/
131 •123 137 •13
131 14
•1314 15
1
/
Apr 824 Jan
72
20 Preferred
833
84 .82
4
83
100 73 Feb 24 88 Dec 28
.81
8114 8114 83
.81
84
84
481
,
4
181 Apr 31 4 Feb
52312 25
700 Spicer Mfg Co
2412 2412
1
/
No par 2012 Jan 27 284May 25
2312 233
*2312 25
*2312 25
24
24
Jan 10714 Dee
____
200 Preferred
1
.
100 104 Feb 21 11112Nov 29 101
_ 11118 1111 •110
- - *110 .- 111 111 ' 110
•110
51 Mar 69 Feb
4June 16
5818 59
14.000 Standard Gas & El Co_No par 54 Jan 25 683
5812 58
58.14 577 58
s
6E04 584 5814 5812 58
1
/
8
5
53 4 Mar 573 Feb
700 Preferred
50 5718 Jan 3 6612Nov 17
4
/
1
/
4
1
/ 651 654 *651 6512 6512 6512 6518 65Is
4
/
65
4
1
/ 6512 6512 65
6718 Oct 9212 Feb
10414 103 10512 103 10412 10312 10612 14,800 Standard Milling
4
8
100 7014 Jan 4 1043 Dec 9
4
1053 10712 104 1057 10112
80 Mar 90 Feb
1
/
390 Preferred
10412 10212 1021 10414 10411 10412 1053 1024 10312
4
100 84 Jan 5 103 Dec 9
,
,
104 4 104 4 10312 56
1
/
1
/
524 May 134 Sept
2
4
/
561 19,000 Standard 011 of Cal newNo par 5038 Apr 28 60 4 Jan 19
56
55
1
/
554 5514 557
8 5512 56
55th 55 2 5512
,
3754 Dec 4614 Jan
401s 39
4014 59.700 Standard 01101 New Jersey _25 3518 Apr 29 4134 Feb 5
4
1
/ 4018 391 401 40
4
/
4
/
4
1
/ 4014 40
4014 39
40
3212 Dec 3314 Dee
011 of New York _25 293
Jan 18
3114 60,800 Standard
4June 27 3418
3118 31
8
3
4 307 313 30 4 3138 31
3114 3072 31,
31
2
107 Feb
312 Nov
8June 9
43
2 Mar 29
8 234
23
8 212 *214 212 1,200 Stand Plate Glass Co_ No pa
23
232 01
1
/
4
1
/ 24
2
*214 212
45 Feb 45 Feb
4
/
Preferred
100 10 Mar 16 151June 10
4
/
sets 1112 •91a 111 •1012 111 .1012 Illz 4,918 1112 *918 1114
75 Mar 9614 NOY
Nis Jan 4 1431 ov 5
4N
/
No par
20,900 Sterling Products
3
4
/
137 1384 139 14234 139 140 4.139 14314 141 1441 1434 145
1
/
4
61 Nov 927 Jan
5414 mar 15 8712Nov 30
-Warn Sp Corp_No pa
8
827 12,300 Stewart
8178 82
4 8034 8112 81
1
/
4
/
8312 821 8314 804 813
83
4
1
/
47 Dec 7714 Jan
545 14,300 Stromberg Carburetor_No pa
2818June 1 80 Sept 9
1
/
4 4612 4612 4512 4714 4712 5112 534 5618 52
4412 453
47 May 82 Sept
1
/
1
/
5834 5914 72,100 Studeb'rCorp(The) newNo pa • 49 June 23. 6312Sept 12
4
1
/ 574 584 571 59
58
4
/
1
/
1
/
584 604 57
:
6012 611
4
/
:Nov 26 1141 Feb 1221 June
:
_ _ *123 1243 123 123
70 Preferred
100 118 Feb 10 1251
4
123 123 *123
125 125
124 124
4
1
/
3 Fat
4
/
11 .11111
818May 12
4
4
212 Feb 28
4
N,, par
2.100 Submarine Boat
4
8 4
*37
4
4
4
4
4
per share
per share 5 per share
per share
$ per share $ Per share'
8534 853
86
85
4
83
86 . 8212 8412 83
4
/
8614 861 86
883 881 *881z 92
4
8818 8812 *8812 90
4
/
*8812 95
95
.90
78
78
8 7712 78
8
4
/
781 777 777
7914 77
4
1
/ 79
8
793 79
8
8
*1147 11514 *1147 11514 *11472 11514 *115 116 *115 116 *115 117
4
/
471 477
8
8
477 48
8
4
4818 473 473
4 477 48
4
1
/ 48
4
473 47
114
s
13
*114
4
/
11
114
114
114
8
114 *114 13
114
114
4
/
4
154 15514 15334 1533 152 1541
1
/
4
1553 1554 153 15514 15112 154
4
1
/
•11212 11512 *11212 115 *11212 115 *113 11512 116 116 *114 11612
8
8
1
/
,
8
8 573 5912 58
4
/
611 6212 5914 615
5914 574 585 x583 59 2
8
4
/
181 1918 185 19
8
1913 1812 1914
8 18
20
2014 193 203
4414 4412 4412 4412 4413
4514 4318 44
44
4512 4578 44
1
/
8
4
/
8
435 4514 427 433
8
4
/
46
45
4 4312 451 4438 441 443 444
8 2014 2014 2013 21
8 2018 2012 2018 203
2014 2014 2013 207
1
/
•154 16
8
153 163
8
145 1518
8 1618 1618 1512 1612
15
15
80
*75
80
*75
80
*70
80
80
4
1
/ 8012 *70
80
*79
3614
36
36
36
3614 3612 37
36
36
36
36
36
8
4
1
/
1218 124 123 133
1238
8 12
8
4
/
8
127 133
4 121 1314 115 125
4
1
/ 4
3
4
4
4
4
4
4
4
4
418
4
1718 173
4 1712 18
4
/
1712 171 18
,
16 4 1712 1718 1712 17
4
1
/
25
4 25
4
243 253
8 24
4 2414 25
243
2412 2618 2412 255
8
1812 187
8 1818 187
4 177 1814
2014 205
8 1612 2018 1714 183
4
1
/
2514 2412 25
2312 2312 2478 24
2312 23
1
/
224 2278 23
16
*13
13
1412 13
*13
1413 *13
14
*13
1413 *13
8
*227 23
23
1
/ ,
224 22 8 23
*23
4
1
/ 233
4
4 231z 233 *2212 23
95 •9412 95
4
1
/
4
/
061 *94
9612 95
*94
96
961g *94
*94
6134 ;5,4
sales on this day. a Ex-rights. z Es-dividend. b EX dividend and ex-rights.
•Bid and asked prices: no
•
228
New York Stock Reoord-Continued-Page 7
For sales during the week of stocks usually Inactive, see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 7.
Mandap,
Jan. 9.
Tuesday,
Jan. 10.
1Vednesday, Thursday,
Jan. 11.
Jan. 12.
Friday,
Jan. 13.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1927.
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest I Hight*
S Per share $ Per 8,1676 $ per share $ Per share $ Per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
$ per share
per share $ Per share
314 3134 3112 32
313 313
8
8 314 3112 .3112 32
2 314 317
1,700 Sun 011
No par 30 Mar 21 347 Jan 17
8
4132 Jim
301s M
•--__ 100 .98 1001 100 100 .100 10012 *100 10012 100 100
200 Preferred
100 99 Aug 11 1013 Dec 9
8
31
.
312
33
8 312
33
8 31
34 34
34 34
34 3 4 7.300 Superior 011
,
No par
318 Dec 16
612 Feb 18 --i- Yuji --E14 "Wee
,
.20
23
*20
23 .20
.21
23
21
23
21
21
21
200 Superior Steel
100 18 Oct 27 28 May 18
1912 Apr 347 Sops
8
144 1518 144 1512- 143 15
1312 133
4
4
4 143 15
143 1514 9,300 Sweet, Co of America
4
50
7 Apr 27 14 Dec 27
84 Apr 174 Bent
512
.43
512 el,
8 5
•43
8 6
.43
8 53
8 *5
512 614 3,000 Symington temp ctfs_ __No par
21aSept 17
8 Jan 14
4 Nov
144 Jan
133 133
4
4 1314 137
1318 1318
8
1312 133
4
4 133 14 s
4
, 123 1412 3,400 Class A temp ctfs__ __No par
8 Oct 21
1514 Nov 22
1038 Oct 204 Feb
16
1612 *16
1612 •16
1612 163 1654 Z16' 1612
161 .16
!
4
2
400 Telautograph Corp_ __No par
1112 Mar 9 1714 Nov 15
11
Apr
1472 Jan
10 4 11
,
104 104 104 10 4
104 11
3
4
3
8 2,100 Tenn Copp & C
1057 10 4 103 107
No par
818June 10 1314 Jan 13
1058 Dec
16 Feb
544 54
543
8 5418 543
543 553 54,300 Texas Corporation
5414 5412 54
543 543
8
8
4
4
8
25 45 Apr 19 58 Jan 17
534 Nov 574 Dee
78
794 774 783
4
753 777
4 7512 77
8 7612 773
4 7614 7718 190,500 Texas Gulf Sulphur new No par 49 Jan 3 813 Sept 20
8
Oct 524 Nov
39
1412 143
1412 143
4 1414 14 4
4
1512 153
4 1512 163 48.800 Texas Pacific Coal & Oil_ _10 12 Apr 29 1878June 8
, 1434 16
4
12
Oct 1912 Jan
8 26
2712 254 2712 267 277
74 2814 2612 277
2
8
4
8 273 29 116,000 Texas Pac Lana Trust new1 154 Jan 25 40 June 7
224 23 8 23
,
24
,
247 2.5 8 2512 26
8
26
267 273
28
8
4 5,700 Thatcher Mfg
No par
12 2312Sept 18
1612 Aug
.4714 4812 .47
483
4 4812 50 .4914 4912 4912 50
50
2,600 Preferred
50
No par 43 Aug 8 5012 Nov 19
3612 363
4 36
353 353
36
8
364 35
8 3512 355
4 8.300 The Fair
8 3512 353
No par 2414 Jan 11 38 Aug 6
2638 Dec 34
Jail
6014 597 60 .58
60
g
8012 .58
6012 .59
6012 .59
400 Thompson (J R) Co
6012
25 47 Jan 28 65 4 Dec 10
3
4214 May 5012 Sept
164 17
1612 167
8
8 163 1612 1612 17
8
163 167 19,400 Tidewater Assoc Oil_ _No par
1612 167
8
8
153 Oct 13 1918June 9
8
873
4 8612 87
864 864 .87
863 863 .8612 87
4
864 863
4
900 Preferred
s
100 85 Oct 6 9034June 1
224 221g .213 2214 •213 2214 217g 2214 •213 22
4
4
4
.2134 22
600 Tide Water 011
100 19 July 25 2918 Jan 13
27 Nov 3914 Jan
89
89 .88
883 883
89
4 89
4
89
•89
893
8 89 89
800 Preferred
100 85 Nov 19 904 Sept 12
8714 Nov 103 Jan
131 13214 12914 13012 12714 13212 130 134
130 1317 13018 132
8
58.300 Timken Roller 13earing_No par 78 Jan 3 14212 Aug 3
447 Mar 85.4 Nov
8
110 1103 11018 11214 10912 1117 10914 11012 10918 11014 10912 11014 35,300 Tobacco Products Corp 100
8
8
923 Oct 4 11738 Dec 16
4
9514 Apr 1163 Sent
8
11912 1193 11914 120
4
11812 119
118 1183 11712 1177 117 11814 6,000 Class A
8
4
100 108 Apr 18 1237 Dec 27 103 Mar 1184 Sept
8
812 9
9
912
88 9
,
834 912
93 1018
8
912 1018 287,200 Transe t'l 011 tematnewNo par
1038 Nov 17
33 Apr 30
4
3 Mar
512 J111Y
50
49
51
507
51
8 4812 497
517
50
8 49
8 5014 514 15,800 Transue & Williams St'l No par
10 May 4 50 Dec 14
15 Aug 27
Jan
68 8 6912 67
,
6812
_
6,900 Underwood Typewriter____25 45 Jan 29 70 Dec 31
434 Nov 633 Jan
4
•12412 125
12412 12412
30 Preferred
100 120 Jan 5 125 Dec 8 1153 Sept 123
4
Jan
*4714 4814 473 48
47l 47'2 48
4
47
47
-,I814 16 4
48
-31,100 Union Bag & Paper Corp._
3812 Jan 25 7314June 1
35
7114 Jan
14314 14514 14114 14312 13812 142
13912 142
14014 14312 142 14312 39,300 Union Carbide & Carb_No 100 9918 Jan 26 15412 Nov 18 7712 May 10034 Dec
par
Mar
4414 44 8 4412 447
,
8 4312 44
4312 44
44
8
4414 443 4514 12,200 Union 011 California
8June 27 5612 Jan 6
05 393
3714 Jan 583 Bout
8
124 124
123 123
121 122
121 122 *12112 126 .122 126
900 Union Tank Car new ____100 94 Jan 3 12712 Dee 19
93 Dec 9514 Dee
317 34
8
3314 33 8 32
,
3234 313 33
32 12 32
4
323 33
8
7,700 United Cigar Stores new...... 10 323 Dec 30 3818July 26
8
1087 109
8
1087 1087 1083 1084 1087 109
8
2
1084 109 •1077 10812 2,000 Preferred
8
4
8
100 104 July 29 109 June 24
19212 19212 19214 19712 193 196
19312 195
19414 19712 197 19812 13,100 United Drug
100 159 Jan 25 20012 Nov 5 134 Mar 174 -134;,
59 4 60
3
*60
62 .60
61
.60
61
60 4 .60
3
60
60
400 1st Preferred
60 5812 Jan 6 61 Dec 23
5512 Mar 59 July
•4318 453 *4318 45 4 *4318 453 .4318 453 *4318 453 543
4
3
4
4
1g 45 4
4
3
United Dyewood prof
100 35! July 12 49 Jan 19
494 Dec 58
Jan
13818 13914 13814 1401 13812 1383 138 1383 139 13912 139 139
4
,
8
3,400 United Fruit
No par 11312 Jan 26 160 Sept 12
98
Apr 126 Nov
973 9912 •9814 9912 99
4
99
9912 99
99
99
9812 9812
210 Universal Pictures 1st 03d_100 963 Dee 28 1033 Apr 28
4
8
90 Mar 9812 Dee
2412 2534 2412 2512 24
2514 24
24
25
25
24
2.5
68.400 Universal Pipe .4 Rad_ _No par 244 Sept 22 3714 Mar 29
135 Mar 34 2 Dee
8
,
91
91
91
987
8 96
977
8 977 10014 10012 102
8
10114 102
12,500 Preferred
100 813 Jan 27 98 Dec 20
4
62 Mar 9012
•211 214 8 210 210 4 206 208
3
205 210
3
207 212
215 220
5,500 US Cast Iron Pipe & Fdy -100 19012 Aug 30 246 May 20 150 May 24814 Dee
Aug
.117 121 .117 121
117 121
117 121
117 121 •117 121
Preferred
100 112 Mar 14 125 Nov 28 10014 Mar 118 1300
1914 193
8 18
18 8 1818 1818 18
1818 18
,
1838 184 2,700 U 8 Distill) Corp new __No par
18
1414May 5 2234July 7
_
•87
89
87
.86
87
87 .85
87
87
87
87
*86
300 Preferred
10
81 May 5 9614 Sept 2
5012 5114 5012 5114 50
51
5012 5114 50 8 534 5212 5312 16,100 US Hoff Mach Corp vtcNo par 44 Oct 13 633
,
8May 19
457 -.1;111 "5914 Feb
8
10712 1084 10612 1077 105 107
106 10914 106 s 108
,
,
10612 1064 23.100 U 8 Industrial Alcohol
100 69 Mar 30 11112 Dee 16
4538 Mar 8412 Dee
.119 121 •119 121
1203 1203 .119 121 *119 121
4
4
119 119
400 Preferred
99, Apr 11472 Nov
4
100 1074 Apr 4 121 Dec 21
2214 2214 2214 24
2312 2438 233 2418 2418 247
8
8 2418 24 8 13,400 U 8 Leather
,
14 July 21 2512 Nov 14
No par
5212 5312 523 54
8
3
5434 54
63
5514 55 4 5712 56
3
573a 27,700 Class A
4June 30 5612 Dec 16
No par 273
•10512 10614 10612 107
10714 1074 10712 10712 1073 108
4
107 107
1.200 Prior preferred
100 89 July 15 10612 Nov 4
6412 6414 65
64
634 647
,
4 63 8 6418 637 643
8 644 643
8
7.400 U S Realty & Impt new.No Par 54 Apr 6 694 Dec 12
4
"iii, Jan
617 627g 60 8 623
,
2 5812 607
,
8 59
4
6012 593 618 6138 627 70,300 United States Rubber
8
100 3714June 16 6718 Feb 28
5014 May 8814 Jan
16714 10812 108 1083 10612 108
10714 108
4
107 1084 108 1093
8 9,800
1st Preferred
100 85 4June 16 1114 Apr 8 10111 Mar 109
3
Jae
43 4 44
3
43
4314 4112 427g 4114 424 4118 4112 4014 41
6,100 US Smelting, Ref & Min_..50 334 Jan 13 4878 Dec 6
30
Oct 49 s Jae
7
53
52
53
53
•52
53
52
.523
4 53
53 .52
53
1,100 Preferred
50 45 8 Jan 18 54 Dec 31
3
42
Jan
Oct 50
United
Apr 16012 Dec
150 4 15234 14814 150 4 14612 15013 14634 116-- 14655 14855 147's 148g 450:4156 New States Steel Corp..100 21501414ept 22 176 May 31 117
3
3
.1113 Jan 28 160128ept 16 11378 Dec 117 Dee
s
13968 13962 13934 1397 139 4 140
8
3
13912 13978 13918 13934 13938 1394 3,100 Preferred
100 129 Jan 28 14114 Dec 28 12412 M
13014 Dee
•9412 9614 9614 96 4 9612 967 .96
3
8
97
97
97
9712
900 U 8 Tobacco
97
No nor 67 Jan 4 974 Dec 10
561 Jan 67 Dee
12514
•12514
•12512
•
12514 -- •12514 - -- *12712
Preferred
100 123 Jan 14 127 Nov 28 112 Ma 123 Dee
14814 14814 147 147
145 151
140 140 •1414 150 •14314 150
380 Utah Copper
10 111 Feb 11 162 Dec 24
93
Apr 116 Nov
2
914 294 2914 2914 284 294 283 2914 20
4
2914 29
2914 4,700 Utilities Pow & Lt A _ _No par 27 Jan 8 34 May 19
27 8 Dec 37 Feb
3
6334 68
633 6.57
4
614 65
6214 6312 614 623
4 6212 6314 38,300 Vanadium Corp
No par 37 Jan 20 674 Dec 20
29 Ma
43 Atli
73
8 73
8 *712 9
.712 9
.712 9
78 7a
,
7s
, 7 8 3,400 Van Raalte
,
,
No par
6
3413ept 2 143 Feb 8
8
124a Apr 22 Feb
•4212 45 .43
44
4412 4412 45
45
45
4.5
.4212 413
100 4214 Dec 27 64 Feb 11
2001 1st preferred
68 Aug 75 Fe
59
5918 591 60 8 60 60
! 7
5912 60
5912 593
8 5914 60
5,000 Vick Chemical
No par 48 Jan 3 63 8June 6
,
434 July 62 Al=
1
5614 5812 65
06 4 54
3
554 55
.5612 5512 5612 56/2 57
72,900 Victor Talk Machine_No par 32 July 13 54 8 Deo 5
3
114 11612 112 113
10014 112
10934 113
1121 1 113
11214 11414 4,800 6% preferred
No nor 87 Oct 14 11158 Dec 5
102 10212 •102 103
102 1028 10218 10218 •1027 10312 1023 103
4
8
4
1,100 7% prior preferred
100 9814 Oct 7 10212 Dec 6
14
1414 134 144 1312 133
1314 137
4
8 1314 1314
712Iday 23 15128ept 13
1312 137
8 3,500 Virg-Caro Chem
No par
9
47 8 47 8 471g 471g 4612 47
7
7
464 463
3 4618 4614 46
100 284 Apr 4 4834 Dec 27
464 2 900 6% Preferred
.
Jan
8
311 Oct 69
9014 9.014 .89
90 .89
90
89 4 90 .893 8912 .894 8912
3
100 73 June 8 91 Nov 15
300 7% preferred
8
83
Oct 984 Jab
.34
40 .34
40 .34
40
*34
40
Virginia Iron Coal & Coke.100 38 Dec 15 51 Jan 4
*34
40 .34
40
40 May 804 NCI
•823 69
8
*623 69
8
623 69
8
*624 88 .623 68
8
,
Preferred
100 6212 Dec 27 7612 Aug 22
8
5
62 8 623
70 July 85 Dee
2312 24
223 2314 2218 2212 221, 2238 2212 223
8
2 2212 223
4 3,600 Vivauclou(V).
No par 2014 Dec 14 3914June 20
26 Mar 3612 Dee
•96 100 .96 100 .96
99 •96
99
•96
100 95 Dec 15 11812June 20
•96
99
Preferred
99
94 4 Jan 11012 Dee
3
25
2818 25
281
31
34
3314 433
100 1612 Jan 5 80 Aug 26
3514 5,170 Vulcan DetinnIng
4 331 1 373
8 33
10 Sept 16 Doe
.93
95
*874 95
•92
95
95
100 90 Jan 4 125 Aug 27
96
30 Preferred
97
98
.92
97
88
Apr 105 Dee
.2314 26
.2318 26
223 24
8
25
3512 27
38
370 Class A
30
100 16 Jan 27 59 4 Aug 26
323
4
3
19 4 20
3
•20
2014 20
2014 2014 2014 2014 2014 20 2 2012 7,900 Waldorf System__ _ __No par
1814 Dec 2 25 Feb 7
3
17
Jan 25 D
17
17
17
17
1612 167 •1614 17
8
17 Dec 12 2412 Apr 1
1,300 Walworth Co offs
.1814 17
•1612 17
No Par
1214 June 2314 Jan
•114 1163 116 4 1183 v114 11634 .114 1163 1165 117
4
3
4
420 Ward Baking (Saki A No par 8918 Apr 13 1183 Oct 3
8
115 11614
4
4
99 June 195
Jab
2
714 28
267 273
8
8 261 2714 263 287
!
No par
4
1712June 14 3.35 Feb 18
294 31,800 Class B
2 274 2912 28
2
214 Oct 85 8 Vet
3
,
*9612 9612 9612 9612 9612 963
1,400 Preferred (100)
No par 84 Apr 9 1004 Nov 21
4
4
4 963 963
4 97
9714 963 0714
8812 Oct 11012 Jail
24
2434 2314 2412 223 24
8
224 2312 223 23
23.4 233
4 9,900 Warner Bros Pictures A____10 1814 Dec 24 4512 Jan 6
3
4
12 June 6914 SePt
323 323
8
4 3114 324 304 314 303 32
314 6.000 Warner Quinlan
No par 24 June 6 3412 Dec 10
8
314 314 31
166 15714 15.512 155 4 15012 15514 15234 1523 15212 162
3
No par 65 Jan 14 180 Nov 30
160 4 1637
4
3
8 8,600 Warren Bros
Dii
43 2 Ap
7
4W
19 4 19 4 193 193
3
4
4 20
4
20
18 Oct 20 27 June 1
4 1,400 Warren Fnary & PIPe-No Par
193 20
193 193
4
8
3
19 4 20
.644 64,) 645 641 .633 6412 .8312 6412 6412 65
8
4
4
800 Weber & Hellbr, new e_No par 6514 Dec 31 7512 Aug 9
64
6612
--I_
103 10
•1023 103
4
103 103
300 Preferred
100 1013 Nov 16 10338 Aug 9
4
1023
410214 •103 • 10312 •103 10312
174 17-14 1741 174
172 17312 17212 17212 169 171
2,200 Western Union Telegraph_100 14412 Jan 8 176 Dec 31
171 172
ICC 1577 5OP4
.
50
517g 6014 62• 50
515
8 50 4 5112 51
5212 514 5214 107,300 Watnghse Air Brake New Nopar 44) Oct 28 50128ept 15
3
9018 92
7g 92 2
,
93 210,800 Westinghouse Eleo & Mfg_50 67 8 Jan 4 943 Dec 2
9111 94.1.
,
9112 94
913 9318 92
4
4
85 May 351j Tfa;
.
97
993
4 97
9912 987 3,3
430 1st preferred
9914
9714 98 .98
98
50 82 Mar 25 1037 Dec 3
8
14 08
8
ma fact 878. Feb
•1212 13
.12
12 13 .
200 Weston Elea Instruml_No par
11 Bold 23 1838 Feb 16
1212 11
.1212 13
.1212 13
127 13
8
133 May 194 July
4
*31
3112 .31
3112 30 4 30 4 3112 3112 *303 3131 30 4 30 4
400 Class A
3
3
No par 30 July 14 344 Apr 20
3
3
4
2714 Jan
3212 001
•106 8 108
,
108 10812 .10714 109
60 West Penn Elea ci A vt.2 No par 977 Jan 4 111 Aug 22
4
10714 10714 •10714 109 •10714 109
8811 Jan 984 00$
1121g 11218 11218 11234 1123 11318 1134 1143 1143 1144 11412 11412
730 Preferred
8
100 102 Jan 4 112 Sept 13
4
4
May 1024 Dee
11512 11512 11512 11612 115 4 11534
•114 8
,
340 West Penn Power pre/
3
4
100 111 Jan 15 118 May 27
s
1155 1153 1154 11512 1153
8
0612 Mar 115 03171
1
1117 1114 110 111 .11014 1113 *11014 11112 .11014 1113 11014 1103
8
4
100 10012 Jan 20 Ill Dec 29
4
50 6% Preferred
95
103 Dee
2234 2278 23
2334 237 2412 234 2418 24
2212 234 7,100 White Eagle 011 &Refg_No par 20 Dec 30 274 Feb 15 108 Mar
24
8
Apr1 294 Feb
38 4 39
3
38
3918 373 3814 373 3814 38
3814 377 3812 12,700 White Motor
50 3014 Nov 3 683 Feb 28
8
8
8
8
254 Apr 90 Feb
.3514 3512 35 4 36 .3514 36
600 White Rock Mln Sp ctf _No par 28 Jan 26 41 12Sept 21
8
357 357
8 357 3.54 3514 3512
3
8
61,8 Oct 384 Feb
41
42
41
4212 424 4213 3,604) White Sewing Machine_No par 214 Mar 24 534 Aug 10
4114 40
4012 41
41 14 41
22
600 White Sewing Mach pt_No par 46 Feb 18 59 Jan 17
55
55
544
•541g 55 .5418 55
5418 55 .64 5 55
54
1
4612 Oct - 4 4 - 3
( 1- 6
i
Wickwire .Spencer ctf __No par
is Oct 25
112 Feb 14
38J86
lsDecI
194 26{4
- 01812 107e 1- 9,300 Willya-Overiana (The)._ ____5 1312 Oct 10 2414 Mar 3
1055 -1/i- 16- -18T8
Jan
18 May 34
94
900 Preferred
94
9412
9312 9312 931.2 9312 9312 9312 9312 9312 93
100 87 June 11 96 Aug 22
8812 OctI 09 Feb
1318 133
1412 17,400 Wilson $C Co Inc. new_No par
4
133g 1412 133 137
8
137 1414
8
14
8
10 May 5 173 Feb 21
8 133 137
8
8
6 May
143 Dee
8
233 2412 2358 2412 231* 243
4
2414 244 24
24
2514 12,200 Class A
, 24
No par
1614May 5 3278 Feb 23
14 May 3083 Dee
.6712 69
5,400 Preferred
.66
68
67
70
677 7112 6612 67
6912 70
g
100 58 Apr 7 8434 Feb 23
4
42 May 912 Dee
1884 1908 185 188
,
4
8
1813 18512 182 1847 1823 1843 18412 1854 58,800 Woolworth (F W) Co
8
8
4
25 1173 Jan 11 19812 Dec 5 120 4 Dec 128 Dee
,
29
1,700 Worthington P St M
2978 293 30
*2812 30
•2814 29 4 2814 2814 .2814 30
8
3
100 2012 Jan 27 46 June 7
3
II) Nov 44 4 Jan
.46
Preferred A
60 .47
61
61
.46
61
.46
•4614 61
81 .46
100 44 Dec 9 6112June 9
44 Nov 80 Feb
•41
300 Preferred B
4219 4212 4212 4212 •4212 44
44
44
.41
42
42
100 37 Oct 24 641 2June 7
3714 Nov 05 Bab
22.900 Wright Aeronautical__ No par 2412 Apr 5 043 Dec 13
8112 70
7918 7918 83
7914 8214 78
761 7914 78
4
8072
4
2412 Mar 3934 July
7312 74
1,700 Wrigley (Wm Jr)
72
724 73
7234 74 .72
73 .7212 73
•70
No par 504 Jan 4 724 Dec 15
Apr 6914 Feb
47
.737 74
1.500 Yale & Towne
8
75
75
737g 74
75
74
74
*74
73
*74
25 704 Jan 8 8412 Aug
6012 Mar 724 Aug
3218 3212 3212 343
3432 364 3514 3612 3412 354 206,200 Yellow Truck & Coach Cl B_10 25 Jan 14 40 Aug 24
34
4
8 313
10
s 69
20 May 393 0 3
5,000 Preferred
88
88
8914 91
89
88
.874 88
90 4 91
3
100 831s Aug 23 994July 20
8758 88
9112 AM' 10712 Sept
9612 97
8
96
9614 954 9612 9514 963
8 963 984 7,100 Youngstown Sheet & T_No par 804 Oct 24 1004 Dec 30
964 95
69 May 9514 Aug
Bank & Trust Co. Stocks.
574 Bank of Commerce
573 573
560 580 *560 562
565 567
562 562
574 575
504 Oct 26 582
Bank of Manhattan Co_ _100 558 Oct 29 813 Dec 6
*583 590
582 588 .580 589 .578 580 .580 586 .578 580
Oct 6
1,230 Chase National Bank
575 577
574 579
572 577
575 680
100 528 Dec 8 615 Sept 26
835 Chat Phen Nat Bk dc Tr. 100 495 Oct 25 575
600 6&" 602 607
605 613
600 600 602 618
597 609
Dec 14
70 Corn Exchange Bank
606 606 606 607 •595 610 .604 611 .605 610 .607 612
100 593 Got 17 615 Dec 2
417 422
413 143
415 415
870 Equitable Tr Co of N Y_ _100 390 Oct 24 428
413 414
416 416
416 418
Oct 4
•1300 134 .1300 1320 .1300
•1295 1310 .1300 1320 *1300 1305
Hanover National Bank
100 1270 Oct 26 310 Deo 23
1,720 National City Bank
792 799
77312 783
768 785
784 794
100 669 Oct 28 745 Dec 24
.640 645 646 645
642 642
642 642
90 National Park Bank
643
642 642
100 593 Nov 2 655 Oct 3
9r
.aio-
•Bid and asked prices, no sales on this day. a Ex-rights,
I Ex-dividend. • No par value.
229
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1900 the Szthanos 544004
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
0
Iv
te
4-4 3:
Price
Friday.
Jan. 13.
Ofuo4tso
loads was aanged and mica are now -and totterear--ezcryt for
Week's
Range or
Last Sale.
11
05
Range
for Year
1927.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
.§.
.1i
4444.
1JSCOnie
and defaulted bends
Price
Pridati.
Jan. 13.
Weer.
Range Or
Last gale.
11
U. S. Government.
Mg& No.
Ask Low
High No. Low
Rid
Ask Low
80
High
Fleet Liberty Loan—
Greek Governments 1 sec 75 1964 M N 983 Sale 97
4
9914 93
334% of 1932-1947
1952 A 0 10034 Sale 10012 1014 20
1 D 10111.. Sale 101113110110n 534 4001143102nd Haiti (Republic).f 6.
Cony 4% of 1932-47
3
2 0014,102
Heidelberg (Germany) ext 734550 J J 10414 Sale 10414 1045,
J D 101"..,- - 101".11011.,,
Cony 434% of 1932-47
83
8
J D 1031041 Bale 103'44 103". 158 0214110320u Hungarian Mimic Loan 734s 1945 J 1 997 Sale 994 100
2d cony 44% of 1932-47
96
33
External a f 75
1021141103
Sept 1 1946 J .7 95 Sale 9414
J I) 1021343 _-__ 1021034Dec27 _
Third Liberty Loan—
9914 14
3
Hungarian Land M Inn 734s '61 M N 9814 9812 98 4
44% of 1928
5
00010n 673 00"4110111188 Hungary (Kingd of) B f 745_1944 F A 10211 103 10218 10214
m g 1001044 Sale 10013
Fourth Liberty Loan—
Italy (Kingdom of) ext'l 78_1951 1 D 9914 Sale 99
995 717
34
96
618 0341.004434 Italian Cred Consortium 78 A1937 M 13 95 4 Sale 9514
3
,
434% of 1933-1938
A 0 103143 Bale 1031038104
97
Treasury 434.
95
Extl sec at 78 ear B
.8
1947 M El 95 Sale 947
1947-1952 A 0 115/44 Sale 11510311165 1434 110%1118
Treasury 4s
9618 220
3
Italian Public Utility ext 78A952 J J 9570 Sale 95 4
1944-1954 j D 1101243 Sale 1101131111142 462 106114111
Treasury 3348
921: 75
Japanese Govt £ loan 48-1931 .1 .7 923 Sale 92
0
1946-1958 iN 13 107141 Sale 107241108148 552 10344108
Treasury 3345
1943-1947 j o 1021134 Sale 10224210315,8 1107 1003n103141
1954 F A 1013 Sale 10130 10178 331
4
30
-year a 1 63411
State and City Securities.
9912 21
Leipzig (Germany) a f 78
1947 F A 9912 9934 99
N Y CIty-44e Corp stock_1960 IN 8 100 4
9914 10
0
4 1003 10114 Lower Austria (Prov) 7348_1950 J D 9850 Sale 9834
_ 10118 10114
1
445 Corporate mock____1984 rd 8 1047 10512 105
8
10058
105
-year 68.-1934 MN 10014 Sale 100
2 10212 10512 Lyons (City of) I5
4443 Corporate etock____1966 A 0 10 8-- 1024 Mar'27 ____ 1025, 10258 Marseilles(City of) 15yr 68_1934 MN 10012 Sale 99/4 10050 77
47
648 Corporate etock____1972 A 0105'i 1957 10558 june'27 __.... 1023, 1054 Mexican Irrigat Asstng 4348 1943 _ __ 36
3
36% 36 4 Jan'28 ____
- 4145 Corporate stock_ _1971 3 D 1093
4
10918 June'27 ---, 1074 10912 Mexico(US)esti 58 of 1899 £'45 (1 J 48 ___ 35 Sept'27 -,-4435 Corporate stock_aly1987 3 j 1194 11012 10978
,
4234 167
Assenting 543 of 1899
3 1065 10911
8
1945 ____ 4212 Sale 4134
10978
430 Corporate stock----1965 .1 D 10912 11014 10958
Assenting 541 large
3 10658 10914
384 Dec'27 --,10938
434s Corporate stock.
51
Assenting 45 of 1904
29
2914 291 2714
-1963 m 8 10934 11014 109 Dec'27 ---- 10638 109
43% Corporate stock
Assenting 40 of 1910
99 10138
1969 rd N 10118 1013 10110 10114 13
J 3 --------273 Jan'27 _
d% Corporate stock
Assenting 4s of 1910 large
2978 95
99 10134
1958 m N 10118 10134 10115 Jan'28 -----__ 2930 Bale 2918
4% Corporate stook
Assenting 45 of 1910 small
2850 141
1957 m N 10113 10124 1015
8 10134
98% 10112
A
—_ 2714 Sale 27
48 registered
Trees Mot'13 assent (larger33 J J 4234 4314 4234
4312 25
1938 MN 10014 ____ 9834 July'27 ---983 984
4
434% Corporate ;dock —1957 MN 10818 ____ 10812 10812
Small
7 10558 1085,
4234 32
42
434% Corporate stock
3
9212 196
1957 NI N 1081s ____ 10812 Nov'27 ---- 105 4 10834 Milan (City. Italy) ext'l 13348 '52 A 0 92 Sale 9134
334% Corporate et_Nfay 1954 IN N 9314
93% Dec'27 ---_
89% 9310 Montevideo (City of) 78__1952 J D 1027 103 103
10314 11
0
3
897 9334 Netherlands 6s(flat y41580_1972 M El 10814 Sale 1084 10814
334% Corporate St—Nov 1954 MN 9314 ---- 933 Dec'27 ---0
New York State Canal 45-1960 _
30
-year external 88
____ ____ 1023, Nov'27 ---- 1025 10258
0
1964 A 0 102% Sale 102% 10318 41
Canal Imp 4s
1981 I- j ____ ____ UN% Oct'27 ---- 1043, 10438 New So Wales (State) ext 58 1957 F A 9514 Sale 91 4
9514 71
3
Canal Term 434e
External a 1 58
1945 j j
10534 10538
_ 1053 Oct'27 43
954 51
4
Apr 1958 A 0 9512 Sale 943
Highway improv't 4%8_1963 Ms ____ ____ 11212 June'27 ---- 11212 1124 Norway 20
-year eat' 68
1943 F A 1027 Sale 10214 10278 49
s
Foreign Gov't & Municipals
20
-year external 6e
1944 F A 1034 Sale 1023, 10312 77
Antioquia (Dept) col 7; A 1945 3 j 0512 Sale 943
30
-year external 8,
9234 9712
4
954 59
1952 A 0 10212 1027 10214 10278 24
40
9514 16
External 5 f 75 ser B
-year 5 f 533e
1945 j j 95 Sale 944
90
1965 J D 10134 Sale 10114 102
9234 9712
924 5614 Oslo (City) 30
External B f 78 Belles C
25
102
1945 j j 95 96
-year 5 f 65.....1955 M N 102 Sale 102
9413 Jan'28 ____
Ext 8 f 75 tr reta let ser
Sinking fund 548
9534
93
1957 A 0 94 Sale 94
7
94
100
15
1946 F A 99 8 997 99
5
Argentine Govt Pub Wks611-1980 A 0 99% Sale 99%
Panama (Rep) eat' 5348-1953 J D 10318 1031 10318 10314
9
99% 29
8
975 100
Argentine Nation (Govt 01)—
Eat' see at (114a
2
1961 J D 102 1021 10212 1021
Sink fund 68 of June 1925_1959 3 13 991 Sale 99% 10014 130
39
973 10014 Pernambuco (State of) extl 75'47 M El 9618 Sale 9512
961
4
Extl a f 68 of Oct 1925
Peru(Rep of)ext188(of'24)_I944 A 0 1098 110 1097
50
9734 101
28
110
1959 A 0 9938 Sale 9912 100
Sink fund 64 series A
Extl 8s (ear of 1926)
58
2
9738 10112
8 10970
1957 M S 10034 Sale 10018 1001
1944 A 0 1098 ___ 1097
External 6s series B..Dec 1958 3 D 9934 Sale 994 1003 8
Est! sink fd 748
10738 117
1940 MN 10710 Sale 107
8
2
9734 100%
Ext1 a f 88 of May 1926_1960 re N 99 4 Sale 994 100
9734 109
Exti 5 f sec 7165 (of 1928)_1958 M S 10614 Sale 10614 10634 94
45
3
997 303
External s f Os (State R1)-1960 M s 9934 Sale 9938
9834 9978
Exti 8 f sec 75
1034 157
1959 M S 103 Sale 103
Exti 8e sanitary Works
997 182
1981 p A 99% Sale 9934
98 100 Poland (Rep of) gold 68- ._1940 A 0 82 Sale 8034
41
82
Exti Os pub wke(May '27)1961 rd N 9912 9434 9912
9934 37
98 100
Stabilization loan 5 f 7 -1947 A 0 91 Sale 90
99
91
8
991 276
Argentine Treasury 58 £_....1945 M S 9312 Sale 93
Extl sink td g 8a
32 89
931
9224
19503 J 9938 Sale 987s
Alegre
Australia 30-Yr 61-,-Jull5 1965 J J 9818 Sale 971
Porto
96% 100
987 118
(City of) 85_4_1961 .5 D 106 Sale 105 4 108
4
4
3
5
External 5e of 1927-- Sept 1957 M 8 973 Sale 973
Exti guar sink fd 734s_, 1956 J 1 1013 Sale 1017
6
98 295
96% 9812
4
4
10218
4
Austrian (Govt) of Is
Queensland (State)exile 78194
102 10114 106
17
1943j o 10334 Sale 10312 104
A 0 11514 Sale 1154 11
9712 97
Bavaria (Free State) 6348.. .1945 F A 97
974 47
9234 10014
25
-year external 68
2
108
1947 F A 106 10834 108
Belgium 25-yr en at 748i-1945 1 D 1143 Bale 11412 115
80 111 11454 Rio Grande do Sul ext1 a f 85_1948 A 0 106 Sale 106
26
1081
4
20
-year 51843
1941 N A 10912 Sale 1093, 110
76 108 1105, Rio de Janeiro 25-yr 8185___1948 A 0 10538 Sale 10534 106
11
25
-year external643)
25-yr eat! Ete
96 4 10510
3
3
1947 A 0 10512 1053 1054 10
1949 M S 10414 Sale 103% 10434 138
External a f 88
Rome(City) ext16%a
9218 100
1956 j j 993, Sale 9918
9934 243
92% 386
1952 A 0 9234 Sale 9178
-year a f 78_1955 j o 1074 Sale 10834 10714 134 10212 10754 Rotterdam (City) ext1138„ _1964 M N 105 Sale 10458 105
External 30
6
Stabilization loan 7s
10534 412 10110 1057,, Sao Paulo(City)at 8s__Mar 1952 MN 114 Sale 11234 114
1956 m N 10534 Sale 105
Bergen (Norway) a f 8s
Exti a f 6348 of '27
1945 M N 1134 Bale 1134 11334 10 110 1141s
8
971.
1957 M N 9712 9734 97%
15
-year sinking fund ea
19{g A 0 1004,101 101
094 102 Ban Paulo (State) extl at 88_1936 .1 J 10612 Sale 10618 107
4
101
37
Berlin (Germany) 64a
98
External sec 5 1 88
37
954 10034
1950 A 0 98 Sale 975
15
1950 J 41 10712 Sale 10678 108
Bogota (City) earl 5 t 843_1945 A 0 10538 Sale 105
External a f 743 Water L'n_1958 M S 10114 Sale 10012 1011
10585 10 1023, 1054
23
Bolivia (Republic of) 8a
•
32 10258 1954 Banta Fe(Prot Arg Rep)75_1942 M S 9512 Sale 95
1041
1947 MN 10414 Sale 104
9.
EMI see 75 tern
9334 98 Seine. Dept of(France) esti 78'42 J 1 10434 Sale 104
1958 3 j 95 Bale 941%
93
95
157
105
Bordeaux (City of) 15-yr 85-1934 MN 19012 Sale 99 4 lOOls 34
Serbs. Create & Slovenes 88_1962 M N 99 Sale 984
3
9325 10034
991. 56
Brasil (IT 8 of) external Be__ _11)41 J D 10730 Sale 10714 107's 49 104 1084 Soissons(City of) extl 6t...1936 M N 987 Sale 98%
8
99
172
External 51 8335 of 1926_1957 A 0 9414 Sale 9418
98 Sweden 20
9458 187
89
-year 643
46
1939 3 D 104 Sale 103% 105
9412 994
75(Central Railway)
External loan 534s
1952 J D 97 Sale 97
97'z 102
7
1954 MN 10534 Sale 106
1
730(coffee eecur) L(flat)1952 A 0 1075s — 10612 Dec'27 -___ 10234 19734 Swiss Confecrn 20-yr 5 f 85_ _1940 l J 11214 Sale 1124 112
29
Bremen (State of) cal 78_1935 M S 10118 Sale 10110 102
993 105
12
Switzerland Govt ext 5348_1948 A 0 10518 Sale 1043
43
8 1
Budepeet(City)exile l 8 1---1962 1
8814 126
8434 92 Tokyo City 58 loan of 1912 1952 M S 77
3
82
4
853 Sale 8513
7712 761
:
Buenos Aires (City) 4330.1 8%51965 .1 D 10114 Sale 101
Exti 5 f 5345 guar
10112 38
9944 19214
164
J
1981 A 0 883 Sale 88%
4
89
Buenos Aires (Prov) ext1 75_1957 1 D 96% Sale 984
96% Trondlijem (City) let OM_ 1957 MN 9834 Sale 98
95
9714 74
983
4 30
EMI a 1 78 of 1926
9412 97 Upper Austria (Prey) 78. _1945 1 D 97 Sale 97
1968 rd N 97 Sale 963
71
97
4
7
981
Bulgaria (Kingdom) 8 f 78_1981 j y 90 Sale 89%
8858 9414 Uruguay (Republic) extl 18_1948 F A 10912 11034 109
23
90
35
110
Caldae Dept of(Colombia)741£48 ; J 983 Sale 9814
9714 166
External 8f fle
99
72
984
96
4
1960 MN 9718 Sale 9612
Canada (Dominion of) 6._ 193l A 0 10218 Sale 1024 10212 29 1004 10278 Yokohama 4City) esti 88.-1961 J I) 9518 Sale 9412
92
10
-year 5345
8 10214 83 10138 1027
Railroad
1929 F A 10214 Sale 1017
as
1952 MN 10734 Bale 1073
4 10814 415 101 . 10_012 Ala (2t Son lat cons A 58-1943 J 13 106,
5 108 1062
4 1
4%
,
1936 F A 1015 Sale 10118 1015
8 57
8
1
984- 101 4 Ala Mid let guar gold 5s
10012 No
1928 MN 10014 __
Carlsbad (City) e f 88
Mb & Susq 1st guar 3348_1948 A 0 87 ___ 904
1964j j 10714 Sale 10814 10714 18 1034 108
'
90
Cauca Val (Dept) Colam 7N11 46 A 0 9824 Sale 9918
994 Alleg & West let g gu en
2
96
99 4 27
3
.
92
95 92
1998 A 0 92
Cent Agri° Bank (Germany)—
Alleg Val gen guar g 48
9712
971.
1
1942 M 13 9778
Farm Loan s f 75
974 1034 Ann Arbor 141, g 40
1950 M S 1004 Sale 99 4 10011 49
1
84
3
85 84
July 1995 Q .1 8418 Farm Loan s185 lilt Olt-1960 i J 9278 Bale 9238
9278 88
9112 9534 Ate), Top & S Fe---Gen g 48_1995 A 0 984 Sale 98
99
51
Farm Loan 01643h:it Mt w 11960 A 0 926 Sale 92
923 485
91
9534
Registered
A o --------9734 Dee
--Chile (Republic) exti of 88_1941 F A 109 10934 109 - 1095
8 53 10614 110
Adjustment gold 4a...July 1995 Nov 923 ___ 94
8
94
15
20
-year external s f 7a_ _ _1942 MN 10112 Sale 1003
9912 1024
931
Stamped
4 10112 46
July 1995 MN 934 Sale 9318
-year external of 85___ _1948 MN 10914 1094 1091. 10934 16 1064 110
26
Registered
M N 8812 ____ 92 Dec'27 ___
External sinking fund 88_1960 A 0 9234 Sale 92
89
93%
928 318
Cony gold 45 of 1909
19553 D 93 __ 93 Jan'28 ____
. External a f Os
927 282
8
9330
89
Cony 48 of 1905
1981 F A 9212 Sale 923
195511 D 93's ____ 93 Jan 28 .--Chile Mtge 11k 834.Juno 30 1957 1 D 983 Sale 9618
97
184
9714
93
Cony g 441 hum of 1910-1960'3 D 92% ,_-- 9_3__13 Decan' ---4
S t 848 of 1920„June 30 1961 1 D 983 Sale 9812
984
45
99
96
East Okla Div Ina 4s
4
s 1925 M B 997 1004 val u
---adneee(Dukuang RY)5s_ _1951 41 D 2612 Sale 2518
2812 13
24
2 924 Nov'27 ---_
3014
Rocky Mtn Div 1st 48_1985 J
Christiania (Oslo) 30-yr at 661954 M 13 1017 Bale 10112 1017s
5
998 102%
Trans
-Con Short L 1st 4&1958J J 95½ 93 93 Jan
---%
%
Cologne(City) Germany-634s1950 M 8 9878 Bale 983
Cal-Ariz let & ref 434a A 1962 M S 104 ____ 10414 10434
8
967
0 47
5
937 10114
0
Colombia (Republic) 68
153
92
21
5
3
1951 J .1 9134 Sale 911
9314 AU Knoxv & Nor let it 5& 1946 J D 10734 ....... 107% 10752
Copenhagen 26
-year et 5%8-1944 .1 3 101 Sale 101
1014 25
994 10112 Atl & Chad AL let A 4348_1944 J J 9812 ___ 9812 Aug'2 -_ ..
External 543
9514 984
1st 30
1952 .1 D 9614 Sale 98
964 107
-year 55 series B
4 107
1944 J J 107 Bale 1063
Cordoba (City) male f 751_1957 F A 97 8,8, 96
97
13
9542 97
Atlantic Cfty 1st cons 45_,_.1951 J .1 90% ----90 Aug' ____
Cordoba (Prov) ArgenUna7a 1942 J J 9934 Sale 99%
993
AU Coast Line 1st cons 4a July'52 M B 9814 983 984
4 12
9612 100
981.
8
1
Costa Rica (Repub) eat! 7a-1951 MN 95 Sale 947
9512 26
934 9712
65
General unified 4348
19643 D 102 1034 1025, 104
Cuba 68 of 1904
997 104
1944 NI 8 1904 No% 10034 1007s 14
L & N coll gold 4a__Oct 1952 MN 94% Sale 9414
9434 23
External 548 of 1914 eer A-1949 F A 100 8 1025s 10012 Jan'28 ___ 10014 10218 AU & Day 1st a 41
5
8
85
19483 J 85 Sale 8334
/
External loan 410 see C 1949 F A 9614 9634 10014 Jan'28 --2(1443
9334 9734
19483 J 7514 7534 76 Jan' 4-1
Sinking fund 548
8
1023
4 54 10114 1043 All & Yad let g Sitar 48
1953 1 j 1023 Sale 102
901
8912
8
10
1949 A 0 884 90
Cundlnamarca (DePt-001) Te '46.5 D 9312 Sale 9312
924 96
Austin & N W let an a 58_1941 .1 J 10214 ____ 1023 Nov'
9414 22
4
__
Csechoelovakia(RAM Of)88-1961 A 0 10912 Sale 1084 1094 68 105 110
Balt & Ohio lat g 4a___July 1948 A 0 97% Sale 9714
98
74
Sinking fund 85 aer 13_1952 A 0 10934 Sale 1083
4 1093
4
Registered
s 36 1041 109
964 17
July 1948 Q J 9011 9714 9653
External s f 7%a series A 1945 A 0 10514 10638105's 1054 52 10434 10814
-Year cony 4348
20
176
1933M 13 100% Sale 10012 101
Danleh Com MuniciP 88 e.--1940 F A 11018 11034 11018 11012 10 1998 112
8
Refund & gen 5e series A 1995 J D 10414 Sale 10414 105
33
Settee 13 5 f88
8 10914 11134
1st g 5;
1948 F A 11012 11012 11018 1103,
6
1948 A 0 1094 Sale 10914 110
Denmark 20
-year esti
_1942 J J 10512 Sale 10533 10614 62 1033 10578
0
10
-year Os
8
1929.5 J -- ___ 1025 Dec'27 ____
Deutsche Bk Am part(131_9814 105
ctf 68_1932 M S 9818 Sale 98
97
Ref & gen 68 aeries C
99%
1995 J D 1114 Sale III% 11134 149
Dominican Rep Cunt Ad 530'42 rd 8 995 10014 100
F L E & W Va SYS ref 441-1941 MN 9612 974 9612
984 10114
100% 21
14
97
let see 5345 of 1928
9934 39
973 101
1940 A 0 100 Sale 973
Southw Div let 63
8
72
1950 3 J 10616 Sale 10814 107
Dresden (City) external 78-1945 MN 10034 101 10118 10118
5 100 10412
Tel & Cin Div let ref M A_1959 J J 8918 9012 9014
9118 28
Dutch East Indies esti 88-1947 3 J 105 Sale 105
1064 24 1024 10538
Ref dt gen 68 series D
113
2000 M El 1043 Sale 10434 105
4
40
-year external 85
2 1054 22 1024 1057e Bangor & Aroostook lst 58_1943 J J 103 106 105 Nov'27 ____
1962 rd ti; 1047 Bojo 1947
30
-year external 5548
2 1003 105%
Con ref 48
1953 M B 10312 10370 103% 1038
8
1
871.
1951 J J 8712 Sale 8712
30
-year external 534e
/
1
4
5 100 10412 Battle Crk & Blur 1st an 38 1989 J D 71
1953 MN io35 15412 1035
3 10384
8
2
71
71
El Salvador (Repub) 8e
28 1064 1094 Beech Creek 1st an g 413
1948 J .1 10712 Sale l0712 108
1936 j 3 97 - - 97 Jan'28 ____
98
Finland (Republic) ext.) 86_1945 M g 98 Sale 953
Registered
8
9614 55
93 9810
98 9412 Man --J .1 97
External sink fund 7s
10012 45
25 guar g 6/3
9814 102
1950 M S 10012 Sale 100
1938 J J 10012 ____ 10114 Nov'27 --__
Externals t 634s
99
95% 1007 Beech Crk Ext let a 3345_1951 A 0 - _
1958 51 S 9834 Sale 983
48
4
-_ _ _ 8512 Aug'27 ____
Finnish Mun Loan 8345 A..1964 A 0 9812 99 9812
99
2 96
9912 Big Bandy 111t 45
8
19443 D 9412___ 935 Jan'28 ___,
External 834a series B
9578 994 Bost & NY Air Line let 45_1955 F
1
981:
1954 A 0 9812 99 9812
861
6
2
86
French Repub 25-yr ext'l 85_1945 M S 11012 Sale 11034 11012 194 10814 11214 Burns & W let an gold 45_1938 1 A 86 - : 8
J 973 9814 97 OcV2 ___4
20
-year external loan 7348_1941
D 116 Bale 1157, 11614 449 105 11630 Buffalo It & P gen gold 58 1937 M S 10612 ___ 106% Jan'27 ____
External 75 of 1924
108% 360
99 1074
Conaol 445
1949 J D 106% Sale 106
25
98
9712
1957 NI N 9712 Bale
Garman Republic ext'l 78_1949 A 0 107 Sale 0612 10714 347 105 10912
Registered
MN --------9714 Oct'2 ____
Gras(Municipality)88-- —1954 51 N 102 10234 102
1024 13 10034 104
Burl C It& Nor 1st 58
1934 A 0 10212 ____ 102 Dee'2 ____
RS Brit & Del(UK of) 5348_1937 F A 106 Sale 10534 1063 243 10312 10713 Canada Sou cons an A t&._1982 A 0 10958
0
10912 11010
1
10
-year cony 545
6 116 4 119% Canadian Nat 448-Sept 15 1954 51 B 10050 614-1e 1004 100511
11712
1929 F A 11712 Sale 117
1
3
8
Greeter Prague(City)730-1952 MN 10712 Sale 106
10712 25 10334107
5
-Year gold 4343__Feb 15 1930 F A 10078 Sale 1001
8 48
8 1007
30
-year gold 434s
0 1011 191
0
1957 J J 1007 Sale 1003
Range
Year
1927.
Pr
Low
Ntgk
93
14 99
99 10054
101 108
s
971 1017
9312 99
98 4
3
98
100 105
8
92 4 99
3
9230 96%
97
91
905s 101
8814 9212
98% 102
98 102%
97 10011
9312 1003
4
9314 101
41
30
3234 50
315 50
31
44
%
8434
21
2734 2734
314
20
2834
20
8
14 461
85
2513 4812
89 94
997 104%
s
10512 108%
1024 10434
94
95 4
3
94
954
1011.104
1014 104
100 1044
981 1024
4
997 10311
97 1004
4
100 1041
100 103 4
3
9334 97
102 110
103 1097
8
9934 10714
9814 1074
9812 107
764 85
93
11
88
934 10114
10314 108
994 10211
111 116
104 1081.
103% 10734
1
10210 108 4
1024 109
894 94
1024 106
107 11414
1s
1
9618 97 0
10412 107
10454 108
4
98 1011
93% 9654
9734 104%
97 102 4
3
9114 99 4
1
1031. 105
102% 10514
1114 1141,
1025s 306
74
71
75
9011
86
987 9871
0
99
94
108 3121,
2
944 97
971;
92
10241 )4'
10014 101
873 9114
s
84% 921;
9 4 98
5
794 8511
923 9871
981
92
874 9345
87% 941;
92
85
85
931;
87 4 935
1
86 .,..,_
,..,.. 9
P
eam 11a"
,
884 921
9012 9
4
9718 1031
10424 1075;
98 100
10314 1065
89
90
4
933 100
9614 1025
914 96
78% 841
70
775
8218 891
1018 1051;
931s 99
96
92
97 1001,
10038 um
104% Ill
1005. 1035
107 8 1121
5
9238 981
101% 1073,
82
901,
10038 1051;
98 105
8811
84
68
64
961;
96
%
9433 95
99 10114
8511
81
91
93%
78
8611
95544 97
101 10454
944 100
95
97
3
101 1025
1
105 110
0
5 101
994 101
100 101
•
230
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Price
Friday.
Jan. 13.
Week's
Range or
Last Sale.
Ratios
for Year
1927.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan, 13.
High Cleve Cin Chic & St Louie (Cone')
Ask Low
High No. Low
Bid
1939
7 114 117
Cairo Div 1st gold 48
Canadian North deb 5 I 7s__1940 3D 116 11612 1.1618 11614
12112 11 31788 12214
Cin W
M Div lat g 4s__1991
8
1948 3 .1 1213 121% 12138
25-years.deb 61.8s
58
97 101
/
1
4
St L Div lat coll tr ff g 48-1990
8 101
10-yrgold 41.8s.__Feb 15 1935 FA 101 Sale 1007
91% 90
8318 9012
Registered
Canadian Pao Ry 4% deb stock _ _ 33 9118 Sale 9118
41
953 10112
4
Spr dz Col Div let g 4e_ _1940
1946 MS 101 Sale 10012 101
Col tr 4Hs
95% 9812
W W Val Div 1st g 48-1940
963 Dec'27
4
1932 M
Carb & Shaw 1st gold 4a
905
8
6
8318 89% OCC&I gen cons g es____1934
88
1949"S
Caro Cent let cons g 4s
7 102 10518
Lot & W con lat g 58..1933
4 10514
4
Caro Clinch & 0 1st 30-yr 55 1938 in 1023 Sale 1023
8
1083
4 29 1073 10914 Cleve & Mahon Vol g 5s_1938
4
1st & con g 6s series A __.J952 JO 1083 109 10814
9012 94% Cl & Mar let gu g 458s- - - 1935
9438 Dec'27 _
1981 JO 943
8
Cart de Ad 1st gu g 4s
89% Cleve & P gen gu 434s ser B_1942
83
8812 33
4
Cent Branch UP 1st g 4s_.1948 JD 8812 Sale 823
10411 1073
1942
8
s
Series A 434s
Central of Ga 1st g bs_Nov 1945 FA 10712 110 1073 Dec'27 _
1948
3 102 10712
Series C 3345
1945 MN 1063 106% 10618
8
106%
Consol gold Es
1003 10212
4
1950
FA 10118
_ 10212 Sept'27
Series D 334*
Registered
10214 14 10138 10314 Cleve Shor Line 1st gu 4;0_1961
10
-year secured es_June 1929 in 10218 Sale 10178
8 10412 108
1972
Cleve Union Term 53.4s
10712
Ref de gen 5Hs series B__-1959 AO 10712 Sale 10714
102 105
1973
1959 AO 104 105 104 Dec'27
lst s f ba ser B
Ref & gen ba series C
885 92
8
Oct'27
Coal River Ry 1st gll 4s___ _1945
92
Chatt Div our money e 41-1961 JD 95%
10118 10712 Colorado & South 1st g 45._ _1929
'3 1063
10712 Oct'27
8
Mac de Nor Div 1st g 55-1946
103 104
1947
'3 10318 ---- 104
Oct'27
Refunding & exten 434s. _1935
Mid Ga & All dlv be
102 10518 Col & El V 1st eat g 48
1948
1946 J
106
10614 Dcc'27
Mobile Division 58
78% 89
1955
'3 8614 Sale 8614
Col & Tol let ext 48
8812 13
Cent New Bog lot gu 45_ _ _1961
99 100% Conn & Passum Riv let 46..1943
2
4 1003
4
4
Central Ohio reorg 4Hs_ _ - _1930 M S 1003 Sale 1003
1
99% 1023 Consol Ry deb 4.5_,
4
1930
4
4
4 1013
Central RR of Ga coll g be__1937 MN 101 1013 1013
112 11914
1954
8
Non-cony 45
1185 1195 11838 Dec'27
8
Central of N J gen gold 5 -1937 J
1,-1937 Q J 118 119 118
11818
6 112% 120
Non-cony deb 4s___3&J 1955
Registered
9114 963
1949 F A 9814 9812 96
4
9618 33
Non.conv deb 4s____A&O 1955
Cent Pac let ref gu g 48
903 9214
8
Jan'28
F A
Non-cony debenture 4s___1956
Registered
94
9714 99
1942
Cuba Nor Ry let 5340
9914 9914 Jan'28
Mtge guar gold 3Hs_ _Aug 1929 JD 99
8
893 957 Cuba RR let 50
8
-year 58 g_.-1952
Through St L let gu 4s_ _ _1954 AO 94
9514 9418 Dec'27
1960 FA 10412 Sale 104
1936
10412 38 10112 105
let ref 7Hs ser A
Guaranteed g ba
11814 1193
8
1936
1193 Aug'27
8
1st lien & ref 6s see B
Charleston & Savn'h 1st 75_1936"3 11318
995 102%
8
10012 10118 10118 10118
Cites & Ohio fund de inapt 58_1929
103% 108
1939 MN 105 1_0_n 1003
0 42
4 1003
4
Day & Mich let cons 4348_1931
6
lot consol gold M
1939 MN
_ 102% 10614 Del & Hadson 1st & ref 48_1943
Registered
10538 Dec'27
9718 10312
1092 MS 1027 Sale 1027
8
10318 47
1935
General gold 434s
8
30
-year cony 58
948 1003
8
4
15
MS 99%
4
-year 5.50
1937
1003 Nov'27
Registered
9918 10118
1930 FA 1003 Sale 1003
4 81
10
1930
4
8 1013
-year secured 75
20
-year cony 43.s
98 10112 D RR .4 Rdge let gu 48 g___1936
8
2
19403' 102%
10238 1023
Craig Valley 1st ba
89% 9218 Den & KG 1st cons g 48----1936
J 9112
92% Nov'27
Potts Creek Branch let 48_1946
86% 04
94% 14
1936
'3 94% -___ 9412
Consol gold 458s
R & A Div lat con g 4s___ -1989
851 91Is
4
J 9212
1989
9112 Jan'28
Improvement gold 58
1928
2d consol gold 48
99% 100% Den & R G West gen ba_Aug 1955
10018 Feb.27
Warm Springs V let g bs_ _1941 MS 10112
Des M & Ft D 1st gu 4s_ _ _ _1935
95 10012
993 720
4
Temporary ctfs of deposit___ _
4
Cheeap Corp cony ba May 15 1947 MN 993 Sale 9938
71
43
7312 Det & Mac_ let lien g 4s_ _ _1995
74
4
Chic & Alton RR ref g 38___1949 AO 73% Sale 733
71
7312
7312 Jan'28
Gold 48
1995
7212 Ctf dep stpd Oct 1927 tot
601 681 Detroit River Tunnel 4548-1961
4
/
4
613
8 23
4
6114 62 603
Railway first lien 334e__ _1950
87
60
5
8
Dul blissabe & Nor gen 58_1941
603 613 6118
4
6118
Ctrs dep Jan '23 dz sub coup
86% 9112 Dial & Iron Range 1st 5s__ 1937
-Ill Dtv 334s1949
914 Sale 9118
9118 41
Cbfe Burl & Q
/ 9012
1
4
87
3.,
9012 Dec'27
Registered
Registered
94% 9918 Dul Sou Shore & Atl g 5e1937
1949
Division 45
98% Sale 98%
98% 34
Illinois
1958
93% 99
B 9712 97% 973
74
4
98
East Ry Minn Nor Div lot 4s.'48
General 48
1977 FA 10218 10212 10214
97% 103
1025
8 38
East T Va & Ga Div g 5a. _1930
lit & ref 4Hs ser B
1971 FA 10814 Sale 108%
1956
10812
7 10518 110
Cons lot gold 58
let de ref be series A
106 107
Elgin Joliet & East 1st g 58._1941
Chicago dt East III lot 68_1934 AO 1067 - - 10678 Jan'28
8
80% 9414 El Paso & S W 1st Ss
93
177
1965
C & E III Ry(new to) con 58_1951 MN 9218 Sale 92
1982 MN 11118 1117 11118 11118
3 105 11112 Erie 1st consol gold 75 ext _1930
8
Chic de Erie 1st gold 58
6914 7412
1996
7212 242
lot cons g 43 prior
Chicago Great West let 48_ -1969 MS 71 Sale 71
Loulev-Ref 68-1947 Si 118 Sale 118
3 113% 118
1997
118
Registered
Chic Ind de
.1 105% _- 106 Nov'27
10314 106
1947
Refunding gold be
let consol gen lien g 4s_ _._1996
91
9114
1996
Refunding 4s Series C-__ _1047 J J 92%
9114 May'27
Registered
1966 MN 10512 106 10512 107
997 106
8
17
Genera1.6a A
Penn coil trust gold 4s_ _ _1951
8
May 1966 33 11118 111% 111
11112
2 1088 11112
General 65 /3
50-year cony 45 series AI953
• 9218 96%
-year 48_ _1956
J 94% 9714 9614 Dec'27
1953
Chic Ind & Son 50
Series B
96% 10113
1953
Chic L 8& East let 4 Ha_ __1969 in 10218
10112 Nov'27
Gen cony 48 series D
1967
'3 7014 -- 7012
CM & Puget Sd let gu.46-1949
S5* 71
Ref & impt ba
2
7012
553 71
4
U S Tr certifs of deposit-7114
6
7014
_ _ 71
Erie & Jersey let of es_.-1955
85
93
9312 37
Ch M & St P gen gds Her A.81989 33 93% Sale 91%
Genesee River lots f be- _1957
/ 8958 Erie & Pitts gu g 3345 B.___1940
1
4
Registered
83
91
91
10
Q J
1940
7412 80%
General gold 3)4s ser B„e1989 33 803 Sale 803
8
803
4
4
8
Series C 3He
94% 102% Est RR extl f 78
1954
Gen Cis series C___May 1989
102 Sale 10118 10212 32
96 190
Registered
_
100 Dec'27
Fla Cent de Penn lot ext g 55_1930
57
7212
Gen & ref Der A 4He__Jan 2014 AO 71%
72% 14
72%
Consol gold 58
be% 73
Guar Tr Certife of dennslY- -7
4
73
367
Florida East Coast 1st 434s1959
72 Sale 713
1974
55 Jan 2014 11 703 Sale 7018
5513 71%
8
Fen ref con* ser
1st & ref 68 series A
7114 29
55
14 7134 Fonda Johns & Gloy 4 Hs_ -1952
Guar Tr peril/0 of. depo8it7114 159
7012 Sale 70%
19ii 33 1033 Sale 103% 104
42 10314 10612 Fort St U D Co lot g 4 Hs_ _1941
1st Der es
4
1932 in 7114 Sale 71
5612 71
7212 134
Ft W & Den C 1st g 5 Hs- -1961
Debenture 45s
7212 Ft Worth de Rio Grist g 45-1928
56
Bankers Tr certife of deposit
71% Sale 71
723 288
4
1925 in 7114 Sale 71
5(113 70 4 Frem Elk & Mo Val lot 6s__1933
3
7214 35
Debenture.4a
5612 72
72
707 Sale 70%
8
229
U S Mtge & Tr dfs of dep
1934 Si 7012 Sale 7012
7112 91
651s 70% O I1& SAM&P let 55--1931
38-yeardebenture 45
1931
MN 713
4
4
4
71% 251
Farm L & Tr ctis of den703 Sale 703
20 extena ba guar
Galv Hone & Bend lot 5s_ _ _1933
7818 8712 Ga & Ala Ry lot cons bs_Oct 1945
85
86
86
16
Chic & N'weet gen g'3 Hs__ _1987 M N 85
Q F 8412 _ _ _ _ 8412 Dec'27
74% 8412 Ga Caro de Nor 1st gu g 5e_-1929
Registered
1987 M N 96% Sale 9678
1946
9011 9814 Georgia Midland let 3a
98
10
General 45
92
96
Q F 9512
- 96 Nov'27
Or R& lext let gu g 4 H8._ _1941
Registered
9012 9814 Grand Trunk of Can deb 78-1940
97% Jan'28
Stpd 4$ non-p Fed in tax '87 M N 96% 98
1938
113
2 105 113
Gen 434a stpd Fed bac tax_1987 MN 11112 113 113
-year 5 1 65
15
Gen be stpd Fed Inc tax-1987 M N 11514 Sale 115%
11514 24 10814 11514 Grays Point Term lot bs_ -1947
1870-1929 A 0 1023 10318 102% 102%
4
8
Sinking fund 68
1 10114 1053 Great Nor gen 75 aeries A-1936
101 1023
1023 May'27
4
A 0
Registered
Registered
1879-1939 A 0 101%
10114
10114
4 10014 10318
1st & ref 4 a series A_ _ _ _1961
Sinking fund 58
1952
1879-1929 A 0 10018 10114 10012 Oct'27
10018 10214
Registered
General 5345 series")
1973
1933 M N 102% 10312 103
103
Sinking fund deb be
General ba series C
1 100% 102%
101 102
MN 10218
Registered
- - 101 Sept'27
General 4345 series D___ _1976
1
1930 J D 106% Sale 1053
4 10612 17 103 4 10714
10
-year secured 75 g
General 4345 series E_ _1977
-year secured 6Hs g---1936 M S 1127 113% 113
113
16
8
32 111% 114
Green Bay de West deb cUs A_ _
May2037 J D 112% Sale 11238 114
1st ref g be
38 10212 114
Debenturea ctfs B
9715 1057 Greenbrier Ry 1st gu
May 2037 J D 10312 Sale 103% 10414 28
8
let & ref 4.80
4
9312 43
873 96
Chic RI & P Railway gen 421_1988 J J 9312 Sale 9312
Gulf Mob & Nor lot 5345,._l950
1950
8612 92
92 Nov'27
Registered
1st M be series C
9114
9214 9712 Gulf & S list ref de ter g 5
1934 j
A
Refunding gold 45
9614 151
95% Sale 95%
8-51952
mO
A s
92% 93% Hocking Val let cons g 41811_1999
Registered
937 Oct'27
8
1902
1999
4
943 973
4
Secured 4 Ha series A
973 721
4
Registered
9634 Sale 96%
8914 9112 Housatonic Ry cons g be--1937
92
92
4
Cb St L & N 0 Mem Div 45_1951 3 D 913 93
1937
10114 102%
Cb8tL&PlBtcofl8658.l932A 0 10214 _
10212 10212
& T C lat g Int guar
1033
8
4 100 104
Waco & N W div lot ea_ -1930
Chic St P M & 0 cons es-1930 J D 103 103% 10314
D 96% _ -._ 9614 May'27
Cons es reduced to 33,3_l930
964 Houston Belt & Term let 58_1937
/
1
96
1930 M S 1003 Sale 1003
9912 103% Houston E & W Tex let g 58-1933
Debenture 55
8
10038 18
8
1933
Stamped
100
99% 101
lot guar be red
100
1003
8
2
CcTH&SOEaatl5t5l960J 13 10212 Sale 10212 10314 29
933 10412 Bud & Manned be series A_ _1957
2
Dee 1 1960 M 8 9738 Sale 96%
87% 97
983
8 50
Registered
Ina gu des
93
6
0
9714 103
Adjustment income ba Feb 1957
10112 Sale 10112 1013
4 36
Chic Un Sta'n let gu 4 Hs A_ 19 3 J
106
Illinois Central let gold 48_1951
104 105% 105%
5 10312 106
1st 55 series D
19443 13 10212 1047 104
1951
8
8
Guaranteed g be
10414
Registered
7 10112 1053
1951
1983
J 118% Sale 1183
8 1183
Id gold 3543
4 55 11814 118%
lit 6)0 series C
10234 103
Extended Id gold 3331
1951
9 105 108
Chic & West Ind gong ee_p1932 Q M 105%
1952 .1 .1 923 Sale 9214
1951
86% 9314
1st gold Si Mewling
48
4
92% 72
-year
Consol 50
1962 MS 10514 Sale 10514
Collateral trust gold 41
10512 51 103% 105%
1952
lit ref 5;0 ser A
-1 32 M N 1067 _
97
5
10818 Dec'27
10314 10618
_
8
Registered
Cboe Okla & Gulf cons be
1955
.1 .1 9918 100 100 Dec'27
97% 100
lot refunding 48
Cin H D 2d gold 4 H11
1952
0I5tL&C1atg45-Aug 1936 Q F 9838 98% 100 Dec'27
9514 100
Purchased lines 3540
Aug 1936Q F 9718
95% 9614
964 June'27
Registered
Registered
1942 M N 923 9512 9312 Dec'27
9014 933
8
4
Collateral trust gold 48-1953
Cin Leb & Nor gu 45 g
1928.1 3
100 10012
100 Nov'27
Registered
On & CI cons let g bes
1955
9912 9913
8
Refunding be
Clearfield & Mah lot gu 58.1943 J J 1007 _ _ _ 9912 July'27
89
9814
15
-year secured 8138g-1936
4
9718
Cleve Cin Ch & St L gen 4a-1993 J D 9718 9712 97%
9311
Aug 1 1966
92
9312 May'27
40
-year 41
/
45
Regtstered
1950
1931 J
983 10118
8
Cairo Bridge gold 45
100% Sale 10018 100%
4
-year deb 4180
20
1993J D
8
1057 113
Litchfield Div let gold 35_1951
1057 Nov'27
8
General be Sertee B
8 103
Lould Div & Term g 3348.1953
28 101% 10314
Ref & Impt es series A-1929 J J 102% Sale 1025
J 10718 ____ 08
105 10814
1941
Omaha Div 1st gold 3a.-1951
Jan'28
es serlee C
1963.1 .1 1041 Sale 0412 1041
8
St Louis Div & Term g 38_1951
4
4
8 1027 10514
61 series D
1951
Gold 33411
Springfield Div 1st g 3Ha_1951
Western Lines 1st g 4e_ -1951
D
Feb.
Due May. p Due De04
Price
Friday,
Jan. 13.
Week's
Range or
Last Sale.
Remo]
for Year.]
1927.
High
Lose
Hick No. Low
5
9312 99
9812
9812
10
92
91%
92
86
94
927 Jan'28
8
87
9118 Dec'27
8714 9115
9712
97 Nov'27
91% 9714
96% _
91
9612 Apr'27
9712
10812 Sale 10812 10812
10612 109%
10312 1043 10312 Dec'27
10238 10312
4
10018
10012 Apr'27
100% 10012
100
100 Nov'27
983 100
8
1015 11412 9818 Aug'26
8
101%
10214 Nov'27
100 1021,
9014 ___ 9014 Oct'27
89
9014
89'2-8918 Nov'27
8918 8914
10512 107 10612 Jan'28
10118 106
1097 Sale 109% 1097
8
8 36 108 1108
8
9 10312 107
106% 10712 10612 107
9338
_ 9212 Nov'27
888s 93
16
10012
100
98 10018
- 100
20
9934 Sale 993
4 100
967 10014
s
9718 98
9718 Dec'27
917 9718
2
95
973 9612 Dec'27
4
9012 9612
9018 ____ 8813 Mar'27
8818 881
8
_ 9614 Nov'27
9518 9614
94%- .- 80
Jan'28
8014 81
70% 80
80
6918 79
803 7912 Jan'28
4
80
80
80
74
803 80
4
9
8018 81
763
8
80
6918 79
963 Sale 963
4
4
9714 55
951 98
4
9912 47
983 Sale 98%
8
94% 9814
6 107 11012
109 Sale 109
109
8
Jan'28
998 10212
993 10012 100
4
Bid
Ask
9612 Sale
92
93
93% 96
988 10014
8
10012 _ --_ 10014 Nov'27
9318 97%
96 Sale 953
4
9614 27
101 154
101 Dec'27
106 Sale 106
10614 23 103 106%
13 10512 108
1063* 107 10613 107
96
_ _ 9614 Apr'27
9614
978
93% 113
9312 Sale 93%
89 4 94
3
2
94
97
97% 9814 9712
9712
4
98% 10013
100% 10014 100%
10014
9112 344
73% 89%
9114 Sale 8912
33 Sept'27
33
36
27
31
1
28
2714 2812 2714
35
2714
8012 Jan'28
7014 80%
72
____ 72
Jan'28
62
70
102 Sale 1013* 1023
97% 10214
8 28
10418 ____ 103% July'27
1031 1041
4
4
103 _ _ 1023
4 10318 11 101% 10418
104 Nov'27
103 10418
60
8812 Sale 88
90
Ms 8814
94
95
95 ____ 95 Dec'27
10338 11 100% 10212
10314 Sale 10318
1097 1103 11012 11012 24 106 110 4
3
4
10512 1063 106 Dec'27
4
102 107 2
7
109 1095 10914 Jan'28
8
1043 109%
4
1053 106 10618 Jan'28
4
1058 10914
4
8912 894 894
811s 9112
9014 37
85% ____ 857 Dec'27
8
79
8613
863 Sale 8618
4
864 139
7312 85%
83
/
1
4
8314
82
72
lO3ls Bale 18212 18918 10
0 %
8
03 2
9814 103
8812 Sale
62
78% 8812
88% Sale 8812
8912 49
79
88%
88
89 135 Sept'27
8418 135
Sale
29
9114 99%
19871 11 e7 99818
14
:
8 14 4
1997
14182 10 11112 116
11414 Sale 1414
11414
7 111% 1151s
92
94 91% Nov'27
5
9014 917
1
9014 ____ 904
911
/
4
89
9014
101% Sale 0114 1017
/
1
4
8 87
95% 103
1013
4
8
003 Dec'27
4
997 1011
g
1925 10 _ 023* 10238
0 72 _ _
98 6
1 10112 103
10
4
973 101
88% Sale 8114
87 10112
1811' 163
%
51
.
51_3_4 5132 Dc22
4
65
9 1
9
5 27
.
50
94
99
12
10814 108% 1083
4
8 1083
10638 1081
8
97% 99%
106 10932 10719938
991 9 14 994Oct'2727
1 9
1064 19812
/
1
100 4 10112 10114
3
4
10114
10112 Sale 10112 10142 11
9912 100
993
4
5
10038
9914 100 10014 Jan'28
1001
___ 10012 1003
4 10
86% Dec'27 -7612 80
21001 100 Jan'28
4
14
116% 11
612 11818
11612
6
109% Sale 10918
10912 18
9838 ___ 97 Sept'27
115 Sale 115
11.512 179
_ 11414 Oct'27
10212 11124 1025* Dec'27
113 Sale 1123
33
4 113
1067 Sale 106% 107
8
7
10012 10078 10084 10114 22
99 Sale 993
/
1
4
99
4 1005
___ 85% Nov'27 .86%25
25% 2412 Dec'27 -.9514 ___ 9412 Nov'27 -10612 10712 10712 10712
8
35
10312 1043
10814 10914 Dec'27
1065 10i s 106%
8
10712
8
3
9514 Mar 27 - 10112
101 Dec'27
6
10312 10312
1013 -- 10314 Nov'27 -4
1011 - 1013
4 10134
1
4
100_ 101 June'27 - 101 102 10212
10212
1017 Sale 10112 102
8
35
9714 June'27 -9212 Sale 9252
9312 401
____ 9812
97%
1
9812
98
98 8712 Sept'27
9012 Nov'27 -9012
89% 9112 9112 Jan'28 -.
7512 June'27 -7512
9412 Sale 9412
94%
6
88 July'27 -4
98% 26
973 9812 973
4
9018
4
8912 90% 9018
4
-- 933 Dec'27 -9312 10
9312 Sale 93%
91 Nov'27
11034 ill 110% 11034 2
3
11312 116 1131z 1131
1011 Sale 10114
1013
4 84
8
9718
97% 15
805 ___ 804 Oct'27 -8
1
87
87
8718 89
_
8012 8112 803* Jan'28
8012 ____ 805 Dec'27
8
90 Dec'27
_
88
Oct'27 92% ____ 923 Oct'27
4
--
_
4
10012 10181
100 10212
9612 met
4
98 1001
8
981 1008
4
7212 79
9718100
11414 11714
1067 10912
8
97
9712
113 11812
114 11414
97 1024
108 114
10014 109%
941,2 101%
9914 101
83% 88
30
21
93
9413
105 108
10012 10412
1
108 4 10914
97 108
/
1
4
1
95 4 95 4
1
9812 101
100% 104
10214 10312
9912 101%
10012 1011
4
10012 109 4
3
98 102%
97
/ 9714
1
4
9814
973
4
94
8712 92%
9012
87
8814 9112
73
7512
90% 95
88
8912
93% 98%
9112
85
87% 88 s
1
94%
88
8611 91
1063 112
8
Ill% 11412
96% 1023
4
92% 9418
76% 8058
82% 8818
78
80
7612 805
2
8512 90
88
88
9214
90%
231
New York Bind Record-Continued-Page 3
BONDS
ff. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Price
Friday.
Jan. 13.
Week's
Range or
Last Sate.
High No,
Ask Low
BM
HI Central & Chic St L & N 0
/
1
4
1083
8 19
Joint lit ref Is series A-.1963 J D 107 Sale 107
54
let & ref 43.45 aer P
8
1963 3D 1005 Sale 10012 101
Gold 5a
1951 3D 10838 ____ 10818 Nov'27
10312 Nov'27
Registered
100
3D
8412 Jan'28
Gold 430
1951 3D
Ind Bloom & West lit ext 48_1940 AO
9318 Sept'27
Jan'28
97
Ind III & Iowa let g 48
1950 33 5912
9112
9112
Ind & Louisville let gu 4s
1956 J J 97
Jan'28
Ind Union Ry gen user A..1955 33 104
____ 104
Gen & red 56 series B
104
____ 104 Dec'27
1965 J
16
Int Si Ott Nor let 65 ser A_ _1952 J
1074 Sale 10712 1075
Adjustment Os ser A July 1952 A pri 9712 Sale 964
9712 161
lot Gt Nor (colic') ad)68 atpd _ A pri
4
- - 883 Oct'27
lit 55 series B
10112 21
1956 J J 100i2 fof 1007s
lot Rye Cent Amer lit
834 14
MN 83 Sale 83
12
lit coil It 6% notes
4
94
945 95% 943
8
1941 MN
159
let lien & ref 63:e
94
94 Sale 9138
1947 FA
49
4018 Dec'27
Iowa Central let gold 55
1938• I) 40
1
401 43 4018
/
4
Certificates of deposit
4018
15
123 Jan'28 _
4
Refunding gold 45
1951 MS 13
5
4
James Frank & Clear lit 413..1959 3D 9612 ___ 964
963
Ka A & G R let gu g 58
103 May'27
1938 33 103
7
Kan & M lat gu g 48
9618
8
1990 AO 905 9212 96
1
K C Ft El & M cons g Os
1002*
8
1928 MN 1003 10012 1002*
9614 IC
/
1
K C Ft 13 & M Ry ref g 4s 1936 AO 9618 Sale 964
1
K C &M NAB let gu 5s .1929 AO 101 Sale 101
101
Kansas City Sou let gold 30_1950 AG 79 Sale 7812
792* 64
1023
4 53
Ref &!mot 56
Apr 1950 33 10218 Sale 102
57
8
95
Kansas City Term 1st 4s____1960 33 9418 Sale 943
___ 9312 Dec'27
Kentucky Central gold 4a_ _1987 33
91
92
91 Dec'27
Kentucky di Ind Term 43:8_1901 33 93%94
9312 Dec'27
Stamped
1961 3J 93
4
Plain
1961 J J 9718 ____ 963 Dec'27
9
Lake Erie & West 1st g 58-1937 33
__ 1033
4 103%
102 . 2
2d gold 5s
102 103 102
1941• J 104128612 20
Lake Shr & Mich S g 31411-1997 3D 86
87 8612
8612 Dec'27
1997 3D
Registered-,
9
IOU
Debenture gold 45
1928 MS 997 Sale 997
4 25
993
25
4
-year gold 48
1931 MN 993 Sale 9912
9914 Oct'27
Registered
MN
Leb Val Harbor Term 5e ___1954 FA
107 10638 10612 6
Leh Val N Y 1st gu g 4/ _1940 33 II 03
10112 Jan'28
1
48.
8
93
Lehigh Val (Pa) cons g 45_2003 MN 923 93 923
4
44
1
91
Registered
MN 901 ---- 90
6
4 10212
General cons 430
10212 Sale 1003
2003 MN
.... 98 Nov'27
Registered
MN 99
Lehigh Val RR gen 58 eerie/4_2003 MN 108 111 11114 Jan'28
..Leh V Term Ry let gu g 56_1941 AO 10518 107 103 Dec'27
Registered
AO 10312 10612 10313 Nov'27
Leh & N Y let guar gold 48...1945 MS 9212 94
9212 Nov'27
9
Lox & East let 50-yr 58 gu 1965 AO 1154 11512 11514 11514
_ 9212 Oct'27
Little Miami gen 413 Ber
MN 9112
Long Dock consol 513a
/
1
1935 AO 1094 11g12 10912 Jan'28
Long Told lit con gold Egauly 1931 Q J 102
10112 Dec'27
let ropes! gold 4s..July 1931 Q J
977
8
_ 9814 Oct'27
5
General gold 48
941
14 945
13
1938 3D 9412 16
91314 Sept'27
_
1932 3D 961
United gold 45
4 Dec'27
1949 M
49214 97 923
Debenture gold 55
4
1934 3D 10018 1013 10014 Nov'27
20-year p m deb Si
4 10
993
993
4
4
1937 MN 993 100
Guar refunding gold 4s. _ _1949 MS 023 048 92%
9414 13
4
4
Nor Sh B let con gu 58.0et'32 Q J 1007s
10114 Dec'27
9412
Lou &Jeff Bdge Co gu g 4a__1945 M
_ 93 Dec'27
Louisville & Nashville Is......1937 MN 106 1065 10612 Dec'27
-- 8
Unified gold 4s
1940 J
9914 41
9914 Sale 9812
Registered
96% May'27
33
Collateral trust gold 5a.....1931 MN ioif, 2:: lova
1021
/
4
10
-year secured 7e
10412 24
1930 MN 104 Sale 104
2
let refund 53:s series A..2003 AG 10912 Sale 10912 10912
lot & ref Is series B
2003 AO 10814 10812 10814 Dec'27
1st & ref 43:s series C.._2003 AO 10412 Sale 10412 1043
4
N 0& M 1st gold 68
1930 33 1025 10312 1024 Nov'27
8
24 gold 65
8
1930 3J 1023 10318 1035 Dec'27
4
Paducah & Mem Div 48..1946 FA 953 ____ 9618 Nov'27
4
St Louis Div 2d gold 38.. _1980
S 69
683 Jan'28
4
Mob & Montg lat g 43:8_ _1945 MS 102
102
____ 102
South Ry joint Monon 48_1952 J J 9312 Sale 9312
3
935
8
ALI Knox: & Cm Div 48....1955 MN 9812 __ 98
,
984 14
Louie,Cin& Lex Div g 41
/
48'31 MN 1005
8_ 10012 10012 35
Mahon Coal RR lit Si
4
1934 J 3 10212 10412 1023 Nov'27
Manila RR(South Linea) 48_1939 MN 74 Sale 74
2
74
lit 4s
8212 10
1959 MN 81
82 82
Manitoba S W Colonlza'n 58 1934 3D 100 10112 10112 Jan'28
Man GB &N W let 31
/
4
9._1941 ▪ J
88 Sept'27
Mich Cent Det& Bay City 53.'31 5 M 1015 ___ 10112 July'27
8
Mich Air Line 48
/
1
4
974 Dec'27
1940 J J 97 _
Registered
.1 .3
963 Nov'27
4
lit gold 33:e
1952 MN 90
____ 90 Dec'27
20
-year debenture 48
1929 A 0 997 Sale 997
997
2 10
Mid of N 1st ext 5s
)940A 0 9818 99
19
99
973
4
8411w L & West imp g 53_1929 F
2
10014 10018
10018
MU & Nor let ext 43:5(1880) 1934 J D
97% Dec'27
Cons ext 43:s (1884)
19343 D "65- tia- " 99
1
e
99
540 Spar & N W ist gu 4s. _1947 M 8 97
973 97
4
9
9718
Minn & St Louis let cons 58.1934 M N 4312 47 43 Dec'27
Temp ctfs of deposit
MN 4118 43 43
43
1st & refunding gold 48_ _1949 al
5
4
173 Sale 163
4
173
4
Ref & ext 50-yr Is ser A _ _1962 Q F 12
1518 Jan'28
13
&SS M con g 48 int gu'38 J
hi
9212 26
9212 Sale 92
Registered
8812 Dec'27
let cons 58
99 9912 9912
1938 J
9918 12
let cons Is gu as to int___ _1938 J J 10012 Sale 1003
3 10018 28
10
-year roll trust 63.0
1931 M S 10218 103 10212 103
15
let & ref 6s series A
1946J J 10318 Sale 10212 10318
3
25
-year 534.3
1949 M
15
947 Sale 943
4
947
lit Chicago Term if 4s_ __1941 M N 965 ____ 9818 Oct'27
8
Mississippi Central lit 5s___1949 J
9912 ___ 99% Dec'27 _
Mo Kan & Tex let gold 45 1990 J D 9218 S"ale 9218
9218 13
Mo-K-T RR pr hen 53 ser A 1962 J J 10412 Sale 10412 104% 47
-year 4s series 0
40
1962 J J 92 Sale 918
92
15
10212 32
-year Os series C
1932 J J 10218 Sale 10218
10
Cum adjust be ser A Jan_1967 A 0 1087 Sale 10818
10913 210
hio Pao let & ref 55 eer A.__1905 F A 102 103 10218 103
/
1
4
64
General 45_
1975 M
8212 Sale 823
8
9314 339
1977 M 8 102 Sale 1013
lst&reflsserF
4 1024 638
Mo Pao 3d 75 ext at 4% July 1938 MN 9412
9414 Dec'27
1441) & 131r prior lien g 50_1945 J J
973 June'27
4
Small
J
9918 Jan'28
1945 J
let m gold 46
9214 94
999618
9618
2
1945 J J 8612
Small
87
87
2
Mobile & Ohio gen gold 48._1938 NI
984 Dec'27
Montgomery Div let g 56.1947 F A 10434 Sale 1043
4 1043
3
4
1977 M S 99 Sale 983
Ref &[mot 43:5
4
993 114
4
/
1
4-1991 M
963 973 963 Dec'27
4
Mob & Mar 1st gu gold 4
4
4
1937 J J 1127 114 1127s Jan'28
8
Mont C 1st gu Be
J J
Registered
11112 Mar'27
1937 J J 10434 Sale 1043
let 505r gold 58
4 1043
3
4
Morris g Efisex Ist gu 310-2000 J D 8512 853 8534
85% 3
4
Nash) Chatt & St List 55_1928 A 0 10014
,
10014
1004
1937 F A 103%
_
033 Nov'27 _
4
N FLa & 8 ist gu g 58
/
4
30 Sept'24
Nat Ry of Me: pr lien 416-1957 .1 J
_
1514 Sale 1434
Assent cash war rct No 400
155
8 58
1977 A 0
-8712 Aug'25
-year 8 f 411
Guar 70
21 Sale 21
Assent cash war rdt NO 5 on
21
3812 July'25
Not RR Men or I 430 Oct_192 J J
205 Sale 20%
8
21% 30
Assent cash war rct No 4 on
1951
28 Apr'2(1
lot coneol 48
1218 13
13
13
10
Assent cull war rot No 4 On
_ .
Range
for Year
1927.
Low
High
10318 1094
963 102
8
104% 11181,
1034 10312
80
/ 8.5
1
4
6318 9334
63% 9718
84
90%
10113 104
1017 104
8
1053 108%
8
83% 9814
8112 88 4
3
9814 103
8612
75
9112 9758
90
92%
40
5812
40
55
1212 2112
913 97
4
103 103
85% 90 8
5
1005 10212
8
92
96 8
3
9912 10214
4
7315 793
9914 103
95
88
814 9312
8518 94 8
5
8812 9312
96 8 9712
5
101 10334
/
1
1004 10312
8012 8712
80
8612
9814 101
97% 100
9914 9914
10412 1073
4
9812 1013
4
554 9312
84
9018
97 10212
97
95
10312 11212
10212 10612
10218 10313
9212
90
1093 116
4
86% 9212
108% 10912
995 10112
8
98
9814
92% 93
/
1
4
934 9614
93
89
99 10112
Ms 10014
P84 95
100 10114
89% 93
106 107
91 ,4 0013
3
95
96%
101 10234
103 108
/
1
4
105 110
1054 1087
8
99 4 10512
3
1023 10458
4
10314 10354
93% 96%
6612 69
10014 103
8712 947.
9312 9834
99 4 1007
3
8
1024 10318
66
7812
78
/ 84
1
4
100 10112
87
88
10112 1014
954 9718
963 965
4
4
853 91
4
98% 100
95
9914
10014 101%
97% 97%
9512 98
9214 9712
43
57
43
55
1318 23
1114 1514
8614 923
8
86
8812
96 100
9614 10012
9712 103
984 10314
8214 96
97% 98%
9512 100
8614 93
101 10514
8512 9314
10212 104
96 10912
07 4 104
5
7412 83
973 1027
4
8
927 95
8
974 99
98
/ 9914
1
4
80
/ 9514
1
4
82
8812
92, 9614
8
1003 1051
8
/
4
95 100
9114 9812
11014 11312
1114 11112
1034 10614
80
/ 86
1
4
10018 10112
102 8 104
5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Price
Friday.
Jan, 13.
Week's
RangierLast Sale.
1_1
Ask Low
High No,
BM
8
Naugatuck RR let g 43
1954 IVIN 8612 ___ 865 Nov'27
New England cons 53
1945 J J 101% 104 1014 Dec'27
Contiol guar 48
1945
.1 8914 ---- 8918 Aug'27
NJ June RR guar 1st 46_1986 F A
8814 ___ 8512 Sept'27
8 35
14 O& NE let ref & imp430A'52 J J 10114 Sale 10114 1015
9114
1
New Orleans Term 1st 4s.„1953
.▪ 1 9114 Sale 914
'SO Texas & Mex n-c Inc 55_1935 A 0 10018 102 10112 Jan'28
4 60
let 58 aeries 13
1954 A 0 10012 Sale 1004 1005
1
105
let 5e series C
1956 F A 105 Sale 105
let 5358 series A
1954 A 0 10514 Sale 10514 10512 28
4
4 & C Bdge gen guar 43:0_1945 J J 100 ____ 993 Dec'27 ____
NyB&MB latcong5s 1935 A 0 101
_ _ 10218 Dec'27 ___
N Y Cent RR cony deb 6a-1935 M N 10712 10g12 10712 1073
4
11014 Nov'27
Registered
MN
9712 37
Consol 40 series A
967 Sale 963
4
1998 F A
10418 13
Ref & impt 43:8 series A.2013 A 0 104 1043 104
8
Ref & kept 55 series C__2013 A 0 110 Sale 1097
8 1103 420
4
10512 Jan'27
Registered
j
A
8 86%
8712 19
NY Cent & Hud Riv M 33:8'97
3 87
Dec'27
Registered
1997 J J
9914 07
86
Debenture gold 48
1934 M N -99i4 gide- 98%
9514
90 Feb'27
M N
Registered
5
99
Jan'28 ____
30
-year debenture 48
1942 ▪ j 97 8
8312 Sale 83%
8312 13
Lake Shore coil gold 33413_1998 F A
827
4 ___ 82
Jan'28 ____
Registered
1998 F A
8712 8618
Mich Cent coll gold 3)0..1998 F A 8614 8612 12
84 ___ 8118 July'27
Registered
1998 F A
NY Chic & St L lat g 4s
972* 10
1937 A 0 9718 Sale 873*
953 Dec'27 ____
4
Registered
1937 A 0 -_-993 Sale 993* 100
4
25
-year debenture 48
1931 M N
20
8 10314 25
22 Os aeries A 13 C
1931 M N 103 Sale 1017
Refunding 5345 series A-1974 A 0 107 Sale 1063
4 10714 61
Refunding 53:s series 13_1975 J .1 107 Sale 106% 10714 86
/
4
1024
NY Connect let gu 430 A 1953 F A 101 1011 101
8
/
1
let guar 5s series B
1953 F A 104% 1054 10412 105
8
3
NY & Erie let ext gold 4s-1947 M N 9212 ____ 96 4 Oct'26
___ 1003 Dec'27
4
3d ext gold 430
1933 M 8 100
4 4th ext gold be
1930 A 0 1003 102 1004 Oct'27 ____
5th ext gold 45
1928 J D 9914 ____ 994 Jan'28
N Y & Greenw L gu g 55_1946 M N 100 ____ 101 Dec'27 ____
NY & Harlem gold 34
/
1
8
2000 M N 854 ____ 842* June'27
8212 Nov'27
M N
Registered
-_ 80 July'215
N Y Lack & W ist & ref 5a __1973 M N 155i4
4
First & ref 434s
1973 M N 10712 10818 1073 Dec'27
NYLE&W 1st 7s ext
S 10412 106 106 Feb'27 __1930
8 1017
NY & Jersey let Is
8
1932 F A 1003* Sale 1007
__ 91
Apr'27 ____
NY &N E Boat Term 40_1939 A 0 92
90
8512 Nov'27 ____
NY NH& II n-c deb 413....„1947 M S . 86 ___ 82
82 12 13
Non-cony debenture 31
/
4
5_1947 M S 82
/ 80 80
1
80
3
Non-cony debenture 31
/
4
8-1954 A 0 794 Non-cony debenture 4s
875* ___ 8712
8812
8
1955 J
874 88 8714
8812 12
Non-cony debenture 4s
1956 M N
7812
79
/ Jan'28
1
4
Cony debenture 3348
1956
11712 Sale 117
Cony debenture 138
118
51
1948 J
11412 Sale 11412 11412
1
Registered
J
10512 85
Collateral trust 65
1940 A 0 10514 Sale 105
A 0 ---------10912 Dec'27
Registered
81% 15
80% Sale 803*
Debenture 48
1957 M N
Harlem NA Pt Ches lst 48 1954 M N
92 ____ 92 8 Jan'28 ____
3
NY 0& W ref let g 41:June 1992 M S 807 Sale 8014
8
81
46
General 48
8
8
805
8 2
1955 J D 775 Sale 775
N Y Providence & Boston 4s 1942 A 0 913
4
_ 905* Sept'27
Y & Putnam 1st con gu 45 1933 A 0 941 Vic.? 942*
/
4
9438
1
NY Susq & West let ref 50_1937 J
91 Sale 91
9212 21
24 gold 434a
8118 84
813 Dec'27 ____
4
1937 F A
General gold 55
1940 F A
785 Sale 783*
80
8
Terminal 1st gold 58
4
993 10214 993 Dec'27
1943 M N
4
N Y W'ches & B lit ser I 430'46 J .1
Nord Ry ext'l f 615
/
4
1950 A 0
Norfolk South lit & ref A 58_1961 F A
Norfolk & South 1st gold 58_1941 M N
Norfolk & West gen gold 68_1931 M N
Improvement & ext 68
1934 F A
New River let gold 68
1932 A 0
NA W Ry let cons g 48...1996 A 0
Regtatered
1990 A 0
Div'l 1st lien & gen g 45_1944 J 3
113-yr cony 65
1929 M 5
Pocali C & C joint 48
1941 J
North Cent gen & ref 58 A 1974 M S
Gen & ref 4345 series A
1975 M
North Ohio lit guar g Ea__ 1945 A 0
North Pacific prior lien 4s.. _1997 Q J
Registered
1997 Q J
Gen'l lien gold 35_ _Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & lmpt 4 3.4s series A2047 J
Registered
J 1
Ref & impt 65 series B_-_2047 J J
Registered
J J
Ref & impt fa serlea C.-2047• J
Ref & impt Si series D _ -2047 J J
Nor Pac Term Co 1st g 68..1933 J .1
Nor Ry of Calif guar g 58_--1938 A 0
North Wisconsin lit 68
1930 J J
Og & L Cham Ist gu 4811.-1948 J J
Ohio Connecting Ry let 48__1943 M 5
Ohio River RR 1st g
1938 J D
General gold 55
1937 A 0
Oregon RR & Nay con g 45_1946 ▪ D
Ore Short Line 1st S0h8 1 53-1946 J J
Guar cone Is
1946 J J
Guar refunding 48
1929 J D
J
Oregon-Wash 1st & ref 4s_ 1961
Pacific Coast Co let g 5s
1940 J D
Pao RR of Mo lit eat g 40_1938 F A
24 extended gold 58
1938 J J
J
Paducah & Ills 151st 430_1955
Paris-Lyons-Med RR 6s
1958 F A
Sinking fund external 78_1958 M
Paris-Orleans RR f 7s__
1954 M
Paulista Ry 1st & ref s f 7s 1942 M S
Pennsylvania RR.cons g 45_ -1943 M N
Conaol gold 45
1948 M N
48 sterl stpd dollar_May 1 1948 M N
Consolidated 430
1960 F A
General 4345 serlea A_.1905 1 D
General 5s series B
1968 J D
10
-year secured 75
1930 A 0
-year secured 6348
15
1936 F A
Registered
F A
40
-year secured gold 56-.1964 M N
Pa Co gu 330 coll tr A reg_1937 M
Guar 33:11 coil trust ser 0_1941 F A
Guar 3348 trust ctfa C.___1942 J D
Guar 334s trust ctts D _ _ _ _1944 J D
-25
Guar I5 -year gold 4s_1931 A 0
Guar 45 series E
1952 M N
Pa Ohio & Pet let & ref 43:s A'77 A 0
Peoria & Eastern let cons 45_1940 A (1
April 1990 Apr.
Income 45
101k 20
Peoria & Pekin Un 1st 51
/
45_1974 F A
Pere Marquette let ser A 56_1956 J 1
17
26
1st 48 settee B
1958
J
PhIla Halt & Wash let g 45..1943 86 N
17
General Si aeries B
1974 F A
26's
Philippine Ry lit 30-yr f 4a 1937,3 J
• 1618 Pine Creek registered lit 65_19321/
91 Sale 91
92
116
1003 Sale 10014 1008* 78
4
967 Sale 961
8
/
4
97
24
1023
4
_ 1023 Dec'27 ____
8
10514 106 1054 10512
/
1
8
10014
10912 Dec'27
10512 107 1064 Nov'27 ____
/
1
9818 Sale 9818
981
18
963* 971 97 Dec'27 ____
964
/
1
5
9612 Sale 9614
2
187 4 Sale 1873
3
4 1873
4
2
965* 9713 9628
965
8
10712 __ 1062* Sept'27
8
1015 Jan'27
Jan'27
10018 ____ 100
9758 53
97 Sale 97
96
98 9712 Dec'27 ____
7218 36
7112 Sale 7114
7014 7213 70 Nov'27 ___
7
8 105
104 1044 1045
/
1
• 9714 ____ 98 May'27 ____
11613 82
11618 Sale 116
11118
11514 Oct'27
10914 Sale 109
10914 30
109
7
1094 109% 109
1097 ____ 109% Dec'27 __8
Jan'27 ---10512 __ 106
/
1
10212 10312 1024 Nov'27 ____
8814 Sale 88
8814 17
955 Nov'27
8
8712 89
1033* ___ 10412 Dec'27 ____
10213 106 10418 10418
2
955 Sale 95%
8
96
23
11014 11014 22
1104
11012 Sale 11014
11012 12
100 Sale 993
4 100
37
94 Sale 933
4
9412 90
9838 9818
9818 . 1
953 97
8
9514 Dec'27
10213 ___ 10318 Dec'27
1005s ____ 1003 Oct'27 ____
4
9712 Sale 9614
9712 549
10212 Sale 10214
103
51
1013 Sale 10112 1014 34
4
1021 Sale 102
/
4
10214
5
9918 __ 99
Jan'28 -__
99
__ 9912
9912
1
9812
4
9812 19
9812
9
106 Sale 106
10638
1043 Sale 10412 1047
4
8 67
11312 Sale 11314
11414 55
1055 Sale 1053
8
8 1053
4 97
11314 Sale 113
11312 41
11118 ___
Nov'27 -10518 Sale 1051 1053 107
8
/
4
9214 _ _ 893 Dec'27
4
8
2
905 - - 905
8 9114
9018
8914
874 Oct'27 ---884 .___ 90 Dec'27
4
993 Sale 993 Dec'27
4
9418 ___ 10014 Jan'28 ____
10114 Sale 1014 10112 60
913
4
5
4
01A8 93 913
45
Jan'28
4312 45
5
10738
107% 10712
4 43
105 Sale 10412 1043
94
95 94
94 •
2
98%
9814
9818 99
1443 Dec'27 _2.0.
1014
14104,124
Sale
1054 108 1063 Nov'27
4
Range
for Yea
1927.
High
Low
862* 873
,
9912 10144
05 5
137:
4
96 102
/
1
4
'874 92
/
1
4
100 102
100 10212
/
1
4
103 105
104 4 10014
1
2
97
997
100 4 10418
3
10638 1097
0
11014 1104
90
98
97% 10514
10514 1114
/
1
10512 10512.
8018 8712
78% 8
6
9614 991a
911
96
9412 99
794 864
78 4 83
3
79 4 861
3
1
787 824
8
9414 98
94
953
4
9615 99 8
5
102 1034
/
1
4
1044 1075*
/
1
10418 1075*
942* 10184
1032* 105
11152 161i4
988 1017
.
9914 9914
9912 102
81
/ 85
1
4
/
1
4
82
/ 82
1
4
12
RIF Nils
106 106
10014 1015
8
91
91
86
74
723* 81%
68% 77
12
76
86
76% 864
687 77 1
8
7
105 116
12
103 11312
1024 106
10912 10913
6912 811
/
4
8814 913
4
7014 81%
73
8118
905 P05
8
8
897 9612
8712 9412
723 814
4
7118 80
9818 101
7812 913
4
9314 1003*
903 97
4
10013 1023*
4
s
1048 1008
10818 110
106 107
92
9918
92
97
12
93% 96
1$8% 200
92 2 9612
7
105 6 107
5
97 102%
9412 101
9114 98
0
905 965
8
653* 7312
6318 70
90 106
98
98
111 11612
11514 1154
10318 11012
1031 111
8
109 4 110
3
103 105 4
3
10212 10314
815 89
8
945 94 1)
2
5
102 10412
10114 104 /
1
4
88% 97
1064 11012
106 1101 2
9814 100
867 945
8
8
88
93
93 4 9512
1
102 10318
98 1003
4
87
/ 97
1
4
9612 10312
9514 1024
10114 103
/
1
4
9512 100%
944 994
/
1
945 99
101% 107
/
1
4
9914 106
106% 116
10514 107
/
1
4
1115* 11"
11118 1113
4
102 106
89
894
86
90 8
3
•85
875*
848 90
4
9712 99 4
3
138
93 8
7
.953 102
4
8514 9272
41% 53
1033 108
4
1035* 107
.11).111 19499 4
19996 104124
- 10
% 14341
232
New York Bond Record-Continued-Page 4
Price
BONDS
N. Y.STOCK =CHANGE
Week Ended Jan. 13.
Jan, 13.
Week's
Range or
Lan Sale.
Range
for Year
1927.
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended Jan. 13.
Prim
Friday.
Jan. 13.
Range
for Year
1927.
West's
Ranee or
Lae Sok,
High No. Low
Bid
Ask Low
High Union Pacific (Concluded)
Bid
AM Low
Mph No. Low
Nigh
9944 10241
4'CO&StLgu420A
Gold 4345
1987 33 1004 Sale 100
9638 10112
1940 A 0 10112 _ _ 102 Jan'28
100 4 45
3
Series B 4345 guar
_ 10212 Jan'28
lot lien & ref 58
10012 10212
125 108% 11614
114 Sale 11334 114
June 2008 M
1942 A 0 1024
Series C 430 guar
- 10212
10212
10
-year secured (la
10034 10114
1928 33 10034 Bale 10034 1003
11242 M N 10212
3
4 23 10034 102 8
Series D 431 guar
96
9814 (7 N J RR & Can gen 434._ _ _1944 MS 9712 991 98
1945 MN 9714 ---- 974 Dec'27
54
9412 99%
98
3
Series E 3348 guar gold., 1949 F A 9714 ---- 9712
Utah & Nor let ext 48
1933 33 9814 -_-_ 98 4 Nov'27 ---954 98
97
12
97
98 4
4
3
Series F 48 guar gold
Vandalla cons g 42( aeries A 1955 FA 97%
-___ 9714 Apr'27
4
9714 10033
1963 J D 963
924 9784
974 Dec'27 ---Series 45 guar
96% 973 Vera Cruz & P assent 430..1934
1957 M N 974 __._ 9738 Nov'27
20% Jan'28 ---18h 273
4
Series H con guar 48
97% 1004 Virginia Mid 58 series F....1031 Si 8 10112
1960 F A 9714 ____ 964 Aug'27
0
0 0
2
10112 Jan'28 .._ __ __ __ 10 :: 1011i
4
Series I cons guar 424s
9512 10512
1963 F A 10414 ---- 10412 10412
General 5a
1938 M N 103%
1034 Dec'27
10414 Dec'27
Series J cons guar 434s
100 10414 Va & Bouthw'n 1st gu 58_2003 J J 107 ____ 10714 10714
10453 1 114
9 14 02
1964 M N 104
11334 113% 17 10634 11412
General M 5s series A__ I970 J D 113%
let cons 50
203
-year 58
1958 A 0 9934 Sale 99 4 100
3
27 11NA 116
Gen mtge guar fe series B-1975 A 0 115 Sale 11334 115
Virginian Ry 1st 58 aeries A_1982 Si N 109 Sale 1084 10942 145 1024 1114
6 112 112
A 0........11312 11312
Registered
Wabash Ist gold 5s
1939 Si N 105 Bale 10434 105 _.2_8 199 105
5,
. 033s 0
4
:
1
•Pttta & L Erie 26 g 5s___Jan 1928 A 0
9978 Dec'27
26 gold ba
99 101
1939 F A 104 Sale 104
103 10038 104
104
PHU Mclf & Y let gu 68__1932 J J 10414 __-- 106 May'27
Ref e f 530 seriee A
105% 106
1975 M
25 10318 107
107 Sale 10534 107
12
24 guar Os
1934 J J 10678 _ _ 10134 Nov'26
Ref & gen fe series B
1976 F A 1034 104 10378 1044
•PItte Sh & L E Ist g 55
___ 104 Dec'27
1940 A 0
Debenture B 6s registered-1939 J
10012 104
9612 ---- 8314 Feb'26
let consol gold 5e
10312 10412 10012 Apr'27
1943 J J 1051st lien 50-yr g term 0....-1954 J J 8912 ---- 88 4 Nov'27 ____ - 1 10012 10012
15 4 iii.
3
Va & Char Ist 4s
1943 M N 96 ____ 95 Oct'27
Det & Chi est lat g 58._ -1941 J J 10412
95
103 105
96
10434 Jan'28
Pitts Y & Ash 1st cons 5s_......1927
100 July'27
Des Moines Div iota 45-1939
100 100
J 9114 93 92 Nov'27
lot gen 4s series A
4
IA 97 Dec'27
1948 41/
Om Div Ist g 320
1941 A 0 87 89 8734 Nov'27
983 97
4
lot gen fie series B
10814 Dec'27
1962 F A 10812 _
Tol & Chic Div g 43
1043 10814
8
1941 M 8 9318 ____ 954 Dec'27
90
/
9514
Providence Scour deb 4s__ _1957 M N
7912 Warren lst ref gu g 320-2000 F A 8212
- 794 Dec'27
70
80
_ 8212 Nov'27 ---834
Providence Term lat 48
92
9412 89 Dec'27
1956 M S 80Wash Cent lot gold 48
1948 Q M 90% 92 92 Nov'27
841s 89
9334
Reading Co Jersey Cen coil 48251 A 0 95
6
9612 9618
Wash Term 1st gu 330
92 100
1945 F A 9014 90 4 904
3
9014
Registered
A 0
9512 Oct'27
14 40
-year guar 4s
9512 9512
-. 96 Nov'27
1945 F A 9618
Gen & ref 430 aeries A.._1997 J J 10338 Sale 10334 10312 26
W Min W & N W Ist gu 58-1930 F A 100 10014 100 Nov'27
98 104
fUoh & Meek 1st g 4s
12
1948 M N 8212 84 82 Nov'27
794 8212 Wee Maryland lat g 4e
7:: 93989°97238
9886 4
1952 A 0 85% Sale 8534
86 4 i ---i
3 : 88571714 18 18
Mehra Term Ry 1st gu fe
ggh 1031
8
_ 103 Oct'27
1952 J J 1044
101% 103
let & ref SO series A
1977 J J 10212 Sale 1024 10312 120
Rio Grande Juno let gu 58_1939 J D 10134 i
2 0 8 04
102 Dec'27
82
100 10218 West N Y & Pa 1st g 5a
1937 3 J 10318 105 10318 Jan'28 2_ 101: 101
SW Grande Sou lot gold 4a1940 J J
5
73
4 73 Aug'27
4
Gen gold 48
88
1943 A 0
74 7 4
3
92%
3
93 Jan'28 ---Rio Grande West 1st gold 48_1939 J J 9438 Sale 945
9434 93 Western Pac 1st ser A 5a
944
1948 M B 10014 Sale 100
100 8
3
lit con & coil trust 48 A 1949 A 0 8818 Sale 8818
38
89
8912
3 12
lst gold (is series B
84
88
1946M 13 10014 1004 1021, Aug'27 - 10248 1:434
RI Ark & Louis 1st 430._ 1934
S 984 Sale 98
West Shore lot 4s guar
9812 55
23613 3 9212 Sale 924
043 99
5
9212 -20
Rut
-Canada lot gu g 48
5 86
8412 Dec'27
914
1949 J J 8412 •
23613 J 9112 9234 92
Registered
8212 87
92
Rutland let con g 420
9514
1941 J J 9512 Sale 954
9118 9714 Wheeling & Lake Erie
at Jos & Grand 151 1st g
i
5
9012
100
0113
1947 J J 8812 ____ 9012
Wheeling Div 1st gold 56.19283 J 10012 __-- 10018 Nov'27
863 90
4
Be Lawr & Adir let g 513
10018 Sept'27
Ext'n & impt gold 58
9614 10012
1930 F A
100
100
1996 J J 10034 __
26 gold (is
9012 97
9
1
6 10512 1074
108
1996 A 0 107 ___- 108
Refunding 430 series A-1966 M S 9612 98 07
BS L Cairo guar g 433
2
9812
9812
1931 J J 9812 _
9614 9814
1966M S 1014 102 10138 Dec71 --; 10012 10084
Refunding &series B
724 0114
7712
7'2:
ESL Ir hit & Sgen con g 6a_1931 A 0 10178 Sale 10134 102
23
99 102
1949 M S 93
RR 1st consol 48
9314 93
9 87
14 9314
93
Stamped guar 5s
1931 A 0--------10134 Dec'26
Wilk & East 1st gu g 5s
19423 D 774 Sale
Unified dc ref gold 4e
1929 J J 99345s)0 9934
9934 42
19383
1
1033 -- -- 104 Aug'27 --- 104 104 4
973 9974 Will& S F lot gold 5s
4
4
J J9812Nov'27
_
Registered
8655 9214
98h 981 Winston-Salem B lat 4e-1960 J J 9212 95 9132 Dec'27 ---:
Rtv & Div Ist g 49
e1933 M N 9614 3;1- 9614
9612 48
1949 J J 8814 Sale 8812
6
9314 97 Wis Cent 60-yr lat gen 4s
8() 8914
8812
L M Bridge Ter gu g 5s_ _1930 A 0 10072 1013 10134 Dec'27
4
8
Sup dc Dul div & term 1st 48'36 Si N 923 93 9234
4
100 1013
4
887 93%
4
93
Be L & San Fran (reorg co)4s 1950 J J 9212 Sale 9218
8412 9344 Wor A Con East 1st 434s...1943 3 J
92% 165
92
14
89
92 Jan'28 - --Registered
J 39138 Dec'27
9114
INDUSTRIALS
87
Prior lien series B 55
Eale" 10312 104 17 993 10412 Adams Express colt tr g 48..1948 M 8 924 934 924 924 3 89 964
1950 3 3
4
Prior lien series C fla
J 1003 Sale 10034 101
4
1928
55 100 1024 Ajax Rubber let 15-yr of 88.19363
108
16 1057 109 4
108 Sale 108
4
7
Prior lien 5345 series D_1942 J J 1023 Sale 10234 103
8
414
88 10112 10302 Alaska Gold M deb 330 A __ _ _1925 Si S
1
3% 6
412
3
514
Cum adjust set A 68_ _July 1955 A 0 10038 Sale 1001
1928 Si 8
10078 118
338 6
99 102
Cony deb 65 series B
3
3
54
412
412
Income series A 6s_ _July 1960 Oct. 9978 Sale 9934 100 213
99 4 1017
3
a
9514 99 4 Allls-Chalmers Mfg deb 58._1937 Si N 10034 Sale 1004 1013* 101
3
Si Louis & San Fr Ry gen 631_1931 J J 10438 10434 10438 Jan'28
8
78 91 97
1044 1057 Alpine-Montan Steel 1st 75_1955 M 8 93% Sale 9234 108
.
2
9.512 33 9 13 10 4
General gold 5s
1931 J J 10138 Sale 10134 10112 22 10012 10172 Am Agric Chem lat refs f 720'41 F A 1053843ale 105
BS L Poor & N W Ist gu 54_1948.73 140,4 11012 110
ms
2 1044 11172 Amer Beet Bug cony deb 611_1935 F A 84 Sale 82
1103
4
St Louts Sou lot gu g 4s
97% Aug'27 - -1931
98
9612 984 American Chain deb 5 f 68..1933 A 0 10414 Sale 10418 104
7 89
8413 46 101% 105
It L SW let g 48 bond cUs..1989 M N 9034 9134 913t
9218
8
debenture 56-1931 Si N 100 10012 1004 Dec 27 _ _ _4_ 1045 10014
8612 93 Am Cot
4
95 4 06
10013
24 g 4e Inc bond ctts_Nov 1989 3 3 843 86 84%
1
Am Dock & Impt gu 68
3
81
85
1938
J
10514
845s
Ocueol gold 4s
1932 D 984 98% 984
1939 A 0
16E3; 1044 jan.2.8 ._ _2 19314 102
9834 37
9412 9872 Am Mach & Fdy s f (is
10444 . 0312 05:
lit terminal & unifying 54_1952
J 10212 Sale 10178
28
99 103
95 10212 Am Republic Corp deb 65..1937 A 0 10214 1023 109 3 10212 49
4
3
St Paul & H C Sh List 420_1941 F A 974 973 974 10212
97
8
9
924 9812 Am Sm & R lot 30-yr baser A '47 A 0 102 Sale 10138 10242 46 10012 108,
1
1
St Paul & Duluth let 5e
10138 102%
1947 A 0 10832 Sale 10814 10834 54 1078, 109
1931 F A 1014 ---- 1024 Nov'27
1st M 6s series B
14
lit consol gold 4e
1968 J D 9438 ____ 944 Dec'27
91
4
9414 Amer Sugar Ref 16-yr 813-1937 J J 1043 Sale 1044 10614 76 104 106
at Paul E Cr Trunk 4345___ _1947
J 9934... 1004 Nov'27
4
98 10014 Am Telep & Teleg coil tr 40.19293 J 995 Sale 994 100 193
9814 100
Si Paul M11113 di Man con 48_1933 J J 975 1938 Si B 98 99 98
9914 99 Dec'27
Convertible 48
9412 99
Lot conaol goe
3
10112
4
1933 Si S 10034 Sale 1003
_ 10818 Jan'28
1933 7
20
-year cony 430
1074 108%
2 984 1024
4 10034
Registered
1946J D 10514 Sale 105
30
-year coll 11 58
1064 108
08 Dec'27 98 102 106
106
de reduced to gold 434e.._1933 J 3 10012 10034 10012 10012
19603 ./ 108 Sale 10534 :
35-yr e f deb fis
2
9912 1011g
07: 101 107
0
Registered
1943 M N 10914 Sale 109
J J
20
9812 994
99 Nov'27 _
-years f 520
10938 122 10544 10988
Mont ext 15t gold 4s
1940 A 0 10534 106 1053
984
7
7
1937 J D 98 Sale 98
9512 9812 Am Type Found deb 85
7 10:10
5 0 4 0
2
4 106
Registered
J D
98 1014
9512 June'27 - _ _
9512 9512 Am Wat Wks & El col It 58-1934 A 0 107 Sale 1063
4 107% 29
Pacific ext guar 4s (sterling)'40 I J 94
1976 M N 10114 Sale 10118
9314
Debg6sserA
91
9412 934 Oct'27 - - Se Paul Un Dot) 1st & ref 58_1972
1947 J J 92 Sale 92
J 109 Sale 10812 10912
7 10514 10858 Am Writ Pap lat g 69
35
83
9314 26
SW& Ar Pass let gu g 4s. _ _1943
J 9434 Sale 937
Anaconda Cop Min lst 68_1953 F A 10512 Sale 105
944 33
883 95
2
10624 162 10334 105h
Santa Fe Pres & Phen Se_ __ _1942 M S 1024 ____ 102 July'27 ____ 102 10314
1938 F A 1117 Sale 11114 1124 234 1084 11612
-year cony deb 75
15
Say Fla dc West 1st g 64____1934 A 0 10834 110 1083 Dec'27
7
8
08
:4 2
7
4
3 1
1081 10912 Andes Cop Min cony deb 75_1943 J J 12312 Sale 12012 12512 627 183 3 19 12
4
1st gold de
N 9914 Sale 9714
Anglo-Chilean 78 withote war_'4
1934 A 0 10212 ____ 10212 Nov'27
- 10212 104
9914
&Soto VANE lot gu g 43_1989 MN 9712 9812 9718 Dec'27 - 951
934 100
9714 Antllia(Comp Azuc)720_ _1939 J J 95
91
9f
9813 19
Seaboard Air Line g 48
Ark & Mem Bridge & Ter 58_1964 Si S 10214 ___ 10212 I4eo'27 _ _ _ _ 10014 111
_
8412 Jan'28
8114 85
1950 A 0
Gold 42stamped
934
8312
8 8012 8411; Armour & Co 1st real eat 420'39 J D 92 Sale 913*
88
1950 A 0 8312 Sale 8334
21
92
72o2 8812 Armour & Cool Del 523s-1943 J J 88 Sale 88
Adjustment 5e
4
8214 57
8612 4161
Oct 1949 F A 81 Sale 81
894 .565
Refunding 4a
7212 77 69
3
311 76 4 Associated 011824 gold notes 1935 M S 103 10314 1034 Jan'28 ____ 100 4 1044
1969 A 0 7212 Sale 717
1
ist & COE18 68 series A
1947 J D 1033 -__- 10314 Jan'28 .......____-__ 102 120
9612 305
1511 08h
4
s
9414 99 8 Atlanta Gas L 1st fe
3
1945 88 S 9618 Sale 96
AU & Hire)30-yr lat g 48_42933 MS 05 Sale 94
Atlantic Fruit Thais dep._1934 J D
95
12
9014 95
Nov'27
J D
Seaboard All Fla 1st anSi A_1935 F A 943 Sale 9412
Stamped °Us of deposit
95
40
9312 98s2
18 Jan'27
Series B
934 9712 Atl Gulf & W 1 BS L col tr 58_1959 J 3 744 Salo 7414
9434 18
34 10013 1,
41
67 7
18
111
4
8
1935 F A 9414 9412 944
75
1937 J J 10314 Sale 1031
191
Seaboard & Roan 521 extd_ _1931 J J 10012 101 101 Dec'27
Atlantic Reg deb 58
100
4 103 8
3
So Car & Ga let ext 5348.....1929
N 1013
4
_ _ 10134 No(117; 27 100% 10212
lv 2
13 & N Ala cons gu g Lis
10312 1053 Baldw Loco Works lst 511_ _ _1940 M N 10714 1071 1074 1074
2
1 106 10848
4
1936 F A 1053 ---- 10534
Can cons guar 50-yr fe._ _1963 A 0 11412 11512 11412 11412
9 11014 11412 Baragua (Comp As) 720_ 1937 J J 10334 107 1034 10414 19 10612 10912
So Pao coil 4.9 (Cent Pao colt) 3'49 J D 9412 Sale 9412
10212 Bale 10114
8814 954 Barnsdall Corp 65 with warr_1940 J
9614 1084
943
10213 290
4 26
Deb 68(without warrant)_1940 J D 913 Sale . 9114
Registered
86
4
93 90 Dec'27 _
90
944
99
94
J D 88
8
9253 278 89
98
20
1936 J J 9834 Sale 9812
9822 10012 Belding-Hemingway 138
59
-year cony 411
June 1929 M B 9978 Sale 9934 100
let 420(Oregon Lines) A_1977 M 8 10312 Sale 10312 104
68 10014 10412 Bell Telep of Pa 58 series B..1948 J J 1063 1073, 1083
4
4
4 117
014 12 1023 107
20
1960 A 0 109% Sale 1094
-year cony Eis
1st & ref fe series C
4 100 103
10314
4 103
.
7
4
10 4
42 1027 110
1934
_ _1951 J D 9534 Sale 95
20
-year gold 58
5 100% 10314 Berlin City Elec Co 6
1944 Si N 10212 1024 10234 10314
Ban Fran Terml let 4a_ _1950 A 0 9412 Sale 944
9012 95 Berlin Elec El & Undg (330_1958 A 0 94% Sale 941r " 67
8
7
944
7
92112 9 %
9 4 9
2
28
95
Beth Steel 1st & ref 5s guar A '42 Si N 103 10313 10312 10514 11 100 103
93
87
A 0 8104 ____ 92 Dec'27
Registered
So Pao of Cal let con gu g 58_1937
J 1023 103 10213 um
--1936
30-yr p m & imp s
4
98:4 1024
2
41
N 10534 1073 10614 Oct'27 ---- 10422 107
Bo Pae Coast 1st gu 4s_ _ _1937 3 3 9712 ____ 9718 Jan'28
Cons 30
-year 613 series A 1948 F A 105 Sale 106
9414 98
10512 108 1014 10512
So Pao RR Ist ref 46
Cote 30
-year 520ser FI___1953 F A 10234 Sale 1824 1,00512 124
61
98
933 9812
s
8
9 4 1025
7
2 97
09811111 10839853.27 19
1955 J 1 9712 Sale 9712
10
1950 Si S 9812 Sale
Bing & Bind deb 820
9414 97
97 Oct'27....
Registered
J J
Booth Fisheries deb s f 6s
1926 A 0 10214 -60 1064 115
Southern Ry let cons g 5a-1994 J J 1134 Sale 11312 114
____ 10118 1014
-103% 110 4 Botany Cons Mills 820-1934 A 0 8212 Sale
3
1113 Dec'27
4
Registered
J J 111
9314 Bowman-Blit Hotels 7s_ _ 1934 Si
86
Devel dr gen 4s series A-1956 A 0 9214 Sale 924
93 234
10414 Sale 10 3473 . 2727 27 102 104
92
7 89
pi:503
:4 A 10:
04
Brier 21111 Steel 1st 520...-1942 A 0
11918 Bale 11918 11934 38 11332 125
Develop & gen 68
1958 A
-_ - - 103% 1054
8 127
90 11914 128 fl'ivay 22 7th Av 1st c g 58-1943 J D 70 Sale 684
Devel & gen 634s
7918
68
17
1956 A 0 12578 Sale 1257
70
Ctfa of dep stmpd Dec '26 lot
1 1064 11234
4 11134
Mem Div let g 56
1996 J J 11172 113 1113
9413 94
4
St Louis Div lst g 48
94
89 8 95 Brooklyn City RR lot 58_ ._1941
3
8314 Bale
1951 J J 94
Bklyn Edison Inc gen 56 A._1949 J J 106% Sale 10
03
611 108; -- 3- 10318: 1017
East Tenn rwarg lieu e 54 1938 M S 10318
964 Dec'27
7.
2
931 1-3
8
4
893 96112
6608:1 6619
2
19303 J 1024 Sale 10234 10334 29 1024 1053
92 i6; General OeserlesB
-1
Mob &Ohio coil tr 42
4
9612 35
1938 M S 964 Sale 964
19683 J 9612 Sale
9114 Bklyn-Man R T sec 68
84
Spokane internal 222, g gs_ _ _1955 J 3 87
88 8712 Dec'27
9312 Bklyn Qu Co & Sub con gtd 5a'41 MN 89 Sale 68%
9212
.11 Ni ____ 9312 Jaly'27
g
Sunbury & Lewiston 1st 48._1936
9578
684 3 8
99 187
1
8
1941 J J 763
1st Se stamped
99% 10012
9978 Nov'27
Superior Short Line 1st Se.
.e1930 M
85
85 Dec'.... 70
611;
4
- 1388 NNoovv.262218
7
Brooklyn R Tr lit cony g 0_2002 J J
984 101
Term Assn of St L lot g 430_1939 A 0 10012 _--- 1007 Dec'27
5
3-yr 7% aecured notes_ _ 1921 J
lit cons gold 6a
10634
5 10232 106%
105
_
1944 F A 10534 107 108
Bklyn Un El 1st g 4-5a
1950 F A 94 94% 9344
8714 95
11
Gen refund f g 4a
94
8
1953 J 3 9278 937 94
94
: --1011 2:7:
:
13
: 71- :
911
1950 F A 94 Sale
Stamped guar 4-5s
7
Texarkana & Ft Slot 520 A 1950 F A 10614 Sale 10614 10634 11 102 2 1074
9972 10212 Bklyn Un Gas 1st cons g 5a-1945 MN 1074 ___ 19714
Tex dcN 0con gold fe
0
1943 J .1 10212 103 1024 Dec'27
9230 1
03% 1931940718 0 1024 207
93
14
1
7
1
let lien & ref 68 series A-194711 N 11738 11712 2874 Dec8 _ _ 48 18 8 19719
3
35 105 4 11212
Texas& Pao le gold 1513
4
119
4
2727 __
13
93 17
'
2 0 J D 11218 1123 11214 113
00
Cony deb 5245
1938 J J 272 Sale
100 100
26 Inc 5e(Mar'28 op on)Dee2
000 Mar 100 110 100 Aug'27
984 103% Buff de Sung Iron s f 55
19323 D 934 9412
Gen & ref 60 seriee B
1977 A 0 10234 Sale 10212 10338 17:3
Bush Terminal lot 40
1952 A 0 934
99 101%
8
1931 I J 10138 1017 10138 Dec'27
L6DIVBLIetgSe
90% 1113
923 Jan'28 --a
Consol 5s
1955
J 10114 ---- 10112 10111 14 10 : 103
Tex Pac-Mo Pao Tel 520-1964 M S 10634 1073 10712 10712
5 10414 10712
4
0 0112
5
3 9
0
027
2
J 10218
100 1024 Bush Term Bidge 56 gu tax-ex '60 A 0 1034 105 1037a 105
Tel & Ohio Cent let gu 54
9914 1064
13
1935 J 0 10212 10712 102 Oct'27
10014 102 By-Prod Coke let 530 A _ _1945 M N 1024 102%
____ 10012 June'27
1935 A
Western Div iota 511
98
1 10018 103 Cal & E Corp unif & ref 5s _1937 MN 10314 Bale : 4 :
1935 J D 10138 Sale 10138 1018*
GenersJ gold fe
91
10
01 382 1011: 10471
0298
07
098
15 Cal Petroleum cony deb of 581939 F A 9912 Sale
15
15 Nov'27
_
Toledo Peoria & West let 48.1917 J .1 1212 19
Cony deb e f 53411
1938 M N 102 Sale
A
1W St LA W 60-yr g 411
8941 94
94
94
6
4
95 1021
52
196
°
99
1931 3 3 100 -_ 997 Nov'27
99% Camaguey Sug 1st f g 7s_._1942 A 0 1004 Sale 10013 1054 15
96 1011s
ToIWV&Ogu 420A
00
14
,
1 1
Canada 23 L 1st 88
1941 A 0 10124 Sale
9914 100
100 Dec'27 _
0
04
lit guar 420 series B----1933 J
99
3 0 192
957 Dec'27 _
94
957 Cent Dist Tel let 30-yr 58...1943 J D 105 Sale 199 jsn I
8
1942 M S
let guar 48 aeries C
6 10214 105
105
05
90
95 Cent Foundry let f 68.May1931 F A 974 98 4
Tor Ham & Buff let g 48--19 J D 9412 Sale 944
944
1
46
3
Cent Leather Iotllensf6a..1945J J
5612 71
Ulster & Del let cons g 5s.--1628
61
61 Sale 61
2
2 101 1054
1047
32 8 10478
1941 MN 123 1237,
3412 43 Central Steel 1st g f 88
lot refunding g 44
1952 A 0 3234 35 3512 Dec'27.
9472 100 Ceepedes Sugar Co lst s f 7348'39 M S 1014 Bale 101
Union Pacific 1st RR & Id gt 48 47 J J 9812 Sale
.
9814
984 47
13
18% 284
10134 28 1984 103
Registered
J J 97 Sale 97
93% 98 8 Chic City & Conn Rya 5aJan1927 A 0 68
3
97
3
63
72
____
70 70 Deo
977
lst lien & ref 4s
541._1937-1 J 1034 Sale 1034 10332 2'7' 102 1033
974 Bale 9734
913 99 Ch L & Coke lat
4
June 2008 M
37
4
1
4 Due May. •Due June, 2 Due Aug.
_-_-
---
1;
iiii
:::: Ls::
991,
99.4
lirs:
New York Bond Record-Continued-Page 5
BONDS
Y. STOCK EXCHANGE
Week Ended Jan. 13.
1
Prim
Friday.
Jan. 13.
Range
for Year
1927.
Week's
Range or
Last Sale.
High
Ask Low
314
High No. Low
4
Chicago Rya let 52
743 89
1927 F A 8612 Sale 86
8612 41
96% 390
Chile Copper Co deb 58
92 4 9614
1
1947 1 J 9612 Sale 9512
Mein Gas & Eleo let & ref 58'56 A 0 102 1023 102
34 4
102 4 64 101 10312
3
530 aer B due
1044 10514
Jan 1 1961 A 0 1043 10514 105 Jan'28
4
Clearfield Bit Coal let 48___1940 3 .1
10478 Oet'27
8512 85
12
Colo F & I Co gen s f 55__1943 F A 101 10158 101
Jan'28
96 102
9312 99%
Col Indus 1st & col) 52 go_ _ _1934 F A 97 Sale 9634
9714 13
Columbia G & E deb 58_ _1952 M N 100% Sale 99% 10112 413
994 100
Columbus Gas let gold 58_ __1932
96% 981s
J 9712 98 98 Dee'27
82
Commercia' Cable let g 48_2397 Q
77
7912 12
775 791 77%
8
3
Commercial Credit a f 138__ _1934 M N 9834 Sale 9818
93
99 4
99
3
Col tr f 5 11% notes
9012 951
:
1935 3 .1 9318 95 94 Jan'28
1 1044 1064
Computing-T
/
1
1 88 1941 J J 10612 Sale 10612 10612
Conn Ry &L litarref g4348 19513 J 100% -- 10014 Jan'28
9618 9818
9434 10014
10034 Sale 1003
Stamped gua •4346
4 100% 11
1951 J
101% Jan'28
984 102%
Consolidated C11ar a f 88
1938 A 0
Consolidated 113 dro-Elec Works
4
of Upper Wllellunberg 78_1956 ii
9514 101
9714
9714
Cons Coal of Md h t& ref 58..1950 JD 79 Sale 7934
76
86%
80% 60
r Consol Gaa(N Y)
8
1065 Sale 10614 106% 179 10512 107%
(18)5348-1945 FA
Cent Pap 4Bag MIN 630._1944 FA 8612 Sale 84%
75
894
8612 129
5 10034 10214
Consumers Gas of Clio gu 58 19313 JO 10218 1023 10258 102%
41 102 10512
Consumers Power let U.._ _1952 MN 105 Sale 10434 105
37
97
99
Container Corp let 68.
1946 JD 100 Sale 9912 100
8
101
9912 10212
Copenhagen Telep ext Ss_ _ _1950 A0 1034 Sale 10078 101
10414 Dee'27
Corn Prod Refg let 25-2.- 6 f 56'34 MN
10118 1044
9334 104%
Crown Cork & Seal let 68_1942 FA 10178 105 10434 Jan'28
19
99% 104
Crown-Willamette Pap 68.__1951 J J 10218 Sale 10212 103
9212 81
9112 99%
Cuba Cane Sugar cony 7s_ I930 J J 92 Sale 9114
981: 102
74
97
Cony deben stamped 8%_1930
'3 97 Sale 9538
10778 14 10712 10834
10712 107% 107
Cuban Am Sugar let coil 85_1931 M
18
98% 102
Cuban Dom Sug 1st 7328
1944 MN 10012 Sale 100% 101
5 10012 1033
Cumb T & T let & gen 58
'3 104 105 10334 10412
4
1937
17
9834
99
93% 9912
Cuyamel Fruit let ef 68 A _ _ _1940 A0
90 10134
98 2 99
Davison Chemical deb 6348-1931 J J 101 114 ---- 10112 Dee'27
9 98 10218
Den Gas & EL 1st & ref s f g 5651 MN 102 Hale 10112 102
9814 10214
1013
4 10
MN 10134 Sale 10111
Stamped as to Pa tax
Sale 52%
42
43% 81
60
Det7 Corp(D G) 1st at 76._1942 MS
89
8
Detroit Edison let roll V 52_1933 J2 10314
- 10314 10312 19 1013 103%
6 102 104%
10112 Sale 10414 104%
/
1
4
1st & ref 52 series A_July 1940 M
12 10218 10578
106
8
Gen & ref 56 series A
1949 40 1057 107 106
10734 Sale 10734 10814 15 10714 109
1st & ref 68 series BJuly 1940 M
3 10158 10614
8
Gen & ref baser B
1955 3D 10514 1053 105% 105%
7
974
Det United let cons g 4 yks 1932 J J 97
9212 974
9714 97
92 295
82
/ 96
1
4
Dodge Bros deb 88
4
1940 MN 893 Sale 894
5
81
89%
8112
Dold (Jacob) Pack let Ss__.1942 MN 8114 8112 81
76
95
Dominion Imo & Steel 513_1939 MS 9412 Sale 8514
48
797
8
151
95
9412 Sale 85
4914 79
Certificates of deposit
3
9414 98
95
041. Hale 9412
Donner Bteel let ref 78
1942
10634 35 10312 10612
Duke-Price Pow 1st 68 ear A '66 MN 1065 Sale 106
8
98% 10112
1003 133
Duquesne Light let 430 A 1987 A0 10014 Sale 10014
4
East Cuba Sug 15-yr at g 730'37 MS 10418 Sale 103% 10418 12 10234 108
2
Ed El III Bkn 1st con g 42._ _1939 J2 97% --- 97%
9478 98
97%
10678 113
1145 Jan.28
Ed Elm, Ill let cons g 56_ _ _ _19953' 11438
961: Sale 96
94
Elea Pow Corp (Germany)6348'50
994
9812 45
2
98
Elk Horn Coal lst & ref 6)48.1931
96 1004
94 Sale 94
2
91
8934 993
Deb 7% notes (with waretre31
4
8978 Sale 89%
Equip Gas Light let con 52_ _1932
99% 102
101 102 102 Dec'27 -- - 9914 21
Federal Light 4 Tr let 51_1942
95
99%
98% 99 98%
11
1st lien s 1 Se stamped
95
99
994
9834 09 9874
1942
1st lien 65 stamped
7 102 1054
10514 Sale 10518 10538
1942
30
2 97 10414
10218
-year deb lia ser B
102 1021_ 102
1938
5 88% 9813
Federated Metals a f 78
99
1939 in 9818 99 99
Flat deb 72(with war?)
924 1084
1948 3, 1051s Sale 10214 10512 272
Without stock porch warrants_
9110 99
943
9414 Sale 94
4 50
9 115 120
Fisk Rubber lets 188
1941 MS 118% 119 118% 119
90 s
olo 594
90
Ft Smith Lt & Tr 1st g 56.._1936 MS
20
8513 9012
77
Framed° lad & Dab 20-yr 7)01'42 J J 107 Hale 10578 107
9812 106 2
,
Francisco Sugar 1st
8 106 110
710.1942 MN 110 Sale 10914 110
Fr Jnch Nat Mail BS Lines 7e1949 JO 101% Sale 10118 10158 99
9434 1013
4
106
Gas& El of Berg Co cons g 561949 JD 10884 ____ 106
5 102% 10332
Gen Asphalt cony 66
108 106 11212
117
1939 AO 117 Sale 111
Gen Electric deb g 33.22
98 Jan'28. 91
984
/
1
1942 FA 95
10 10114 106
'3 103 Sale 102
104
75
Gen Elec (Germany) Jan 15'45
St deb 634s with warr
D 11814 Sale 118
11814
3 113 1381
1940
4
10012
4
Without warne attach'd'dO
9914 10214
10012 Sale 100
9912 10358
Gen Mot Accept deb 64
18
1937 FA MN% Bate 10212 1031
Gen! Petrol let s f 58
14
W.!3 33 10014 10212
1940 PA 10214 102
Gen Berl* Ist 81 g 66 ser A __ _1952 PA 10714 ____ 101¼ - 0
1 10112 107
Good Hope Steel & I eeo 78_ _1945 A 0 10012 10078 10012 101
9938 10312
9
Goodrich (11 F) Co 1st 6%8_1947 .1 3 10712 Sale 10714 1075
5
8 91 104 8 10812
Goodyear Tire & Rub let 88.1941 MN
10978 Oct'27 --_ _ 11978 1224
10
-years f deb g 8s_May 1931 F A -- - - --. 1104 Aug'27 - 10978 1114
1st M coil tr 56
91% 9712
951 333
1975 M N 9532 Sale 9514
Gotham Silk Hosiery deb 65.19362 D 1023 Sale 1025s 103
97 102%
/
1
4
15
s
Gould Coupler 1etef6s.194O F A 7484 Sale 7434
11
6812 87
75
Granby Cons M S& Peon 68 4'28 M N 10018 ..... 10014 Dee'27 _ - _ _ I")14 102
Stamped
11.44 102
1928 M N 1 018
10014 Dee'27 Gt Cons El Power(Japan)7s_1944 F A 9812 Sale 981
9158 9912
/
4
984 36
938
1st & gen s f 8348
91
J 931 Sale 93
52
94%
/
4
1950
Great Falls Power lets f 56_1940 MN 106 Sale 10534 106
84 1024 10812
Gulf States Steel deb 5346_1942 3D 9611 Sale 9612
94
97%
9712 50
Hackensack Water 1st ts _ _1952
8612 92
. _ 9912 9112 Dee'27 --Hartford St Ry let 48
9018 Nov'27 _ -- 904 95
95
1930 M
Havana Elm consol g fa_._1952 F A _
95
9872
96 Dee'27 ___Deb 530 series of 1926._l951 M S
79
90%
7612 541
.5[4 Sale 75
Herehey Choc let & coil 5348 1940 3,
103 Jan'28 ___ _ 10112 1034
, floe(R)& Co let 834e ser 4.1934 40 98 Sale 98
96 10212
98
8
Holland-Amer Line Os(flat).1947 MN 10212 ----102
9112 104
1021
/
4
3
Hudson Coal 1st 6 52 ser 4_1982 D 9334 Sale 9314
93
110
91
9834
Hudson Co Gas let g 58--1940 MN 10612 _ 107% 10784 13 102 106
Humble Oil& Refining 5326_1932 3, 103 Sale 1023
40 10158 103
4 103
Deb gold 52
97 10012
10012 170
1937 AO 10012 Hale 10014
fillnols Bell Telephone 52.-1956 3D 10514 Sale 10518 10512 65 1024 106
Minas Steel deb 4346
9634 101%
"'• 1940 AO 101 Sale 10012 101% 40
Moder Steel Corp at 72
9812 102%
1946 40 993 Sale 9934 1004 26
4
Indians Limestone lets!133.1941 MN 100 Sale 9912 100
98 100
43
Ind Nat Gag & 01158
98
99%
1936 MN 10018 __ _ 994 Dee'27 ____
Indiana Steel let 58
10312 105%
1952 MN 10511 108 10534 Jan'28 _
Ingersoll-Rand let Se Doe 31 1935
J 102% ____ 10012 May'27 _ _ loco: 10012
Inland Steel deb 53-28
50 10118 10414
1945 MN 104 Sale 10312 101
Inspiration Con Copper 6344.1931 M
9814 101%
10134 Sale 10112 10134 11
Interboro Metrop coil 4342.-1958 AO
Apr'26 __
11
20
Lambert, Rap Trail let 56...1966 J
7612 164
75'z 797
-7512 Sale 7112
J J 7512 Sale 7414
Stamped
75% 79%
7614 142
7318 82%
10-year 62
1932 40 7314 Stile 7214
7412 24
-year cony 7% notes-1932 MS 97 Sale 96%
983 99 4
10
2
97
158
,
81% 9212
Int Agric Corp let 20-yr 58.-1932 MN 89
11
91
9134 91
Stamped extended to 1942_ _. MN 80
8414
81
8112 81
7 69
95% 108
Inter Mere,an Marine at 68-.1941 40 108 Sale 10514
106
48
International Paper 56
97 10218
1947 32 1017 Sale 10134 10212 40
8
97% 105
1955 MS 105 Sale 10412 105
Ref s 1 6a ser A
74
1941 A0
9714 11612
Cony deb 68
_
10812 Nov'27. _ _
9818 11618
Stamped
11818 Nov'27 ___ _
92
9634
96 Sale 957
lot Tolep & Teleg deb g 434e 1952 J
9612 254
.1947 2J 10414 Sale 10414
6 10112 11114
Jurgens Works 65(1101 price)
10414
Kansas City Pow & Lt 56-1952 MS 105 Sale 105
10514 31 103 10478
1957 J J 10134
1st gold 414s swim B
10138 Jan'28 ..., 9812 102
.A952 MS 100 Sale 10378 1061 52 103% 10612
Kansas Gas & Electric 68.
/
4
1061 10812
4
Kayser (Jullus) & Co late 78'42 FA
1074 Oet'27
95 1073
1947 MS 157 Hale 106
4
Cony deb 53411
1074 612
MS 100 Sale 100
984 101
57
101
Keith (B F) Corp let Os__ -1946
99 1094
Ke1ly-6pringf Tire 8% notes_1931 MN 10834 Sale 10812 109
13
93
97%
.
Hairston Telep Co let 58_1935 J J 9612 99 984 Jan'28 _ _ _
/
1
4
2 10312 104
Wage County El & P g 58_1937 40 10418 105 10412 10412
/
1
4
1997 40 1307 -- 1304 130%I
1 124 130%
Purchase money 68.
8114 86
5 8
D'27 _ Dec
'27
Kings County Elev bit g 42..1949 PA 83 -8
841 84 /
4
1949 PA 83
8414
3 8012 86
Btsmned guar 46
--
--
-.
-.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 13.
233
Price
Friday.
Jan. 13.
Week's
Range or
Lan Sate.
Range
for Year
1927.
High Are. Low
Ask Low
Mail
Bid
5 10112 105
10414 113112
Kings County Lighting 58_-_1954 J .1 10512
12
11214 119
First & ref 6148
19542 J 119 120 119 Jan'28
2
97% 10512
Kinney(GR)& Co 734% notes'313 J D 1054 110 10512 105%
Kresge Found'n coll V 62._1938 .1 D 10512 Sale 10514 1054 26 102 1054
9914 10312
Lackawanna Steel let 191 A_ _1950 M
10214 102% 17
102%
Lac Gas L of St L ref&ext 58_1934 A 0 10314 Sale 102
10412 24 10014 103
Coll & ref 530 series C_ _1953 F A 104% Sale 1043
4 105% 31 103% 106
9712 10114
Lehigh C & Nay 6 f 4%8 4_1954 J J 1013 ---- 101
1013
4
4
101 102%
Lehigh Valley Coal lat g 56..1933 J
101% ---- 101% 101
10012 1004
Registered
10012 Nov'27
J J ---let 40-Yr gu int red to 4%_1933 J J
954 97
95% Aug'27
_
101 104
9712- 3
Ist&ref sf 58
1934 F A 10114 101- 10114 Dec'27
99% 1011s
lat&ref sf 56
1
1944 F A 01 -- 102 Dee'27
1 9915 105
1st & ref 58
1954 F A 10184 -- lout 1003
4
99 1014
Ist & ref 58
101% Nov'27
1964 F A 9912 let & ref e f 58
99 8 101
7
1974 F A
101 Nov'27
37 37
Lex Ave & F F let gu g 5e 1993 M S
37 May'27
Liggett & Myers Tobacco 78_1944 A 0 122'z Sale 12214 1224 12 120 12412
117 1171
18
Registered
11718 Sept'27
A 0
/
4
15 102 1061
14
58
2
1951 F A ioij Sale 1044 105
4
Registered
10114 10414
F A
10412 Nov'27
Liquid Carbonic Corp 62_ _1941 F A 13l1 Sale 126
133 125 10314 13312
Loew's Inc deb 6e with warr_1941 A 0 1063 Sale 10612 107% 86 101 1074
4
Without stock pur warrants_
10012 Sale 100
100% 92 96 1014
Lorillard (P) Co 72
1 115 120
1944 A 15 115% 116 11512 1151
-6.
9512 10012
39
1951 F A 9738 Bale 97
973
Registered
9634 97%
F A
97 Dec'2
9612 99
Deb 5311
19373 J 9712 Sale 96%
971 189
Louisville Gas& Elm,
13
99% 10412
MN 1014 Sale 103% 1041
(Ky)
Louisville Ry let cons 5s
94
99
98
1930 J J 97
9714 Jan'28
Lower Austrian Hydro EleaPowlst f8%8
8718 95
6
/
1
4
1944 F A 88% 8912 89
89
97 101
McCrory Stores Corp deb 530'41 J D 100% Sale 100% 10114 22
Manati Sugar lets:7348_ _ _1942 A 0 10618 Sale 10512 10812 22 1023 109%
4
67
14 73
/
1
4
Menhat BY(NY)cone g 48_1990 A 0 69 Sale 8812
894 43
2d 48
2013J D 60 Sale 60
58
/ 65
1
4
1
80
Manila
934 100
Ry & Lt s I 521_1953 M 23 9812 9914 9914
1
9914
Mfrs Tr Co °Us of panic in
A Namm & Son 1st 13s_ _1943 J D 105 106 105
11 10412 10612
105
964 101
Market St Ry 72 ser A April 1940 Q
9912 Sale 9912 10014 161
10512 110
Metr Ed 1st & ref gl3s ser 8_1952 F A 109% 110 10978 Jan'28 _
1 100 10414
1st & ref 56 series C
19503 J 103% Sale 103% 103%
Metr West Side El(Chic)46.1938 F A 80 4 82 81 Dee'27
76 81
3
94% 105
Miag Mill Mach 76 with war_1958 .1 D 100 Sale 9812 100
10
874 964
Without warrants
J D 92 Sale 91
17
92
Mid-Coot Petrol 1st 6348.__1940 M B 105 Sale 10474 105
23 1034 1054
Midvale Steel &0cony s f 191 1936 M S 101 Sale 100
/ 1011 128 974 102
1
4
9515 1014
Milw El Ry & Lt ref & ext 4346'31 J J 10012 Sale 100
7
/ 100 4
1
4
3
9914 1054
General & ref 58
1951 J D 105 Sale 1044 10514 49
/
1
98 1034
lst & ref 5813
19613 D 10234 Sale 102
/ 10334 37
1
4
Montana Power let 56 A_ _ 1943 J 1 10414 Bale 104
104
/ 19 101% 105
1
4
Montecatini Min & AgrioDeb 75 with warrants. _ _1937 .1 J 10214 Sale 10112 1021 19
98 102
92
95%
Without warrants
1
94 954 954
054
95% 100%
Montreal Tram lst & ref Es_ _1941 J J 10078 10138 10034 101
11
Gen & ref a f t.s series 4_1955 A 0 99%
95 1003
/
1
4
4
10012 Dee'27
Morris & Co lst f 4%8._ _1939 J J 867 Sale 86%
83
89 4
3
8
88% 7
Mortgage-Bond Co 42 set 2.19664 0 83 84 8212
83
3 83
8212
10
-25-year Pa series 3
96 4 994
3
984 98% 98 4 Jan
1932 J
3
---9812
Murray Body let 63.44
19343 D 95
9512'95
954
8 92
Mutual Fuel Gas let gu 558.1947 MN 1037
8
102% Oet'27 ---- 10112 103
Mut Un Tel gtd 5$ ext 4% _1941 MN 102%
10134 103
103 Dee'27
Namm (A I) & Son-See Mfrs Tr
181188SU Elee guar gold 48-.1951 J J 5912 Sale 591
624
61% .2T2 49
National Acme let
7348..1931 J D
Ws 104
103% Nov'27 -Nat Dairy Prod 8% notes...1940 M N jai& dile 1034 104
.34 100 104
Nat EOM & Stamps let 52_1929 J D 102
8
100 DecT7
_ 1013 104
9934 1003
Nat Radiator deb 61.0
4
1947 F A 10012 Sale 10032 1003
4 39
Nat Starch 20
-year deb 56-.1930 J J
99341003*
_ _ 10034 Jan'28
_
National Tube lets f 56-.1952 M N 100341043 1051 1043
4
4 10518 20 103% 10514
Newark Consol Gas cons 58 19483
8 108
107%
1073
4 1073
4
5 10'23
New England Tel et Tel 56 A 1952 J 13 1083 ---- 107
1074 13 103 107%
4
95.42 10212
lstg 4%sseriesB
1961 M N 105 Sale 102
1024 217
934 100
New Orl Pub Serv lirt 56 4_1952 A 0 9914 Sale 994
/
1
99
/ 24
1
4
93% 100
First & ref 56 series 8_1955 J 13 994 Sale 9912
99% 80
N Y Air Brake let cony 68_1928 MN 10112 Sale 101
101
12 32 9934 102%
N Dock 50
84% 88%
-year ist g 42_1951 F A 884 89 8812 Jan'28
12
N Y Edison I •,t & ref 6%6 4_1941 A 0 1163 Sale 118 4 117
30 115 117
4
3
Firryt lien ri ref 58 13
a 1024 105%
1944 A 0 105 1051 105
10512
/
4
NYGaeEI1.. k Pow g 56-1948 J D 11014 Sale 109 4 1103
9 106 110
3
3
9214 98
Purchase money gold 48_1949 F A 9734 Sale 9714
97 4 11
3
10232 1024
NYLEAWC&RR 5%2_1942 MN 102 105 10214 Oot'27
10112 103%
NYLEAWDoek&Imp5619433 J
1
- - 103 4 Deen
100 4 1034
3
NY&QE1L&Platg56.-1930F A 10434- - 100 4 1003
100 4 101
3
3
4
N Y Rya lit R E & ref 4s-1942 J J
_ 62% 87% Dec'26
TM- - 16
7
Certificates of deposit
60 54 m 2
519 0:2
57
215 3
30
-year adj Inc 58-...Jan 1942 A 0
34 24 Oct'27
2
5% 512
Certificates of deposit
1112 30%
N Y Rye Corp Inc 13s_Jan 1985 Apr 15 Sale 144
1614 4
74
854
Prior lien 66 series A _
78
68
1965J J 7734 Sale 754
/
1
N Y& Richm Gas let 6s....1951 M N 107 107 4 107
4 102 109
108
3
4714 5912
N Y State Rye 1st cons 430_1962 MN 53 Sale 524
24
54
13118 82
71% 17
let CODS 630 series B
1962 M N 71% Sale 67
NY Steam let 25-yr User 4.1947 MN 10818 Sale 105
10832 37 10514 108%
1024 23
N 'Y Teter. 1st & gen s f 4348_1939 M N 10214 Sale 102
98% 102 4
3
109 112
30
-year debea a f Pa_„Feb 1949 F A 111 Sale 110% III
10778 1104
20
-year refunding gold 62 1941 A 0 10812 1083 10812 108%
4
N Y Trap Rock ist 66
9614 103
19483 D 101 Bale 101
10112 11
Niagara Falls Power 1st 58_1932 J J 105 4 10_42 10 58 10412
4 10014 104%
04
_1_ 50414 5 8
06
Ref & gen 6a
2 10314 10842
Jan 1932 A 0
., 104
1
Niag Lock &0 pr 1st 56 4..1955 A 0 10334 107 103
5 1004 1044
Nor Amer Cem deb 6346 A_ _1940 M S 81 Bale 8012
81
6 80
9194
No Am Edison deb 56 ser 4_1957 M 8 10214 Sale 102% 102 4 153
9814 10212
3
Nor Ohio Tree & Light 62..._1947 M El 10212 1024 102% 10212
9512 103
5
Nor'n States Pow 25-yr 5e A_1941 A 0 10312 Bale 10318 10312 13 100 103
lot & ref 5-yr (is series 13.1941 A 0 1063s Sale 1064 10612
6 104% 107%
North WT 1st fd g 4liegtd_1934 J J 10012__ 100 Nov'27
98 101
Ohio Public Service 7322 A_ _1946 A 0 118 11714 116
114 1174
118
1st & ref 72 series 13
1947F A 117 11812 117
118
18 11314 118%
Ohio River Edison let 88._ 1948 J
107% Sale 10713 1073*
9 1034 1074
Old Ben Cow Ist 68
90
1944F A 94
9312
941
s94
943
2 14
Ontario Power N F 1st 52_1943 F A 1033 Sale 1033* 1035
2
2 101 104
Ontario Transmission 5s
8
1945 PA N 1033 10414 1034 10314
2 1004 1034
Oriental Bevel guar 65
9212 98
1953 M 8 9714 Sale 9614
98 153
Otla Steel let M 86 rier A _ _1941 M
9312 9812
98 Sale 9732
9814 39
Pacific Gas& El gen & ref 56_1942 J J 103 Bale 103
9914 104%
1033
4 68
Pac Pow & Lt Ist & ref 20-yr 58'30 F A 10134 Sale 10114
9934 102
10134 11
Pacific Tel & Tel let 58
1937 J J 10414 Sale 104
10414 33 10114 10512
Ref mtge 58 series A
4
1952 M N 10638 Sale 106 8 1064 27 10112 1063
2
Pan-Amer P & T cony 8168.1934 M N 1037 Sale 10314 104
50 102 10612
hat lien cony 10-yr 78
1930 F A 105% Sale 10514 105% 32 104% 107
Pan-Am Pet Co(of Cal)cony 88'40 3 21 95 Bale 9414
91 10012
61
95
Paramount-Bway 1st 5348_1951 J .1 103 Sale 102
98 10212
10318 31
Park-Lex et leasehold 8348._1953 .1 .1 8612 8714 87
93
12
3 85
87
Pathe Exch deb 75 with war_1937 M N 81 Sale 80
80 1004
, 15
811
Pat & Passaic G & El cone fa.1949 M 13 10714 _ 10718 Jan'28
100 10512
Penn-Dixie Cement 68 A _ _ _1941 M
96 101
9814 70
9812 Sale 98
Peon Gas & C ist cons g as_ _1943 A 0
11312 115
11413&1147 Deo'27
Refunding gold 55
101% 10512
1947 M S
____ 10914 10514
Registered
994 Apr'27
9914 9(114
M S
Philadelphia Co roll tr 684.1944 F A 104 Sale 104
10312 1054
10412
15
10012 105
-year cony deb 534s_ _1938 PA 8 10212 Sale 10212 10312 31
95% 10111
Phil, Elec Co let 4115
1967 M N 10032 Sale 1004 10012 151
Phlla & Reading C & 1 ref 544_1973 J .1 10118 Sale 10112 102
9912 103
27
14
Pierce-Arrow Mot Car deb 88_'43 M S 9612 Sale 95 4
91% 1074
1
3
974 38
Pierce Oil deb t 88--Dec 15 19313 D 10434 1057 104% Jan'28
904 10414
s
Pillsbury Fl MIlls 20-yr 6e_ _1943 A 0 105 108 105
10512
7 102 4 1054
1
Pleaaant Val Coal lag f 56_192 3 .1 9912 101 100
99 100
Jan'28
9514
Pocah Con Collieries 1
054
1
91% 9514
_-_-
_-_-
234
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
R. Y. STOCK EXCHANGE
Week Ended Jan. 13.
Port Arthur Can & Dk 85 A.1953 FA
1953 FA
1st M 65 series B
Portland Elec Pow 1st 68 B.1947 MN
Portland Gen Elec 1st 58_ 1935 J
1930 MN
Portland fly 1st A ref Ss_
Portland fly L & P 1st ref 58_1942 FA
FA
Registered
1st lien Jr ref 85 series B___1947 MN
1st & refund 7415 series A_1946 MN
Porto Rican Am Tob cony 65 1942 J J
Pressed Steel Car cony g 5a_ _1933ii
Prod & Ref s f8s(with war)_1931 J D
Without warrants acttahed_ _ _ ID
Pub eery Corp of NJ sec 69_1944 FA
1956 J J
Sec g 5415
Pub Sem Elec & Gas 1st 54191959 AO
,
1964 AO
1st & ref 5449
1st & ref 55
1965 in
Punta Alegre Sugar deb 7s 1937 J J
Pure 011 it f
% notes
1937 FA
1937 MN
Remington Arms 65
Rem Rand deb 5345 with warr '47 MN
Repub I A IS 10-30-yr 5e el...1940 AO
Ref dr gee 541e series A
1953 J J
Etelnelbe Union 7s with war.1947 J J
Without etk purch war'ts_1946 J J
Rhine-Slain-Danube 75 A _._1950 M S
Rhine-Westphalia Else Pow 7:e50 M N
Direct mtge 65
1952 M N
Rims Steel 1st s f 70
1955 FA
Robbins & Myers 1st sf 7s 1952 JD
Rochester Gas & El 70 aer 13.1946 MS
Gen mtge 541s series G
1948 MS
Roch & Pitts C&I pm 5s_ _1946 MN
Rogers
-Brown Iron gen&ref 711'42 MN
MN
Stamped
8t Jos Ry Lt & Pr 1st 5s___1937 MN
St Joseph Stk Yds let 4418_1930 J2
St L Rock Mt & P38 stmpd_1955 J J
St Paul City Cable cons 58_1937'ii
Ban Antonio Pub Serv 1st 65_1952 J J
Saxon Pub Wks(Germany) 7s'45 PA
1951 MN
Gen ref guar 8411:
1946 ii
Sohulco Co guar 641s
1948 AO
Guar sI 641e series B
Sharon Steel Hoop 1st 88 eer A '41 M
Shell Union Oils I deb be_ _ _1947 MN
Siemens dc Ilalske s I 75
1935 J J
1951 MS
Deb s 1 6415
81 6415 allot ctfe 50% pd.1961 MS
Sierra & San Fran_Power 55_1949 FA
Silesla Elec Corps I 634s__1946 FA
Silesian-Am Exp col tr 7s
1941 FA
1929 MN
Simms Petrol 8% soles
Sinclair Cons 011 15
-year 78,1937 MS
1st lien col Bs ser D
1930 Si S
18t lien 641s series B
1938 JD
Sinclair Crude 011 3-yr 68 A.1928 FA
Sinclair Pipe Lines 158
1942 AO
-Skelly 011 deb 534e
1939 MS
Smith (A 0)Corp 1st 6418.._1933 MN
South Porto Rico Sugar 79..1941 JD
South Bell Tel & Tel lets 1581941
J
Southern Colo Power Be A...1947 J J
S'west Bell Tel let A ref ba_ _1954 PA
Spring Val Water let g58, _1943 MN
1943
Standard Milling 1st bs
1930 MN
1st A ref 511e
1945 MB
Stand 01101 NJ deb 55 Dee lb'46 FA
Stand 011 of N Y deb 4415_1951 JD
Stevens Hotel 1st Os set A
1945 J J
Sugar Estates (Oriente) 79_1942 MS
Superior 011 1st s f 75
1929 PA
D
Syracuse Lighting 1st g 58_1951
Price
Friday.
Jan. 13.
Week's
Range or
Last Sate.
Tenn Coal Iron & RR gen 56_1951 J J 10514 - - - - 106
Jan'28
Tenn COLT & Chem deb 6s 1941 A 0 102 Sale 101%
10214
Tennessee Elec Pow 1st 6s-1947 J D 1073 Sale 10718
107%
3
1960 .1 J 703 Sale 68
Third Ave 1st re/ 46
7012
4
Ad]Inc 58 tax-ex N Y Jan 1960 A 0 584 Sale 56
5834
1937J J 100 Sale 998 101
T'blrdAveflylstgss
1955 Si S 9812 Sale 9812
Taho Elec Pow 1st Is
983
4
8% gold notes__ _ _July 15 1929 J
8
983
4
988 Sale 983
Tokyo Else Light 6% notes.,1928 F A 10014 Sale 997
10014
1941 M S 10813 Sale 10818 10511
Toledo Edison let 7s
Toledo Tr L & P 544% notes 1930
1011
10073 101 1007g
"
Trenton G & El let g be
1949M S 10714
10714
10714
Trumbull Steel 1st sI 8s_ _ 1940 MN 1023 Sale 102
103
4
Twenty-third St Ry ref 5s_ _ _1962 J J 5612 6538 561
5618
Tyrol Hydro-Elec Pow 741a-1955 Si N 9918 Sale 991
100
U1Igawa El Pow 81 7s
1945 M
991
9912 Sale 988
Underged of London 4319_1933 i J 958 963 9518 Nov'27
4
Income Cie
1948 _
103%
10314
10313
Union Elec Lt & Pr(Mo)58_1932 M S 10214 ____ 102%
11213
Ref & ext be
1933 M N
102%
10214
Un E L&P (III) let g 5 As ser A'54 J J 10312 Sale 10278
10312
Union Elev fly (Chic) be__ 1945 A 0 92
92
93
92
Union 011 1st lien 8158
. 1931 J J 1014 Sale 1013
4 10154
30-yr Se series A____May 1942 F A 1095 ____ 1093
8
4 1093
4
1st lien f ba series C Feb 1935 A 0 993 Sale 9912
4
9954
United Drug 20-yr 68,Oct 15 1944 A 0 10713 Sale 10712 108
United Rye St L 1st g 1s_1934 J J 85 Sale 85
85
United SS Co 15-yr 6s
1937 M N 96 Sale 9512
9614
Un Steel Works Corp 84 9 A _1951 J D 94
,
1
9434
943 938
4
Without stock per warrants... J D 963 Sale 9612
97
4
Series C with warrants
J D 9618 9638 96
97
Without stook par warrs J D 94 Sale 94
94
United Steel Wks of Burbach
Esela-Dudelange sI 7s__ _1951 A 0 10414 10514 10414 104%
IJ //Rubber ist & ref be ser A 19478 J 96 Sale 9514
9614
J J
Registered
953 Dec'27
4
10-yr 741% secured notes.,1930 F A if OT4 gale 10514 1053
)
4
Steel Corp(Coupon Apr 1963 MN 10914 Sale 1085
US
8 10914
sf 10-80-yr bet reglet. _Apr 1963 MN
108 Dec'27
Universal Pipe dc Rad deb 68 1936 J D 9012 Sale 8914
9012
4
Utah Lt& Tree lst& ref 5s__1944 A 0 9718 Sale 973
98
1944 F A 10112 Sale 101
Utah Power & Lt let bs
1015
8
104 Aug'27
Utica Elec L & P 1st f g 58_1950 J J 104
Utica Gas & Elec ref & ext be 1957 J J 10612 - - -- 10612 Jan'28
4 10012
Vertlentes Sugar 1st ref 7s_ _1942 J D 100 Sale 993
1954 J .1 55
57
55 Dec'27
Victor Fuel 1st 58
91
917 91
91
3
Vairon Coal & Coke 181 g 58_1949 M
1934J J 10112 - - 1013
4 102
Va Ry Pow let & ref be
95
Walworth deb 6415(with war)'35 A 0 95 Sale 9412
9612
1st sink fund 6s series A.-1945 A 0 9614 Sale 96
4 106%
Warner Sugar Refill 1st 7s.._1941 J D 106% Sale 1053
88
Warner Sugar Corp let 7s_ _ _1939 ./ J 8712 Sale 8714
104 Dec'27
104
Wash Water Power e f be_ _1939 J
Jan'28
Weetches Ltg g Ss stmpd gtd 1950 J D 107% -- 107
1944 MN 10412 Bale 10412 10412
West Ky Coal 1st Ts
1946 M S 103 4 10313 10314
10314
,
West Penn Power ser A ba
1963 M S 10512 Sale 10512 106
let 51: series E
1953 A 0 1053 106% 105% 1053
3
3
let 5415 series F
1956.8 D 104% 104% 10412 10412
1st sec 55 series G.
1950 1 J 59 Sale 59
60
West Va C & C let 8e
Western Electric deb 5s __ _1944 A 0 1033 Sale 033
4
4 10414
b;
Bid
Ask Low
High No.
4
1053 Sale 1053
4
4 10614
10412 106 105 Nov'27
2
1035 104 1035
8
104
5
101
___ 102
102
9853 99
9818
9812 11
9
9818 9812 10412 1043
4
9614 Oct'27
7
115514 10353 10312 104
10714 108 10714 10754 15
141
10414 Sale 1033
4 165
993 Sale 998
993 114
4
1145 ____ 11112 Dec'27
112 ____ 11112 Dec'27
1063 Sale 1063
4
4 10714 75
49
10438 Sale 10412 105
5
105 Sale 105
10518
3
1047g
1047 105 104
10514 Sale 1048 10514 21
14
107 108 10612 107
10012 88
10014 Sale 100
15
98
97% Sale 9714
947 Sale 943
8
4
9514 126
8
103 Sale 103
103
3
10314 Sale 10314 104
52
8 113
112 11214 1123
4
993 100
998 100
23
102 Sale 10114
102
13
1013 10112 10112 102
3
933 Sale 9314
4
93 4 16
3
963
4
8
953 9614 955
4
4414
45
15
40
50
4
Jan'28
111 1113 111
4
107 10712 1063 Jan'28
9212 Sept'27
39 Sept'27
42 Sept'27
9818 984 99 Dec'27
9812 Dec'27
. 9
78/2 7913 7814
791
1
97 Sale 97
97
1091 Sale 109
10912 16
10012 Sale 100
10012 41
90
96 Sale 9512
96
10313 1033 10312 104
4
7
10312 Sale 103
10312 35
1073 108 1073
4
4 1075
4 12
146
99
984 Sale 9812
10218 103 10212 10318
9
5
10612 Sale 10612 107
199
106 Sale 105
106
1028 Sale 10178
10212 13
9414
8
9312
11
99 Sale 98
99
10714 Sale 1071s
10812 144
10012 Sale 100
101
79
4
93 4 Sale 973
3
9812 91
983 Sale 981s
8
983 179
29
100 10014 100
100
9412 Sale 9414
9412 18
9518 Sale 9413
9514 41
5
102 1023 102
4
10218
5
1097 Sale 1097
8
110
7
10474 Sale 1043
4 1047
38
10612 1063 10612 107
4
1063 Sale 10618 10612 23
4
_
10614 Sale 10614 Dec'27
10014
101
36
10053
104
1035) Jan'28
73
104 Sale 10312 104
973 Sale 9712
4
977 282
10053 Sale
10014 11
10112 To178 1017 Dec'27
8
1064 Jan'28
10634
39
50
211
216
14
27
84
329
14
8
5
81
1
17
30
7
8
1
15
1
9
26
16
65
14
32
15
7
1
9
Range
for Year
1927.
Low
High
1033 10014
8
1043 1051
8
:
8
100 1043
997 102,
8
,
9412 9872
9132 983i
9614 9614
10018 10438
10812 108!s
99 107%
9312 100
110 114%
110 11314
1033 108
4
,
10112 1053
104% 10814
104 10854
10418 10514
1047 11112
8
987 100%
3
94
98
94
98
10018 108
9853 10312
100% 1265
4
92 10413
1003 1C412
4
98% 105
92
96
933 98
4
3414 65
110 8 115%
5
105 10714
91)
9212
24% 49%
24
50
95% 99
975 9
8 812
7553 8112
9414 963
4
10512 110
99 104
9314 9912
99% 1043
4
99 10412
10711 10912
9512 993
4
10014 105
100 10614
9812 106
95 102%
9213 9814
9512 10112
9712 109
97% 1023
4
9434 99
9214 1023
2
98 10118
91% 95%
937 9534
8
10114 103
107 1103
4
10212 1055
8
10018 106
10234 10653
9912 10012
100 103
101 1037
8
101% 10112
94
973
4
99 102
9812 101
993 103
4
102% 10812
103 10532
9814 10212
105% 10712
83
71
5812 88
97 100
94% 993
4
957 9912
8
9714 100
1075 10913
4
98% 10114
102% 105
96 102
50
6712
9714 10214
9512 100 4
3
9418 96
94
9914
10114 103
10114 103
10134 105
91
81
10112 10212
107 110
98 100
10812 10812
76
8512
90
9712
91 106
93
9812
91% 1057
s
9212 9812
9914 104%
88
96%
93% 953
4
4
48 10278 1083
199 10818 10912
1053 1083
4
4
8714 90%
28
935 9812
5
64
9738 102L,
40
103 105
10218 10612
983 10114
4
40
54
66
91
953
4
4
985 102%
8
1
9812
89
52
9112 97
21
91% 10712
27
7818 9812
7
1023 104
4
1023 107
8
3 10112 105%
14 10018 10818
4 100% 108
2 10412 106%
5 100 105
80
44
32
4
49 1011/ 10434
299
[Vol,. 126.
BONDS
i.. 2
3.
N. Y. STOCK EXCHANGE
Week Ended Jan. 13.
- J:a.
Price
Friday
Jan. 13.
...-E
4
Western Union coil tr cur 59_1938 .1 J
Fund & real est g 441e__ _ _1950 M N
15
1936 F A
-year 841e e g
1951 J D
25
-year gold be
Wee'house E 4: M 20-yr it 58_1948 M S
Westphalia Un El Pow 840_1950 J D
Wheeling Steel Corp 1515301948 J J
White Eagle Oil dr Ref deb 534837
With stock parch warrants__ _ _ M 5
White Sew Mach Os (with war)'36 J J
Without warrants
Wickwire Spen St'l 1st 7s_ _ _1935 J J
Wickwire Sp St'l Co 7s Jan 1935 M N
WIllys-Overland s f 841s_ _ _1933 M S
Wilson & Co 1st 25-yr 5f 6s_ _1941 A 0
1941 A 0
Winchester Arms 7415
Younzen Sheet AT 20-yr 85_1943 J J
Week's
;
Range or
g7.
,.
3
Last Sale. 04.1
Bid
Ask Low
104 Sale 104
10238 ____ 10212
11212 Sale 1121
10412 Sale 10412
1047 Sale 10414
993 Sale 975
4
8
102 Sale 1004
98 Sale
12514 Sale
1023 Sale
4
34
43
3018 Sale
102 Sale
1013 Sale
4
108 Sale
Range
for Year
1927,
High
High No. Low
104
9 1013 1061.1
8
1028 15 95 1017
11212 14 11114 114
105
51 1003 10812
105
53 101 10514
993 187 93 4 9911
4
3
102
21 9684 10212
953
4
98
12514 12514
102
104
34
35
2912
3012
102
102
10112 102
106
10614
1047,1 Jan'28
81 94 9618
1 973 148
4
58 995 1037e
3 25
58
38 20
62
27 1013 104
4
18 9738 1027
s
9 10412 1081
4
lfr18, 1082.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked' f"
ma Ask
Railroad Equipments
591 Ask
Standard OH Stocks Par
201 Atlantic Coast Line 65
4.85 4.70
Anglo-Amer 011 vot stock _El *20
£1 *2114 2112
Equipment6 As
4.40 4.30
Non-voting stock
100 10712 10812 Baltimore & Ohio es
4.90 4.75
Atlantic Refining
Equipment 440 be__ _ _ 4.30 4.15
100 117 118
Preferred
Buff Roch & Pitts equip 6e_ 4.70 4.50
56
25 •54
Borne Scrymeer Co
Buckeye Pipe Line Co_ _ 50 *5812 59 Canadian Pacific 440 & Be_ 4.50 4.25
.25 *132 137 Central RR of N J 65
4.85 4.75
Chesebrough Mfg Cons..
4.90 4.75
10 *2218 2214 Chesapeake & Ohio 13s
Continental 011 v t c
95
Ednipment 841s
4.50 4.30
Cumberland Pipe Line_ _100 93
Equipment bs
4.30 4.20
Eureka Pipe Line Co_ _ _100 x8512 67
512 612 Chicago Burl A Quincy 65_ 4.90 4.75
Galena Signal 011com__ _100
45 Chicago A North West Bs
4.90 4.75
100 40
Preferred old
35
Equipment 641e
4.45 4.30
100 30
Preferred new
4
8
4.40 4.25
Humble Oil & Refining _25 *675 873 Chic R I & Pac 444e & 5s
Equipment 65
4.90 4.75
100 180 184
Illinois Pipe Line
•64 6414 Colorado & Southern 68_ _ _
5.05 4.90
Imperial 011
783 Delaware & Hudson 8s
4
4.90 4.75
Indiana Pipe Line Co_
60 •78
4.80 4.35
International Petroleum_ _ t *4214 428 Erie 4 41s& ba
Equipment Cs
5.00 4.85
National Transit Co_ _12.50 *2114 217
Great Northern Be
4.95 4.80
New York Transit Co_ _ _100 3812 41
9614
Equipment 5e
4.30 4.24)
Northern Pipe Line Co_ A00 95
8
8
4.40 4.30
25 *663 667 Hocking Valley 55
Ohio 011
Equipment65
25 839% 3912
4.90 1.76
Penn Mex Fuel Co
4.25 4.15
25 *50% s014 Illinois Central 441e de Ss_.
Prairie Oil & Gas
4
Equipment6s
100 186 1883
4.85 4.75
Prairie Pipe Line
Equipment 75 & 841s _
4.40 4.30
100 178 179
Solar Refining
23 Kanawha & Michigan 8s
4.90 4.75
Southern Pipe Line Co_ __50 *22
39 Kansas City Southern 5419. 4.90 4.80
25 *38
South Penn 011
80 Louisville & Nashville 65... 4.90 4.75
Southwest Pa Pipe Lines.100 579
Equipment6415
4.40 4.30
Standard Oil (California).-1 *551g 5812
4.50 4.30
Standard 011 (Indiana)_ 25 *8018 80% Michigan Central 58 & Os_
1612 Minn St PASSM 4419& 5s 4.70 4.50
Standard Oil (Kansas) _ -25 *18
130
Equipment 641e & 75_ _ _ _ 4.75 4.80
Standard Oil (Kentucky)_25 *12912
43 Missotri Pacific es & 6448._ 5.10 4.80
25 *42
Standard 011(Neb)
4.50 4.30
Standard 011 of New Jer 25 .40% 4014 Mobile & 0111038
Standard 01101 New York.25 *3118 3114 New York Central 141e & be 4.30 4.20
7812
25 *78
Equipment68
Standard Oil (Ohio)
4.90 4.70
119 122
100
Equipment 78
4.40 4.30
Preferred
25 *1712 18
Norfolk & Western 434s.4.25 4.15
Swan & Finch
100 122 126 Northern Pacific 7s
4.40 4.30
Union Tank Car Co
14814 Pacific Fruit Express 7s__._ 4.40 4.30
4
25 *1473
Vacuum Oil
-.
10
Pennsylvania RR eg 55 & (le 4.80 4.20
Washington Oil
Pitteb A Lake Erie 6 W.
-- 4.45 4.30
Reading Co 441e & be
4.25 4.15
ublic Utilities
4
American Gas & Electric__ t •121 1213 St Louis & San Francisco be_ 4.45 4.30
*10712 10812 Seaboard Air Line 541e & Os 5.00 4.75
6% Preferred
0 12
9
MAN 108% 109 Southern Pacific Co 4%8
4.25 4.15
Deb Bs 2014
4.40 4.30
Equipment 78
Amer Light & Tree com_100 173 174
100 117 125 Southern 1158 &5a
Equipi. 441s
4.45 4.35
Preferred
4.95 4.80
Amer Pow & Light pref _ _100 109
MAS 10712 10812 Toledo dr Ohio Central Se.. _ _ 4.05 4.80
Deb fis 2016
62 Union Pacific 7s
4.35 4.26
Amer Public Mil cam_ __I00 58
Tobacco Stocks
7% prior preferred..,.100 9312 96
100 8014 8712 American Cigar corn_ _ -100 141 145
Parte preferred
4
Preferred
Associated Elm)5415'46A&O 10414 1043
100 102
22
*20 5512 British-Amer Tobao ord__gl *2512 -- ;
Associated Gas & Elea com.t
26
-1
mer
*54
26
BearerLb ns
Original preferred
*98 100 Consol Clear pref.
$6 preferred
*100 102 Imperial Tob of G B & Irel'd 82412 121
6
°
° °
$1141 preferred
*104 106 Int Cigar Machinery new100 81
70
$7 preferred
60 83
Blacketone Val G&E com_50 *134 13512 Johnson Tin Foil & Met,100
58
Com'w'ith Pr Corp pref _100 103 10312 Mengel Co
100 55
Elec Bond & Share pref.100 11112 112 ()11),n Tobacco Co eom_
7812
Class A
3
0
8
Elec Bond at Share Secur t *78
87 9
28
*2012 21
Lehigh Power Securities_ _ _
100
Prnl (j 8)
Mississippi Riv Pow pref.100 10712 10812 You eferred Co
17
07 03
0
100 1°
Sugar Stocks
First mtge 55 195L._J&J 10312 10412
993 Caracas Sugar
4
MAN
3
50 *1
Deb 5s 1947
3512.
Ceiar0o sugar
National Pow & Light pref.t •108 109 Fa n t Aguirre Sugar Ma_ _20 *134
North States Pow eom_100 12412 12512
58
100
100 109
Federal Sugar Ref corn..100 *128 32
7% Preferred
87
20
Preferred
51
Nor Texas Elec Co com 100 18
50 Godchaux Sugars,Inc
100 49
Preferred
4
7
M t2
t
10913 11012
Preferred
Ohio Pub Sexy, 7% pref _100
25
4
.25 *263 2712 Holly Sugar Corp corn..t *38
Pacific Gas A El 1st prof.
2
8 40
13
t •12
Preferred
Power Securities com
100 83 84
63 National Sugar Refining_100 131 133
*50
Second preferred
Coll trust 8s 1949_ „J&D 9514 9612 New Niquero Sugar
100 67 62
9812 Savannah Sugar coat
90
Incomes June 1949_ _F&A
127
Preferred
Puget Sound Pow & Lt_ _100 3512 37
118
94 Sugar Estates Oriente pf_10O 111583
100 92
6% preferred
57
10° 213
t
11012 Vertientes Sugar pf
100 10812
70
100 60
7% Preferred
4
let & ref 541e 1949_ _J&D 1033 10412 Rubb Stks (Clese'd seetaen)
48 Falls Rubber corn
8% pf....25 *45
South Cal Edison
6
t•
Stand GA E 7% pr 91_100 ill 112
Preferred
19
25•
Tenn Elec Power let pref 7% 109 110 Firestone Tire & Rub comb0
220
105
8% preferred
Western Pow Corp pref _100 10212
Water Bonds.
7% preferred
Arkan Wat 1st 59'58 A.A&O 983 9912 General Ttro & Rub con1.100 *188012 190
°
.
175 110
Birm WW ist 5419A'54.A&O 10312 10412
112
Preferred
092
1st NI be 1954 ser _ _J& D 101 103812 Goody'r T & R of Can pf.100
10512
188
103 1033 India Tire & Rubber new__ t 518
4
City W(Chatt)5419'54AJAD
2312
.1&D 100 ___- Mason 'I'lre A Rubber com-t
1st M be 1954
City of New Castle Water
Preferred
100
J&D 1 98
be Dec 2 1941
Miller blubber preferred 100 9612 97
Clinton WW 1st 5s'39_F&A 9612 9712 Mohawk Rubber
29%
100 25
Com'w'th Wat 1st 544sA'47 10212
Preferred
100 *5518 60
Connell:el W 5sOct2'39A&01 9.5
- Selberling Tire & Rubber__ t *42% 423
4
E St L A lot Wat 5e '42.J.11 9612 ---Preferred
100 105 108
.1,4J 103
let M Os 1942
Indus. & Miscell
Huntington 1st 68 '54_M&S 102
Allied Int Invest prof
* *101 104
1954 9812
be
81
American Hardware
25 79
Mid States WW 65'36 MAN 103
122
Babcock A Wilcox
MonmCon W let5s'56AJAD 96
20 4
3
Bliss(E W)Co
Mourn Val Wt 6148'50-J4
10° • 8058 65
a 101
210
Preferred
50t 16
Muncie WW 55 Oct2'39 A01 95 -. - Childs Company pret___100 118 121
6i3
4
1941A&O 98
St Joseph Water Is
Hercules Powder
100 190 195
Shenango ValWat febBAA0 95
100 119 121
Preferred new
4
Bo Pitts Wat 1st 55 1960 &Id 083
Internet Silver 7% pref-100 128
FAA 99 1st M be 1955
Phelps Dodge Corp
100 127
Ter II W W Os '49 A J&D 102 __
Royal Baking Pow com_100 240 260
31213 9812
1st M 38 1956 ser B 1
Preferred
100 104 10812
Wichita Wat 1st fle'49_MAS 102
*5
Singer Manufacturing_ 100 427 430
51
&A 9812 __-- Singer Mfg Ltd
512
1st M ba 1956 ser BF
1E"
116-
•Per share. t No par value. S Basis
e Nominal. s Ex-dividend. y
Purchaser also pays accrued dividentl,
r Canadlan quotation. s Bale price.
BOSTON STOCK EXCHANGE-Stock Record
Saturday,
Jan. 7.
Monday,
Jan. 9.
Tuesday,
Jan. 10.
Wednesday, Thursday,
Jan. 12.
Jan. 11.
STOCKS
BOSTON STOCK
EXCHANGE
Sales
for
the
Week.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday,
Jan. 13.
235
BO
See Next
PER SHARE
Range for Year 1927.
-share lots
On basis of 100
Highest
Lowest
PER SHARE
Range for Previous
Year 1926
Lowest
Hishest
Railroads.
Par.
3 per share $ per share $ per share Shares
Jan 17612 Dec
461 Boston St Albany
100 171 Jan 7 188 May 27 159
186 186
186 186
77 May 854 July
100 81 May 10 9812 Dec 9
9614 - 12 1,081 Boston Elevated
66
9612 97
97
97
89 Feb 103 Dee
117 Preferred
100 9812 Apr 27 10312June 9
101 10218
*2.10112 102 102 102
Jan
452
1st preferred
100 109 Mar 30 120 Nov 19 11212 Dec 122
118 119
11512 117
11412 115
9812 Jan 112
Jan
144 2d preferred
100 101 Jan 20 110 Sept 8
109 109
10812 110
35 Mar 554 July
100 5118 Mar 7 70 July 8
1,201 Boston & Maine corn
58
5814
58
58
57
57
32 Apr 814 Dee
100 Preferred unstamped_ _ _100 58 Jan 22 8912July 13
100 100
59 Apr 88 Dee
4
15 Ser A 1st pref unstamped 100 783 Jan 15 87 June 1
-io- 80 -WO' 80 *80 83
*80 ---84 Apr 130 Dec
48 Ser B 1st pref unstamped 100 118 Oct 24 139 May 3
*115
*115
____ *115
130 130 *115
•125
74 Apr 1.0 Sept
Ser C lot pref unstamped 100 97 Sept 17 118 May 28
*110 114 *110 114 *110 114 *110 114 *110 114 *110 114
Ser D lot pref unstamped 100 15212 Dec 22 185 Apr 21 105 Jan 185 Dec
*158
*158
*157
____ *157
*155 --- *155
4512 Jan 4812 Jan
Common stamped
100 6114 Nov 12 64 Nov 17
*58
____
*5712 58
*5712 68
*5612 57
58
*57
*554
34 Apr 60 Dec
60 Preferred stamped
100 5512 Jan 28 73 May 27
6114
6114 *60
6114 *60
6114 *60
*60
61
61
94 Apr 1074 Dee
115 Prior preferred stamped_100 10412May 8 113 May 21
4
4
11012 11012 11012 1113 1113 1113 iii- 111
111
110
1
*110
Jan 78 Dec
50
Jan 10
220 Ser A 1st pref stamped_ _100 64 Feb 23 78
727234
72
73
72
72
70 *x70
---- 70
69 Apr 114 Dec
130 Ser B 1st pref stamped _ _100 90 Jan 3 118 May 27
11018 112 *11018 112 *11012 115
112 112
110 110
110 110
Apr 101 Dee
81
405 Ser C 1st pref stamped 100 90 Jan 11 105 May 28
4
100 100 •100 1013
101
*10018
100 100 *110
*9812 100
87 Jan 141 Dec
76 Ser D 1st pref stamped 100 124 Jan 4 14412May 27
137 137 *135 137 *135 138 *13612 13812
135 135
*134 137
_-- _103 Sept 1 108 Oct 8
Neg receipts 40% paid
*1043 - - - *1043
4
4
4
4
4
•104 4 -- *1043 ____ *1043 -___ *1043
3
Dec
1
10 Boston & Providence
100 178 Dec 23 212 Oct 25 31751-1 Max
*1764 ____ 177 177 *17614 180
.17614 ---- •17612
Jan
Oct 81
28
_1001
23 East Mass street Ry Co_ 100 25 Feb 4 4313Sept 10
30
*3012 31
3012 *3014 31
*29
31
29
29
Jan
5912 Apr 71
200 1st pteferred
1001 64 Feb 8 81 Oct 7
75
75
77
7412 7412 "x75
75
*272
73 •z72 75
73
Jan
Preferred B
58 May 89
100 80 Mar 14 78 Oct 7
74
74 *2:71
74 *x70
74 *2.70
74 *x71
*x71
Apr 4914 Jan
40
100 12 Apr 1 594Sept 17
255 Adjustment
55
55
55
56
*54
*54
554 56
58
*55
56
*S5
100 474 Jan 13 74 Mar 29
49 Sept130 Feb
818 Maine Central
65
65
65
65
64
64
64
84
64
64
65
*84
3178 Mar 483 July
8
100 411a Jan 8
13312Dec 24
8 6218 63 , 3,079 NYNH & Hartford
2
4
8 623 6314 8232 627
4 613 533
64% 664 8314 643
81
Apr 984 Dee
40 Northern New Hampshlre_100 924 Jan 13 108 Nov 9
103 103
___ - *103
•I03
- *103 ___ *103
Norwich & Worcester pref.
.100 127 Jan 4 14812Nov 5 120 Apr 132 Dee
_ *133 13712
*13712 -- •13712 -___ *137 -Jan 125 Sena
100 122 Jan 4 13812 Oct 4 111
90 Old Colony
1351g 13518
1354 13518 135 13518 *13518 __ 135'8 135's *1354 136
50 83 July 1 8813 Oct 4 _
8 1,788 Pennsylvania RR _
643 647
4
6412 6518 6412 65
943 65
8
6412 65
3
64 4 65
99 4 Mar idi" Dee
3
138 Vermont & Massachusetts_100 107 Jan 8 121 Nov 10
118 118
118 118
118 118
•
118 119 *118 119
Miscellaneous.
214 Jan 3
5 4July 30
3
2 Nov
5 Jan
80 Amer Pneumatic Service_ _25
*312 4
312 312 *312 4
*312 4
*312 4
50 154 Jan 12 2131zSept 14 18 Dec 2414 June
145 Preferred
21% 2112 2112
8 214 2114 •21
217 217
8
22
*21
Jan
4714 Mar 50
50 47 July 1 50 Apr 18
1st preferred
*484 50
•487 50
8
g
50
*487 50
*487
8
*487 50
8
4
4
1804 1805 17812 18018 1783 18014 1788 1794 178% 17914 1783* 17914 1,879 Amer Telephone ix Teleg_ _100 1494 Jan 3 18511 Oct 11 13912 June 15044 Feb
8
484 July 71
Jas
48 Jan 17 1113 Nov 18
No pa
Amoskeag Mfg
724 Nov 78 Feb
No pa
73 /1 Jan 10 99 Nov 17
3
Preferred
1912 Nov
2712 Nov
_ - 780 New stock
37
"2014 161- -2014 2012
2
"20l2 164 "ios
21
21
3
Assoc Gas & Elee el A_No par 38 4 Jan 25 5014 Dec 5
2
4
4
4
*4834 4912 *483 4912 *.z483 491.2 *x4884 4912 4, 483 4912
713 Oct 4 12 Apr 7 "lifi Oct 1714 "ail;
912 11
1,140 Atlas Tack Corp
No par
*712
*712 ---- *712
*
712
151 Aug 25 2012 Jan 3 l4'& May 204 Jan
:
Beacon 011 coin tr etts_No par
74 Nov 984 Jan
902.Bigelow-Hartf Carpet _No par 77 Feb 17 98 Nov 3
2 94-951. - 93
91
92
92
92
92
91
91
.01 Dec 29
5 Jan 3
250 Coldak Corp.. class A T C.__
.25 .25
.20 .20
20 .20 *.20 .50
.20
•.15 .20
57 May 71 Dee
130 Dominion Stores. Ltd_ No par 67 Jan 28 10812 Dec 29
•109 - 110 110 *105 10912 15106 10912 *108 10912
34 Jan
14 Dec
114June 27
3
3 4 Feb 3
10
75 East Boston Land
3
212 217. *214
*214 3
*214 3
*212 3
• 2
15
311 Mar
73 Oct
8
5 112 Dec 3
7 4 Mar 17
3
130 Eastern Manufacturing
2
*112 2
*112 2
112 112 *112 2
44 Nov 884 Jan
5 45 Jan 4 94 Dec 30
883 -88r28914 2,110 Eastern SS Lines, Inc
4
8812 88
8812 87
87
91
91
*x9012 93
Jan
34 Nov 45
742 Preferred
No par 35 Feb 15 4814 Dec 19
49
49
48
48
49
49
49
474 1712 49
4712 48
4
9014 Oct 994 Jan
30 1st preferred
100 873 Feb 17 108 Dec 20
4
4
1023 1021 10234 1023 *101 10212 *101 10212 *102 103
4
28 Feb
14 Nov
Economy Groe'y StoresNr par 10 June 1 15 Sept 13
121 *21112 1212 *21112 1212 *21112 1212 *2.1112 1212
•
2.1111
955 Edison Electric Ilium
100 217 Feb 18 287 May 23 x207 Jan 250 Feb
261 283
263 283
263 265 *259 260 , 261 264
285 265
27 Apr 28 3812 Oct 29
20 Federal Water Serv con)
35
35121 *34
3512 *34
351
343 343 *34
8
11
*34
if Ocl
14 June "
110 Galveston-Houston Elm_ _100 2212 Apr 20 38 Nov 4
32
32
4
32
32 1 *313 33
32
32
313 313
4
Jan
11 Dec 17
113 Jan 11
4
1712 Oct 8
100 General Pub Bevy com_No par
*1812 17
*1818 1712 163 163 •163 17
4
4,
8
•163 17
8
8
3414 Apr 403 Jan
345 Gilchrist Co
No par 3414June 28 38 Mar 15
-38- - - 1
3 4
5
*3412 35
35
4 3412 34121 35
343 343
4
343
*3414
884 Mar 11311 Feb
:Mar 2 10914 Oct 1
9912 10014 1,489 Gilette Safety Razor _ _. No par 841
994 10014
9912' 9914 1001
8
1007 1007 100 10032 99
10 May 14 Sent
7 Oct 15 1314 Nov 28
400 Greenfield Tap & Die
25
1212 1212 13
*12
+12
*12
1212 *1113 12
12
12
4514 Dee 8834 Feb
8July 6 47 Jan 3
786 Hood Rubber
4214 4212
No par 323
42
43
*421243
4212 43
4212 43
43
43
3
_100 94 Apr 26 95 4July 12 x93 Apr 98 July
Kidder, Peab Accep A pref.
*95
__ _ _
*95
*95 --*95 10 4 Dee
3
7 Aug 25 1114Sept 8
1312 Aug
79 Libby, M.Neill & Libby _ _..10
94 918
9
9 *95-9
9
*9
914 *918 914
9
0
1218 Jan
8 Jan 3 10 Jan 18
8 July
86 Loew's Theatres
25
74 73
4
*712 8
*712 8
Ns 75g *Pa 8
*712 8
80 Apr 9412 Nov
1103 112
4
510 Massachusetts Gas Cos__100 84 Mar 25 124 Nov 14
112 112
11112 1111 111 11112 11112 11112 11012 112
85
Jan 7018 Feb
297 Preferred
100 70 Jan 3 8178 Nov 21
793 80
4
80
80
80
7914 80
7914 80
80
79
79
511 Mergenthaler Linotype-No pa 1034Nov 18 118 Oct 4 1104 Jun 1110 May
8
1097 11114 109 10912
111 111
10912 111
1093 112
4
110 111
214 Mar 24
43 Jan 20
8
2 Aug
412_
412 47
8 8,177 National Leather
478
10
414
*312 33
8
37
8 37
4
35
8 37
414
1512 Jan 2912 July
607 Nelson (Herman) Corp
. 6 2312 Feb 14 33 Dec 13
4
4
4 283 283
4
4 283 283
2914 3914 2912 2912 2834 2912 283 283
1)ec 21
91 Jan 18 1024
40 New Eng Pub Serv $7 pf No pa
102 102 •./102 _
_ 102 10212
102 102
*2102 --_
No pa
9714 Jan 28 108 Dec 15
95 Sept 101 - Sept
70, Prior preferred
105 105
10518 10518 105 10514
*10412 105 *10412 105
8 Feb
314 Feb 23 .50 Dec
New Eng South M1116_..No pa .10 Dec 14
------------------------------15
Jan
2 Apr 1
87 Feb 28
8
2 Dec 28
Preferred
412
10
412
2 "4
412 *4
412 *4
*4
885 New Eng Telep & Teleg--100 11512 Jan 4 140 Aug 10 11078 Apr 11834 Feb
-- 8
8
138 13812 13812 13 -713714 138
13714 138
13812 139
13812 139
3812 383 384 1.437i Pacific Mills
354 July 55
Jan
4
100 3512 Mar 28 44 Sept 9
3912
3812 39
3812 3812 38
3912 3912 39
40 Mar 13814 Jan
15 June 22 4238 Jan 3
351Plant (Thos 0), 1st pref _ _ _10
*2012 25
23
*20
23
•20
23
23
23
*20
15 Feb 174 Aug
x1414Sept 15 1812 Feb 10
1
115'Reece Button Hole
16
16
16
16
*1512 16
*1512 16
•1512 16
2 Nov
118 Dec
1 Mar 4
138 Jan 11
10 Reece Folding Machine_ _10
4 .112
4 *112 13
13
4
4
13
4
13
*112 13
4 *112 13
98 May 110 Aug
4071Swed-Amer Inv part pret...100 10512 Jan 5 132 Oct 27
130 130
129 130
13178 132
130
130 132
*128
Apr 11814 Dec
3321Swift & Co
100 115 Jan 3 13045ept 28 111
127;
125 12512 126 1261g 12612 12612 12612 12 4 12612 . -1
63
125 125
54 Mar 72 Sept
409!Torrington Co
25 88 Jan 3 96 Dec 28
9312 9312
931
94
9512 927 9311 92
9512 96
8
9512 96
27 Dec 21
8
9N Jan 31
4901Tower Manufacturing
5
3
3
3
3
3
3
318 318
3
314
34 34
2112Nov 28
1912se
13 Aug
20
1001Traveller Shoe Co T C
20
•198 21
8
*193 20
8
*191 20
8
8
*193* 20
*191 20
1412 Jan 24 - 7 -ii; 1512 Feb
1951Union Twist Drill
5
1212 1212 1212 1212 1212 1212 1212 1212 *1212 123
47 Ma
534 Aug
77 Nov 29
4
8
6414 BA
6414 64
6414 637 641 -63s 841- 8,505 United Shoe Mach Corp_ _ 25
8414 64
64
Jan 30 June
28
445 Preferred
20 Jan
25 °8 jan 3 3112Nov 28
313
8 3114 3114 30
30
304 3114 *3912 311
31
82 Nov 135 Feb
83 May 3 95 Dec 30
____
9634 97 3,024 U S & Foreign See 1st pref.
9512 9738 9614 97
9612 97
96
98
*9612 9712
9
912 4,100 Venezuela Holding Corp
912 101
1012 10
413July 5 11 Apr 30 __
1012 10
10
918 1012
10
4
Jan 223 Oct
17
515,WaldortSys,Inc,new eh No par
2014 203
8
201
19 Oct 1 2712 Feb 23
*1912 2014 20
195 1954 *1912 20
*
•1912 20
Jan 41 Dec
29
2481Walth Watch el B eom_No Par 4012 Jan 21 8112 Dec 27
8012 NI
65
*60
85
*60
65
601s 6112 *60
4818 Nov81 Dee
1401 Preferred trust Ws
90
90
90
100 61 Jan 3 88 Dec 28
89
89 *x87
hg
88
88
88 *x8812 90
$ per share
18514 18618
9612
96
101% 10112
11612 11612
10914 10914
5514 5514
$ per share $ per share
186 18612 186 18612
9614 964
957g 97
10114 102 *x10114 ___
115 115
115 116
109 10914 109 109
5712 5612 57
56
----
----
105
17
157
52
4104
17
156
60
*51
*18
3a
d
'
6
*55
22
184
134
.50
*8
3
%59
544
410512
14
e218
•13g
41
*104
*183
4
155
*51
512
3
518
83
s
543
4
56
223
8 21
4 18
183
13
4
17
8
.50 •.60
912
854
3.50
.70 '
5412 6312
*10512
*1312
14
214 *24
112
112
114 *1
105 *104
1834
1714
1573 152
8
521
51
•52
•18
314
312
514
6
5434 543
4
217
2034
18's 1712
17
*134
1.80
.7 '
87
*712
.7
*.50
5312
54
*10512
14
13
214 *24
112 *114
114 +.90
-- --
*112
*13* 2
1a4 2
.31 .31 11 .30
'
.26 .25
.70
.75 .75
.80 .70
4912 4812 4912 4712
49
1.5*......
1 4 28
8 275g 275
2812 293
.15
5
___.
15
56
56
*1512 518 512
.r512 8
*
.95
1
.95
1
.99
114 *.50
114 *.50
*.75
11
*1112 12
12
12
1212 1212 *1214 1212 1214
1412 1414
144 144 1412 31
28
3112 30
31
*212 314 *212
314
*212
.40 ".40
.35
.40 .40
*.35
.
3.30 .50 +.30 .60
5
47
8
5
514 514
8
112 112 *18
l'z
112
134 *a114
4
13 *0114
5114
.30
.35
.30 .30 +.20
*Bid
105
104 104
187
8 1612 1812
15412 152 153
52
51
50
5212 53
•18
__
105
17
153
51
*95212
*18
105
17
181
51
312
33
4
4
312 33
514
52
8 512
512
*54
55
543 *54
4
8
21
2014 2078 203
4
173
18
1714 18
13
4
2
*134 2
.75 '
0.60 .75 *A30
*712
812 9
9
.70 +.50 .70 *.50
. 1535%
54
5312 54 *5 2
____ *1051,1
1312 1314 114 *1314
214 *2
214 *2
112
138
112 *114
114 •.90
114 *.90
13
4 "114
14 *114
1.31
.50 •.31 .50 "
.80
.70
.85 .65
48
474 4814 48
4
27
15 263
1
27
.
1.5
55
512
1
14
1112
1214
1414
30
3
.50
.50
44
112
134
.30
*___
*. 5
___
*05C2
.95
*Al
11
*12
*1312
2812
*21z
.35
'
3.35
434
13
3
*0114
.20
15
543
6
1
114
11
1212
141
29
3
.40
.50
43
4
11
104
.30
asked wipes no sales on this day.
8
55
.98
*.131
+11
12
•1312
*284
*212
+.35
'
1.35
434
*114
+0114
.20
105
105
162
16412
_312
33
4
53
8
53*
68
55
205g 20 4
,
18
18
13
4
17
8
.75 *.80
4 .73
4
83
'. 0
5
.70 *10514
54
6312
14
14
4
214 *13
112 *11a
1
.
114 ' .90
4114
IN
0.31
.50 .
.80 •.135
49
49
263
4 2714
.15
15
56
53
4 4.5
.99
1
114 *.81
1118
12
12
1412 14
29
29
3
.45
.50 4..35
4
44 *43
13
8
13
8
13 '
4 10114
.20
Assessment paid.
551 Prior preferred
100 10012June 14 118 May 20
4
115 Walworth Company
20 174 Dec 28 243 Apr 1
1,672 Warren Bros
50 13518 Jan 13 17934 Nov 30
345 1st preterred
50 44 Jan 5 70 Dec 21
100 2d preferred
50 45 Jan 17 72 Dec 6
Will & Baumer Candle oom___
14 Jan 12 1812Nov 12
Mining.
33 18,728 Arcadian Consolidated
4
25
8
1,870,Arizona Commercial
5
56
50 Bingham Mines
10
213
4 7,852 Calumet & Heel&
25
1914 4,404 Copper Range Co
25
214
925 East Butte Copper Mining_10
.75
200 Hancock Consolidated
25
8
535 Hardy Coal Co
.70
Helvetia
25
5312
851 Island Creek Coal
1
Preferred
1
2,270 Isle Royale Conner
-- 4
14125
214
Keweenaw Copper
25
112
330 Lake Copper Co
25
114
La Salle Copper
25
IN
250'Mason Valley Mines
5
.50
300 Maas Consolidated
25
.80
7471Mayf1ower-Old Colony ____25
49
748 Mohawk
25
27% 1,270 New Cornelia Copper
5
New Dominion Copper
New River Company
100
Preferred
100
512
190 NIpisaing Mines
5
118 5,221 North Butte Mining
10
114
Ojibway Mining
25
1118
586 Old Dominion Co
25
205 Pd Cr'k Pocahontas Co No par
14
3021Quincy
25
2912 1,690 St Mary's Mineral Land_ _ _25
Seneca Mining
No par
1,400 Shannon
10
.50
1Superior & Boston Copper__10
2,710 Utah-Apex Mining
5
6
13
8 3,810 Utah Metal & Tunnel
13
4
'Victoria
25
580 Winona
25
I
1
101 Sept 112
1234 May /3
44 Mar 89
39
Apr 46
42 Apr 47
ION Aug 174
Dec
/an
Dec
Dec
Feb
Jan
314 Dec 21 .25 Mar
IN Aug
.20 July 18
9 May
14
1234 Jan
5 July 11 1014 Jan 6
29 June 55 4 Jan
30 Jan 3 8114 Dec 15
3
1314 June 183 Aug
1418June 27 2438 Dec 21
8
114May 20 2114 Dec 17
13 May '
20
Jan
25 Jan 4
118 Oct 14
214 Oct4 Feb
14 July
1 July 1 .27 Dec
.15 Apr 8
8 Dec 30 1818Sept 9
14 Mar 214 Jan
.32 Oct 17 .85 Jan 6 .75 Oct2 Jan
_
47 Feb 28 87 Sept 13
10412Sept 23 107 Apr 13
224 Jan 108 July
9 July 13 18 Dec 21
912 June 14 Aug
278 Feb 4 .50
1 July 21
Jar
23* Sept
3 Dec 21 .80
Oct13 July
8
.80 Jan 7
.50 Mar 28
1 Nov 11 .80 June
24 Mar
238 Sept
.70 Oct 11
214 Dec 7
13 Jan
4
.05 Sept 29 .85 Jan 3 .15 Dec.75 July
14 Jan
.25 May 3
112 Jan 11 .40 Dec
Oct
30 Mar 48
34118June 22 52 Dec 15
18'zJllne24 3018 Dec 2
1812 May 24 Aug
Jan .20 June
.03 Dec 28 .08 Feb 1 .05
18 Dee 25 Feb
15 Nov 7 1978May 12
58 Nov 5 75 Feb 8
45 July 72 Feb
5 July 104 Dee
5 Aug 16 1018 Feb 2
378 Sept
2 Apr
338 Jan 5
.50 June 28
Jan .50 Nov
.40 Oct 6
114 Jan 28 .50
13 Dec 20 July
94 Oct 27 15 Apr 1
Jan
1012 Mar 15
11 Jan 4 1812 Aug 19
1314 July 13 1918 Apr 22
1512 May 25 July
25 Dec384 Feb
Dec 19
1812June 28 32
6
2 4 Dec9 8 Jan
3
1 July 2
318 Jan 14
Jan
.15 May 9 .63 Dec 21 .15 Dec 80
.15 Mar 23 .50 Sent 8 .
20 Nov
1'4 mar
3
4 4 Oct1134 Feb
778 Feb 24
44 July 14
2 Feb 2 .25 Dec 2%
.78 Oct31
2 Aug 24 .40 May .75 Feb
11
.80
9 .70 June 3 .10 Sept.40 July
.03
mr
y
b Ex-stook dividend. I New Mock. x Ex-dividend.
ma,
w Ex-rights. a Ex-dividend and rights.
236
FINANCIAL CHRONICLE
[VoL.126.
NUC4
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Outside Stock Exchanges
Range for Year 1927.1
Low,
High,
2-naA t?AgEggE.1 c&ntE4Cagigg,$7,g41”Etsgt6C Sag$IAAM4s$"0,AC.14vgT34(tV4'Eig
t
gIctIlw.... s.-Cabs..
.. .
..
5....4. .. z.7150,
. .
. .
.. -v, 1 .........5......... tA .r. .
1.....T.t.5..5 . ........
................0 .0.0 ....0...........
001040..
.p............
4. .0
M2z88
x x
=
rx x
xx
xx =x A A A rx xxxxx x
xx xx
=
xr xx x
xx
yzxt,u,zutittjuluzz.. 40tJu. t'xu, mtvx g›uugDzwtjtjuvxt'mm..4e,
,
r
-.=:10z en'oto....an
,
-t'u , --...m-,x2zzo4zu4
Ffc,
V.casSasaag , a.12,11g 4aasS Vi's.Oas ,
?
4saggsaa<.°$g°,44gnagam$ agg4saSitsgggSR4PgsEE584$Rn
..18Sat4St.:t5ElootAtt822: =in..% 8W4wwt= g2,n82:tga-AttoTanAggr,w..8gar4
,
tInn=5V,ge..aW8=Igno.00n ww22,11=&
AAA A
X
A
XAAA A
i
.
4
A A A X
=AAA AAAA
X
X A4 xr!xx xx x
x AOAX AA AA A A4
A
..14.,-444).0'....zu
Ignigagg44Sigargn
0
.
Midland Util 6% pr lien100 9574 95
96
120 91% Nov 96% Dee
7% prior lien
100 10531 105 106
Boston Bond Record. Transactions in bonds at Boston
707 9736 Jan 107 34 Sept
Prof 6% "A"
100
9034 9135
140 90
Oct 9234 May
Stock Exchange, Jan. 7 to Jan. 13, both inclusive:
Pref 7% "A"
100
103 34 10334
10 98% Mar 103 34 Sept
hlinneap-Honeywell Reg_* 32
31% 32
370 32
Dec 3334 Nov
Friday
Preferred
100
100 100
20 9934 Nov 101
Nov
Range for 1927.
Last Week's Range Sales
Miss Val Util pr lien pf__* z94 34 9434 96 33
50 96
Sept 97% Oot
for
of Prices.
Sale
hlonsanto Chem Works...* 3836 3834 3834 2.995 37
Nov 39
Nov
BondsPrice. Low. High. Week.
Low.
High.
Morgan Lithogr com___.• 77
733-4 77
8,000 as
Jan 78
Dec
Mower Leather Corp corn •
25
25
45 11
Jan 25
Dec
Amer Roll Mill 5s w I_ _1948
9934 9934 55,000
Nat Carbon pref
__
100 139
139 139
50 130% Feb 1393-4 Aug
Amoskeag 61
1948 9434 943.4 95 104,000 92
Nov 96
Dec Nat Elm Pow "A" part_ * 2731 2734 2834
1,915 22
Sept 2834 Oet
AUG&WISSL 5s 1959
500 67
Oct 75
Jan
7% preferred
7434 7434
1150
160 933.4 Jan 104
104% 104%
Dec
Br & Hung Bk 7%s w 1 1962
National Leather cocn _ _10
9834 98.% 5,000
4%
33-4 5
18,176
2% Apr
43-4 'Jan
Chic Jet Ry U S Y 5s _ _1940
10236 1033.4 3.000 10034 Jan 102% Dec National Radiator
3
625 36
836 4031
Oct 393.4 Sept
East Mass St RR
National Standard corn. _* 38
38
3
1,005 3034 Jan 4
934
034 Dec
1948
434s ser A
19,000 6434 Aug 75
Oct North Amer Car corn__ _ _•
7234 74
580 2234 Jan 34
3234 3354
Aug
55, ser B
1948
Jan 82
12,250 69
Oct Northwest Eng Co corn__
80
77
3234 29
3336 9,050
6s. ser C
194:
91
Apr 96
1,000 83
Oct Nor West Util pr In p1.100
91
10031 10334
416 9534 Sept 105
Oet
6s, ser D
194
92
Feb 953.1 Nov
1,000 82
92
7% preferred
100 101 34 100 101 34
245 9454 Mar 101
Out
Hood Rubber 78
1937
103 103
Apr 104
1,000 101
Jan Novndel Process Co coin.* 12
895
1134 1234
8 June 1334 Dec
Mass Gag 434s
1929 100
100 100
Preferred
1,000 9931 June 10034 July
303.4
1,300 2131 July 29
• 3031 30
Nov
Miss River Power 5s_ _1951
10334 10334 15,000 1003.4 Apr 10334 Nov Omnibus v t c
12% 13
•
150 1131 Mar 17
June
New Engl Tel & Tel 5s 1932 10236 10234 102% 12.000 10136 Jan 103 I Dec Penn Gas& Elec"A"com • 20% 2034 2036
zo 19 Jan 21 Feb
Saarbruecken IVitg Bk 13a
Pick, Barth dr Co part pf_•
40 1934 Jan 28 June
2134 2134
Scr B w 1
1947
2,000 95
Oct PreesWinterfront"A'com5 57
94
94
Oct 95
543.4 5734 5.876 40 May 5734 Dee
So Ice Util Co 68
1946
Apr Pub Set of N 111,6% p0100 rill
July 95
1,000 94
9334 933.(
111
11234
75 10134 June 11334 Dec
Swift & Co 5s
1944 10236 1024 103
6,000 10034 May 10334 Apr
7% preferred
100
40 11234 Apr 1203.4 Dec
12034 12034
United Drug 8s
1944
10734 10736 10,000
Q-R-S- Music Co. corn, • 3934 3954 40
200 3254 Jan 43
Aug
Western Tel & Tel 58..1932
10134 10234 9,000 100
May 10234 June Quaker Oats Co corn
• 300
295 300
150 175
June 300
Dec
WhItzmitahta True A 1,2 101”
1 n4 11514' 1 S non 100
TIP., 10144 Nov
Preferred
11334 114
100
60 107 Jan 113 May
Reliance Mfg Co pref.. _100
10 98
9834 9834
July 100
Oct
Chicago Stock Exchange.
24
10 24
-Record of trnsactions at Reo Motor Car Co
2534
1,175 1934 Mar 273.4 Oot
Ryan Car Co(The) com.25 10
15% 16
730
8
Nov 16
Dee
Chicago Stock Exchange, Jan. 7 to Jan. 13, both inclusive, Sangamo Electric Co
3031 3136
300 29
July 3931 Sept
Sears, Roebuck corn
• z8454 84
Jan 9134 Dec
8834 16,080 52
compiled from official sales lists:
So Cities UM class A com_*
32
32
50 2534 Jan 33 June
So Colo Pr Elec A com _25 2534 25
25%
292 2434 Nov 28
Friday
Mar
Sales
So'w G & El Co 7% pf _ _100 10131 10131 101%
390 9434 Jan 1023-4 Dec
Last Week's Range for
Range for Year 1927
Southwest Pr & Lt
90
9031
235 87
D
91
Dec
Sale
90
of Prices.
Week.
Standard Gas& Electric _ _* 59
Stocks59
59
50 55
Jan 5934 July
Par Price. Low. High. Shares.
High.
Low,
Steel & Tubes Inc
25 5834 5734 60
985 4934 Dec 52
Oct
Stewart
-Warner Speedom • 8274 8034 8334 6,050 5434 Mar 8734 Dec
Acme Steel w 1
83
83
750
83
Studebaker Mail Ord corn 5
9
360
All America Radio cl A_
934
53.4 June 1034 July
150
4
4
Swift & Co
100 12736 125 128
1.830 1153-4 May 130
Am Fur Mart Bldg pref 100 10034 9934 1003-1
Sept
72
Swift International
15 2936 26
30
60,600 183.4 May 2734 Oot
American Natural Gas_ .._•
200
1836 19
Tenn Prod Corp corn
120
153-1 1534
8
Oct 17
American Pub Serv prof 100
Dec
99 100
50
Thompson (J R) corn ___25
59% 61
350 40
Am Pub Util Co par pfd 100 94
Apr 65
Dec
231
9074 94
Union Carbide & Carbon.*
142 142
100 99
Prior preferred
Jan 15234 Dec
100 96
40
9534 96
United Biscuit claw A_
64
63
200 3934 Jan 67
American Shipbuilding_100
*
Dec
115 115
60
United L & P cl A pref _ • 9774 953.4 9734
535 87
Amer States(*cur Corp A •
Jan 9734 June
434 1,411
4
434
Class B preferred
55
55
110 50
•
Claes B
Jan 57
•
Sept
125
434 434
Common class A new_ •
14
14
100 1234M
Warrants
17 June
122
34
31
U S Gypsum
io 8634 86 8734 1.205 82 Nov 11054 Sept
Armour & Co(Del) pro! 100
89
168
87
Preferred
100
75 115
12334 12334
Armour & Co prof
Mar 123
100 6834 6634 7331 9,460
July
Utilities Pow .4 Lt Cl A _ • 2936 2834 2934
1,825 143.4 Apr 17
Common cl A v t c _ _26
Mar
1334 1334
10
Vesta Battery Corp corn.10 14
14
22
300 24
Common el B v t c__25
Oct 37
Feb
7
7
150
7
Wahl Co corn
1,000
• 1031
1034 1134
854 Jan
Associated Investment Co• 38
1734 Jan
75
3734 3936
Ward (Mont)& Co
121
10 12331
12734 6,000 67
Auburn Auto Co com__2 12936 122 130
May 12334 Dec
32,275
Claes A
125 128
205 11234 Mar 123
•
Balaban & Katz v t c.._ _25 6134 60
Dec
450
6134
Warner Gear corn prof _25 3234 32
33
1,260 2734 Nov 33
Preferred
Dec
100 101
101 101
40
Williams 0110 Mat com__•
73.4 8
540
Bastian-Blessing Co oom • 2634 26
634 Dee 1654 Feb
2636 2,050
Woodworth Inc
27
2
• 28
375 27
Beaver Board v t c "A".10
834
Dec 283-4 Dec
200
336 336
35
Preferred
35
• 35
380 35
Voting trust certifs "B"•
35
Dec
21
336 3%
Weill Mfg Corp corn
1
*
1
134 2.400
Prof vot tr ctfs
I
Oct
034 Feb
100 48
115
45
47
Wrigley(Wm Jr) Co corn_* 72
72
1,750 61
Sagan Corp cl A
7334
Jan 73
Dee
8,000
55% 5434 57
11
Yates
15
-Am Mach part pfd.
1536
1,035 143-4 Nov 295.4 May
• 1534
Borg & Beck com
11
70
81 34 13,500
66
Yellow Tr & Co Mfg B._10
3534 38
288 253.4 Mar 40
Brach & Sons(E J) corn • 17
Aug
305
1636 1734
Yellow Cab Co Inc (Chic)• 4234 4134 43
Bunte Bros corn
2,265 3734 Aug 4674 Oct
10
370
1536 17
Bonds
Butler Brothers
20 2336 2131 2334 5. 65
5
Bloomington List 66 ..1942 9834 9834 9834 4,000 9
Campbell Wyant& Co lry• 4134 41
834 Dec 983.4 Dec
4336 6,325
Cairo Bridge & Ferry
Cent D Pa Corp "A" pf..•
500
25
2534
20
-year 63.4s
99
1947 99
99
9,000 97 34 Jun 100
Celotex Co corn
Aug
654
5334 5234 58
Chicago City Ry 5s_ _1927
8734 87% 7.000 75
Preferred
Jan 8934 Dec
100
70
85
85
Ctrs of deposit
8734 873.4 2,000 8134 Aug 88 June
1927
Central III Pub fiery prof,
• 98
9734 9534
387
Chic City & Con Rya 5s'27
87% 6834 21,000 52 34 Jan 7351 June
Central Ind Power prof
Chicago Railways 59_ _1927
503 5734 15,000 74 34 Jan 88
certtfa of deposit_ _ _100 95
Dee
30
9434 95
1st M ctf of dep 5s_ _1927
5533 8736 6,000 7434 Jan 88
Central SW UU1 corn. _ _
Dec
2,740
78
80
7634
5s, Series A
68
1927
68
13.000 58 June 71
Preferred
may
1.080
• 102
101 102
Ch Rks Kgway Bdge6319'47 10034 10031 100% 4.000 99
• log% 10536
Prior lien prof
Nov leo% Dec
390
107
Commonw Edison 5s_1943
10734 10734 1,000 102 34 July 107% Dec
Cent States Pow & Lt pf_* 10034 10034 10031
1,499
let 38 55 series "A".1953
10631 1003-4 2,000 102% Mar 105
Chic City & Con Ry pt sh •
Oct
550
134
134
134
1st 111 43is ser "C"_1956
10034 10031
1,000 9534 June 102
Doc
Participation prof
2133 2,530
• 2034 20
1st M 4 %a ser "D".1957
1003-4 10034 1,000 985.4 Oct 10131 Dec
Chicago Elec Mfg "A" •
94
18
18
Crown Willamette Paper
Chic N S & Milw com__100 44
490
44
24
let 6s
1951
9734 10234 7,000 98
Prior lien pre(
Nov 100% May
80
100 9836 98
9836
Fed Util(Md)3-yr 535s'30
99
99
2,000 9834 Nov 0514 Nov
10
Preferred
65
100
65
1st 5%s
95
1957
95
2,000 9434 Oct 0434 Oos
35
Chic RapTran iv pref A100
10136 102 34
General Vending 6s_ _1937 9834 9834 9834 2.000 95% Dec 9834 Dee
20
Chic Rye part ctf ser 1_100
1834 1833
nous G GI Co s f g Ms 1931 10834 108 34 1083.4 28,000 96
10
Chicago Title & Trust 100
Jan 11034 May
610 610
Jewelers'BIdg(Chi)lst6s'50
99
99
2,000 100
2,355
Club Aluminum Uten Co.
Sept 100
Sept
38
• 3734 37
Metr W Side El 1st 43_1938 81
81
82
10.000 79
1,473
Oct 8134 Dec
168 189
Commonwealth Edlson_100
Extension gold 4a
79% 80
1938
3.000 75
Rights
Jan 78% Dee
83.4 27,900
8
834
Nat Elec Power 6s_ _ _ _1945
104 104
5,000 10054 May 1003-i May
Consumers Co oom
734 731
350
5
734
1.
Pac Coast corn 13s "A" '42
983.4 98% 1,000 98% Nov 98% Nov
335
90
Preferred
100 8934 87
St Louis Gas & E 6s_ _1947 9634 96
9034 28,000 973.4 Sept 97% Sent
688
Crane Co cora
4636 47
25 47
65 E So Water 6310-1947
100 100
2,000 100
El Household Util Corp. 10
Aug 100
Aug
1336 ism 10,710
United Gas Utll 034s.1937
97% 9734 2,000 9734 Nov 9934 Dec
260
Empire G dr F Co 7% pf100 9934 9936100
United Pub Util Co•
600
8% preferred
100 10834 10831 10936
9934 100
1st Os
1947
9,000 983.4 June 101
2,590
May
Evans & Co Inc, cl A_ _5 62
62
57
2
-year 534s
1929
993.4 9934 10,000 96% July 995.4 May
4,065
Class"13"
61
57
5 61
West Pow Lt & T 2-yr 68'29
100 34 1003.4 6,000 mo
July
Fair Co (The) corn
July 100
35
3636
470
•
24
109 109
Preferred
100
• No par value. z Ex-dividend.
Fitz Simons & Connell
255
52
51
Dk & Dredge Co com.20 52
Philadelphia Stock Exchange.
-Record of transactions
Foote Bros(0 & M) Co_ _5 19
1 535
.
1834 1934
1,995
Galesburg Coulter
• 4734 4714 4734
-Disc.
at Philadelphia Stock Exchange, Jan. 7 to Jan. 13, both
100
3111 Mfg Co
13-4
134
10
inclusive, compiled from official sales lists:
115
Godchaux Sug Inc, cl "B"•
3
3
3
4836 12,625
Gosaard Co (H W)corn_.
• 4534 44
Friday
Sales
270
254 265
Great Lakes D & D____100
Last Week's Range for
340
Range for Year 1927
Greif Bros Coop'ge A corn • 42
4134 4234
Sale
of Prices.
Week.'
190
134 134
Hart,Schaffner ds Marx100
StocksPar. Price. Low. High, Shares.
Low.
High.
Hibbard, Spencer, Bart15
66
66
lett & Co corn
25 68
Almar Stores
• 1636 15
1731 $16,066 10
13
May
EIupp Mot Car Corplcom10
3136 33
1834 Oct
Alliance Insurance
10 7634 75
410
7734 1,950 48
42
Deo
41
Feb 89
Illinois Brick Co
25
American Milling
1034 11
10
220
420 1036 Dec 11 34 Nov
Inland Wire & Cable com10 2634 2834 283.4
* 653-4 0454 6534 1,346 6254 Oct 7334 Jan
American Stores
180
2931 2931
Yaeger Machine Co com__*
Bellefonte Central
21
50
21
7.375
6 15
76
87
Nov
16
Nov
Kalamazoo Stove Co com.• 73
Bell Tel Co of Pa pref._100 118
116 117
109 112 34 Jan 1173.4 Nov
1 160
.
1336
Kellogg Switchb'd corn _ _10 1334
13
Bongot Inc "A"
12
12 34
50
215 10
98
Dec
96
Dec 14
Preferred
100 96
Budd (E 0) Mfg Co
32
80
33
200 28
•
Dee
Ky Hydro-Elec prof_ 100 102 34 102 10234
.
Dec 33
Cambria Iron
50
4254 4234
51
10 4034 Mar 4251 Dee
Kentucky ULU Jr cum pf.50 6134 5134 5134
Camden Fire Ins
29
2934
6.350
110 2934 Dec 325.4 Dee
105 150
Keystone St & Wire com100 142
Consol Trac of N J_ _ _100
5734 5734
5,360
71
65
Kraft Cheese Co com___25
25 4334 May 6334 Dec
Cramp Ship & Eng_ _ _ _100
0
2
340
8
50
395
49
31 Nov
534 June
Kup'heimer & Co(B) Inc.5
Curtis Pub Co common...*
190 190
450
50 177
333 4
May 22034 Sept
LaSalle Ext Univ com _ _10
Electric Stor Battery_ _100
73
1,965
9
934
220 0334 May 8074 Nov
7434
Libby, McNeill & LIbby.10
10 79
Fire Association
100
6834 73
42
41
2,825 51
41
Mar 7934 Dec
McCord Radiator Mfg A.
Giant Portland Cement.50 42
300
40
42
Jan
55 39
2334 2334
Dec 93
11cQuay-Norria Mfg
•
Preferred
50
413
3,095
64
40
Jan
Deo 93
Marvel Carburetor (Ind) 10 6234 6136
25 40
Horn & Hard't(Phila)com •
215 22234
Jan
205 208
1036 11% 4,250
May 261
Meadows Mfg Co com___• 1036
Horn & Hard't(N Y)corn.
750
54
56
45
575 5034 Apr 5634 Dec
45
* 45
Preferred
Hunt & Brd Top Mt RR 50
3
45
3
9136 9136
Feb
100
2
134 Jan
Mer & Mfrs Sec Co Pr Pf100
Insurance Co of N A _ _ _10 9036 853-4 95
.
150
18
18
8,205 5034 Apr 505.4 Dec
Partic preferred
25
Keystone Telephone _ _50
43.4 7
17,840
2,180
234 July
Jan
5
Middle West Utilities__ _ _• 12934 126 132
50
Preferred
18
5,690
21
128 12
Dec 1934 Mar
100 11936 119 121
Preferred
Keystone Watch Case pfd *
2,655
• 96
50
Nov
50
Nov 49
9434 96
20 49
Preferred
6%
Lake Superior Corp_ _ _100
Erji
334 634 54,901
926
127 128
134 Jan
354 July
Prior lien preferred__100 128
50 116
Lehigh Coal & Nay
11154 11736 13,810 1043-4 Dec 1195.4 Jan
1.245
97 108
Midland Steel Prod oom • 103
JAN. 14 1928.3
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Colicauded) Par Price. Low. High. Shares.
Range for Yea" 1927.
Low.
Lehigh Pow Sec Corp corn •
Lit Brothers
10
Manufac Casualty Ins_ _ _ _ ......
Mark (Louis) Shoes Inc_ •
Northern Central Ry _ -50 884
.
North Ohio Power Co_
•
_•
Penn Cent L & P cum pf,
Pennsylvania RR
50
Pennsylvania Solt Mfg_ _60
Penn Traffic
234
Philadelaphi Co (Pitts).._ _ _ 60_ _ _ _
6% preferred
50
Mils Dairy Prod pref
Phila. Electric of Pa_ __ _25 5734
Philp, Eloc Pow rots_
25 224
Ctf dep with Drexel & Co 5734
Philo, Rapid Transit__ _50
7% preferred
60
Phila Germ & Nor RR__50
Phila & Read C & I Co_ *
Philadelphia Tract1on50
Phila & Western Ry__ _50
Preferred
60
Reliance Ins Co
33
Shrev El Dorado Pipe L_25
Scott Paper Co pref___100
Stanley Coo! America_ _ ..* 5354
Tono-Belmont Devel_ _I
Tonopah Mining
1
Union Traction
50 39
United Cos of NJ
100
United Gas Impt
50 1164
U S Dairy Prod OWE A..' 46
let preferred
•
Victory Ins Co
Victor Talking Mach corn •
6% cumul pref
•
7% cumul pref
*
Warwick Iron & Steel _10
Wort Jer & Sea Sly RR_ 50
Westmoreland Coal
50
2034 204 )13,350 154
23)4 24
360 23
295i 31
513 2754
22
100 1234
22
52 8154
8834 8834
3,125 14
1834 19
78
108 7554
78%
64)4 65
8.400 53%
9834 9034
230 744
134
760
1%
134
149 149
50 8734
160 494
5234 524
93
93
145 90
.5534 5734 4,140 46
22
1,035
9
2234
29,687 5334
5534 58
324 52
55)4 56
50
417 50
5034
131 131
100 123
100 3734
3834 3854
5934
59
195 53
1154 1234
265 10 34
125 33
36
36
1,046 2734
3534
32
21
20
310 16
30 97%
10334 10334
4,870 5154
5334 54
1
134 l"ie 14,840
1
2% 334 11,460
3734 3934
1,318 36
226 226
6 210
11134 1164 28,400 8934
42
46
1.080 2834
10
9
1654 1634
87
43
90
3234 32
3334 1,132 2734
5434 5854 5,925 324
300 8734
11234 11634
1024 10254
120 9634
54
34
54
16
3954 39%
30 3834
85 51
5634 57
BondsAdv Bag & Paper 75..1943
105 105
1,000 10434
City 45
101 101
1937
5,000
4e
102 34 10254 6,000
1948
Consol Trite NJ let he 1932
48,000 62
89
90
Elec & Peoples tr ctfs 4s 45 61
12,000 54
60
62
Inter-State Rye ooll 48 1943
100 4854
60
50
Keystone Telep lst 58-1935 97
2,000 63
9634 97
Lake Sup Corp let 58.1929 20
5
56,500
21
15
Stamped
5
20,500
144 17
Lehigh Coal & NayConsol 445
1964 10154 10134 10134 1,000 9834
Market St Elec let 45_1955
9134 9134 6.000 8751
Peoples PASS tr etre 48_1943,
4,000 62
66
65
58W I
'
1967
9834 9851 25,000 9834
Phila. Elec (Pa)let 44s series
1967 10034 1004 10034 43,000 984
1st lien & ref 56
1960
10434 104% 9,000 103
1st 5s
1966
108.4 10854 70,100 103
lst lien & ref 554s_ _1953
2,000 103
107 107
Phila Elec Pow Co 534s '72 10654 106 10654 16,000 103
Ohl. fIllh-f,-. n.a A U.'n,
anti anti
1 nnn O4 Y2
Jan
May
Dec
May
Mar
Dec
Aug
Jan
Apr
Apr
Jan
Jan
Sept
Feb
Jan
Nov
Apr
June
Mar
July
May
Oct
Aug
Dec
Oct
Feb
Dec
Aug
Sept
Jan
Feb
Feb
Feb
Mar
High.
3134
28%
2834
2434
87)4
20%
80
6831
10534
134
145
54
94 34
584
2234
5634
5534
524
12534
47
69
1534
39
35
25%
104
9034
234
234
3934
2264
11834
38
16
Nov
Oct
Dec
Nov
Dec
Dec
Oct
Jan
Nov
Jan
Dec
Sept
Dec
Sell
Dec
Dec
Jun(
Jun(
Sept
Mai
May
May
May
De(
Jar
Nol
Fe)
Allf
Api
May
De(
Sepi
De(
De(
Dec 31
De(
July 5434 De(
Nov 10934 De(
Aug 10234 De,
June
Pet
2
Dec 4734 Mai
Mar 5851 Jet
Mar 10634 iUnl
Jan
Jan
Jan
Feb
May
May
90
69
52
98
11
12
De
Ma)
Ma)
Oc
Sep
No
,
Mar 10134 De
May 8754 Ma:
Jai
Aug 71
Dec 0834 De
Oct
Jan
Jan
Jan
Jan
July
10034 De
109
Oc
109
Oc
109
Oc
106
Set
OA 1.6 n
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corp
•
Atlan Coast L(Conn)__ _60
Balt & Commercial Bk _ 100
Baltimore Trust Co
50
Benesch (I) & Sons oom__•
*
Black & Decker oom
Preferred
26
Boston Sand & Gravel_100
Central Fire Ins
10
Century Trust
50
Ches & Po Tel of Balt pf100
Citizens National Bank_ 10
Colonial Trust
25
Commercial Credit
*
Preferred
25
Preferred 13
25
034% let preferred_ _100
Consul Gas, EL & Pow_ _•
8% preferred see A__100
7% preferred Her 13_100
64% Pref Der C
100
554% Prof w 1 ser E I00
Consolidation Coal__ 100
Preferred
100
Crook (J W)prof
Eastern Rolling Mill
*
Equitable Tntst Co
25
Fidelity &Deposit
50
FillanCe Co of Arner A _ .._ _•
Finance Service corn A - _10
Preferred
10
Houston 0 pd v t c Ws 100
Burst(J E)& Co 1st p4100
Mfrs Finance corn v t...25
26
1st preferred
25
2d Preferred
Maryland Casualty Co._25
Merch & Miners Transp__
Merchants Nat Bank_ 11
Monon W Penn PS pf- _25
mortgage Security com_.•
50
First preferred
Second preferred_._,100
Mt V-Woodb Mills v 1.100
100
Preferred
Nat Bank of Baltimore_ 100
Nat Union Bank of Md _100
New Amsterd'm Can Co_10
Northern Central Ry- _50
Park Bank
.
Penne Water & Power,. 5
Real Estate Trustee ..100
Schoeneman (J) 1st pref
100
with warrants
Un Porto Rican Sug corn_•
•
Preferred
50
Union Trust Co
United Rya & Electric-50
U S Fidelity cit Guar----50
Wash Balt & Ann pref_ _50
West Md Dairy Inc c,om__*
•
Preferred.
.1
4654 46
464
209
209 209
149
149 14934
160 164
2734 274 274
2634 2754
2654 2654
80
80
4654 47
230 231
1174 11731
54
63
54
90
92
2254 2354
2334 2334 24
25
24
25
8834 8854
68
68
6854
12754 12734 12734
113
112)4114
113
112 113
108
10754 10831
28
28
2931
85
85
51
52
2534
25
26
113 114
294
292 299
1154
1134 1154
1634
1634 1654
954 94
97
9
634 97
6854 6834
26
26
2654
20
20
20
20
20
183
180 185
4751 47
4754
334 33
3354
254 26
204 1951 2054
71
70
71
80
70
80
2054 21
9531 9534 054
284 286
220 220
77
7654 78
8854 8851
32
32
71
7234
123 123
9934 9934
4054 4034
51
51
330 341
1954 1934 20
358
34854 360
18
18
85
84
80
89
89
52
Rd
2,461
10
8
130
25
350
42
10
200
2
23
266
150
359
32
160
20
867
608
90
125
385
1,649
3
115
1,110
70
492
25
35
185
120
15
51
76
122
570
726
698
13
2,15'
260
73
28
35
150
10
863
35
1
250
10
Range for Year 1927
Low.
High.
314 Jan
200
Nov
13754 July
129% Feb
22
Sept
II% July
24
July
72
Nov
26
Jan
Jan
170
115
Jan
49
Jan
65
Jan
1434 June
1954 June
18% June
7154 Aug
51
June
June
127
1124 May
11034 May
10234 Nov
2934 Nov
Apr
84
50
July
20% Nov
71
Feb
13554 Jan
94 Jan
1634 Oct
934 July
86
Jan
Aug
65
July
25
18
Sept
1654 Apr
984 Jan
3734 Apr
264 Mar
2354 Mar
Dec
14
80
Oct
65
Dec
154 May
7854 Jan
Jan
260
207 June
5231 Jan
June
81
July
29
4751 June
125 June
4934 Dec
265
Nov
15334 Nov
175 Nov
4254 Dec
27
Oct
2654 June
85
Dec
4834 Dec
245
Nov
1184 Dec
5934 Sept
10954 Sept
29
Feb
244 Dec
Dec
25
Dec
89
71
Oct
13034 Aug
117
Aug
11434 Aug
109
Dec
3634 June
90
May
52
Oct
2634 Dec
Feb
115
294% Dec
12
Sept
184 Jan
10
Jan
9951 June
70
Feb
Jan
44
224 Sept
22
Jan
200
Dec
48
Aug
344 Nov
27
Nov
1834 Dec
8254 Oct
80
Oct
25
Nov
102
Nov
Aug
300
235
Nov
80
Dec
89
Dec
Aug
30
75
Dec
130
Jan
30 99
20 3654
300 49
66 240
400 16
526 205
10 17
674 45
13 76
1 SR
Fll
June 100
May 51
Jan 52
Feb 340
Oct 24
Feb 376
Sept 244
Nov 55
July 86
Vph
Mt(
Dec
Sept
Dec
Dec
June
Nov
Feb
Dec
Apr
Dew
237
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
BondsBait City 4213H
1961
4s DL
1961
45WL
1958
3545
1980
Balt Sparrows P&C 44853
Bait Traction let 53_1928
Black & Decker 64s_ _1937
Chea & Po Tel Va 5s_ _1943
Commercial Credit 69 1934
5548
1935
Consol Gas gen 4%8_ _1954
Consul G,EL&P 4545_1935
let ref 6s ser A
1949
1st ref 5545 ser E_ _ _1952
Elkhorn Coal Corp 645'31
Fair & Clarks Trac 5s_1938
Georgia & Ala cons 55_195:
Ga Sou & Florida 5s_ _1946
Hendler Creamery 65_1946
Houston Oil6%% notes'35
Jamison Cold Stor Dr6%s _
Knoxville Traction 5.5_1938
Lexington (Ky) St 58_1949
Lord Baltimore Hotel 6345_
Mel Electric Ry 1st 58_1931
let & ref 634 eer A__1957
Norf& Ports'Frac 5s. _1936
Penne W & P 5s
1940
Public Service Bldg 55_1940
South Bound 5.5
1941
Un Porto Rican Sug 654%
notes
1937
TJnited Ry &-gi 1st 48_1949
Income 4s
1949
Funding 58
1936
1st 65
1949
Wash Balt & Annan 55 1941
.....-_-__. •
Range for Year 1927
Low.
High.
10234
1023.4
102
91
9154
10034
107%
104
98
94
102
10051
10731
1044
9534
9634
100
102%
99
10354
100)4
10034
103
100
994
99
10234 1,000 10134 Dec 10134 Dec
1024 1,000 99 .1
101
Sept
800 984 Jan 10134 May
102
7.700 864 Feb 9034 June
93
9154 4,000 87
Jan 9254 May
10034 2,000 9934 Apr 101
Dec
10934 37,000 99
108
May 116
Oct
2,000 1014 Fe. 10234 July
104
May 99
Dec
9834 5,000 94
1.000 92
94
Aug 9551 Dec
102
5,000 9854 Jan 10134 Dec
1004 15,000 9614 Jan 10051 Dec
Dec
1074 7,000 10734 Aug 108
Jan 107 June
1044 1,000 106
Dec 10034 June
9534 3,000 97
Feb 9851 Sept
9654 1,000 93
2,000 994 Jan 100
100
Sept
10234 2,000 10154 Mar 102% Dec
Jan
1,1'S 98
Aug 101
99
Feb
Feb 104
10354 2,000 103
10051 5,000 100
Befit 100
Hein
10034 2,000
103
103
4,000 102 June 103
Oct
Dec
6,000 100
Dec 100
100
995( 6,000 98
Dec 9954 Dec
994 25,000 91
Jan 102 May
l00% 10054 3,000 9854 Aug 9931 Mar
105 105
5,11i 10231 JanI 105 June
11234 11154 11234 6,000 10431 OctI 112
Dec
10051 10034 2,000 99)4 AugI 100
Jan
100
100
74
74
634 5351
84
9754 9634
8934
8934 .,..,
10034
7434
6454
8454
9754
8934
,-,,.,,
30,11, 100
26,000 70%
13,111
6054
5,700 7534
14,000 96
16,000 65
o
NovI 101 'all Dec
JanI 7834 May
Nov 60 ii Apr
Junel 85 11 Dec
Oct 101.34TJune
June 93341 Nov
•No par value.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange,
Jan. 7 to Jan. 13, both inclusive, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range Since Jan.1 1928
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Low.
High.
American Trust Co
Anglo Calif Trust Co
421
Anglo & London P Nat Bk_ 24934
Bancitaly Corporation.... 142 34
Bank of California, N A_ _ _
Bank of Italy
265
Calamba Sugar pref
92
Calamba Sugar corn
Preferred
92
California Cotton Mills.
Calif
-Oregon Power pref_
California Pacldng Corp.._
76 34
California Petroleum corn. 26%
Caterpillar Tractor
5631
East Bay Water"A" pref... 964
"B"preferred
Emporium Corp (The),_ _
. 3334
Federal Brandeis
27
Fireman's Fund Insurance_ 12451
Foster & Kielser com
1734
Great Western Power pref. 105
Hale Bros Stores
30
Hawaiian Com'l & Sugar
______
Hawaiian Pineapple
43
IIome Fire & Marine Ins._
4534
Honolulu Cons Oil
3834
Hunt Bros Pack "A" corn. 25
IllinoLs Pacific Glass"A"
47
Key System Transit pr pref
Langendorf Baking
1434
LA Gas & Electric pref.__ 10734
Magnavox Co
Magnin (I) common
2234
515 53954
421 421
249 255
13734 14234
288 288
260 26554
92
93
97
97
92
93
80
85
1104 11034
7554 78
2534 2754
53
57
97
96
106 107
3354 3434
26% 2734
124 127
143.4 18
104)4 105
2974 30
51% 5234
4234 43
4434 4834
37
38%
2434 25
4534 4734
8
8
13
1434
10551 10734
50c
505
22
2234
850
7
960
29,694
20
10,869
125
96
125
350
30
3,135
29.760
60,860
288
210
790
8,970
1,853
17,895
432
270
55
687
970
720
500
31,085
270
2,130
60
750
195
515
400
250
13734
288
260
92
97
92
80
11054
7554
2534
53
96
106
333.4
2634
1244
14
10354
29%
51%
4254
4454
3854
2434
4654
8
123.4
1054
50c
22
Jan
Jan
J
Jan
Jan
Ja.
Jan
Jan
J
J
Jan
J
JO ,
Jan
J
J
Jan
J
J
Jan
Jan
Jan
Jan
Jan
Jan
J
Jo
Jan
Jo.
J
Jan
Jan
J
5394
421
255
14234
288
265
93
97
93
85
11054
78
27%
57
97
107
3454
2734
127
18
105
30
5234
43
4834
3834
25
47%
8
145£
10734
50c
2234
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jam
Jar
Jan
Jail
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
JILL
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Nor Am Investment corn
______
Preferred
North American 011
Paauhau Sugar Plantation. 1034
Pacific Lighting Corp corn
. 7834
6% preferred
10254
Pacific Oil
Pacific Tel & Tel corn
152
Preferred
Paraffine Cos Inc com
92
Phillips Petroleum corn
4334
Piggly Wiggly W Statee"A" 2534
Pig'n Whistle pref
16
Richfield Oil
2654
S J Lt & Pr prior pref
"B"6% preferred
"A" 7% preferred
110
Schlesinger B F"A"coin_
22
Preferred
92
Shell Union Oil com
2654
Sherman & Clay 7% pre
9554
Southern Pacific
Sperry Flour Co nom
Preferred
100
Spring Valley Water
106
Standard 011 of Calif
5634
Traung Label & Litho Co
______
Union Oil Associates
44
Union Oil of California.
454
Union Sugar com
1131
Preferred
23%
Waialua Agricul Co Ltd_ _ _ ______
Wells Fargo Bk & Un Tr
______
West Amer Finance pref
______
Yellow & Checker Cab_ _
Zellerbach Paper 6% pref
1294
Zallprhn rh Vornnrn tin..
anti
105% 10534
9934 9934
3734 3854
1034 10 34
7534 7834
10034 1024
lo. 1
131
152 152
114 116
8434 9254
434
42
233.4 2534
16
16
2634 2754
114 115
1014 10151
110 110
2134 22
92
92 34
2551 26 34
9534 95%
12134 12154
6254 64
9954 100
106 106
5534 56%
24
25
4234 44
4334 4534
1154 1134
2354 2334
47
47
310 310
6 54 64
834 84
117 12954
30
35
2,035
60
11,308
570
60
10
215
24,673
505
3,390
500
14,598
60
10
25
610
35
5.735
44
5
550
345
150
14,425
190
3.172
5,215
390
8
15
5
60
790
1,747
n', 0ref
10534
99
37
1034
7534
10034
1
151
114
8434
4134
2354
16
2654
114
1014
110
2154
92
2554
9551
12134
6234
9954
106
5534
244
42)4
4334
114
2334
47
310
634
834
117
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
10534
994
3834
1034
7834
10254
154
152
115
9534
4334
2534
16
27%
11434
10151
110
23
9234
2634
96
121%
64
100
106
5634
2434
44
45
1154
24
•17
310
634
834
1294
Jan
Jai
Jai
Jar
Jar
Jar
Jar
Jar
Jet
Jar
Jar
Jet
Jet
Jet
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jo
Jai
Jai
Jai
Jo
Jai
Jar
Jar
Jar
Jar
Ja
T.T.
Anti
A'S
Anti
A'S
Ta
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price, Low. High. Shares.
Amer Vitrified Prod pf.
_101)
Amer Wind Glass Co pf 100
Arkansas Nat Gas com_.10
Blaw-Knox Co corn
25
Carnegie Metals Co__ 10
Columbia Gas& Elec corn.*
86
9
9334
22
86
85
8%
9354
17
92
60
86
50
85
954 4,280
80
94
46,985
22
30
92
Range for Year 1927
LAM.
80
85
634
70
11
833'4
High.
May 92
Dec 109
Apr
8%
June 105
Sept 18
Feb 9854
June
Jan
July
Dec
Dec
June
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concl,ded) Par. Price. Low. High. Shares.
Consolidated Ice prof.._ _50
Devonian 011
10
Duquesne Light 7% pf_100
First National Bank__ _ 100
Harb-Walk Ref corn _100
Preferred
100
•
Houston Gulf Gas
50
Indep Brewing corn
Jones de Laughlin St pf 100
25
Lone Star Gas
May Drug Stores Corp_ _*
Nat Fireproofing com_ _60
50
Preferred
Penn Federal corn
Peoples Say de Trust_ _ _100
5
Pittsburgh Oil de Gas_
Pittsburgh Plate Glass 100
Pittsburgh Screw de Bolt_ *
Pittsburgh Steel Foundry.'
a Rich de Boynton pref_
Salt Creek Consol Oil_ _10
Stand Sanitary Mfg corn 25
*
Union Steel Casting
25
Union Storage Co
United Eng de Fdry nom_ _ _
25
United States Glass
Waverly 011 Wks, cl A. *
Westinghouse Air B,new."
West Penn Rys pref —_100
2011er (William) Co pref._
360
2
121
54
20
1935
734
605
3)5
57%
735
109%
34
58
15
52
Bonds—
Indep Brewing 6s.....1955 69
Pitts Ala & Man RR 6s '30
Pittsburgh Brewing 8s 1949,
Pittsburgh Coal deb 5s 1931 1
29
29
8
8
115 115%
360 360
178 183
115 115
13
13
2
2
121
121
5335 54
2035
20
735 735
19% 20
735 735
603 605
335 335
212 212
50
5035
27
27
5735 57%
735
7
108 10935
34
34
42
42
5735 61
15
15
33
3335
50% 52
102 102
95
95
69
80
98
9934
22
222
111
11
365
30
75
100
26
4,780
550
300
435
150
19
180
35
120
50
20
380
2,019
10
101
8,144
530
100
942
10
46
69
23,000
1,000
80
3.000
98
99% 1,000
Range for Year 1927.
Low,
14
735
115
290
131
19535
6
2
118
3735
17%
6
18
5
400
3
220
33
27
30
535
7835
32
4235
5134
11
33
40%
9735
98
69
Jan
Dec
Mar
June
Mar
Jan
Feb
Apr
Jan
Jan
July
June
Dec
June
Feb
July
Oct
June
Mar
Dec
Oct
June
Nov
Sept
Dec
Sept
Sept
Oct
Mar
Dec
Dec
9535 Feb
May
99
High.
32
15
11735
355
182
112%
12%
4
122%
5935
22
9
3035
8
605
335
270
56%
31
40
&
114
40
43
55
1735
43
49%
10135
99
Dec
Jan
Nov
Dec
Dec
Nov
Apr
Feb
June
Nov
Dec
Feb
Mar
Sept
Dec
Feb
Jan
Sept
Apr
Mar
Feb
Dec
Apr
June
Dee
Nov
Feb
Sept
Nov
Dec
7531
Jan
99% Aug
934 Aug
• No par value.
a Sold last week and not reported: 35 Rich &Boynton pref. at 38.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Jan. 7 to Jan. 13, both inclusive, compiled from official sales lists:
Stocks—
Sates
Friday
Range Since Jan, 1 1928
Last Week's Range for
Week,
of Prices.
Sale
Low.
High.
Par, Price. Low. High. Shares,
3534
2635
1
4734
110
10434
57
110
80
9735
133
109
6534
24
...
2935
28
3135
3331
3435
112
94
41
11
59
46
11
9334
15
288
103%
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
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
Ton
111/ IL
ion
Jan
Stocks—
Friday
sales
Last Week's Range for
Range Since Jan. 1 1928
of Prices.
Sale
Week.
Par. Price. Low
High. Shares,
High,
Low.
Bank—
100
Boatmen's Bank
First National Bank _100 335
Merchants-Laclede Nat 100
Nat Bank ot Commerce 100
170
335
300
166
170
335
300
165
Trust Company—
100
American Trust
100 560
Mercantile Trust
Mississippi Valley Trust100
194
560
353
194
570
356
24
24
Street Railway—
St Louis Public Service—•
Miscellaneous—
20
Al e corn
Baer Sternb &Coh 1st pf 100
•
Best Clymer Co
100 4835
Brown Shoe corn
100
Preferred
•
Burkart preference
Certain-teed Prod 1st pf 100
100
2d preferred
Century Electric Co_ _100
100
Elder Mfg lat pref
Emerson Electric pref. _100
.25
Ely di Walker DG corn.
100
2d preferred
Fred Medart Mfg corn...• 34
Fulton Iron works pref_100
Hamilton-Brown Shoe_25 30
•
Hussman Refr corn
•
Huttig S de D corn
100
Preferred
Independent Packing corn •
100
Preferred
International Shoe coca...* 64
100 110
Preferred
• 3435
Johansen Shoe
Laclede Gas Light pref _100
100
Laclede Steel Co
•
McQuay-Norris
•
Mo-Ills Stores, corn
Mo Portland Cement__ _25 42
25 41
60% paid
Moloney Electric pref....100 10034
• 2254
Nat Candy corn
35
3535
100 100
24
25
4834 4835
120 120
2234 2334
11835 11835
185 106
142 142
98
98
105 105
32
3235
90
90
2935 34
59
59
2935 30
34
34
2135 22
95
95
1635 1634
105 105
63
65
10935 11035
34% 3435
10035 10035
180 185
23
2335
17
1735
41
44
41
4335
9935 101
23
233-5
170
335
300
166
Jan
Jan
Jan
Jan
170
336
300
169
Jan
Jan
Jan
Jan
194
560
350
Jan 196
Jan 670
Jan 355
Jan
Jan
Jan
25
Jan
.WN
.0
Cincinnati Stock Exchange.—Record of transactions
Exchange, Jan. 7 to Jan. 13, both
at Cincinnati Stock
mclusive, compiled from official sales lists:
114
2534
5%
120
11035
12
4431
109
135
41
49
13
255
125
4
267
105
10835
4634
3334
120
100
125
9935
55
12834
170
3734
32
105
100
3935
2434
11734
15
48
379
380
128
22
1654
90
45
9534
101
52
534
115
19
100
47
101
101
42
5554
40
7034
27
120
1735
108
42
112
II%
107
275
200
112
VA)
1414
3935
9934
65
103
13654
8335
104
634
90
1073.4
5835
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, Jan. 7 to Jan. 13, both
inclusive, compiled from official sales lists:
.
3035
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
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
Jan
Jan
Jan
Jan
Jan
No par value.
ONCOOOMWNWWOCCOOCCOCCOC.CCOQQ0Mpi
105
69
Jan
2535 Jan 27
15
Jan
14
Jan
Jan
3131 Jan 36
2631 Jan 2634 Jan
36
Jan 3734 Jan
1
Jan
1
Jan
4735 Jan 4935 Jan
6935 JanI 6935 Jan
Jan
3935 Jan 40
10935 Jan 11035 Jan
37
Jan 3735 Jan
3034 Jan 3034 Jan
104
Jan 105
Jan
11235 Jan 11334 Jan
10735 Jan 10734 Jan
235 Jan
234 Jan
Jan
109
Jan 109
2235 Jan 2235 Jan
57
Jan 5735 Jan
37
Jan 37
Jan
Jan
32
Jan 35
10934 Jan 11034 Jan
80
Jan 80
Jan
11035 Jan 11035 Jan
96
Jan 9735 Jan
9935 Jan 9934 Jan
133
Jan 135
Jan
Jan
10834 Jan 109
8834 Jan 8831 Jan
102
Jan 10235 Jan
6835 Jan 6834 Jan
20
Jan 24
Jan
19
Jan 2035 Jan
125
Jan 12635 Jan
Jan
2934 Jan 30
20
Jan 35
Jan
3335 Jan 3531 Jan
10134 Jan 10135 Jan
55
Jan 55
Jan
17
18
Jan
Jan
3135 Jan 3135 Jan
10435 Jan 10435 Jan
9635 Jan 98
Jan
2935 Jan 30
Jan
55
Jan
Jan 80
16
15
Jan
Jan
3335 Jan 3434 Jan
21235 Jan 215351 Jan
735 Jan
9
Jan
36
Jan 3635 Jan
34% Jan 35% Jan
Jan
2834: Jan 29
Jan
11035 Jan 112
94
Jan 96
Jan
10635 Jan 10634 Jan
41
Jan 42
Jan
2631 Jan 27
Jan
11
935 Jan
Jan
18
Jan 2234 Jan
4835 Jan 4835 Jan
285
Jan 28734. Jan
10
Jan
834 Jan
155
Jan
Jan 155
39
Jan 4335 Jan
104
Jan 10554 Jan
Jan
66
Jan 69
Jan
109
Jan 109
30
Jan 3035 Jan
6031 Jan 6235 Jan
3035 Jan 3135 Jan
434 Jan
434 Jan
Jan
53
Jan 60
Jan
4535 Jan 48
24
Jan 2435 Jan
Jan
105
Jan 105
Jan
11
1031 Jan
92
Jan 94361 Jan
Jan
4735 Jan 48
7 . Jan
4
Jan
Jan
15
Jan 30
Jan
7
12
Jan
Jan
285
Jan 290
10334 Jan, 103% Jan
106
Jaril 10734 Jan
110 11235 3,312 110
2435 2535
129 2435
370
434
534
434
103 120
3,595 103
1,195 110
11036 11035
12
12
10 12
43
43
5 43
109 109
10 109
1,235
35
% 134
40
40
41 40
47% 49
605 4735
13
13
50 13
250 255
29 250
125 125
8 125
3
3
300
3
264 267
10 263
105 105
5 105
108 10835
85 108
45
46
375 45
3134 3335 5,749 3035
11535 120
56 11535
9934 100
583 9935
125 125
50 12254
99
9935
82 98
5035 55
1,311 4534
123 12634
1,534 11635
16235 170
24 16234
37
781 37
3754
3154 32
45 3135
50 105
105 105
117 97
9735 100
3935 3935
407 3835
22
24
6.577 22
6 11734
11734 11734
16 15
15
15
54 48
48
48
160 368
368 374
2 380
380 380
71 126
125 125
60 22
22
22
2 1835
1635 1634
90
90
4 90
4435 45
366 43
112 95
95
9134
36 100
100 1 0
483 51
51
52
5
53.4 534 1,457
77 11431
11435 115
19
19
12 17
10 9934
100 100
461 4434
4534 47
100 101
40 10
323 9935
100 101
317 4035
4034 42
5535
740 39
49
40
30 40
40
7054 2.222 70
70
736 26
2635
26
50 11335
11335 120
17
1735
540 17
10634 108
156 10635
42
40
555 40
202 110
11034 112
934 1135 2,435
935
107 107
3 107
263 266
969 249
200 200
1 200
509 11135
1113-4 112
449 9634
9934 100
1435 1435
65 1435
36
3931
835 36
90 9931
9934 9935
6135 65
936 60
100 10135
150 100
131
1343-4
541 131
80
8335
193 77
10031 104
25 :cox
535 531
100
5%
6835 90
6,283 60
10735 10734
15 10534
575-4 583-4
21 5731
Inn tc 107
17 in-,,e
.
N.
28535
10
155
45
463
1,495
740
125
300
680
21
245
215
1,112
85
125
150
280
100
20
50
208
135
200
395
127
15
195
26
196
414
55
35
25
219
300
274
885
55
150
20
103
410
149
11
259
265
90
100
1.015
45
500
105
535
255
371
467
15
172
78
2,723
100
25
258
125
20
1,454
141
272
85
100
116
16
334
650
435
120
10
312
480
95
828
550
480
,348
19
190
Am Laundry Mach com_25 11034
American Products'
435
Rights
Amer Rolling M111 corn. _25 103
100 110%
Preferred
Amer Thermos Bottle "A"• 12
Preferred
50
Baldwin preferred
Rights
%
40
New common
• 4735
Buckeye Incubator
•
Burger Bros
Carey (Philip) corn_ __ _100 255
100
Preferred
Cent Ware & Refrig "A" 20
Central Trust
100 265
Champ Coat Paper pf _100 105
100 108
Champ Fibre pref
•
Churngold Corp
50 3154
Cincinnati Car Co
100
CNO&TPpref
100 9935
CM Gas & Elea
Cin Gas Transportation 100
C N dr C Lt Se Tr corn_ _100 9935
Cincinnati Street Ry_ _50 5354
.
Cin & Sub Tel
50 12534
Cin Union Stock Yards_100
City Ice & Fuel
• 3735
•
Coca Cola "A"
Col Ry Pr"B" pref...100
Cooper Corp new prat_ _100
um 3834
Dow Drug com
Eagle-Picher Lead nom_ _20 2234
Preferred
100
Fay de Eagan corn
100 15
100
Preferred
Fifth-Third-Union Tr_.100 370
First National
100
Fleischmann pref
100
Formica Insulation
•
French-Bauer (linden). •
French Bros
-Bauer pref100
( •Ibson Art corn
• 4435
Globe Wernicke com__ _100 95
Preferred
100
Gruen Watch common_ .• 52
.
Melts
534
100
Preferred
Hatfield-Reliance corn_ •
100
Preferred
Hobart Mfg
Johnston Paint pref _ _ _ _100 100
Kahn 1st pref
100
40
Participating
Kodel Radio "A"
• 39
Preferred
20 40
Kroger common new_ _ _10 7034
.
• 26
Lunkenheimer
gash(A)
100 120
vfcLaren Cons "A"
•
%/lead Pulp special pref_100 108
lational Pump
• 40
4hio Bell Tel prof
100 11135
?aragon Refining com_ _25 1135
Preferred
100
?rocter & Gamble corn. _20 264
8% preferred
100
100 11135
6% preferred
'urn 0116% pref
190 9934
'utman Candy
?lipid Electric corn* 3935
9935
Rollman preferred
• elh
J S Can common
Preferred
100
IS Playing Card
10 131
TS Ptg & Litho nom_ _100
Preferred
100
IS Shoe common
•
rulcan Last common_ _100 90
100 10735
Preferred
Vhitaker Paper common_•
inn 103
0N. 8
97
30
60
2535
14
15
36
33
2635 2634
3734 3734
1
1
4734 4935
6935 6935
3935 40
110 11031
37
3735
3034 3034
104 105
11334 11335
10734 10734
235 235
109 109
2234 2234
57
5734
37
37
3234
32
10935 110
80
80
11035 110%
9735
96
9935 9935
133 135
10834 109
8835 8874
102 10235
683.4 6835
24
20
1931
19
125 12635
2935 30
31
20
34
3534
10134 10134
55
55
18
17
3135 3135
10435 10435
98
97
2934 30
60
55
15
15
3331 3435
21235 21535
831 845
36
38
34 A 35
28% 29
11035 112
9535
94
10654 10654
41
41
2631 27
935 11
18
18
4835 4835
285 28535
10
10
155 155
42
4335
105 10554
6834 69
109 109
3035 3035
6235
82
31
31
431 435
60
57
4535 46
24
2454
105 105
1035 11
9235 9435
4735 48
4
7
28
15
7
12
285 288
10334 10335
10635 10635
Stocks—
Friday
Sales
Rang- Since Jan. 1 1928
Last Week's Range for
Week,
Sale
of Prices.
High.
Low.
Par. Price. Low. High, Shares.
...0
•
Aetna Rubber corn
•
Allen Industries
•
Preferred
Amer Multigraph corn._.'
Beseem Limest & C cam_ *
20
Bond Stores "A"
Buckeye Incubator com__"
Bulkley Building prat _100
•
Byers Machine "A"
Central Alloy Steel pref 100
•
City Ice & Fuel corn
Cie)/ Sidra Sup & Br com •
•
Cley-Cliffs Iron corn
Clay Elect Ilium pref _ _100
Cleveland Railway corn 100
Clay Securities P L prat 10
Clay Un Stockyds com_100
Clay Worsted Mills com 100
Elea Controll & Mfg corn.'
Faultless Rubber com____•
Federal Knitt Mills cam_ •
Firestone T&R 7% pi. _100
100
Foote-Burt pref
Gen'Tire & Rubber pf..100
100
Glidden prior pre(
Goodyear Tire & Rub pf100
Grasselli Chemical com.100
100
Preferred
Gt Lakes Towing com_100
100
Halle Bros pref
Hanna M A let met _ _100
Harris-Seyb-Potter corn_ -o
Industrial Rayon "A"_ _*
Interlake Steamship cona_•
*
Jaeger Machine corn
100
Jordan Motor pref
*
Kaynee, corn
100
Kaynee pref
Island L&T corn 100
Kelley
Lake Erie Bolt dr N nom_ _•
•
Metropol Pay Brk corn..
100
Preferred
Miller Rubber pref_ ....100
Mohawk Rubber common •
100
Preferred
Murray Ohio Mfg com__*
a
Myers Pump
100
Nat'l City Bank
National Acme corn....10
National Refining corn...25
National Tile common.._•
Nineteen Hun Wash corn.*
100
Ohio Bell Tel pref
•
Ohio Brass "B"
100
Preferred
Ohio Seamless Tube nom.*
•
Ohio Confection
Paragon Refg common._25
Peerless Motor nom- ._50
*
Packard Electric
Richman Bros common„"
River Raisin Paper corn..'
3andusky Cement corn...*
Selberling Rubber corn...*
100
Preferred
.25
3herwin-Williams corn.
100
Preferred
.
3mallwood Stone com._ _•
3tand Textile Prod A pf 100
100
"B" preferred
Reams Motor common_ _•
25
Tubes
Reel &
Telling-Belle Vernon corn.*
Thompson Prod com_ _100
Trumbull-Cliffs Furn pf 100
•
Trumbull Steel corn
100
Preferred
:Thion Metal Mfg corn_ •
_100
Thion Mortgage com_
100
1st preferred
100
preferred
2d
100
Jnion Trust
,Sec,u,rhp110(100
,..
N h1to _Matos
value.
L •No.Par
[VOL. 126.
FINANCIAL CHRONICLE
'238
24
35
100
2215
4835
120
2235
1183-5
105
142
98
10235
32
90
29
59
2935
34
2135
95
1634
105
62
10934
3435
100
180
23
17
38
38
9935
2245
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
3535
100
25
4834
120
24
11831
106
142
98
105
33
94
34
59
30
3435
22
95
1735
105
65
1103
4
3435
10035
185
2335
1734
44
4335
101
2334
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
.1 A N.
14 1928.]
FINANCIAL CHRONICLE
239
===
Friday
Sales
Last TVeek's Range for
Range Since Jan. 1 1928
Sale
Wee/c.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
High.
Low.
'
9
Pedigo-Weber Shoe
Polar Wave I & F Co_ _ _ _• 3234
Rice-Stix Dry Goods Corn *
100
let preferred
100 104
2d preferred
Schoeneman (J) pref _100
-V.
Scruggs -B. D G corn _25 19%
100
1st preferred
*
Scullin Steel prof
•
Sheffield Steel corn
Southern Acid & Sul com •
So-western Bell Tel pref 100 118%
St Louis Amusement A_ *
10
St Louis Car corn
Preferred
100
38
3874
3274 3274
22
2274
115 11574
104 104
98
99
18
1934
8274 83
31
33
33
3334
4794 4734
11794 11834
37
37
16
16
100 100
190
333
2,001
45
25
40
577
28
215
180
370
106
25
30
50
38
32
22
115
104
98
18
8234
31
33
4794
11734
36
16
100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3874 Jan
3274 Jan
23
Jan
11591 Jan
104
Jan
99
Jan
20
Jan
83
Jan
33
Jan
3396 Jan
4734 Jan
11874 Jan
37
Jan
1694 Jan
100
Jan
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Stlx Baer & Fuller
Wagner Electric corn_
*
Preferred
100
Miscellaneous Bonds
Nat Bearing Metals 6s 1947
Scullin Steel Gs
1941
* No par value.
Low.
High.
2991 30
3794 3834
97
97%
130
911
80
29%
3734
97
Jan
Jan
Jan
31
38%
9734
Jan
Jan
Jan
14
15
165
14
Jan
15
Jan
85%
85
85% 354,000
85
Jan
8574
Jan
99
9994 9991
99
9934
9994
99
Jan
Jan
99%
9931
Jan
Jan
30
MiningConsol Lead & Zinc"A" •
Street Railway Bonds
United Railways 4s_ _ _1934
Range for Year 1927.
5,000
1,500
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. 7) and ending the present Friday (Jan. 13). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds,in which any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
TVeek.
Par. Price. Low. High. Shares.
Week Ended Jan. 13.
Stocks-
Indus. & Miscellaneous.
Acetol Products Inc
293-4
05
Acme Steel Co cons
Aero Supply Mfg el A__ •
Ala Great South RR ord_50 17334
Preference
50
Mies & Fisher Inc COM
*
Allison Drug Store class A• 2194
Class B
• 15
Aluminum Co corn
• 124
Preferred
100 106
American Arch Cu
100 67
Amer Bakeries class A._ • 49
Am Brown Boveri El Coro
•
g
Founders shares
Amer Chain Co, cont
* 43
American Cigar com _100 x145
Amer Cyanamid corn B 20 4274
Preferred
100 98
Amer Dept Stores Corp_ _• 14
Amer Hardware Corp 100 85
American Hawaiian 88_ _10 177-4
Amer Mfg Co conk
100 7774
American Meter Co
Amer Rayon Products_ • 1734
Amer Rolling Mill coca_ _25 10494
Preferred
100 11095
Am Solvents & Chem v to• 1274
Cony partic preferred--• 2794
Amer Thread pref
5
3 re
,
Amsterdam Trading Co
American shares
Anglo-Chile Nitrate Corp.' 20.
7i
Ape° Slossberg Co cl A _ _25
Atlantic Fruit & Sugar_ •
Atlas Plywood
• 6591
Atlas Portland Cement..
Auburn Automobile corn..• 129
Bahia Corp. corn
•
Balaban & Katz corn vtc 25 6135
Bancitaly Corporation_ _25 14274
Beaver Board CosCom A v t c
•
Belgian Nat Rye prof
1691
Bendix Corp corn cl A _10
Bliss (E. W.) dr Co.. corn.• 1994
Blumenthal (8) & Co corn •
Blyn Shoes Inc com
10
Boback(H C)Co com _ _100
Bohn Aluminum & Brasa_• 4134
Bow-Biltm Hot 7% pf_100
Bridgeport Machine com_•
Brill Corp class A
Brill Corp (new) pref _ _100
Brillo Mfg corn
• 17
Class A
•
Brit Amer Tob ord bear_ £1 25%
Ordinary reg
Li
Broadway Dept Store let
pref with warrants...100
Brockway Slot Trk, com •
Bucyrus-Erie Co
10
Cons' preferred
5
Budd (Ed G) Mfg corn...•
Butler Brothers
20
Campbell Wyant& Cannon
Foundry
• 4194
Carnation Milk Prod_ -25
Casein Co of Amer
100 162
Case Plow Wks el B vi e.•
6%
Caterpillar Tractor
• 5734
Celanese Corp of Am com_• 97
First preferred
100
Celluloid Co corn
•
•
First preferred
Celotex Co common
• 53
77 preferred
0
100
Central Aguirre Sugar._50 13434
Centrifugal Pipe Corp .• 12
C M dr St P(new co)
New common WI
2574
New preferred w I
4174
19.) 120
Childs Co, pref
Cities Service, common_20 x5494
100 x9591
Preferred
10 x834
Preferred B
100
Preferred I3B
City Ice dr Fuel (Cleve)._.
Club Aluminum Utensil_ _• 3734
• 2834
Cohn-Hall-Marx Co
1%
Colombian Syndicate- --IL
Columbia Graph. Ltd rots_
353-4
33
Colt's Fire Arms Mfg
Consol Dairy Products. _ ..* 2274
• 1591
Consol Laundries
Consolidation Coal corn 100 2794
Copeland Products'no
9
Class A with warrants..
£1
Courtaulds Ltd
Crowley. Milner dr Co com•
36
151
Crown-Willamette Pap v t
Cuneo Press
A% pref with warrants
Curtis Publishing COM- •
•
$7 cum pref
• 43
Davega Inc
29%
83%
14
16994
168
31
20
15
120
10534
6631
49
29%
8394
1434
,
177%
177
33
21%
1594
12494
106
69%
4994
1,600
100
300
2,550
1,160
200
5,200
1,400
1,000
2,500
1,050
200
1,900
734 9
43
43
100
450
140 145
42% 8,500
39
95
98
4,570
14
2,400
1434
85
50
85
15% 1834 6,800
150
8091
77
150
114% 116
1631 1794 14,200
40,100
10291 114
11094 11034
480
12
12% 8,000
:2594 2731 4,000
,
700
2114 3%
43
2934
6
75c
6491
40
124
9%
60
137%
1,000
43
3,700
31%
400
6%
1,600
89
3,600
659
600
40%
4,400
130
100
934
6194
200
142% 29,400
4
4
100
1634 16% 2,200
54% 5591
400
19% 20% 3,000
3394 3491
300
4% 47
%
400
244 24934
130
3494 42
25,100
70
100
70
294 2%
100
34
100
34
90
94%
340
16
1795
7,500
27
27
100
25% 25% 2,000
100
25% 25%
11091
44%
2991
35%
3334
22
112
4894
3091
36%
34
22
41
34
156
634
53
95
171
110
130
50
84
133
1191
4334 32,300
300
3894
110
165
1,100
734
1,500
5794
100
3,400
2.000
17594
100
110
130
100
5791
850
100
8694
135
1,700
1,600
12%
2434
40%
11934
x5494
x9491
8%
88%
3694
37
24%
1%
35
3134
21
15
27%
26% 25.600
44
29.900
121
190
5591 39,300
9594
1,800
894
20
8834
100
38
400
37% 2,100
29% 4,000
Ithz 5,600
3694 2,100
33
500
23
2,400
15% 3,500
2791
50
9 10%
38% 3991
35% 35%
1691 16%
101
188%
119
46%
10194
189
119
51
725
1,709
1,100
900
300
100
700
500
3,100
109
500
100
300
1,000
Range for Year 1927
Low.
High.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Deere & Co common_ __10
30
Dec 35% Deo
De Forest Radio v t c__-_•
394
Vot trust ctfs-ctf dep..
Feb
8
1494 Oct Detroit Motorbus
10
123
Slay 163
Nov Devoe & Reynolds Cl B__•
12491 Feb 163
Nov Dixon(Jos) Crucible Co 100 178
22
July 36% Dec Doehler Die-Casting
•
1994 Nov 22
Nov
Dominion Stores Ltd....' 108
1434 Dec 16% Nov
Dubiller Condenser Corp.
•
331
67% May 14534 Nov Dupont Motors
• 60c
101% Mar 10694 Des Durant Motors Inc
• 103-4
5534 Dec 111% Ate Durham Dup Razor pr pref
47% Oct 50
Sept
w lel B com stk pr war_• 51
Buz Co CIA vot tr ctfs_ •
5
Aug 21
Jan Eastern Rolling NllIl
•
40% July 4894 Sept Educational Pictures, Inc
Apr 148
115
Dec
8% pf with corn purch war 95
Oct 4334 Dec Eitingon Schild Co corn •
25
84 June 9831 Dec
Estey-Welte Corp class A.
11% Nov
14% Sept Evans Auto Loading Cl A.5 62
May 81
78
Jan
Class B common
5 6234
Jan 20% May Fageol Motors Co corn__10
9
291
Dec 9231 Sept Fajardo Sugar
77
100 158
8994 Jan 125
Dec Fan Farm Candy Shops..* 313-4
3% Ma
18% Jan
Feasted Products. Inc_
28
44% Dec x111% Dec Fashion Park Inc cora _ _ _• 40
10934 Jun 115% Dec Fedders Mfg Inc class A_ •
6
Oct
1234 Dec Federated Met stk tr ctfs_•
11
May 29
Dec Film Inspection Mach___•
434
394 Oct
33314 Oct Fire Assn of Philo,
10 7194
Firemen's Fund Ins_ _ _106 125
43
Dec 4374 Dec Firestone T & It com
10 214
14
Feb 31% May
100 110
77 preferred
0
994 Aug
100 112
6% preferred
594 Aug
620 Sep
194 Jan Ford Motor Co of Can..100 549
Sep
Dec Forhan Co class A
50
66
• 2634
De
4594 Jan Foster & Kleiser Co _ _ -10 1734
38
100
Jul
12034 Dec
Foundation Co
9% Dec
1034 Des
Foreign shares class A..• 1294
De
6134 Dec Fox Theatres el A com
60
• 20%
Dec Franklin (H H) Mfg corn'
8594 Jan 145
Freed-Eiseman Radio__ •
•
gg
2% Sept
494 June Freshman (Chas) Co
Fulton Sylphon Co
• 433-4
Jan 55
40
Dec Gamewell Co corn
• 65
15% Oct 24% Apr Oared Corporation
• 800
8
Mar 3834 Dec General Alloys Co
• 1334
391 Nov
9% Apr General Baking class A • 8594
•
g
Nov 235
210
Feb
Class B
13
Feb 363-4 Dec Gen'l Bronze Corp corn..' 40
Dec 74
72
Dec Gen. Fireproofing corn •
]
Oct
534 Mar General Ice Cream Corp_ •
2
33 June 47% Jan Gen'l Laundry Mach corn..•
Aug 95
94
Sept CU spring & Bumper com• 16644
. 10
7.34 Feb 16% Dec Glen Alden Coal
Jan
20
2731 Dec Gavel (Adolf) Inc corn
• 7191
2394 Feb 26
July
Gold Seal Electrical Co..• 1574
July
2334 Feb 26
Gorham Mfg common...' 5195
Grand(F&W)5-10-250 St• 9331
10094 Dec 113
Sept
36
Sept 50
Dec Gran w W T)Co of Delcom •
N et
(
21% Aug 31
Dec Gt All & Pac Tea 1st p1100
31% July
36
Oct Greenfield Tao & Die_ ___• 1294
Apr 34
20
Nov Greif 04 F.r. Bros pf el X 100
1891 Apr 28% Dec Habirshaw Cable dr Wire.* 233-4
Hall (C al) Lamp Co__ •
30% Dec 41
Dec [jail(W le) Printing _ _10 2994
2634 Nov 3134 Dec Happiness Candy St el A.
634
167
Dec 170
Dec Hazeltine Corp
•
3% Feb
13
Mar Hellman (Richard) Inc
2794 Feb 6131 Dee
Warrants
44
May 120% Oct Heyden Chemical Co_
•
May 185
131
Dec Hires(Chas E)cl A com_.• 2234
60
Sept 129% Nov Hobart Mfg
113% Sept 13594 Oct Holland Furnace
• 4294
54
Dec 85
Jan Hood Rubber Co corn..._•
Dec 91
84
Mar Hoover Steel
07% Jan 135
Dee Horn & Hardart common.' 5434
10% May
18% Jan
Preferred
100
Hunt Bros Pack el A corn •
Mar 2774 Nov iluyier's of Del, corn__ _• 1874
20
27% Mar 4391 Dec
7% preferred
100 10131
117
Apr 124
Nov Ilygrade Food Prod corn.* 2974
4074 Mar 5831 Feb Imperial Tobacco of Can_5
87% July
9594 Dec Imp Tob of Gt B & Ire_ _£1 25
794 May
894 Oct Industrial Rayon class A... 2094
31
Apr 8891 Nov [flour Coot North Amer.1090
23% Jan 37% Dec Intel-flat Cigar Sfach'g, _•
34% Nov 4134 Nov
-Many Corp corn...* 117%
Johns
18% Mar 28% Sent
Preferred
100
134 Dec
3% Jan Joske Bros Co cons t e__• 4134
3294 Nov 4134 Nov
Kemsley,Sfillbourn&Co__• 17
30
Feb 32
Sept Kinnear Stores Co corn. _.•
1834 Nov
2594 Dec Kroger Grocery & Bak'g10 140
1434 Nov 22% Apr
New common
• 70
24% Nov 36
Jan Kruskal & Kruskal, Inc_ •
Lackawanna Secur, new. _• 53
6
Oct 22
May Lake Superior Corp_ _100
2494 Jan 38% Dec Land Co of Florida
• 24
3.5% Dec 3,3
Nov Landover Holding Corp 1 19s
9
Nov 15
Dec
Class A stamped
Letcourt Realty pre
10194 Dec 10294 Dec Lehigh Coal & Nay
5() 135
1711
170 June 221
Sept Lehigh Val Coal etre new.. x3594
113 June 11891 Dec Lehigh Val Coal Sales.-50
44
Dec 5894 Aug LeMur Co corn
• 1994
Range for Year 1027.
Low.
225 239%
1,300 70
1
2
394
9,500
134
501
1,100
23-4
994 9y,
200
50
50
100 3834
177% 180
1,550 151
16
16
100 15%
108 10831
400 66
2
291 334
2,000
60c
60c
100 40c
1034 12% 44,500
591
51
51
531 594
26
2694
100
400
200
94
95
35
35
2
3
5734 62
57
6294
131
294
158 150
30% 30%
26
33%
3934 40
28
29
/1734 1834
4% 494
58
7294
12334 12894
212 227
109% 110
10994 112
545 559
2594 2694
15
19
75
100
700
2,400
6,300
3,100
90
300
9,000
300
309
60
400
400
1,300
1,45
10
7
36
6,10
6,00
nigh.
Jan 249% Nov
Dec 20% Jan
Dec 1034 Jerk
Jan 41
Mar 179
Nov 22%
Jan 109
Nov
534
1
Nov
1434
Jan
47
Sept
4 June
2094 Mar
53
11
31
July
Dec
Nov
Dec
Mar
Aug
Mar
Nov
Jan
June
36%
10%
59%
59%
434
10794
34
39%
43
32%
2034
831
79%
126
235
10934
107
725
26%
14
Nov
Apr
Dec
Dec
Jan
Sept
Sept
Dec
Sept
Aug
Dec
Feb
Dec
Dec
Des
Dec
Oct
Nov
Nov
May
10
1391 5,100
794 Nov
20%
1934 2134 6,20
123.4 Jun
24
Apr 20
400 12
1534 1694
231 234
134 Dec
100
794
994 1094 5,700
6
Dec 2394
43
4434
1,400 3934 Jan 5894
63
65
Jul
6794
300 63
7)94
394
1
1,800 40c May
13
1394
300 13% De
15
81
8834 109.500 5294 Apr 8031
934
494 Mar
,
83-4 loq 271,800
3831 443,4
,
2,000 2734 Nov 3891
10194 102
Jan 10494
700 51
6234 6494 2,400 4031 Feb 6494
1.200 20 June 24%
20
2094
1,400
634 Oct 1391
105-4 11
2,200 15994 Apr 18734
16634 167
8,700 2594 Jan 70
7094 75
,
1434 1634 6,100 1191 Nov
25%
700 37 June 48%
515-6 5234
Feb 99%
1,200 60
9331 94
47
4734
500
120 122
200 7494 June 129
118 118
100 116
Feb 120
,
4
12
1291 1,500 109 May
13%
99
99
400 97
Apr 101
Jan 26%
200 15
233-4 2534
100
7
1034 103.4
July 1034
2994 2934
800 2391 Aug 3171
6
6%
4% May
900
734
1094 11
300
4% May
143.4
Mar
Dee
Oct
Jan
Jan
Aug
Dec
Jan
Dee
Nov
Nov
Dec
Dee
Dec
Sept
Nov
Oct
Aug
Nov
Dec
Oct
33%
13.1
32
2994
194
15034
25
20
3794
27
9
3
6194
9534
115
99
10494
339
17%
13%
Jan
Dec
Mar
Feb
May
Mar
Mar
Apr
Dec
June
June
July
Sept
Nov
Feb
Jan
Sep
AD
Jan
May
14
8%
2234
4374
42
423-4
13
54
10811
2434
17
10194
2534
9%
25
1894
8794
100
11694
120
40
16
30
140
70
1434
52
434
24
14%
891
23
4334
43
4234
13
56
100
2494
1891
1013.4
2934
9%
2534
22
9534
10494
122
120
4134
1734
31%
140
7031
16
53
634
243-4
1934
373.4
110
x3634
6394
1634
Jan
17%
300 14
1934
Dee. 4018
3834 5 700 38
,
1183.4 11,000 105% July 121
Dec 46
6.200 35
39
Dec 100
440 58
65
3.100 1291 Nov
x20
15
Nov
600 11
7% Oct
200
700 1834 Nov
100 2734 Mar
5,600 3494 Aug
100 3234 June
100
500 5034 Apr
50 107
Jan
200 2394 June
7,700 14% Aug
200 98% Oct
20,100 22% Nov
7
Jan
100
200 24 June
491 Jan
30,700
Feb
9,800 51
Apr
1,500 46
35,700 5534 Jan
650 11494 Jan
Aug
1.
500 41
Sept
21,400 12
400 2751 Aug
450 119 June
5,200
630 15% Dec
1,300 52% Dec
3,500
June
1,100 18
Oct
Dec
Nov
May
Aug
Mar
Oct
Dec
Sept
14
10
23%
42%
47%
46
Dee
Aug
Dec
Dec
Dec
Feb
5694
115
2535
18%
103%
25%
1034
30
2494
101
98
12694
122
46
1791
38
145
Dec
June
Jan
Sept
Dec
Dec
Nov
Jan
Dec
Dec
Dec
Nov
Dec
Nov
Nov
Aug
Nov
24% July
Aug
74
36
Jan
Sept
Dec
Jan
Jan
Mar
Dec
240
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High Shares.
FINANCIAL CHRONICLE
Range for Year 1927.
Low.
High.
Leonard Fitzpatrick &
Mueller Stores, coin_ •
Aug 48
100 33
412 412
Aug
Libby McNeil & Libby. l0
1)34 Sept
200
931 931
834 July
Libby Owens Sheet Glass25
500 108% Nov 1594 Jan
125 1274
Lit Brothers Corp
10 24
100 234 Aug 28
Oct
25
24
Manning Bowman & Co
-Class A
•
1,000 16% Dec 20% May
17% 1936
Marmon Motor Car. corn •
1,400 3934 Oct 6231 May
45
47
500 4631 Oct 60
Marvel Carburetor
6334
10
Dec
62
Maryland Casualty
Oct 19734 Dec
25 181
284 151
1804 184
Massey Harris Co corn -• 4234 4236 4234
Mar 43
100 29
Dec
Mavis Corporation
Sept 284 Jun.
•
1,200 19
2234 2334
Mavis Bottling Cool Am -• 1534
84 July 1139 Dec
1535 16% 8,100
Der
May Drug Stores Corp__ -• 2031 20% 2034
Sent 22
1,700 18
May Hosiery Mills $4 Pf-•
100 48
4831 484
Nov 50
Sept
54
McCall Corp
56
• 54
1,500 48 June 644 Nov
McCord Rad Mfg v t c • 1934
500 1634 May 21
Jan
1934 2134
McKeesport Tin Plate_ _
60
1,400 6011 Dec 6234 Dec
604
60
Mead Johnson & Co com_•
1,600 39% Jan 6514 Dec
5634 5735
1,000 59
111 1554
Melville Shoe Co com____• 113
Feb 1244 Sept
120 108
113 113
Fret without warr_ __100 113
Sept 1144 Dec
100 5534 5534 .58
Mengel Company
July 5434 Dec
450 27
Mercantile Stores Co..100 97
110 9534 Aug 112
974
Mar
97
•
3
Mesabi Iron
334
800 55c June
3% Dec
334
Metropol Chain Stores • 54
54%
Feb 58
1,700 30
Nov
54
131 Jan
300
7
Met 5& 50c Stores corn A_*
755
15
Sept
43,1 534
Common class B
July 24
•
4%
200
5
Sept
Preferred
100
44
44
50 30
Feb 6334 Aug
Midland Steel Prod
1,800 3934 Apr 125
• 104% 954 108
Dec
39
Midvale Company
39
200 2314 Jan 42
Nov
Monsanto Chem Wks corn• 3831 38% 39
400 3734 Nov 39
Dec
. 936
National Baking com
734 June 1034 May
7,000
94 10%
2
Nat Food Products cl B •
July
84
9
Apr
6
8% 9,500
10
National Leather
236 Sept
431 Jan
4% 431 2,000
436
100
275 115
Nat Sugar Refg
Nov 155
130 131
May
National Tea pref
100
50 101% June 105
105 105
Dec
Neisner Bros Inc corn_•
550 364 Feb 71
6031 63
Sept
Preferred
100
10 96
1114 11131
Jan 110
Dec
Neptune Meter Cl A
•
244 24%
300 2034 Sept 2414 Dec
New Amsterd Casualty_10
78
25 75
78
Dec 80
Dec
10631 1074
Newberry (J J) pref...100
275 0734 Mar 105% Sept
New Mex & Aria Land-- -1
2,700
936 j0
9% Apr
94
16
JunNew On Gt North RIt..100
600 1934 Jan 41% Apr
36% 3736
Newport Co prior COM _ 100 12336 11934 12334
125 115
Nov 122
Aug
35
N Y Merchandise Co__ •
35
200 27
Jan 41
Sept
Nichols & Shepard Co -•
32
700 21
31
Oct 35
Nov
314
800 1534 Nov 36%
28
Niles Bement-Pond corn_ • 30
Dec
6
6
North Amer Cement
200
5
Mar 12
Mar
9534
94
350 76
Ohio Brass class B
Jan 11634 Dec
1,200 48
Pacific Coast Biscuit pref.*
5135
Nov 50
--- 50
Nov
Pacific Steel Boller
1334 1,300
• 13% 13
934 May 14% Nov
90
97
400 80
Page Hershey Tubes corn.* 97
Sept 88
Oct
•
94
Palmolive Peet Co com
600 69
95
Apr 112
Sept
•
Parke Davis & Co
38% 394
300 274 Mar 40
Nov
50
Pender (David) Gras Cl A_•
50
200 41
July
Nov
52
•
3334 34
Class B
400 19
Apr 36
Nov
Penney (J C) Co CIA p1100 104
104 105%
660 99 June 1304 June
Penna Salt Mfg
zo
98 100
125 74
Feb 1054 Nov
•
48
Peoples Drug Stores
48%
600 2834 Apr 50
Dec
100
Pepperell Mfg
100 100
20 98
Dec 106
Dec
Phelps Dodge Corp_ _ _ _100 1294 1284 12934
July 13634 Dec
100 110
2
Phillip Morr Cons Inc coin• 12%5
74 8% 2,900
84 Dec 204 Jan
Class A
8
124 1231
300 124 Dee 22
Jan
-Pick (Albert) Barth dr Co
Common rot tr ctf
1
10
100 10
10
Oct
1411 June
Peel class A (panic pref)* 21
21
21% 1,700 1934 Oct 28% June
Piggly Wiggly Corp corn _ _• 28
2735 2834 4,700 254 Oct 2914 Oct
Piggly Wiggly Western
Stores Co class A
24% 2436 2434
200 2234 Dec 2534 Sept
Pitney Bowes Postage
•
7%
.
Meter Co
Oct
834 Nov
700
731 834
5
Pitts & L E RR corn_ ___50 153% 154 155
600 2150
Dec 187
Nov
Potero Sugar courmon
• 14
14
14
1,400 1334 Nov
144 Nov
Pratt & Lambert
• 53
5135 53%
Mar 5834 Sept
500 48
Procter & Gamble com__20
260 265
Feb 247
350 178
Dec
Prudence Co 7% pref__ 100 10335 103 10334
50 10231 Jan Ilgu Oct
Pyrene Mfg
10
9
9
100
Oct 1434 Jan
8
Realty Associates corn...• 2704 2704 2764
Jail 320
60 235
Sept
Remington Arms com
•
Mar 17
Apr
1234 1234
7
100
Republic Mot Trk v t C. •
May
5% Jan
2
300
211 24
Richman Bros Co
• 285
Apr 295
Dec
40 153
285 288
Richmond Radiator com_. 26
May 35% Aug
26
27% 1,200 20
7% Convertible pref__ •
800 3734 May 45 June
39
40
Rolls-Royce of Am pre( 100
Dec 79% Apr
200 42
98
5231
Royal Bak Powder corn 100 240
175 161
240 253
Sept
Feb 339
Preferred
100
50 :994 Mar 108
Aug
104 104
Royal Typewriter corn...• 793,1 79% 79%
Dec
July 81
25 46
Ruberoid Co
1,050 68
Sept 8534 Nov
100 893
8236 893
Mar
Safety Car Heat & Ltg _100 145
250 124
July 140
1364 145
Safeway Stores Corn
Dec
Feb 326
160 232
310 315
• 310
St Regis Paper Co
Apr 63
Dee
3,800 37
• 54
50
55
July
Savannah Sugar corn
Dec 140
20 111
1254 127
* 127
250 51
Scovill Mfg
Dec 5834 Nov
25 5234 514 524
1,500 2535 May 364 Dec
Seeman Bros common____• 344 33
35
Nov
Apr 41
Selberling Rubber Co com • 42
41% 4334 2,400 23
Selfridge Prov Stores Ltd
100
4
Dec
54 June
Ordinary
El
434 434
Servel Corp (Del) corn A.
1
81c
134 47,900 We Nov 10% Feb
3
Nov
634 Dec
Serve' Inc (new co) v t o- -*
534 31,900
5
Nov 29% Dec
1,400 18
Preferred v t c
29
26% 30
300 21
July
Dec 23
Sharon Steel Hoop
25
24
50 25
Dec 852
Dec
410 665
Scheaffer(W A)
Pen corn 100 849
790 849
Dec
Feb 68
25 44
Sherwin-11"ms Co COM- _25 684 6834 6835
Silica Gel Corp corn v t
18
174 184 1,100 134 Mar 214;Sept
Apr 5234 Sept
200 26
Silver (Isaac) &Bros corn_•
39%
39
40 360 June 445
Dec
Singer Mfg
100 429
428 429
474 July
1,300
55 May
4
El
Singer Mfg Ltd
64 7
75 96% Dec 125
Jan
98
96
Smith (A 0) Corp corn_ __• 96
Stria Viscose Ltd.__200 lire
100
Jan
1134 Oct
5
934
934
Deposit rcts Chan & Bk.,
900 2514 Dec 2734 Dec
2411 244 2534
Southern Asbestos
10 110
Apr 126
June
125 125
Sprildlim(A G)& Bros corn •
3,700 15
Aug 3934 Dec
34
Sparks-Witt:1114ton Co__-• 31% 30
Sept
34% 33
354 8.500 19% Jan 37
coin.
343's
Stand Comual Tob
14 May
600 50c Dee
1
65c
1
Stand Motor Constr. _ _100
100
331 Apr
631 Oct
334
334
Standard Publishing cl A 25
1,025 80 June 114% Dec
Stand Sanitary Mfg com.25 109% 1084 109
100 52% Dec 90
Feb
5334 54
Stanley Co of Amer
4,740 42
Feb 6234 Dec
64
56
66
Stern Bros class A
1934 Dec
700 15
Jan
20%
• 19
19
Class B com v t c
94 Nov
134 Sept
700
9% 10%
•
Stinnes(Hugo)Corp
100 344 Dec 42
Jan
35
35
Stromb-Carlson Tel Mfg_•
1,100 1214 May 2134 Oct
• 1534 1534 17%
Stutz Motor car
25 166
Aug 18134 Mar
164 164
Superheater Company_ _ _* 164
200 77
Sept
May 90
95
95
Swedish Match cl A(100 kr)
1,200 11534 May 130
Sept
125 128
100 128
Swift & Co •
54,600 18% Mar 284 Oct
30
16 29% 26
Swift International
1,200
224 Nov
14 July
Syrac.Wash.Mach.B. corn• 19% 1434 1936
10 90
Mar 320 May
(Leonard) Teitz Warrants- __ _ - -- 314 316
May
300 104 Nov
14
Ttniken-Detrolt Axle_ _ _10 12% 1234 12%
10 86
May 113% Oct
100 -- --- 105% 1054
Preferred
3334 3334 3331 3,000
Tishman Realty & Const-•
500
3
Mar
94 Aug
331 34
Tobacco Prod Rap Cor1)--• ---- -600 45
June
Apr 55
494
-- 48
Todd Shipyards Corp_ _ _• _
Trans-Lux Day Pict Screen
84 Jan
2,400
3% July
3%
3% 3%
Clasa A
4,500 2734 Oct 324 Dee
2834 29
com.
Trice Products Corp corn_• 29
9
1,000
Oct 144 Aug
104 11
Trumbull Steel Corn... _25 11
2,000 7474 Jan 100
Nov
9234 94
Preferred
100
Jan 3934 Dec
900 24
3434 35
Truscon Steel corn
10 z3434
Jan 485
Dee
1.410 145
480 505
Tubize Artificial Silk el B..• 490
[VoL. 126.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Tung-Sol Lamp Wks corn.
Class A
United Biscuit class A _ _.•
Class 13
•
United Else Coal Cos v t c•
Clotted Eng dc Fdy new w I
United Profit Sharing corn•
United Shoe Mach cool. _25
IJ 5 Dairy Prod cl A
•
S L Battery corn
•
10
7% prof Cla.93 B
S Freight Co
•
E3 Gypsum corn
20
U S Radiator coin
•
U S Rubber Reclaiming..*
Universal Pictures
Waitt & Bond Inc class A.•
Class B
•
Warner Brothers Pictures.*
Watson (Jno Warren) Co..*
Wesson 011&S D corn,10•
Western Auto Supply pref.
Wheatswortb Inc corn. •
Woodworth, Inc
Worth. Inc, cony Cl A__.•
Zellerbach Corp
RightsIktch Top & Santa Fe
Borden Co
Commonwealth Edison..
Flat
Goodrich (B.F.) Co
•
Loews Inc
Northern States Pow
White Sewing Mach deb rts
A_.
2136
31%
4435
88
79
16
2435
1714
1531
7134
28
3%
5%
84
634
10%
Public Utilities
Amer Dist Teleg, NJ, p1100
tmer Gas & Elec corn_ ___• 12134
Preferred
•
Amer Lt & Trac corn_..100 174
tiller Nat Gas corn v t c__• 1931
Amer Pow & Light pref_100
Amer Superpower Corp A • 38
Class B common
• 3836
First preferred
• 102%
Participating pref.._ _25
Arizona Power com _ _ _ _100 234
tssoc Gas & Else class A.
4831
Blackstone Val G&E com50 135
Bridgeport Gas Light__ *
Brooklyn City RR
lop
Buff Niag & East Pr com_•
New class A w
324
n5 26
Preferred
Central Pub Serv corn.._
•
Cent States Elec corn
Cities Bert Pr & Lt 16 p1-• 96%
,
100
7% preferred
Columbus El & Pow,corn •
Com'w'Ith-Edison Co_ _100
Coni'wealth Power Corp
100 102%
Preferred
Community P& L 1st pf 100 103
Con Gas EL & P Balt corn.
100
Duke Power
Else Bond & Share pref.100 110
Else Bond & Share Secur.• 7831
Elec Invest without warr.• 41%
Elec Pow & Lt 2d pref A.
133-4
Option warrants
Empire Gas & F 8% p1.100 10935
100
7% preferred
Empire Pow Corp part stk•
Federal Water Serv cl A...• 343e
Florida Pow & Lt $7 pref.•
General Pub Sere corn ___•
Ga Pow (new corp) 26 Of_•
_100
Intermit Rys vol tr ctf.
internal Utilities class A.• 48%
•
9%
Class B
Participating preferred_
984
p1100
Jer Cent Pr & Lt
K C Put) Serv corn v t c_ •
Lehigh Power Securities_ _• 20%
•
Long Island Ltg corn
Marconi Wire Tot Can _A
Marconi Wird Tel Lond..fl 1231
Preferred
Middle West Utilities corn • 129
•
VI preferred
100
7% preferred
Mohawk & Hyd Pow com • 2934
•
First preferred
•
Second preferred
Warrants
•
Mohawk Valley Co
Mtn State Power 7% p1190 1014
• 1334
Municipal Service
Vat Else Power class
2734
Nat Power & Light pref •
,
Nat Pub Ben corn class A.
23
Common class B
• 2631
Nevada-Calif Elec corn_100
NY Telep 614% pref_ _100 1154
Nor Amer Util Sec corn _ _•
731
lot preferred
• 9231
Northeast Power corn...,' 19%
Northern Ohio Power Co_• 1834
Nor States P Corp com_100 125
Preferred
100
Ohio Pub Serv 1st pf A 100
Pacific Gas & El 1st p1.2e 2731
Penn-Ohio Ed corn
100 108
7% prior pref
• 95
:a preferred
Option warrants
Penn Ohio Secur Corp..
Penn G & E CIA pd stk. _• 20%
Power Securities com____•
Providence Gas Co
50
Puget Sound P&L com_100 374
100
6% preferred
7% preferred
100
Rhode Island Pub Serv pf *
Sierra Pacific Elec corn _100 32
Sou Celli Edison, pref A.25 2834
Preferred B
25 2634
Sou Cities Util
_100 75
South Colo Power cl A._25
pref__.
Southeast Pow & LI oom..• 43
Common voting tr. ctf_•
$7 preferred
•
Participating pref
•
Warrants to pun corn stk• 1334
Southwest Bell Tel pf_ 100
S'western P&L 7% pref 100 11031
Stand G & El 7% pref...100
Standard Pow & Lt corn 25 3035
Preferred
•
Tampa Electric Co
"LK,
11
194
63
18
31
61
10%
64
444
7335
104
774
854
4035
1534
24
2434
174
1534
19
70
284
35
27
2234
1134
2134
65
2134
32
614
10%
64
44%
9031
104
8431
87
42%
164
2434
25%
17%
1631
20
7234
284
36%
28%
224
600
1,200
2,200
19,500
900
900
100
100
300
11,200
1,000
10,800
150
200
2,200
400
2,200
800
17,100
1,200
3,300
200
1,000
1,100
900
335
3%
534 6
734 834
2% 231
234 34
13
13
634 64
1031 10%
23,800
35,500
3,400
200
32,700
25
32,600
100
Range for Year 1927
Low.
High.
May
13
84 Feb
17% Jan 24% June
Mar 68% Dec
38
Dec
7
Jan 24
Apr 37
Dec
23
Oct
464 Nov 57
13% Apr
9% Aug
51
Jan 77% Nov
Dec
35
Dec 37
32 June 6934 Nov
104 Dec
834 June
Dec
5134 Sept 86
8334 Nov 1104 Sept
Jan
3831 Aug 41
15% Dec
6
Nov
264 Dec 4534 Mar
2231 Nov 20% Dec
154 June lb% Dec
94 Dec 3331 Jan
1834 Dec 25% Sept
50% Apr 77
Sept
Aug
21% Apr 46
30% Dec 35% Dec
264 Dec 2834 Dec
224 Dec 223( Dec
Dec
2934 Feb 46
234 Dec
334 Dec
7% Dec
131 Sept
736 Dec
3% Mar
11
6
4
Nov
Dec
May
16
7
20
Mar
Dec
Aug
Aug 117
25 109
115 115
118 12834 7,000 684 Jan 125
300 954 Feb 108%
z108 10834
.50 164% Aug 186
174 174
194
18% 204 3,100 1874 Nov
520 9734 Jan 109 3-4
109 109%
1,700 274 Jan 43
38
37
3711 38% 3,100 284 Jan 43
700 934 Jan 102
10134 10234
200 264 Jan
294 2936
2934
,
Jan 3734
75 22
22% 2336
Jan 52
.54731 494 6,900 35
Feb 15414
350 1/98
13436 135
Jun e 64
900 52
66
6635
20.000
3 4 Dec
,
54 6
6%
2,000 254 Mar 40
3234 35
1,600
3136 32%
26
300 2534 Jan 2634
26
500 1734 Jan 2304
19% 20%
30
200 17% Apr 30%
30
9634 96% 2,000 90
Aug 95%
105% 10535
300 100% Nov loci%
65
550 64
64
Dec 80
168 16831
20 139
Jan 173
Dec
Dec
Oct
Dec
Nov
May
Dec
1024 104% 1,500 9134 Jan
103 103
10 1004 Sept
6735 684 1,100 50% Jan
144% 145
100
110 111% 3,300 10534 Mar
764 79/4 11,100 664 Mar
40% 424 7,600 32% Feb
104 1044
275 894 Mar
1334 134 3,600
6% Jan
109 109% 1,700 1044 May
99% 9931
100 97% June
28,34 2834
400 26
Jan
34
34% 5,500 3011 Aug
10536 106
475 10232 Aug
1634 1611 1,200 114 Jan
10331 103%
Mar
100 94
26
26
100 254 Nov
4834 4931
700 24
Apr
9% 1034 7,700
Jan
3
98% 994
Apr
175 89
106 106
50 100
Apr
1534 1534
100 124 Dec
1931 20% 23,900 15
Jan
176 178
75 140
July
334 434 274,700
be
Jan
1134 134 9,300
334 Jan
1234 15
400
734 Mar
12734 132
2,000 100
Feb
95
9514
200 9034 Oct
11834 1204
550 105% Jan
2934 3031 2,400 2034 Jan
10834 10911
125 101% Jan
105 106
275 04
Jan
6
6
100
Aug
6
46% 464 1,000 37
Feb
101% 10235
60 99
Nov
13% 13%
700
87.4 May
274 284 2,200 234 Feb
1084 109%
300 101
Jan
22
23
7,500 18% Jan
2434 2734
800 14
Jan
3334 34
300 25
Feb
11434 115%
400 2112% Apr
74
7
200
534 July
924 9234
300 84
July
1934 214 4,400 1434 Apr
184 19
6,400
934 Jan
1244 126;1 1,900 1094 Jan
108% 10934
300 10034 Jan
109 110
20 104
Feb
2734 27%
800 244 Fe
324 3334
800 27
Feb
107 109
860 074 Jan
9434 96
340 80% Jan
12
12
100 10% Jan
1334 134
200
8% Feb
204 20%
300 19
Jan
1234 124
100
6 June
117 119
50 86
Mar
37
38
Apr
1,600 28
92
92
10
110 mill
90 10334 Jan
30% 30%
100 30
Nov
3135 32
2,700 2431 Aug
284 2831
400 :2634 Nov
2631 274 4,000 254 Oct
75
75
100 70
Aug
25
254
200 2434 Dec
424 43% 10,600 2934 Mar
41
414
Jan
1,000 28
700 1014 Jan
1087.4108%
,
8534 8635
300 6734 Jan
1334 13% 2,000
834 Jan
11735 117%
100 1134 Jan
no% no%
Jan
30 104
111 111
Jan
100 104
500 22
Jan
30% 30%
104 104
50 9834 Feb
62)4 62*4
300 40
Jan
Dec
Oct
Oet
Dec
Oct
Mar
Mar
Nov
Nov
Dec
Dec
NOV
Dec
Nov
Dec
Nov
Dec
Soot
Dec
Nov
Dec
Sept
Dec
Dec
Nov
Sept
Dec
June
Apr
Dec
May
Oct
JarSent
Dee
105
10235 Dec
Oct
71
11011 Dec
8334 Dec
4736 Dee
104 34 Dee
Dec
15
11131 Sept
Dec
101
June
39
Oct
36
Dec
107
Oct
18
104% Dee
3134 June
Dec
53
1134 Dee
Dec
100
10731 Dec
Sept
22
Oct
22
Oct
174
41rop Dec
Dec
ho
734 Mar
125% Dec
0534 Nov
1184 Dec
3234 Aug
AUK
112
Dec
107
Oct
7
534 Aug
May
102
1434 Dec
2934 Nov
11134 Dec
24% Sept
Dee
30
3374, Oct
115% Mar
10% Oct
Dec
92
Oct
25
20% Deo
13634 Dec
11031 Dec
Oct
109
274 Oot
4331 gent
11034 Nov
Dec
96
1934 Sept
Sept
15
Aug
23
1331 Nov
May
123
adsi Oct
113%
30%
31%
32%
2631
92
2734
46
4314
11034
91
14%
120
115
112
32
10334
43434
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Public Utilities
Par. Price. Low. High. Shares.
(Concluded)
28% 28%
Union Nat Gas of Canada *
50 116% 111% 116%
United Gas Impt
1334 14%
United Lt & Pow corn A _ _• 14
20
20
Common class B
• 98% 9515 98%
Preferred class A
55
55
Preferred class B
18% 18%
Unit Rys& El(Bait) com50
Utilities Pow & Lt class B_• 19% 18% 20
Utility Shares Corp. corn_• 11% 11% 11%
Washington (D.C.) RY
100
465 466
& El com
Former Standard 011
Subsidiaries.
Anglo-Amer 011(vot sh)_11
Non-voting shares _• _ £1
Borne-Scrymser & Co_ _100
Buckeye Pipe Line
50
Chesebrough Mfg consol _25
Continental 011 v t c..__ _10
Eureka Pipe Line
100
Galena-Lig 011, corn.._100
Preferred new
100
100
Old preferred
Humble 011& Refining _ _25
Illinois Pipe Line
100
Imperial Oil (Canada).._'
Registered
50
Indiana Pipe Line
National Transit_ _ _12.50
New York Transit__ _100
Northern Pipe Line _ _ _ _100
25
Ohio 011
25
Penn-Mex Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
_ _ 50
Southern Pipe Line_
25
South Penn 011
So West Pa Pipe Lines_100
Standard 011 (Indiana)_25
Standard Oil (Kansas) _ _25
Standard 011 (Kentucky)25
25
Standard Oil (Neb)
Standard 011(0)corn_ _ _25
25
Vacuum 011
241
FINANCIAL CHRONICLE
JAN. 14 1928.]
2134
2012
5834
135
2234
6
67%
182
6434
6312
78%
2134
95
65%
39%
5634
187
22
3834
79
8034
16
130
7834
148
1834 21%
18
2034
86
86
5811 59
121 136
2134 2234
64% 67
6%
6
3132 33
41%
41
6636 68
177 18334
59
6512
6334 6334
76
78%
22
21
40%
39
97
95
6334 66%
3612 3912
4816 5034
184 187
176 178
2116 22
3634 3836
7932
72
7934 8014
1512 1634
127 133
42% 4234
7734 7816
140 14816
Other Oil Stocks.
Amer Contr 011 Fields. __6 820
412
Amer Maracaibo Co
•
Argo Oil Corp
10
3%
Arkansas Natural Gas. 10
Atlantic Lobos 011 corn _ _ _•
111
Barnsdall Corp stock purch
warrants (deb rights)._.
5%
British-American 011
• 39%
Cardinal Petroleum
10 19c6
22
Carib Syndicate new corn._
Creole Syndicate
• 12%
Crown Cent Petrol Corp_ •
Darby Petrol Corp
•
Voting trust ctfs
•
Gibson 011 Corporation _1
Gilliland 011 corn v t c
* 51c
Gun 011 Coro of Penns_ _25 114
• 1212
Houston Gulf Gas
Intercontinental Petrol._10
1%
International Petroleum _• 42%
Kirby Petroleum
Leonard 011 Developm1.25
6
Lion Oil Refining
2234
Lone Star Gas Corp_ ___ 25 5314
Magdalena Syndicate_ _ _ _1
112
Manhattan 011
22%
Margay 011
• 45
1
Marland 01101 Mex
111
•
Mexico-Ohio 011 Co
10 40c
Mexico 011 Corp
Mountain ProducersCorp10 28
• 2712
Nat Fuel Gas new
5
New Bradford 011
25 13%
New York 011
North Central Tex OIL __* 11%
Northwest Oil
1
Pandem 011 Corporation...
516
Pantepec 011 of Venezuela•
9
Paragon Refining com_.25 11%
Pittsburgh 01146 Gas
312
5
•
Reiter Foster 011 Corp_„
5%
Richfield Oil of Calif pf _25 24%
Royal Canadian 011 Synd_*
Ryan Consol Petrol
515
716
Salt Creek Consol Oil_ _ _10
Salt Creek Producers.. _10 534
Tidal-Osage Oil vot stock_*
Non-voting stock
Transcont'l 011 7% pf _100 86
Venezuelan-Mex 011
• 2012
Venezuela Petroleum-- 5
5%
V0 C Holding Co com _Cl 18
Wilcox (H F) Oil & Gas. •
7
Woodley Petroleum Corp _•
"Y"011 & Gas
25
2%
820
4
3%
9
1%
Range for Year 1927.
Low.
25
89
1232
14
85
50%
1334
1316
9%
200
15,800
11,900
100
800
100
100
6,100
400
40 180
13,100
300
200
1,300
2,700
71,000
500
300
110
60
23,000
3,400
35,800
100
70
2,60
45
25
7,20
9600
8,70
1,81
120
200
2,200
700
42,800
1,000
14,600
100
400
26,800
Dec
Sept
Oct
Nov
May
July
Oct
Oct
Oct
Jan 470
Nov
1734 July
17% July
Apr
50
Jan
45
7632 Jan
1616 Oct
Jan
47
3% Dec
23
Dec
3512 Dec
Mar
54
12351 Jan
37% Jan
41% June
Jan
61
13% Jan
44% Jan
Jan
71
52
AD
Apr
12
48% Dec
Jan
132
132
Jan
Feb
16
34% AP
5512 Jan
64% May
14% Dec
111;2 June
40
Dec
Apr
73
9512 Jan
1166 172,900
432 30.600
200
312
9% 2,600
700
312
800
5% 5%
3834 39% 5,90
lie 200 10,00
8,70
18% 23
1134 1212 106,60
94c
134 3,80
1,50
836 9
200
9
8
3,00
1% 2
400
51e 530
11,500
11212 115
13% 4,300
12
4,400
1% 2
3616 4216 124,000
116 132
800
5% 612 3,800
22
23
900
52% 5434 2,000
136 1% 13,000
100
2236 2234
45
45
100
1% 1%
600
534 636 4,200
400 40c
4,000
2734 2832 1,300
700
27% 2734
534 532 1,200
12% 1434 2,800
11
200
1134
40
40
1,000
454 552 14,900
8% 9
1,300
100
1134 1134
1,000
3% 332
5
5% 1,90
2,40
2434 2555
5,00
150 250
10
551 534
711 3,60
7
x3312 35
14,500
19% 19%
30
17% 18
40
86
86
20
1934 2015
30
516 636 16,80
18
18
1
22
2232
,
800
900
6% 7
2% 2%
200
Mining Stocks.
50
Amer Commander M & Ml
Sc
2,000
AID8910891 Exploration.. _1
1% 14,200
136 87c
Arizona Globe copper.....l
3c
3c
3e
1,000
2
B88989 Consolidated
1
2
200
141
141
100
Bunker Hill& Sullivan_ -10
Carnegie Metals
10 2134
2134 21,800
18
600
Central American Mines- ...... 650 65c
Congo' Copper Mines.__ _1
512 632 8,500
534
Consol Nev Utah Copper_3
5c
60
5,000
60
18
Copper Range Co
25
18
100
Cresson Como!0 M & M.1
15.6 115 4
5,700
1
4c
4c
5,000
Divide Extension
50c 50c
2,800
Dolores Esperanza Corp._2 50c
132
116
300
10
East Butte
336
Engineer Gold Mines L$&5
334 752 53,400
3c
3c
2,000
1
3o
Eureka Croesus
Golden Centre Mines__ __b
234 61,2 143,400
511
Sc 10c 41,00
Goldfield Consol Mines 1 100
7c
12c 40,000
Sc
Goldfield Florence
3c
30
3c
1,00
Hawthorne Mines Inc-- _1
25e 1736 16% 1716 6,90
Heola Mining
50c 500
200
5
Kerr Lake
1%
1,500
5
134
13.4
Mason Valley Mines
4% 4% 2,60
412
Corp of Canada...5
Mining
28
2832 4,500
New Cornelia copper.- _5
420
100 185
18034 185
New Jersey Zinc
122 135
24,400
Newmont Mining Corp_10 132
512
516 2,900
5
NIpissing Mines
22
2312 3,300
• 2134
Noranda Mines, Ltd
1
1
1,000
112
10
North Butte
950
1 116 33,700
1
1
Ohio Copper
15c 19c
8,000
1 190
Parmac Porcupine
2516 3
29,700
2516
Premier Gold Mining-1
20c 23c
8,300
1
Red Warrior Mining
4c
4c
3,000
4c
1
San Tor blhilnil
834 1115 5.800
834
Shattuck Dann Mining- •
High.
Sept 30
Feb 119
Mar 15%
Jan 20
Jan 97%
Jan 57
Jan 2316
Jan 2336
Feb
1434
21% Jan
20% Jan
Feb
69
Nov
60
Oct
126
2216 Jan
6812 Dec
1314 Feb
5952 June
61;2 Jan
8834 Dec
Nov
182
68% Sept
6232 Dec
9416 Nov
Nov
34
44% Nov
Nov
100
67% Nov
Dec
39
5534 Jan
Nov
190
19312 Nov
27% Feb
41;2 Jan
Nov
83
8114 Nov
20% Jan
Nov
130
49% Feb
87% Apr
149% Nov
Sales
FiCclay
Last Week's Range for
Week.
Mining Stocks
of Prices.
Sale
(Concluded)
Par. Price. Low. High. Shares.
Silver King Coalition.....5
South Am Gold &
Standard Silver-Lead_ _1
1
reek-Hughes
Tonopah Belmont DeveLl
Tonopah Extension
1
1
Tonopah Mining
United Eastern Mining_.1
United Verde Extension 50c
United Zinc Smelt
1
Unity Gold Mines
5
Utah Apex
Utah Metal & Tunnel_ _ _ 1
Wenden Copper Mining-1
5
West End Consol
West End Extension
Wright Hargreaves Mines*
-5
Yukon Gold Co
2%
9%
1 56
336
51e
2334
4%
ills
5c
3c
63c
1052
216
12c
9%
1%
140
234
51c
2354
250
50c
4%
6
1%
94c
Sc
2"
631
60e
100
1012
3% 2.700
1,000
12c
800
1034
111 6 2,600
,
6,000
18c
315,6 2,900
70c 11,300
25% 7,100
100
25c
1,000
50c
600
5
500
112
112 3.800
60 14,000
6,000
2e
100
834
1,100
60c
Range for Year 1927.
LAW.
712
234
9c
514
1
100
134
350
22%
70
20c
432
850
750
40
2c
554
20c
June
Dec
Dec
Jan
Sep'
Oct
Aug
June
Jac
Sept
June
June
July
Jul.
July
Oct
June
Sept
High.
12
3%
27c
1112
2
516
55e
356
53c
34%
160
4
11
7%
212
3%
15e
7c
8%
90c
Dec
Jan
Feb
Nov
Jan
July
Jan
Jan
Dec
Sept
Oct
Feb
Feb
Jan
Mar
Apr
Oct
Nov
Bonds
-
95% 835,000 92 June 96% May
Adriatic Electric 7s__1952 9512 95
Dec 9556 Dec
Alabama Power 4%s_ _1967 9536 95% 95% 210,000 95
Jan
Nov
78
47
5212 52,000 30
Allied Pack lat M colltr88'39 50
Jan
Nov 66
1939
4632 47%; 11,000 40
Debenture 68
June 10112 Nov
Aluminum Coal deb ba '52 10134 10132 102% 134,000 99
Nov 95% Oct
.l942 9532 94% 9536 50,000 94
Cyanamid 68.
Amer
2014 109
108% 109% 133,000 10131 Jan 10914 Nov
Amer G & El 6s
Am Natural Gas 6328_1942 9834 98% 98% 90,000 9816 Dec 10012 Dec
American Power & Light
Mar 108% Nov
107% 108% 46,900 100
2016 108
6s, without warr
9956 100 169,000 9436 June 9916 Nov
Amer Radiator deb 434547 100
Nov
Jan 106
48,000 103
Amer Rolling M111 6s.1939 10411 10436 105
1948 99% 9956 9911 23,000
Deb s 5s
July
29,000 100% Aug 107
1936 10234 102% 103
Amer Seating 68
June 102% Jan
101% 10132 17,000 101
American Thread 661_1928
Anaconda Cop Min Os 1929 101 15 10112 10112 13,000 101% Oct 102% Sept
Feb 99% Dec
Appalachian El Pr 59_1956 9912 99% 99% 129,000 95
9932 34,000 9334 May 9911 Dec
Arkansas Pr & Lt 58_ _1956 9936 99
Associated G &E 512s.1977 10234 101% 10212 485,000 10056 Dec 103% Dec
Dec
103% 104% 113,000 102% Dec 105
1946 104
5345
Dec 97% Jan
14,000 83
88
Assoe'd Sim Haxd612s__'3,3 8736 86
1912 20% 17,000 15% Sept 2112 Dec
Atlantic Fruit 8s _ _ _1949 20
92
May 9636 Jan
Batavlan Petr deb 4128 '42 9436 9432 94% 99,00
Bates Valve Bag 69. _ _1942
Dec
97;6 Dec 100
34,00
99% 993.6 100
with stock purch warr___
97
July 103% Jan
9,00
Beacon 0116s. with warr'36 102% 10234 103
9812 102 129,000 9512 Mar 9912 July
1933 102
55e Aug
211, Jan Beaverboard 8s
Mar
3,000 107% Apr 109
716 Jan Beaver Products 716s_1942 --- 108 109
2% Dec
Feb 104% Dec
18,000 101
Aug
2% Dec Bell Tel of Canada 58_1956 104% 10416 105
1
Nov
10434 10515 34,000 101% June 107
1st M 5s ser B June 1 '57 105
656 Apr
712 Jan
1,000 ..49% Nov 100% Sept
100 100
3% Nov Berlin City El 6 16s_ _1928
75e May
Mar
1929 9912 9932 9974 25,000 98% Dec 101
612% notes
18,000 10034 June 10312 Oct
Boston Consol Gas 58_1947 103% 10316 104
3% May
751 Feb
Boston & Maine RR 5s '67 9834 98.36 9934 563,000 9312 Aug 98% Dec
Dec
2014 Jan 40
Oct
10,000 10036 Jan 104
103 104
1933 104
(is
Dec 40e June
7c
Oct 92% Feb
3936 4016 21,000 36
Brunner Tur & Eq 712s '55 40
July
26
14% May
Oct 48% Sept
7,000 35
Certificates of deposit_ _ _ - -- 3934 40
9.16 Dec 14% Jan
Burmeister & Wain Co pf _
Jan
50c Dec
3
Jan 9736 Apr
9912 100
1,000 94
4
Mar
Oct 12
Copenhagen 15-yr 681940
Dec
Feb 114
17,000 111
Oct 1112 Mar Canadian Nat Rys 78_1935 11312 11334 114
5
Nov
Jan 104
1
Sep
3% Jan Carolina Pr & Lt 5s.1956 1033.4 10312 10316 26,000 100
Mar Central States Elec 58_1948 9632 9616 9634 1,000
40c
Oct
2
963.6 9612 9,000
Dec Cent States P & L 514s 1953
86% Mar 118
814 July
1216 Dec Chic Milw & St P (new co;
June 9616 Dec
1976 9616 96% 97% 2271000 91
800 Jun
2% Dec
50-year Saw 1
1975 62% 6112 6416 4192000 54% Mar 64% Nov
Cony ad] w 1
Dec
2831 Jun
39
987 9912 48,000 9812 Dec 9932 Oct
211 Jan Chic Pneum Too 5125 1942 99
4
13.4 Oct
101 10134 40,000 9815 Sept 10036 Sept
516 Nov
1036 Feb Cincinnati St Ry 510.1952 June 9134 Feb
91
9136 133,000 88
1988 91
Oct 27% Feb Cities Service Se
20
52
Dec 5952 Nov
1966 103% 103 103% 57,000 9912 Jan 103% Nov
Os
95% 214,000 93
Oct
Sept 9634 June
90o
2% Jan Cities Service Gas 5301942 9534 95
21
De
2112 Dec Cities Serv P & L 51263 1952 9832 9774 9836 255,000 97% Dec 9834 Nov
Mar 52
12
Aug 10056 Dec
Sept Cleve Term Bldg 6s _ _ _1941 9936 9934 9931 6,000 98
Apr
95% 9556 20,000 9434 Aug 95% Dee
1
2
Jan Columbus Ry P & L4326X57
Jan
May 98
92
9432 9,000 90
5
Dec
1212 Jan Commander Larabee 65'41
10120 Apr 700 Dec Commerz tuid Privet
Dec 94% Nov
22% Apr 29% Dec
1937 9434 9412 9432 7,000 93
Bank 5165
23 June 31% Sept Commonw Edison 41281957 10052 10016 10016 7,000 9512 Apr 101% Dec
452 Oct
5% Dee Cons GEL&P BaltDec
9% Mar 13% Dec
1949 10711 107% 107% 1,000 106% Nov 109
6s series A
Slay
912 Sept 12% Feb ConsolPublishers6%s 1936 98.11 97% 98% 38,000 97% Feb 101
May
6.000 8956 Jan 99
3c June
9536 96
5c
Feb Consol Textile 8s
1941
10,000 102 June 104% Dec
1% Sept
105 105
9% Apr Cont'l G & El 6125 "A"'64
985% 99 126,000 97% Nov 9912 Nov
7
Sent 12% Mar Continental 011 5%9..1937 99
766 June
9
July Cont'l Sec Corp 58 "A"1942
May
12,000 97
9916 100
Sept 101
with warrants
1,000 9634 Apr 98% June
97
334 Sept
97
1514 Jan Cuba Co 6% notes_ _1929
Aug
21% Oct 27
Dec Cuban Telephone 7101941
11174 11176
1,
000 110% May 114
Jan
33,000 94% July 98
Sc Sept 350 Feb Cudahy Pack deb 5128 1937 98
9734 98
JUL9 10152 Sept
9,000 97
352 Dec
Jan
7
55
1948 10011 100% 101
6
May
83
8332 5,000
Jan
8
Deny & Salt Lake Ry es'50
Dec
2732 Mar 3552 Dec Detroit City 088 Es B.1950 103% 10316 103% 11,000 9932 June 104
Apr 26% Feb
17
68, series A
1947 107% 107 1073-4 24,000 106% Jan 107% Dec
Nov 105
Aug
Apr 23% Mar
15
Detroit Int Bdge 6166.1952 10114 10136 10232 76,000 100
July 101% Sept
6336 Jan 92
100 11/016 301,000 100
Dec
25
-year Cf deb 78_ _ _1952 100
7 Aug 23% Dec Dixie Gulf Gas 6%a_ _1937
Sept
436 June
Jan
9936 9936 147,000 99% Sept 100
9936
762
With warrants
98;6 Apr
16% May 1716 Oct Eltingon-Schlld 68....__1938 in9812 97 019834 16,000 96% July
Nov
15,000 53
9736 Jan
68
19% Dec 32% Jan
67
Else Refrigeration 6e_1936 68
92,000 92
4% Nov
Sept 9616 May
9236 93
Jan
8
Empire 011 & Refg 5148 '42 93
31,000 95% June 9
1% May
6
Jan
736 Mar
Fairb'ks, Morse & Co 50'42 9632 9616 97
Dec
98
98% 65,000 9512 Nov
9834 98
Firestone T & R Cal 5161942
First Bohemian Glass Wks
44,000 89% Dec 9716 Max
3c Sept 11% Mar
90
93
1st 7s with elk pug war'57
300 June
252 Sept Fisk Rubber 512s
1931 9854 9854 9815 37,000 96% June 99% Oct
3c Mar
9c Aug Florida Power & Lt 66_1954 9712 97% 97% 115,000 92% Jun
97% Dec
650
Jan
97% 97% 12.00
214 Nov Galt (Robt) Co 5348_1942
95% Jun
97% Sept
6512 Feb 156
Dec 93% Nov
Sept Galena-Signal 011 79..1930 5 34 8712 8916 42,000 87
9
11% July
Nov
1852 Dec Gatineau Power 58_ _1956 9932 99% 9932 127,000 94% Jan 100
50c Dec
102% 10316 13,000 9816 Jan 114
May
1941 103
1% Dec
68
212 July
Sept
Fe 147
Dec Gen Amer Invest 58_1952 15412 148% 155 457,000 100
2e July
80 Aug Gen Laundry Mach 6%6'37
100 101% 10,000 100
Sep 10014 Oct
May 21
12
Dec General Vending Corp__
152 Nov
2% Aug
98% Oct
6s with war? Aug 15 1937 9816 9816 98% 5,000 f173.3 De
3c June
Jan
2,000 93
96
96%
99
Sep
7c
Jan Oa & Fla 68 series A_ _1946
35e Mar 70e May Georgia Power ref 58..1967 9932 995 100 221,000 95% Jun 100
Dec
%
750 May
236 Dec Goodyear T & K 58.- _1928 100.16 100% 100% 4,000 97% Mar 101
Aur
1% Jul,
Nov
13,000 95
Jan 101
100% 101
5% Jan Good'r T & R Cal. 5348 '31
3c July
11,000 10862 May 11112 Dec
110% 112
70 Feb Grand Trunk Ry 63484936 112
59c Aug
Nov
June 102
97% 9711 5,000 99
33.4 Oct Guan'amo & West Ry 63'58
4c July
Nov
June 102
19c Mar Gulf 011 of Pa be
1937 101% 101% 101% 21,000 99
3e June
80 Mar
10136 102 100,000 9816 June 10134 Dec
Sinking fund deb 52_1947 102
lc June 11c
9912 9916 24,000 94% June 99% Dec
Jan Gulf States Utll bs. _ _ -1956 99
1252 Feb
18% Dec Hamburg Elsa Co 73_1935
Aug
Dec 102
100% 10012 2,000 99
45e Dec 950 Feb Hanover Credit lust 6161931
29,000 933-4 Nov 98% Oct
94% 95
650 July
95% 9532 9,000 9216 May 96% Dec
252 Dec Hood Rubber 5129 0005'36
Apr 104
352 Jan
Feb
412 Nov
3,000 101
10212 103
78
1936
Dec
1834 June 30% Dec Hyrrade Food Prod 68 1937 165
147 165 103,000 11514 Nov 145
178
June 193% Mar Illinois Pow 6c Lt 5328 1957
9816 98% 1,000 9412 Aug 97% Dec
67% Jan 139% Dec Indep Oil& Gas deb 681939 99
248,000 9334 Oct 9914 May
9716 9914
5% Aug 10% Feb Indian'p's P & L 58 let A'57 10054 100% 100% 78,000 96% June 100% Dec
1936 Jan 28% Oct Internet Gt Nor 1st 5s1958 102
101% 102% 138,000 10134 Dec 10212 Dec
80e Jun
334 Jan Internet Match deb 58.1947 99
9812 9912 286,000 98% Nov 9912 Dec
Apr
41,000 9254 July 97
400 Mar
97
Int Pow Secur 78 ser E.1957 9612 96
134 July
Oct
Aug 98
100 Jun
460 July Internal Securities 51_1947 95% 9556 9564 11,000 95
Nov
1% Jan
211, Aug Interstate Nat Gas 68_1936 10115 10112 10212 10,000 100% Aug 103
Feb
12c Aug 39c
123% 123% 7,000 119% Aug 134
Feb
With warrants
94% July 9754 May
442
Apr
80
Oct Interstate Power bs___1957 9734 96% 9752 40,00
July 9939 Oct
2% Aug 14
98% 9816 10,000 97
DebentUre 55
Nov
1953
242
FINANCIAL CHRONICLE.
Bonds (Continued)
-
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Low. High. Wee/c.
Range for Year 1927.
Low.
High.
Invest Bond & Share Corp
Deb 5s with warr __ _1947 108% 108 10835 2,000 100
June 107
Dec
Invest Co of Amer 5s A _'47 97
97
97
24,000 97
Nov 9934 Oct
Investors Equity Co 55
with warrants
10455 105
1947
6,000 100 June 10535 Dec
Iowa-Nebraska L&P 53 '57 97%
9735 973% 178,000 9535 Oct 9735 Dec
Immo Hydr-E1 7s._ _1952
9355 9355 26,000 91
Nov
9635 Sept
Jeddo-Highland Coal 85 '41
104% 10455 4,000 101
July 105
Dec
Kemsley. MIllbourn & Co
Ltd s f deb 6s Sept 1 1942 17031 161% 174% 75,000 10955 Aug 171
Nov
Koppers0 dr C aeo 58_1947 9951 9931 9951 124,000 9554 Aug 9931 Nes
Laclede Ga9 & L 530.1935 10131 10151 101% 6,000 100
July 101% Jan
Lehigh Pow Seeur 65._2026 106
105% 10631 50,000 9535 Jan 107
Dec
Lehigh Valley RR 48...2003 9255 92% 9251 9.000 9231 Dec 92% Dec
Leonard Tietz Inc 734s '48
With stk porch warrants
13351 13451 32,000 108
Mar 13334 May
Without warrants
10255 10235 33,000 9931 Apr 103% Dec
Libby. McN & Libby 58 '42 9535 95% 96
29,000 96
Nov 97% Sept
Lombard Elec Co 75_ _14152 9535 94% 9555 36,000 9131 June 96% Oct
Lone Star Gas Corp 58 '42 9954 9954 9951 18,000 95
July 101% Nov
Long Isla Ltg 6s
1945 16451 10431 105% 25,000 102% Jan 105% Oct
Manitoba Power 53j8_1951 103% 103 103% 19,000 98
Jan 103% Nov
Mansfield Min&Sm(Germ)
75 with warrants_ 1941
104 104
2.000 98
Nov 112% Jan
Without warrants
9735 9755 9714 5,000 92
Nov 10135 Jan
Maas Gas Cos 531s--1916 105
104% 105
29,000 10331 Feb 10531 Dot
Meridlonale Elec Co (Italy)
30-year s f 7s net A__1957 9555 95
9535 107,000 91
June 9654 May
Midwest Gas 75
1936 9951 98% 99% 6,000 9535 Mar 100
Jan
Milwaukee 0 L 434s..1967 10055 10035 101
40,000 93
Oct 10135 Dec
Mo Ran Texas 4358 D.1978 100
9931 10035 57,000 9931 Dec 101
Dee
Montgomery Ward 55 1948 101
101 102
19,000 9731 mar 10131 Nov
Montreal L H & P 55 A '51 102% 10131 10231 10,000 9831 Dec 10234 Nov
Morris & Co 735s
1930 9851 9835 98% 81,000 8935 Nov 10431 Mar
Narragansett Co col 5s 1957 10155 10134 my, 98,000 9831 July 102% Dec
Nat Dist Prod 635s. .1935
7.000 98
10234 103
May 103
Nov
Nat Pow & Lt (15 A___2026 107% 10731 107% 51,000 98% Feb 108
Dec
Nat Pub Serv 6355._.1955 10351 10335 10335 74,000 9735 June 10431 Sops
Nebraska Power Gs_ __2022 110
6,000 10235 Jan 110
110 110
Dec
Nevada Cons 55
1941 9854 9835 9835 7,000 92
June 102% Jar,
New Eng 0& El Assn 55'47 9951 99
9934 190,000 9831 Oct 100
Dec
New 011Tex & Meg 4348'56 9955 99 100 328,000 98% Dec 0934 Dec
NYNH&HER 4358'67 93% 9251 9434 1220000 92% Dee 93
Dec
NYP&L Corn 1st 435567 9531 9551 95% 465,000 9534 Dec 9635 Der
Niagara Falls Power 6s '50 106
106 106
1,000 10434 Apr 107
Jan
Nichols & Shepard Co 6537
with stock porch warets 120
43,000 98
11751 120
Feb 124% Nov
28,000 9831 June 101
North Ind Pub Serv 53 1966 101
10051 101
Dec
Nor states Power 6555 1933
4,000 110
122 123
Apr 131
Dec
634% gold notes_ _ _ 1933 10455 10451 104% 34,000 10235 Mar 10434 Dec
94
95 604,000 94
Nor Get Lloyd 65____1947
94
Nov 94% Nov
95
Norwegian Hydroel 5358'57
9554 50,000 95
Nov 96
Dec
Ohio Power 55 set B _1952
101% 101% 8,000 9735 Feb
10235 Nov
19.56 9531 95
435s series 13
9531 63,000 8931 Feb 90% Dec
1951
Ts series A
10654 10655 2,000 105
Jan 10731 Aug
Ohio River Edison 58_1951
10051 101
3,000 97
Jan 10131 Oct
Pao Gas & El 1st 430.1957
0854 98% 137,000 9651 Oct 99
Dec
Paramount Famous Lasky
1947 9951 99% 100
Corp s f 6s
82,000 99% Mar 100
Nov
Penn-Ohio Edison 6s 1950
Without warrants
10335 10335 104
36,000 9531 Apr 10334 Dec
Penn Pr & Lt 55 B. .1952
10351 103% 2,000 99
Jan 103% Dec
Phlla Elec 5355
1953
5,000 10634 Jan 10731 Dec
way, 107
Phlia Elm Pow 5%5..1972 10534 10531 106% 30,000 10234 Feb 106
Aug
Plalla Rapid Transit 651982 104% 104% 10431 7,000 9931 Jan 106
Oct
Phila Sub-Counties G&E
let & ref 4345
1957 99
09
9954 19,000 9834 Nov 993
5 Dec
New
9831 9931 25,000 9835 Nov 0935 Dec
Phillips Petroleum 5348 '39 943.4 0431 95 105,000 93% Dec 100% July
Pitts Screw dt Bolt 53.4a '47 9955 99
9935 11,000 9835 Dec 101
Aug
Potomac Edison 58._ .1956 99% 9955 100
22,000 95
Mar 9935 Dec
Potrero Sugar Co 1st 7s '47
93
9851 27,000 98
Nov 99
Nov
Power Corp of NY 550'47 100
100 101
29,000 9731 July 10031 July
Procter ez Gamble 435s '47
100 10051 11,000
Pub Set El & Gas 455s 1967 9935 99% 9955 307.000 98% Nov 99% [Yee
Queensboro G&E 5345 1952
104 104
38,000 100
May 10435 Nov
Reliable Stores6% notes'37 98% 9855 9855 10,000 9835 Oct 98% Oct
95% 97
Rein Arms 555% notes '30 97
59,000 93
Nov 97% Apr
Richfield 01101 Cal 65_1941 99
9835 9931 94,000 91% Apr 9955 Mar
96
9635 35,000 96
St Louis Coke& Gas 881947 96
Dec 0734 Dec
Sauda Falls Co 5.5 ____1955 10234 10235 10234 10,000 9731 Jan 104
Dec
Schulte R E Co 68_ _ _ _1935 9831 95% 9831 19,000 9234 Mar 102
Nov
On without warrants 1935 90
8935 90
25,000 85
Mar 91% Sept
1931 28
2731 29
Serve! Corp as
19,000 16
Nov 74
May
Serve! Inc (new co) 58_1948 6791 6751 69% 67,000 65
Nov 70
Dec
Shawinigan W dr P 435s '67 9631 96% 97 330,000 95% Oct 98
Dec
Shawsticen Mills 78.. .1931
99% 100
16,000 9455 Mar 10134 Oct
9755 98 319,000 9711 Dec 9851 Dec
Shell Pipe Line Ss... 1952 98
96
96% 7,000 92
Sheridan-Wyom Coal 6s'47 96
July 99
May
Shinyetsu El Pow 635s 1952 93% 9351 9331 6,000 9331 Dec 9735 Dec
Silica Gel Corp 655% notes
100% 1003) 1,000 100% Oct 10035 Oct
with warrants
1932
23,000
Sinclair Crude 011 55..1938 9835 9855 99
Sloms-Sheffleld S&I 6s_1929 10231 102% 10255 2.000 101% Jan 103
June
Snider Pack 8% notes.1932 113% 103% 116 1247000 99
June 112 June
Solvay-Amer Invest 58 1942 9831 9851 99
60,000 96
June 99% Jan
Southeast P & L 65...2025
without warrants
10634 106 10635 99.000 96% Jan 10855 Dec
108 110
Southern Asbestos 68_1937 109
93,000 108)5 Dec 111
Dec
49,000 9731 Jan 10355 Dec
Sou Calif Edison 58_1951 102% 10255 103
Refunding mtge 58.1952 102% 102% 102% 26,000 100% Sept 10355 Dec
Refunding mtge 58.1944
7.000 10231 Nov 103% Dec
10335 10331
Sou Calif Gas 55
69,000 9535 Dec 9535 Dec
1937 9455 94% 100
Southern Dairies 68_ _1930 9955 9931 9934 43,000 9854 Sept 100
June
Southern Gas Co 630-1935 105
9.000 101% Jan 111
105 105
Sept
S
-west Gas & El 55 A_ _1957 98% 9835 9831
5,000 9451 May 102
Jan
Southwest P dr L 68 _2022
10735 10734 9,000 9931 Jan 109
Nov
9931 62,000 98% Der 100
Staley (A E) Mfg 68_1942 9951 99
Dec
Stand Invest 58 with war'37 111% 110% 11255 98,000 100
Mar 111
Sept
Stand Oil of N Y 8%8_1933 10351 10355 104
90,000 10335 Dec 1054 Feb
Stand Pow & Lt 6s_ _ __1957 100
9935 100% 77.000 99
Dec 100% Dee
Stinnes (Hugo) Corp
9455 53,000 90
94
7.Oct 1 1936 without war 94
Nov 9435 Oct
93% 94% 40,000 89
75 1948 without warrants
Nov 94% Oct
CURRENT
NOTICES.
-Paul L. Sipp, resident manager of the San Francisco office of the
Detroit Company has been electeed Resident Vice-President of tho company'. Mr. Sipp will continue in charge of the San Francisco office.
-Allen S. Richardson, who was formerly on the staff of the "Commercial
& Financial Chronicle," has been admitted to the investment firm of Gray
Emery, VasconCells & Co, 1717 Stout Street, Denver, Cob,
& Co., Chicago, announce the removal of their offices from the
Continental & Commercial Bank Building to larger quarters on the fifth
Adams Street.
floor of the new Bankers Building, 105 Me.
-E. F. Gillespie & Co., 111 Broadway, New York, announce that
C. C. Neilsen, formerly with A. B. Leach & Co.. has become associated
with them as salesmanager.
-Charles S. Webber, formerly with Redmond & Co., has become associated with William Schall & Co., 160 Broadway, New York, as manager
of the trading department.
-E. McLain 'Matters & Co., investment bankers. Philadelphia, have
admitted Andrew E. Ford to their firm.
Bonds (Concluded)Stutz Motor 731s
1937
Sun Maid Raisin 8318.1942
Sun 011534s
1939
Swift & Co 55 Oct 15 1932
Texas Power & Light 58 '56
New
Trans-Cont 011 75_ _ _ _1930
Tyrol Hydro-Elec 7s__1952
Ulen & Co 6348
1936
United El Serv (tines) 713'56
Without warrants
With warrants
United Gas Utilities
0348 with warr____1937
United Indust 634s...1941
United Lt & Rys 5358_1952
Un Porto Ric Sug 6 34s 1937
United Steel Wks 6345 1947
With warrants
US Rubber 635% notes'28
Serial 635% notes__1929
Serial 635% notes_ _1930
Serial 655% notes__1931
Serial 635% notea__1932
Serial 635% notes __1933
Serial 655% notee__1934
Serial 655% notes__1936
Serial 635
notes._1937
Serial 635s notes_ _1938
Serial 635% notes_ _1939
Serial 655% notes._1940
US Smelt & Ref 5548_1935
Utilities Pow & L 555s_'47
Van Camp Pack 8s...1041
Warner Bros Pict 635s 1928
Warner-Qulnlan Co Ile 1942
Webster Mills 634e._.1933
Western Power 5345..1057
Westvaco Chlorine 534837
Wisconsin Central Ry 5s'30
[VOL. 126.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High, Week.
Range for Year 1927.
9335 9335 1,000
97
9774 18,000
10154102
21,000
101
loon 10135 84,000
10031 100 10035 82,000
10035 100% 6.000
11454 11235 116 309,000
9334 9231 9335 12,000
9851 9851
1,000
88
943.4
9934
90
9535
98
9751
92
98
Jan
May
Slay
Jan
June
Oct
Jan
July
Dec
89
93
June 9435 Oct
Jan 10335 Apr
93
103
9874
9234 9334 65,000
10131 103 272.000
98
9394
9874
100
98
94
99
100
Low.
7,000 98
22,000 90
274,000 9855
20,000 100
I
High.
103
99
102
10034
10035
100
119
98
101
Oct
Sept
Sept
Sent
Nov
Dec
Aug
Apr
May
Dec 9834 Nov
Nov 99
Jan
Dec 100
Dec
Oct 10034 Nov
94
9254 0455 226,000 88
Dec 99
July
10034 100 10035
3.000 9931 June 102
Feb
101 10154 8,000 9931 June 102
Feb
102
101 102
15,000 9051 June 102
Feb
101 10135 23,000 9735 June 100
Fels
10135 102
8,000 9735 June 10355 Apr
1,000 9735 June 10335 Apr
10134 10134 10134
10135 10135 1,000 9734 June 10331 Apr
,
10155 102
8,000 9735 June 10331 May
101 102
8,000 9735 June 103
Feb
10154 10235 9,000 97 June 103
Jan
10155 10155 10355 7.000 97 June 104
Mar
10234 10355 4,000 9734 June 10434 Mar
10435 10331 10434 65,000 10131 Jan 104
Apr
9334 9255 9334 179,000 91
Dec 9431 Aug
7734 781
: 8,000 7934 Dec 8854 Feb
10135 10034 102 152,000 8031 July 11134 Feb
10031 9994 10055 29,000 9331 Aug 102
Dec
9531 9655 5,000 9194 Apr 9935 Oct
9934 9954 9951 54,000 9694 June 100
Oct
10211 10235 10234 15,000 9
894 Mar 10331 Nov
9834 9835 99
14,000 96
June 99
Jan
Foreign Government
and Municipalities
kgricul Mtge 13k Rep of Col
20
-year sink fund 7s 1046
20
-year 7s___Jan 15 1947
20 yr 68_ _ _ _ A ug 1 1947
Baden (Germany) 78.3951
Bank of Prussia Landowners Assn 6% notes__1930
Brazil(US)655s Oct 15'57
Brisbane (City) 5s_ _ _1957
Buenos Aires(Prov)75513'47
7s
1930
75
1952
Dent Bk of German State &
Pray Bks 58
1961
6s set A. __Aug 1 1952
Cordoba (City) Arg 78 '37
Danish Cons Munk.531555
Danzig P & Waterway Bd
External a f 635s___1952
Denmark (KIng'm)5348'5a
85
1970
Estonia (Republic) 78_1967
German Cons Mimic 7s '47
Hamburg (State) Get 6s'46
Indite Mtge Bank of FinVo
let mtge coil s f 7s..1944
Irish Free State 5s. __ _1960
Medellin (Colombia) 75.51
85
1948
Mendoza (Prov) Argentina
735s
1951
!Montevideo (City) 68.1959
Mtge Bk of Bogota 78.1947
New
Mtge Bank of Chile 63.1931
Mtge Illt of Denmark 58'72
Mtge Bk ofJugoslavla7s'57
Norway (King of) Bank
External 58
1967
Newfoundland Govt 55 '52
Nuremberg (City)68-- 1952
Prussia (Free State) 655551
Esti On (of '27)Oct 15 '52
Rio Grande do Sul (State)
Brazil ext 7e,(of 1926)'66
Extl s f 7s (of 19271.1967
1Russian Govt6 Sis- -1919
1919
6355 Mrs
1921
53511
5358 certificates. _1921
?ante Fe (City) Argentine
Republic esti 7s. .1945
3agou State Mtge Inv 75'45
3erbs Croats & Slovenes
(King) ext see 78 ser B '62
iwItzerland Govt 5%s.1929
Vienna (City) eat 65..1952
08
9731
0034
9355
98
97
90
9731
95
9731
9035
98
11,000
11,000
67,000
13,000
9551
9634
89
9531
Mar 9931
Apr 9935
Dec 9234
Nov 10231
9534
9555
9335
9431
10135
101
10055
7,000
254,000
13,000
61,000
18,000
91.000
94
9254
93
9774
95
9454
Dec 993.5 Mar
Oct 9351 Nov
June 9654 Mar
Jan 10234 Dec
Jan 10 234 Nov
Feb 9934 Nov
9351
94
10134 101
10035 9931
100
9994
92
92
97
9054
9035
97
9931
8735 8734
10174 10131
100
91
91
9931 99
9434 9335
92
67.000
92
6,000
97
5,000
10031 23,000
8735
102
10035
9194
9935
9454
90
Dec 95
90
Dec 9655
9735 Dec 973
4
9731 Jan 10034
9,000 85
61,000 9935
19,000 100
30,000 91
136,000 9535
52.000 913
Oct
Oct
Oct
Jan
Dec
Aug
Dec
Oct
Nov 9034 Sept
Oct 10235 Aug
Apr
Mar 102
Nov 9435 Oct
Jan
Nov 102
Oct 0955 Apr
101
10031 102
16,000 9935 Jan 102
Jan
97
97
97
60,000 97
Dec 9734 Doe
9334 9354 9354 15,000 91
Feb
July 96
10355 103 10355 7,000 10255 Nov 10534 June
9635
9335
9235
9655
93
9131
9235
9735
9551
8431
,
97
9331
9234
9235
98
9651
86
95
1013.5 10134
9134
9755 9631
93
9235
95
10134
92
9755
93
98
9631
8434
98
97
9655
9635
15
1435
1431
1431
25,000
17,000
45,000
14,000
1041,000
91,000
120,000
8754
9955 Jan
9434 Feb
9535 AUg
94
96
82
9934 Feb
9651 Nov
9231 Apr
July
Dec
June
12,000 95
Dec 9534 Nov
5.000 10031 Dec 10154 Dec
35,000 91
Dec 49535 Oct
11(1,000 95
Nov 10034 Feb
234,000 91
Dec 59634 Nov
98
98
1531
15
15
1555
30,000
10,000
54,000
17,000
6,000
17,000
9355 9351
99
99
9094
95
June
9135 July
0135 Dec
6,000
4,000
06
96
12
1154
1154
12
July
Aug
June
July
July
June
9831
9751
2055
2035
2035
2055
Jan
June
Sent
Sept
Sept
Sept
9155 June 9555 Mar
97
Nov 10235 Feb
8754 88 206,000 8455 Nov 9255 APr
102 102
1,000 101
July 10231 Sent
9035 9031 47,000 9055 Dec 0031 Der
• No par value. & Correction. i Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
r Amer. Cigar coin, is ex-33 1-3% mock My.: sold at 14831 on Jan. 3 1927 with
stock dividends on. s Option sale. t Ex-riglits and bonus. ta Cumberland Pipe
Line ex special dlv. of 33% end regular (Dv. of 2%. to When issued. x Ex-d1v.
g Ex rights. :Ex-stock div. p 55,000 Midwest (las it sold at 101 on Sept. 7
-under the rule." o Sales of National Power dr Light pref. were made on Sept. 3
0
at 10935 -under the rule."
Piggly Western class A sold on Oct. 17 at 2555 "under the rule
e Nuremberg (18 sold Oct. 17. $1.000 at 98 for cash.
-Kurt II. Schurig, formerly with R. C. Mayer & Co., and D, A. Malt,
have formed a partnership under the name of Kurt II. Schurig & Co., to
deal in domestic and foreign securities, at 50 Broadway, New York.
_Eldredge & Co.,2 Rector St., New York,have prepared for distribution
a January list of State and municipal bonds yielding from 3.50 to 5•50%•
-Bankers Capital Corporation, 44 Wall St., New York, have appointed
G. C. Maxwell as assistant Vice-President in charge of trading.
-L. Gottheimer & Co., Inc., 1 Wall St., N. Y., announce that John V.
Carney is associated with them in their trading department.
- E. Jarvis has become associated with Howe Snow & Co., Inc., 120
R.
Broadway, New York, in their retail
-sales department.
-Colyer & McGuire, Inc.. 120 Broadway, Now York. are distributing
the January edition of the "Investment Trust Guide."
-Harold J. Williams has become associated with the sales department
of Boenning & Co., 1606 Walnut St., Philadelphia.
James Talcott, Inc., has opened offices at 180 Madison Ave., Now York
for silk and knit goods departments.
-H. D. Jeffries has become associated with Estabrook es: Co.. 24 Broad
St.. New York.
243
Investment an Sailtaatt jtutelligentt.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of January. The table covers 8 roads and shows 6.25%
decrease from the same week last year.
First Week of January.
1928.
$
270,806
3,777,897
3,206,000
231,235
232,312
393,600
2,987,163
332,534
Buffalo Roch & Pittsburgh
Canadian National
Canadian Pacific
Minneapolis St St Louis
Mobile & Ohio
St Louis Southwestern
Southern Ry System
Western Maryland
Total (8 roads)
11,431,547 12,193,177
7A1 A2n
In the table which follows we also complete our summary
of the earnings for the fourth week of December:
Fourth Week of December.
1927.
increase. Decrease.
1928.
Previously reported (5 roads)
Duluth So Shore & Ati
Georgia & Florida
Mineral Range
Nevada-Calif-Oregon
St Louis Southwestern
Texas & Pacific
Western Maryland
$
$
11,167,673 11,625,565
124,398
120,687
43,281
33,200
8,419
5,284
15,682
13,564
655,457
618,300
985,591
1,276,228
533,974
819,120
Total (13 roads)
Net decrease (3.55%)
13,755,346 14,261,831
457,891
3,711
10,081
3,135
2,118
37,157
290,637
285.148
290,637
797,121
506,484
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
$
15.183,418
15,306,827
15,644,304
22,053,886
18,141,807
17,643,939
16,906,764
25,561,495
17,108,600
18.207,050
16.510,545
14,483,191
15,450.548
14,661,454
15,245,679
13,755,346
11 411 A47
Sept (13 roads)
Sept (13 roads)
Sept (13 roads)
Sept (13 roads)
Oct (13 roads)
Oct (13 roads)
Oct (13 roads)
Oct (13 roads)
Nov (13 roads)
Nov (13 roads)
Nov (13 roads)
Nov (12 roads)
Dec (13 roads)
Dec (13 roads)
Dec (13 roads)
Dec (12 roads)
Jan ( 8 roadal
Previous
Year.
5
15,184,097
15.508,092
16,950,922
23.859,874
16,817,404
17.907,644
18,881.245
25,777,620
17,815,452
17,978,471
17.602.795
15.491.462
15,931.020
15,766,994
15,600,778
14,261,831
12 103 177
Increase or
Decrease.
%
$
+19,322
-201,285
-1.306,617
-1,805,988
-675,597
-263.705
-1.774,481
-216,125
-708,952
+230,578
-1.092.250
-1,003,272
-480,473
-1,105,540
-354,099
-506,484
0.13
1.21
7.71
7.57
4.01
1.48
9.50
0.84
3.97
1.29
6.21
6.51
3.02
7.01
2.28
3.55
--781.630 525
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.
Net Earnings.
Month
1926.
1925.
Increase or
Decrease.
347,182
327,711
3,751,229
3.745,490
353,869
362.107
4,478,609
4.146,178
861,614
782,250
9,433,144
7,575,571
Na after
Taxes.
*159,363
*162,579
*1,590,951
*1,764.524
*101,337
*111,596
*1,579,639
*1,482,659
*433,135
*369.690
*4,348,648
*3,205,392
Fixed
Charges.
65,286
64,655
768,589
809.578
57,711
55,364
683,276
641.349
166,940
93,646
1,825,509
1.045,241
Balance,
Surplus.
94,077
97,924
822,362
954,946 •
43,626
56,232
896,363
841,310
268,195
276,044
2,523,137
2,160,151
806,044
44,415
Net decrease (f1.25.7.1
lot
2d
3d
4th
let
2d
3d
4th
let
20
3d
4th
let
2d
3d
4th
1st
Gross
Earnings.
Companies.
Pacific Pow & Light Co Nov '27
'20
12 mos ended Nov 30 '27
'26
Nov '27
1927. Increase. Decrease. Portland Gas Sr
Coke Co
'26
12 mos ended Nov 30 '27
8
$
$
48,856
'26
319,362
3,739,820 • 38,077
Texas Power & Light Nov '27
3,421,000
215,000
Co
'26
224,897
6,338
12 mos ended Nov 30 '27
283,182
50,870
'26
442,320
48,720
•Includes other income.
364,464
3,351,627
78,434
410,969
Increase or
Decrease.
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 7. The next will appear in that of Feb. 4.
Lee Rubber & Tire Corporation.
(12th Annual Report-Fiscal Year Ended Oct. 31 1927).
Pres. John J. Watson in his remarks to stockholders says
in substance:
The net income for the 10 months period is $784,257. This item includes
a profit of $160,003 realized from the sale of securities of a non-affiliated
company,leaving the net profitsfrom operations for the period of 10 months,
after all interest charges, depreciation, etc., of 8624.254.
The entire income of the company has been used as additional working
capital and has enabled the company to reduce its notes payable outstanding
by 8796,000. Net current assets increased over the previous year in excess
of 8950.763. This improved financial condition of the company has been
accomplished in the 10 months period of operation, as the fiscal year has
been changed to end Oct. 31.
The company has no bonds or mortgages on any of its properties and no
preferred stock outstanding, the 300 000 shares of non par value common
stock representing the entire capital liability.
There has been a reduction in the selling price of tires during the past
year, the present price being the lowest which has ever existed in the industry and lower than is warranted by the price of rubber and cotton,our principal raw materials. The volume of sales for the ten months was on the
basis of practically the same in dollars as last year. There was, however,
a large increase in the number of tires sold by the company. reports from
The volume of orders on hand for future business and the
our branches and distributors indicate a good business for the coming
wear. Our inventories of rubber and fabrics on hand and all contracts for
future delivery which the company has, are at prices materially below
the current market price.
CONSOLIDATED INCOME STATEMENT.
Years Ending Dec. 31
10 Mos.End.
1924.
1925.
Oct. 31,'27.
1926.
Period310.175,169 812,213,077 $12,742,585 $12,586.371
Net sales
Cost of goods & gen. exp 9,517.307 13.192,630 12.414,059 12.775,556
Net income
Other income
$657,863 loss$979,553
72,132
226,777
3328.527 loss$189,185
89,575
90,845
Total income
Deduct-Int. paid (not)_
8884.640 loss$907,421
117.248
100,383
$419,372loss $99.610
134.862
119,163
$784,257loss$1024669
587.594 2,253,294
Deb.34,766 Deb.641.031
$300,209 loss$234,473
1.953.086 2,256,445
Deb.68,887
Net profit
Previous surplus
Adjustments
1925.
1926.
$587,594 82.253.294 81.953,086
Surplus
$1,317,084
$
Earns. per sh.on 300,000 ij
Nil
525,411,572 522,467,800 +2.943.972 119,237.349 134.504.698 -15,267,349
$1.00
Nil
shs. no par cap.stk. _ _ jajA $2.61
1927.
1928,
1926.
1927.
Jan -- 485,961,345 479.841.904 +6,119,441 99,428.246 102,281.496 -2,853,250
BALANCE SHEET.
CONSOLIDATED
Feb-- 487,808,478 459,084.911 +8,723.567 107,148,249 99,399,982 +7,748.287
Oct. 31 '27. Dec.31 '26.
Oct.31,'27 Dec. 31,'26
+627,358
+432,616 135,691.649 134.054,291
mar-. 529,899,898 529,4437.282
Liabilities
$
Assets$
April- 497,212,491 498.677,065 -1.464,574 113.643.766 114.417.892 -774,126
x1.500,000 1,500.000
Capital stock
Plants, real estate
.
May 517,543,015 416,454,998 +1.088.017 126.757.878 127.821,385 -1.063.507
& equipment_ _ _ 7,139,382 7,018.233 Notes payable__ _ _ 1,504,000 2.300,000
June. 516,023,039 539.797.813 -23,774,774 127.749.692 148.646.848 -20.897.156
34,447 Bankers' accept's
27,557
July.. 508.413,874 556.710,935 -48,297,061 125.438.334 160,874,882 -35,436,548 Pats. & tr.-marks.
848,906 1,015,860 against letters of
Aug.. 558.406,662 579,093,397 -22.686,735 164.013.942 179,711,414 -15,697,472 Cash
634,491
215,328
75,033 credit
2,252
Sept- 584.043,987 590.102.143 -26.058,156 179,434,277 193.233.706 -13.799,429 Trade acceptances
300,835
417,890
78,177 Acc'ts payable__
Notes receivable__ 127,032
532,542.179 605.982.445 -23.440,268 180.919.048
-13,364.491
.
•
Oct -165,622
121,870
:Mace'. accruals
Nov__ 502,994,051 561.153,958 -58,159,905 125,957,014 158.501,561 -32,544,547 Acts.rec.(less res.) 1,965,931 1,550,355
517
797
2,887,095 3.287,267 Trustee of cash fds.
Inventories
Y2,865,269 2.594,454
127.343 Reserves
in transit
132.064
Note -Percentage of increase or decrease in net for above months has been: Mdse.
Capital surplus_ _ _ .5,355,384 5,355,384
1926-Dec., 11.30% inc. 1927-Jan.,2.79% dec.; Feb., 7.80% inc.; March,1.21% Loans & exps. adv.
.587,594
1,317,084
12,374 Surplus
13.572
to employees...
lac.; April, 0.67% dec.; May. 0.83% dec.; June, 14.07% dec.; July, 22.03% dec.;
Workings funds at
AUg•• 8.73% dec.; Sept., 7.14% dec.; Oct.. 3.87% dec.; Nov., 20.53% dec.
21,540
branches
Dec. the length of road covered was 236,982 miles in 1926, against 237.373
In
517
797
miles in 1925. In 1927-Jan., 237,846 miles, against 238,805 miles in 1926; in Feb., Trustee of cash fds.
139,177
91,753
237.979 miles,against 236.870 miles in 1928;in March,237.704 miles, against 236,948 Investments
78,573
61,279
Deferred charges..
miles in 1926:10 April, 238,183 miles. against 237,187 miles in 1926; in May, 238,025 miles. against 237,275 miles in 1926; in June,238,425 miles, against 237,243 miles
13,297.623 13,438,896
Total
Total
13.297.623 13,438,896
in 1928; in July,238,316 miles, against 237,711 miles in 1926:10 Aug., 238,672 miles,
x Represented by 300.000 shares of no par value. y Including 82,587.484
against 237.824 miles in 1926; in Sept., 238,814 miles, against 237,854 miles in 1926;
-V. 125, p. 1590.
Oct., 238,828 miles, against 238,041 miles in 1928;in Nov., 238,711 miles, against reserve for depreciation of plant and equipment.
in
238.142 miles in 1926.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
r
ti7ECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Purity Bakeries Corporation and Subsidiaries.
-Year Ended Dec. 31 1927.)
(3rd Annual Report
CONSOLIDATED INCOME ACCOUNT.
Dec. 31 '27. Jan. 1 '27. Jan. 2 '26.
Years Ended826,760.e95 326,219.786 524,373,408
Net sales
22.479.669 22,789,429 21,813,350
- Cost of sales. &c
-Gross Earnings-- -Net Earnings
524.915
599,081
719,028
Depredation
Current
Precious
Precious
Current
Companies.
Year.
Year.
Year.
Year.
33.561.698 82.831.276 32.035.143
$
Operating profit
182,549
185,783
Nov 8,862,708 7,700,696 3,518,607 3,501,196 Miscellaneous income
American Tel & Tel
11 months ended Nov 30 90.701,226 83,148.566 37,241,224 34.089.578
83,013.825 32,035,143
Total
Nov 6,120,000 5,838,000 1,079,000 1,124,000 Int. on income debt of subs., incl. 83.747.481
& Tel
Illinois Bell
funded
11 months ended Nov 30 86,189,000 61,161,000 12,308.000 10,922,000
148,476
130.241
amortization
124.616
223.223
621.026
Nov 5.073,596 4,847,234
986,633 Provision for red. income tax
400.000
487,840
Pacific Tel & Tel
11 months ended Nov 30 54,536,526 49,764,347 8,551,736 8.068,048
Net income for year. all companies- $3,135,025 82.483,584 $1,663,444
Nov 10,552,000 10,753,000 1,122,000 1,108,000
Western Union
11 months ended Nov 30 120,333,000 122,942,000 13,927.000 14.067,000 Divs, paid by subs, to min. stockholders and prop.of netincome accr.
Fixed
Balance,
Gross
Na after
233.108
49.758
27.623
to minority stock
Charges. Surplus.
Earnings.
Taxes,
Companies.
$
83,107.401 82.433.826 31.430.336
Net income accruing to parent co
383.182
198.728
252,684
18,502
Nov '27
85,251 Divs, on pref. stock ($7 per sit.)
384.104
*103,753
Ft Worth Power &
489.050
316,464
241,834
'26
494,936
110,840 Divs. on class A stock (63 per sh.)__ _
17.028
*127,868
Light Co
421,641
205.238 1,263,830 Divs, on class 13 stock ($2 per sh.)- -12 n108 ended Nov 30 '27 2,978,740 *1,469,068
8,709
206,677 1.238,643 Loss on sale of property
'26 2.871,401 *1,445.320
451,791
81,125
*243,214
Nov '27
162.089
Nebraska Power Co
3906.434
31 806.720 31,561.594
391,241
72,570
'26
*221,704
149,134 a Net surplus for year
35.81
$3.38
Earnings per share on cl. B stock
$9.00
929,319 1,591.892
12 mos ended Nov 30 '27 4,824,915 *2,521,211
845,796 1,094,987
'26 4,365,989 *2,3040521
a After allowance of full dividend participation of class A stock.
244
FINANCIAL CHRONICLE
CONSOLIDATED GENERAL BALANCE SHEET.
Dec.31 '27. Jan. 1'27. •
Dec. 3127. Jan. 1 '27.
Assets
Liabilities5
Pref.stk.7% cum.y5,492,200 5,492,526
Property, Plant &
Class A stock.- 4,124,775 4,124,775
equipment
x10,636,772 9,831,995
Good-will,
Cl.B stk. eq'y
9,854,911 8,548,306
6,585,986 6.995.135
Cash
774,925 Notes& accts. pay.
279,151
U. S. Govt. secs_ 2,723,750 1.698.433
& accr. expenses 527,581
441,948
519,446
408,509
Gust's Accts. rec.- 304,644
290,348 Pros',for Fed. tax_
Sdry.tr. accts., &c 153,517
48,327 Indebt'ness of subs 1,310,500 1,818,500
Inventories
1,236,044 1.241,089 Min. stkhldrs. Mt.
in stks. ofsubs._ 206,938
Cash surr. value of
363.673
life insurance_ _.
19,336
16,417
Sinking fund for re148,827
6,250
tirement of bds.
Prepaid expenses&
152,742
91,001
def. charges. _
[Vol,. 126.
Call for final payment on the 1st pref. stock allotment certificates was
made on Nov. 1 1927, and during the year invested capital of the corporation increased $3,912,725 through the payments by the holders of such
certificates.
A list of the securities owned by the corporation on Dec.
31 1927, follows:
Bank Stocks
Central Union Trust Co. of New York.
Chemical National Bank of New York.
Colonial Trust Co., Philadelphia.
Continental National Bank & Trust Co., Chicago.
Corn Exchange Bank, New York.
First National Bank of Chicago.
First National Bank of the City of New York.
Manufacturers & Traders-Peoples Trust Co., Buffalo.
National Bank of Commerce in New York.
National City Bank of New York.
Total
22,036,452 21,198,238
Total
22,036,452 21,198,238
National Park Bank of New York.
New York Title & Mortgage Co.
x After reserve for depreciation of 52.826.251. y Includes scrip of
-V. 125, P. 2400.
Old Colony Trust Co. Boston.
$326. z Represented by 210.821 shares of no par value.
Title Guarantee & Trust Co., New York.
Armour & Company (Illinois).
Banque de Bruxelles.
Banque de L'Union Parisienne.
-Year Ended Oct. 29 1927.)
(Financial Report
Disconto-Gesellschaft in Berlin (American trust ctfs.each of
Pres. F. Edson White, Jan. 9 1928, wrote in brief:
400 Reichsmarks par value).
During the year the total sales were in excess of $900,000,000. Due to
2.474
Pester Ungarische Commercial Bank, Budapest.
a most unusual year profits were unsatisfactory, primarily on account of c500,000
Reichsbank, Germany.
steadily declining prices for live hogs, causing heavy inventory losses on
Societe Generale de Belgique.
200
pork products.
Standard Bank of Canada.
1,000
Company earned its fixed charges for interest and depreciation and mainb2,500
Wiener Bank-Verein (American trust ctfs. each of 400 Austrian
tained its strong financial position.
Schillhigs par value).
In addition to paying regular dividends on preferred stock, the company
Railroad Stocks
retired $1.493,000 of funded debt and preferred stock.
Atchison Topeka & Santa Fe By., common.
5,000
By virtue of write-offs for depreciation and the sale of idle property,
Chesapeake Corp.
850
there was a reduction in the property account for the year of $3,400,000.
Chesapeake & Ohio By., common.
2,000
Important among the accomplishments of the year was the stabilization
Consolidated Railroads of Cuba, 6% cumul. pref.
5,000
of South American meat trade conditions, the uncertainties of which had
1,000
Great Northern Ry., pref. certificates of deposit.
hung like a pall over the business for some time. This situation developed
4,000
Illinois Central Bit., common.
too late to affect the 1927 results. There is reason, however, to expect that
New York Central RR.
6,500
the South American business will realize normal earnings in 1928. The ferNew York Chicago & St. Louis Bit., common.
1,500
tilizer business has been disappointing during the past year but the outlook
1,500
Norfolk & Western By., common.
for the new year is favorable. Our leather subsidiary operated upon a
Seaboard Air Line By., preferred.
2,000
satisfactory basis in 1927 and promises well for the coming year.
Southern Pacific Co.
10,000
We begin the new year under favorable conditions. Our total inventory
Southern Railway Co., common.
15,000
at the close of business Oct. 29 was $3,000,000 under that of the previous
Union Pacific RR., common.
8.000
year, and, having liquidated our stock of packing house products to the
Public Utility Stocks
lowest point in several years, leaves us in excellent shape, because we are
American Gas & Electric Co., common.
6,500
entering the new season on lower values for raw material.
American Power & Light Co., common.
5,202
Record should be made here of the fact that the company's stockholders
American Telephone & Telegraph Co.
3.000
now number 80.000. of which a substantial number are employees. The
Brooklyn Edison Co. Inc.
2.500
co-operation of stockholders and employees In promoting the interests of a1,033 1-3 Compagnie d'Electricite de l'Ouest-Parisien (Ouest-Lundere).
our business, together with a better understanding of our problems on the
Consolidated Gas Co. of New York, common.
3,600
part of both the producers and consumers of our products, constitute gratiDetroit Edison Co.
1.000
fying elements in the situation.
a1,092 1-3 Energie Electrlque du Littoral Mediterraneen.
International Telephone & Telegraph Corp.
2,250
CONSOLIDATED INCOME AND SURPLUS STATEMENT.
5,000
Mohawk Valley Co.
(Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
National Power & Light Co.. common.
5.000
American Provision Co.and their subsidiaries.]
North American Co., common.
10,000
Year Ended 10 Mo.End. -Calendar Years
a286
Societe d'Electricite de Parts.
Oct. 29 '27. Oct. 30 '26.
1925.
1924.
a410 1-3 Societe Lyonnaise des Forces Motrices du Rhone.
$
al,318 2-3 Societe Parisienne pour l'Industrie des Chemins de Fer et des
Net sales (in excess of)--900.000,000 750,000,000 900,000,000 800,000,000
Tramways Electriques.
20,373,663 25,890,166 36,213,923 40,167.497
Income
a1,213 1-3 Union d'Electricite.
Deprec.(bldgs... machin2,500
United Gas Improvement Co.
ery and cars)
8,554,749
7,956,281
9,197,017
9,064,575
Industrial Stocks.
11,280,740
Interest charges
9,785,315 12,565,096 12,793,183
1,000
Allied Chemical & Dye Corp., common.
Pref. stock dividends.-- 9.168,514
6,901,928
9,247,980
9,293,389
30,000
Amerada Corp.
Class A common diva1,000,000
5,000,000
American Radiator Co., common.
1,000
Rate per share
(50c.)
($2.50)
American Smelting & Refining Co., common.
3,000
2,000
American Tobacco Co., common "B."
Balance,surplus-- _def.$8,630.339
$246,642
$203,830 $9,016,349
Broadway Department Store, Inc., common.
1,000
Special charges (net).
202,847
Central Aguirre Sugar Co.
1,000
Previous surplus
55,054,777 55,010.982 54,807,152 45,790,803
Chile Copper Co.
5,000
Compagnie des Forges et Acieries de la
d'Homecourt.
Total surplus
46,424,438 55,054,777 55,010,982 54,807.152 a2.143 2-3 Consolidated Cigar Corp., common. Marine et
3,000
Earns, per sh. on 2,000,Continental Can Co., Inc., common.
3,000
000shs. cl. A (par 525)
Nil
$0.62
$2.60
$4.51
Coty, Inc.
2,000
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
Dofte Brothers, Inc., $7 cumul. preference.
10,000
[Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
42,936
Dodge Brothers. Inc., class "A" common.
American Provision Co. and their subsidiaries.]
Dodge Brothers, Inc., class "B" common.
42,000
1.000
E. I. duPont de Nemours & Co., common.
Oct. 29 '27. Oct. 30 '26.
Oct. 29 '27. Oct. 30 '26.
Eastman Kodak Co. of New Jersey, common.
1,000
Assets$
Liabilities$
$
$
Federal Bake Shops, Inc., cam. pref. (with stock purchase
1,500
Land, buildings.
7% pref. stock,
warrants).
Delaware Co. 62,918,200 63,566,900
machinery and
Federal Bake Show, Inc., common.
2,250
fixture equip7% pref. stock,
Fisk Rubber Co.,7% cum. cony. 1st pref.
1,000
meat
N. A.Prov.Co. 8,600,000 8.600,000
204.709,797 207,052,129
Flelsclunann Co., common.
2,000
Refrigerator cars,
7% pref. stock,
Illinois Co.._ 59,298,400 59,298.400 c4,486.300 Gelsenkirchener Bergwerks-Aktien-Geselischaft.
delivery equipGeneral Baking Corp., class "A."
4,000
ment,tools,&c 16,817,709 17,962,802 Corn. stk., Cl. A50,000,000 50,000,000
General Electric Co., common.
10,000
Class B
Franchises and
50,000,000 50,000,000
Goodyear Tire & Rubber Co., common.
I0,000
leaseholds__ 1,973,468
1,957,085 Notes payable 25,968,580 29,664,200
Great Western Sugar Co., common.
4,000
8.848,840
Cash
11,085,716 11,683,884 Accep's payable 12,105,291
Gulf Oil Corp. of Pa.
3,000
Notes receivable 10,680,077 12,893,647 Acc'ts payable.- 15,158,903 15,376,362
International Harvester Co., common.
2,000
Acc'ts receivable 53,332,c67 53,798,261 Morris & Co.
Kennecott Copper Corp.
10,000
Inventories .._x119,261,260 122,199,062
734% notes.- 12,250,000 12,750,000
Loew's Inc.. common.
12,500
Marketable sec. 8,841,657 9,410,046 1st M.4 As,'39. 50,000,000 50,000,000
Louisiana Land & Exploration Co., common
24,500
do Del.Co.534s 60.000,000 60,000,000
Invest'ts, stocks,
3,000
May Department Stores Co., common.
bonds & adv.. 30,794,619 29,886,608 do Morris 434s 15,756,000 16,101,000
National Cash Register Co.. common "A."
10,000
contlng_ 1,000,000
1,000,000
Deferred charges 13,744,180 14,981,094 Res. for
4,000
National Sugar Refining Co. of N. J.
Minority stockh.
,000
Otis Elevator Co., common.
1,564,139
eq'y in sub.cos. 1,761,639
"Phoenix" Aktiengesellschaft fur Bergbau and Huttenbervieb
46.424,438 55,054,777 c408,000
Totaheach side) 471,241,450 481,824,618 Surplus
1,000
Postum Co., Inc.
x Packing house products at market value, less allowance for selling
5,000
St. Joseph Lead Co.
expenses, other products and supplies at cost or market, whichever is lower
Sears, Roebuck & Co.
2.000
(after deducting $12,610,355 in drafts drawn against foreign consignments).
a2,095
Societe des Hants Fourneaux et Fonderies de Pont-a-Mousson.
a3.059 2-3 Societe Metallurgique Sambre et Moselle.
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
5,000
Texas Corp.
[Including North American Provision Co. and their subsidiaries.]
1,000
Timken Roller Bearing Co.
Oct. 29 '27. Oct. 30 '26.
Oct. 29 '27. Oct. 30 '26.
7,800
Union Oil Co. of Calif.
Assets$
$
1,000
United Drug Co., common.
7% pref. stock,
Land, buildings,
1.000
United States Steel Corp., common.
Delaware Co- 62,918,200 63,568,900
machinery and
c372.000
United Steel Works Corp., common.
equipment._ _127,316,799 128,424,495 7% pref. stock,
Westinghouse Air Brake Co.
4,000
8,600,000
N.A.Prov.Co. 8,600,000
Refrigerator cars,
4,000
Woodworth, Inc., Convertible preference.
4,896,973 Common stock.y60,000,000 60,000,000
4,947.480
&c
Woodworth, Inc., common.
4,000
Morris & Co.
Franchises and
Bonds
% notes._ 12,250,000 12,750,000
1,952,240
leaseholds__ _ 1,969,052
Chicago Milwaukee & Puget Sound By., 1st 4s, 1949.
3.358,568 3,943,400 Delaw. Co. 5348 60,000,000 60,000,000 5100,000
Cash
150,000
Chicago Milwaukee & St. Paul Ry., gen. & ref. 434s, 2014.
& Co.4348 15,756,000 16.101,000
Notes receivable 10,519,668 12,053,103 Mor.
100,000
Consolidated Cigar Corp., 10
-year Cony. 6% gold notes due
20,600,371
Acc'ts receivable 25,447,695 24,439,546 Notes payable__
1936, (called as of Jan. 4 19281.
Inventories ___ _x59,908,380 76,297.889 Accept. payable 11,817,983 7.941,847
50,000
French National Mail Steamship Lines, external 7s, 1949.
7,484,032
9,410,046 Acc'ts payable- 8,079,566
Marketable secs. 8,841,656
Great Consol. Electric Power Co., Ltd., 1st mtge. 7s, 1944.
29,000
Min.stockhold's'
Invest't stocks.
Louisiana Land & Exploration Co., 3-yr. 1st mtge. 7s, 1930.
100,000
1,562,679
equity in subs. 1,761,638
bonds & adv._ 20,419,551 20,793,266
"Montecatbii" Mining & Argicultural Co., Inc.. 10
200,000
-year
32,771,464 35,771,083
Deferred charges 11,226,000 12,166,955 Surplus
debenture 75, 1937, with warrants.
Park-Lexington Corp.. let mtge. leasehold 634s, 1953.
260.000
Total
273,954,852 294,377.913
273,954,852 294,377.913
Total
Serbs, Croats & Slovenes, 8s, 1962.
130.000
x Packing house products at market value less allowance for selling exToho Electric Power Co., Ltd., 6% notes, 1929.
100,000
penses, other products and supplies at coat or market, whichever is lower
Other Securities
(after deducting $3,360,355 in drafts drawn against foreign consignments).
1,000
Belco Royalties, Inc.
-V.125, P. 1196.
y All owned by Armour & Co. (Ill.).
1,000
Cobel Royalties, Inc.
3,000
Equitable Office Building Corp., common.
United States and Foreign Securities Corp.
12,500
Germaa Credit & Investment Corp., $6 cumul. 2nd pref.
(Annual Report-Year Ended Dec. 31 1927.)
German Credit Sr Investment Corp., common.
62,500
German Credit & Investment Corp., $7 cum. 1st pref. allot5,000
President, Ernest B. Tracy, Newark, N. J., Jan. 9, wrote
ment certificates.
in brief:
1,000
Schulte Real Estate Co., Inc., common.
The net income during the year 1927 was $2,987.305. The income from
Warrants for contingent additional interest appertaining to
interest and dividends alone exceeded the amount of the dividends on the
850.000 Siemens & Halske, 25
% debentures.
-year
outstanding preferred stock of both classes. The receipts of stock divi400
Western New York Investors.
dends has not been treated as income.
a Represent the equivalent of the corporation's interest as of Dec. 31
The surplus at Dec. 31 1927 was $6,368,928 as compared with $4,983,801 1927 in certain foreign joint accounts, based on the latest advises received;
at Dec. 31 1926. The aggregate market value of the securities held on certain of such securities have been sold butfthe proceeds have not yet
Dec. 31 1927 was in excess of book value.
been received by the corporation. b Certificates." c Reichsmarks.
Shares.
800
163
300
2,100
480
1,000
100
4,000
400
300
5,925
1,000
125
300
a8.55534
3,500
1)2,000
FINANCIAL CHRONICLE
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1926.
$3,490,007 $3,340,318
158,872
261,324
284,952
241,377
Gross income
Expenses
Provision for taxes
Netincome
Dividend on 1st and 2nd pref. stories
$2.987,304 32.896.494
1,334.592
1,602.177
Balance
31.385,127 31,561,901
Earns, per share on 1,000,000 shares. common
stock (no par)
$1.56
$1.39
CONDENSED BALANCE SHEET DEC. 31.
1927.
1926.
1926.
1927.
Assetss
Liabilities$
$
$
Cash
325,027
80,897 1st pref. stock_ _ _ 225,000,000 21,024,725
Call loans (sec.).- 300,000 3,955,000 2nd pref. stock__
b50.000
50.000
Accrued interest
157,413 General reserve___c4,950,000 4,950,000
Adv.loans,int.,&c. 812,057
100,000
Common stock_ _ _ d100,000
Securities
35,421,709 27,434,935 Accounts payable_
14,755
11.038
Due on pref. stock
62,550
284,952
Prov.for Fed.taxes 241,378
200.000
Res. for contIng__ 200,000
Total (ea. side)_36,921,342 31,608,244 Surplus
6,368,928 4,983,801
a 250,000 shares (no par) $6 cumu . dividend. b 25.000 shares (no par)
$6 cumul. dividend. c General reserve set up out of $5.000,000 paid In
cash by subscribers to 2nd preferred stock.
d 1,000,000 shares.
-.%, 125, v. 3654. .
Chesapeake Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $48,000,000
20
-year 5% convertible collateral trust bonds dated May 15 1927, due May
15 1947.
Income and Expense from the Beginning of Business to Dec. 31 1927.
Dividends on common stock of Chesapeake & Ohio Ry
33.500,000
Interest Br discount earned (Incl. int. in amt. of $25,753 on
bonds of Chesapeake Corp.)
91.640
Total
Bond interest
Other interest expense
General expenses
Net profit for period
Dividends paid
Balance
AssetsCash on deposit
Dividends receivable....
Investments pledged
Unpledged
Accrued Interest
Total (each side)
-V. 125,-. 2384.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Pere Mat(melte Ry's. Wage Increase Not Retroactive to Dec. 1 1926 -Judge
Alfred J. Murphy, Chairman of Board of Mediation between railway and
union, filed decision that wage increase of 7;6% granted by railway Apr.
16 1927 should not be retroactive to Dec. 1 1926.
-Wall St. "Journal"Jan. 12.
Matters Covered in "Chronicle" Jan. 7:(a) Loading of revenue freight still
lower -p.20.
Surplus Cars.
-Class 1 railroads on Dec. 31 had 464,005 surplus freight
cars in good repair and immediately available for service, the Car Service
Division of the American Railway Association announced. This was an
increase of 57,311 cars compared with Dec. 24, at which time there were
406,694 cars. Surplus coal cars on Dec. 31 totaled 183.638 cars, an increase
of 16,042 within approximately a week while surplus box cars totaled
224_,247, an increase of 33,554 for the same period. Reports also showed
25,888 surplus stock cars, an increase of 3,381 above the number reported
on Dec. 24 while surplus refrigerator cars totaled 13.929. an increase of
1,438 for the same period.
Atchison Topeka & Santa Fe Ry.-Extra Dividend of
/t of 1% on Common Stock.
3
-The directors on Jan. 10 declared an extra dividend of WI of 1% in addition to the regular quarterly dividend of 13%% on the outstanding $232,409,500 common stock, par $100, both payable March 1 to
holders of record Jan. 27. Like amounts were paid on this
issue on March 1, June 1, Sept. 1 and Dec. 1 last. Record
of dividends paid on the common stock from 1901 to 1927
incl. follows:
1901.
'02-'25.
'06.
'07. '08. '09.
'10-'24.
'25-'26.
'27.
33.6% 4% P. a. 435%
6% 5% 53.6% 6% p. a. 7% P. a. 10%
The directors also authorized a budget of expenditures for the current
year of $66.000,000. Of this total, new money to be expended aggregates
329.100.000, while the carry-over from 1927 totals $36,900,000.
Permission to issue 92,964 shares of new common stock was granted the
company Jan. 10 by the I.
-S. C. Commission. The proceeds of the new
stock issue, which has been offered to present stockholders at par, will be
used for the payment of a portion of the road's indebtedness.
-V.125.p.3343
Boston & Maine RR.
-Dividend Suit Dismissed.
-
Judge Pierce of the Mass. Supreme Court has dismissed the bill in
brought by Helene D. Morse, New York,owner of 100 shares of pref.equity
stock,
in which she sought to compel the directors to declare dividends of 6% on
the preferred stock for 1925 and 1926 and 3% for 1927. The case was dismissed by final decree after sustaining two demurrers.
-V.126. p. 102.
Chesapeake & Ohio Ry.-Earnings.lo Mos. End.
-Years End. Dec. 31Period- •
Oct. 31 '27.
1924.
Railway operating rev _$114,179,140$133.974.030$123,184..103$108.033
1926.9 5
1 2
.448
Railway operating exps. 75,995,665 90,970,788 88,981,418 82,781.703
Railway tax accruals_ _ _ 7,364,974
8,240,412
6.776,290
4.628.463
Uncollectible ry. revs __
23,283
15,211
36,000
160.206
Railway operating inc.$30,795,217 $34.747,619 $27,390,394 $20,463,076
Non,operating income._ 4,466,657
6,332,840
5,558.090
4.804,182
Gross income
$35.261,875 $41,080,459 $32,948,484
Tot. deduc. from gr. inc 9.466,344 11.78.5,657 12,796,215 32.5.267,258
13,045,215
Net income
$25,795,531 $29,294,803 $20,152,269 $12,222,042
General Balance Sheet.
(Excluding stocks and bonds owned by the C. & 0. Ry. of Indiana and
of
the C.8: 0. Equipment Corporation.)
Oct. 31 '27. Dec. 31'26
Oct. 31 '27 Dec. 31 '26
Assets$
LiabilitiesI $
Inv. in rd. dr. eqt.371,202,004388,589,277 Common stock._117,050,392117,050,392
Inv. In arid. cos_ 58,490,737 54.991,610 614% pref. "A". 1,943,500 1.943.500
Other invest'ts....
524,834 1.016.102 let pref. stock-3,000
3,000
Inv. phis. prop__
458,090
619,231 2d pref. stock ___
200
200
Impts. on ry. prop
223,114
174,335 Corn. (C.&0. of
Sinking funds
314,947
357,850
1,200
Ind.)
1,200
Depos. In lieu of
Funded debt- _189,801,423193,403,224
mtg. prop.sold
269,418
236,036 Traffic, &c., bal.
574,401
353,780
Cash
6.787,414 6.391,775 Audited accts. dc
special deposits
5,848,478 8,015,862
wages payable- 8,752.613 8.939.538
Loans & bills rec. 12,853,656 1,444,704 MSc, seem pay_
508,406
463,970
Traffic, &c., bal. 5,719,821 4,497.825 Mat. Int. & diva.
Agents & oonduc_
987.255
956.246
unpaid
896,805 3,146,448
Misc. accts. rec..- 1,642.185 1,497.584 1Ilatid.debt unp.
51,174
714.574
0th. curr. assets.
33,280
73,450 0th.curr. nab...
112,497
123.932
Material & supp. 4.710,067 6,167.900 Unmatured int.&
Int., dive. and
2.303,758 2,878,075
rents(we'd_
355.479
rents recebtle.
126,527 Deferred liabil.
754,285
577,914
495.849
Deferred assets..
448,708 Tax liability
8,390.082 5,983,590
0th. alma deb. 3,800.572 2.691.417 Accrued depen
33,172.619 29.170,020
Oth.unadi.credits 3,496,723 4,272,517
Add'ns to prop.
through Inc. &
25,525,169 25,479,654
surplus
314,947
Sinking fund res_
357,850
Maur. & casualty
261,703
reserve
214,616
Funded debt retired through
income & surp.
718,348
647.658
Profit and loss
80,083,957 62,670,691
balance
474,717,202458.196,441
Total
-V. 125, p. 1703.
Total
474,717,202458,196,441
245
$ 3,591,640
1.420.000
40,505
13,439
$2.117.696
1.350.000
$767,696
Balance Sheet Dec. 31 1927.
Liabilities
51,190,312 5% cony, coll, trust bonds__ 48,000.000
300,000
1,500,000 Accrued interest on bonds..
104.850,000 Accr. Federal tax on bond
785
lilt. paid at source
1,172,003
7,500 Capital stocks (900,000 sha.
54.000.000
no par)
5.651,334
Capital surplus
1108,719,816 Profit & loss surplus
767.696
Chicago Milwaukee St. Paul & Pacific RR.
-/.-S. C.
Commission Approves Plan-Will Take Over Properties of Old
Company Effective Jan. 16.
-See Chicago Milwaukee & St.
Paul Ry. below.
The following have, with the approval of the voting trustees, been
elected directors of the Chicago, Milwaukee, St. Paul and Pacific RR.
Mortimer N. Buckner, Frederick H. Ecker, Samuel Fisher, Donald
Geddes, W. W.
Colpitts, George Roosevelt, Robert T. Swaine. Mark W.
Potter, Walter Chrysler New York, Harry E.'Byram, W. W. K. Sparrow.
Chicago, Henry A. Scandrett, Omaha, Joshua Green, Seattle, W. D.
VanDyke, Milwaukee,
The board of directors will consist of 15 members. It Is expected that the
one member not yet elected will be a resident of one of the twin cities.
V. 124. p. 2116.
Chicago Milwaukee & St. Paul Ry.-I.-S. C. Commission Approves Reorganization Plan-Proposals Not Entirely Satisfactory, Says Majority Opinion, but Accepted to
Avoid Further Delay-Four Commissioners Express Dissent.
Termination of the receivership of the company is provided
for in an order made by the I.
-S. C. Comm'ssion Jan. 4,
authorizing a new company, the Chicago Milwaukee St.
Paul & Pacific Railroad, to acquire and operate the properties of the old company and to issue its securities therefor,
pursuant to a plan of reorganization worked out by the
reorganization managers, Kuhn, Loeb & Co. and National
City Co. That part of the application of the new company
requesting authority to issue general mortgage 5% gold
bonds is denied without prejudice.
The decision was reached by a 7 to 4 vote of the Commission. Commissioner Eastman wrote a long dissenting
opinion, in which Commissioners Campbell and McManamy
joined. Commissioner Lewis also wrote a dissenting opinion and Commissioner Hall submitted a brief opinion concurring only in part.
The Commission did not express complete approval of the
plan of reorganization, saying: "That the plan, when regarded in the abstract and in the light of a possible ideal of
sound financial theory, its defective is manifest."
If the application should be denied, it is pointed out,
the receivership, which has continued over
years, may
continue indefinitely, and the reorganization managers
would have to prepare a modified or new plan which would
cause further expense and delay.
In answering objections to the plan made by a committee
of dissenting bondholders, the Commission says:
"It has not been shown wherein the public interest will be served by
denial of the application," and further that "the plan will preserve and
maintain the unified system as it has been built up, which seems to be in
the public interest."
The order requires that the applicant shall not pay any
underwriting commission in connection with the reorganization. J. J. Hanauer of Kuhn, Loeb & Co., one of the reorganization managers, testified before the Commission that
there would be no underwriting commission.
No opinion is expressed as to the reasonableness of the
reorgamzation expenses. Jurisdiction of the proceeding is
retained for further testimony on that point.
The findings of the majority are as follows:
(1) That the present andf uture public convenience and necessity require
the acquisition and operation by the new company of the lines of railroad
formerly owned and (or) operated by the old St. Paul.
(2) That the acquisition by the new company of control of the Chicago
Terre Haute & Southeastern By. by purchase of its capital stock and by
lease of its railroad, and of the Chicago Milwaukee & Gary By.. the Davenport Rock Island & Northwestern By.. White Sulphur Springs & Yellowstone Park By., Indiana Harbor Belt RR.. Minnesota Transfer RR..
Minneapolis Eastern RR., Chicago Union Station Co., St. Paul Union
Depot C.o., Kansas City Terminal Ry. and Des Moines Union By. by
purchase of capital stock will be in the public interest, and that the terms
and conditions of said lease and the consideration to be paid thereunder
and the terms and conditions under which the new company proposes to
acquire said capital stocks and the consideration to be paid therefor, are
just and reasonable.
(3) That the issue by the new company of 1,174,060 shares of common
stock (no par value), 3119,845.800 of preferred stock (par $100) and from
time to time additional amounts of common stock up to 914.369 shares,
and of preferred stock up to 891.436.900, as may be necessary to convert
the 5% convertible adjustment mortgage bonds, $106.395.096 of 50
-year
5% mortgage bonds, series A, B or C, and $182,983,693 of 5% convertible
adjustment mortgage bonds, series A. 13 or C. and the assumption, as
purchaser, of the properties formerly of the St. Paul. of obligation and
liability in respect of the mortgages, equipment trust agreements and leases
and of the securities issued and outstanding thereunder, subject to which
the properties are to be acquired, and in respect of the bonds of certain
companies, (a) are for lawful objects within its corporate purposes, and
compatible with the public interest, which are necssary and appropriate
for and consistent with the proper performance by it of service to the
public as a common carrier, and which will not impair its ability to perform that service, and (b) are reasonably necessary and appropriate for such
purposes.
The Commission at the same time made public a report
of its proceeding of investigation into the affairs ofgthe
246
FINANCIAL CHRONICLE
Chicago Milwaukee & St. Paul Ry., which was undertaken
by the Commission on its own motion on May 12 1925,
shortly after the receivership, which began March 18 1925.
This report says that many of the St. Paul directors "knew
comparatively little about the affairs of their company,
that many of them did not even attend the meetings of the
board with any regularity, and that many of them were
affiliated with interests which conflicted in one way or another with the interests of the railroad company."
The Commission in this report also said that It is therefore deemed desirable that hereafter in each case of reorganization application by the new company be made at an early
stage for exercise of our authority under Section 20a, to
approve issuance of the securities or assumption of the liability contemplated by the reorganization, and that the
plan be not declared operative until such approval has been
had."
Extracts from the report of the Commission follow:
[Vor.. 126.
preferred stock and $28 for each share of common stock, and in addition
there is to be issued to them one share of new stock of the class on which the
assessment was paid. To the extent of $4 a share payment no new securities are to be issued. The unpaid claims of general creditors, estimated to
be about 81,000,000, are to be settled by the issue of new preferred stock.
The applicant proposes to make three new mortgages, each to be secured
by liens upon all of its road and assets. One, to be dated Feb. 2 1925, to
the United States Mortgage & Trust Co. and Calvert Brewer, as trustees.
is to be called the first and refunding mortgage. This mortgage is to be
superior in lien to all other mortgages, except the mortgages securing the
undisturbed bonds, and will provide that bonds may be Issued thereunder
to an aggregate amount not exceeding twice the value of the then outstanding capital stock of the applicant. The mortgage is designed to provide
the applicant with the means of refunding underlying bonds and of
Its future capital requirements, and no bonds are to be issued financing
presently
under it.
Next in the strata of mortgage liens is to be the new 50
-year 5% mortgage to be made by the applicant under date of Feb. 2 1925 to the Guaranty
Trust Co. of New York and Merrel P. Callaway, as trustees. Under it a
total of $106,395,096 of 50
-year 5% mortgage bonds may be issued. All
of the bonds authorized are to be delivered to the reorganization managers
In accordance with the plan. The bonds are to be dated as of Feb. 2 1925,
to bear interest at the rate of 5% per annum from Feb. 1 1925,in respect of
$45.718.424 of such bonds, and from the interest date next preceding their
issue in respect of $60,676,672 of such bonds, payable semi-annually on
Feb. 1 and Aug. 1 in each year, to be red, other than for the sinking fund
on any int. date to and including Feb. 1 1970 at 105 and int., and thereIntervening Petition by Jameson Committee.
after at a premium of
of 1% for each 6 months from the date of redempAn intervening petition opposing the appllcation was filed on behalf of
a bondholders' defense committee (Edwin C. Jameson. Chairman). A tion to the date of maturity, and to mature Feb. 1 1975. The bonds may
issued in series.
hearing was had beginning July 6 1927. A committee representing certain beThe
series A bonds are to be payable in dollars. The series B bonds are
holders of preferred and common stock known as the Iselin Committee
filed an intervening petition and supported the application. At the hearing to be payable in French francs. The series C bonds are to be payable in
appearance was entered in behalf of the State of Wisconsin opposing sterling money of Great Britain.
an
The last mortgage provided for in the plan is the adjustment mortgage,
the application because of the terms of certain existing contracts for the
purchase of electric power. No other formal objections to the granting of to be made by the applicant under date of Feb. 2 1925 to the National City
Bank of New York and William W. Roffman, as trustees. Under this
the application have been presented to us. Briefs were filed and oral
mortgage a total of $182,873,693 of 5% convertible adjustment mortgage
argument had.
bonds is to be issued to the reorganization managers for delivery by them to
Sale of Properties.
depositors
stipulated in
By decree of foreclosure and sale entered April 26 1926, in the District amount ofat the rate bonds. The the plan, which is 80% of the principal
bonds will be
Court of the United States for the Northern District of Illinois, Eastern and will be deposited interest at not exceeding dated as of Feb. 2 1925
entitled to
5% per annum, to be red.
Division, in the several suits which were entitled Guaranty Trust Co.of other than for the sinking fund
on any int. date on or after Oct. 1 1930 at
New York, and Merrel P. Callaway vs. Chicago Milwaukee & St. Paul 105 and cumulative interest,
and to be red, for the sinking fund on or after
By. Co. et al., consolidated causes in Equity No. 4931. and pursuant to Oct.
certain ancillary decrees of certain district courts of the United States, Jan. 1 1936 at the principal amount and cumulative interest, and to mature
1 2000.
both mortgages were foreclosed, and the properties were sold on Nov. 22
The bonds
11 and C. The series A bonds are
1926, to Robert T. Swaine and Donald C. Swatland for $140,000,000, to be payablemay be issued as series A.bonds are to
in dollars. The
be payable in French
which sale was confined by decree entered Jan. 19 1927. The properties francs. The series C bonds series B
are to be payable in sterling money of Great
were sold subject to the lien of certain mortgages and equipment trusts Britain. At
under which there were outstanding or have subsequently been issued an and common the holder's option the bonds may be converted into preferred
stock at the rate of 5 shares of preferred stock and 5 shares of
aggregate amount of 5163.398.460 of securities.
common stock for each 51,000 of bonds. The series B and 0 bonds will be
Various Committees for Securities.
convertible at the rate aforesaid, upon the basis of the fixed rate of exchange
Cotaddently with the receivership, committees were organized to repre- mentioned in such bonds. The interest on the adjustment bonds is to be
sent the interests of the various classes of security holders affected thereby. non-cumulative to Jan. 1 1930, and cumulative thereafter but without inThree committees were formed, one known as the bondholders' protective terest on any cumulations.
The applicant's authorized capital stock is to consist of 5,021,721 shares.
committee, representing the holders of gen. & ref. bonds and C. M.& P. S.
bonds, one representing the holders of preferred stock, and one representing of which 2.923,804 shares are to be preferred stock of a par value of $100
the holders of common stock. After the promulgation of the plan andsgree- a share, and 2.097.917 shares are to be common stock without nominal or
ment for the reorganization of the St. Paul, three other committees were par value. The preferred stock is to be entitled to yearly dividends at the
formed, being known as the Roosevelt and Jameson committees, represent- rate of $5 a share before any dividends are paid upon the common stock.
ing bondholders, and the Iselin committee, representing certain holders of The dividends on the preferred are non-cumulative. After the preferred
preferred and common stock. These latter committees opposed the plan stock has received its full dividend of $5 a share the common stock is to be
and agreement as first presented, but after certain modifications had been entitled to receive all other dividends in that year up to $5 a share. All
made therein the Roosevelt and Iselin committees withdrew their opposi- dividends in excess of $5 a share upon both the preferred and common stock
tion and gave their support to the plan, but the Jameson committee has are to be paid or set apart for payment in equal amounts per share upon the
continued in its objections.
preferred and common stock.
Under the plan, the total capitalization, taking the no par value common
Reorganization Managers.
•
stock at $100 a share, would be Increased approximately 58.676.000.
Kuhn, Loeb & Co. and the National City Co. were the banking houses This increase arises from the fact that an
indebtedness of $60,676,672 will
distributed to the public the bonds now in default. be incurred through the
through which were'
iS8110 of that amount of 50
-year 5% mortgage
It is represented that because of such relationship they undertook the bonds
responsibility of acting as reorganization managers in the formation of a 000 of against the assessments upon the stockholders, while only $52,000,proceeds of these bonds
plan for the St. Paul's reorganization. Under date of June 1 1925, the edness thethe St. Paul. representedwill be applied to paying existing indebtby a like amount of notes to the Govof
reorganization managers announced a plan and agreement of reorganization ernment.
The increase will be represented by cash which may housed for
which by notice dated Oct. 9 1925, was declared effective. Because of the
objections of certain committees of security holders, as above indicated, other purposes contemplated by the plan, such as adjustments of interest,
additions and betterments, new equipment, and working capital. The
the plan was modified under date of Nov. 19 1925.
fixed charges would be reduced from $21,544,066 to $13,663,489, a reducSecurities Deposited Under Plan June 30 1927.
tion of 57.880,577. Beginning with the year 1930, the contingent interest
The various committees representing the several classes of bonds and charges on the adjustment bonds amount to 89.143.685, and beginning with
stocks involved, except the Jameson committee, have given the plan their the year 1936 the contingent sinking fund charges amount to $1,139,368.
approval, and the record shows that as of June 30 1927, the amounts of making a possible total charge against Income of 323,946,542 yearly, or an
increase of 32.402,476 over fixed charges prior to the reorganization. It
bonds and stocks deposited and bound by the plan were as follows:
Face Amount Face Amount 7 of Amount should balloted that about one-half of such increase is due to sinking fund
charges
Outstanding. Deposited, Outstanding. 4 and 4and the remainder is due to replacing bonds bearing interest at
Security4% with 5% bonds. The discharge of the Government notes
$117,406.000 388,648,300
Common stock
75.5
would effect a reduction of 1% in the rate of interest on that amount of
115,845,800 84,627,400
Preferred stock
73.1
Indebtedness. . . .
33,286,000 30,538,000
Bonds due 1934
91.1
Authority Is sought to issue for the applicant's corporate purposes, by
49,980.800 42,052,500
Bonds due 1932
84.1
sale or pledge, general mortgage 5% gold bonds, series D,secured by the
35,100,000 26,708,000
Gold bonds due 1925
76.1
St. Paul's general mortgage dated May 1 1889, which at any time may be in
11,831.515 10,464,258
loan bonds
European
88.4
the treasury, up to a principal amount equal to the amount of expenditures,
43,089,000 38.669.000
Refunding bonds A
89.7
not otherwise capitalized, made by the receivers after June 1 1925, for re29.129.800 24,103,800
Refunding bonds B
81.4
funding underlying bonds and for additions and betterments. It is repre26,175,000 24.730,000
94.1
sented that from June 1 1025 to Feb. 1 1927 such expenditures aggregate
New Company and Securities to Be Issued under Plan.
$17,163.507. It appears that there are in the treasury $12.212,000 of
The plan contemplated the organization of a new company to acquire such bonds and that 518,000,000 additional bonds will be released upon
all the properties formerly belonging to the St. Paul and to Issue for that liquidation of the indebtedness to the United States. There are also
purpose its securities against the transfer to it of such properties and cer- pledged $20,000.000 of such bonds to secure $14,000.000 of 10
-year 6%
tain other assets. As has been stated, Robert T. Swain° and Donald C. bonds due in 1934, which may be redeemed on Jan. 1 1028 at 103. Upon
Swatland purchased the properties at the foreclosure sale, and under date the redemption or maturity of the 10
-year 6% bonds, 820,000.000 more of
of April 11 1927 entered into an agreement with the applicant and certain general mortgage bonds will become available for sale or pledge. The
other parties named therein whereby the purchasers assigned and trans- applicant states that none of these bonds is to be presently issued, that no
ferred to the applicant all of their right, title and interest in and to all the arrangements for their sale or delivery have been made, and that any sale
property purchased by them upon the consideration, in brief, that the or pledge thereof will be made only upon our authority after due applicaapplicant fulfill all of the obligations imposed upon them by the decree tion.
•
confirming the sale, that the applicant issue and deliver to the reorganizaForecast of Earnings of Reorganized Company.
tion managers the new securities provided for in the plan, and that the reorThe applicant estimates that for the first five years of operation the
ganization managers distribute such securities to those entitled to receive
them, and assign to the applicant all securities deposited under the plan. °venues, expenses, and net railway operating income will be as follows:
together with certain notes to the United States Government amounting
First
Second
Third
Fourth
Fifth
to $55,000,000, and all claims of general creditors.
(000 omitted)Year.
Year.
Year.
Year.
Year.
Under the plan all general and refunding bonds and C. M.& P. S. bonds :
Railway operating revs_ - _$170,775 $174,495 $178,200 $182.910 $186,620
are to be accorded equal treatment. For each $1,000 bond deposited with Railway operating exps-- _ 136,450 138,025 139,530 141,205 142,950
all coupons maturing after Feb. 1 1925, the depositor will be entitled to re-year 5% mortgage gold bonds and $800 of 5% conceive $200 of new 50
Revs, from ry. oper-- _ _ $34.325 $36,470 $38,670 $41.705 $43,670
vertible adjustment mortgage gold bonds. No bonds are to be issued in Taxes
9,000
9,000
0,000
9,000
9,000
respect of the unpaid interest, as the new bonds are to bear interest from Uncoil, railway revenue--50
50
50
50
50
Feb. 1 1925 and there is to be paid in cash all interest due and unpaid prior Equipment rents
2,760
2,550
2.350
2,150
2,150
to the dates of default in interest, and also certain cash adjustments are to Joint facility rents
2,500
2,500
2,500
2,500
2,500
be made necessary to adjust to Feb. 1 1925 the interest on the several issues
Net railway oper. inc
of bonds involved. Provision is made for the liquidation of the St. Paul's
$20,015 $22,370 $24,770 $28,005 $29,970
Indebtedness to the U. S. Government amounting to 555,000,000, which
Should these estimates not be fully realized, and
the reports of
Is evidenced by 6% notes in the amounts of 325,000,000. 810,000,000 and present earnings being made to us it appears that they from not be attained
320.000,000, respectively, and collaterally secured by the pledge of bonds. within the period indicated, the fixed charges of may
513,663,489, on the
The note for 320,000,000 was given to the Director-General of Railroads, as proposed capitalization would still be well within the estimates, and would
agent, in respect of matters pertaining to the Federal control period. The leave a margin applicable to the adjustment bonds. The average net income
two notes aggregating $35.000.000 were given for loans to the St. Paul available for Interest for the years 1922 to 1926, inclusive was $17,168.330.
under Section 210 of the Transportation Act, 1920, as amended. After The applicant expects that ultimately something will be
for the stock.
negotiations with the Secretary of the Treasury and the Director-General The fixed charges mentioned will be increased upon earned
the further issue of
of Railroads, as agent, by the reorganization managers, members of various bonds under the general mortgage or under the new first and refunding
protective committees and their counsel, arrangements were made to pay mortgage, but the expenditures from the issue of such bonds should be In
in full, to
the loan under Section 210 Railroads, pay 317.000,000 of the Indebtedness respect of property producing additional revenues. . .
as agent, and to issue $3,000,000 of
to the Director-General of
Objections of the Jameson CommtUee.
preferred stock for the remainder. Accordingly, the plan provides for liquiOn behalf of the Jameson Committee, which,according to the committee's
dating the indebtedness to the United States by paying 552,000,000 cash
petition to intervene, holds more than $17,000,000 of general and refunding
$3,000.000 of preferred stock.
and by issuing
To raise the new money deemed necessary to effect the reorganization, bonds, it is alleged that the terms and conditions of the plan are unjust
comprising estimates of $52,000,000 for the Government notes, $1,544,325 and unreasonable, that the proposed issue of securities and the assumption
for interest in respect of bonds deposited under the plan, and $16,488,223- of obligations is not compatible with the public interest, and that if the
for additions and betterments, equipment, working capital and ex- acquisition and operation and the issue of securities and assumption of
penses of receivership and reorganization, a total of $70,032,548. the obligations are approved and authorized the interveners will be injured and
stockholders participating in the plan will be required to pay an assess- the public Interest jeopardized. It was stated in the petition that testimony
ment of $28 a share on the preferred stock and $32 a share on the common would be presented in proof of the allegations. At the hearing interveners
-year produced only one witness, whose testimony was confined chiefly to the
stock. For such payments the stockholders are to receive new 50
5% mortgage gold bonds to the principal amount of $24 for each share of Introduction of exhibits showing the range of market quotations of the
JAN. 14 1928.1
FINANCIAL CHRONICLE
securities involved in the reorganization, operating statistics, a comparison
of the value of the equities of the bonds secured by the foreclosed mortgages, and a hypothetical distribution of the proceeds of the sale.
It appears that some of the objections which have been raised against
the plan are (1) that the proposed payment of the indebtedness to the
Government would be preferential treatment, (2) that the C., M. & P. S.
bonds ought not to receive equal treatment with the general and refunding
-mortgage Permit
bonds.(3) that the provision in the proposed adjustment
ting net income up to $5,000,000 per annum to be used for capital purposes
deprives the holders of gen. and ref. bonds of a substantial part of the
income of the properties for the benefit of the stockholders, (4) that the
-year 5% mortgage bonds to the stockholders to the extent
issue of 50
provided for part of the assessment to be paid by them mortgages the
bondholders' equity for the benefit of the stockholders, and (5) that as a
whole the plan is preferential to the stockholders and prejudicial to the
rights and interests of the holders of gen. and ref. bonds. From the argument of counsel for the Jameson Committee we understand that the
interveners do not now contend for all these objections, but specifically
that the plan is preferential to the stockholders and therefore prejudicial
to the holders of gen. and ref. bonds,and further that it is not in accordance
with the principles and policies of the Transportation Act of 1920 providing
for the regulating of the issue of securities by carriers subject to the InterState Commerce Act.
The proposed 50-year 5% mortgage and adjustment mortgage are assailed
because they are closed mortgages which, it is claimed, will remain dead
things in the financial structure and prove detriments in future financing.
It is suggested that some parts of the system might be dispensed with,
such as cutting off the line of the C., M.& P. S. extending westward from
Mobridge, or serving the line of the Terre-Haute and the C., M. & G.,
although it is not our understanding that such treatment of these parts
of the system is now urged. . .
Not in Accord with Views of Jameson Committee.
We are unable to accept the views of the Jameson committee as to the
principles and policies to be followed in financing railroads emerging from
receivership. While some of these principles and policies may be desirable
for adoption in railroad financing, we do not believe it can be said that they
are reasonably deducible from the language of the paragraphs and sections
Involved. If the Congress had meant that we should follow these principles and policies in administering the Act, it could and would have said so
in unmistakable terms and would not have left such important and farreaching policies to be inferred as a matter of statutory construction.
Defects of Plan Manifest.
That the plan, when regarded in the abstract and in the light of a possible
Ideal of sound financial theory, is defective is manifest. While the absolutely fixed charges, default in payment of which means bankruptcy,
have been brought within reasonably safe limits, even assuming that capital
expenditures in the next few years are met by sales of the bonds provided
therefor, the issue of adjustment bonds may prevent the company for a
considerable time from obtaining new capital by the sale of other than fixedcharge obligations. Moreover, the possibility of accumulation of unpaid
interest on the new adjustment bonds after 1930 may make still more remote the possibility of stock financing. Such accumulations can not nowadays readily be adjusted by additional capital issues as has been done at
times in the past,and to that extent they may become a clog upon the property in the future. Securities of this sort are hybrid things and have no
place in a thoroughly sound financial structure. Were we dealing here with
a new enterprise at its inception, and were it a question of a capital structure to be provided for that enterprise, the bonds and stocks of which were
to be sold to the public, it would probably be our duty to disallow the inclusion of such a security in that structure. We have, however, a different
situation before us.
While in our consideration of the application we are not bound by any
existing agreement that may have been made among the security holders.
reorganization managers, purchasing committees or others, and while
both the applicant and the Jameson committee admit that possibly other
plans could be devised which would enable the St. Paul receivership to be
lifted, we do not feel warranted in deferring action until an ideal plan may
be formulated and presented. Here is an application based upon a plan
agreed upon after bargainings and compromises among the five committees representing numerous holders and large amounts of bonds and
stocks. Against the interest represented by a great number of security
holders and by high percentages of the amounts of securities outstanding,
is the interest of a small number of bondholders owning a relatively small
percentage of general and refunding bonds. It has not been shown wherein
such bondholders will be injured to any greater degree than the bondholders
assenting to the plan, nor has it been shown wherein the public interest will
be served by denial of the application.
Plan Approved to Terminate Receivership and Preserve System.
If the application is granted the receivership can be terminated and these
properties returned,so to speak,to the security holders for management and
operation. The application is one under which the applicant proposes to
acquire and operate all the lines of railroad embraced within the St. Paul's
system. Under it there will be no severing or dismemberment of any existing line. The plan will preserve and maintain the unified system as it
has been built up. which seems to be in the public interest. Under the plan
a financial structure will be erected which will eliminate the early maturities
existing under the general and refunding mortgage and will substitute
therefor maturities of 50 and 75 years, the latter embracing 80% of the
bonds foreclosed, which will bring the actual fixed interest charges safely
within the net earnings applicable to interest, and which by the execution of
a new mortgage subordinate in lien only to the Item of the mortgages securing the undisturbed bonds, will provide a means for refunding underlying
bonds and for future financing. The fact that two of the proposed mortgages are to be closed mortgages should not interfere with such financing.
This might have been the case if their liens had been superior to subsequent
mortgages, but the plan provides for three mortgages, and in these mortgages specific provisions are made whereby the liens of the 50
-year 5%
mortgage and the adjustment mortgage are subordinated to the lien of the
first and refunding mortgage under which future financing is to be done.
It would seem that the existence of closed mortgages inferior in lien to the
first and refunding mortgage would not affect the marketability of bonds
Issued under the latter mortgage.
To Deny Application May Continue Receivership Indefinitely.
The properties have been In receivership over two and one-half years,
and, if the application is approved, will probably have been in receivership
for three years or longer before the receivership could be terminated. If
the application should be denied, the receivership may continue indefl* nicely. The reorganization managers would have to prepare a modified or
new Plan. and If such plan were disapproved or not approved by any one of
the three committees which are parties to the plan, or if the changes adversely affected to a material degree any class of securities, withdrawals
would follow and the reorganization would have to be started anew. We
do not and can not know how long a time would be required to procure
assents to a new or modified plan, or whether or not as large percentages of
the securities would be deposited. Another or modified plan might provoke equal opposition from any other group or groups of security holders.
Any material change in the plan will cause further expense and delay.
Upon consideration of all the facts we are of opinion that the public interest
will be served by an approval of the application, even though we should
believe that a stronger financial structure might have been erected by the
adoption of some other plan of reorganization.
Approves Voting Trust in St. Paul Case.
The plan provides that all of the preferred and common stock of the apwhich is to be issued to the stockholders assenting to the plan is to
plicant
be deposited under a voting trust agreement which is to continue until
Jan. 11930, and may be extended from time to time beyond that date by
action of the holders of voting trust certificates representing a majority
in number of the shares of preferred and common stock. The entire voting
power of the capital stock of the applicant is to be vested in five trustees,
to be designated by the reorganization managers. tlyree to be approved by
the bondholders' protective committee, one by the preferred stockholders'
committee and one by the common stockholders' committee. A copy of
agreement has been flied with the application.
the proposed voting trust these
committees, the power to name the voting
Subject to the approval of
trustees rests with the reorganization managers. By this provision of the
the applicant's stockholders have no voice in the creation of the voting
plan
trust, in the selecting of the voting trustees, or in the management of the
spplicant until Jan. l 1930.
That as a general rule power to control corporation management should
rest in owners of share capital rather than in those who occupy a position
owners of share capital should thereunder exercise
.
of creditor and that the and at reasonably frequent intervals, is commonly
this control periodically
247
regarded as a sound principle. Any proposals which would result in a more
or less complete alienation of such power over an extended period of time
by its lodgment either with creditors or with an individual or small group
of individuals, can be justified only by demonstration of facts of special
application and sufficient weight to warrant us in departing from the rule.
In the instant case the proposals above recited, involving, as they do,
compulsory alienation of complete voting power from shareholders for a
period of two years only, after which shareholders may resume this power,
may be regarded as not unreasonable in view of the facts. The purpose of
the proposed voting trust is stated to be the initial provisions of capable
management for the reorganized property. There is no apparent reason
to doubt the bona fides of this statement, nor is there reason to suppose
that this purpose will not be achieved. The instant application will,
therefore, be granted in this respect without prejudice to tr.e ruling principle above described, which principle should be kept clearly in mind by
those who in the future may find it necessary to apply to this Commission
for powers similar to those requested in the instant application.
No Underwriting Commission in Connection with Reorganization.
The applicant has expressed the belief that it will be unnecessary to form
an underwriting syndicate and to have underwritten the participation in
the reorganization of any class of security holders. Our order will require
that the applicant shall not pay any underwriting commission in connection
with the reorganization.
Application to Issue Series D Bonds Denied Without Prejudice.
As to the authority sought to issue general mortgage 5% gold bonds.
series D. one of the objects to be achieved under a receivership is the rehabilitation of the properties by the making of needful expenditures for
maintenance and for additions and betterments through applying to such
purposes the income which ordinarily would be paid to bondholders for
interest. For a new company acquiring the properties to capitalize, by the
subsequent issue of bonds. any of the expenditures made for capital purposes
during the receivership and before it took possession of the properties would
negative the benefits derived from withholding interest from the bondholders and applying such funds to the purposes indicated. We are of
opinion that under these circumstances the issue of general mortgage bonds
ought not to be authorized except upon the express condition that the
proceeds therefrom should only be expended for capital purposes that would
not thereafter be used as a basis for further capitalization. As the applicant
has stated that it has no present arrangements for the sale or pledge of the
general-mortgage bonds. that part of the application will be denied without
prejuice to the applicant's right to renew the request in a subsequent
application.
Expenses and Compensation in Connection with Reorganization to Be Reviewed
Later.
Of the $4 a share assessment to be paid by the stockholders, $1.50 a
share on the existing preferred and common stock is to be set aside for the
compensation of the reorganization managers, various protective committees, and the fees of their counsel, depositaries, and expenses in connection therewith. Any balance remaining after such payments may, at
the option of the reorganization managers, be paid to the applicant for
additional working capital or returned to the 'solders of certificates of
deposit for stock. Such provision will produce approximately 53,500,000
for reorganization expenses. Out of the foregoing amount there is to be
appropriated for the compensation of the reorganization managers a sum
equal to si of 1% upon $230,950,796 of bonds outstanding and 20 cents a
share upon 2.333.432 shares of stock outstanding, or a total of about
$1.044,000. This amount is subject to some modification due to changes
which may occur in the amount of bonds and stock outstanding in the
hands of the pualic. . . . The evidence which was presented in
respect of the total expenses of reorganization was not revised to date
when introduced in this proceeding, and,such estimates are over 18 months
old. It would appear that at this later date estimates more nearly approximating actual figures could be furnished. The record is insufficient to
enable us to arrive at an opinion as to the reasonableness of the expenses
and the public interest affected thereby. Jurisdiction of this proceeding
will be reserved for the purpose of taking further testimony as to the expenses of the reorganization, the nature and scope of the &In ices performed for
the compensation and fees claimed, and any other matters appropriate in
the premises, and for the entering of pertinent orders in connection therewith. The authority herein granted to the applicant to issue its securities
in accordance with the plan will be upon the express condition that the
applicant shall impound in a separate fund the money received from the
payment of $4 a share by the holders of preferred and common stock and
shall not pay from such fund any amounts unless and until authorized by
due order of court or by this commission.
This and Other Reorganizations Approved Owing to Public Interest Even
Though Plans not Financially Sound.
It seems appropriate hero to recall that in the last several years we
have permitted to become effective a number of reorganization plans
Involving capital structures which, like that dealt with in this report, left
something to be desired from the point of view of fully sound financial
standards. We have done this in full appreciation of these shortcomings.
and solely upon the ground that the major public interest seemed to us
to require that the properties concerned should at the earliest possible
moment be released from receivership and restored to active management
by those financially interested therein.
Commissioner Hall, stating that he was in accord with
the conclusions, said:
I do not conceive that as a commission we have anything to do with the
application which may be made of the $4 per share paid in to the reorganization managers by existing stockholders. What those stockholders no with
their money is their affair unless and until some part of that money is paid
over to the applicant. We are not dealing with the merits or demerits of
the reorganization plan as such.
Commissioner Eastman, who wrote a dissenting opinion
in which Commissioners Campbell and MoManamy joined,
stated:
In my judgment it is impossible upon this record to make the findings
which Section 20a of the Inter-State Commerce Act requires us to make as
a prerequisite to the approval of security issues. The questions involved
are so important that I shall take the liberty of discussing them at some
length. They merit thorough public consideration.
As to Speculation. The protesting bondholders, or at least the most
prominent of them, owned a large block of bonds prior to the receivership.
but they have bought a substantial amount since then at relatively low
prices. Given faith in the future of the property, such purchsses were
natural and, so far as I can see, legitimate. That these purchases were
made as a speculation in reliance upon the success of the protests against
the reorganization plan it is difficult to believe. The bondholders must
have known that they had only a fighting chance in a contest with the reorganization managers. But assume that they were speculating, what
relevancy has that fact.
Speculation has been rife all along the line. The stock offered the best
opportunities. Most of the large stockholders of the old company unloaded
some time before the receivership. Immediately thereafter the common
fell to about $3.25 and the preferred to about $7.50 per share. The announcement of the reorganization plan, providing very generously for the
stockholders. as we shall see, stimulated the upward movement. Present
prices are around $20 for the common and $37 for the preferred. Transactions have been heavy. The evidence shows that the members of the
stockholders' protective committees represent to a very considerable extent holdings acquired since the receivership. Both the Chairman of the
common stock committee and the Chairman of the preferred stock committee bought practically all that they now hold thereafter, and the Iselin
committee bought no less than 300.000 shares. The record also shows that
of the 20 largest stockholders of the St. Paul there are now only two that are
not brokerage houses, holding for clients whose identity Is not disclosed.
If speculation is a reason for discrediting the views expressed by the protestants, it is equally a reason for discrediting other tiews that have found
voice before us.
In conclusion, CommiSsioner Eastman says:
It remains to add a word as to present custom and practice with respect
to the formulation of reorganization plans. The present case is illustrative.
The evidence shows that for many years the St. Paul conducted all of its
financial operations through Kuhn, Loeb & Co., and later through that
firm and the National City Co., at great profits to the bankers, particularly
in the case of one indefensible transaction which is fully described in the
report in the general investigation. The bankers now disclaim responsibility
for the financial structure of the company, but whatever may have been
248
FINANCIAL CHRONICLE
their role in the past, during the months which immediately preceded the
receivership they were clearly the dominant power. It was they who
precipitated the receivership, it was they who seem to have selected at
least one of the receivers, it was they who immediately thereafter had
themselves constituted reorganization managers, it was they who named
the chairmen of the committees formed for the ostensible purpose of protecting the interests of the bondholders and stockholders, and it is they who
are to name the directors of the new company.
This impresses me as being an arbitrary and irresponsible method of
effecting a reorganization and developing a plan therefor. Certain principles
suggest themselves:
(a) The public interest should be adequately represented, not in the final
stage only, but from the beginning.
(b) Bankers and lawyers must be employed to assist in the preparation
of the plan, but they ought not to dominate its preparation. They should
be employed as expert advisers upon a strictly professional and nonspeculative basis.
(c) Committees should be appointed to protect the interests of the various
classes of security holders, but those committees should be selected at meetings of the security holders called for the purpose and ought not to be
selected by the reorganization managers themselves or by other outside
volunteers.
(d) The reorganization managers should be wholly impartial and neutral.
not affiliated with any group of security holders nor with any particular
group of bankers.
(e) The plan should be submitted to the Commission for its approval
before the security holders are asked to assent to it, and an opportunity
should be afforded for the presentation of protests at a public hearing.
( There should be no dividend jurisdiction, and for that reason the
f)
courts should not be required to pass upon questions which have been or
are to be determined by the Commission, nor vice versa.
In the report in the general investigation the Commission recommends a
method of satisfying the principle stated In paragraph (e) above, and it
would also improve the situation with respect to paragraph (a). This is an
Important and desirable step, but I doubt whether it will adequately meet
the situation. These questions are of great public importance, and they
invite and should have full and free discussion. The principles above suggested are set forth in the hope that they will aid in such discussion.
Commissioner Lewis, who also wrote a dissenting opinion,
said:
Applicant insists that under the statute our duty is to decide whether its
proposals are "appropriate" in the public interest. This unrealized stock
value also indicates that it is not appropriate; that the public interest will
be better served by rejecting it and permitting another plan to be brought
forth that will turn into the carrier's treasury the profits that seem to be
destined to the pockets of those speculating in the stocks.
The time has come, and the opportunity is here, to require a financial
structure that is sound beyond question, and an organization strengthened
by at least some of the suggestions for safeguarding the mutual interests of
the public and the carrier presented by the majority report, our report on
the investigation into the receivership of the St. Paul and dissenting
expressions. It seems to me that the act places on us the duty of requiring
such a reorganization. It seems to me that we might well approve a financial structure in which fixed interest obligations might range from $13,663,489 up to fifteen or sixteen millions if that be necessary, but that on a
record of past performance which shows that not since 1916 has this carrier
had an earning which would clear it, we should not approve a plan which
carries $22,807,174 of fixed and cumulative contingent interest liabilities.
The record seems to indicate that the carrier would have the right to earn
6% on something like $640,000,000 before recapture. That being the case,
there would lie beyond the 815,000,000 or $16,000,000 of fixed annual
Interest, opportunity to develop a real equity represented by stocks, and
t the company to capitalize future needs by sale of stocks as well as
ends. Here was offered the opportunity to bring about a relationship
between stocks and bonds, falling somewhere near a 50-50 ratio, or even
60'% bonds to 40% stock.
All investigations indicate that the property and services have improved.
Therefore, so far as the public interest is concerned there seems to be no
pressing need for us to be spurred on to approval of the reorganization
plan simply because if it is rejected, or changed, it will take some time to
prepare and submit a new plan, and get the road out of receivership.
U.S. Court Authorizes Property Transferred to Nev Company.
Judge Wilkerson in U. S. District Court at Chicago, Jan.
12, issued an order authorizing the receivers to transfer the
property to the Chicago Milwaukee St. Paul & Pacific RR.,
the new company formed under the reorganization plan.
The court also fixed Feb. 15 as the date when securities of
the old company may be deposited in exchange for those of
the reorganized company.
Following the approval by the Commission of the reorganization plant the receivers Jan. 11 signed the deed conveying
the properties to the Chicago Milwaukee St. Paul & Pacific
RR., effective at midnight Jan. 16. The receivership will
be terminated by the transfer of the property.
Those who signed the deed were H. E. Byram, Mark Potter and Edward
J. Brundage,receivers, and it was turned over to Robert T. Swaine, counsel
for the reorganization committee. II. A. Scandrett, V.-Pres. of the Union
Pacific RR., will be president of the new company.
George E. Roosevelt, of Roosevelt & Son, who was active in securing
modification of the original plan of reorganization, has been chosen a
director of he new company and also made a member of the executive
committee.—V. 125, p. 3054.
Delaware 8c Hudson Co.—Petition To Acquire Control of
Buffalo, Rochester dc Pittsburgh Denied by 1.-S. C. Commission as not in Public Interest.—For full text of decision see
"Chronicle" Dec. 31, pages 3536-3540.—V. 125, p. 2143.
Florida Railway.—Securities Worthless.—
Owing to the enquiries that come to us from time to time regarding the
above company the following from a Florida bank, may be of interest to
some of our readers: Property was junked and rails taken up and sold.
other property sold. Several old junk engines of no value and little other
stuff laying around on site of old shops. No value attached to stock or
bonds we believe.—V. 103, p. 2078.
h.Ana aat.er.,..,:.aatiiktahsaatiftd
Bonds Called.—
—Guantanamo 8c—Western
-year gold bonds, dated Feb. 1
An of the outstanding ref. mtge. 6% 30
1918, have been called for redemption Feb. 1 at 105 and int, at the American Exchange-Irving Trust Co.,60 Broadway, N. Y. C.—V. 126, p. 104.
[VOL. 126.
To Reduce Interest on Obligations.—
The company, in a supplemental application to the I.-8. C. Commission.
made public Jan. 6, asks for a modification of the order of the Commission
of Nov. 15 1920, which had authorized an issue of 380,000,000 of 1st & ref.
mtge. bonds, so as to authorize the company to pledge S20,1300,000 of the
bonds as collateral security for a new promissory note for $17.000,000.
The new note is for the purpose of paying a note for $17,000,000 to the
Director General of Railroads at 6%, maturing March 1 1930. The note
has been sold by the Director General of Railroads, but the New Haven
has made arrangements with the present holders to pay lion March 11928.
with the proceeds of a new note at 5%,Payable March 1 1930.
Paducah & Illinois RR.—Final Valuation.—
The I.-9. C. Commission has placed a final valuation of 84,850,000 on
the owned and used property of the company, as of June 30 1919.—V. 122,
P. 2944.
Railroad'Receivership and Foreclosure Sales in 1927.
The "Railway Age" capitulation shows that on Dec. 31 1927, there were
in the hands of receivers but 37 railroad properties operating a total of
16,622 miles of line. The number of roads in receivership is 5 less than at
the close of 1926. The mileage also is less. It includes, however, the 11.025
miles of the Chicago, Milwaukee & St. Paul. Had the reorganization of that
company been completed as was expected, the mileage of roads in the
hands of receivers would have been the smallest since 1911.
During the year only 6 roads were taken over by the courts. This number compared with only two in 1926, but otherwise, there were only six
years since 1876 in which fewer roads went into receivership. Two of the
four roads were Class I carriers and both suffered receivership as a result
of floods. One was the Missouri & North Arkansas and the other was the
Central Vermont. It is not without interest that the latter carrier was also
involved in receivership proceedings last year. This resulted from the
petition into receivership then of the Southern New England into which
the Central Vermont had put large sums of money for the purpose of gaining
an entrance into Providence, R.
but which had never been carried to
completion or put into operation. The Central Vermont was a subsidiary
of the Grand Trunk and was acquired by the Canadian National when the
latter system took over the Grand Trunk lines. The Central Vermont has
failed for some years to meet its fixed charges, and a large proportion of its
liabilities include indebtedness to the Canadian National for advances,
including the large sums of money advanced by the old Grand Trunk to
assist in the building of the Southern New England.
The list of roads in the hands of receivers shows several important changes
from the list as of Dec. 31 1926. During the year 1927 there were removed
from receivership the Atlantic. Birmingham & Atlantic. the Denver &
Salt Lake, the Gainesville Midland, the Georgia & Florida, the Toledo.
Peoria & Western, &c., all of which had been sold at foreclosure in 1926 but
the reorganization of which had not been completed in time to remove them
from the list of roads in receivership at the end of the year. It was expected
that the reorganization of the St. Paul, which was sold at foreclosure on
Nov. 22 1926. would also have been completed so as to remove it from
this year's receivership list.
Receiverships Established in 1927 (Mileage Included 924 Miks.)
Road
Mileage.
Bridgton & Saco River
21
Castleman Valley
14
Central Vermont
493
Missouri & North Arkansas
365
Nevada County Narrow Gauge
21
Winifrede Railroad
10
Foreclosure Sales in 1927 (Mileage Included 142 Miles.)
Road—
Mileage.
Atlantic & Western
24
Cape Girardeau Northern
12
Frankfort & Cincinnati
41
Macon & Birmingham
0
Wabash, Chester & Western
65
Railroads in the Hands of Receivers on Dec. 31 1927.
Mileage. Mileage.
Date of
Road—
Operated.
Owned, Receivership.
Alabama, Florida & Gulf
32
32
June 3 1924
Atlantic & Yadkin
163
163
Mar. 24 1924
Birmingham, Columbus & St. Andrews_
38
19
Dec. 24 1908
Birdgton & Saco River
21
21
Oct. 1 1927
Bristol Railroad
6
6
July 16 1926
California & Oregon Coast
15
15
Feb. 18 1925
a Cape Girardeau Northern
15
104
Apr. 14 1914
Caro Northern
17
17
Sept. 1 1921
Castleman Valley
14
14
May 27 1927
Central Vermont
493
267
Dec. 12 1927
Chicago & Alton
1,029
691
Aug. 30 1922
b Chicago,1\2ilwaukee & gt. Paul
11,205
10,252
Mar. 18 1925
Dansville & Mount Morris
18
16
June 8 1894
Delaware & Northern
38
38
Mar. 16 1921
Eastern Kentucky
36
36
Mar. 31 1919
Ettrick & Northern
10
10
June 28 1912
Gainesville & Northwestern
37
35
Dec. 8 1923
Gulf, Texas & Western
130
99
Jan. 24 1921
Kansas & Oklahoma
19
19
Apr. 17 1923
Minneapolis & St. L01.11/3
1.628
1,514
July 26 1923
Missouri & North Arkansas
365
335
May 5 1927
Nevada Copper Belt
41
41
Apr. 2 1925
c North & South
41
41
Aug. 11024
Ohio & Kentucky
40
38
Dec. 2 1925
Paris & Mt. Pleasant
51
51
Feb. 26 1920
Pine Bluff & Northern
8
8
Feb. 9 1916
Pittsburg, Shawmut & Northern
199
178
Aug. 1 1905
Sandy River & Rangeley Lakes
97
97
July 8 1923
d San Luis Southern
32
32
Feb. 29 1924
Saratoga & Encampment
44
44
Dec. 8 1924
Savannah & Atlanta
145
145
Mar. 4 1921
Sharpesville Railroad
21
21
Jan. 21 1897
Falls Railway
Tallulah
57
57
June 24 1923
Trinity & Brazes Valley
367
303
June 16 1914
Wichita Northwestern
100
100
Nov. 10 1922
Winchester & Western
40
40
June 21 1926
Winifrede Railroad
10
10
Mar. 15 1927
foreclosure Sept. 12. b Reorganization plan waiting I.-8. C.
a Sold at
Commission approval. c Court order Judgments, $4.280.080. d Sale
Jan. 6 1928.—V. 124. p. 231.
St. Joseph (Mo.) Belt Railway.—Final Valuation.—
The I.
-S. C. Commission has placed a final valuation of $289,039 on the
owned and used properties of the company, as of June 30 1917.
Seaboard Air Line Ry.—Notes Offered.—Dillon, Read
& Co. and Ladenburg, Thalmann & Co. are offering at
993' and int. to yield about 5.18% $7,500,000 3
-year 5%
International Rys. of Central America.—Definitive Bds. secured notes, series A.
bonds, due
1947, are
Feb. 1
Definitive 1st lien & ref. mtge. 6.3i% gold
now ready for delivery at the office of J. Henry Schroder Banking Corp.,
27 Pine St., N. Y. City, upon surrender of interim receipts. (See offering
in V. 125, p. 917).—V. 125. p. 3638.
Dated Feb. 1 1928; due Feb. 1 1931. Principal and
payable in United States gold coin at the principal office of int. (F. & A.)
Dillon, Read &
Co., paying agent, N. Y. City, without deduction for Federal income tax
not exceeding 2% per annum. Indenture is to
contain provisions for refund
of the Penn. and Conn, personal property taxes not exceeding 4 rallls per
New York Central RR.—Unification Hearings Reopened. annum each, Maryland securities tax not exceeding 436 mills per annum.
Hearings on the company's application to lease the Big Four, Michigan and Mass, tax measured by income not exceeding 6% per annum. National
Central and Chicago Kalamazoo & Saginaw RRs. were reopened Jan. 9 Park Bank of New York, trustee. Denom. $1,000 c*. Rod. all or part
-S. by lot, at any time, on 30 days' notice at 101 and bit., to and incl. Feb.
before Charles D. Mahaffie, director of the Bureau of Finance of the I.
C. Commission, to permit the applicants to submit additional testimony on 11929; at 10034 and int., thereafter to and incl. Feb. 11930; and at 100
and int. thereafter.
the short line railroad problem.
Notes to be authorized $15,000,000 principal amount; in addition to the
Examiner Ralph R. Moister of the Commission had recommended. in a
tentative report, denial of the application on the ground that insufficient above 87.500.000 prindpal amount, additional Series A notes and (or)
consideration had been given to the short lines in the system's territory. notes ofone or more other series may be issued up to such authorized amount.
A number of these roads filed intervening petitions Jan. 9 and will submit as to be provided in the indenture.
Data from Letter of Robt. L. Nutt, Chairman of the Board.
testimony later in support of them.—V. 125, p• 3194.
Security.—The notes are to be
of company.
-- respect of the $7,500,000 principalthe direct obligation notes presently In
New York, New Haven & Hartford RR.—Stock, &c.
amount of Series A
to
The I.
-g. C. Commission on Jan.4 authorized the company to issue from be outstanding, there are initially to be pledged with the trustee under
t me to time not exceeding $39.029,000 common stock (par $100) to be the indenture an aggregate of $10.000.000 principal amount of bonds, conexchanged, par for par, for 6% convertible debentures heretofore issued sisting of not less than 86.000,000 principal amount of Seaboard Air Line
by the company.
By. 1st & consol. mtge. 6% gold bonds, series A, due Sept. 1 1945; the
Edward O. Goss has been elected a director to succeed the late Harris balance to consist of Seaboard-All Florida Ry. 1st mtge. 6% gold bonds.
Whittemore.
series A and(or) series 13, due Aug. 11935.
JAN. 14
1928.]
FINANCIAL CHRONICLE
The company is to covenant in the indenture to maintain, as security for
trustee under
all notes from time to time outstanding, by pledge with thebonds and(or)
the indenture, Seaboard Air Line By. 1st & consol. mtge.
Seaboard-All Florida By. 1st mtge. bonds having an aggregate principal
amount of not less than 133 1-3% of the aggregate principal amount of the
notes, and is further to covenant that at least 60% of the aggregate principal amount of bonds from time to time pledged with the trustee shall
consist of 1st & consolidated mtge. bonds of the company.
Earnings for Calendar Years.
Total Income
Railway
Railway
*Interest
Applicable to
Operating
Operating
Charges.
Interest.
Expenses.
Revenues.
$6,095.245
38.367,625
$40,342,259
1923
$52.249,110
6,601.413
9,933,490
41,387,634
1924
53,384,173
8.850.385
10,935.545
46,733.364
1925
62,864,711
7,604.868
12,358,646
49,253,002
67.024,854
1926
* Exclusive of interest on the adjustment mortgage (income) bonds.
the company during the 11 months ended Nov. :30 1927
Operations of
resulted in total income applicable to interest of $9,353,788 against interest
charges on the above basis of $7,823,171 for the same period. While such
Income applicable to interest declined from $11.022,792 for the corresponding period of 1926, the operating income of comparable railroads
serving the same territory, based on their reports for the first ten months,
also showed declines.
Purpose.
-Proceeds are to be used to defray the cost of the acquisition of
the capital stock of Charlotte Harbor & Northern Railway, for additions
to
and betterments to the lines of the company or its sUbsidiaries, orfor reimother
burse the company for expenditures made for such purposes,and
-V. 126, p. 105.
corporate purposes.
249
gas
The gas properties have a capacity of 1.780,000 cu. ft. of artificial
per day and include 61 miles of mains. supplying a total of 23,522 cusAs of Oct. 31 1927, the properties were
tomers,of which 11,078 were electric customers,7.608 were water customers,
and 4,836 were gas customers.
-Company covenants, as will be provided in the SuppleSinking Funds.
mental indenture, to establish a sinking and improvement fund for the
trustee,
series of 1948 bonds and for that purpose will pay to the1929 andin cash or
annually
in series A or series of 1948 bonds at par, on March 1
of the principal amount of series of
thereafter, an amount equal to 1%
incl.,
1948 bonds at the time outstanding in each of the years 1929 to 1938
1947 inclusive.
and 2% of said principal amount in each of the years 1939 to
the company may credit
The supplemental indenture will provide that
is lower,
against such payments 70% of the cost or fair value, whichever
have been
of bondable additions and extensions against which no bonds purchase
to
or may thereafter be issued. Moneys in this fund may be usedto reimburse
or redeem series A or series of 1948 bonds or may be withdrawn extensions.
and
the company for a like percentage of similar additions series A bonds,
The mortgage also provides for a sinking fund for the
substantial amount of these bonds before
which is calculated to retire a
their maturity.
-The securities to be presently issued by the company will be
Purpose.
used for acquisition of certain of the properties and for other corporate
purposes.
Corp.
Contra-Company is controlled by Peoples Light and Power
Pref. Shares to be Offered by G. L. Ohrstrom & Co.
Staten Island (N. Y.) Rapid Transit Ry.-Trustee-
15,000
has
Anew issue of 15,000 shares $6.50 cumul. pref. stock of no par value
a view to later
been underwritten by G. L. Ohrstrom & Co.. Inc.. with been authorized
public offering. This pref. stock, the issuance of which has the company's
by the Arizona Corporation Commission, is redeemable at
option on any dividend payment date after 30 days' previous notice at $105
-V. 124, p. 2118.
and diva, per share.
Staten Island (N. Y.) Ry.-Trustee.-
-New Debenture Bonds
Associated Gas & Electric Co.
Offered in Exchangefor 5% Bonds of Affiliated Companies.
& Electric Securities
The Central Union Trust Co. of New York has been appointed trustee
for $12,000.000 ref. & gen. mtge. bonds, due Dec. 11995.
-V. 124.p.3349.
This company is a subs, of the Baltimore & Ohio RR.
The Central Union Trust Co. of New York has been appointed trustee
or $5,000,000 ref. & gen. mtge. bonds. due Dec. 1 1995.
-V. 89. p. 594.
This company is a subs, of the Baltimore & Ohio RR.
•-
Texarkana & Ft. Smith Ry.-New President.By. has
Southern
been
0. E. Johnston, President of the Kansas City
of
elected President of the Texarkana railway, succeeding J. A. Edson
Tex.. has been elected ViceKansas City. W. N. Deramus of Texarkana,
-V. 124,
President of the Texarkana railway, succeeding Mt. Johnston.
p. 2425.
-Final Valuation.
Upper Merion 8c Plymouth RR.
The I.
-S. C. Commission has placed a final valuation of $367,150 on the
owned and used property of the company, as of June 30. 1915.-V. 115.
p.2160.
Wabash Ry.-Wins Preferred Dividend Suit. the suit brought
dismissed
Federal Judge Francis A. Winslow, Jan. 13
by John C. Barclay against the clunpany and several other defendents,
representatives of stockholders. Mr.Barclay. is the owner of 100 shares of
class "A" profit-sharing preferred stock. He brought suit asking for a
decree to prevent the payment to stockholders on all other stocks, until
payment is made to him and others, on preferential dividends said to be
due and unpaid from 1925 to 1926.
Judge Winslow dismissed the suit, declaring that non-cumulative pre-V.125, p.3195.
ferred dividends are not a fixed charge upon net earnings.
PUBLIC UTILITIES.
.-Listing
American & Foreign Power Co., Inc.
The New York Stock Exchange has authorized the listing of 5,165.724
on official notice of
additional shares common stock without par value,
issuance and payment in full and surrender of outstanding option warrants,
making the total amount of common stock applied for 8,322,424 shares.
The 5.165,724 shares of common stock will be issued from time to time
against the surrender of option warrants, accompanied by payment In cash
at the rate of $25 for each share of such common stock, or, in lieu of cash,
accompanied by one share of 2nd 'pref. stock, series A,for each 4 shares of
-V. 125, p. 3344, 3640.
such common stock.
-Final Dividend.
Anglo-American Telegraph Co., Ltd.
The company has declared a final dividend of 30% on the deferred shares
for the year 1927.-V.93, p.874.
-G. L. Ohrstrom
Arizona Edison Co.
-Bonds Offered.
& Co. Inc. and Coffin & Burrs, Inc. are offering $1,700,000
1st mige. 5% gold bonds, series of 1948 at 96 andtint.
to yield about 5.33%.
Dated Jan. 1 1928; due Jan. 1 1948. Prin. payable at office of corporate
trustee. Int. payable (J. & J.) at office of corporate trustee or at Seaboard
trustee. Interest payable at office of corporate trustee or at Seaboard
National Bank New York. Denom. $1,000 and $500 c*, Red. all or
part, on any int, date, upon 30 days' notice, to and incl. Jan. 1 1930. at
105 and int.; thereafter, to and incl. Jan. 11935. at 103 and int.; thereafter,
to and incl. Jan. 1 1941, at 102 and int.; thereafter, to and incl. Jan. 1
and thereafter at 100 and int. Interest payable
1945. at 101 and
for
without deductionint.•. normal Federal income tax not in excess of 2%.
Refund of Minn., Penn., Conn., Kansas and Calif. taxes not to exceed
4 mills. Maryland taxes not to exceed 43i mills, Kentucky. Virginia,
West Virginia and District of Columbia taxes not to exceed 5 mills, Mich.
exemption tax not to exceed 5 mills, and Mass. income tax not to exceed
6%. Bank of North America and Trust Co. and John H. Mason of
Philadelphia, trustees.
Issuance.
-Authorized by Arizona Corporation Commission.
Data from Letter of E. C. Deal, President of the Company.
Company.-Incorp. in Arizona. Now owns or will presently acquire,
properties supplying electric light and power, artificial gas, ice and (or)
water service for domestic and industrial purposes to various cities and
communities located in the State of Arizona. The territory served by the
o
la a are irem o e t b pre e iess
:ogagtion estimateil rtrir e inpelg es, eid405.f0r0e0m.
water
eirptie:hehansot
o
a
properties, and 8(7 from gas properties.
Authorized. Outstanding.
Capitalizationx
$1,700,000
1st mtge. bonds: 5% series of 1948 (this issue)_ _
x
1.961.200
-year sinking fund6% bonds,series A,due 1945
20
50,000 shs. y15,000 shs
Cumulative preferred stock (no par value)
100,000 shs. 23,000 shs
Common stock no par value)
x Issuance limited by provisions of the mortgage and of a supplemental
indenture, dated as of Jan. 1 1928. y $6.50 series.
Security.
-Secured by a direct first mortgage on all the physical properties now owned and presently to be acquired by the company in the State
Arizona. The depreciated value of those physical properties, as appraised
of
by independent engineers, Is substantially in excess of the principal amount
of first mortgage bonds now and presently to be outstanding.
Earnings of the properties are reported as follows:
1926.
1927.
12 Mos. end.Oct. 31$1,362,526 $1,435,987
Gross revenues
800,540
818.336
Oper. exp. maint. & taxes, other than Fed. tax
M. C. O'Keefer, &amtary of the Associated Gas
Co.', Inc., in a notice to the holders of 5% bonds of (a) Kentucky Public
Service Co. due 1941;(b) Penn Public Service Co., due 1962:(c) Hopkinsmkinsville Water Co., due 1937: (e)
due 1931; (d)
ville Water
Co..
Clarion Water Co., due 1929; (fj F.r:e Traction Co., due 1929: (g) Spring
Brook Water Co., (N. Y.), due 1930, and (h) Warren Street BY.
due 1931. says:
In view of the general plan of refunding and consolidating all of the
underlying debt of the Associated System which may be economically
refunded by the redemption of such bonds at a reasonable call price or
which have an early maturity, it has been suggested that many holders
may desire, to retain their investment in the System on a basis which will
give them a good security and a slightly higher return. Accordingly,
holders may obtain in exchange therefor new gold debenture bonds, consolidated refunding 5% series, due 1968, of Associated Gas le Electric Co.,
upon any one of the following bases as the holder may elect:
Option 1.-ii,opo in new bonds for each $1,000 bond and, in addition
thereto, class 'A' stock of Associated Gas & Electric Co., at the rate of
one share per $1,000 bond;or
-New bonds at the rate of 31.050 per $1,000 bond; or
Option 2.
Option 3.-$1.000 in new bonds for each $1,000 bond and, in addition
thereto, $6 dividend series preferred stock of Associated Gas & Electric
,
Co.,at the rate of 36 share per 31,000 bond.
For the benefit of holders who may desire a greater return than the
foregoing options provide, the following option is also offered:
Option 4.-10 shares of $6 dividend series preferred stock for each $1,000
bond.
Fractional bonds and fractional shares of preferred stock will not be
issued but will be bought or sold on the basis of $1,000 per $1,000 bond,
and $100 per share for the preferred stock.
These new bonds will rank on a parity with the outstanding bonds of the
outstandAssociated Gas & Electric Co., which has no secured funded debtcompanies
ing. In view of the reduction in fixed charges of subsidiary
which will result from the recent issue of 43. % gold bonds of Associated
Electric Co. and the additional equity contributed through subscriptions
to the new issue of 200 000 shares of class "A" stock by stockholders and
holders of other securities of the Associated Gas & Electric System, these
bonds will be an unusually atrarctive investment security, from the standpoint both of earnings and of equity junior thereto. For the present, none
of these bonds will be available except for exchanges of the bonds which
you hold or other underlying securities of the Associated Gas & Electric
System.
Holders desiring to avail themselves of this exchange privilege should
deposit their bonds with the Chase National Bank, 57 Broadway, N. Y.
City,or the Fidelity-Philadelphia Trust Co.,325 Chestnut St., Philadelphia,
Pa., indicating which potion they prefer.
Interest will be paid to the next interest date on the deposited bonds,
and the interest coupon therefore should be retained. Pending preparation
lieu of
and delivery of definitive new bonds, depositors will receive, in Gas &
temporary bonds, interim receipts or certificates of Associated bonds
before Oct. 1 1928 of definitive
Electric Co. calling for delivery on or
with interest on the deposited bonds to such date from the last preceding
Interest date at the rate of 5% per annum, and also in the case of Options
2, 3, and 4 certificates for class "A" stock or $6 dividend series preferred
date
stock hearing dividends from the dividend payment date nearest the
of delivery of the definitive bonds.
the AssoThis offer will expire 30 days from Jan. 14 unless extended by the deciated Gas & Electric Securities Co., Inc., by written notice to
positaries.
as an
-Geo. P. Van Riper has severed his connection with and resigned
will be
officer and director of Love, Van Riper & Bryan, Inc. The business Pine
Inc. at 4th and
continued under the name of Love, B an & Co.,
rt
•se-gooryssolosse.
Sts. St. Louis, .-.0sasrslrammer,
Consolidated Statement of Earnings of Properties Since Dates of Acquisition
-Increase%
Amount.
1926.
1927.
12 Months End. Nov. 30other income434,440,164 328,802.770 $5,637.394 20
Gross earnings &
2.118,927 13
15,957,938
Oper.exps.,maint.,all taxes,&c. 18,076,865
R
$561,986
3617.651
Balance
Annual interest requirements on company's entire
202,672
funded debt (including this issue)
-The electric properties consist principally of 5
Physical Properties.
of
electric generating stations with an installed capacity of 5.824 k. w.,
Diesel oil engines, and
approximately
of which 4,092 k. w. are driven by700k. w. Diesel plant
recently completed
110 miles of distribution lines. A
approximately
at Globe, together with the completion ofto interconnect seven miles of
the Globe and
high tension lines now under construction
generating costs
Miami properties, is calculated to materially reduce at Yuma
been installed
which is
A 1,600 k. w. Diesel plant has recentlyand improve service.
expected to decrease operating expenses
River as a source of
pia The water system at Yuma utilizes the Colorado mainly from driven
derive their supply
supply. The other water systems tested at considerably in excess of peak
wells which in each instance have
demands. The transmission and distribution facilities include over 90
mileslot mains.
$16,363,299 312,844,832 33,518.467
Net earnings
Pref. diva, of subs, and affil.
1,405,579
7,476,275
8,881.854
and all interest
cos,
$7,481,445 35.368.557 32,112,888
Balance
1,802,511
1.550,238
Preferred diva, paid or accrued 3,352,749
$4,128,696 33,818,319
Balance
Provision for replacements and
1,605,337
1,711,112
renewals
Balance for class A. class B
and com.diva,and surplus $2,417,584 32,212,982
-V. 126, P. 105.
British Columbia Electric Ry.-Rights.-
27
19
39
116
$310,377
8
105,775
7
3204.602
9
At the general meeting held on Dec. 2 the stockholders approved a
resolution to increase the capital by the creation of an additional 1,000.000
£1 shares of new deferred ordinary stock. The preferred and deferred
ordinary stockholders of record Nov. 23 have been provisionally allotted
pro rata an amount of one new deferred ordinary El share, equal, as nearly
as may be. without fractions, to 30% of their present holdings of these
stocks. The shares are offered at par. payable 5s. per share not later than
Jan. 23, 5s. on March 8, and 10s. on April 10 1928. The right of renunciation is given and allotments may be split on application at the company's
office. Stafford House. 14-20. king William St., E.C.4, at any time up to
Jan. 16. Applications, with remittance, must be forwarded to Lloyds
Bank, Ltd., 72 Lombard St., E.C.3, Bank of Scotland. 30 Bishopagate.
E.0.3, or Canadian Bank of Commerce, 2 Lombard St., E. C. 3. London.
on or before Jan. 23.
All of the outstanding 435% Vancouver Power debentures of E100 each
have been called for redemption June 20 1928 and int. Payment will be
C. 2,
made at the offices of Sperling & Co., Basildon House, Moorgate. E.Can.,
London, England, or Brouse, Mitchell 3: Co., 227 Bray St., Toronto,B. C.
and Carrell Sts., Vancouver,
or at the company's offices. Hastings
in Canadian
Bonds presented for repayment in Canada will be redeemed
dollars at 3486.66 2-3 per £100 bond.
it will redeem at par and int. the outThe company also announces that
standing 435% 1st mtge. debentures of E40 each, on June 20 1928. These
bonds, together with Coupons Nos. 64 to 80 attached, should be presented
-V. 123, P. 2259.
at the office of Sperling & Co., London, England.
250
FINANCIAL CHRONICLE
[VOL. 126.
California Water Service Corp.
-Securities Authorized. during that period. The communities served are
The California RR. Commission has authorized the company to issue perous agricultural, commercial and industrial in the center of a prosterritory. The territory
86.282.000 1st mtge. bonds at 92, 82.140,100 of 6% preferred stock at 90, served has a combined population estimated
in excess of 10,000.
and 32,140.200 common stock at 90. The latter issue includes the $2,Earnings Year Ending Dec. 31 1927 (December Estimated).
000.000 earlier authorized.
-V. 125, p. 3196.
Gross earnings
880,022
Oper. exp., maint. & taxes (excl. Fed. taxes)
Central Illinois Public Service Co.
-Bonds Called.
21.720
The company has called for redemption on Aug. 1, its $7,595,000 1st
&
Balance
ref. mtge. 5% gold bonds, due 1952, at 105 and int.-V. 126, p. 106.
$58,301
Annual interest requirements on entire mortgage debt
(this
$30,000
Earnings, as shown above, are about twice the annualissue)
Central Illinois Utilities Co.
-Bonds Called.
interest requireThe company has called for redemption on April 1,its $794,000 1st mtge. ments of the total outstanding mortgage indebtedness of the Company.
Capitalization6% gold bonds, due Oct. 1 1928-32, at 103 and int.-V. 101, P. 2074.
Authorized.
Issued.
1st mtge. 5% gold bonds, series
$600,000
6% cumulative preferred stock Ax
Central Maine Power Co.
-Bonds, &c. Authorized.
$500,000
y300,000
Common stock (no par.value)
The Maine P. U. Commission has authorized the company to issue at
5,000 shs.
5,000 shs.
x Mortgage provides that additional bonds may be issued
not less than 95 and int. $2,000,000 of 1st & gen. mtge. 4Si% gold bonds not in
thereunder
excess of80% of the actual cost or fair market value, whichever for
and 45,203 shares of 8% preferred stock, at not less than 96 and diva. lower, of
is the
physical property additions, as defined in the mortgage,
-V. 125, p. 3346.
provided
net earnings for 12 consecutive calendar months within
the
months immediately prior to the issuance of such new bonds, 15 calendar
Central Public Service Corp.-Pref. Stock Offered.- least
have been at
1)
int. charges on all bonds outstanding under said
Hambleton & Co., and Kelley, Converse & Co., are offering mortgagetimes the annualissued.
and those to be
y Subject to minor change.
at $100 per share and div. a block of $7 cumul, pref. stock
Management.
-The property will be
(without par value). The present offering approximates Francis R. Weller, consulting engineer, managed by the organization of
Washington, D. C., whose long
15,000 shares, which together with previous offenngs brings and successful experience in the water works field assures efficient operation
the properties and
the total offered to date to 22,500 shares, for which sub- ofPurpose.-Proceedsthe further development of the business.
will be used to retire all funded indebtedness against
the properties outstanding, and for other corporate purposes.
scriptions have been received in excess of the offerings.
Valuation.
-Based upon a recent appraisal made by Francis R. Weller,
A Maryland corporation. After the acquisition of certain properties
in
process of purchase, through its subsidiaries, will furnish public utility ser- consulting engineer. of Washington, D. C. the physical properties of the
vice to 178.390 customers in 294 communities located in 20 states in this company have an aggregate reproduction '
value in excess of $1,000.000.
country and 2 provinces in eastern Canada. The population of the comCity Utilities Co. (Del.).
-Application Filed.
munities to be served is estimated to be over 1,300,000. Properties
to be
The company has applied to the Missouri P. S. Commission for authority
controlled by the corporation include electric stations with 95,220
h.p.
capacity of which 27,990 h.p. is hydro-electric, 1.278 miles of transmission to purchase and hold more than 10% of the stock of the St. Louis Public
Service Co., formerly the United Rye. Co. of St. Louis. The petition
lines, gas plants with a rated daily capacity of 26,605.000 cubic
was
feet and amended by agreement to allow the City
1.853 miles of gas mains, an ice plant having an output of
Utilities Co. to purchase a maxi124 miles of electric railway track and 129 passenger cars. 100 tons daily. mum of 35,000 shares of preferred stock and 170,000 shares of common
The sources of stock.
-V. 125, p. 3641.
net revenues of the properties are as follows: electric light and
gas 43.6%; railway 4.2%; water 1.5%; ice and heat 1.7%. power 49.0%;
Duke Power Co.
-Acquisitions
-Becomes Operating as
Capitalization Outstanding As of Sept. 30 1927.
Well as Holding Corporation.
[After giving effect to financing now contracted for.]
According to recent advices, the Southern Power Co.of Charlotte. N.
Series A 6% collateral trust gold bonds
0.,
$8,159,000 and the Great Falls Power
5
-year 6% convertible gold notes, due 1930
Co. will be merged into the Duke Power Co.
927,500 The latter will issue one share
614% gold debentures, due March 1 1914
of its 7% curnul. voting pref. stock for each
1,500,000 share of pref. stock of the
$7 cumul. pref.stock (no par)
two companies outstanding, one share of Duke
42,242 shs. common stock for each
Class A stock (no par)
*202,373 shs. share of Duke common share of the Southern stock outstanding, and one
Common stock (no par)
stock for each two shares of Great Fails common
200,000 shs. stock outstanding,
* Does not include Class A stock reserved to meet conversion of the 5
excluding those
-year already owned by the Duke Power shares of the two companies which are
6% convertible notes.
Co.
As a result of the merger. the Duke company, which already
There will also be outstanding in the hands of the public, as of Sept. 30
controls the
1927(and as of Oct.31 1927,for certain companies now In process of acquisi- Southern Power Co., Great Falls Power Co.. Southern Public Utilities Co..
tion), after giving effect to such financing. $50,827,815 principal amount and other allied or subsidiary corporations, will become an operating as well
stocks (taken at $100 per share) of subsidiaries and as a holding company for the Duke interests. Under the merger agreement
of funded debt and pref.
the corporate entity of the Southern Power Co. and the Great
certain securities for the retirement whereof cash is or will be deposited.
Falls Power
Earnings.-Consolldated earnings of the properties to be
Co. will cease and the properties owned and operated by
owned by
these companies
subsidiaries upon completion of the financing now contracted for by the will be owned and operated by the Duke Power Co. ("Manufactur
the Record.") See also V.
er's
corporation and its subsidiaries, and after the acquisition of certain proper125. p. 3347.
ties in process of purchase, for the 12 months ended Sept. 30 1927 (except
Duquesne Light Co.
that for certain properties, earnings are for the 12 months ended Oct.
-To Change Par of Common Shares.
31
The stockholders will vote March 10 on changing the authorized 1927). irrespective of dates of acquisition, adjusted to give effect to such
comfinancing and acquisition of properties, as certified to by the treasurer of mon stock from 250,000 shares, par $100. to 1.000.000 shares of no
par
value, and then increasing the number of shares to
the corporation, were as follows:
4.000,000.
It is proposed to convert 250,000 shares of participating
Operating revenues
811.538,989 8% cumul. series "A"
preferred
Non-operating revenues
stock (par $100) into 1,000.000 shares of common
78,366 stock without par value
and to convert the authorired 250,000 shares of
old common stock
$11,617,356 without par value.of $100 par value into 1,000,000 shares of common stock
Oper. expenses, incl. rnaint. & taxes (other than Govt. income)
The stockholders will also vote on approving an Irene of
but excluding depreciation
6.917.844 pref. stock (see
5% cumul. lit
Engineering, less expenses charges to construction
V. 125, p. 3347.).
All of the outstanding
Int. on funded debt and diva, on pref. stocks of subsidiaries... cr128,823
2.903,999 been called for payment$30,000,000 1st pref. series "A"7% pref. stock has
Int. on funded debt of the corporation to be outstanding
642,690 Bank, 57 Broadway, N. March 15 at 115 and int. at the Chase National
Y. City.
-V. 126, p. 106.
Balance ______________________________________________
$1,281 646
balance was over 4.33 times the annual div.
The
East Coast Utilities Co.
requirements on'the
-Earnings.
42,242 shares of $7 cumul. pref. stock to be outstanding in the hands
The company reports gross earnings of $302,945 for the year
of the
ended Oct.
public upon completion of such financing:
31 1927. Operating expenses, including maintenance and
taxes, except
Purpose.
-A portion of the pref. stock included in the financing has
Federal income taxes, were $173,325, leaving net of
been
8129,620.-V. 125.
heretofore issued to the parent company and the proceeds from
the sale P. 2262.
thereof will be invested by it in additional class A stock of the corporation.
The proceeds to be received by the corporation from the sale of such
Engineers Public Service
stock (together with the proceeds of the balance of this pref. stock) class A (Incl. Virginia Electric & Power Co. Co. and Subs.-Earnings.will
and mite., Key West Electric Co..
used by the corporation in the reduction of indebtedness, the acquisition be Eastern Texas Electric Co. and subs..
of
El Paso Electric Co. and subs.,
properties and for other corporate purposes, or to reimburse the corporation Savannah Electric de Power Co., Baton
Rouge Electric Co. and Ponce
for expenditures made for such purposes.
-V. 125, p. 2670.
Electric Co.)
Earns. 12 Mos. End. Nov. 301927.
Chicago City Ry.-Interest on Bonds.
1926.
Gross earnings
829.354,615 826.345;519
1 6
The Chicago City By. and Calumet & South Chicago Ry. have deposited Operating expenses & taxes
18,020,883 16.321,392
with the First Trust Jr Savings Bank, trustee, funds for the payment on Interest, amortization & rentals
3.401.161
3.183.189
Feb. 11928, of interest for the preceding 6 months period on the 1st mtge. Div. on pref. stk. sub. cos
1.534,803
1,379.150
.5% bond issues of both companies
As no coupons representing such interest are attached to the bonds it
Balance
$6,397,768 35,461.788
will be necessary that such bonds be presented to one of the following: Prop. of above bal. appl. to corn. stk. of subs,
in
First Trust & Savings Bank, 33 So, Clark St., Chicago., Ill.,
hands of public
151,790
213,588
Trust Co., 16 Wall St., New York, N. Y., Mercantile Trust & Bankers
Deposit
Co.. 200 E. Redwood St.. Baltimore, Md.. for endorsement thereon
Balance appl. to res. & to E. P. S. Co
of
86.245,978 85.248,200
such interest payment.
Div. require, on pref. stk. of E. P. 8. Co
2,166,878
2,130,079
Certificates of deposit representing bonds deposited with the yorotective
committees should not be presented. Interest on such bonds will be
appl. to res. & cons. stk. of E. P. S. Co_...$4,079,100 $3,118,121
paid
to the committees and checks will be sent by them or their agent to registered
Consolidated Balance Sheet.
holders of certificates of deposit without the surrender of the certificates.
AssetsNov. 30 '27 Dec. 3126
-V. 125. p. 245.
LiabilitiesNov. 30'27 Dec. 31 '26
3
Pref.stk. of subs_ _24,881,600 22,123,200
Prop., plant dre..148,787,668132,708,757 Stock
vr
Cities Service Gas Pipeline Co.
-New Financing.
Pref. de corn. stk.
(subs.)
One of the largest gas pipeline projects in recent years, a 250
,947 162 57.166:506
19 :500
8
0
342 58
all
262,250 Bonds of subsid's64
o
_
from Pampa, Texas to Wichita. Kan., is being financed in part-mile line Cash t nth,
with the
2,963,154 6,145,022 Coupon notes.... 5,943,452
proceeds of an issue of $12,000,000 1st mtge. pipeline 6% bonds,
5,953.
000
Notes receivable
which
379,383
61,617 Bal. on allot. Ws_
has been sold to Halsey, Stuart de Co., Hallgarten de Co., and associates. Meta receivable__ 2.985,968
262,250
2.492,074 Notes payableThe line is now in operation, having been completed this month.
Mat'l Sr supp
2,268,918 1.788,555 Acct's payable_ - - 3,055.577 2,165,568
_
The new line affords direct transportation for natural gas from one of the Prepayments
844,567
848,842
708,088
834,380 Accounts not yet
largest known natural gas areas, to the extensive industrial and domestic Subtler. to stock
143.075
293,271
due
markets supplied by Cities Service Gas Co. in Kansas, Oklahoma. and Misc.
2.785,982 1,999,094
60,524
126,612 Divs. declared
Missouri. The principal source of the gas is a number of wells on the 65.000 Sinkinginvestmls46,789
912,576
fund
b4,851,041 3;254,166 Retirement res _ 8,466,051 11,184,413
acre Burk Burnett ranch in Carson County. Texas, and the line runs to a Special deposits_
233,657 2,848,871 Oper. reserves- - _ 253,763
point near Wichita, where it connects with the inter-State pipieine system Unamort'd debt
270,416
Unadjusted trod__ 630,680 1,050,500
of the Cities Service Gas Co.
disc. dr exp
In addition to the pipeline, there were constructed the necessary com- Unadjusted deb.. 3,255,761 3,279.103 Bal, of assets for
1,014,188
579,318
corn, stock of
pressor stations, telephone system, and other facilities required in the gas
subs. in hands
transportation.
of public
887,694 1,250,126
The new pipeline Is expected to increase the average amount of gas handled
Tot.(ea. side)_167,651,427154,673,975 Bal. of assets- _ _n53,843,823 50,010,893
daily by Cities Service Gas Co.to over 140,000,000 cu.ft.
a Showing book value of 309,5.54 preferred shares
and 784.790 common
both
par value. b Includes
Citizens Water Co. of Scottdele, Pa.
-Bonds Offered.- shares,held inwithout funds, uncancelled.-V. 84.644,500 bonds of subsidiaries
sinking
125, p. 2807.
Boenning & Co., Philadelphia, are
offering $600,000 1st
Federal
--Acquires Scranton Gas &
mtge. 5% gold bonds, series "A," at 97 and int, to yield Water Co. Water Service Corp.
over 5.20%.
President C. 'I'.
Dated Jan. 1 1928: due Jan. 1 1953. Principal and int. (J. & J.) payable
at Pennsylvania Co.for Ins. on Lives & Granting Annuities, Phila., trustee.
Denom. 81.000 and 8500 c*. Interest payable without deduction of that
portion of any Federal income tax not in excess of 2%. Red. all or part
on any int. date upon 30 days' notice to and incl. Jan. 1 1932 at 105 and
int.. thereafter to and incl. Jan. 1 1937, at 103 and int., thereafter to and
incl. Jan. 1 1945, at 102 and int., thereafter to and incl. July 1 1952, at
101 and int., and thereafter but prior to maturity at 100 and int. Free of
Penn. 4 mills tax to resident holders.
Compans.-Incorp. July 17 1888, in Penn., and has been supplying water
for domestic, municipal and industrial purposes to the Boroughs of Scott
dale, Westmoreland County. and Everson, Fayette County, and surrounding territory for over 38 years. Property which has been owned by the
Pennsylvania RR. for the past 22 years has been in successful operation
Chenery announced on Jan. 9 that
been completed with Worthington Scranton, President negotiations have
& Water Co., for the sale of the property and assets ofof the Scranton Gas
the latter
to the Federal corporation. The financing in connection with the company
will be handled by G. L. Ohrstrom & Co., Inc., bankers for thepurchase
Federal
corporation. 'According to reports practically all of the 84.000 shares of
the Scranton company stock was purchased for $24,780,000, or 8295 a
share, and in addition the Federal corporation will assume an Indebtedness
of 82,296,000.1
The Scranton Gas & Water Co. is one of the oldest water companies in
the United States and was incorporated March 16 1854. The company
serves water to the City of Scranton. Pa., and a number of neighboring
communities, the total population of which is in excess of 260,000. Water
is furnished at the rate of 40,000,000 gals, a day from storage reservoirs.
whose combined capacity is 8,400,000,000 gallons. There are in the
JAN. 14 1928.]
FINANCIAL CHRONICLE
neighborhood of 40,000 consumers, who are supplied through 510 miles of
mains. In addition to water service the company furnishes gas service in
Scranton and adjoining territory. More than 877.000.000 Cu. ft. of gas
were sold during 1926, there are approximately 32,000 gas service connections and 210 miles of mains.
The Scranton properties are contiguous to those of the Spring Brook
Water Supply Co., a part of the Federal system. Both of these properties
are gravity systems and will probably be operated as a unit
.—V.125,p.2807.
General Power & Light Co.—New Control.—
See Peoples Light & Power Corp. below.—V. 126, p. 106.
Great Lakes Utilities Corp.—To Acquire Gas Co.—
A petition for consent to acquire the majority of the stock of the Fulton
Fuel & Light Co. was recently approved by the New York P.8. Commission
on condition that the offer to pay the proposed price per share be extended
to all stockholders of the corporation. The order was expressed as not to
be construed as passing upon the value of the property or the reasonableness
of the price, or as an approval of a proposed bond issue.—V. 125, p. 2526.
Gulf States Utilities Co.—Preferred Stock Offered.—
Stone & Webster and Blodget, Inc., Chase Securities Corp.,
Blair & Co., Inc. and Brown Brothers & Co. offered Jan. 10,
30,000 shares $6 dividend preferred stock at $100 per share
and div. One-third of this issue has been withdrawn for sale
in the company's territory.
Dividends payable Q.
-M. Red. all or part at any time at $110 and diva.
Preferred over common stock as to dividends and, in case of liquidation,
entitled to $100 per share and div. plus a premium of $10 per share if such
liquidation be voluntary. Shares are without par value and voting rights
except in case of dividend defaults, in matters pertaining to additional
preferred stock and otherwise, all as provided in charter. Dividends
exempt from normal Federal income tax under the present law. Transfer
agent, Stone & Webster, Inc., Boston, Mass. Registrar, State Street
Trust Co., Boston, Mass.
Data from Letter of George H. Clifford, President of the Company.
Company.—Incorp. in Texas, does the entire electric lighting and power
business in Beaumont and Port Arthur, Tex. and vicinity, the majority of
the ice business in Port Arthur, the entire electric lighting and power, ice
and water business in Orange, Tex.; the electric lighting and power, ice,
gas and water business in Lake Charles, La., and vicinity and the electric
lighting and power, and ice business in Jennings, La. It also serves by
transmission lines a large agricultural area and a number of small towns in
Southern Louisiana and Southeastern Texas. The total population served
is estimated to be over 180,000.
The electric generating plants of the company have a combined installed
capacity of 62,000 h.p. and an additional 47,000 h.p will be available from
the extension to the Neches Station now under construction. Interconnection facilities between this company's system and that of the Houston
Lighting & Power Co. are now under construction which will upon completion make it possible to interchange power with the Houston Company.
The gas plant at Lake Charles has a daily capacity of 840,000 cubic feet
Company's ice and refrigeration plants in Port Arthur, Orange, Silsbee.
Lake Charles, Jennings, Lake Arthur and Elton are of 401 tons total daily
capacity and the water works in Orange, Silsbee and Lake Charles have a
day pumping capacity of about 14,000,000 gallons.
Capitalization as of Nov. 30 1927 (including this issue.)
tat mortgage and refunding 5% bonds of 1956
$9,000,000
dividend preferred stock (this issue)
$6
30,000 shs.
Common stock (no par value)
280.000 shs.
Earnings of Company,for the 12 Months Ended Nov. 30 1927.
Gross earnings
$3,972,953
Operating expenses & taxes (incl. Federal income tax)
2,349,649
earnings
Net
$1,623,304
Interest and amortization charges
*637,422
251
trustee. Denom.$1,000 and $500 c*. Interest payable without deduction
of that portion of any Federal income tax not in excess of
of State property taxes not exceeding 6-10 of 1% of the 2%. Refund
principal per
annum and State income taxes not exceeding 6% of the interest, upon
timely and proper application, and in any event not in excess of the present
rate. Rod. as a whole on any int. date, upon 30 days' notice to and incl.
Jan. 2 1929 at 105 and int.; thereafter to and incl. Jan. 2 1938 at 103 and
incl.; thereafter to and incl. Jan. 2 1943 at 102 and int.; thereafter to and
incl. Jan. 2 1948 at 101 and hit., and thereafter at 100 and int. Red, in
part on any int. date upon 30 days' notice to and incl. Jan. 2 1933 at 105
and int.; thereafter to and incl. Jan. 2 1938 at 104 and int.; thereafter to
and incl. Jan. 2 1943 at 103 and int.•, thereafter to and incl. Jan. 2 1948 at
102 and int.; thereafter to and incl. Jan. 2 1952 at 101 and int.; thereafter
at 100 and int.
Data from Letter of P. F. Goodrich, President of the Company.
Company.—Organized in Indiana. Owns or controls and
through its subsidiary companies, a general telephone business in operates,
Indiana.
Properties have records of successful operation extending over a period of
more than 15 years, and are all located within Indiana, serving without
competition: Plymouth. Kentland, Knox, Winamac, Warsaw, Columbia
City, Portland and Franklin, and 35 other communities, and in addition
telephone service is furnished to the adjacent rural areas. Population of
territory served estimated 180,000.
Company owns and operates 17 subsidiaries, maintaining 46 telephone
exchanges in 43 different communities. Company provides service to
20,566 main stations, 1,667 extensions, making a total of 22,223 stations
served, all operated by the company.
Capitalization—
Authorized.
Issued.
1st lien 5%% sinking fund gold bonds, series A
x
$1,250,000
6% preferred stock
81,000,000
750,000
Common stock (no par value)
75.000 shs.
b75,000 shs.
x Additional bonds restricted under the terms of the mortgage.
mon stock represents a paid-up capital investment of $750,000. b ComConsolidated earnings for the 12 Months ended Dec. 31 1927.
Gross earnings
$512.141
Oper. exp., maint. and taxes (not incl. Federal tax)
a329,279
Balance
8182.862
Maximum annual interest requirements on the entire funded
debt
(this issue)
68,750
a also includes deduction of $10.148, being allowance for minority
stock
Interest in Interstate Telephone Corp.
Earnings, as shown above, are over 2% times the maximum
annual
interest requirements of the total outstanding funded debt of the company.
Security.—The bonds will be a direct and primary obligation of
the
company,and in addition thereto will be secured by deposit
of all of the outstanding capital stock (except qualifyingwith the trustee
shares)
Winona Telephone Co. Commercial Telephone Co., Whitley of the
County
Telephone Co., Johnson'
County Telephone Co. Pennville Telephone
Geneva Telephone Co.. Roann Telephone Co.. Salamonia Telephone Co.,
'
Co..
The Syracuse Home Telephone Co., Pierceton Telephone Co.
Home
Telephone Co., of Portland, Mt. Zion Telephone Co., and more tlian
95%
of the outstanding capital stock of the Newton & Jasper County
Mutual
Telephone Co., Van Buren Telephone Co., Farmers Mutual
Co. and 75% of the outstanding common stock of Interstate Telephone
Telephone
Corp.
The trust agreement will further provide that so long as any of
bonds are outstanding and unpaid, any and all funded obligations these
or
ferred stock and the proportionate part of the common stock of any preof the
subsidiary companies subsequently issued, shall be pledged with
under the terms of the trust agreement. The properties of the the trustee
companies have an aggregate depreciated value as determined bysubsidiary
independof engineers of over $3.100,000.
Sinking Funl.—Company covenants that it will in each of
the
1929 to 1952, both incl.. pay to the trustee in cash a sum equal years
to 1%
of the then outstanding first lien bonds of each series, such
sums to
in the redemption of first lien bonds of said series in the manner and be used
method
as set forth in the trust agreement.
Franchises & Rstes.—The franchise situation, in the opinion
is satisfactory, and the relationships with other connecting of counsel,
companies
and with the public throughout the territory served are
harmonious.
Purpose.—Proceeds from the sale of these bonds
the outstanding funded debt of the subsidiary will be used to retire all of
companies, not pledged
with the trustee, to reimburse the company for
cmisition of new properties and extensions thereto expenditures in the acand for other corporate
purposes.
Balance for reserves,retirements and dividends
$985,882
Annual dividend requirement on this stock
180;000
*Includes interest amounting to $190,972 on notes payable.
The balance, as indicated above, was approximately 5% times the
annual dividend requ rement on this stock. The balance remaining after
the deduction of this charge was equivalent to over 20% of gross earnings.
Over 83% of the company's gross earnings was derived from the sale of
electric energy and the balance from ice, water and gas.
Keyser Light & Power Co.—Bonds Called.—
Purpose.—Proceeds will be used to provide additional capacity to care
Certain 1st mtge.6 Ti% gold bonds,
for the rapidly expanding business or to reduce notes payable, which, on for redemption Feb. 1 at 105 and int.aggregating $25,000, have been called
Nov. 30 1927, amounted to $2,885,000 held by Eastern Texas Electric St., Boston, Mass.—V. 119, p. 701. at the American Trust Co., 50 State
Co. (Del.).
Ownership.—All the common stock (except directors' qualifying shares)
Larutan Gas Corp.—New Directors.—
is owned by Eastern Texas Electric Co. (Del.), a subsidiary of Enginers
Arthur M. Lampert, President of A. M. Lamport & Co..
Publ c Service Co.
Scott, President of the Fidelity Public Service Corp., have and H. G.
been elected
Management.—Company is under the executive management of Stone & directors.—V. 125, p. 3197.
Webster, Inc.—V. 125. p. 515.
Hartford Electric Light Co.—Conversion of Notes.—
The 7% convertible notes, issue of 1925, become due and payable Feb. 1
1928. The note contains a provision that the holders desiring to exercise
their option to convert m ist notify the company in writing on or before
Feb. 1 1928 and further contains a provision that the right to convert
expires Feb. 11928.—V. 125, v. 1579.
Indiana General Service Co.—Tenders.—
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Jan. 27 receive bids for the sale to it of 1st mtge. 30
-year 5% gold bonds,
American series, due Jan. 11948. to an amount sufficient to absorb $21,934
at a price not exceeding 105 and int.—V. 123, p. 2654.
Interborough Rapid Transit Co.—Court of Appeals
Voids Injunction Against Labor Union.—
Lehigh Telephone Co.—Tenders.—
The Markle Banking & Trust Co., trustee, 8 West Broad St.,
Hazleton.
Pa. will until April 1 receive bids for the sale to it of 1st & ref.
mtge. bonds,
dated July 11924, to an amount sufficient to absorb $37,500 at a price
not
exceeding 105 and int.—V. 125. p. 1970.
Llxington Water Power Co.—Bonds Offered.—Halsey;
Stuart & Co.,
Pynohon & Co., Bonbright & Co.,
and Spencer Traslc& Co. are offering at 98 and int., to Inc.,
Inc.,
yield
over 5.10%, $12,000,000 1st mtge. 5% gold bonds series
due 1968.
Dated Jan. 1 1928; due Jan. 11968. Denom. c*
and r* $1,000 and multiples. Int. payable J. & J.$1,000, $500 and $100,
in New York
cago without deduction for the normal Federal income tax now and Chiafter deductible at the source not in excess of 2%. Red. all or hereany time on 45 days' notice at following prices and. int.: To and or part at
incl. Jan. 1
1938 at 107%; thereafter to and incl. Jan. 1 1948 at 105;
incl. Jan. 1 1958 at 102%; thereafter to and incl. Jan. 1 thereafter to and
1963 at 101 and
thereafter to maturity at 100. Company agrees to reimburse
the holders
of these bonds if requested within 60 days after payment
for
legally assessed personal property taxes: by Pennsylvania, the following
not exceeding
4 mills; by Conn., not exceeding 4 mills; by Dist. of Col.,
not exceeding
5 mills; by Mich., not exceeding &mills; by Calif.. not exceeding
5 mills,
or by Maryland, not exceeding 44 mills per dollar per
annum of the principal amount of bonds held: or for the Mass, income tax
not exceeding 6%
per annum of interest received on such bonds.
Security.—The first mortgage 5% gold bonds, series
due 1968, will be
secured by a first mortgage on all real property of the
company now owned
or hereafter acquired not subject to liens and by
a direct mortgage on real
property now owned or hereafter acquired, subject to
liens,
at the time of acquisition. At the time of the completion if any, existing
of
ment, the mortgage securing these bonds will be an absolute the developfirst mortgage
on the power house and dam and on substantially all the
other property of
the company. In addition, power contracts extending
International Power Co., Ltd.—Earnings.—
until 1980 between
the company and Carolina Power & Light Co. an Southimm
Months Ended Sept. 30-1926.
1927.
Power Co.
$2,699,074 $3,039,713 and Broad River Power Co. will be pledged with the trustee under the
Gross earnings
1,631,842 1,702,295 mortgage for the further security of the bonds. Duke Power Co. has asOperating expenses
sumed the obligations of Southern Power Co. under the above
Mortgage Provisions.—Bonds may be issued in series, the contract.
$1,067,232 $1,337,418 haying
Net operating earnings
several series
Interest charges and preferred dividends ofsubsidiaries
$398,990 visions respectively such rates of interest, maturity dates, redemption pro
and
proportion applicable to minority interests
162,632 mortgage assuch other rights, limitations and provisions permitted by the
the board of directors of the company may prescribe.
99,682
Interest on 6% debentures
Additional
262,500 the original bonds may be issued within two years after the completion of
Preferred dividends
installation without earnings restriction in connection with
of the installation of the remaining capacity of the development the
$413.614 costexceeding 60%
Surplus
for
not
of the cost of the additional capacity.
—V.125,P. 1970.
Bonds of any series may be
Interstate Telephone & Telegraph Co.—Bonds amount of bonds of any otherissued: (a) for refunding an equal principal
series: (b) against the deposit of cash; (e)
Offered.—P. W. Chapman & Co., Inc., are offering at 100 against the pledge of an equal principal amount of bonds, secured by
mortgage existing at the time of acquisition, on property hereafter
acquired:
75% of the fair
and. int. $1,250,000 1st lien sinking fund 5% gold bonds, (d) forimprovements, value or cost, whichever is less, of additions, extensions,
betterments, or of a plant or system acquired, proseries A.
vided total income, as defined in the mortgage, for 12 consecutive
mohths
Dated Jan. 2 1928: due Jan.2 1953. Principal and int.(J. & .T.) Payable within the 14 months immediately preceding the date of the application for
endow, New York or at Continental National Bank of Indianapolis, such bonds shall have been at least twice the annual interest chargse
on all
The Court of Appeals Jan. 10 in effect vacated the Supreme Court injunction secured by the company against former employees charged with
Instigating the outlaw strike of July 1926, to prohibit them from attempting
to induce workers of the company from leaving their jobs. The injunction,
as issued by Justice Delehanty, was declared by the Court of Appeals to
be too broad, and the matter is sent back for determination by the original
Court as to whether a more limited injunction shall be issued.
The Court holds that while the defendants in the action may not be enjoined from inducement by lawful means to leave the service of the company,
the courts may in labor disputes as in all others enjoin against acts which
are in themselves unlawful.
"The injunction as issued, in its broad scope, was beyond the power of
the Court," the Court of Appeals rules. For this reason the orders of the
Supreme Court, as affirmed by the Appellate Division, are reversed, and
the motion is returned to the Special Term,"in order that it may exrecise
its discretion as to whether an injunction of more limited scope should issue,
upon the facts contained in this record."
The opinion of the Court was concurred in by all the Judges.—V. 126.
p. 107.
252
FINANCIAL CHRONICLE
(VOL. 126.
The Carolina Power & Light Co., which has contracted for 150.000.000
bonds outstanding and proposed to be issued under the mortgage and on all k.w.h. per annum,is supervised under the direction and control of the comIndebtedness secured by mortgage prior in lien and outstanding with the pany's 'board of directors by the Electric Bond & Share Co. and serves
public.
directly or indirectly electric power and light service to 170 communities In
-Company covenants to pay to the trus- South Carolina and North Carolina with a population of 351,000. The
Sinking and Improvement Fund.
tee. so long as any bonds of Series due 1968 are outstanding, on Jan. 1 1933, Southern Power Co., controlled by the Duke interests, has contracted for
thereafter
and on each Jan. 1 thereafter to and including Jan. 1 1943, 1%;
75,000.000 k.w.h. per annum. The Duke Power Co., which has assumed
to and including Jan. 1 1953, 13.i %;and thereafter to and including Jan. 1 the obligations of Southern Power Co. under the contract above referred to.
1967. 2% of the principal amount of said bonds outstanding at the time of serves 110 communities in South Carolina and North Carolina, having a
certain
such payments against which payments the company is entitled to
total population of over 1,500,000. Broad River Power Co., controlled by
credits as provided in the mortgage.
General Gas & Electric Corp., has contracted for 75,000,000 k.w.h. firm
its interest
the contract, subject to
-The same bankers are power per annum and has assigned Power Co. inBroad River Power Co.
Offered.
$5,000,000 Debentures
recapture provisions, to Southern
yield over 5.60%, $5,000,000 serves Columbia. S. C.. and its environs with a total population of about
offering at 98M and int., to
120,000. The transmission systems of these three companies embrace a
convertible sinking fund gold debentures.
New York territory covering practically the entire States of South Carolina and North
Dated Jan. 1 1928; due Jan. 1 1953. Int. payable J. & J. in tax not in Carolina.
and Chicago without deduction for the normal Federal incomepart at any
-W. S. Barstow & Co. Inc., which has been responsible
Management.
excess of 2%. Denom. 51,000. $500 and $100 c*. Red. all orincl. Jan. 1 for the organization and operation of the business now conducted by Genand
time on 45 days' notice at following prices and int.: To thereafter to and eral Gas & Electric Corp., has contracted for the construction and financ1933 at 110: thereafter to and incl. Jan. 1 1938 at 10734;
there- ing and will supervise the operation of this hydro-electric development.
incl. Jan. 1 1943 at 105; thereafter to and incl. Jan. 1 1948 at 10234; 100.
-The bonds and debentures are listed on the Boston Stock Exch.
Listed.
after to and incl. Jan. 1 1951 at 101. and thereafter to maturity at
agrees to reimburse the holders of these debentures if requested
Company
-Bonds Called.
Middle West Power Co.
the following legally assessed personal
within 60 days after payment for
All of the outstanding $33,850.000 1st mtge. gold bonds,series "A," dated
not exceeding
by
property taxes: by Penn., not exceeding 4 mills; by Conn., not exceeding May 1 1923, have been called for payment May 1 next at 10734 and int.
Mich.,
mills;
4 mills; by Dist. of Col., not exceeding 5or by Maryland, not exceeding at the Illinois Merchants Trust Co., trustee, Chicago, Ill.
5 mills; by Calif., not exceeding 5 mills,
Any of the above bonds will be accepted and prepaid at the office of the
mills per dollar per annum of the principal amount of debentures held; trustee at any time prior to the redemption date at 10734 and int. to May 1
434
or for the Mass. income tax not exceeding 6% per annum of interest re- 1928. less a discount at the rate of4% from date of payment to the redempceived on such debentures.
-V. 117, p. 1022. 676.
-The debenture agreement will provide for the con- tion date.
Conversion Privilege.
-To Increase Common DiviMiddle West Utilities Co.
version of these 534% debentures into $6 cumulative preferred stock (no
holder, on the
par value) at any time after Jan. 11931. at the option of the adjustment to dends.
-The directors on Jan. 10 passed a resolution that
basis of 10 shares of pref. stock for each $1,000 of debentures, on the stock
starting with the common dividend payable May 15, quarbe made in cash for the difference between the accrued divs.
and the accrued int. on the debentures. In the event of redemption of the terly distributions at the rate of $7 per share per annum
debentures in whole or in part,such conversion privilege as to the debentures
will be made. This will mean that the 7% pref. stock will
called for redemption shall cease 15 days prior to the redemption date.
The $6 cumulative preferred stock shall be entitled to receive cumulative go on an 8% annual dividend basis beginning April 15 (see
-J.
preferred dividends at the rate of $6 Per share per annum, payable Q.
324).
before any dividend shall be declared or paid upon the common stock. offering of latter stock in V. 123, p.
The $6 pref. stock may be called for red., all or part, on any div. date on
The regular quarterly dividend of $1.50 per share has been
at least 30 days notice prior to the date fixed for the redemption at $110
stock (no par value), payable Feb.
per share and all unpaid divs. In the event of any distribution of assets, declared on the common
the $6 pref. stock shall be entitled to $100 per share and unpaid divs. 15 to holders of record Jan. 31. This rate has been paid since
before any sum shall be paid to the holders of the common stock. Holders May 15 1926 incl.-V. 125, p. 2671.
of the $6 pref. stock shall not be entitled to any voting rights except whenshall
-Tenders.
ever 4 quarterly dividends shall be in default and in that event they comMontana Power Co.
of the
have the exclusive right to vote for such a number of directors directors.
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City, will until
pany as shall constitute a majority of the authorized number ofsemi-annual Jan. 17 receive bids for the sale to it of 1st & ref. mtge. sinking fund series
-The debenture agreement will provide for a
Sinking Fund.
"A" 5% gold bonds, due July 1 1943, to an amount suficient to exhaust
sinking fund to operate through Halsey, Stuart & Co.. Inc., sinking fund 5372.237 at a price not exceeding 105 and int.-V. 125, p. 3482. 2388.
agents, calculated to retire the entire amount of this issue of debentures by
1, begin-Debentures Offered.
National Electric Power Co.
maturity. The sinking fund which will operate Jan. 1 and July principal
$125,000
ning Jan. 1 1933. for the semi-annual retirement of deposit of cash with A banking group headed by A. C. Allyn & Co., Inc., and
amount of these debentures, may be satisfied:(a) by theand incl. prevailing
including Howe,Snow & Co. Inc., Old Colony Corp., E.H.
the trustee sufficient to purchase debentures at up to
sinking fund call price, or by redemption at such price; (b) by surrender Rollins & Sons, Hill, Joiner & Co., Inc., Tucker, Anthony
'
debentures for cancellation, in which event debentures will be accepted
of
Inc., offered Jan. 13 at 9434
at their principal amount; or (c) by the prior conversion of debentures into & Co., and A. B. Leach & Co.,
$6 cumulative preferred stock, as above provided. For the purposes of and int. to yield about 5.30%, $10,000,000 secured gold
fund, debentures may be redeemed at the following prices and
the sinking
1978.
accrued int.: Beginning Jan. 1 1933 to and incl. Jan. 1 1937, at 105; there- debentures, 5% series, due 1978. Int. payable (J. & J). Denom.
Dated Jan. 1 1928; due Jan. 1
after to and incl. Jan. 11941. at 104; thereafter to and incl. Jan. 11945, at
1949. at 102; thereafter to and incl. $1,000 (c*) and $500 and $100. Red. all or part on any interest date on 30
103; thereafter to and incl. Jan. 1
nays' notice to and incl. Jan. 1 1938 at 105 and int.; thereafter to and incl.
Jan. 1 1952. at 101; and thereafter to maturity at 100.
Jan. 1 1943 at 10434 and int.; thereafter to and incl. Jan. 11948 at 104 and
Data from Letter of Pres. W. S. Barstow, New York, Jan. 5.
int.; thereafter to and incl. Jan. 1 1953 at 10334 and int.; thereafter to and
-A South Carolina corporation. Is constructing on the Saluda incl. Jan. 1 1958 at 103 and int.; thereafter to and incl. Jan. 1 1963 at
Company.
River, under license granted by the Federal Power Commission, at an esti- 10234 and int.; thereafter to and incl. Jan. 1 1968 at 102 and int.; thereafter
mated cost of approximately $21,000,000, a hydro-electric power develop- to and incl. Jan. 1 1973 at 10134. and int.; thereafter to and incl. Jan. 1
ment which upon completion will be one of the largest in this country. 1977 at 101 and int- and thereafter at par and in
Principal and int.
Work on the development, which is situated about 10 miles west of Colum- payable at Equitable Trust Co., New York, trustee. Interest also payable
bia. S. 0., has already been started and as of Nov. 30 1927 more than $2.- at Continental National Bank & Trust Co. of Chicago, Chicago, without
200,000 had been expended. The development is expected to be completed deduction for normal Federal Income tax not to exceed 2%. l'enn. 4 mill
about Sept. 1 1930. This project involves the construction of a dam by tax, Comm. 4 mill tax. Maryland 434 mill tax, Calif. personal property tax,
the semi-h.ydraulic fill method, impounding the waters of the Saluda River. not in excess of 4 mills per annum. and Mass.6% income tax refundable.
Not only will the dam have the largest cubical content of any dam in this
-These debentures will be a direct obligation of company and.
Security.
country, but upon completion the lake will be the largest created artifi- In addition, will be secured by the deposit with the trustee under and
cially in the United States.
subject to the provisions of the indenture, of the entire common stock now
The dam will be about 1 34 miles long with a maximum height of 208 feet issued and outstanding (except directors' qualifying shares) of Penn Central
and a maximum width at the base of approximately a quarter of a mile. Light & Power Co., Ohio Electric Power Co., Michigan Electric Power Co.,
It will require 11,000,000 cubic yards of earth fill for its construction. The and of 85,000 shares of the common stock of New England Public Service Co.
lake will be 33 miles long and have a maximum width of 14 miles. The
-A banking group consisting of A.
Preferred Stock Offered.
surface area will be over 76 square miles and the shore line will have a
will
length of about 4.50 miles. The available storage capacity thus createdk.w. C. Allyn & Co. Inc.', Utility Securities Co., Inc.; Howe,
electric energy to supply 225 mills with 500
be sufficient to generate
Inc.; Old Colony Corp., and Emery, Peck
& Co.,Snw
each, operating 10 hours a day,6 days a week, over a period of 6 months of
offered Jan. 10 at $94.50 a share and div.
complete drought.
of the dam to a power house the & Rockwood Co.,
Conduits will extend through the base
tosyield 6.35%, a new issue of $5,000,000 6% cumulative
capacity of which, from the standpoint of average firm kilowatt hour output, will be exceeded by no hydro-electric generating station in America preferred stock (par $100).
except that of the Niagara Falls Power Co. at Niagara Falls. The original
Dividends exempt tom present normal Federal income tax. Company
installation will consist of 4 units of 32.500 k.w. maximum rating each and has agreed to refund, upon proper and timely application, the Mass. 6%
Provision will be made for the future installation of additional units which Income tax and Calif. personal property tax not to exceed 4 mills per annum
will bring the ultimate aggregate capacity of the development to 200,000 to holders resident in those States. Dividends payable Q-J. Red.all or part
k.w.
on any div. date on 30 days'notice at $107.50 per share and diva. Transfer
An important feature of the development is that long-term contracts agents. Seaboard National Bank,New York, Old Colony Trust Co., Boston.
Light Co..
have already been consummated with the Carolina Power & those com- and Middle West Stock Transfer Co., Chicago. Registrars, Equitable
River Power Co. under which
Southern Power Co. and Broad
Trust Co., New York, American Trust Co., Boston, and Northern Trust
panies will purchase annually 300,000.000 k.w.h., which power will be dis- Co., Chicago.
distribution systems of
tributed by means of the extensive transmission andof the company will be
Data from Letter of Harry Reid, President of the Company.
the purchasing companies. The remaining output contracted for will be
-Owns practically all of the common stocks of a diversified
Company.
now
taken by Broad River Power Co. All the power the purchasing companies group of companies operating public utility properties located in the States
Power Co. to
delivered by the Lexington Water
Pennsylvania, Ohio, Indiana, Maine and Michigan, and will own a large
of
at the power station in South Carolina.
Outstanding. majority of the common stock of New England Public Service Co. ComAuthorized.
Capitalizationpany has also acquired a substantial interest in the class B common stock
(a)
First mortgage5% gold bonds. series due 1968-20
$5.000,000 $15.'088.'009 of National Public Service Corp. and in the common stock of the Common5Si% cony.sink.fd. gold debs.. due 1953
wealth Light & Power Co.
(b)
100,000 shs.
$6 clur.ul. pref. stock(no par value)
The territories served with electric light and power include about 726
250,000 slui.c 206,000 she.
Common stock no par value)
communities with a total population estimated to exceed 1.250.000.
Subsidiary Companies.-Tbe subsidiaries upon completion of present
the provisions of the mortgage.
a Issuance of additional bonds is limited by
:
iAg
cen lude
will
will include:
b 50,000 shares $6 cumul. pref. stock will be reserved for conversion of financing,
Light & Power Co.
-Operating in Altoona, Hollidays
gold debentures.
534% convertible sinking fund
or the burg, Juniata, Huntingdon, Ebensburg, Lewistown, Albion and 135 other
c General Gas & Electric Corp. has guaranteed the completion
(All common stock owned except directors'
k.w. capacity of the developinent. In consideration for communities in Pennsylvania.
original 130.000
Lexington Water qualifying shares.)
money advanced to it during the construction period, common stock of
-Operating in Lapeer, Bad Axe, Caro
2. Michigan Electric Power Co.
1 1932, in
Power Co. will issue its notes payable April prior thereto at the option of and 64 other communities in Michigan. (All common stock owned except
and convertiole
the company at $31 per share
represent directors' qualifying shares.)
the holder on the same basis. The 206.000 shares shown above
-Operating in Oberlin, Ravenna Sidney
3. Ohio Electric I'ower Co.
of notes representing
the 36,000 shares now outstanding and the conversion
common stock investment and 47 other communities in Ohio. (All common stock to be owned except
an investment of $5,270,000. the amount of
of directors' qualifying shares.)
required, based on the estimated cost of $21,080,000, for the completion
-Operating in Union City, Ind. (All com4. Union City Electric Co.
the original 130.000 k.w. capacity. sale of the bonds and debentures will mon stock except directors' qualifying snares owned by Ohio Electric
-The proceeds from the
Purpose.
under an agreement providing for the investment and release Power Co.)
be deposited
-Operating in Portland.
5. Cumberland County Power & Light Co.
conditions of the agreement. Moneys shall
thereof under the terms and exceeding 75% of the cost of the development Saco, Biddeford, Sanford, Westbrook and 47 other communities In Maine.
not be released in an amount
(Approximately 99.9% of common stock owned.)
agreements.
as defined in the
6. New England Public Service Co.
-Subsidiaries serve at retail 420
of the bonds and debentures shall
In the event that the entire proceeds
in connection with the construction of communities in Maine,New Hampshire, Vermont and New York and supply
not be required on the above basis any amount remaining may be applied 80 other communities through wholesale contracts (A large majority of
the original 130,000 k.w. capacity, years after the completion of sucfl con- common stock to be owned.)
of two
on the same basis for a period
capacity, but if not so applied in Capitalization (,To Be Outstanding Upon Completion of Present Financing.)
0
5 h.
struction to the installation of additional
2
3
6 100:0000,06000
mortgage bonds Secured gold debentures,5% series due 1978
shall then be used for the retirement of the first
5060 000
such period
cumulative preferred stock
:0
5, :00
and debentures. -Contracts for the sale of power have been executed 6%° cumulative preferred stock (this issue)
312.130 ohs.
Power Contracts.
Southern Power Co. and Broad River Class A stock ,rio par value)
with Carolina Power & Light Co.. 1980. Under the terms of these con1
Power Co. extending until July 1
As of Nov. 30 1127. there were outstanding In the halide of the public
annual revenues of $1,904,125. After the
tracts the company will receive expenses and taxes, estimated net income not exceeding 39.236 shares of no par value common stock, 11 shares of
deduction of estimated operating to $1,420,125 as compared with annual $50 oar value common stock. $1,839,200 of $100 par value common stock.
available for interest will amounton $12,000.000 first mortgage bonds and $5.587.450 par value preferred stock, 252,460 shares of no par value pref.
interest requirements of $875,000is expected that the company will receive stock and 577.676,800 par value of funded debt of subsidiary and leased
these $.5,000.000 debentures. It from secondary power sales.
companies.
an additional $150,000 per annum
534%
JAN. 14
1928.]
FINANCIAL CHRONICLE
Consolidated Earnings.
-For the 12 months ended Nov. 30 1927, the
consolidated earnings of company and subsidiaries, including those of New
England Public Service Co., were as follows:
Gross earnings (including other income)
$25.746,808
Operating expenses, maintenance, depreciation, taxes,including
Federal taxes
15,550,811
253
directors such dividends are justified, and before dividends are paid on the
common stock. In the event of distribution of the company's assets the
preferred stock of the new company shall be entitled to a division of assets
at the rate of $75 per share before the common receives anything.
Under the terms of the consolidation agreement the 487,500 shares of
the no par value common stock of Public Service Ry. outstanding will be
exchanged for the 487,500 shares of non-cumul. pref. stock of Public
Service Coordinated Transport, and the 1.004,500 shares of the common
stock of Public Service Transportation Co. outstanding will be exchanged
for the same number of shares of the common stock of Public Service
Coordinated Transport.
Thomas N. McCarter, president of both companies, commenting upon
the proposed consolidation stated that this is a forward step in improvement of the situation as it will accomplish: (1) coordination of the street
car and bus service which will result in economy and efficiency of operation,
(2) it will bring about an improved financial structure, including the
possibility of an open-end mortgage which will make possible the raising
of new capital for expansion, a development which will be of benefit to
both stockholders and the public.
-V. 125, p. 3062.
Net earnings
$10,195,997
Balance of net earnings, applicable to securities of subsidiary
companies to be owned by National Electric Power Co., after
deduction of interest charges and dividends paid or accrued
during the period on funded debt and preferred stocks of
subsidiary companies,amortization and net earnings applicable
to common stocks of subsidiary companies held by the public_ 2,659,988
Annus Unterest charges on secured gold debentures(above issue)
500.000
Balance
$2,159,988
Annual dividend requirements on cumulative preferred stock
to be presently outstanding, including above issue
654.200
The balance of net earnings, as shown above, was thus more than 3.30
times such annual dividend requirements.
Purpose.
-Proceeds from the sale of the cumulative preferred stock
and $10,000,000 5% secured gold debentures will be used for retiring the
company's 6% secured gold bonds now outstanding and for other corporate
purposes.
-V. 125, p. 3642.
New York Power & Light Corp.
-Earnings.
-
12 Months Ended Nov. 30Gross earnings
*Operating expenses and taxes
1927.
1926.
$18.789,732 $17,840.021
11,455,333 10,730,112
Net earnings
Interest and income deductions
$7,334.399 $7,109,909
2,836,668
2,734.518
Public Service Ry. (N. J.).
-To Merge With Public
Service Transportation Co.
-See Public Service Corp. of New
Jersey above.
-F. 125, p. 3199.
Public Service Transportation Co.
-Proposed Consolidation With Public Service Ry.(N. J.)
-See Public Service
Corp. of New Jersey above.
-V.126, p. 107.
Public Utilities Consolidated Corp.
-Earnings.
12
Months Ended Nov. 30Gross earnin.r.s
Operating,administration expenses & taxes
1927.
1926.
$910,986 $863,902
5.54.155 527.130
Net income
$4,497.731 $4,375,390
*Including for credit to retirement reserve
Netinc. avail.for int., depr.,amort.& divs
1.151.559
977.732
$356.831 $336.772
-V. 125. p. 3482.
Balance Sheet, Nov. 30 1927.
AssetsI Liabilities
Roanoke Traction & Light Co.
-Bonds Called.
Fixed capital
$89,737,598 Common stock
:57,500,918
All of the outstanding 1st mtge. & coll.
Cash
5,195,877 $6 preferred stock
1,640.300 due Aug. 1 1958, have been called for trust 5% sinking fund gold bonds.
redemption Feb. 1 at 105 and int.
Notes & accts. receivable... 3,386,499 7% preferred stock
9,796,500 at the Baltimore Trust Co., 25 East
Baltimore St.. Baltimore, Md.
Prepayments
80,266 8% preferred stock
2,010.900 -V. 123,
P. 583
.
Materials and supplies
1,436,534 Capital stock las. In exch..._
5,625,550
Investments
2,036,060 Liability to porch.stock__ _
14,850
Rochester Telephone Corp.
-New Financing.
-The
Reacquired securities
232.700 Funded debt
71,294,100
Special deposits
78.601 Notes & accounts payable_ _
503,559 Guardian Detroit Co., Inc. has purchased and will offer
Unamort. debt disc. & esp.- 8.796,090 Unmatured liabilities
5,193,510 shortly a new issue of $5,00b,000 25
-year 1st & ref. mtge.
Suspense debits
4,298,601 Consumers credit
761,387 43
,
6% bonds. Proceeds will be used to refund $3,500,000
Intangible cap, to be amort. 1.438,802 Suspense credit
53,663
I unamortized prem. debt
421 series A 6% bonds, which are being called and for other
1Reserves
4,383,739 corporate
purposes.
-V. 125, p. 916.
Surplus
7,938,230
St. Louis Public Service Co.
Total
-Fare Extended.
$116,717,629
Total
$116,717,628
The street carfare of 8 cents, or 2 tokens for 15 cents, charged by the
x Represented by shares of no par value.
-V. 125, p. 3482.
company has been continued for at least 6 months from Jan. 5 1928 when
Niagara, Lockport & Ontario Power Co.-Consol.-- the original order of the Missouri P. S. Commission expired. The City of
The certificate of consolidation, made a part of the petition for the con- St. Louis (Mo.) is not ready to proceed with the hearing of the valuation of
solidation of this company and the Western New York Utilities Co., Inc., the properties of the company upon which to establish a permanent fare.
under the name of the Niagara, Lockport & Ontario Power Co.. states -V. 125, p. 3643.
that the new corporation is to have 827.500 shares of stock, of which 500.000
Scranton (Pa.) Gas & Water Co.
-Sale.
shares will be pref. stock, par $25, and $27,500 shares of no par value comSee Federal Water Service Corp. above.
mon stock. Holders of pref. stock, par $100 of the Niagara. Lockport &
-V. 124. p. 2429.
Ontario Power Co. (constituent) are to receive under the proposed conSouth Carolina Gas & Electric Co.
-Interest Defaulted
solidation 4 2-5 shares of pre . stock of the new company, in exchange for
each share now owned. Preferred stockholders of the Western New York -Protective Committee.
Utilities Co., Inc. are to receive $2.50 in cash and 4 shares of preferred
Default having been made in the payment of interest due Dec. 15 last on
stock of the new company, also the sum of 58 1-3 cents in lieu of dividend the $650,000 6% convertible 10
-year mtge. gold bonds the following have
for Dec. 1927. Holders of the 300.000 shares of common stock of the been constituted a committee to protect the interests of the bondholders:
Niagara company and of the 27,500 shares of common stock of the Western Nathaniel F. Glidden, Robert T.Sheldon, Robert C. Rathbone and
William
company are to receive common stocg of the new company share for share.
- Macalister. Jr. with M. H. Donlon. Sec., 72 Wall St., New York City.
V. 125, p. 1971. 2809.
Bondholders are requested to deposit their bonds
change Irving Trust Co.. 60 Broadway, New York. with American ExOhio Bell Telephone Co.
-Stock Approved.
Application for the appointment of a receiver for
The Ohio Public Utilities Commission has authorized the company to supplies Spartanburg and other communities with the company, which
light, heat and power
issue $25,000,000 additional common stock, all to be taken by the American facilities, has been asked in an action instituted by
the
Telephone & Telegraph Co. as payment on $24,146,607 6% demand notes, Bank of Spartanburg as trustee in the United States Merchants & Farmers
Court for the Western
and $252.292 in lieu of demand notes previously authorized. The total district of South Carolina.
-V. 125. p. 1195.
amount has been expended for additions and betterments.
-V.125, p.3349.
Southeastern Power 8c Light Co.
-Power Output.
-
Ojai Power Co., Ventura County, Calif.
-Offer.
-
Electric output of the Southeastern system for the 12 months ended
Dec. 31, was 2,213,465.229 k.w.h., as compared with 1,966.394,000 k.w.h.
in 1926, an increase of 12.5%. Air Dec. 1927. the output WRA 183.211,789
k.w.h., as compared with 170,894.378 k.w.h. in Dec. 1926.-V. 125.
P• 3643, 2672.
See Southern California Edison Co. below.
Ontario Power Co.
-Proposed Exchange.
-
See Southern California Edison Co. below.
-V. 125, p. 2388.
Southern California Edison Co.
-Acquisitions, Etc.
Pacific Telephone &Telegraph Co.
-Tenders.
-
Supplementing its application for authority to acquire the entire 5.000
outstanding shares of common stock of the Ontario Power Co. the Southern
California Edison Co. on Dec. 28 sought permission to acquire the 4,750
shores of 7% preferred stock outstanding (see V. 125, p. 2388). In exchange for each share of Ontario preferred it is proposed to issue in exchange
fiur shires of Southern series "A" 7% preferred. The Ontario preferred
Pitoples Light & Power Corp.
-Acquires General Power also n„,s voting power.
& Lie, Co. and its Subsidiaries.
The Southern California Edison Co. has applied to the California RR.
President E. C. Deal, this week announced that the corporation has Commission for authority to acquire the Ojai Power Co., Ventura County,
purchased all of the capital stock of the General Power & Light Co. of Calif. The Edison company will exchange its series C 534% Preferred
Chicago and its subsidiaries,including Arizona Edison Co.(see latter above.) stock for the 2,000 shares of Ojai stock, on the basis of6% shares of Edison
The Peoples corporation operates public utility properties in 18 states. for one Ojai share.
principally in the west, including Kansas, Texas. .Arizona, California.
The Southern company has settled a long condemnation suit involving
Washington, Oregon and Idaho, and with the acquisition of the General 17,500 acres of land along the San Joaquin River owned by the BermingPower & Light Co., owns public utility properties in the majority of states ham heirs. Settlement was for about $1.000,000, it is understood, against
west of the Mississippi River.
original claim of $5,000.000 by the estate. The Edison company previFinancing in connection with this purchase will be handled by G. L. ously had been enjoined from impounding water in its Florene Reserve.
Ohrstrom & Co., Inc.
V. 125. p. 3063.
-V. 125, p. 2672.
The American Trust Co., trustee, 464 California St., San Francisco
Calif., will until Feb. 20 receive bids for the sale to it of 1st mtge. & coil
trust 5% sinking fund 30
-year gold bonds to an amount sufficient to absorb
$357 049 at a price not exceeding 110 and int.-V. 125, P. 2810, 519.
Peoples West Coast Hydro-electric Co., N.Y.-Stock.-
The company has filed a certificate at Dover, Del., increasing its authorized capital stock from $3,350.000 to $4,000.000.-V. 124, P. 3354.
Philadelphia Rapid Transit Co.
-Rights.
-
Southern Power Co.
-Offer to Stockholders.
-
See Duke Power Cu. above and in V. 125. p. 3347.-V. 124.
p. 3774.
The common stockholders of record Feb. 10 are to be given the right to
subscribe on or before Mar. 3 for $7,000,000 pref. stock at par ($50) on
the basis of one share of pref. stock for each 4 2-7 shares of common stock
owned. Following its former policy, stockholders are asked to waive their
subscription rights and refrain from making application.
An increase in the authorized Prof. stock from $23,000,000 to $30.000,000
will be voted upon at the stockholders meeting on Fob. 6.-V. 126, p. 107.
Southern Public Utilities Co.
-Control.
--
See Duke Power Co. above and in V. 125, P.3347.-V. 124.
P. 1221.
Tyrol Hydro-Electric Power Co.(Tiwag).-Sales.-
Portland Gas & Coke Co.
-To Retire Bonds.
-
All of the outstanding $1.050.000 1st lien & gen. mtge. gold bolds. series
7s. due 1940, have been called for payment Feb. 1 at 105 and int, at the
Bankers Trust Co., 16 Wall St.. New York City. It is reported that the
srockholders will meet shortly to vote on approving a refinancing plan.
V. 125. p.3199.
Public Service Coordinated Transport.
-Proposed
Merger of Transportation Subsidiaries of Public Service Corporation of New Jersey.
-See latter corporation below.
Public Service Corp. of New Jersey.
-To Merge
Transportation Lines.
The directors of the Public Service Ry. Co.. and the Public Service
Transportation Co. subsidiaries of the Public Service Corp. of New Jersey,
have voted their approval of an agreement under which both companies
will be consolidated into one company to be known as Public Service
Coordinated Transport. The stockholders of both transportation companies will vote upon the proposed consolidation at a meeting to be held 1
Jan. 31 1928.
The capital of the new company will consist of 2,500,000 shares no par
value common stock, and 487.500 shares of non-cumul. pref. stock of no
par value. The pref. stock will be non-voting but will receive dividends at
the rate of $6 per share per annum for such years as in the judgment of the
Southern Illinois Ry. & Power Co.
-Bonds Called.
-
The company has called for redemption on April 1 its $668.000 lit mtge.
gold bonds, due 1942. at 105 and int.-V. 125. p. 1582.
I
According to advises from Vienna received by
J. Lisman & Co., sales
of current by "Tiwag" to Dec. 1 1927. amounted F. over
to
and, in View of the seasonal nature of the demand for 10,000,000 k.w.h.
electric power, is
looking forward to increased sales in January,
February and
Because of this development. "Tiwag" proposes to install a furtherMarch.
unit of
20,000 k.w. capacity -V. 125, P. 2672.
United Electric Securities Co.
-Bonds Called.
-
The company has called for redemption at 103 and int. all of the outstanding collateral trust sinking fund 5% gold bonds of the following series:
On March 1 bonds of the 41st series, due March 1 1955. and on
April 1
bonds of the 42d series, due April 1 1956. Payment will be made at the
Bankers Trust Co., 16 Wall St. N. Y. City.
The trust company win purchase any of the aforesaid bonds at any time
'
prior to the redemption dates at 103 and int. to date of presentation. less
bank discount at the rate of 4% from the date of purchase to the respective
redemption dates.
-V. 125, p. 3350, 782.
West Chester (Pa.) Street Railway.
-Time Extended.
-
Holders of (1) 1st mtge. 5% gold bonds, due Aug. 1 1932. (2) 1st lien &
coll, trust sinking fund gold bonds, series A 6%. due Oct. 1 1939. (3) 7%
Partic. cumul. pref. stock, (4) common stock and (5) secured promissory
notes, are notified that the plan for the readjustment of securities of the
company (V. 12.5. D. 2530). Sept. 15 1927. provides that all security holders
and all holders of secured promissory notes who wish to assent to the same.
shall signify such assent by depositing their holdings with either of the
depositaries of the committee before the close of business on Dec. 31 1927.
Pursuant to the authority granted under the plan, the committee has
254
FINANCIAL CHRONICLE
extended the time during which any securities and secured promissory notes.
at present uncleposited, will be accepted by the depositaries, until the close
of business on Jan. 31 1928.
A large majority of all classes of securities and of all secured promissory
notes have already been deposited.
Lawrence J. Morris has been elected a member of the committee to fill the
vacancy caused by the death of Samuel Marshall. Compare V.125, p. 2530.
-Merger.
Western New York Utilities Co., Inc.
-V. 124, p. 1668.
See Niagara, Lockport & Ontario Power Co. above.
-Consolidated Earnings.
West Penn Electric Co.
1926.
1927.
Years Ended Nov. 30337,123,471 834,101,919
Gross earnings
Gross income after operating expenses, maintenance and taxes, avail. for fixed chgs. ofsub. cos. 16,551,004 15,744,829
Net income avail, for divs. on 6% and 7% pref.
4,421,900
5,208,187
and Class A stocks
-V.125,1).3644.
INDUSTRIAL AND MISCELLANEOUS.
[VOL. 126.
which may be issued on or prior to March 11928, pursuant to such option,
the company will at any time on or before said March 1 1928,issue 10 shares
of the common stock without par value for each such share of common
stock of McClaren, at the election of the purchasers and the company has
reserved 80,000 shares of its common stock for such purpose.
Comparative Statement of Earnings-McClaren Rubber Co.
10 Mos. End.
-Years End. Dec. 311926.
Oct. 31 '27.
Earnings1925.
1924.
Gross sales (less returns)313,961,535 $22,036,198 $19,868,825 $16,516,716
Cost of sales, selling and
general expenses
14.149.678 20,990,225 18,303,063 x15,401,842
Toss 3188.143 31,045.974 $1,565,762 $1,114,874
Net earnings
169,412
159,530
125,461
Miscellaneous income_ -198,804
Del $62,682 $1,205,504 31,764,566 31,284,286
Total income
See x
Federal taxes
118,177
650,780
Depreciation,int., &e.__
692,872
620,158
641,321
805,439
y468,650
Extraordinary adjust
Balance, surplus_ _ _Dcf$1,182,114 Dc.f3292,808 31,005,069
3664,128
Shares capital stock out500,000
663,000
standing (no par)_ _ _
425.000
500,000
Nil
Nil
Earned per share
$2.01
$1.56
x Includes Federal taxes. y Representing volume credits and rebates
made to dealers on account of price declining customary in the industry
due to rapidly falling rubber market.
-No price changes were announced during the
Refined Sugar Price.
week.
-Organization of refiners to work for trade
of Sugar Institute.
Formation
improvements, economies and uniform practices, sanctioned by the Govern-New York "Times," Jan. 8,sec. 2. p. 11.
ment
Consolidated Balance Sheet (Ajax Rubber Co. only.)
-42 representatives from 7
Curtailment of Operations in Textile Mills.
Oct. 31'27. Dec.31,'26
Oct. 31 '27. Dec.31'26
states, North and South Carolina, Georgia, Alabama. Now York, Mas$
Liabilities$
sachusetts and Pennsylvania meet and agree to close mills from Fridag
Assets$
noon until Monday morning every week beginning Jan. 20 in order to Land, bkigs., 6:c 4,356,506 24,208,847 Capital stock and
-New York "Times," Jan. 7.
curtail production.
b10,876,563 10,474,180
Pats. & good-will_ 1,874,875 1,874,875 surplus
England Mill Wage Cut.-Amer1can Printing Co., Fall River, Mass., Due from affil. cos.
_
New
21,399 Ist mtge. bonds_. 2,018,000 2,242,800
35.524
employing about 4.500 announces plant will be reopened Jan. 16 after shut- Mtge. receivable _
51,584 Accounts payable_ 507,409 1,202,934
7,889
132,255
331,084 Accrued liabilities_ 184,282
down of several weeks. Wages will be cut 10%.-"Sun" Jan. 12, p. 38.
1,390,938
Cash
Jan. 7: (a) Cheney Bros. cut payroll of Accts. & notes rec. 2,022,321 2,688,716
Matters Covered in "Chronicle"
3,000 workers 10%.-P• 26. (b) Stevens Mfg. Co., Fall River, Mass., Inventories
3,607,776 4,555.552
320,111
Total(each side)13,586,254 14,052,169
cuts wages 10%.-p. 26. (c) Increasing volume of outstanding brokers' Deterred charges
290,424
-Total reaches $4,432,907,321.-p. 34.
loans on N. Y. Stock Exchange.
a After deducting $2,291,264 reserve for depreciation. b Represented
(d) Legislation proposed by New York State Attorney-General Albert by 663.000 shares of no par value.
-V. 126. p. 108.
-p.34.
Ottinger for regulation ofinvestment trusts.
-An offering of 60,000
-Stock Offered.
Acme Steel Co.
shares of common stock was made Jan. 13 at $83 per share
by A. G. Becker & Co., and Whiting & Co. The stock has
been purchased from individuals and does not represent new
financing by the company.
Transfer agents, First Trust & Sayings Bank. Chieago, and Guaranty
Trust Co., New York. Registrars, Boulevard Bridge Bank, Chicago, and
National City Bank, Now York. Tax exempt in Illinois. Divs. exempts
from normal Federal income tax.
Capitalization.
$1,381.000
1st mtge.6% sinking fund gold bonds. due March 1 1943
Common stock (auth. 200,000 shs. of$25 par),issued 182,958 shs. 4,573,950
Data from Letter of R. H. Norton, President of the Company.
-An Illinois corporation. Business was founed in 1880. Is
Company.
the largest producer of hoop steel, both hot and cold rolled, for barrels,
boxes, bales, buckets, tubs and so on, in the United States, and also manufacture a full line of hot and cold rolled strip steel for general manufacturing
purposes. Its products are diversified in character and embrace a wide
group of steel specialties in general demand.
-The business has reported a net profit in every one of the 47
Earnings.
Years since its inception. Sales and net earnings, after all charges including
depreciation and provision for Federal taxes for the year ended Dec. 31.
have been as follows:
Net Sales. Net Earns.
Net Sales. Net Earns. I
$9,023,230 $1,489,784
$468.615 1925
$4,116,055
1922
794,769 1926
9,196,974 1.173,643
6.682,919
1923
927,948 1927(Dec.est) 10,278.583 1,300,000
1924-- - - - - 7,007,870
Earnings in the last 3 years have averaged approximately $7.22 a share
on the 182,958 shares of common stock now outstanding and 1927 earnings
are expected to be equivalent to approximately $7.10 a share.
-Regular dividends have been paid on the capital stock for
Dividends.
the last 30 years. The stock has recently been placed on a $5 per annum
dividend basis through the declaration of a quarterly dividend of $1.25 a
share, payable April 2 1928. to stock of record March 20 1928.
Financial.
-The balance sheet as of Nov. 30 1927 shows current assets
of $2.948.752 against total current liabilities of $575.499, a current ratio of
over 5 to 1. Net assets after deduction of all liabilities and reserves aggregate 87,482.570.-V. 126. p. 108.
-Earnings.Advance Bag & Paper Co. Inc.
This company and subsidiaries reported net earnings available for fixed
charges, depreciation. and Federal income taxes, for the 11 months ended
Nov. 30 1927, of $855,000, as compared with 3763,825 for the year ended
Mar. 311927.-V. 125. p. 651.
Ajax Rubber Co., Inc.-La:sting.--
The New York Stock Exchange has authorized the listing of 120,000
shares common stock (no par value) to be issued to acquire all of the presently outstanding common stock (no par value) of McClaren Rubber Co.
(Del.) with authority to add 180,000 shares of common stock on official
notice of issuance making the total amount applied 1,000.000 shares of
common stock.
-The official statement made to the New
Authority and Purpose of Issue
York Stock Exchange has the following: Joseph C. Weston having reMgr.and several of his associates in the executive
signed as the Pres. & Gen.
management having likewise proposed to resign, it became necessary to
supply competent successors in the management. The directors considered
Harry L. McClaren, Pres. of the McClaren Rub. Co., the best man available as a successor to Mr. Weston, due particularly to his intimate knowledge of the affairs of the company, by reason of his previous association
with it and because of the success he had made in founding and establishing
the McClaren Rubber Co. His associates in that company were unwilling
to release him from his obligations to it, unelss that company were taken
over, and for that reason arrangements were concluded for the purchase of
the outstanding preferred and common stocks of McClaren thus ending
Mr. McClaren and the organization he had built up in connection with
McClaren to render their services to the company.
At a meeting of the directors of the company, held Dec. 3 1927, the
directors authorized the making of a contract to acquire all or,in any event,
not less than 90% of the issued and outstanding capital stock of McClaren,
and to acquire the services of Harry L. McClaren as Gen. Mgr,. Under
date of Dec. 20 1927 the company entered into a contract whereby it has
acquired all of the issued and outstanding capital stock of the McClaren
Rubber Co. and has agreed to issue in exchange for the common stock of
said company 120,000 shares of the common stock of this company, being
at the rate of 10 shares of stock of this company ft each share of common
stock of McClaren company so acquired.
In connection with the acquisition of the preferred stock of McClaren,
the company has issued a series of promissory notes of the face value equal
to wit:
to the par value of the preferred stock of McClaren outstanding
calling in the aggregate
$500,000, attached to which notes are warrantsthe
common stock of this
to subscribe to 50,000 shares of
for the right
Dec.
company, at $10 per share, said warrants by their terms expiring on
31 1932.
transaction the company has also entered into a contract
As a part of the
L. McClaren, which provides, among other
of employment with Harry of 50,000 shares of the common stock without
things, for the setting aside subject to the right, option and privilege of
par value of the company,
all or any part thereof, at $10 per share,
Harry L. McClaren to purchase on or prior to Dec. 31 1929, or for distime
at any time or from time to
among the management and emtribution by Harry L. McClaren to and
ployees of the company. Company has under option expiring March 1 1928,
'The McClaren Rubber
of its common stock without par value, and
at $100 per share. 7,000 shares authorized common stock of said company
the remaining 1.000 shares of the
with the services rendered in the
subject to distribution in connection
are
shares of common stock. As a
puachase and (or) sale of the aforesaid 7,000 the Ajax company has agreed
to,
part of the consideration for said contract
the authorized and unissued common stock of McClaren
-that as to any of
-Preferred
Alamo Iron Works, San Antonio, Tex.
-Central Trust Co., W. K. Ewing Co., Inc.,
Stock Offered.
City National Bank, W. C. Manlove & Co., T. G. Liighton,
and B. F. Dittmar Co., San Antonio, Tex., recently offered
at 102 and div. to yield 6.86%, 1,750 shares 79 cumul.
preferred stock.
Dividends payable J. & J. Callable after 5 years from date of issuance
upon 90 days' notice at $105 per share plus uiy. Dividends exempt from
present normal Federal income tax.
Data from Letter of Melrose Holmgreen, Sec..Treas.
-Is one of South Texas' most substantial enterprises. Was
Company.
organized as a partnership in 1878 and incorp. in Texas in 1899. Starting
with only a nominal capital the company has enjoyed splendid progress.
The business is the manufacture of machinery, pumping equipment, well
drilling rigs and tools and general job shop production as well as the jobbing
of machinery and supplies for the mill, contractor, mine, road builder and
oil operator. Also the jobbing and fabricating of building steel as well as a
large variety of other activities.
-Company has enjoyed an unbroken record in recent years of
Earnings.
excellent earnings. Net profits from operations after payment of Federal
taxes during the past 5 years have averaged approximately 4 times the
dividend requirements on the amount of preferred stock to be outstanding,
Including this issue.
Authoeized. Outstanding.
Capitalization$550,000
$650,000
Preferred stock
1,304,000
1.350,000
Common stock..
Common stock to the amount of 350.000 and preferred stock to the
amount of 470,000 will be issued in connection with the consolidation of the
Alamo Iron Works and the Alamo Steel & Supply Co. of Houston. For
some time past the Houston business has been conducted by a subsidiary
company, known as the Alamo Steel & Supply Co., which company will
be merged with the parent company Jan. 11928.
-To provide company with additional working capital to take
Purpose.
care of its increasing business and to provide additional warehouses and
equipment at its four principal distributing points which are San Antonio,
Houston, Corpus Christi and Brownsville.
Alaska Juneau Gold Mining Co.
-Earnings.
1927.
1926.
1925.
Month of December3215.000 5221,000 $185.000
Gross earnings
19,000
Surplus after int. & capital expenditures
13,750 def.9,200
Gross receipts for 1927 amounted to $2,270.000 and surplus after taxes,
interest and mine development work was 84,400.-V. 125, v.3483.
-Production.
Alpine Montan Steel Corp.
According to cable advices received from the company at Vienna by
F. J. Lisman & Co., members of the New York Stock Exchange, the
figures for production, shipments and orders received of the Alpine corporation for the 12 months ended Dec. 31 are as follows:
-12 Mos. End Dec. 31-1926.
1927.
Production (Tons)
980,800
941,600
Coal
Iron ore
1,079.800
1,584,700
332,200
431,100
Pig iron
329,200
366,000
Steel ingots
254,900
295.000
Rolled iron
12,980
Workshop manufactures
8.700
Shipments (Tons)469,900
463,400
Coal to customers other than subsidiaries
82,600
112.500
Pig iron
229,500
274.200
Rolled iron
Orders Received (Tons)
476,000
456,900
Coal
813,000
108,800
Pig iron
273,300
Steel ingots
340,000
Total outgoing invoices
$14,438,000 312,059000
At the end of Dec. 1927 there were at work in the company's various
-V. 125.
plants 7,319 miners and 5,316 mill hands, a total of 12,635 men.
p.3351.
Amalgamated Silk Corp.
-Earnings.
1926.
8 Months Ended Oct. 311927.
Net loss aft. deprec., int., taxes & factors' charges_ - $758,766 $139,121
Consolidated Balance Sheet, Oct. 31
1926.
1927.
1926.
LiabilitiesAssets1927.
:Plant, equip. &e_35,498,217 55,617,049 7% pref. stock....33,595,045 $3,599,745
629,568 Corn. stock
269,503
735,349
Cash
Y
19,514 First mtge. bonds 3,818,000 3,935,500
34,523
Accts.receivable_
1,824,715 3,298,839 Acceptances pay%) 214,112
977,080
Inventories
29,273
32,951 Accts. payable, &c 240,923
984,848
Prepaid Maur., Arc
110
2,753 Accr.int. Payable.
45,915
Sinking fund cash
44,543
7,459
8,782 Res.for coating._ _
31,018
Deferred charges
20,246
269,068
Deficit
37.932,869 59,609,455
$7,932.869 $9,609,455
Total
Total
x After deducting reserves for depreciation and plant contingencies.
y The company reports a deficit of $269,068 on Oct. 31 1927. The out-V.
standing common stock amounts to 184.813 shares (no par value).
126, p. 108.
-623.e. Corn. Div.
American Equitable Assurance Co.
The company has declared a dividend of 62Sic. per share on the common
%
stock. par $5. and the regular quarterly dividend of 1 j on the preferred
stock, par $100, both payable Jan. 20 to holders of record Jan. 16. See
also V. 125, p. 3352.
JAN. 14 1928.]
FINANCIAL CHRONICLE
255
American Founders Trust.
-Initial Common Cash Div.
-
The audit of the 1927 figures is under way and indications are that net
earnings will approximate those of 1926.
Sinking Fund
.-A sinking fund beginning April 1 1933 of $750,000 per
annum, payable semi-annually April 1 and Oct. 1. is calculated to retire
approximately 45% of this issue by maturity.
Consolidated Balance Sheet Oct. 311927.
[After giving effect to this financing to sale of common stock.]
Assets-Liabilities
Real est., bldgs., mach.,&o- _357,820.717 6% cumul. pref. stock
$88,400
Offering to Shareholders of Record Jan. 14.
Investments
819,890,733 6% cumul. pref.stock (ser. A) 5,000,000
Shareholders of record Jan. 14 will receive rights to buy 1-8th of a new Sink, fund for 6% pref. stk._
66,400 Common stock
28.5313,175.
hare unit for each share of pref and-or common stock held at a price of Inventories
13,065,580 Common stock scrip
16,171
75 a unit, it was announced. The new unit will consist of one share of Notes & accounts receivable_ 4,114,348 Corn. stk. Dixie Culvert &
% pref. of $50 par value and % share of common . On the basis of Marketable securities
421,357
Metal Co. not owned
35,000.
resent market quotations the rights will have a value of more than $1 in Cash
1,911,195 Serial notes 5%
2,500,000
h. The rights expire Feb. 15.
Deferred charges
1,899,524 5% sink, fund gold deben- _ 25,000,000.
The company is negotiating for the management of a new investment
Accounts payable
2.369,846
ust, which. A s expected, will be anno inced soon, and the trust also has
Accr. pay-roll, local taxes, &c 1,023,635
ade a substantial investment recently in a new British investment trust
Accrued pref. dividends
68,031
ought out under the management of Robert Benson & Co., London.
Deprec.& depletion res
14,022,870
125, p. 2939.
Current over. & ins. res
650,314
Federal taxes res
664,636
American Hide & Leather Co.
-Changes in Personnel.
- Total (each side)
$99,189.854 Surplus
b19,212,771$
Carl F. Danner has been elected president succeeding John C. Lilly.
Note.
-Contingent liabilities at Oct. 31 1927, were approx $428.000.
laude Douthit, a director and member of the executive committee, has
a Including Columbia Steel Co. and Norton Iron Works,Inc b Includeen elected chairman, a newly created office.
ing premium on sale of common capital stock. are.
Two new members have also been added to the executive committee,
r. Danner. the newly elected president, succeeding Mr. Lilly, and Floyd
Rights.
Keeler, of New York, succeeding the late George A. Hill, sec. & treas.
The common stockholders of record Jan. 10 have been given the
The company has given a sale option on one of its Chicago plants which, subscribe on or before Feb. 1 for additional common stock (par rght to
$25) at
exercised, will give it a profit, it is said.
-V. 125. p. 3644.
$75 per share. Payment may be made either in full on or before Feb. 1
or in 3 installments of $25 each on Feb. 1, May 1 and Aug. 1. See also V.
American International Corp.
-New Director.
126. p. 108.
John J. Raskob,chairman of the finance committee of the General Motors
orp., has been elected a director. The resignations of Elisha Walker and
Anaconda Copper Mining Co.
-Tenders.
arry Bronner, of Blair & Co., have been accepted. See V. 125, p. 3644.
The Guaranty Trust Co., trustee, N. Y. City, will until March 9 receive
bids for the sale to it of 10
-year secured series A 6% gold bonds, due Jan. 1
American Rolling Mill Co.
-Debentures Offered.
-Harris, 1929, to an amount sufficient to exhaust $750,000, but at prices at which.
from March
orbes & Co., W. E. Hutton & Co., Guaranty Co. of New the rate of return, based on the yield-V. 125, 9 1928 to Jan 1 1929,
would be not less than 6% per annum.
D. 249.
The directors have declared an initial cash dividend of 25c. per share and
stock dividend of 1-140 of a share on the common stock and the regular
ividend of 87%c. per share on the 7% 1st pref., 75c. per share on the 6%
at pref. and 37%c. per share on the 6% 2nd pref. stock, all payable Feb. 1
holders of record Jan. 14. From Aug. 1 1924 to Nov. 1 1927, incl.,
uarterly stock distributions of 1-70th of a share were made on the common
tock.
ork, Kidder, Peabody & Co., The Union Trust Co. of
ittsburght and Field, Glore & Co. offered Jan. 9 at 993i
,
nd int., yielding 5.04%, $25,000,000 5% sinking fund gold
ebentures.
Dated Jan. 1 1928. due Jan. 1 1948. Prin. and int. (J. & J.) payable in
ew York. Chicago and Boston. Callable on 30 days' notice all or part on
fret of any month at 104 and int. to and incl. Jan. 1 1932, the premium
ecreasing thereafter % of 1% for each year elapsed subsequent to Jan.
1931. Denom. $1,000
Nat'l Bank of Commerce, New York,trustee.
mpany will agree to pay int, without deduction for any Federal income
c*.
x not exceeding 2% and to reimburse the holder of these debentures realcot in Penn., if requested, within 60 days after payment for the Penn.
mills tax.
ate from Letter of Pres. George M. Verity, Middletown, 0., Jan.6
Company.
-A reincorporation in Ohio in 1917 of a New Jersey corporation
f the same name founded over 25 years ago. Is the largest exclusive menuacturer of high grade sheet metal in the world. These products, which
nclude a highly diversified line of specialty sheets, electric, enameling,
alvanized. alloy coated, annealed, pickled and black, are used in the menuacture of a wide variety of products,including transformers and other elecrical equipment,culverts,tanks,railroad cars,automobile bodies and accesories, furniture, stove parts, radiators, refrigerators, metal doors and genal sheet metal work.
The largest part of the company's output has as a base special analysis
teels. A large proportion of its output has as a base "Armco" ingot iron,
metal of exceptional chemical purity and rust-resisting properties, welding
ualities and electrical conductivity. "Armco" products are favorably
nown and widely used throughout the world. Sales branches are maintoed in the principal cities of the United States and export branches are
orated by a subsidiary, the Armco International Corp., with branches in
ow York, London, Paris, Cologne, Tokyo, Rio de Janeiro, Sao Paulo.
evens, Buenos Aires and Lahore, India.
Company's plants are located at Middletown, Columbus and Zanesville,
.,and Ashland, Ky.,and consist of 4 blast furnaces having a total pig iron
pacity of 456,000 gross tons per annum,open-hearth furnaces with a comned capacity of 960,000 gross tons per annum and mills with a finished
beet and light plate capacity of 565,000 net tons per annum. Within the
list three years a new finishing plant has been put into successful operation
t Ashland,the first plant successfully to produce iron and steel sheets by a
antinuous rolling process from the ingot to the finished product. This
evelopment which has changed the whole industrial situation as affecting
he manufacture of iron and steel sheets and light plate, is covered by a
ery substantial patent structure.
Company also owns 22,600 acres of coal, gas and wood lands immediately
djacent to the City of Ashland and has under lease 12,086 acres of coal
roperties located at Marttng and Nell's, W. Va., having large reserves of
oal.lt also has substantial interests in companies owning coke works, iron
re properties and steamship lines on the Great Lakes.
Purchase of Columbia Steel Co.
-On Aug. 1 1927 the properties of the
orged Steel Wheel Co. at Butler, Pa., and the common stock of the Coumbia Steel Co. (0.) were acquired by Columbia Steel Co. (Pa.) and all
he stock of that company was purchased by American Rolling Mill Co..
hich gave in payment therefor 82,500,000 5% notes due serially 1929 to
932, $5,000.0006% pref.stock and a 85.000.000 let mtge. on the property
f the Columbia Steel Co. at Butler.
The properties of these companies were only partially completed during
he year 1927. and have not been in operation for a sufficient length of time
o develop their earning capacity. The securities which were given in payent therefor do not carry a charge against The American Rolling Mill Co.
Intl' Feb. 1 1929, unless the Columbia Steel Co., under American Rolling
fill Co.'s management, produces the earnings necessary for the service of
hose securities prior to that time. The purchase of this company with
lents located at Butler, Pa., and through its subsidiary at Elyria, 0.,
eatly increases the potential production and earning capacity of the cornany. Plans have been made for immediately perfecting and enlarging
hose plants.
In 1927, the company also purchased control of the Norton Iron Works,
nc., Madan& Ky., a relatively small concern, and is developing this proprty which consists principally of a blast furnace. This purchase made it
innecessary for the company to construct additional blast furnaces at its
tshland plant.
-The proceeds derived from the sale of these debentures
Purpose of Issue.
-year
nil be used for (1) the retirement of the company's $6,402,000 15
nking fund 6% gold notes to be called for payment at 104% and int. on
uly 11928,(2) its $11,625,300 7% pref. stock to be called for payment at
April 1 1928, and (3) for additions to and development of
10 and diva, on
ronerties. Through this retirement a substantial saving in int. and div.
largos will be effected.
-Upon completion of the present financing and the sale
Capitalization.
at
f 163,076 shares of common stockthe$75 a share to be presently offered to
company will be as follows:
'holders, the capitalization of
cz, sinking fund gold debentures, due Jan. 1 1948 (this issue)--$25,000.000
serially Aug. 1 1929-32
a2,500,000
% notes duestock
preferred
88,400
preferred stock, series "A"
a5,000,000
28.538,175
mmon stock (par $25)
a Issued in part payment for Columbia Steel Co. properties. Int. and
Ivo. up to Feb. 11929. on these securities of American Rolling Mill Co.
re payable only if earned by Columbia Steel Co.
-The consolidated earnings of the company (not including
Earnings.
lumbia Steel Co. and Norton Iron Works,Inc., which are recent acqufsiand therefore excluded from consolidated statements), have been
ons
follows:
Net After
Net Income
Derec, but
Net
Before
before Int.
alendar
Sales.
Deprec.
Deprec. &ed. Tax.
Years.
$26,691,234 84,917.387 $1,066,375 $3,851,012
923
28,679,818 a4,815,877
1,073,614 3,742.263
924
34,257.812 4,990,640
1,283,162
3,707,478
925
34,958.643 6.439,143
1,405,008
5,034.135
926kcludes a profit of $1,043,406. realized from the sale of capital assets
ot required in the operations of the company.
Arizona Commercial Mining Co.
-Dividend.
-
The directors have declared a semi-annual dividend of 25 cents per share,
payable Jan. 31 to holders of record Jan. 19. A similar distribution was
made on July 30 last. Previously the company paid semi-annual dividends
of 50 cents per share.
-V.125,p. 1584
Atlas Plywood Corp.
-To Build New Plant.
The directors announce that it will establish a plant for making veneer
panels at Stockholm, Me.
-V. 125, p. 3484.
Barnet Leather Co., Inc.
-Stock Increased.
-
The stockholders on Jan. 12 increased the authorized common stock
par value)from 40,000 shares to 60.000 shares. See V. 125, p. 3645. (ne
Beacon Oil Co.(& Subs.)
-Consolidated Balance Sheet.Sept.30'27.
Assets:Realest., plant &
equipment
13,261,647
YMarineeaulP1.-- 3,622,244
Lease & pug. opt.- 597,660
Investments
4,061,490
Pat., processes, &c 1,074,724
Cash & call loans__ 398,768
Notes & accts. rec. 1,487,882
Inventories.
3,087,053
Cash in sinking Id.
& in escrow__
36,005
Mtge.& other rec. 208,570
Deferred charges-- 709,399
ec.31'26.
14,462,579
597,660
3,184,043
1,074,921
940,173
2,024,684
2,658,115
13,331
72,090
526,362
Sept.30'27 Dee.31'213.
.
Liabilities$
$
Preferred stock_ - _$2,412,600 $2,412,600
zCommon stock_ 9,152,000 9,152.000
Subsidiary stock._
18,850
18,850
Mining interests_
1.403
Funded debt
7,173,619 5,088.050
Purch. money ob
371,859
37,935
Real est. mtge.-- - 179.575
154,298
Notes payable__ 1.101,984
554,650
Accounts payable_ 486,191
848,445
Accrued Ilan._ _ __ 357,013
149,134
Res.for accum. rep
64,721
64,721
Res. for taxes &
contingencies__ 1,039,429 1,024,784
Capital surplus__ 3,534,153 3.534,153
Earned surplus_ -- 2,653,448 2.512,937
Total(each side)28,545,442 25,553,958
x After depreciation. y Less reserves. z Represented by 704,000
shares
of no par value.
-V. 126. p. 109.
Beaver Mills.
-Earnings for 9 Mos. end. Oct. 1 1927.
-
Sales
Cost ofsales
$1,405,446
1,296.732
Gross profit
Other income
$108.714
33,335
Total income
General,selling & administration expenses
Interest on bonds,bank loans,&c
5142.049
115,172
61,513
Deficit
Profitfrom price adjustment on fabric contract
$34,635
240.000
Net profit
$205,365
Balance Sheet Oct. 1 1927.
Assets
Liabilities
Land, bldg., mach. & equip ,
Preferred stock
$650,000
(leas depreciation)
x$2,341,549 Common stock
y1,816,093
Inventories
728,521 Funded debt
964,500
Accounts receivable
155,776 Trade creditors, payroll &
Marketable securities
accr. nab.
1,000
128,622
Cash
288,512
Deferred charges
43.856
Total
Total
$3,559,214
$3,559,214
x Including Waterford plant acquired in 1927 at a sound value,
of
$765,821, less a special reserve for the Waterford and North Adams plants
of $676,000. y 25,000 shares of no par value.
-V. 122, p. 2502.
Black & Decker Mfg. Co.
-Stock to Employees
The company proposes to offer to its officers and employees 25,000
of no par common stock at $26 a share. The proceeds, together withshares
funds
in the treasury, will be used to pay for the Van Dorn Electric
Tool Co. of
Cleveland. engaged in the same line of manufacture. Approximately
$1,000,000 is involved in the transaction. After the sale of the above shares
there will be outstanding 125.000 shares of no par common stock,
$1,000,000
pref. stock of $25 par value, and $1,250.000 of 63% debentures.
-V.
124, p. 1671.
Bohn Aluminum & Brass Corp.
-Bonds Called.
-
The company has called
standing 1st mtge. 7% 10 for redemption on March 1 next all of the out-year sinking fund gold bonds, dated Sept 1
1924.
at 102% at the Detroit Trust Co., Detroit, Mich.
-V. 125, p. 2813. 918.
Boss Mfg. Co.,Kewanee, Ill.
-Balance Sheet, Nov. 30.
Liabilities1927.
1926.
Plant & equipment a3534,079 3545,098 Common stock. _ _$2.500,000 $2,500,000
Cash
433.932
397,780 Preferred stock_ __ 1,000,000 1,250,000
Demand Ins. & int. 702,124 1,253,499 Accounts payable. 157,314
107,419
Receiv'le (less res.) 969,333 1,014,971 Accrued wages_ _ ...
41,109
27,914
Cash surrender val.
Tax reserve
143,400
97,978
of insur. policies 168,484
158,576 Res. for conting's_ 100,000
Inventories
2,249,098 1,605,439 Profit & loss sum.. 1,150,690 1,033,895
Investments
5,800
12,300
Deferred charges
29,063
29,544
Total
$5,092,513 $85,017,207
35.092,513 $5,017,207
Total
a After deducting $733,754 depreciation.
-V. 124. p. 377.
Borden Co.
-To Increase Capitalization.
-Rights.
-The
stockholders will vote March 15 on increasing the authorized
capital stock (par $50) from 1,000,000 shares to 2,000,000
shares. It is proposed to offer to stockholders of record
256
FINANCIAL CHRONICLE
March 20 the right to subscribe on or before April 16 for
additional capital stock at $105 per share on the basis of 1
new share for each 12 shares held. Payment for the new
stock may, at the option of the subscriber, be made in full
•on or before April 16 or in 3instalments, viz.: first instalment
to be $42 a sh. and last two instalments each $31.50 per sh.
[VOL. 126.
Chevrolet Motor Co.
-Production, &c.
-
President W. S. Knudsen announced that in 1927 the total production
was 1,001,834 passenger cars and small commercial vehicles, representing a
gain of more than 36% over the 1926 production, which was 732.147 cars.
The 1925 production was approximately 519,000 cars.
The 1.000.000th Chevrolet car rolled from the assembly line at the Flint.
Mich., factory on Dec. 30, with C. F. Barth, vice-president in charge of
manufacturing, at the wheel. It was a sedan model of the new type.
"The past year was the most successful and spectacular in Chevrolet
Int. at the rate of 6% per annum, amounting to $2.14 a share, will be
paid to all subscribers maldng payment in full on or before April 16. To history," said Mr. Knudsen. "Remarkable as were its achievements the
rate of 6% per annum, outlook for the coming year is even brighter. While no definite production
those making payments in instalments, int. at the
amounting to $1.17 a share, will be allowed on the first two instalment pay- figure has been set for 1928, there is every assurance that last year's record
ments from their respective due dates to Aug. 16 1928. when it will be paid will be exceeded by a comfortable margin. During the latter part of 1927
we made extensive preparations for our 1928 program. Our sales organizaby crediting amount on final instalment.
Of the authorized capital stock, Pres. A. W. Milburn states, there have tion has been enlarged through the creation of the new regional and zone
been issued and are now outstanding, after payment for properties and busi- sales offices. Production facilities have been augmented by the recent
ness recently acquired, 872,581 shares of the aggregate par value of $43.- purchase of a $4,500,000 foundry at Saginaw, Mich., and a new assembly
.629,050. The purchase of additional properties and business now under plant which will soon get into production at Atlanta, Ga., to supply the
-V. 125, p. 3486.
consideration by officers and directors of the company,it is further declared, southwest."
may require the issuance of approximately 109.000 more shares. AccordChicago Title & Trust Co.
-Annual Report.
ingly, it is said there is good reason to believe that there will shortly be outEarnings Years Ended Dec. 31.standing between 981,000 and 982,000 shares.
-V. 126, p. 109.
1927.
1926.
Gross earnings
$10,599,674 $11,136,286
Bridgeport (Conn.) Brass Co.
-Resignations.
Maintenance & operation
4,575,243
4,491,350
Carl Dietz, president, and R. T. Kent, general manager have resigned. Reserve for taxes
1,146,800
1,000,200
Ralph Day,general manager of the American Brass Co.'s plant at Hastings- Other reserves & depreciation
401,101
482,547
-V.
-on-the-Hudson, N. Y., was placed in charge of the Bridgeport plant.
Net earnings
119, p. 2883.
$4,623,129 $5,015,590
Departmental Distribution of Earnings is as follows:
Brockway Motor Truck Corp.
-Extra Dividend.
Title insurance department
$2,030,837 $2,210,838
The directors have declared an extra dividend of 25 cents per share in addi- Financial
department
1,539,324
1,500,202
tion to the regular quarterly dividend of 50 cents per share on the common Trust department
618,613
776,0
stock, no par value, both payable Feb. 1 to holders of record Jan. 14. Like Abstract of title
department
163,708
214,091
amounts were paid on this issue on Aug. 1 and Nov. 1 1927.-V. 125, p. Real estate
department
252,431
214,088
-2391.
Escrow department
57,338
61,195
Brunner Turbine & Equipment Co. (Erste Bruenner
Machinen-Fabriks Gesellschaft), Brunn Czechoslo-vakia.-Notice to Bondholders.
-
Total
Undivided profits, Jan. 1 1927
$4,623,129 $5,015,589
496,730
401,140
Total surplus
Dividends paid
Transferred to surplus
Transferred to special reserves
$5,119,859 $5,416,730
The committee for the 73 % closed first mortgage 30
-year sinking fund
2.520,000
2,520,000
gold bonds in a notice Jan. 7, desires to remind holders of the certificates of
1,000,000
2,000,000
deposit and holders of the bonds that the offer of the company (V. 125, p.
900,000
400,000
1928, unless, on or before that date,
3352) by its terms lapses on Jan. 16
at least 75% of the bonds are in the possession of the committee available Undivided profits, Dec. 31 1927
$699,859
$496.710
for delivery to the company or its nominee, in acceptance of the offer.
Rate per cent of earn's, on average corp. employed
14.83
17.55
Holders of certificates of deposit and holders of bonds, who desire that the
Comparative Balance Sheet Dec. 31.
offer be consummated,should therefore promptly indicate their acceptance
1926.
1927.
offer of the company.
of the
1927.
1926.
Assets1 Liabilities$
Holders of certificates of deposit, desiring to accept the offer, may do so
8
$
$
Capital stock
by presenting their certificates of deposit to the depositary, to be stamped Cash on hand & In
12,000,000 12,000,000
banks
1,374,931 1,329,638 ; Surplus
to indicate acceptance of the offer and agreement to the proposal of the
13,000,000 12,000,000
Collateral loans _ _10,373,778 7,334,215 Reserve for taxes__ 1,096,829 1,149,424
.committee.
Holders of bonds not heretofore deposited, desiring to accept the offer, Lns. on real est.sec 4,606,264 7.462,361 Sundry res. funds.. 3,303,114 2,207.757
may do so by depositing their bonds with the depositary, under and subject Stocks, bonds, &c_ 9,556,023 8,501,285 Dividend (payable
.
to the deposit agreement, dated July 26 1927, and by accepting a certificate Special res. sec__ __ 2,000,000 2,000,000i Jan.31928)_ __ 840,000
840,000
of deposit stamped to Indicate acceptance of the offer and agreement to Guar. ind. sec_ .... 3,812,102 4,312.696 Special res. fund
Bills receivable_ _ _
39,278
63,762
for trusts
the proposal of the committee.
2,000,000 2,000,000
• Guar. indem.
& trust
'fund
Bohemian Banker Here To Consumma'e Offer To Bondluilders. Titleannex bldg. 2,801.881 2.325,642 Accounts payable_ 4,546,110 5,171,443
&
15,262
53,513
Albert Lederer, director of the Bohemian Discount Bank Sz Society of Other real estate
45,982
45,983 Undivided profits.. 699,859
496,730
Credit of Prague, Czech°.Slovakia. has arrived in this country with full Accountsrec
1,429,186 1,005,035
attorney to represent the Brunner Turbine & Equipment Co. in Abstract Plant
power of
1•500•000 1,500.000 Total(each side)._37,539,426 35,880,617
arranging the consummation of the offer recently made by that company
the board of directors Ralph Adams resigned
to the bondholders through the protective committee. Mr. Lederer, whose asAt the annual meeting of
Vice-President after 35 years of service with tne company. Holman D.
bank is one of the patron banks of the Brunner Turbine & Equipment Co..
has advised the protective committee that he is prepared to deposit the Pettibone was elected Vice-President and Trust Off cer.-V. 125, p. 3353:
funds required for the purchase of the bonds in accordance with the offer
Chief Consolidated Mining Co.
-Dividend of 10 Cents.
provided the committee is in a position to deliver to him the requisite 75%
The directors have declared a quarterly dividend of 10c. a share, payable
of the bonds by Jan. 16,the expiration date.
-V. 125, p. 3352.
Feb. 1 to holders of record Jan. 10. Last payment was 10c. a share on
Nov. 1 1926.-V. 125, p. 2814.
I
Bullock's, Inc.
-Initial Preferred Dividend.
-
The directors have declared an initial dividend of $2.33 per share on the
Childs Co., New York.
-Sales.
-77 cumul. 1st pref. stock (for the period Oct. 1 1927 to Feb. 1 1928) pay-1926. Increase. I 1927-12 Mos.-1926. Increase.
1927-Dec.
able Feb. 1 to holders of record Jan. 11. This will make dividend payments $2,490,415
$2,320,854
$169.5611$28.804,419 $25.977,421 $2,826.99:
coincide with the fiscal year. (See offering in V. 125, p. 2269).-V. 125, -V. 126. p• 110.
p.3066.
Bunte Bros., Chicago.
-5% Common Dividend.
The directors have declared a dividend of 50 cents per share on the out• standing $1,000,000 common stock, par $10, payable Feb. 1 to holders of
record Jan. 15. Dividends previously paid on this issue are as follows:
% on May 1 1920;
% each on Aug. land Nov. 11920, and Feb. 1
-V. 124,P. 1515.
1921;5% on Feb. 1 1927: none since.
Caracas Sugar Co.
-Annual Report.-Year End.- -Year.End.- 15 Mos.End 14 Mos
.End
PeriodSept.30'27. Sept.30'26. Sept.30'25. June 30'24.
Net earnings from sugar
and molasses sales__ _ _ $2,152,996 $1,815,625 $2,625,819 $2,740,790
2.007,896
2,514,555
2,379,959
Operating cost
1,984,349
Operating profit
Depreciation
Interest and discounts_ _
Uncoil. adv. to planters_
Res,for uncoil. advance_
Org.exp. prop. writ. off_
Loss for year
Adjus. on prey.crops,&c
Balance,deficit
Previous deficit
$168,646 loss$192,270
197,688
179,359
187,747
154.549
324.989
71,159
4,575
4.588
$111,265
203,263
$360,832
207,142
234,216
3,292
$94,848
28,369
$1,053.430
24,364
$91,999
117,386
$83,818
15,191
8123.217
1,677,952
$1,077,794
600.158
$209,385
390,773
$wim
291,764
Profit & loss, deficit
$600,158
$1,801,169 $1,677,952
$
390 773
.
Comparative Balance Sheet Sept. 30.
Assets1927.
1927.
1926.
1926.
Total fixed assets.$5,376,255 $5,345,668 7% cum. pref. stk_$2,000,000 82,000,000
Organization exp_
86,916 Common stock_ __ 1,000,000 1,000,000
83,611
Capital surplus_ __ 8198,829
Stock in Caledonia
322,048
Sugar Co
20,000
20,000 Bank loans
2,470.880 2,109,822
let mtge. on lands.. 121,455
129,492 Other notes pay'le_ 1,061,892 1,133,774
Livestock
24,155
25,432 LeQueitio ids. mtge
50,000
Supplies at cost _ _
127,452
120,187 Int.& rents accrd_
21,508
22,843
Crop exp. account.
92,053
76,926 Planters'accts. pay
412
Prepaid expense& _
89,166
58,927 Merch. & current
accounts payable
Unliq.sugar & mo36,857
21,873
lasses, less adv._ 513,923
192,796 Accounts payable_
8,590
10,958
52,903
Accts. receivable._
92,108
29,640
37.357
Cash
324,247
Planters' accts. rec 154,358
Planted & growing
113,582
161,673 Total (each side). _$6,798,557 $6,671,730
cane
a Capital surplus obtained on comersion of common stock, $2,000,000
account of $1,801,170.
less deficit
-Company holds, or has deposited in escrow, as guarantee for the
Note.
fulfilment of certain obligations, cash and securities amounting to $219,088
Also $2.000.000 of an authorized issue of $4,000,000 1st mtge. 8% sinldng
fund gold bonds has been issued and are held as collateral for loans to the
company.
-V. 124, p. 512.
CincinnatiTerminal Warehouse Co.
-Offer to Bondholders.
-
The preferred stockholders have been asked to subscribe to 2d mtge. 6%
bonds to the extent of 40% of their individual holdings of preferred shares.
The annual meeting will be held Jan. 18. Holders of 11.808 shares o
preferred stock out of a total of 16.955 shares outstanding are said to hav.
subscribed already to more than 38% of the par value of their preferred
holdings.
Chairman C. L. Harrison adds that the matter will be discussed fully at
the annual meeting, and says also in the formal letter: "Even assumin.
that the present rate of increase in the business will continue, however.
there will not be sufficient income available to meet first mortgage bond
maturities and the deficits that will continue to arise until the business
becomes self-supporting, and for this reason every stockholder Is requested
to subscribe to the extent of 40% of his holdings of preferred stock, in order
tec eses
p
to protect hin interest.
management took charge in 1926, and the comparativ •
statement shows gross revenue in 1927 of $292,597, of $113,506 more than
in 1925.-V. 117. p. 1559; V. 114, P. 1538.
Cities Service Oil Co.
-Acquisition.
-
The company has purchased the properties of the McGovern Place 0
Co. of Racine. Wis., operators of a series of service stations in that city.
This brings Cities service chain of stations in Wisconsin to about 300.
V. 121. p. 465.
Concourse Plaza Building (900 Grand Concourse)'
N. Y. City.- Bonds Called.
All of the participating certificates Issued by the Central Union Trust Co.,
of New York,as trustee, representing shares in the bond issue of S1,500.018
secured by the Concourse Plaza Building, which was underwritten on Aug
1 1923, by the Commonwealth Bond Corp., have been called for redemP
tion on Feb. 11928.
The certificates maturing on or before Aug. 11929, will be redeemed a
105 and int.; certificates maturing after Aug. 11920 and on or before Aug
1 1934,will be redeemed at 103 and int., and certificates maturing after Aug
1 1934, at 102 and int.
The Concourse Plaza Building will be refinanced on Feb. 1 1928 with a
institutional loan of $1,600,000 or $100,000 in excess of the original Ion'
made by the Commonwealth Bond Corp.
-V. 117, p. 1823.
Consolidated Film Industries, Inc. (Del.) Pref. Stoc
Sold.-Hornblower & Weeks, Cassatt & Co., and Domi
nick & Dominick, have sold 300,000 shares $2 cumul. par
ticipating pref. stock at $26.50 per share (with every 10 share•
of pref., 2 shares of common will be given).
Participating preferred stock
cumulativ.
will be entitled to a $2 fixed
dividend in preference to any dividend on the common and will participa
share for share with the common in all dividends In any year after th •
common stock shall have received $2 per share in that year. It will b
callable at $35 and diva. and entitled in voluntary liquidation to t1i.
distributable assets up to $35 and dive, in priority te the common. It wil
Chanin Theatre Building, N. Y. City.
-Bonds Called.
- be without voting power except upon proposals to change the author's..
All of the outstanding 1st mtge. 6% serial coupon gold bonds have been stock of the company and except after and only during the continuance o
called for red. Feb. 23 at 102X and int. For offering, see V. 120, p. 587. default in the payment of four consecutive quarterly installments of tb.
fixed dividend. Company agrees not to pay any dividends on its commo
-Pays Stock Dividend.
- shares when net current assets are, or would be reduced by such PaYmen
Cheney Bigelow Wire Works.
to, less than $2,400,000.
The company recently increased its original capitalization from 3,600
Data from Letter of Herbert J. Yates, President of the Company.
shares of common stock, par $100, to 7,180 shares of pref. stock, par $50,
Company.
-Is being incorp. to succeed a company of a similar nam
and 20,000 shares of no par value common stock. A further amendment
creation of an additional 5,320 shares of pref. stock. par $50. formed in March 1924 in New York, for the developing of motion plc
authorized the
The additional pref. will be distributed to common shareholders of record negatives, printing the necessary positives and delivering the positives
instructed loy the motion picture producer or distributor, thus renderin
.-V. 125, P. 3353,
Dec. 16 as a stock dividend. ("Iron Trade Review.")
JAN. 14 1928.]
FINANCIAL CHRONICLE
257
An official announcement says:
an essential service to the motion picture industry. Company operates
"The corporation has sold to a group containing representatives of 6
6 plants, known in the motion picture industry as "laboratories," in New
American international banking houses, all its preferred stock and a small
York, New Jersey and California.
Company is believed to be the largest concern of its kind and is the largest part of its common stock for a sum in excess of $500.000 cash. The purpose
purchaser of motion picture film in the world. The business has been of this sale is to provide itself with ample working capital for the necessary
built up on the sound foundation of quality and service at a price, in most expansion of its activities.
"The company has for about 10 years represented the Curtiss Aeroplane
instances, below the motion picture producer's own laboratory cost. This
low price has been made possible through the company's efficient and large & Motor Co., and its predecessors, in South America. C. W. Webster, who
has been the company's president since its foundation, will remain as
scale operations.
Sales & Earnings.
-Sales and earnings of the predecessor company since president. C. M. Keys and J. A. B. Smith of the Curtiss Aeroplane &
incorporation and of subsidiary companies now owned, after eliminating Motor Co., will be chairman of the board and treasurer, respectively.
"The Curtiss Aeroplane & Motor Co. will make an exclusive long-term
Interest of $68.176 paid on indebtedness incurred in connection with
acquisition of new properties and liquidated prior to Oct. 31 1927, as contract with the Export company, making the latter the agent of the
Curtiss company in all foreign countries, and will guarantee the preferred
, audited by Ernst & Ernst, have been as follows:
stock dividends. In consideration of these steps, the Curtiss company
Footage
Per Share will own 50,000 shares of no par value common stock ofthe Export company.
Processed (Co.
"The Export company will also represent abroad many producers of
aNet Earns. Preferred.
Years
Sales.
Figures.)
$3.09
airplane and motor accessories, as well as motors, planes, &c., which do
1927 (10 mos.)
$6,441,775 $929,676
294,099.611
not compete with the Curtiss product.
2.67
802,371
1926
7,641,879
318,110,439
"The preferred stock carries detachable warrants entitling the holder to
3.06
920.651
1925
7,486,387
274.065,855
purchase within 5 years 5 shares of common stock at $20 per share for each
1.59
1924 (9 mos.)
4,536.465
171.032,137
share of preferred owned, the proceeds of such sales of common stock to
a After depreciation and Federal taxes at present rates'.
Based on 67.845.184 ft. processed in Nov. and Dec.. net earnings after be used by the company for the retirement of the preferred stock at $105
,
taxes for the full year 1927 should approximate $4 a share of participating per share. The company reserves 25.000 shares of its common stock to
'
preferred stock, or $1.50 a share on the common after deducting a full cover these warrants.
year's preferred dividend requirement. Decline in 1926 earnings was due
-New Director.
Curtiss Aeroplane & Motor Co., Inc.
to reduction of selling prices in anticipation, but before realization, of lower
F. W. Bellamy has been elected a director to represent a large number of
costs resulting from increased volume.
-V. 125. P. 2674.
due course to list the pref. stockholders who are not now represented on the board.
• Listing.
-Company will make application in
and common shares on the New York Stock Exchange.
-Extra Dividend.
Davega, Inc., New York.
Pro Forma Consolidated Balance Sheet Oct. 311927.
The directors have declared an extra dividend of 25 cents per share in
Liabilities
Assets
addition to the regular quarterly dividend of 25 cents per share, both pay$75,000 able Feb. 1 to holders of record Jan. 16. An extra distribution of like
Cash
$217,950 Mtge. note payable
507,165 amount was made in each of the three previous quarters.
Accounts payable
Receivables (less allow, for
196,494
2,833.560 Accrued accounts dr Fed.tax_
doubtful)
75,000
Increases Capitalization-To Expand.
229.719 Mtge. note payable (1928)
Inventories
2,000
18,380 Deposit on lease
Sundry ace'ts ,Sz notes rec.oke.
The stockholders on Jan. 7 increased the authorized capital stock (no
191.000 par value) from 65,000 shares to 100,000 shares.
2,291,246 Real estate mortgage
Property and plant
2,494,346 Capital(as deel. by directors) 4,000,000
President A. Davega, says: "The purpose of the authorization at this
Con., patents, goodwill. dm
3,053,311 time is to place the company in a position to carry out a conservative
14,768 Surplus
Deferred charges
policy of expansion. It is the intention of the directors to issue portions
$8,099,969 of this additional stock from time to time: first, of course, extending to the
$8.099,969 Total
Total
stockholders the right to subscribe to the same at advantageous prices.
Consolidated Mining & Smelting Co. of Canada, Ltd. The expansion program for the coming year. as at present planned, will
-V. 125
require the issue of less than half the proposed stock increase."
Production for 3 and 12 Months Ended Dec. 31.
p.2942.
Period End, Dec. 31- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
131,052
145,521
33,394
Lead (tons)
38,253
-Change in Capitalization Approved.
Dennison Mfg. Co.
67,546
73,527
16,642
Zinc (tons)
21,603
The stockholders recently voted to increase the capital from $11,000,000
10,632
9,262
2,309
Copper (tons)
2,625
29,490
50,075 to $14,000,000 and to change the names of the existing classes of stock
Gold (ozs.)
11.687
7,091
7,178,817 as follows:
Silver (ors.)
1,844,119 7,179,607
1,852,209
Par
Cap.Already Additional
-V.125, p. 3353,2152.
Value.
Stk, Auth.
Old Name. New Name. Authorized.
Debenture
$4,500,000
$100
Existing
1st pref.
-Listed.
Consolidated Paper Co.
$500,000
100
Preferred
2.500,000
2nd pref.
classes
The Detroit Stock Exchange on Dec. 15 approved for listing 750,000 shs.
10
part'p Management] 4,000,000
(par $10) common stock.
-V. 125. p. 3647.
500.000
10
Class"A"
New classes
2.000,000
10
Employee
created
Continental.Can Co,
-Proposed Acquisition.
See United States Can Co. below.-. 125. p. 3647.
Total
$11,000.000 $3.000,000
The stockholders also voted to increase the call price of the 1st pref. stock
-Balance Sheet, Oct. 31.Continental Motors Corp.
-V. 126, p. 111.
to $160 per share.
1927.
1926.
1927.
1926.
AssetsLiabilities
-Earnings.
$
(Jacob) Dold Packing Co.(& Subs.).
Property acct.___a15,621,805 16,075,377 Common stock. _d17,308.450 17,308,450
53 Wks.End
Year Ended
6.548,400 6,873,400
Patents, good-will
6H% bonds
Oct. 29 '27. Oct. 30 '26. Oct. 31 '25. Nov. 1 '24.
Periodtrade name, dm- 5,908.317 5,908,317 Purch, money obliNet sales to customers_ _$47,312,878 $51,026,219 $57,958,801 $46,290,788
11,321
17,500 Cost ofsales
Investments
gations
625,285
624,227
44,597,646 47,359,225 54,287,173 41.940,281
U.S.cite, of indebt
500,000 Accounts payable_ 1.052,086 1.066,271 Selling, gen.& adm.exp. 2,561,841
2,768,033 3 295,2403.253.044
Cash
5,137,005 5,846,730 Accrued Payrolls.
Depreciation
276,939
1253,249
442,793
418,764 Int.prop.ofsub,Co..,,..j 363,974
Notes receivable.18,431
41,040
dm
515,507
331,510
Employ. b'd & stk.
Federal tax reserve 196.258
profits cred.to Skinner
subscription_ _ _ _ 117,663
Royalties paid in
445,011
Packing Co.acc't, &c..J
456,874
5,311
Accts. receivable.b1,568,631 1,038,828
advance
10,848,648 11,006,414
Accrued int. recle2,514
11,322 Surplus
$375,511
Net profit
$383,454 loss$333.735
loss$210,585
Inventories
c5,590,026 5,532.003
Previous surplus
1.348,791
878,862
828,824
1,871,168
Prep. int., tax.. Sce 144,170
73,056
Capital arising from conUnam.disc. & exp. 628,796
707,268
version of com. stock
Unabsorbed prep'n
2,277,000
to no par value
cost
433.853
664,144
43,602
138,923
Miscellaneous adjust'ts_
32,643
Unabsorbed engine
develop't cost_ _ 616,772
Total(each side) _36,413,267 37,022,309
Total surplus
$1,693,226 $1.871.168 $2,822,127 $1,247.938
a After deducting $8.028,548 for depreciation and accruing renewals. Reduc. of book value of
b After deducting reserve for bad and doubtful balances,$40.499. c Valued
Capitol Ref. Co.,Inc.,
42.922
442.245
at cost or market, whichever is lower. d Represented by 1,760,845 shares
stock owned
13,227
of no par value.
30,490
Miscell. surplus charges
The consolidated income account was published last week in V.126, p. 110. Net additional reserves
725,120
312,926
275.480
Dividends on pref. stock
Continental Sugar Co.
-Tenders.
-
$878,862
The company will receive sealed proposals up to and including Jan. 31,
Profit & loss surplus__ $1,693,226 $1,871,168 $1,348,791
for the sale to it of its 1st mtge.7% gold bonds up to the amount of $45.000, Shares of pref, stock
conditional upon acceptance and payment of such bonds as are accepted
47.423
46.677
45,221
45,221
outstanding (par $100)
Nil
through the First National Bank. of Detroit, on or before Feb. 10, after Earns, per sh,on pref.__
$7.91
$8.48
Nil
which date interest thereon will cease.
-V.123, p. 1511.
-V. 122, p. 97.
Creole Syndicate, N. Y.
-Gold Production (Value)
-Enlarges Oil Acreage Holdings
Dome Mines, Ltd.
July
June
Aug.
Sept.
Dec.
Nov.
Oct.
in Venezuela.
$400,527 $375,424 5325,265 $326,622 $330.436 $329.901 $332.527
Acquisition of a number of important oil acreage properties in Venezuela -V.
125. p. 2535. 2271.
by the Creole Syndicate brings the holdings of the syndicate in the Maracaibo basin, central, eastern and northwestern Venezuela up to 3,490,934
-Rights-Div.Increased.
Dominion Bridge Co., Ltd.
acres, it was announced this week. The effect of these acquisitions is to
The stockholders of record Jan. 21 are to be given the right to subscribe
make the Syndicate one of the largest oil acreage holders in Venezuela, as for 40.625 additional shares of capital stock (no par value) at $50 per share,
contrasted with the fact that previous to these purchases which include on the basis of one new share for each 8 shares held. Payment for the new
1,221,697 acres in the states of Monagas and Anzoategui, and 1,691,217
$10 per share on subscription on Mar. 1.
acres in the districts of Roscio, Zaraza and Infante, in the state of Guarico. stock should be made as follows:
per share on May 15, and $20 per share on July 15. The new shares
Its holdings were largely confined to a small group of marine zone parcels $20 rank for dividend for the quarter ending July 31 1928.
will
aggregating 12,500 acres along the shore of Lake Maracaibo. Holdings in
have declared an initial quarterly dividend of 65c. per share
the state of Zulia, which includes Lake Maracaibo and Maracaibo basin, onThe directorsoutstanding capital stock which was recently issued in exthe present
have come now to aggregate 578,019 acres.
change for the old stock in the ratio of 5 shares for one. This places the
The Syndicate is at present operating four subsidiary companies
on the old
Webster Syndicate, Condor Oil Co. of Venezuela, Rio Palmar Oilfield issue on a $2.60 annual basis and is equivalent to $13 annually were being
stock on which dividends at the rate of $4 annually with extras
Corp. all 100% owned, and Rio Palmer Land & Timber Corp.,51% owned.
holders of record Jan. 31.
The dividend
The company has sold 25% of the expected production from the Rio paid. also Dominion is payable Feb. 15 toLtd., below.
-V. 125. p.3647.
Engineering Works,
See
Palmar field, in the district of Perlis, which is being actively developed by
Creole now for its own account, to the Royal Dutch-Shell group on a
Dominion Engineering Works, Ltd.
-Rights.
sliding scale price. In the first 11 months of 1927 Creole's share of total
This company,a subsidiary of the Dominion Bridge Co., Ltd.(see above)
production was 2,231.898 barrels, while the grand total produced to the end
capital stock (par
is offering to stockholders of record Jan. 21
of November on Creole Syndicate leases was 11,745,664 barrels, of which $20) at $50 per share in the ratio of one newadditionaleach 8 shares held.
share for
Creole's share was 3,852,164 barrels.
Control of Creole Syndicate is held by American banking interests. Payment for the new stock should be made as follows: $25 per share on subBritish interests recently acquired a substantial block of Creole stock, of scription Mar. 1 and $25 on June 1. The new shares will rank for dividend
which there are 2,237,400 no par shares outstanding. The authorized for the quarter ending June 30 1928.
The directors have declared a quarterly dividend of 65c. per share,
capital is 2,500.000 shares.
-V. 124. p. 1984.
payable April 14 to holders of record Mar. 31. This compares with a quar-V.125. p.3354.
terly dividend of 50 cents per share paid on Jan. 14 last.
Crown Cork & Seal Co., Inc.(N. Y.).
-Listing.
There have been Placed on the Boston Stock Exchange list temporary
Dominion Iron & Steel Co., Ltd.
-Sale of Deposited 5%
certificates for 267,971 shares (authorized 275,000 shares) without par
Consolidated Mortgage Bonds.
value, common stock.
The common shares have full voting power except in the event of the
The bondholders protective committee for the 5% consolidated mortgage
default of six quarterly dividends, whether consecutive or not, on the bonds, due Sept. 1 1939,currency series, guaranteed by the Dominion Steel
preferred stock. Transfer agents, The First National Bank, Boston, Mass. Corp. Ltd.. announces that it has entered into an agreement for the sale to
and National Bank of Commerce, New York, N. Y. Registrars, State National Bond & Share Co.,Ltd., Toronto, Can.,of all the bonds deposited
Street Trust Co., Boston, Mass., and the Bank of America, New York, with the committee by Jan. 30 1928, provided a total of at least $3,480,000
-V. 126, P. 110.
N. Y.
are on deposit as of that date. The bonds will be sold at 8631. plus accrued
and unpaid int. from March 1 1926 to Feb. 1 1928. As the committee
-New Vice-President.
Cuba Company.
serves without compensation and as the purchaser agrees to Pay an addiWilliam F. Lynch has been elected 2nd vice-president of the Cuba Co. tional amount equal to the expenses of the committee, the sales, if conand treasurer of this company and of Compania, Cubana. As treasurer of committee, the sales, if consummated, will enable the committee to distriboth companies he succeeds Henry W. Snyder, resigned.
-V. 125, p. 2674 bute to its depositors approximately $960 per $1,000 bond.
The committee also 8,11/101MCe6 that it will continue to accept deposits of
Curtiss Aeroplane Export Corp.
-Increases Capital.
- the above mentioned bonds up to 3 p. m.Jan.30 1928. Bonds undeposited
This corporation has filed at Albany,(N. Y.) a certificate increasing its by that date will be excluded from the benefits of the sale. The depositary
outstanding capital stock to $500.000 of6% cumul, pref. stock and 100,000 of the committee is, The Agents, The Royal Bank of Canada, 68 William
New York City.
shares of no par value common stock.
258
FINANCIAL CHRONICLE
The bondholders committee is composed of Richard F. Hoyt, chairman
(of Hayden, Stone & Co.), John J. Rudolf (of A. Iselin & Co.), and Hermann C. Schwab (of Redmond & Co.). J. Ernest Allen of 25 Broad St,
New York City, is secretary.
-V. 126. p. 111.
•
Du Pont Rayon Co.-Pref. Stock Increased.
The company has filed a certificate at Dover, Del.. increasing Its authorized pref. stock from 100.000 shares to 250,000 shares, par $100 each.
[VOL. 126.
each share of the present class "A" stock. If the plan is
carried out, the outstanding capitalization will consist of
992,980 shares of preferred stock and 3,475,686 shares of
common stock.
-V.125, p. 1717.
General Electric Co.
-Orders Received.
-
1927.
1926.
1925.
1924.
To Build Plant at Richmond, Va.3 months ended Dec.31-$76.708,532 $80,406,570 $78,636,669 $80,009,978
The company announces that its proposed rayon mill near Richmond, 12 months ended Dec.31
309784,623 327.400,207 302,513.380 283,107,697
Va., will have a capacity of approximately 3,500.000 pounds per annum. -V. 126, p. 112.
The company recently purchased about 450 acres of land 3 miles from Richmond,on the Petersburg pike,for the location of the plant, which is expected
General Silk Corp. & Subs.
-Report.
to employ from 2,000 to 3,000 operatives. According to estimates, the
Consolidated Income Account for 9 Months Ended Sept. 30 1927.
plan will cost from $8,000,000 to $10,000,000 before it is finally completed.
Net sales, $21,020,693, cost of sales, $19,888,894, gross profit...31,131,799
-V.125, p. 787.
Other income
8,831
-Obituary.
Durant Motors, Inc.
Charles Frederick Daly, a Vice-President, died in New York City on
Aug. 151937.
-Comparative Balance Sheet.Dwight Mfg. Co.
Total income
$1,140,630
Selling & admin. exp.. $564,149, int. (net) $425.427, deprec.,
,
$265,366
1,254,942
Premium on bonds retired.$13.100,miscel.,$18,145
31,245
LiabilitiesNov.2627. Nov.2726.
Nov. 26'27. Nov.27'26.
Assets$5,000,000 $5,000,000 Como].loss for 12 mos.. Blots Throwing Co. & General Silk_ _
Real est.& mach.a33,079,422 $3,032,223 Capital stock
$145,558
350,000 Notes payable_ _ _ _ 1,525,000 1,800,000 Loss of Klots Throwing Co.for 3 mos. prior to com,of business
Essex Cotton Mills
19,53/
Acc'ts payable _ _ _
Aced.int. rec
136,945
2,615
179,130
Loss for period
Accrued items_ ___
Mtges., notes and
86,825
$126,027
Initial surp., Cr.$326,154; unused res.for Fed.taxes, Cr.$310,398 636,552
215,759
Cotton contracts_
ree
loans
29.039
Deprec'n reserve_
Due from North'n
160,247
Total surplus
20,209
Capital surplus_ __ 780,538
Waste Co
782.981
$510,525
Divs.on 7% stk.,$171,867. Divs.6% stk.,$99,561
1
1
Misc. Investment_
271,428
Divs. on Kiots Throwing Co.stock
2,625,692 1,939,149
Merchandise
7,888
Subsc.res
824.350
Surplus at end of period
830,230
Acc'ts receivable_ 1,032,102
$231,208
General Silk Corp. was incorp. Jan. 14 1927, in accordance with the plan
Cash
380,487
295,797
for consolidation and readjustment of capitalization of Riots Throwing Co.
Deferred charges
147,065
Profit & loss
139.685
565.918 Total (each side)--$7,558,348 $7,922,358 and subsidiaries dated Aug. 7 1926, and modified Dec. 10 1926. General
Silk Corp. owns as of Dec. 29 1927, all but 2,136 15-100 shares, or 2.6%,
a After deducting $300,006 depreciation.
of the outstanding stock of all classes of Elots Throwing Co. Sufficient
Contingent Liabilities.
-Purchase contracts for cotton on Nov. 26 1927
were 15,107 bales at an average price of 19.015 cents, making a total of securities of General Silk Corp. are held at Bankers Trust Co.. depositary.
plan,
$1,436,303. The market value on Nov. 26 1927 was $1,416,769.-V. 125, under the still to effect exchange of the small minority of Klots Throwing
Co.stock
outstanding in the hands of the public, under the terms of that
p. 655.
plan. When such exchange shall have been effected, it is intended that
Mots Throwing Co. be merged with General Silk Corp.
Eastern Dairies, Inc.
-Proposed Merger.
Consolidated Balance Sheet Sept. 30 1927.
The stockholders will vote Jan. 14 on approving a proposed merger with
-V.125, D. 3647.
the General Ice Cream Corp.
AssetsLiabilities
Land, bldg.. mach.& equip...310,578,978 7% pref. stock
x34,953,100
-Sale of Plant.
Eaton Axle & Spring Co.
Cash
212,691 6% pref.stock_
x3,321,700
See Murray Ohio Mfg. Co. above.
-V.125, p. 2153.
Accts. & notes roe
1,141,843 Class A,com.stk
73,188.949
Inventories
7,691,223 Pref.stk. Riots Throwing Co.
230,721
Enfield, R. I.
Esmond Mills,
-Larger Dividends.
Cash for redemp. of bonds_ _
18,900 Funded debt
2,431,847
The directors have declared a quarterly dividend of $1.75 a share on the Investments
29,553 Notes payable
4,931,138
stock, placing the issue on a $7 annual basis, as compared with Deferred charges
common
193,363 Accounts payable
577.887
the previous rate of $6 annually. The regular quarterly dividend of $1.75
Surplus
231,208
was also declared on the preferred stock. ,oth dividends are payable Feb. 1
to holders of record Jan. 25.-V. 120, p. 1210.
Total
$19,866,552
Total
$19,866,552
x Par value $100, dividends unpaid since June
Equitable Office Building Corp.
-Shares to be Listed 100,000 ehs. class"A"stock (no par) and 200,00030 1927. y Consisting of
she. common (no par)
.on London Stock Exchange.
V. 124, p. 514.
Because of the unusual interest shown by British investors in the stock
General Vending Corp.
-Listing-Earnings.
of the company, application has been made to list the convertible preferred
There have been placed on the Boston Stock Exchange list $4,500,000
shares on the London Stock Exchange. There are now 47 registered
-year secured sinking fund gold bonds, dated Aug. 15 1927 and due
holders of stock in Great Britain, including several Scottish Investment 6% 10
trusts. The convertible preferred shares were publicly offered at a price Aug. 15 1937.
For the 6 months ended Nov. 30 1927, company reports total gross sales
of 100 in April 1925, and are currently selling on the New York Stock
and collections of $1,622,848, and operating profits of $474,238 after cost
Exchange around 130.-V. 126, p. 111.
of sales, collection expenses and operating and administrative expenses.
Ewa Plantation Co., Hawaii.
-Extra Dividend of $2.
- Intercompany profits for the period totaled 857,849, while other income
Tim directors have declared an extra dividend of$2 per share on the stock, amounted to $3,403, thus making total profits for the 6 months of $535,490.
The corporation also announces that the Hoff Vending Corp. one of'
payable March 15 to holders of record March 5. This is in the form of a
special disbursement for 1928 for past accumulated earnings. See also Its subsidiaries, has consummated a contract with The Metropolitan Chain
'
Stores for the installation of its Wrigley gum venders and its Life Saver
V. 125, p. 3067.
venders. This chain covers 90 store.; throughout the country. The company estimates that approximately $225,000 annually in gross revenues will
Fanny Farmer Candy Shops, Inc.
-Sales.
Increase
-1926.
1927
-Dec.
1927-12 Mos.-1926.
-V. 125, p. 3489.
Increase. be derived from the operation of the machines installed.
$490,914$51,4141$3,722,528 83,327,466
$542,328
$395,062
-V.125. p. 3204, 2675".
Genesee Holding Co.
-Bonds Called.
The company will on Mar. 1 1928 redeem
First Bohemian Glass Works, Ltd.
-Renews Contract.
- bonds. dated Mar. 1 1925. at 102 and int. all of the outstanding $359,800
Payment will be made at the
According to advices received from Vienna, "Vitrea," the sales organiza- Union Trust Co., trustee, Detroit, Mich.
tion for this corporation, and other important Bohemian glass manufacAny or all of the above mentioned bonds will be taken up at 102 and
turers, has renewed its contract with these companies for a further period int. to date of payment, upon presentation and surrender thereof at the
of 8 years. It is stated that over 95% of the heavy sheet glass imported office of the trustee at any time prior to Mar. 1 1928.-V. 120, p. 2821, 336.
into this country is handled by the "Vitrea. -V. 124, p. 3637.
-
5510 Sheridan Road Apartments(Lake Michigan View
-Bonds Offered.-Garard Trust Co.,
Bldg. Corp.), Chicago.
Chicago, are offering at par and int., $600,000 1st mtge.6%
gold bonds.
Dated Dec. 1 1927; due serially June 1 and Dec. 1 1930 to 1940. Int.
(J. & D.) and prin. at maturity, payable at Garard Trust Co., or Chicago
Title & Trust Co., Chicago, trustee. Callable in inverse order by number
on any int. payment date after two years upon 30 days' notice at 102.
Denom $1,000. $500 and $100 c*. Int. payable without deduction for
normal Federal income tax up to 2%.
The bonds are issued to provide funds to complete the 5510 Sheridan Road
Apartments (5510-14 Sheridan Road, Claicao, Ill.). No money from the
proceeds of this bond issue may be paid out, except upon waivers of claims
for liens, and until certification that the funds held by the bankers are sufficient to complete the building, in full compliance with the plans and specifications, and to pay all llenable claims upon the building and equipment.
The value of land and building is conservatively appraised at $1,100,000.
The annual net income from the operation of this property is estimated at
$100.000, or over 2;1 times the greatest annual int, charge, and in addition
will provide moneys for all mortgage requirements and assure an ample
margin for the owners of the building.
Monthly deposits of 1-12th of annual prin. and int. payments will be
made in the office of Gerard Trust Co., Chicago, in accordance with provisions of the trust deed.
Galesburg Coulter-Disc Co.
-Initial Dividend.
-
An initial quarterly dividend of 80 cents per share has been declared on
the common stock (no par value), p ,yable Feb. 1 to holders of record Jan.
20. See offering in V.125, p. 3648, 3489.
General American Investors Co., Inc.
-Warrants Exchangeable for Stock.
On and after Feb. 15 1928, the bearers of warrants attached to 25
-year
5% debentures, series A shall be entitled to receive without cost certificates
for the number of shares of common stock specified in such warrants upon
surrender of warrants at the Guaranty Trust Co., 140 Broadway, N. Y.
City. At the time of the surrender of such warrants, the debentures to
which warrants are attached, must be presented and the warrants will be
detached and the debentures returned with the stock. (See also V. 124.
p. 655.)-V. 125,P• 2153.
-To Reclassify Shares.
-At a
General Baking Corp.
meeting of the board of directors held Jan. 12, it was deterproposal to the stockholders at their
mined to submit a
meeting on Feb. 3 1928, to convert the present non-voting
non-cumul. class "A" stock into voting °maul. pref. stock
entitled to dividends at the annual rate of $5 per share until
Oct. 1 1928, and thereafter at $6 per share, and the present
class "B" stock into common stock. To compensate the
"A" stock for its present rights including its right to participate in dividends in excess of $6 per share, one-half share
of the new common stock is to be issued to the holder of
Gillette Safety Razor Co.
-Dividend Rate Increased.
The directors on Jan. 11 declared a quarterly dividend of
$1.25 per share on the outstanding 2,000,000 shares of
capital stock, no par value payable March 1 to holders of
record Feb. 1. A special dividend of 500. per share and an
extra dividend of 124c. per share, in addition to a regular
quarterly dividend of $1 per share, were paid Dec. 1 last.
Extra dividends of 1233e. per share were paid in the previous
three quarters, while in December 1926 an extra disbursement of 50c. per share was made,each in addition to a regular
quarterly of $1. From Sept. 1 1925 to Sept. 1 1926 incl.
extra dividends of 25e. per share and regular dividends of
75e. per share were paid quarterly.
Earnings for Calendar Years.
1926.
1925.
Net earnings
2 :038 $13,311,412 $7,008,564 $3,192.
$141587
99
192 832'
4
Earns per share_ x
$7.29
-v19.3261b
Based on the present 2,000,000 no par shares outstanitng.
es
U
26
P. 112 idden
G1
-Balance Sheet Oct. 31.Co.
1927.
1926.
1927.
.
7% prior pf. stock_ 7,160,000 7,166.300.
5
5
911,466 8,971,922 Common stock_ ....e2,000,000 2,000,000
Good-will, trade
Minority int.(01.
131,153,089 1,227,864
marks,dm
Stores Co.) stk._
445,103 lst serial 6s
Cash
599,841
10 5
:00
Notes & accts. rec.d3,572,560 4,002,472 Sund. bds. & mtges 2,800,000 2.902 600'
478,000
684,000
Miscell. accts. rec.
12.117
74,242 Notes payable_
923,3.433
Inventories
4,765,836 5,283,911 Accts. pay. misc.
Other assets
724,059 1,144,587
accts., dm
817,558
961,296
Pref. stk. for retire
81,952
20,740 Accr'd tax,int. &c. 154,529
172,195
Deferred charges
400,759
365,358 Deferred items_
120,000
180.000
Res.for Fed.tax__ 250,000
208,000
Rca.for coating._ _
100,462
Total(each side)20,221,681 21,536,109 Surplus
8,340,232 5,587
88 ,6%
0
a Includes Land. $1.384,235, bidgs , machinery, equip.,
&c., $9,393,896
less allowance for depreciation, $2,282,909, ore lands and leases, less
b Good-will, trade-marks, reorganization and
depletion, $416,244.
development expenses and unamortized bond discount, &c. c Common
stock represented by 400,000 shares of no par value. d Customers accounts,
and notes receivable, less reserve for doubtful accounts, discounts, &a.
The income account was published in V.126,p. 112.
Assets
Land,
egu
(Adolf) Gobel, Inc.
-To Retire Preferred Stock.
-
All of the outstanding 7% cum,cony. pref, stock has been called for payment Feb. 10 at 115 and dive. at the Central Union Trust Co., 80 Broadway, N. Y. City.
This stockbe convertible into common stock on the basis of one
ma
h
share of pref. for., shares of common on or before Jan. 31. Holders of pref.
stock converting the same between Jan. 21 and Jan. 31, both dates incl.,
will be entitled to receive the regular quarterly dividend of 1j % on the.
,
i
JAN. 14 1928.]
FINANCIAL CHRONICLE
'pref. stock, which is payable Feb. 1 to holders of record Jan. 20.-V. 125,
2817.
-Sales.
Goodyear Tire & Rubber Co. of Canada, Ltd.
President C. It. Carlisle says: "Production and sales for tho first quarter
of the company's fiscal year show a marked increase as compared with any
-V. 125, p. 3069.
similar quarter in past years."
259
-A conservative estimate of the company's earnings after full
Earnings.
allowance for maintenance, depreciation and taxes available for preferred
stock dividends will be in excess of $144,103 which is approximately 25
times preferred dividend requirements and at the rate of over $4.60 a share
on the common stock to be issued.
-Sales.
Hartman Corp., Chicago.
1927-December-1926. Increase.] 1927-12 Mos.-1926. Decrease.
$8,6411$17.678,534 518.510,402 $831,868
51.504.926
$1.496,285
James G. Tew, 1st V.-Pres. of the company, has been elected general -V. 125, p. 3205. 3069.
was recently
sales manager succeeding W.0. Rutherford, whose resignation
-V. 126. D. 112.
announced.
-A. B.
-Preferred Stock Offered.
Henney Motor Co.
(B. F.) Goodrich Co.
-New General Sales Manager.
Leach & Co., Inc. in December offered at $49.50 per share,
Graham-Paige Motors Corp.
-Listing.
The New York Stock Exchange has authorized the listing of 1,011.784 16,500 shares $4 dividend preferred stock (no par value)
shares of common stock, no par value, on official notice of issuance in each share of preferred stock is accompanied by one share of
exchange for a like amount of outstanding and listed common stock, no par
value, of Paige-Detroit Motor Car Co.• with authority to add additional common stock.
common stock as follows: 374.740 shares, on official notice of issuance on
Preferred over the common stock as to assets and cumulative dividends
conversion of 7% cumulative convertible 2nd preferred stock, or voting
-J. Entitled
Dividends payable Q.
of $4 per share
trust certificates therefor; 100,000 shares, on official notice of issuance to at the rateshare in case of per annum.
voluntary liquidation or dissolution, or $50 per
to $55 per
employees and payment in full: and 39,150 shares, on official notice of share if involuntary, plus diva. Red. all or part on any div. date on 30
issuance in exchange for outstanding interim certificates representing comdays' notice at $55 per share plus all dividends accrued to redemption date.
mon stock of Paige-Detroit Motor car Co.
Full paid and non-assessable. Dividends exempt from present normal
Condensed Income Account 8 Months Ended Aug. 31 1927.
Federal income tax. Transfer agent. First Trust & Savings Bank, Chicago.
Ill. Registrar, Continental National Bank & Trust Co., Chicago, Ill.
Sales
-Cars and parts (Paige-Detroit Motor Car Co. and
$16.893,596
Jewett Motors)
Data from Letter of John W. Henney,President of the Company.
14,838,425
Cost of sales
Company.-Incorp. in Delaware. Has acquired the business and assets
2,353,917
Selling, advertising, administrative & miscellaneous expenses
1,056,510 formerly owned by John W. Henney & Co., Freeport, Ill. The business
Miscellaneous charges, provisions and write-offs
of the predecessor company was the outgrowth of a business originally
$1,355,251 established in 1868 for the building of high-grade horse-drawn vehicles.
Net loss before Federal tax
282,194 With the advent of the automobile, the predecessor company has been conSubs. cos.
-Net loss after provision for Federal income tax_ _ _ _
spicuously successful in developing and marketing a specialized line of motor
$1.637.450 vehicles.
Total loss
Authorized. Outstanding.
Capitalization5500.000
$500.000
fund
debentures
10
-Leases Four Add'l. Stores. $4-year6%% sinkingstockgoldpar value)
(W. T.) Grant Co.(Mass.).
25,000 shs. 16,500 shs.
(no
dividend preferred
Marking a step in the expansion of the company,which was outlined late Common stock no par value)
100.000 shs. 91.500 shs.
last year, the company has leased for a long term of years, the 4 department
-Net sales of the predecessor company, and net earnings after
Earnings.
stores in Hudson County, N. J., which were organized and operated by Max depreciation but before Federal income taxes and after deducting interest
Z. Hurwitz of Union City, N. J. The aggregate rental of the 4 stores, 2 of on the 10
-year 6%% debentures now outstanding are as follows:
which are in Jersey City, one in Union City and one in West New York,
1927.
1926.
1925.
Years Ended Sept. 30-V. 126, p. 112.
will amount to more than $3,000,000, it is stated.
$908,278 51.706.272 51,620.699
Net sales
Net earns, aft. deprec. & int. on deb.
-Annual Report.
Greif Bros. Cooperage Corp.
202.421
214.351
140,549
but before Federal income taxes- - _
66,000
Results for Year Ended Oct. 311927.
Annual div. req. of this pref.stk.
See also V. 125. p. 2817.
Mfg. profit after deduct, mat, used,labor mfg. exp.& deplet_ ....$1,125.164
25,697
Other income
Total income
Depreciation
Selling, general and administration expenses
Interest on gold notes
Other interest charges
Sundry deductions(net)
Provision for estimated Federal taxes
Net profit
Dividends on class"A"stock (53.20)
-To Retire 1,500 Shares Pref. Stock
Rubber Co.
Hood
$1.150,861
164.760 Fiscal Year Changed.
514,125
The stockholders recently voted to retire 1,500 shares of 7% pref. stock
98,775 The date of the annual meeting was changed to the third Thursday in
34,844 February and the company's fiscal year to end Dec. 31 instead of March 31.
22.936 -V. 123. P. 2
818.
40.000
$275,421
204.800
-Bonds Called.
Hudson Valley Coke & Products Corp.
The company has called for redemption on Feb. 1 next, 529,000 1st
-year 7% sinking fund gold bonds, at 110 and int. at The
mortgage. 15
Union Trust Co., Cleveland, 0., or at The Guaranty Trust Co.. N. Y.
-V. 125, p. 528.
City.
$70,621
Balance surplus
$1.30
Earns per share on 54,000 cl"B"shares(no par)
-Dividend Disbursing Agent.
Consolidated Balance Sheet Oct. 311927.
Hub Financial Corp.
The Seaboard National Bank of the City of New York has been appointed
Assets
Liabilities
Land, bldgs., mach. & equip.
Common stock & surplus_ _ _ _ :$4,065,164 dividend disbursing agent for the corporation. See also V.125, p. 1718,3649.
&c.,leas depreciation
$2,032,875 10-yr.6% skg. fund gold notes 1,631,500
26,500
-Bond & Goodwin,
Cash
-Bonds Offered.
223,520 Cap. stk. of subs.
Indian Refining Co.
U.S.Treasury certificates.5,002 Notes pay. for money bor.,
504,550 Inc., and Freeman & Co., are offering at prices to yield from
purch. of prop., &c
Gust. notes & accts. rec.
739,108
1st
Inventories
2,000 5.50 to 6% according to maturity, $1,600,000
2,250,176 Mortgage Pay
Accts. pay. for purch., exp.okc 148,867
Officers, employ & mIscell.
mtge. serial gold bonds (closed); due $400,000 annually
notes & accts. rec
170,698 Accr. Fed., State & County
65,652 Jan. 15 1929-1932 incl.
Invest.in other cos.,&c
taxes
61,288
50,148
Investments(MM.cos.)
313,542 Accr. int., rent. &c
Dated Jan. 15 1928. Denom. $1,0000. Callable all or part (but not
Notes & accts. rec. (Mill. cos) 291,030 Other liabilities
Y 136,709 less than all the bonds of one maturity), on 30 days' notice on any int. date
Timber properties
563,297 Accts. pay.(to atilt. cos, partly
at 101 and int. In the event of the call of part of the issue, latest maturities
10,850 are to be called first. Interest payable (J. & J.) without deduction for norGood-will
owned)
1
Deferred charges
84,060 mal Federal income tax not in excess of 2%. Penn. 4 mills tax and Mass.
75,463 Reserve for contingencies
income tax not in excess of 6% per annum refundable. Principal and int.
Total
$6,726,002 payable at the principal office of New York Trust Co., trustee.
Total
$6,726,002
x Represented by 64,000 shares of class A cumulative common stock and
Capitalization (Giving effect to Present Financing.)
54.000 shares of class B common stock, both of no par value, of which
$1,600.000
$472,100 surplus since Oct. 31 1925. $1,109.781 unearned surplus and 5%% first mortgage serial gold bonds(this issue)
1,600,000
% equipment trust certificates
32,483,283 capital surplus. y Not maturing within one year from date.
918.629
corporation was reported as contingently liable at Oct. 31 1927 for *Purchase money mortgages
The
2.296,400
cumulative preferred stock (par $100)
7%
notes receivable discounted in the amount of $10,610.-V. 125, p. 3069.
417.200
Common stock par $190)
7.433,480
Common stock par 510)
(F. W.) Grand 5-10-25 Cent Stores, Inc.
-Sales.
*Including purchase money obligations of subsidiaries.
Increase.
-1926.
-Dec.
1927
Increased 1927-12 Mos.-1926
Data from Letter of Dr. Frank Fritts. Y.-Pres. of Company.
32,273,199
51.818,626 $454,5731$12,882,457 510,500,806 52,381,651
-V. 126, p. 112.
-Organized in 1904. Engaged, either directly or through
Company.
marketing petroleum products. Its lubricating
Hamilton Fire Insurance Co., N. Y.
- subsidiaries, in refining and the trade name "Havoline" and its gasoline
-Recapitalize.
oils and greases are sold under
The stockholders on Dec. 7 voted that the capital stock be increased from under the trade name "Indian." Company's refinery, located at Lawrence3200.004 to $1,000,000 by the declaration of a stock dividend of 400% and ville, Ill., has a capacity of 15,000 barrels of crude oil per day. Its lubto change the par value of shs. from $15 to $50 per sh.-V. 125. p. 3355. ricating plant has been rebuilt during the past year and incorporates new
facilities for obtaining both quality and quantity production. Distributing
Hanover Fire Insurance Co., N. Y.
-Rights, &c.
facilities, consisting of bulk stations, filling stations, motor trucks and
The stockholders on Jan. 9 voted to increase the capital stock from $2,- equipment, are concentrated within a competitive freight area in the States
000,000 to $2,500.000 by issuing 10.000 shares of additional stock at par. of Indiana, Ohio, Michigan, Illinois and Kentucky and distribute about
and to increase the number of outstanding shares from 50,000 to 250.000 70% of the company's output of gasoline. Company also controls a fleet
by reducing the par value of the stock from $50 per share to $10 per snare. of 1.819 steel tank cars (held under an equipment trust) with complete
car repair shops.
-V.125. p.
-Bonds are to be secured by a closed first mortgage on the
Security.
-Extra Dividend.
Harbison-Walker Refractories Co.
- refinery property of the company at Lawrenceville, Ill., which was appraised
The directors on Jan. 9 declared an extra dividend of 2% on the common as of Dec. 17 1927 by Coats & Burchard Co. at over $7,200,000 net sound
stock, payable Jan. 30 to holders of record Jan. 20, and the regular quarterly value.
,
Consolidated balance sheet of the company and its subsidiaries (which
dividends of 1 l % on the common stock, payable March 1 to holders of
record Feb. 20, and 13 % on the preferred stock, payable April 20 to are wholly owned by the company), dated Oct. 31 1927 and adjusted to
give effect to this financing. indicated net tangible assets of $13.565.767;
holders of record April 10.
An extra distribution of 2% was also made on the common stock on net current assets alone amounted to $2.652,610.
-For the 3 years and 10 months ended Oct. 31
Sales and Earnings.
Jan. 30 1926 and Jan. 29 1927.-V. 125, p. 2273.
1927, net sales of the company and subsidiary companies averaged $21.Harding Carpets Ltd., Brantford, Ont.-Preferred 389,831 annually, and for the 10 months ended Oct. 31 1927 were $16,Stock Sold.-Diokson:Jolliffe & Co., Ltd., Toronto have sold 368,721. Net operating earnings for the same period, available for interest.
depreciation and Federal taxes, averaged $1.205,367 and for the 10 months
at $100 per share, $750,000 7% cumul. cony. pref. stock, ended Oct. 31 1927 weer $971,707. Annual interest charges on consolidated
outstanding
debt
(carrying a bonus of 1 share common stock with each share funded at lessto be $230,000. on completion of this financing are calthan
culated
of preferred).
-Company will covenant that commencing July 1 1928 and
Covenants.
Preferred as to dividends and assets. Non-voting except after dividends for the remainder of that year it will deposit with the trustee monthly
are two years in arrears. Entitled to cumulative preferential cash dividends payments of $50.000 each, and on Jan. 5 1929, 5100.000. all in anticipation
at the rate of 7% per annum. payable (J. & J.) by cheque at roar at any of the Jan. 15 1929 maturity; beginning Feb. 1 1929 the company will
branch in Canada of company's bankers (The Royal Bank of Canada). deposit monthly payments of $25.000 and 10 days prior to each maturity,
Callable all or part for sinWo n.g fund purposes and otherwise at $110 and the balance required to pay such maturity. Company will also covenant
div. per share on 60 days' prior notice, or the company may purchase that it will not pay any dividends on its stock unless after such payment
for redemption in the open market up to $110 and div. Convertible at any current assets will exceed current liabilities, both as defined in the indenture.
time up to 10 days prior to the time specified in any notice as the date of by at least 82.000,000.will be
Purpose.
-Proceeds
used to reimburse the company for capital
redemption into no par value common shares on the basis of one share
preference stock for the equivalent of two shares no par value common stock. expenditures, to retire outstanding current indebtedness, and for other
corporate purposes.
-V. 125, p. 2676.
'eglstrar and transfer agent, Montreal Trust Co.
Authorized. Outstanding.
Capitalization$750,000
51.000,000
Insurance Co. of North America, Phila.-Extra Div.
7% cumulative cony. pref. stk.(par $100)
20,000 shs. 20.000 shs.
Common shares(no par value)
The company has declared an extra dividend of 50c. a share in addition
-Company has acquired in the City of Brantford 8% acres of
property.
the regular semi-annual dividend of $1 a share, both payable Jan. 23
land on which has been erected a block of modern factory buildings of to
concrete, brick and steel construction. containing 100,000 square feet of to holders of record Jan. 18.-V. 121, p. 715.
ground floor space eminently suitable for the industry. Company will
-Listing.
International Paper Co.
manufacture and sell carpets and rugs for Canada and for export. The
The New York Stock Exchange has authorized the listing of $10,119.300
most modern machinery and equipment has been installed including looms
manufacture of seamless Axminster and Wilton rugs. This will be additional cumul. 7% preferred stock (par $100) on official notice
for the
the total amount applied for
the only company in Canada manufacturing a full line of Seamless Ax- of Issuance and payment in full making 3490.
$90.502,200, see offering &c. in V. 125, p.
minster and Wilton rugs.
04%
I
260
FINANCIAL CHRONICLE
(Byron) Jackson Pump Co.
-Contract.
Announcement that this company has signed a 10
-year contract with
Mack Trucks, Inc., to furnish centrifugal pumps for Mack fire trucks is
made. Under the contract the new pump will be supplied as standard
equipment on Mack's output of fire apparatus.
-V. 125, p. 3649.
James River Bridge Corp., Norfolk, Va.-Listed.There have been placed on the Boston Stock Exchange list $4,500,000
1st mtge. sinking fund 63i% gold bonds, dated Jan. 1 1928 and due Jan. 1
Jan. 1 1958.-V. 126, P. 113.
Joint Investors, Inc.
-Initial Common Dividend.
-
[Vol,. 126.
Massachusetts Investors Trust.
-$1 Dividend.
-
The trustees have declared a quarterly dividend of $1 per share payable
Jan. 20 to holders of record Jan. 9. In 1927,stockholders received a total
of $3.40 per share.
-V. 124, p. 2290.
(R. H.) Macy & Co., Inc.
-Listing.
The New York Stock Exchange has authorized the listing of 17,500
additional shares of common stock without par value on official notice of
Issue, as a stock dividend making the total amount applied for, 367,500
shares.
-V. 125, p. 2946.
Manhattan Electrical Supply Co., Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing of 37.500
shares capital stock without par value on official notice of issuance making
the total amount applied for 167.500 shares against the exercise, surrender
-Resignation.
Jones & Laughlin Steel Corp.
and payment by the holders of stock purchase warrants, and no personal
Charles A. Fisher has tendered his resignation as president. It was stated liability will attach to the shareholders.
At a regular meeting of the directors held on Dec. 19 1927, the following
-V.126. P. 113.
that he desires to retire from active business.
resolutions (in substance) were adopted:
Kalamazoo (Mich.) Stove Co.
-Stock Offered.
-Keane, Whereas, Troy Laundry Machinery Co. Inc., a subsidiary by instrument dated
has agreed
Higbie & Co., Inc., recently offered 25,000 shares common and CenturyDec. 13 1927, Baltimore to sell to L. S. Carter & Co., Inc.,
Trust Co. of
stock (no par) at $57.50 per share. This stock was bought debentures, dated Jan. 11928. and $3,000,000 15-year 6).6% convertible
Whereas, by the same instrument this company has agreed unconditionfrom individuals and does notinvolve any financing by the co. ally to guarantee by endorsement thereon the
payment of the debentures
Dividends exempt from present normal Federal income tax. Transfer of the Troy Laundry Machinery Co., Inc., and
agent, Guardian Trust Co. of Detroit, registrar, Detroit Trust Co.. Detroit.
Whereas, by the same instrument this company has agreed that the debentures of Troy Lainsdry Machinery Co. Inc. shall be convertible at par
Capitalization Outstanding.
Common stock (authorized 100,000 shares)
50.000 shares and int, into shares of the authorized and unissued stock of this company
without par value for the period beginning on
Data from Letter of A. L. Blakeslee, President of the Company. Dec. 31 1932, at $80 per share, for the period Feb. 1 1928 and ending on
beginning on Jan.
Company.-Incorp. in Michigan in June 1901. Manufactures and sells ending on Dec. 31 1937, at the price of $OO per share, and for11933, and
the period
direct to consumer a complete line of stoves, ranges and furnaces. These beginning on Jan. 1 1937, and ending on Dec. 31 1942, at the price of $100
products are sold by mail, through the medium of a catalogue and through per share.
25 factory-owned branches. The company is wholly unique in that it
Resolved, That during the period beginning Feb. 1 1928, and ending Dec.
combines manufacturing with the manifold advantages of mall order sell- 31 1942, this company issue and sell not more than 37,500 shares of the
ing controlling the putput and sale of its products straight from the factory authorized and unsued capital stock at the above prices and take in payto the actual users. It is in a peculiarly favored position, unhindered and ment therefor at par and accrued int. the 15
-year 63. % convertible deunfettered by the complications of the usual distributing problems.
bentures of the Troy Laundry Machinery Co. Inc., dated Jan. 1 1928. and
Sales and Earnings.
maturing Dec. 31 1942, provided, however, that none of the convertible
Net Income
Earned per Share debentures will be received in payment for the stock if the debentures have
Net
After Taxes.
Yearon 50,000 Shares. been called for payment and have not been presented for payment at or
Sales.
$191,853
1923
21,622,475
$3.83
before the time fixed in the call for the payment thereof.
296,727
1924
1,963,999
5.93
8 Mos. End.
-Years End. Dec. 311925
437.733
8.75
2,439,236
Earnings1926.
Aug. 31 '27.
1925.
1924.
1926
524,319
10.48
3,026,058
Sales (net)
$5,513,554 $6,141,305 $8,140,853 $9,036,624
549,275
1927(estimated) 3,250,000
Cost of sales
3,616,403 4.971.832 6,231,291
7,129,743
Book Value.
-Based on balance sheet as of Dec. 31 1926, and after giving
consideration to appraisal of American Appraisal Co., the book value of
Gross profit
$1.897,150 81,169,473 $1,909,562 $1,906,881
each share of common stock was $42.94. and through the reinvestment of Miscellaneous profits_
177,054
105.314
133,546
172,509
1927 earnings it is expected that the book value will be in excess of $50 Net profit on sale of batper share on Dec. 31 1927.
tery business
586,704
Dividends -Directors have declared their intention of placing this stock
on an annual dividend basis of $4.50, beginning with the calendar year of
Totalincome
$2,074,204 $1,861,491 $2,043,108 $2,079,390
1928. Dividends will be paid quarterly, Jan., &c.
Adver., taxes, deprec..
-Application has been made to list this stock on the Detroit
Listing.
gen. exp., eng. & devel.a1.591,429 a$905.315 $1,483,360 81,628.505
Stock Exchange and it is expected that application will be made to trade Special depreciation
110,495
on the New York Curb and the Chicago Stock Exchange.
Federal income tax
65,000
74.056
72,422
39,897
Kinnear Stores Co.
-Sales.
Net income
2417,775
$882,120
8487,326' $300,493
250,000
394.875
Increase. 1 1927-12 Mos.-1926.
-1926.
333,250
-Dec.
1927
280,000
Increase. Dividends
Rate per share
($2.50) ($4.87 Vi)
$305,400
$170,0321$3,035,807
$475432
($4.25)
2925,826
$2,109,981
(24)
125, p. 3207, 2819.
Balance, surplus
$167,775
$487,245
3154,076
$20,493
Shares capital stock out(G. R.) Kinney Co., Inc.
-Sales.
standing (no par)
130.000
86.000
Month of December81.000
1927.
Increase.
70,000
1926.
$3.21
$10.26
Sales
$6.00
$2,583,282 $2,380,091
$4.29
$203.190 Earnings per share
a Selling, adm. & gen. exp., $1,413,053; and discounts allowed, int. paid,
Sales for the month of Dec. 1927 were the largest sales in one month in
bad debts, &c.. $178.376.
the history of the company.
-V.125. p. 3650, 2397.
Consolidated Balance Sheet.
(S. H.)Kress & Co.
-Sales.
'Aug. 31 '27 Dee. 31 '26
AssetsAug. 31 '27 Dec. 31'26
-1926.
1927
-Dec.
Increase.] 1927-12 Mos.-1926.
Increase.
Liabilities$
$
$
311,181,953 39,668,791 $1,513,1621$58,059.929 $51,869,460 36,190.469 Bdgs., mach.drent. 3,166,821
915,785 Capital stock ____ 8,450,000 5,800,000
-V.125, p. 3207, 2677.
Good trad. pats.drc 3,729.045 3,528,868 Funded debt
1,388,500
398.010 Notes tr. ace. pay. 638,975
Invest. in MM. cos.
1,187
(B.)Kuppenheimer & Co., Inc.
584.617 Accounts pay ...._ _ 1.089,337
Cash
394,555
-New Director.
281,661
200,111
Res. for Fed. taxes
Julius A. Moses has been elected a director to fill a vacancy on the board. Call loans
74,448
65,000
19,311 Dividends pay
-V. 125, P. 3636.
Notes&tradeacceP. 1,508.215
101,250
772,143 Adv. pay. on contr
1,526,336
Accounts rec
31,925
80,090
33.204
Market sec
Contingent res____
143,461
57.327
Laurentide Co., Ltd.
-Proposed Consolidation.
959,714 Surplus
2,211,126
Inventories
834,937
1,447,830
See St. Maurice Valley Corp. below.
-V. 125. p. 1319.
Sinking fund
30,549
90,419
Deferred charges _ 417,099
Total(each side)13,217,060 7,268,868
Leonard, Fitzpatrick, Mueller Stores Co.
-Sales.
-V. 125, p. 1719.
1927
-Dec.
-1926.
Increase. 1927-12 Mos.-1926.
Increase.
$703,372
8631.850
371,5221$5,628,464
-Stricken From List.
Marine Corp.
$228.083
85,400,381
-V.125, p. 2819, 1984.
The common stock of the corporation has been stricken from the listed
securities of the San Francisco Stock Exchange, effective Jan. 9, the
Life Savers, Inc.
-United Cigar Stares Co. of America to Governing Board of the Exchange, on the recommendation of the listing
committee, taking this action because of the failure of that company to
Acquire Additional Interest in Company.
comply with the rules of the Exchange requiring an annual statement of Its
In a letter to the stockholders, Edward J. Noble, President, states that he financial condition, according to an announcement made by President
and Robert P. Novle, Vice-President. has sold to the United Cigar Stores Sidney L. Schwartz.
Co. of America more than a month ago, a block of stock whereby that
company became the owner of 50,000 shares of Life Savers. Inc.. stock.
Maryland Paper Mills, Inc. (Md.), Washington, D. C.
Mr. Noble stated: 'We were impelled to make this sale to the United
This company, recently organized in Maryland with 311 authorized
Cigar Stores Co. in order to secure a closer co-operation between the two capitalization of $2,000,000 (consisting of
100,000 shares of 8% pref.
companies and to maintain a wider d etc billion of Life Savers products and 100,000 shares of common stock, par
$10)
throughout the 3,500 United Cigar Stores and agencies. We were con- than 38 acres at Glenburnie, near Baltimore, has acquired a tract of more
Md., as a site for a new mill
vinced that this purchase will be beneficial to the Life Savers, Inc.
for the manufacture of paper and
"We have also agreed to sell to the United Cigar Stores Co. 25.000 equipped for the latter product and paper bags. The initial unit will be
will be
additional shares out of our personal holdings upon the future accomplish- more than $150.000, with machinery. It is one story, 150x200 ft., to cost
expected to begia work before
ment by the United CI:Ear Stores Co. of certain objectives which we believe
middle of this month.
will be of benefit to the Life Savers stockholders." See also V. 125. p. 3650: the
The company has arranged for the sale of $1,000,000 of stock in units of
V, 126. p. 114..
seven shares of pref. and three shares of common,at $100 per unit.
Officers are: William W. Ormsbee, President and Genersl
(Louis K.) Liggett Co.
-Sales.
-Robert D. Burbank, Secretary, Frederick L. Pratt, Treasurer, Manager.
1927-12 Mos.-1926.
Period End. Dec. 31- 1927
-Month-1926.
Melville Shoe Corp.
Sales
-Larger Common Dividend.
25.866,181 $5,808,636 $58,456,724 $53,356.140
-V. 125. p. 3356, 2819.
The directors have declared the regular quarterly dividend of $2 per
share on the preferred stock payable Feb. 1 to holders of record Jan. 24.
and has increased the common quarterly dividend to $I per share, payable
-Listing Earnings.
Loew's Inc.
The New York Stock Exchange has authorized the listing of 1,060,915 as of the same dates, making the annual rate $4 as against $3 previously.
shs.common stock without par value on official notice ofissuance in exchange Quarterly dividends at the latter rate were paid on the common stock from
for a like number of shares of capital stock, listed and outstanding, with- Nov. 1 1926 to Nov. 11927. incl.-V. 125, p. 2820.
out par value, also to list 104,865shares of common stock upon official notice
Metropolitan Chain Stores, Inc.
of issuance on exercise of outstanding stock purchase warrants, and with
-Sales.
1927
-Dec.
-1926.
Increased 1927-12 Mos.-1926. Increase.
further authority to add 90,000 shares of common stock, on official notice
32,139,418 $209,6791$12,271,878 $11,006,875 $1,265,003
of issuance upon exercise of common stock purchase warrants making the 82.349.097
total amount applied for 1.255.780 shares common stock without par value.
The company is now operating 91 units, having opened 10 stores during
The creation of 300,000 shares of preferred stock, without par value and the course (if the year 1927, and it is contemplated that additional units
the issuance of 150,000 shares of preferred stock of the series designated as will be added during 1928 in line with the expansion program
under way.
$6.50 cumulative preferred stock was authorized by the stockholders V. 125. p. 3208. 2678.
Jan. 3 1928.
(G. C.) Murphy Co.
-Sales.
1,060,915 shares of common stock are to be issued in substitution for
or in lieu of, a like number of shares of capital stock (there having been but
1927
-Dec.
-1928.
Increase.1 1927-12
Increase.
one class of stock up to this time) to give effect to the designation of such 82,063,670
81,821,413 8 4 ,2571810,233,592 Mos.-1926 31,681,035
22
$8,552,557
stock as common stock, and 104,865 shares of common stock are reserved
-V.125,P. 3209,2679.
for, and are to be issued upon exercise of outstanding stock purchase warMurray Hill Office Building, N. Y. City.-Bd. Call.
rants, and 90,000 shares of common stock are reserved for, and to be issued
upon exercise of stock purchase warrants to be issued in connection with
All of the outstanding 1st mtge.6% serial coupon gold bonds were called
26.50 cumulative preferred stock presently to be issued.
for redemption Jan. 1 1928 at 102 and int. at the office of S. W. Straus ac
Co.. Inc., 565 Fifth Ave., N. Y. City. See offering in V. 119, p. 1743.
Nov. 20 1927.
12 Weeks EndedNov. 211926.
$2,121,666
$2,178,636
Operating profits
Murray Ohio Mfg. Co.
864,612
879,485
Depreciation and taxes
-Acquires Plant.
According to President C. W. Ranson, the company has bought outright
$1,257,054
Net profit
$1,299,151 the Torbensen plant from the Eaton Axle & Spring Co., the transaction involving approximately $400,000. The Murray Ohio company previously
-V. 126, p. 114.
eased the property from the Eaton company.
-V. 125. p. 3209.
An initial dividend of 25 cents per share has been declared on the common
stock payable Jan. 16 to holders of record Dec.31.-V.125,P.3356.
-Sales.
Loft, Inc., New York.
Decreased 1927-12 Mos.-1926.
1927-Dec.
-1926.
21.066,077
$991,485
-V. 125, p. 3207. 2677.
$74,592127,868,728
$8,401,524
Decrease.
;532,796
Nash Motors Co.
-Extra Dividend of 50 Cents.-The
directors have declared an extra dividend of 50 cents per
share awl the regular quarterly dividend of $1 per share
FINANCIAL CHRONICLE
JAN. 14 1928.]
261
Note.
-The company on
1927 owned of
stock
on the outstanding 2,730,000 shares of common stock, no 23,063 shares of $100 each,Dec. 31in balance sheetC. B. & Q. RR.Comas $2,858,810.
shown
par value, both payable Feb. 1 to holders of record Jan. 20. pany also owned on Dec. 31 1927 of the Crow's Net Pass Coal Co. stock
Like amounts were paid Aug. 1 and Nov. 1 1927 on this 28.557 shares of $100 each, carded in the balance sheet at $3,808,945.
issue. la Feb. and May 1927, the company paid regular -V.125. p. 3358.
-Common Shares Offered.
Northwest Engineering Co.
quarterly dividends of $1 per share with no extras (compare
The first step in a financing program for the company took
V. 124, p.382).
President Charles W.Nash,in a letter to the stockholders, says:
place yesterday with the offering of 100,000 shares of common
"The company is in a strong financial position to meet future requirements of the business whatever they may be. The fiscal year was successful stock by Eastman, Dillon & Co. and Folds, Buck & Co. at a
from an operating standpoint, and the total business transacted might have price of $28 a share. The 100,000 shares now offered do
been increased had the company been in position during the mid-summer not represent new financing for the company.
period to have supplied the demand made upon it.
This offering will be followed by the flotation of a $2,"The demand for our product from foreign countries increased during the
last year 38% over 1926, and the product as well received in all foreign 500,000 issue of 10-year 6% debentures through a group
markets and has built up a splendid reputation as being of quality and
composed of Folds, Buck & Co., Central Trust Co. of
long life.
"At the close of the year the company had on hand in materials and Illinois and Eastman, Dillon & Co.
supplies (at cost or market value, whichever was lower) an inventory at
all three plants of $4,100,313. During the past year there hasbeen added to
permanent buildings, machinery and equipment about $1.000,000. This
addition to plant and equipment places the company in a position to increase
its production to more than 900 cars per day."
Income Account Years End. Nov. 30.
1923-24.
a1926-27. a1925-26. a1924-25.
Net income after exp.
reserves and taxes _ _ _$22,670,744 $23.346,306 $16,256,216 $9,280,541
1.103.262
Preferred dividends_
1,051.309
140.908
Common dividends - -.(15)13650000 x10.920,000
($16)4368000(610)2730000
Balance, surplus
Adjustments
-Dr
Previous surplus
Total surplus
Paid in common stk_
$9,020,744 $12,285,398 $10,836,907 65,447,279
b401,921
8,793,686
24,676,350 25,077,872 14,240,965
$33,697,094 $36,961,350 $25.077.872 $14,240,965
c12,285,000
Profit & loss surplus_ -$33,697,094 $24,676,350 $25,077.872 $14,240.965
Earns, per share on corn
$55.68
$29.95
$8.50
$8.30
a Includes profits of Ajax Motors Co. (subsidiary). b Premium paid
on preferred stock retired. c On Feb. 1 1926 company paid a stock div.
of 900% in common shares. capitalizing $12,285,000 of the surplus ($5 per
share). x Being $10 per share on 273,000 shares before the payment of
900% stock div:) and $3 per share on 2,730,000 shares.
-V.125, p. 1720.
National Biscuit Co.
-Earnings.
Years End, Dec. 311925.
1924.
1927.
1926.
Net profit after taxes- _ -$16,277,158 $14,674,162 $13,581,696 $12,881,530
Earns, per sh. on 2,046,520 shs. corn. stk. (par
$5.45
$25)
$5.79
$6.32
$7.11
-V. 125, p. 3358.
National Food Products Corp.
-New Vice-President.
Lewis II. Windholz, President and General Manager of the David Pender
Grocery Co., has been elected Vice-President and Director.
-V. 124, P.
2602.
National Tea Co., Chicago.
-Sales.
1927
-Dec.
-1926.
Increase .1 1927-12 Mos.-1926.
Increase.
$6,925.996 $5,197,443 11,728,5531158,795.679 153,655,265 $5,140,414
-V. 125, P. 3492, 3210.
Nedick's, Inc.
-Acquisition-Reduces Bonded Debt.
The corporation has acquired the business of Drake's Drinks, which owns
and operates five stands in New York and six at Coney Island, it was announced on Jan. 9.
_
The corporation announces the retirement of 134,000 10
-year 6% gold
bonds, thereby bringing the total principal amount of bonds retired to
$368,000 or approximately one-third of the original issue brought out 6
months ago (V. 125, p. 106). The bonds were called through operation of
-V. 125, 13• 2156.
the sinking fund.
Neisner Bros., Inc.
-To Recapitalize.
-
The stockholders will vote Feb. 9 on approving a plan calling for the
recapitalization of the company. The plan provides for the retirement of
the present 11,000.0007% pref. stock and the sale of $2,500,000 corn. pref.
stock. Although holders of the present preferred do not have the right to
switch into the new issue, it is understood such privileges are likely to be
voted. The proceeds of the new financing are to be used for expansion.
-V. 126, p. 115.
(J. J.) Newberry Co.
-Sales.
-
-Dec.
-1926.
Increase.
1927
Dia-cake., 1927-12 Mos.-1926.
$3,230,134 $2,164,850 $1,065,284 I 115,065,908 $9,982,974 55,082,934
-V.125, p. 3210,2679.
N. Y. & Honduras Rosario Mining Co.
-Extra Div.
-
The directors have declared a quarterly dividend of 234% and an extra
dividend of 234% on the capital stock, payable Jan. 28 to holders of record
Jan. 18. An extra dividend of like amount was paid in each of the previous
twelve quarters.
-V. 125, p. 2157.
New York Title & Mtge. Co.
-Reports Progress.
An authoritative statement says: The company's capital funds now
reach $43,859,851.
The sales of guaranteed first mortgages and first mortgage certificates
to individual and corporate investors for the year 1927 were $209.800,022.
which is said to be the largest amount of guaranteed mortgages ever sold
In this country, in a year, by a single company. It is an increase of $16.824,809 over the total of the year before. President Harry A. Kehler
stated that the year had been one of further advancement in practically
every department of the company. The net earnings this year are about
$1,000,000 in excess of last year, and reached a total of $7.'725,197 before
taxes and reserves. Mr. Kehler says: "There has been some decrease in
fee title applications, due to a less active real estate market. This has
been more than offset by the inrcease in volume of mortgage business.
The expenses of the company have been less in proportion to income than
in the preceding year.
Affiliated with this company is the American Trust Co. with main office
at Broadway and Cedar St., New York City, and six branches, the County
Trust Co. of White Plains, N. Y., and the National Mortgage Corp. of
New York.
Qualification under the laws of North Carolina to write title insurance
in that State is announced by the company, which will appoint representatives at each important county seat.
-V. 125, p. 3493.
Northern Securities Co.
-Annual Report.
Dividends on the common stock exempt from normal Federal income tax.
Listed on the Chicago Stock Exchange. Transfer agent, Continental
National Bank & Trust Co., Chicago: registrar, First Trust & Savings
Bank, Chicago.
Data from Letter of Chairman H. G. Barkhausen, Chicago. Jan. 12.
Company.-Incorp. in Delaware in 1925. Company and its wholly
owned Wisconsin subsidiary, Northwest Engineering Corp. was incorp.
'
In 1921, at which time it began the manufacture of gasoline, electric and
Diesel powered shovels, cranes and other labor-saving, excavating and
material handling equipment of the crawler or caterpillar type. The
business was successful from the start and has enjoyed a steady and rapid
growth. To-day company is recognized as the largest exclusive builders
of equipment of this type. The models which the company first placed
on the market in 1921 met with immediate popularity and have been so
satisfactory that it has been unnecessary to make any material change in
the original design, a fact which has been of increasing advantage to the
company as well as to its customers. About 40% of present volume is sold
to customers who already own one or more of company's machines. The
models produced by the company are of four sizes, namely, 35.
1 and
134 cubic yards capacity, and are convertible for use as shovel, crane, dragline, pull shovel and many other purposes.
Northwest machines are used extensively in general building, road building and repair, sewer, subway, railroad and public utility construction
work, in reclamation and irrigation projects, coal mines, stone quarries,
logging operations,lumber yards,steel mills and other industrial enterprises,
They have been sold in every State in the Union and in many foreign
countries.
The plant, located at Green Bay, Wis., covers about 8 acres of land.
CapitalizationAuthorized. Outstanding.
10
-year 6% s. f. gold debs., due Jan. 1 1938- - $2,500.000
$2.500.000
Common stock (no par value)
300,000 shs. 300.000 shs.
Earnings.
-The combined net earnings of Northwest Engineering Co.
and its subsidiary, after all charges, including provisions for income taxes
and adjusting to funded debt requirements on present capitalization, are
shown as follows:
Net Earnings
Earnings per Share
as Above.
Calendar Yearson Common Stock.
$4.68
1927
11.406,763
1,255,714
4.18
1926
1,225,930
1925
4.08
Dividends.
-It is expected that this stock will be placed on a $2 Per
annum dividend basis, payable at the rate of 50 cents per share quarterly
on the first day of May (initial payment).
Oppenheim, Collins & Co., Inc.
-10% Stock Dividend.
The directors have declared a 10% stock dividend on the outstanding 200,000 shares of no par value capital stock,in addition to the regular quarterly cash dividend of $1 per share,
both payable Feb. 15 to holders of record Jan. 27.-V. 125,
p. 2947.
Osborn Mills, Inc.
-Acquisition.
This company has been incorporated under the laws of Massachusetts to
take over the assets of the Osborn Mills, Fall River, as authorized by a
decree of the Superior Court at Boston, to carry on the business of manufacturing,finishing and dealing in yarns and cloth and to rent and sell such
of its property as may not be needed for its own purposes.
-V.125, p. 2275.
Pacific Coast Steel Co.
-10% Stock Dividend.
The company 10% stock dividend plan was approved on Jan. 9 by the
California Corporation Department and a bonus of $252,740 par value of
pref. and common stock will be paid immediately to holders of record Nov.
1 1927.-V. 124. p. 3643.
Packard Motor Car Co.
-Consolidated Balance Sheet.
Nov.30'27 Aug.31'26
Noy.30'27 Aug.81'26
Assets
Property acct__ _x28,481,529 22,942,612 Cap.stk.(par 510)30,042,640 30,042,640
Rights, privileges,
Accounts payable
franchises, &c__
1
1 and payrolls_ ___ 1,110,403 4,828,757
Mtges, &c.,recle_ 1,556,698 1,005,086 Prov.for Fed.tax_ 2,209,561 2,209,868
Inventories_ ____ 6,927,824 11,433.736 Misc. Habil. (not
1,234,518 1,872,158
Accounts recle..__ 3,823,886 2,796,051
due)
Def. install. notes
Cash diva. pay__ _ 2,703,838 1,802.558
398,406 1,437,645.
& bills receivable 3,357,089 1,898,620 Rea.for conting
23,819,586 16,438,304
Munk.& State bds 5,060,925 6,619,166 Surplus
U. S.securities_ _ _ 7,600,000 6,300,000
4,530,156 5,421,845
Cash
214,815 Total(each side)_ _61.518,952 58,631,930
Deferred charges.... 171,844
x Land, buildings, machinery, plant and equipment, less depreciation.
V. 126, p. 117.
Paige-Detroit Motor Car Co.
-New Name, &c.
-
See Graham-Paige Motors Corp. above -V. 120, p. 117.
Pan American Western Petroleum Corp.
-Extends.
This company has organized the Pacific Petroleum Color the purpose of
extending its marketing system through the Pacific Northwest. Previously
Pan American marketing extended only as far north as Santa Barbara.
For the present, marketing will be confined to wholesaling, working gradually into the retail business.
The new company will have an authorized capitalization consisting of
1,000,000 shares of pref. stock (par $25) and 5,000,000 shares of no par
common stock.
Frank F. Seaver will be president of the new company,with E.L.Dohen_y;
chairman of the board and E. E. Doheny, Jr., vice-president. R. M.
Sands will be secretary.
-V. 125, P. 2680.
Calendar Years1927.
1926.1924.
1925.
Total receipts
$404,522
$363,806
$403,748
$403,115
Taxes
23.653
21,725
16,553
23,166
Peerless MotorCar Corp.
-Denies Merger-Pres. Resigns.
Administration expenses
13,61613,680
13,668
13.797
Announcement that the corporation is not considering a merger of any
Interest and exchange
174
3,311 sort was made by officials of the company on Jan. 7, following a meeting
400
of the directors, at which Robert M. Calfee, former counsel, was made
$367,079
Net income
6325,090 chairman of the board and Leon R. German, general manager.
$373,527
$3365,752
Dividends
(10%)395.390 (10)395,390 (8)316,308 (10)395,380
An executive committee, of which Mr. Calfee will be chairman, consists
of Leon R. German, Fred
Balance,sur. or del- -def.$28,311 def.$29.638 sur.$57,218 def.$70,289 (sales mgr. and director ofA. Treater (sec. & treas.) and Charles A.Tucker
the company). It was said to be the intention
Earns, per sh. on 39,540
of the directors to have Peerless affairs in the future directed by Cleveland
$9.26
shs. stock par $100)
$9.25
$8.22 interests.
Total receipts in 1927 Include dive. from C.B.&Q. RR.;1230,630. divs.
$9 44
This follows the resignation of Edward Ver Linden as president of the
from Crow's Neat Pass Coal Co.. Ltd.. $171,335, and interest, $2,558.
corporation after 3 years at its head.
Comparative Balance Sheet December 31.
Mr. Vet Linden said in part: "When I took charge of the corporation in
Feb. 1925 it then owed 81,000,000. Today the corporation has nearly
1927.
1926.
Liabilitte,s1926.
Assets1927.
$3,000,000 cash and receivables. It always has been my policy to conserve
$85,048
$85,048 Capital stock
$3,954,000 $3,954,000
Cost of charter__
the resources and cash of the corporation.'-V.125. p. 3494.
179,503 Dividends un165,530
Cash
2,858,810 2,858,810
claimed and
C. B. az Q.stock
Penn Mary Steel Co.
-Tenders.
-unpaid
1,200
1,120
Crow's Nest Pass
The Girard Trust Co., trustee, Philadelphia, Pa., will until Jan. 27
Coal Co. stock_ 3,808,945 3,778,620 Balance, surplus 3,044,463 3,068,482
-year sinking fund gold
receive bids for the sale to it of 1st mtge. 5% 20
97
_
97
Fractional scrip_ _
80,037
120,408
bonds, due 1937, to an amount sufficient to absorb $132,131 at a price not
S. bonds
1,115 Total (each side).$6,999,664 $7,023,602 exceeding 105 and int.-V. 124. p. 246.
1,195
acct ,&c _
Suspense
262
FINANCIAL CHRONICLE
Piggly Wiggly Western States Co. (Del.).
-Sales.
-
,1927-Dec.
-1926.
Increase.
1927-12 Mos.-1926. Increase.
$1,329,463
$959,294
$370,1691$13,519.707 $8,074,749 $5,444,958
The company is now operating 18 storm-V. 125, P. 3359, 2681.
Pillsbury Flour Mills, Inc.
-Rumors Denied.
-
The recent activity and higher prices of the preferred and common stocks
of this corporation which have been accompanied by various reports of increased earnings for the fiscal year which will end June 30 1928, and probably increased disbudrsements on the common stock, are not looked upon
with favor, it is understood from interests close to the management. From
this source it is authoritatively stated that, as has been consistently pointed
out, earnings last year Were abnormally large.
Conditions in the milling business were unusually favorable last year.
While it is expected the company will make a satisfactory showing this year,
indications are that earnings will be less than last year. There is no ofundation whatsoever for rumors that the dividend on the common stock will be
Increased -V. 125, P. 1336.
Pirelli Co. of Italy (Societa Italiana Pirelli).
-
J. P. Morgan & Co. are now prepared to deliver, at their office, 23
Wall St., N. Y. City, the Pirelli Co. of Italy sinking fund 7% convertible
gold bonds, dated May 1 1927, due May 1 1952, in definitive form, with
May 1 1928 and subsequent coupons attached, in exchange for temporal"'
bonds outstanding. See offering in V. 124, p. 2603.-V. 125, p. 3494.
Pitney-Bowes Postage Meter Co.
-Bonds Called.
-
The compnay has called for redemption at 10136 and int. on Feb. 1 all
of the outstanding 6% serial gold notes (except such notes as by their
terms mature on Feb. 1) at the Union Trust Co., Cleveland, 0.-V. 120.
v. 1596, 1099.
Pittsburgh Valve, Foundry & Construction Co.
-To
Increase Capitalization-Bond Issue Proposed.
The stockholders will vote Jan. 24 on increasing the authorized capital"zation by $1,000,000 7% curnul. pref. stock (of which $350,000 was offered
recently), and on creating an issue of $1,100,000 1st (closed) mtge.6% sinking fund gold bonds. See offerings in V. 125, p. 3074.
Planet Steamship Corp.
-Voting Trust Extended.
-
The term of the voting trust agreement dated April 1 1923, under which
the voting trustees hold certain capital stock of the corporation, has been
extended to April 11933. following the approval in writing of the owners of
all outstanding 1st mtge. 6% income bonds. The voting trustees are:
W.G. Baker, Jr., Jay E.}eddy and A. G.B. Steel.
-V.122, p. 623.
Potrero Sugar Co.- Output.
The company reports that it produced 18,806 bags of granulated sugar
during the first two weeks of the grinding season ended Dec. 311927.-V.
125, p. 2681.
Dec. 1 1933: thereafter at 101 and Mt, to and incl. Dec. 1 1936; and th after at 100 and int, to maturity. Denom. $1,000, $500 and $100 c*.
Principal and int. (J. & D.) payable at Manufacturers Trust Co., Na
York, trustee. Penn. and Conn. 4 mills tax refundable. Federal norm
income tax not in excess of 2% refundable by Realty Associates.
Data from Letter of William M. Greve, Pres. of the Corporation.
Organization.
-Organized in June 1925 in New York, to finance certain
real estate operations of Realty Associates and its subsidiaries. All of the
capital stock of the corporation has been purchased for $2,000,000 in cash
by Realty Associates.
Security.
-Corporation will covenant to maintain assets aggregating in
value not less than $1000,000 in excess of the amount of this series of bon.
at any time outstanding. These assets, in addition to cash and securities
will consist of bonds and mortgages, building loans, obligations of purchasers
of dwellings or building sites, and (or) participating interests in bonds and
mortgages made or assigned to Realty Associates or any of its subsidiaries,
all of wItich Hens are to be upon real property situated within New York
State. These assets are audited monthly by a firm of certified public
accountants approved by the trustee.
Earnings.
-Combined net earnings of Realty Associates, the Prudence
Co., Inc., and Realty Associates Securities Corp., available for the $600,000
interest requirement on the total funded debt of Realty Associates Securities Corp. (including this issue), during the 3 years and 6 months ended
June 30 1927, averaged over 4.31 times such requirement; in 1926 earnings
on the same basis were equivalent to more than 6.54 times interest charges.
These figures do not give effect to the employment of the funds introduc:.
through this financing, nor do they include very substantial amoun :
representing Realty Associates' proportion of undistributed profits o
certain affiliated syndicates.
Sinking Fund.
-An annual sinking fund is provided sufficient to retire
$300.000 principal amount of this series of bonds each year, of which
$150,000 will be available semi-annually beginning June 1 1930; this fund
Is calculated to retire over 55% of this issue before maturity.
-V. 121.
p. 85.
Reliance Mfg. Co.
-Earnings.
PeriodNet sales
Cost of sales
Operating expenses
Depreciation
$838,835
151,985
$555,231
202.662
Totalincome
Federal taxes
Bad debts
Loss on capital assets sold
Interest
$990,820
124,000
19.461
3,976
$757,893
87.337
19,751
$843.384
244.000
$2.83
$831,695
230.000
$2.06
Prairie Pipe Line Co.
-Shipments.
-
Company with its subsidiaries is the largest producer in the United States
of soaps, glycerine and foodstuffs manufactured from vegetable fats, such
as cottonseed and cocoanut oils. Its well-known products include ivory
soap, crisco, chipso. P.&.G., the white naphtha soap and star naphtha
washing powder. The present business represents a continuous development over a periodbf90 years from its establishment as a partnership in 1837
Capitalization.
-There are outstanding 811,000,000 of this issue of debentures, the sold funded debt of the company, $2,250,000 8% pref. stock,
86,689,800 6% pref. stock and 1,250,000 shares of common stock. The
market value of the common stock, based on published quotations, is over
$300,000.000. Dividends on the common stock are now being paid at'the
rate of $8 a share annually. Cash dividends have been paid without interruption since 1891.
Earnings Years Ended June 30.
Gross
Net Available
Times Int. Earned
Sales.
for Interest.
on This Issue.
1924
$121,372,681
$8,629,447
17.43
1925
156,085,091
10,375,158
20.95
1926
189,314,559
12,241,753
24.73
1927
191,776,977
15.004,975
30.31
See Wm. Waltke & Co. below.
-V. 125, P. 2948.
9 Mos. End. Year End.
Sept. 30 '27. Dec. 31 '26.
$7,747,768 $10,124,441
6,141,168 8,741,324
681,089
716,324
86,677
111.562
Net operating income
Other income
Net income
Period End. Dec. 311927-Alonth-1926 1927-12 Mos.-1926
Shipm'ts crude oil (bbbi.)
5,344,84 4.331,958 64,525,902 50,688,577 Shares common stock outstanding (par $10)
11
The statistics do not include shipments over the lines of the company's Earnings per share on common
wholly owned subsidiary, the Pure Oil Pipe Line Co. of Texas, which de- -V. 124, p. 3224.
livers oil to the Gulf Coast -V. 125. p. 3359, 2681.
Procter & Gamble Co.
-Debentures Offered.
-First National Bank, New York, is reoffering at 100 and int. $5,000,000 434% gold debentures. This is a block of the
$11,000,000 issue offered in July last (see V. 125, p. 257).
[VOL. 126.
19,110
Richfield Oil Co. of Calif.
-Depreciation Policy.
-
A new depreciation and depletion policy has been put in operation by the
company. Depreciation of buildings, equipment, machinery, transportaV011 facilities, plants, service stations, signs. aeroplanes, &c., runs from
3% to 100% per annum-all being charged to operations. On the oil
lands the depletion charge has been set at 35 cents per barrel of crude oil
produced: 30 cents of this amount to provide for actual depletion of oil
reserves and 5 cents to accrue as a reserve for abandonments.
Evidence of how drastic the new policy is can be seen in the records for
the past three years. In 1924 depletion and depreciation charges amounted
to $521.381, in 1925 to $671,474, in 1926 to $890,779 and for the first
9 months of 1927 alone, with the new policy in force, they exceeded $2,052,900, or an increase of more than 130% over the full year 1926. In
spite of these charges net profits of the company for the first 9 months of
1927 after reserves for Federal taxes amounted to about 32,582,172 compared to the net profit of $2,644,392 for the full year 1926.-V. 125. p. 3495
-Tenders.
Roane Iron Co.
The First Securities Co.,trustee.8th and Broad Ste., Chattanooga,Tenn..
will until Jan. 31 receive bids for the sale to it of 1st mtge. 7% gold bonds.
due Jan. 1 1943, to an amount sufficient to absorb $20,000, at a price not
-V. 120, P. 339.
exceeding 105 and hit.
-Interim Dividend of 10%.
Royal Dutch Co.
-
The Equitable Trust Co. of New York. as depositary of certain ordinary
stock of the company under an agreement dated Sept. 10 1918, has received
a dividend of 10 guilders (F. 10) for each 100 guilders par value of stock
held by it. The declaration represents the interim dividend over the year
Purity Bakeries Corp.(& Subs.).
-Earnings.1927. The equivalent thereof. $1.34 on each New York share, will be
12 Weeks EndedDec. 31 '27. Jan. 1 '27. distributed by the trust company on Jan.28to registered holders of New York
Net income after interest, depreciation. Federal taxes
shares of record Jan. 16. A distribution of 13 % was made on these shares
and all other charges
-V. 125, p. 2825.
$795,178
$558,214 on Aug. 2 last, compared with one of 10% a year ago.
Earnings per share on class B stock after class A panic. $2.45
$1.32
-V. 125. p. 2400.
Hospital (San Francisco).
St. Joseph's
-Bonds Offered.
Quebec Pulp & Paper Corp.
-Organization Cornpleted.- -Dean Witter & Go., San Francisco, recently o hived
$665,000, 1st mtge. 5% serial bonds, at prices to yield
about 53'%.
Announcement has been made of the completion of the organization of
this corporation, which recently took over the Quebec Pulp & Paper Mills,
Ltd. (V. 125. p. 1986). The latter was purchased by interests identified
with Price Brothers & Co., Ltd., and the Port Alfred Pulp & Paper Corp.
The board of directors of the new company is as follows: A. J. Brown,
H. C. Director Royal Bank of Canada, A. S. McNichols, former President
Quebec Pulp & Paper Mills, Ltd. A. C. Price, C. E. Bergeron, G. M.
'
McKee and A. Cross, officers of the Port Alfred Pulp & Paper Corp.,
J. L. Apedalle and A. C. Price, directors of the Price Company,J. H.Price,
President of Price Bros.
The officers of the new company will be as follovrs: A. J. Brown, K. C.,
chairman of the board, A. 8. McNichols, President, A. C. Price and C. E.
Bergeron, Vice-Presidents, J. M. Carignan. secretary, G. Elder Innes,
Treasurer. J. Wilfred Hodgson, Assistant Secretary.
The head office of the company is located at ChicOutimi, P. Q., Canada.
The capitalization of the company is made up of $7.000,000 7% pref. stock,
which has been used in the exchange of the securities of the former company
and 100,000 shares of no par value common stock. The company has no
bonds.
-Sale.
Quebec Pulp & Paper Mills, Ltd.
-V. 125, p. 1986.
See Quebec Pulp & Paper Corp. above.
-Gold Output (in Ounces).
Rand (Gold) Mines, Ltd.
Month ofJanuary
February
March
April
May
June
July
August
September
October
November
December
....
1927.
839,000
779.339
860,511
824,014
859,479
855,164
851.861
863,345
842,118
855,743
848,059
851,225
1926,
796,270
753,924
834,340
803,303
849,214
852,145
860,134
843,854
839.939
853,296
840,276
836,157
823,68:3
796,768
753,925
760,617
825,479
795,671
787,519
768.923
813,249
809,003
780,251
773,053
829.437
818,202
808,218
809,571
799,422
797,247
812,832
827,583
787,633 . 802,313
823,273
791,455
10,129,849 9.962,855 9,599,693 9,595,634
Total for 12 Months
-V.125, p. 3360, 3494.
-Bonds Offered.
Realty Associates Securities Corp.
The Prodence Co., Inc., New York, are offering at 100 and
-year 6% gold bonds, series of
int. $5,000,000 guaranteed 12
1927. (Unconditionally guaranteed as to principal, interest
and sinking fund by endorsement by Realty Associates). I
Dated Dec. 1 1927; due Dec. 1939. Red. all or part for sinking fund at
105 and hit, to and incl. Dec. 1 1930; thereafter at 103 and int, to and incl.
Dated June 1 1926, due June 1 1932 to 1946. Principal and int.(J. & D.)
payable at American Trust Co.. San Francisco (or at any of its branches).
Denom. $1.000 and $500. Callable on any int, date on 30 days' notice at
102)4 to and incl. June 11931. at 102 to and incl. June 11936. at 101% to
and incl. June 1 1041, at 101 to and incl. June 11945. at 100 to and incl.
June 1 1946. Interest payable without deduction for normal Federal
income tax up to 2%. American Trust Co., San Francisco, trustee.
Authorized $700,000. Exempt from California personal property tax.
Legal Investment for savings banks and trust funds in California.
History -St. Joseph's Hospital, of San Francisco, founded in 1889, was
incorp. July 26 1906, in California as a non-profit corporation, by the
Franciscan Sisters of the Sacred Heart, an order of the Roman Catholic
Church. The Order owns 11 hospitals, 10 schools, 1 orphanage and 1 old
people's home in Illinois, Indiana, and California. Three of the hospitals
are located in California: Queen of Angels in Los Angeles, St. Francis in
Santa Barbara, and St. Joseph's in San Francisco.
-These bonds are specifically secured by a first mortgage on
Security.
real property and buildings of St. Joseph's Hospital, located in the City
and County of San Francisco, opposite Buena Vista Park. This security
has a total valuation of $1,610,959. The outstanding bonded debt will be
less than 42% of this valuation. In addition to land and buildings, equ1Pment and furnishings are valued at $171.000.
-Proceeds together with other moneys, have been used to erect
Purpose.
a modern class "A" building, with a capacity of 209 beds, having every
modern hospital convenience.
-From a very small capital investment in 1889. the Franciscan
Income.
Sisters of the Sacred Heart have built up-from operating proceeds of the
hospital and from other sources-an institution with a net worth of more
than $1,000.000. Despite the limited capacity of the old hospital 040
beds) and the unusually low rates charged, income from current operations
leas been substantially more than enough to meet interest charges of this
issue. Income will be materially increased by the operation of the new
hospital, which is nearly completed.
St. Maurice Valley Corp.
-Proposed Consolidation.-
The directors of this corporation and of the Laurentide Co. on Jan. 11
agreed upon terms which will bring these two large producers of newsprint
together under a new holding company, the Canada Power et Paper Corp.
The merger has been arranged on the following basis: For each Laurentide
share there will br paid $100 par of
% debentures and one share of new
no par value common stock of the new company. For each share of common stock of the St. Maurice corporation there will be issued in exchange
2 shares of new no par common stock of the holding company. With
Laurentide will go the Laurentide Power Co. and new limits along the
Ottawa River.
No new financing is required, it is said.
-V. 125, p. 1723.
JAN. 14 1928.]
FINANCIAL CHRONICLE
263
Safeway Stores, Inc.
-Sales.
-
predation and Federal income tax,equivalent to more than 4 times the dividend requirements of the
estimated that earn-1926.
-Dec.
1927
Increase. 1927-12 Mos.-1926.
Increase. ings for the full year 1927,total preferred stock. It iswill
after all charges and taxes,
best least $150.,606.539 $5,484,435 $2,122.1041$76,484,749 $55,828,629 $20,658,120
000, or 4.28 times such dividend requirements.
-V.125, p. 3212, 2948.
Financial Condition.
-The balance sheet on Sept. 30 1927, after giving
effect to the plan of recapitalization shows current assets of 31,116,713..
Sanford Mills.
-Balance Sheet Nov. 30.equivalent to more than 2% times current liabilities, and net working
1927.
1926.
1927.
capital of $679,800, equivalent to over $135 per share of preferred stock.
1926.
Assets$
$
LiabilitiesOn the basis of the above balance sheet, net tangible assets amount to over
$
$
lent account__ __ 6,363,496 6,293,624 Cap. stk. & sur _x13,662,148 12,898,817 $215 per share of preferred stock although
the company's plant and equipventories
6,577,652 6,889,662 Notes & accts. pay
52,452 ment, which are carried on the books at a depreciated value of $331,574.
39,701
ash & invest_ _
1,678,747
890,645 Res. for Fen taxi
.258,521 were appraised for insurance purposes at $578,530 on Feb. 1 1927.
otes & accts. rec. 281,836
213,075 Res. for dive., ad-1,199,8821 1,077,216
Serve! Corp. (of Del.).-Undeposited Stock Will Have
vertising, &c___
No Value.
Total
14,901,731 14,287,006
Total
14,901,731 14,287,006
Attention of the stockholders is called to the fact that the company has
x Represented by 259,072 shares of no par value.
-V.126, p. 117.
been reorganized by judicial sale of its assets to the new company, &reel,
Inc. The new company's corporate existence started Jan. 3.
Sanitary Grocery Co., Inc.
-Sales.
The old stockholders have been given until the close of business Jan. 16
Calendar Years1926.
1927.
Increase.
1928 to
ales
$17,615,137 $15,531,870 S2,083.267 shares enter the reorganization. In view of the fact that some 200.000
out of 756.000 have not as yet been deposited, stockholders who
V. 125, p. 3213, 2682.
have not as yet deposited are urged to protect their interest, either by
the sale of their old stock or by entering the reorganization, inasmuch as
Schiff Co., Columbus, Ohio.
-Sales.
Period End.Dec.31-V. 126. p. 118.
1927
-Dec.
-1926.
1927-12 Mos.-1926. after Jan. 16 the old stock will have no value.
ales
$638,095
$400,724 $3,839,308 $2,477,049
125, p. 2825, 2159.
Shell Transport & Trading Co., Ltd.
-Dividend.
The Equitable Trust Co. of New York, as depositary of certain ordinary
Sears, Roebuck & Co.
-New President, &c.
shares of the above company, under an agreement dated Aug. 28 1919, has
Gen. R. E. Wood, formerly Vice-President, has been elected President received a dividend of 2s. per ordinary share, par El sterling each. The
succeed the late 0. M.Kittle. 0.C. Doering resigned as Vice-President, equivalent, 97 cents, is distributable to holders
of "American" shares on
resignation having been made prior to the death of Mr. Kittle.
Jan. 23 1928 to registered holders
0. C. Doering, Vice-President in charge of operations, had tendered 3s. per ordinary share, equivalentof record Jan. 16 1928. A distribution of
to $1.45
resignation to Mr. Kittle on Dec. 3, as he wished to retire after 30 Years made on July 22 last. (See also V. 124. p.on each "American" share, was
247.).-V. 125, p. 2949
service. His resignation was to take effect Jan. 3, but in view of Mr.
ttle's illness and subsequent death, the directors requested him to postShupe Terminal Corp.
-Receivership.
ne temporarily the effective date of his resignation to Feb. 1. Mr.
The Newark "News" Dec. 30 had the following:
oering will remain as a member of the board of directors.
A temporary receivership was made permanent Dec. 30 by Federal Judge
-V.126, p. 117.
Max Adler. Vice-President, on Jan. 13 announced his resignation, to take Runyon on the return of an order to show cause why this action should not
fect about Feb. 1.-V. 126. p. 117.
be taken.
Conover English, counsel for
protective committee, comSecurity Bond & Mortgage Co. (Fla.).
-Stocks Offered. posed of holders of the $750,000a bondholders'bonds obtained the appointfirst mortgage
The company, with offices at Jacksonville, Fla., and ment of E. McLain Watters of Philadelphia as co-receiver. Homer 0.
Zink, Newark, who served as temporary receiver, was named as the other
ouglas Sales Corp., New York, are offering 30,000 shares receiver.
ass "A" common stock (par $20) and 15,000 shares class
Mr. English informed the court the Pennsylvania holders of the bonds.
upon
week's overdue,
" common stock (no par value) in units of 2 shares of zationwhich the interest is seven asked that Mr.are considering a reorganiof the corporation, and
Watters be appointed to
ass"A" and 1 share of class "B" at $25.50 per unit.
work toward that end.
The temporary receiver was appointed on application of Edmund N.
Class"A"stock is preferential as to dividends up to 8%. After class "B'
elves a like amount, both classes participate share and share alike in Stone of 15 East 48th Street. New York, who owns 500 shares of COInniOn
y additional dividends. Class "A" stock is red. at 10% above par from stock.
The Shupe concern was organized in 1921 by the late William F. Shupe.
rned surplus when such surplus exceeds $250,000. Class"B"stock carries
e voting power. Dividends payable F. & A. Full paid and non-assess- It has outstanding 28.867 shares of common stock of no par value and 299
shares of 8% preferred stock. The company was authorized to issue up to
e dividends exempt from Federal normal income tax.
shares
CapitalizationAuthorized, To Be Issued. 30.000books of common and 20,000 shares of preferred.
The
of the concern
ass "A" common stock, $20 par
$1,000,000
$1,000,000 and liabilities, $981,254. show that in October the assets were $2,039,000
The Shupe company holds a 21-year lease with
ass "B" common stock, no par (shares)
50,000
37,500
Companv.-Incorp. in Florida and began business with a paid-in capital Francis C. Schwab on 30 acres of land on the east shore of the Passaic River
$200,000 in Nov. 1925. It is one of the largest and most successful firms on the Lincoln Highway. The lease is dated Oct. 1 1921, and carries an
the South exclusively handling first mortgages on improved, income- option to purchase in 1932 for $750.000.
mincing real estate. The field of operation at present comprises the
(Isaac) Silver & Bros. Co.
-Sales.
ates of Georgia and Florida, but plans are under way to extend its sc1927
-Dec.
-1926.
Increase.
1927-12 Mos.-1926. Increase.
am to take in other Southern and Central States.
Purpose of Issue.
$950,930
$113,866 I $5,609.947
$4,785,541
-The proceeds of this issue will be used as additional $1,064,796
$824,406
pital to meet the needs of the company's expanding business. Under -V. 125. p. 3213, 2682.
r arrangement with the Maryland Casualty Co., the capital structure of
(The T. L.) Smith Co., Milwaukee, Wis.-Notes Ofe company must be maintained at a ratio of 1 to 10 with relation to outnding bonds.
fered.
-Second Ward Securities Co. Milwaukee, recently ofDividends -The class "A" common stock is on an established 8% divid basis, payable semi-annually as of Feb. 15 and Aug. 15 of each year, fered $600,000 serial 6% gold notes at prices ranging from
vidends were inaugurated Aug. 15 1926 and have continued without 100 and int. to 100.93 and int. to yield from
5% to 6%,.
erruption. V. 126, p. 117.
according to
Security Management Co.
-Shares Offered.
-The first
blic offering of shares of the Second Investment Fund, an
vestment trust organized under the auspices of the Security
anagement Co., is being made in the form of units consistof one share each of class A and class B stock. The trust
authorized to issue 50,000 class A shares and 62,500 class B
ares.
security Management Corp. was organized in Feb. 1927 to create and
nage a series of investment trusts under a carefully defined plan of
oration. The First Investment Fund organized by this company was
en up fully by private subscription in Feb.
Investment limitations of the trust provide that not more than 10% of
net value of the fund shall be placed in the bonds, stocks or other
rides of any one corporation, municipality or government other than
United States of America, the State of New York, or any municipality
New York State. The Security Management Co., which will manage
trust, is authorized to participate in underwritings, syndicates or selling
ups for the account of the fund.
Directors of Security Management Co. include Lindsay Bradford,
ce-Pres.. Farmers' Loan & Trust Co.); Frederick A. Dewey (Dewey,
con & Co.); Edwin P. Maynard (Pres., Brooklyn Trust Co.); Richard
Maynard, (Maynard, Oakley & Lawrence); R. Lawrence Oakley,
aynard, Oakley & Lawrence); Sumner T. Pike, (Sec. Continental Insure Co), and Melvin E. Sawin (Maynard, Oakley & Lawrence).
ubscriptions for units of class A and class B shares In the Second Investnt Fund are now being received by Maynard, Oakley & Lawrence, fiscal
ts. Class A shares are offered at $100 and distribution at rate of
class B shares at the liquidation value as determined in accordance5%.
wth
indenture. A charge of $1 per unit is made by the fiscal agents. FarmLoan & Trust Co.. trustee and custodian.
maturity.
Dated Dec. 1 1927, due serially Dec. 1 1929-1937. National Bank or
Commerce, Milwaukee, trustee. Int. payable J. & D. at Second Ward
Savings Bank, Milwaukee, Wis. Denoms. $1,000, $500 and $100. Red.
all or part by lot on any int. date on 30 days' notice at par and int., plus a
premium of 3 of 1% for each year or fraction thereof between the redemption date and maturity.
Company.
-Organized in 1905. Is one of the largest manufacturers in the
world of road paving mixers and concrete mixers. The business was started
in 1900 and grew very rapidly and in 1905 the company was organized as at
Wisconsin corporation to take over the business.
Purpose.
-To provide for the retirement of outstanding 1st and 2nd pref.
stock, and for the transfer of certain common stock interests.
Earnings.
-The net earnings of the company for the past two years and
10 months, with inventory on Oct. 31 1927, estimated,available for interest..
income taxes and depreciation, have been as follows:
1925.
1926.
1927 (10 Mos.)
$211,238
$157,851
$114,991
Such earnings are at the rate of $170,852 annually, or over 4.7 times the
maximum annual int, on these notes. The average net earnings for a
period of 5 years and 10 mos.on the same basis are nearly 4% times this int.
Pro-Forma Consolidated Balance Sheet As of Oct. 311927.
Assets
Liabilities
Current assets
$476,710 Current liabilities
$75,309
Deferred charges
70,272 Res. for Wis.inc. & surtaxes
5,300
Fixed assets
540,844 Serial 6% gold notes
600,000
Patents & patent rights
33,770 Net worth, common stock _ _ _ .. 385,700
Paid in and capital surplus._
55,287
Total
$1,121.596
Total
$1,121,596
S. E. Corner Sixteenth and Walnut Streets, Philadelphia, Pa.(Peyton Realty Co.).
-Bonds Offered.
-Reilly,
Brock & Co., Stroud
(G. I.) Sellers & Sons Co., Elwood, Ind.-Pref. Stock Philadelphia, recently& Co., Inc., and Integrity Trust Co.,
offered at 1021 and int. $3,000,000
A
ered.-Howe, quisenberry & Co., Inc., Chicago, are of- 1st
(closed) mtge. 6% gold bonds of C. Benton Cooper.
ing at par and dm.$500,000 7% cumul. pref. stock, which,
Dated Dec. I 1927, due Dec. 11947. Denom. $1,000 and $500
th $375,000 common stock of $50 par value, constitutes the and int.(J. & D.) payable at Pennsylvania Co.for Ins. On Lives &c*. Prin.
Granting
Annuities, Phila., trustee. Payment of prin. and
tire outstanding capitalization of the company. The Peyton Realty Co., without deduction of the Penn. int, guaranteed by the
personal property tax of
aring does not involve the sale of securities by the company 4 mills on bonds held by residents of Penn.or the normal Federal income tax
not exceeding 2%.
except for sinking
t follows the purchase by a syndicate of the stockholdings 1 1937. Red. all orNoncallable that date and on fund purposes until Dec.
part upon
any int. date thereafter
until maturity at following prices, in each case with
the widow of a former official.
accrued Mt.:from
ansfer agent, Ilinois Merchants Trust Co., Chicago; registrar, First
t & sayings Dank, Chicago. Exempt from personal property tax in
ana.
ompanu.-Incorp. in Indiana May 2 1905. Is one of the largest menuturers of kitchen cabinets, tables, chairs, breakfast sets and other housed furniture. Business, founded in 1892 at Kokomo,Ind., under name of
komo Furniture Manufacturing Co., has been in successful and profitsoperation for many years. Principal product, the well-known "Sellers
hen cabinet," is sold throughout the country by most of the prominent
artment stores, furniture dealers and other distributors. Company
recently inaugurated the production and sale of built-in kitchen equipnt for apartment house kitchens, which has met with universal favor.
expected that this lino will form a very substantial part of the factory
ut In the future.
arnings.-Company has operated at a profit continuously since 1909.
first dividend was paid in 1911 and since then dividends have been
year. The dividend policy of the company has
d in each and every
n consistently conservative. With the exception of the proceeds of
roximately $162,000 preferred stock, subsequently retired from earnthe business has grown to its present size entirely out of earnings
company represented by$15,000 capital
an original investment in theat
least double the prospective dividend
The company has earned
• eats of the $500,000 preferred stock to be presently outstanding
one of the past 9 years. Net earnings for the 9 months ended
ch
.30 1927 were $117,300, after deduction of all charges, including de-
Dec.
1 1937 to Dec. 1 1942, incl., at 105%; thereafter to
at 10256%; thereafter to and incl. Dec. 1 1944, at and Incl. Dec. 1 1943,
,
102%; thereafter to and
incl. Dec. 1 1945, at 10U4%;thereafter to and incl.
Dec. 1 1946, at 101%
and on Juno 11947. at 1003. %.
Data from Letter of W. C. Peyton, Pres. of
the Peyton Realty Co.
Property.
-Peyton Realty Co. will own in fee the property
1524-26-28-30 Walnut St., Philadelphia (southeast corner situated at Nod.
16th &
Ste.), having a frontage of 95 feet 2 inches on Walnut St. and a Walnut
depth on
16th St. of 136 feet 4 inches, containing 12,975 square feet
of land. There
will be erected on this site a 21-story modern steel
and brick
building, to be known as Integrity Trust Co. Building andbank and office
containing approximately 3,200.000 cubic feet of space,
banking floors of over 151,000 square feet. and a rentable area above the
Security.
-Bonds will be secured by closed let mtge.
ing which have been appraised by 3.aWillison Smith on land and buildcompletion. The land alone has been appraised by himat $4,500.000 upon
at 31,500,000. *MR
1
Sufficient cash from the proceeds of
for the construction of the building will these bonds to cover the contracts
be deposited with the trustee to be
paid out from time to time upon vouchers approved by the architects.
Title to the property will be insured in the sum of
Trust Co.of Philadelphia, and completion of the $3,000,000 by the Integrity
building free from mechanics liens, etc., in accordance with the plans and specifications
of the
tects will be insured by the same company. The mtge, will contain archiprovisions for usual fire, and other insurance for the protection ofthe
bondholders.
Earnings.
-A contract has been entered into with the Integrity Trust
Co.
264
FINANCIAL CHRONICLE
[VOL. 126.
'providing for the leasing of a portion of the ground floor, mezzanine floor
and basement for a period of 20 years from the completion of the building
at a rental of about S60.750 per annum. Flanking the entrance to the banking office of the Integrity Trust Co. will be desirable office space fronting on
Walnut St. available for other tenants. The contract with the Integrity
Trust Co. provides that any mtge. upon the premises shall be subject to the
lease and that the Integrity Trust Co. may credit annually $11,250 junior
securities held by it against its rentals payable under the lease. A copy of
this contract is on file with the trustee. Net income from building available
for int., after operating expenses, repairs, taxes, insurance, and reasonable
allowance for vacancies, etc., and after allowance of foregoing credit to the
trust company, has been estimated by J. Willison Smith at $248,400 or
$68.400in excess of maximum annualint,requirements on this issue of bonds,
-Mortgage will proside that semi-annualsinking fund paySinking Fund.
ments will be made commencing Dec. 1 1932. sufficient to retire not less
than $847,500 of these bonds by maturity. Bonds may be called for sinking
fend purposes on any int. payment date beginning Dec. 11932. at following
prices, in each case with accrued int.: from Dec. 1 1932. to and incl. June
1 1942. at 105%;thereafter to and incl. June 1 1943, at 102%%;thereafter
to and incl. June 1 1944. at 102%; thereafter to and incl. June 1 1945, at
10114%; thereafter to and incl. June 1 1946, at 101%. on Dec. 1 1946, at
NOM %.and on June 1 1947, at par.
Peyton Realty Co. will have as an important stockholder the Peyton-duPont
Securities Co.Inc., of Delaware and New Yrok,of which company Eugene
•duPont, of Wilmington. is chairman of the board and W.C.Peyton is Pres.
Legal Inrestment for trust funds in Pennsylvania.
100,000 respectively, which on the lower valuation of the two indicates
mortgage to be 64% of the value of the property.
-Net income estimated by the same apparisers at $107,180 a
Earnings.
$104,750 respectively, after deducting operating charges,taxes and allow
for vacancies, which is, in both appraisals, substantially in excess of twi
the annual interest on this mortgage and largely in excess of the combin
interest and principal payments.
Bprrowing Corporation.-Bends are the direct obligation of Seventy Ches
nut Street. Inc., of which A. J. Gagnier is Pres. and Treas.
-Earnings.
Standard Commercial Tobacco Co.
(Dec. pa ly esti31
The Central Union Trust Co., trustee, 80 Broadway, N. Y. City, w
until Jan. 17, receive bids for the sale to it of general mtge. gold bon
dated 1901, maturing 1951, to an amount sufficient to absorb $116.690,
a price not exceeding 105 and int.-V. 121, p. 471.
1927
The company report for the year ended Dec.
mated) net income of $717,500 after charges, equal after 7% cum lative
preferred dividends to $2.41 a share on the 253,870 common she-, outstanding. This compares with $493.540, or $2.24 a share on the $1 5.900
common shares outstanding in the 1926 year.
Sales totaled $5,100,000. The surplus increased to $9,637,797 ,rom
$5,624,434 at the end of 1926.
Included in income for 1927, was $292,500 in the form of a stock dividend
on the company's holdings of It. J. Reynolds Tobacco Co. common ". •
shares. The large gain In surplus resulted partly from an appreciation n
value of the Reynolds stock of $2,862.000.
The compay is the largest individual holder of United States Merchants &
Shippers Insurance Co.,stock of which is carried on the books at $300 a share
-V.125. p. 2277.
and is quoted at $370 bid.
-Technical (nit Formed
Standard Oil Co.(New Jersey).
by Consolidation of Engineering and Development Departments
and Standard Development Co.
Oil Co. (N. J.
In line with the reorganization plans of the Standard title of The New
under the
as described in the previous issue of the "Lamp"formed another new unit,
Alignment, (V. 125. p. 2826.) there has been
the Standard Oil Development Co.
This new unit represents the reorganization, consolidation and broadenthe general
ing in scope of the activities of the development department, As now set
engineering department and the Standard Development Co.
up, this company becomes the technical unit of the newly aligned Jersey
interests.
The Standard Development Co. which has been made the vehicle for this
consolidation of technical functions was incorporated in Delaware on Sept.
25 1922,and its name changed to the Standard Oil Development Co. on Oct.
the following:
27 1927. The officers and directors are Vice-Presidents, F. A. Howard,
Officers.-President E. M. Clark;
P.
'
C. H. Haupt, C. A. Straw; Secretary, M .H. Eames; Treasurer, R.
Raw; Assistant Treasurer, P. Berau. E. M. Clark, Dr. E. W. Dean
Chew.
-Roger
Executive Committee.
R.T. Haslam, C. H. Haupt, F. A. Howard. Dr. C.0. Johns, C. A. Straw
The Board of Directors includes the officers of the company and represents
units
tives of each of the principal operating of theor subsidiaries as well as the
company. Its members are
heads of the several technical divisions
C. I. Fiero, Roger Chew, G. W. Gordon,
the following: C. L. Bowman,
R.
E. M.Clark, C. E. Graff, E. W. Dean. R. T. Haslam, C. 0.Ewing,0. H.
Johns, C. 0.
Haupt, C. A. Straw, F. A. Howard, Grant McCargo. C.
Ramsdell, 11. C. Cooper. T. R. Parker and H. C. Weiss. of the
up
following
Standard Oil Development Co. will be made research laboratory,
The
departments or divisions: Engineering department,
department, legal department
standard inspection laboratory, developmenthave a personnel and facilities
and executive office technical staff. It will
suited for handling all varieties of engineering and chemical work of general
techinterest, for carrying on major projects of laboratory research, and the
nical and financial direction of major development projects.
will be
Among the functions of the Development company as reorganizedmay be
the following lines as
to consider and to carry out such work along the New Jersey
of
required or requested by any operating unit testing, inspectioncorporation:
and general
and physical research, engineering, and litigation and the conduct
chemical
technical work, patent and trade-mark work licenses under the company's
of negotiations looking toward the grant of
patent rights..
new technical unit is the expanThe basic reason for the formation of the of the Jersey interests which
sion of the technical activities and personnel which has yet shown no indipast decade and
has been required during the
-V. 125. p. 3496.
cation of having reached its ultimate balance.
-Growth During 1927.
Co. of America.
Stanley
investments and earnings therefrom should
The full benefit from theatreJohn J. McGuirk said in a letter to stockbe enjoyed in 1928, President added, the company is consolidating itself In
holders. In the meantime, he
holdings.
its territory, adding greatly to its real estate the controlling interest in the
Recent purchases by the company include the Stanley-Effinger Co.,likeStanley-Stiefel Co., operating 6 theatres, and
district, and in the
wise operating 6 theatres, both in the Philadelphia theatres in Southern
of 9
a
Stanley-Fox Theatres Co., which operates chain
ownership of another
New Jersey. In addition the company has acquired
9 in number, by purchasing the
chain of theatres in Northern New Jersey,
outstanding 50% of this stock.
passed," Mr. McGuirk explained, has been devoted
"The period just
enterprises and the acquisition of minor
largely to the construction of new more than $10,000,000 of the company's
Chains of theatres. The fact that
these purposes during the current year have been unfunds appropriated for
its reflection in the operating profits
productive will undoubtedly have much Improved when these properties
which, needless to say, should be
are in full operation.
the past year in which the com"Among the theatres completed during by ownership or by lease, might
either
pany is wholly or partly interested,
Manor and Waverly Theatres in
be mentioned the Erlanger, Wynne,
the Tivoli Theatre in
Philadelphia, the Stanley Theatre in Baltimore and
the Maatbatun and Kent Theatres
Frederick, Md. Under construction are Philadelphia,the Stanley Theatre,
in Philadelphia and another in Frankford. Clark Office Building in Pittsand
Bridgeton, N. J., the Stanley Theatre theatre in East Liberty. Pa., in the
burgh, Pa., a large and representative
Utica N. Y.
district, a theatre in Hoboken. N. J., and one in
Pittsburgh
and New theatres in Washington.
We have acquired by lease the Empire
Conn.,and a threatre now under conD.0.,the State Theatre in Hartford,
struction in Jersey City, N. J. the company has been maintained through"The excellent cash position of
-V. 125. p. 2826.
loans."
out the year without recourse to bank
Spring(The) Stonehaven (70 Chestnut St., Inc.),1st
mtge.
-An issue of $700,000
-Bonds Offered.
field, Mass.
par and
fee 6% sinking fund gold bonds is being offered at
int. by S. W. Straus & Co., Inc.
Interest payable J. & D.
Dated Dec. 15 1927; due Dec. 15 1942. payable at offices of S. W.
and int.
Denom. $1.000. and $500. c*. Prin.
New York. Red. for sinking fund at 101 and int.
Straus dr Co., Inc., in
Federal income tax up
in
Callable, except for sinking fund. at 102 andNew Hampshire State tax up
to 2% paid by the borrowing corporation.
refunded. Free from the Mass, income
to 3% of the interest per annum,
Charles Ridgely, V.-Pres. of S. W.
tax in the hands of the bondholders.
Straus & Co., Inc., trustee.
of land owned in
Security.-ist mtge. on approximately 23,000 square feet6 story and baseMass.,and new
fee,situated on Chestnut St.. Springfield,building to be erected thereon at
hotel
ment fireproof elevator apartment
by J. William Ounliffe and F. W.
once. Land and building appraised of Springfield. at $1,091,000 and $1..
Gumble. both well known appraisers
-Rights.
Springfield (Mass.) Fire & Marine Ins. Co.
The stockholders Jan. 11 voted to (a) reduce the par value of the s
from $100 per share to $25 per share, and (b) increase the capital stock fro
$3,500,000 to $4,500,000. For details regarding rights to stockholders, s
V. 125, p. 3654.
-Stock Split-Up.
Standard Sanitary Mfg. Co.
The stockholders on Jan. 12 approved the proposal to split up the comm
-for-1 basis. See V. 125. p. 2542.
stock on a 3
-Tenders.
Sun Oil Co.
Lee, Higginson & Co.,sinking fund agent,43 Exchange Place, N.Y.CR
-year 534% sinking fu
will until Jan. 20,receive bids for the sale to it of 15
gold debentures, to an amount sufficient to absorb $133,500, at a price n
exceeding 10234 and int.-V. 125, p. 3497, 2827.
-Tenders.
Tennessee Coal, Iron & RR. Co.
-To Reduce Capital.
Tidal Osage Oil Co.
The stockholders will vote Jan. 17 on approving the elimination of t
authorized $2,000,000 pref. stock of which the last $520,900 outstandi
was called for redemption on Jan. 15 1927. The present authorized 500,0
shares of $10 par voting common stock and the authorized 500,000 shat
-V. 1
of $10 par non-voting common stock will remain unchanged.
p. 3075.
Tishman Realty & Construction Co., Inc.-Sto
-Lehman Brothers have sold 50,000 shares capi
Sold.
stock (no par value) at $33 per share.
Listing.-Application will be made to list the stock on the New Yo
Stock Exchange.
Capitalization (Authorized and Presently to be Outstanding).
400,000 sl
Capital stock
Data from Letter of Pres. David Tishman, New York, Jan, 8.
-Has been organized in New York to take over from Juli
Company.
Tishman & Sons, Inc., its business and its completed properties, toget
with two buildings in course of construction, and other assets. Business
founded in 1898.
The business consists primarily of the purchasing of unimproved la
the construction thereon of large apartment or commercial buildings, t
leasing and management of the same, and the subsequent sale to inves
or others of the resultant income-producing real estate.
Business is principally building, leasing and selling for its own accou
and its profits therefore not only arise from its ability to construct a
minimum cost, but are commensurate with the judgment and foresig
exercised in buying the land and planning the building.
bu
From the beginning it has always been a fundamental policy to eat
only where the character of the neighborhood has been definitely el
to avoid bot's the "boom" and the remote sections of the
lished, and
When it is believed that favorable opportunities in a particular section
expect
becoming available and future enhancement in values may be promisi
Company's operations are transferred to these new and more
neighborhoods. Another policy has always been to erect the larger a
better type of apartment and business structures, confining the for
almost entirely to corner plots.
In
-The net profits from operations of Julius Tishman & Sons,val
Profits.
for the 4 years ended Dec. 31 1926, on the basis of including at face
second mortgages received in part payment for properties in the Yei
in which the properties were sold, and after giving effect to the mere.
w
of the fixed salaries of executives to the basis established by contract
the new company, and deducting Federal taxes on the resulting Profits
S. D.Leidesdorf & Co., certified public accountan
1334%,as certified by
have been as follows:
1923, $1.353.785. 1924, $1,216,732. 1925, 82,036,424, 1926. 33.502,8
1927,$3,502.812, and 1927. (eat) $300.000.
in
On account of the fact that during that year the company engaged
extensive building program in the course of which proper charges alta
income were made due to such construction, none of the buildings so.
strueted having been sold during the year. Had the buildings comPie
(or) bought in 1927 been sold in that year at the respective values ther
been
as appraised by Horace S. Ely & Co., profits for 1927 would have
excess of 62,000.000. On the other hand profits for 1926 reflect the salest
number of buildings completed and (or) bought during or just prior to
year, increasing such profits beyond the average. For these reasons
-year period afford a better reflection of
average profits over the 4
recent earning power of the company than do those of any particular Ye
profits for the 4 years 1923 to 1926 inclusive
The average annual
of
82.027,439 were the equivalent of $5.05 per share of capital stock
new company.
Balance Sheet as of Dec. 31 1927 (After Present Financing).
Assets926
aProp. acct.(equity at cost) _144.261,707 Rent securities payable
14
Cap.stk.ot Jatison Constr. Co. 771,217 Rents paid in advance
946,000 Cap.stk.(400,000 she, no par) 6,440
2nd mortgages receivable
502,544
Cash
$8,481
$6,481,467 Total
Total
a The properties have been appraised by Horace S. Ely & Co. at
b The cost of completed properties, less depreciation reserve
577,500.
carried at $17,618,057 from which have been deducted mortgages PaYa
amounting to $13,356,350.
-Listing.
Tobacco Products Corp.
J
The New York Stock Exchange has authorized the listing on or after d
16 1928. on official notice of issuance as a dividend of common stock
stoc
dend certificates. Series A, representing 65,981 shares of common
United Cigar Stores Co. of America of the par value of $10 each, deposi
with the Guaranty Trust Co. of New York under an agreement between
Guaranty Trust Co. and this company, dated Dec. 17 1927. maturing
Jan. 16 1931.
On Dec. 19 the directors declared upon the common stock a divid
at the rate of 1-10th of a share of common stock of United Cigar Stores
of Amefica of $10 par value, payable in dividend certificates, which
mature three years from date of issue and will be convertible at matu
into common stock of United Cigar Stores Co.; this dividend is payable
Jan. 16, to holders of record Dec. 30. Dividend certificates, represent
65,931 shares of common stock of United Cigar Stores Co. will be issued
the purpose of the dividend.
6 Mos. End.
-Years End. Dec. 311924.
June 30 '27.
1925.
Earnings1926
Net inc. (Incl. diva. rec.) 34.601,818 $10,789,528 $7,585,604 $7.766,
150,
275,000
Federal taxes (est.)
180,000
400,000
See x
Pref. dividends
3,135,
3,136,198
Class A dividends
1.568,214
3.136,383
3,085.
Common dividends _ - 2,307.578 4,615,103 z2.831,641
Balance, surplus
$546.026 $2,638,041 $1,342,766 $1,395,
4,641,
4.114,921
Previous surplus_
4,644,305
6.560,937
28,
EXC. prof. tax prey. yr
546,409
Contingency reserve _
175,000
13.
Agreem't with A.T.Co..
x1,880,
Prem. on pref. stk. retir.
y813,382
Adjustments, &c
Total p. & 1. surplus
37.106.963 $6.560,937 $4.644.305 54,114,
514
514,896
659.330
Com.shs.outstg.(par$100) 659.330
$
$8.10
$11.00
Earns. per sh.on com_ _ _
$4.33
x Includes final dividends on pref. stock. y Final adjustment and
other a
pense of American Tobacco Co. contract an adjustment of
JAN. 141928.]
FINANCIAL CHRONICLE
265
not applicable to current year's operations. z Includes
three dividends of
31.50 per share on common stock and one dividend of 1-5th share
Universal Indemnity Insurance Co.of Newark,
of founders' stock. Happiness Candy Stores, Inc., for each share of
This company has been organized with a capital of $300.000 N.J.
common.
plus of $300,000. The company will be managed by Talbot, and a surComparative Balance Sheet.
Bird & Co.,
51 Beaver St., New York City, who are marine managers for
June 30'27.Dec. 31'26.
the Eagle,
June 3027. Dec. 3126. Star and British Dominions Insurance Co., Ltd., and
Assetsalso managers of the
$
$
Universal Insurance Co. of News*, N. J. (V. 125, P.
Brands, trade2542.)
Class A stock_ ___b20,712,631 20,712,631
marks, eze
4,217,804 4,227.102 Common stock_ c45,584,060 45,583,821
Universal Insurance Co., Newark, N. J.
Am.Tob.Co.lease
-87c. Div.
Aafts payable _ _
45,921
23.669
($2,500,000 ann.)
The directors have declared a quarterly dividend of
al
1 Corn. div. payable 1,153,790 1,153,780
cents per share
Stocks in other cos.64,400.427 62,612,935 Res, for taxes,
payable March 1500 holders of record March 1. See 87%V.
also
erc_ 481,396
125. p. 2542
401,375
dCa8h
2,632,577 4,265,658
Valve Bag Co., Toledo, Ohio:-Pref. Stock Offered.
Bills & accts. me 3,823,573 3,318,530 Surplus and undivided profit__ 7,106,964 6,560,937
Materials .1, supp_
Otis & Co., are offering at 100 and div. $1,500,000 6% cumu11.987
Deferred charges
10,381
lative pref. (a&d) stock. This stock is being bought from
individuals.
Total
75,084,763 74.436,213
Total
75,084,763 74,436,213
a American Tobacco Co.99
-year lease ($2,500,000 annually). b 448,092%
shares outstanding. c 659,330% shares outstanding.
d Includes demand loans.
-V. 125, p. 3497.
Troy Laundry Machinery Co., Inc.
-To Issue $3,000,000 6M% Convertible Debentures.
See Manhattan Electrical Supply. Co. Inc. above.
-V. 124. p. 2134.
Union Sugar Co.
-Resignation.
-
P.0. Drescher has resigned as president and director.
-V. 125. p. 3497.
United Bond & Share Corp.
-25c. Pref.
The directors have declared a dividend of 25c. a share Dividend.
stock, no par value, payable Feb. 1 to holders of record on the partic. pref.
pany on Dec. 1 paid an extra dividend of 50c a shareJan. 16. The comon this issue. See
V. 125, P. 2827.
United Fruit Co.
-Earnings.
-
Years End, Dec. 311927.
1926.
1925.
1924.
Net income from oper'n_$21,058,013 $21,099,514 $21.723,704
$18,440,421
Interest, dividends, &c_ 1,806,596
1,930,969
4,494,312
2,128,407
Total net income
$22,864,609 $23,030,483 $26,218,015 $20,568,828
Estimated taxes
3,243,269
3,519.012
3,671.135 3,274,620
Net income
S19,621,340 $19,511,471 $22,546,880 $17,294,208
Dividends
a13,748,204 611,998,254
d
c10,000.000
Rate per annum
(85.50)
($7.50)
(.10)
Bal., profit for year...... $5,873,136 $7,513,217
$22.546,880 $7.294,208
Accum. profit Jan. 1- 75,155,591 72,629,266 50,737,562
48.067.354
Total
$81,028,727 $80,142,483 $73,284,442 355,361,562
Insurance reserve
4.986,893
x655.175 4.624.000
Profit & loss balance-4.81,028.727 $75,155.591 $72,629,266
850,737,562
Shares capital stock outstanding (no par)_
_ 2,500,000 2,500.000 e1,000,000 e1,000.000
Earnings per share
$7.80
$22.55
$17.29
x Amount charged to reduce $7.85
book
below. a Includes $1.50 extra city. cost of securities to market value or
paid in April 1927 out of surplus.
b As follows $4.50 per share on old stock (par $100) and $5
per
no par value stock. c Being dividends for year 1925, declared share on
1924. d Directors took no action on dividends at their meeting in Dec.
1925. Heretofore at the December meeting dividends were on Dec.8
declared a
Year in advance. A quarterly basis
1926 declaration. e Par $100.-V. was adopted beginning with the Feb.
126. P• 118.
United States Can Co.
-Proposed Merger.
-
The stockholders will
of this company by thevote Jan. 21 on approving the proposed acquisition
Continental Can
Toledo dispatch, proposes to assume the Co. The latter, according to a
$1,200,000 1st mtge. bonds of
of the United States Can Co. It is stated that
the merger will be consummated through an exchange of stock. See also
V. 125, p. 3654.
•
United States Parcel Post Bldg. (Co.) Cleveland.
Bonds Offered.-Jacob Kulp & Co., Inc., Chicago, are offering
8550,000 1st mtge. 6%% leasehold serial gold bonds
at 100
and mt.
Dated Dec. 1 1927; due serially
payable at New York Trust Co.. Dec. 1 1929 to June 11943. Prinelpa
& Du.) at office of Jacob Kulp & New York, trustee. Interest payable (J.
Co.. Inc.,
and
Red. on any int. date upon Chicano. Denom. 31..000. $500
1 1935 at 102 and int, and thereafter at 30 days notice to and incl. Dec.
$100c*.
101 and int. The 1 % normal
Federal income tax is to be paid
by
as the same may be lawful. Authorized,the borrowing corporation insofar
3650.000. Issued, $550,000.
Security.
-This Issue is secured by a first mortgage on
the leasehold
estate comprising approximately 24.549
square
-story and
basement, steel, brick and stone exterior building feet and the 5
containing approximately
127.664 square feet. including post office
poration. The lease to the building site is equipment owned by the corfor 99 years at an annual rental
of 329,663 until 1930. In 1930 the
832,488. which increase in rental isannual ground rental will be increased to
applied towards the purchase of the fee.
The lease further provides that the fee may
be purchased outright at any
time at the option of The United States
Parcel Post Building Co.and is
also renewable for the further period of
99 years from the date of expiration.
The balance of $100,000
for corporate purposes atbonds reserved under the mortgage will be issued
the discretion of the board of directors after Jan.
1 1930, when the income from
title to the premises has been the property reaches $112,282. The legal
passed upon.
Purpose.
-To retire bonds of this corporation which
are outstanding at
higher interest rates.
Valuotion.-The leasehold estate in land, the
building and equipment
owned by the corporation have been appraised
by F.J. Bachelder & Co.,
Inc., Chicago, as follows: Leasehold
equipment. $17,500; total valuation, estate, $264,325; building, $574,217;
$856,042.
Borrowing Corporation.
-Bonds
Parcel Post Building Co., whichare the direct obligation of United States
interests that now own and opreate is owned and controlled by the same
many
States which are leased to the United properties throughout the United
States Government for post office
purposes. of which corporations and of
Jacob Kulp & Co., Inc., Jacob
Kulp and M. Johnson are officers and
directors.
United States Steel Corp.
-Offer of Stock to Employees
to be Deferred Until After April 1.
-The usual annual offer
to employees to subscribe for common stock of this corporation for the year 1928 has been deferred until April
1 or
later. Last year, the management deferred until
because of the 40% stock dividend (see V. 124, June 9
p. 520,
3512). The offering price in 1927 was $122 per
share compared with $136 per share in 1926.
Unfilled Orders.
-See under "Indicatio
Activities" on a preceding page of this issue. ns of Business
-V.126, p. 119.
United Verde Extension Mining Co.
-Co er Output.Production (Lbs.)1927.
January
February
March
April
May
June
July
August
September
October
November
December
-V. 125. p. 3498,
3,405,972
2,303,758
2,622,908
3,261.292
4,102,776
3,537,228
3,735,848
3,810,180
3.626,830
3.885.500
3,397,360
3,859,318
1926.
3.974.110
3,528,765
3.557.064
3.461,786
3,995,488
3.816.540
3.475.936
3,529,876
3,511.966
3.803,688
3,354.004
3.173.480
19 .
3,739,542
3,631,638
3,368,904
3,810,358
3.625.252
3.130.812
3,861.794
3,855,742
3,730,994
3,593.898
3,261.816
3,479.770
1924.
3,517.867
3,901,444
3.302.766
3,809.584
3,140,036
3.579.448
3.474.178
4,011,746
5.268,896
3,539,538
3.136,660
3.687.440
Dividends payable Q-J. Red. all or part by lot on any city. date
30 days' notice at $105 per share plus dive. Otis Safe Deposit Co., upon
land, Ohio, transfer agent and registrar. This stock is not required,Cleveunder
the present statutes of Ohio, to be listed for personal property taxation in
Ohio, and dividends are exempt from present normal Federal income tax.
Data from Letter of Carl H. Hartman, V.-Pres. & Gen. Mgr. of Co.
Company.
-Organized in 1905 in Ohio. Is engaged in the manufacture
of both single and multi-wall paper valve bags and the leasing of
bag
filling machines. Company owns the exclusive rights to the manufacture
and leasing of valve bag filling machines for hydrated lime and lime products, except ground raw limestone, and to the manufacture and sale of
valve bags for such products under all United States patents owned
by
Bates Valve Bag Corp. Company also owns non-exclusive rights to manufacture and sell paper valve bags under such patents, for cement, plaster
and other rock products including ground raw limestone. Plants
are
located at Toledo, Ohio, Oakmont, Pa., and Windsor, Canada. Company
is the second largest manufacturer of paper valve bags in the country.
CapitalizationAuthorized. Outstanding.
6% cumulative preferred stock (par $100)
$1,500.000 $1.500.000
Common stock (no par value)
150.000 shs.
* Balance of 24,000 shares will be issued and fully paid,*126,000shs.
but will be
returned to the treasury.
Earnings.
-Company's sales and net earnings after depreciation and Fed.
taxes have been as follows:
Net Earnings
Approx. No.of
After Deprec.
Calendar Year
Bags Shipped.
Sales.
& Fed. Taxes.
1923
61,000,000 • $2,170,477
3242.817
1924
64.000,000
2,320,959
378.879
1925
75,000,000
2.573,607
386,844
1926
75,500,000
2.673,680
385.173
1927 (11 mos.). .
Average annual net earnings for the a yOars and 11 months
shown above, were $357,143 or 3.96 times the maximum annual period as
dividend
requirements of this issue of preferred stock. Such net earnings for the
11 months ended Nov.30 1927, were equivalent to 4.39 times such requirements for the period.
Retirement of Preferred Stock.
-The certificate of amendment of the
articles of incorporation provides that beginning with the calendar year
1928. the company shall retire in each calendar year, either by purchase or
by redemption by lot, not less than 2%% of the greatest amount of pref.
stock at any one time outstanding.
Listing.
-Application will be made to list this stock on the Cleveland
Stock Exchange.
Venezuelan Petroleum Co.
-Initial Dividend of 5C.
The directors have declared an initial quarterly dividend of 5 cents per
share on the capital stock, par $5, payable Feb. 15 to holders of record
Jan. 31.-V. 125, P. 798.
Wade Park Manor Co.
-Bonds Offered.-The Union Trust
Co., Guardian Trust Co., Cleveland, Central Trust Co. of
Illinois, Hayden, Miller & Co., Otis & Co., Herrick Co., and
R. V. Mitchell & Co., are offering at 100 and int. $2,500,000
1st mtge.6% serial bonds.
Dated Jan. 1 1928; due serially 1931-1948. Prin. and
payable at Union Trust Co., Cleveland, trustee, withoutint. (J. & J.),
deduction for
normal Federal income tax not exceeding 2%. Company agrees
to refund
the Penn. 4 mill tax, and the Kentucky 5 mill tax. Red. all or part, on
any int. date, on 30 days' notice, at 104 and int., up to and incl. Jan.
1
1929, the premium decreasing thereafter %% each year, until the redemption price becomes 101 and in
Denom. $1,000, $500 (in maturities 1939
to 1948 incl.)and $100 (in last maturity only) c*.
Data from Letter of Thomas Ferry, V..Pres. of the Company.
Company.
-Owns in fee the property known as Wade Park Manor, which
Is considered one of the finest apartment hotels in the United States for
exclusive residence purposes. Wade Park Manor occupies the southwest
corner of Park Lane and East 107th St., in Cleveland, O., with a frontage
of 171 feet on Park Lane and 224 feet on East 107th St. The land is improved with an 11-story modern fireproof brick residential hotel building.
The building contains 400 rooms, with large lobbies, parlors and reception
rooms, which are a source of additional revenue.
Security.
-The bonds will be secured by direct 1st mtge. on thefixed Property of the company, including land, building, and equipment. The mortgaged property has been independently appraised at a total value of $4.495.837, after allowance for depreciation, against which these bonds are a 181
lien amounting to approximately 56% of the appraised value.
Earnings.
-Net earnings for the year ended Dec. 31 1926, available for
int., Federal taxes, and depreciation amounted to 3308,556 which is at the
annual rate of more than twice maximum int, charges on the bonds to be
presently outstanding:.
For the year ended Dec. 31 1927 (one month estimated), such net earnings are shown to be $329,054, equivalent to 2.19 times int. charges on these
bonds. These earnings are shown after liberal charges for replacement of
linen, china, glass and silver, and after charges for maintenance and repairs,
applicable to furniture and decorations, charged directly to expense.
Sinking Fund.
-Mortgage will provide for a monthly sinking fund, for
the serial retirement of the bonds, beginning Jan. 15 1930 and continuing
for the life of the issue.
Walgreen Co.-Pref. Stock Sold..-Hallgarten & Co.,
Merrill, Lynch Sr Co., and Shields & Co., Inc., hrve sold
at 108j and div., to yield 6% $2,712,100 06% cumulative
preferred stock, the balance of the $4,500,000 pursuant to
an arrangement with the company having been offered by
the bankers to holders of the old preferred stock on the
same terms as offered to the public.
Preferred as to assets and dividends and entitled upon any dissolution
or
liquidation of the company, whether voluntary or involuntary, to the then
redemption price plus divs., before any paymenta are made on the common
stock. Red. all or part at any time on not less than 80 days' notice
at $115
Per share on or before Dec. 31 1935, the price thereafter decreasing $1
each year until Dec. 31 1942. after which date the redemption price is
$107.50 per share;in every case plus accrued divs, thereon to date of redemption. Dividends payable Q-J.
The Guaranty Trust Co. of New York has been appointed registrar in
New York of $4,500,000 6%% Cumul. pref. stock, par $100.
Stock Purchase Warrants.
-The certificates will carry detached warrants
entitling the holders thereof to purchase 2 shares of common stock for each
preferred share purchased, at any time on or before Dec. 31 1935. at the
following basic prices per share; In 1928 or 1929, $27.50; in 1930 or 1931,
$35; in 1932 or 1933. $42.50; in 1934 or 1935, $50.
Data from Letter of C. R. Walgreen, President of the Company.
History & Business.
-The business was started by me in 1902 with a
single drug store in Chicago, and the present company was formed in 1909.
Since that time the company has steadily increased the number of its stores
and the business of the company has expanded both in total volume and in
sales per store, as shown by the following table:
1920.
1926.
1924.
a 1927
.
Average stores operated _
19
50
96
135
Total sales
81,550,000 85.586.443 813,494,878 $20,000,000
a December figures preliminary.
266
FINANCIAL CHRONICLE
[vol.. 126.
-Dividend of 25 Cents.
Zonite Products Corp.
Company is now the second largest drug store chain in the country,
with 170 owned stores and a controlling interest in a further chain of 19
The directors have declared a regular quarterly dividend of 25c per share
stores. Among the more than 20 cities in wllich the company operates are on the new capital stock (no par value) payable Feb. 15 to holders of record
Chicago, St. Louis, New York. Rochester, Minneapolis, St. Paul, Mil- Feb. 4. The present stock was issued in exchange for the old shares on the
waukee, Memphis, Columbus and Louisville. All sales are on a strictly basis of 4 new for one old.
cash basis. Besides its own laboratories for the manufacture of creams,
An initial dividend of $1 per share was made on the old stock on Nov. 15
pastes, perfumes and pharmaceuticals, it owns two creameries in Ohio and last.
-V. 125. p. 3499.
Illinois,. and a large ice cream plant in Chicago.
-For the 3 years and 11 months ended Nov.30 1927, net earn
Earnings.
ings after all charges and taxes, were as follows:
1927 (11 mos.)
CURRENT NOTICES,
1926.
1925.
1924.
$1,394,743
$1,006.206
$558,326
$439.110
Such earnings for the above period averaged approximately 3 times
-At the annual meeting of Albert Frank & Co. on Jan. 9, Frank J.
preferred dividends on this issue of preferred stock; and for the 11 months
Reynolds, associated with the company for the last 19 years and its execuof 1927 were at the rate of over 5 times such requirements.
-The balance sheet as at Nov. 30 1927, after giving tive head since 1917, was re-elected President. Lloyd Burton Myers, who
FinancialPosition.
and
effect to the present financing, shows curret assets of over $4,000,000
14 years and has for several years served as
working
current liabilities of $1,300,000. a ratio of over 3H to 1, and apreferred has been with the company for
Art Director and Vice-President, was elected Secretary and a Director of
capital of over $3,300,000. Net tangible assets available for the
stock amounted to over $8.300,000.
the company. He will continue to serve as Art Director of the agency.
-Proceeds will be applied: (1) to the retirement of $1,787,900 John Henry Schwarting, Vice-President, who has been connected with the
Purpose.
preferred stock, (2) to the liquidation of bank and other indebtedness, and
company for the last 18 years, has been promoted to the second ranking
(3) as additional working capital.
Authorized. Outstanding. Vice-Presidency and will have complete charge of the financial service deCapitalizationpreferred stock (par $100)--- $4.500,000 $4,500,000 partment. Mark Ash. Secretary of the corporation since 1901 and prior to
634% cumulative
*1,000,000shs. 760,000 shs.
Common stock (no par value)
with the partnership of Albert Frank & Co., was elected
* 150,000 shares reserved for issue by the company for general corporate that connected
under stock purchase warrants.
Senior Vice-President and Treasurer, offices held by the late Harry Ras
purposes, and 90,000 shares for issuance
-Beginning 1931 the company will set aside annually, and cover. James McKay, Auditor of the company for the last 10 years, was
Retirement.
a reserve, out of its earned surplus, $96,750, to be available elected Assistant Treasurer. Robert J. Herta, who has been identified with
accumulate as
for the purchase and retirement of the preferred stock at not exceeding
10734. The amended certificate of incorporation contains certain restric- the company's sales department for the last 2 years, was elected a Vicetions upon paymemt of common dividends, the creation of other preferred President. Officers re-elected in addition to Mr. Reynolds were M. Robert
Issues, mortgages, &c., intended to safeguard the interests of the preferred Harman, W.Frank McClure. J. B. Hydorn, and E. W. Kimmelberg, Vicestockholders.
-Application will be made to list these shares on the New York Presidents; and George Borst, Assistant Secretary.
Listing.
-V. 125, p. 3498.
and Chicago Stock Exchanges.
George L. Cross, formerly Manager of the municipal bond department
of the National City Co., has been elected a Vice-President of Griswold-Sale Approved.
(Wm.) Waltke & Co.
in
The stockholders recently approved the sale, transfer and assignment First State Co. and will be in charge of the municipal bond department
of all of the property of this company to the Procter & Gamble Co. for a New York. Griswold-First State Co. is owned and controlled by the
consisting of $6,689.800 6% cumul. red. pref. stock and the Griswold-First State Bank of Detroit, Mich., and has opened offices at
consideration
sum of $1,628.660 in cash, plus an additional amount of cash equal to accrued dividends on each of the outstanding pref. shares of Wm. Waltke 24 Broad Street, New York.
Mr. Cross is recognized as one of the foremost specialists on municipal
& Co.from Nov. 1 1927 to the date of dissolution of the latter company.
pref.
The Waltke company has outstanding $1,500,000 7% cumul. valuestock bonds in Wall Street. His early training was with "The Commercial and
comand red. at 110 and diva.) and 100,000 shares of no par
(Par $100
Financial Chronicle," on which publication he served from 1905 to 1916
mon stock. See V. 125, p. 2950.
when he joined N. W. Halsey & Co. A few months later this firm was
-Listing.
Brothers Co.
Warren
absorbed by the National City Co. with which Mr. Cross has since been
The New York Stock Exchange has authorized the listing of 41,340 ad- continuously associated. For the last eight years, he has been Manager
ditional shaers of common stock (without par value) on official notice of
department, leaving that position to take up
Issuance making the total amount applied for 156,964 shares common of the company's municipal
his new duties with the Griswold-First State Co.
stock.
additional shares ofcommon stock were offered to stockholders
The 41,340
share of
The Financial Advertisers Association's new Year Book-said to be
of record on Dec. 17 1927 at $80 per share, in the proportion of X common
-graduate course in Financial Advertising-is just off the
new common stock for each share of first pref. 2nd pref. and (or)York, or equivalent to a post
at the Bank of America, New
stock held payment to be made
presses and is going into the hands of the association's members. The
State Street Trust Co., Boston, Mass.. in New York or Boston funds.
valuable information pertaining to all forms of adverPayment of subscriptions will be required as follows: $80 per share on or Year Book contains
before Jan. 16 or (1) $40 per share on or before Jan. 16. (2) $40 per share tising used by banks, investment houses and other financial institutions
on or before March 15.
the latest and most approved observations and deductions
It represents
Any unsubscribed portion of this proposed additional issue of 41.340 of men who are foremost in their fields of activity. A complete report
shares of common stock is being underwritten by bankers at $80 per share
of the West Baden Convention-the addresses and discussions which folcommissions.
less
The proceeds are to be used to expand company's business where favor- lowed each talk-will be found in this book. The problems of the small
able opportunity offers and to make the necessary capital investments bank are covered as well as those of large institutions. One section of the
without resorting to borrowing for capital purposes.
book discusses advertising relating to Savings Departments; another
Income Statement (Company and Entirely Owned Subsidiaries).
articles on Trust Department advertising; a third deals with the
8 Mos. End. Year End. embraces
fourth
Aug. 31 '27 Dec. 3126 Commercial Department; and the Investment field is covered by a
$8.927.487 $9,950,287 section,
Gross earnings
7,709,573 8,725,798
Operating expenses
259,304
166,804
-Colvin & Co., underwriters and distributors, of New York and Chicago.
Depreciation
132.763 with correspondents in London, Amsterdam: Paris and Berlin, have just
166.720
Taxes paid
11,000 square feet of floor space in the new
$832,422 signed a ten-year lease for
$884,389
Net inc. from oper
282,866 Equitable Trust Co. building in Broad St., New York, and announces that
236,638
Other income
It will move around May 1 from ,the old quarters at 14 Wall St., where the
$1,121,028 $1,115,288 company has been located for the last 16 years. The firm is one of the
Total
53.701"
205,038
Interest charges
well-known underwriting and investment houses in the financial district
$915,980 $1,061,587 and conducts a nationwide and international business insecurities. It
Balance
will occupy the major portion of the floor in the new Equitable Trust build$118,729
$58,639
Div. on 1st pref
first Stock Exchange house to announce lease of quarters
34,284 ing and is the
17.491
2nd pref
Div. on
577,461 in the new Wall Street skyscraper.
230,898
Div. on common
-Investors Council of America, Inc., with offices at 44 Wall Street,
$331,113
$608,960
Surplus
1,097,044 announces the opening of branni offices in Chicago, Philadelphia and
928,270
Supplies at beginning of period
Boston. J. D. Dinkel is Resident Vice-President in Chicago, with offices
$1,537,230 $1,428,157 In the Bankers Building; L. L. Rittenhouse is acting in a similar capacity
Total surplus
499,888
Net adj. of assets
in Philadelphia with offices in the Guarantee Trust Building, while Harold
130.679
Disc. & exp. of note issue
E. Wright is Manager of the Boston branch with offices in the Statler Bldg.
$928.271
$1,406.551
Investors Council of America, Inc., acts as investment counsel to indiSurplus at end of period
$7.86
g.(no par)
$7.04
Earns.per sh.on 115.485 shs.com.stk.out
viduals, trustees and institutions and acts also as special advisor to invest-V. 125. p. 3655.
ment and industrial trusts.
-Acquisitions.
Westinghouse Electric & Mfg. Co.
-Announcement is made by Lobenthal & Company, specialists in odd
The company recently acquired the Commercial Electric Supply Co. and
of 120 Broadway, N. Y., of the inauguration of a
They
the McGraw Electric Appliance Co., both of St. Louis, Mo. Co. will be lot municipal bonds,
-V. 125. recording and notification service for holders of optional municipal bonds.
consolidated under the name of Commercial Electric Supply
1•
1: 2543.
L. S. Lebanthal is authority far the statement that an average of nine out
of 10 holders of these socuritiel, of which there are more than $500,000,000
-Estimated Earnings.
Willys-Overland Co.
outstanding, have heretofore been subject to a loss of interest generally
President John N. Willys is quoted in substance as follows:
"Although figures are not made up yet, I think earnings for 1927 will for a 6 months period, as a result of their failure to receive the call notice
$2.30 to $2.50 per share on the 2,526,770 shares of common generally published in some local newspaper.
run around
stock. As soon as the first quarter earnings are available, the directors
will consider the matter of common dividends, as we will then be able to
-"Listed Bonds," pribMshei monthly by R. L. Armstrong, 44 1"ge
tell roughly what will be the course of the automobile industry in 1928. Street, contains a compilation of bonds listed on the New York Stock
If earnings are as good as I think they will be. there will be no reason why
Exchange, divided into seven groups in order of yield-non-legal, legal.
we should not start dividends in the second quarter of 1928.
"Our new models have been well received. Our January schedule calls terminal railroad, foreign railroad, domestic public utility, industrial and
for 20,000 cars, and I am planning now to step this up to 30,000 in Febru- foreign government bo..ds. In an eighth group he places selected Curb
if we could get to
ary and 40,000 in March. From present indicationsdeliveries. We can bonds. Among other data given are the call price, maturity, bid Price
need them to meet
50,000 cars output in April we will although our body output is not up to
at the close of each month and yield.
2,000 chasses a day now,
produce
Pacific Coast
assembling at
that level. This we will overcome by not been used, our at some plant
and
Main & Co., certified public accountants, with offices in New York
plant, at the Minneapolis plant that has
Pittsburgh, Harrisburg, Philadelphia, Chicago and Houston, have opened
in the East.
plants a total of $12.500,5large
"In the last 3 years we have put into our This investment has come mostly another office in Tulsa, Oklahoma, which is at the disposal of their clients
000 in plant improvements and facilities.
was capitalized. We have been careful having business in the Southwestern States.
out of profits and only $3,600,000our last quarter statement showed cash
to protect our cash position and
-Sawyer Brothers of 45 Milk St., Boston, announce the opening of
p. 3216.
and cash items of $18,000,000."-V. 125.
New York office at 52 William Street under the management of Stanley
-Tenders.
Woodward (Ala.) Iron Co.
C. Eaton, resident Vice-President. Direct private wire between the BosTrust Co., trustee, 16-22 William St., New York
The Farmers' Loan & receive bids for the sale to it of 1st and consol. ton and New York offices will be maintained.
will until Jan. 26
City,
to exhaust moneys in the
-Prescott, Wright, Snider Co., Kansas City, Mo.. have Installed an
mtge. 5% sinking fund gold bonds, sufficient
-V. 124, p. 1084.
advisory Service Department for the purpose of furnishing analyses of
sinking fund.
security lists as to quality of securities &c., and furnishing of advice on the
-Trustee.
Wye Corp.
Irving Trust Co. has been appointed trustee for legality of specific securities.
The American Exchange
bonds.
$350,000 2nd mtge.5% Corp., New York, has been merged with the Wye
_George W. Thompson announces his withdrawal from Thompson,
The Shawnee Realty
Kent & Grace, Chicago, and the fromation of G. W. Thompson & Co., 208
Corporation.
8. LaSalle Street. Chicago.
-Listing.
Co.
(William) Zoller Exchange has approved for listing. $800,000 1st
-Lewis B. Hughes, formerly associated with J. K. Rice Jr. & Co.
Stock
The Pittsburgh 6% slaking fund gold bonds. 8,000 shares of 7% cumulahas been admitted to partnership in the firm of J. H. Hirshhorn & Co..
(closed) mortgage
and 12,000 shares of common stock (no
tive preferred stock. (Par $100)
60 Broadway, New York.
2686.
par value). See also V. 125. p.
JAN. 14 1928.]
FINANCIAL CHRONICLE
267
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HI DES-METALS-DRY GOODS-WOOL-ETC.
tended its control to the Victoria crop and that receipts are
to be limited. To what extent will appear later.. Tins was
1The introductory remarks formerly appearing here will now be
on the 10th inst. ended
found in an earlier part of the paper immediately following the the chief item in the news. Fututres
editorial matter, in a department headed "INDICATIONS OF 1 to 2 points lower with sales of 15,750 bags.. Europe was
BUSINESS ACTIVITY."'
supposed to be selling. Santos opened at declines of 125 to
Friday Night, Jan: 13, 1928.
200 reis. Rio was 25 to 200 rem lower. Lower cost and
COFFEE on the spot was firm, but the prices required freight offers from Victoria appeared. As to reports that
checked business. On the 7th inst. there were few cost the Defense Committee had assumed control of the Victoria
and freight offers and prices showed little change. Prompt crop it is remarked that its stock of over 150,000 is large and
shipment Bourbon St ntos 4s were quoted at 21.15o4 5s at it has been more freely offered in recent weeks. But re%
20c.; Yis at 2104 7s at 18%c.; Genuine Bourbon 4s 203 c.; stricting the receipts is viewed by some as a venture of doubt%
3s at 2134 to 218 and 2s at 22%c.; part Bourbon 48 at ful wisdom. Futures on the 11th inst. closed 2 points lower
Peaberry 5s at 21c.• Separation 6s to 2 points higher with sales estimated at 23,500 bags,includ206 and 6s at
%
17.6004
at 19.100.; 6-7s 18%c.•9 7s at 18c.; 7-8s at 9153 c. to 1704 ing 8,000 bags in exchanges. Near months were braced by
Rio 7-8s at 1404 Victoria 7-8s at 12.80c. On the 9th inst. covering while scattered liquidation and commission house
cost and freight offers from Brazil were irregular. Prompt selling depressed the distant positions. Futures on the 12th
shipment Santos Bourbon 2-3s at 223 to 23.10c.; 3s at inst. advanced 8 to 16 points with sales of 33,000 bags.
%
%
213 to 22.800.; 3-4s at 21.05 to 223c.; 3-5s at 203 to 2104 Shorts deemed it advisable to cover with term cables higher,
4-5s at 20.35 to 20.85c.; 5s at 20.15 to 203(c.; 5-6s at 19.350. Santos January, 34, $100, and February, 34, $200; Rio,
19.90c.;6-7s at 18.35s.; 7s at 17.05c.; January, 24, $300; March, 24, $700.
to 19.800.;6s at 193 to
Bourbon separations 6s at 184 to 18.8504 7s at 17.350. to
Effective Jan. 20th the hours for trading in coffee contract
,
1804 6-7s at 17.45e. to 18304 7-8s at 1536 to 17.850.; part "A" will be from 10:30 a. m. to 2:50 p. m., except on Satur22c.; 3-4s at 22.350.; 3-5s at days when the hours shall be from 10:30 a. m. to 11:50 a. m.
Bourbon or flat bean 3s at
203c.; 6s at 185804 Santos peaberry 3s at 21c.; 4s at 20.85 The hours for trading in coffee contract "D" will be from
/
to 21%c.• 5s at 20%c.; 5-6s at 20to 20.10c.; 4-5s at 20.650.; 10:30 a. m. to 2:45 p. m. except on Saturdays when the
'
Rio 7s at 14.3004 7-8s at 13.85c.; Victoria 7s, Rio style at hours shall be from 10:3(I a. us. to 11:45 a. m. There is
13.45c4 7-8s at 12.85 to 12.900. On the 10th inst. there considerable interest as to the effect on the market of the
was a better demand for Brazil but mild was quiet, buyers trading to begin on the 16th inst. in the new "Contract
balking at the prices asked. Cost and freight offers from D" the so-called Santos contract. The selling will be
Santos and Rio on the 10th showed no material change but cautious some think as the contract calls for soft drink and
from Victoria were 15 points lower. For prompt shipment, good to fair roast. There is only one substitution allowed
Santos Bourbon 2.3s were offered at 23e. to 23.100.; 3s at in case of the original tender being declared not deliverable,
/
%
21343.; to 22.800.; 3-4s at 20.900. to 223c.; 3-5s at 203 04 and if the substitution is rejected, the delivery is in default
to 21.300.; 4-5s at 20.10 to 20.950.; 5-6s at 18.65 to 20.30c.; and a penalty of 3,4c. above the spot price of Santos 4s,
6s at 18 to 19.90c4 6-7s at 18 to 183c.; 7s at 17.35c.; soft, and good to fair roast, is to be imposed.,
7-8s at 170. to 17.950.; part 2-3s at 23c.; 3-4s at 21.60 to
According to the Institute de Cafe De Sao Paulo, coffee
%
22.35c.; 3-5s at 20% to 21.450.; 4-5s at 20.5504 6s at 185 c.; stocks in Sao Paulo (including Minas Geraes) interior ware3-4s at houses and railways on Dec. 31, were 12,992,000 bags
to 19304 5s at 20.55c.• peaberry 2-3s at 22%c.•
'
210.; 4s at 20% to 20.843.; 5-6s at 2004 Rio 7s at 14.3004 against 12,271,000 at the end of November. It also stated
•
7-8s at 13.9504 Victoria 7-8s, 12.70c.
that it expects the rest of the crop to be delivered to railways
i
On the 11th inst. cost and freight offers from Santos were by the end of January. It places the visible supply of the
in good supply at unchanged to slightly lower prices. For world on January 1st at 5,040,641 bags against 4,701,368
prompt shipment Bourbon 2-3s 22.15 to 23.10c.; 3s. at 21.15 at the same time last year. A correction of the figures on
-4s at 21 to 21.300.; 3-5s at 20.35 to 20.9004 interior Sao Paulo coffee stocks as posted on the Exchange
to 22.65c.• 3
'
4-5s at 20.10 to 20.9504 5s at 19.35 to 20.65c.; 5-6s at 19.10 on the 11th inst. now makes the total for December 31st
to 19.85c.; 6s at 193(c.; 6-7s. at 17.3004 75 at 17.350.; 7-8s 13,120,000 bags instead of 12,992,000 bags as previously
at 17c.; part Bourbon 3-4s at 22.350.; 3-5s at 193, to 203c.; reported. The corrected figures represent an increase as
%
6s at 185 o.; 6-7s at 180.; peaberry 4s at 203 to 20.85.c compared with last year of 7,130,000 bags. To-day futures
6s at 19.80c.; Rio 7s were offered for shipment by fast steamer closed 8 to 19 points higher with sales of 41,000 bags. Rains
at 14.300. and for prompt shipment at 14.20c. The only in Brazil had a stimulating effect on the market. The spot
reported offering from Victoria was of 7s for prompt ship- demand was said to be somewhat better. Final prices show
ment at 13.150. Later spot trade was dull with Santos 4s an advance for the week of 30 to 36 points. Prices closed as
21M to 22c. and Rio 7s 14%c.; Victoria 7-8s 133. to 13/$3. follows:
13.57013.59 ISeptember 13.31013.33
On the 12th inst. the cost and freight offer from Santos were Spot (unofficial)_14lAc. May
13.46013.47 I December _ 13.23013.24
irregular; some a trifle lower and other slightly higher. March_ _ --13.68013.69 I July
SUGAR.-Raws were quiet; some 23,000 bags of Cuban
They included for prompt shipment, Santos Bourbon 2s at
22.15c4 2-3s at 22.550. to 23304 3s at 22.20 to 22.8004 raw sugar sold early in the week for the second half January
3-4s at 22% to 22.350.; 3-5s described as soft at 20.100. and loading and another 10,000 for January shipment, both at
well described at 20.60c. to 21.15c.; 4-55 at 20.65 to 20.9504 2 27-32c. c. & f. Private cable advices from Havana stated
50 at 20.15c. to 20.550.. 5-6s at 19.35 to 20.30c4 6s at 18%0. that the Defense Committee has agreed upon a crop of
to 19.9004 6-7s at 1845.; 7-8s at 17% to 17.950.. part 4,000,000 tons or with their estimated carry-over of 250,000
Bobon 3-4s at 21 to 2 0.; 3-5s at 20% to 21.4504 i-55 at tons, a total supply for 1928 of 4,250,000 tons. After
ur
%
20.6504 5s at 20.550.; 5-6s at 20.1004 6s at 18343.; peaberry deducting 150,000 tons for Cuban consumption, the balance
3-4s at 21c.; 4s at 20.8504 5-6s at 2004 Rio 7s at 14.3004 is, according to these reports, to be allotted as follows: For
the United States, 3,300,000 tons, for export to all other
Victoria 7s at 13.40c. and 7-8s at 12.85 to 12.950.
As some see it, stock taking throughout the country is countries 400,000 tons; to be held in reserve, 400,000 tons.
about completed and the trade naturally are looking for a They had a reassuring effect here at first but it died out
good demand shortly, but unless this occurs it will be, they later. No official announcement as to restriction was made.
think, a difficult situation for Brazil to handle as Victoria The reserve of 400,000 tons seemed to take the edge off
holders seem anxious to market the remainder Of their hold- the announcement about grinding. Cuban interests bought
ings regardless of Santos or Rio. So long as this condition for a time on the 10th inst. When they stopped the market
sagged and ended 1 to 3 points net lower. The sales were
exists futures may not be easy they believe to sustain.
One view was as follows: "The end of December brought estimated at 33,600 tons. On the 9th inst. the sales were
the completion of the first six months of the present crop, 66,500 bags of Cubas for prompt and January shipment at
and the apparent success of the efforts of the Defense Com- 2 27-320. c. & f.; 1,000 tons of Philippines due first week of
mittee of Brazil up to the present time. Starting the crop February at 4.58 and 8,500 tons of Philippines for Feb.-Apr. shipment at 4.63c. At 2 13-16c. c. & f. another
year with the knowledge that the world's production would Mar.
be the largest ever known, with consuming countries naturally cargo raw of 25,000 bags were sold for January shipment.
4
-a fact, howOn the 10th inst. London opened firm at 33 d. advance
bearish and following a hand-to-mouth policy
ever, which proved to be of material assistance to the Defense on some months. Private cables from London said the
Committee. The Committee was able to advance the price terminal market was steady with the rest of the market dull.
of Santos 5c., and of Rios about 1%c. This was accom- Sugar afloat was said to be offering at 12s. 10%d. with
plished by the restriction of receipts, resulting in the accumu- shipments at 13s. Trade demand was slow. The Interlations of interior stocks to an hitherto unheard of amount, national Association for Sugar Statistics estimated the
affecting adversely both the exporters, and the planter, how- French sugar beet production at 847,600 metric tons against
ever, and creating an antagonistic feeling in the consuming their previous estimate of 830,444 tons and last year's
outturn of 697,699 tons. On the llsth inst. two cargoes of
countries.
Futures on the 9th inst. ended unchanged to 8 points Cuba sold here in all 46,000 bags in specified positions sold
higher with sales of 21,750 bags, one-quarter exchanges. at 2 13-16c. There were 100 tons delivered on contract
Cables from Brazil said that the Defense Committee had ex- on the 11th inst.
COMMERCIAL EPITOME
268
FINANCIAL CHRONICLE
[VoL. 126.
London terminal market opened easy on the 12th inst. at against 362,000 on
December
%cl. to 23jd. decline except October which was unchanged. 12th inst. ended 1 point lower 31st, 1926. Futures on the
to 2 points higher with sales
Private cables said there were sellers in London of 96 test of 57,900 tons nearly
sugars at 12s. 73/2d. with sales reported at 12s. 6d. British oppose restriction. half for March delivery. Some in Cuba
refined was reduced 3d. According to the British Board of points lower with To-day futures closed unchanged to 2
sales
Trade returns imports in the United Kingdom during Cuba had fixed the cropof 28,900 tons. It is believed that
at 4,000,000 tons. It had no effect;
December were 155,000 tons against 131,000 in 1926. The it had been
discounted.
4
consumption was 115,000 against 123,000 and the stock decline for the week of Spot raws were quoted at 23 0. a
263,000 against 362,000 in 1926. Some summed up the Rico prompt sold at 1-16c. To-day 10,000 bags of Porto
4.25 c. i. f. Futures show a decline of
situation in this wise: "During the past week bullish con- 2 to 3 points as compared
with a week ago. Prices closed as
fidence has been undermined by selling which was believed follows:
to be largely for account of Cuban political interest and by Sa ouai.y
_2 Uc. May
2.80c.I September
reports that although this year's production in Cuba will be Jpn t uno(ticial)_ 2.67c. IJuly
2 95c.
2.88c. December
3.00c.
restricted to 4,000,000 tons, this amount will be exclusive of March
2.73c.
the carryover from last year, estimated at 250,000 tons.
LARD on the spot was firm early in the
Canada is reported to have purchased B.W.I'S and other demand. Prime Western 12.75 to 12.86c. week with a fair
in tierces c. a. f.
preferential raws in parcel lots at the end of last week for New York; Refined Continent 133ic.•
delivered New York;
delivery running from January to May inclusive, all at a South America 14c.; Brazil in kegs 15e.
uniform price of 2.65c. c. i. f. The Cuban Sugar Export
Spot lard was steady on the
Corporation was said to be considering the advisability of and foreign was disappointing. 12th but the demand home
Western hogs markets were
taking over an additional 200,000 tons of old or new crop steady and receipts at all points totalled
Cubas, to add to the quantity assigned for sale away from 191,400 a week ago and 144,400 last year. 137,100 against
Liverpool was
the United States next year. The Cuban program may not unchanged to 3d lower. Deliveries on contracts
were 250,000
it is said be announced until late in January.
lbs. of lard. To-day spot prices were firmer with Prime
The formation of a Sugar Institute, the initial membership Western 12.70c.; Refined. unchanged.
of which will comprise refiners of sugar, was announced last
Futures on the 9th inst. advanced
Saturday. The immediate plans of the institute call for the 20 points higher. Hog receipts were5 to 7 points with ribs
adoption by the industry of business methods to eliminate and they advanced 10 to 15c. Shortssmaller than expected
covered. Receipts of
discrimination between purchasers of refined sugar, the es- hogs were 154,000 against 80,700 on the
same day
tablishment of uniform trade practices, the improvement of and 184,000 last year. Deliveries on contracts of last week
150,000 lbs.
methods of distribution, economies, the collection and dis- were promptly taken; also 100,000 lbs. of
ribs. Futures on
semination of statistics and the encouragement of increased the 12th inst. closed unchanged to 3 points higher.
To-day
consumption. It is contended that the United States should futures closed 5 to 10 points higher. Meats
consume annually at least 20 pounds more of refined sugar firmer. Hogs closed 10 to 15 cents higher were rather
per capita than it does at present. This would approximate prices were 40c. higher with the top $8.50. although spot
Deliveries of
the consumption of Australia, about 125 pounds per person. January lard contracts were 200,000 lbs. Hog receipts
at the
The Institute also plans a national advertising campaign to west were 83,000 against 100,000 a a year ago.
.
Final prices
emphasize the cheapness of sugar and its food value. Some show a rise for the week of 5 to 8 points.
think the trend is toward better conditions. The concerted DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO.
action of producers throughout the world they argue will
Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
12.00
12.07
12.00
11.92
bring about a more stable situation in the marketing of raw January
11.92
12.02
March
12.17
12.22
12.15
12.05
12.07
12.15
sugars this year. Also the indicated willingness of domestic May
12.32
12.37
12.30
12.22
12.25
12.32
12.47
refiners to eliminate various harmful trade practices points July
12.55
12.47
12.37
12.45
12.50
to a much improved market. The element of wide fluctuaPORK steady; mess, $33; family, $38
tions it is believed will be reduced. The marketing of refined pork, $32 to $35. Ribs Chicago cash, to $42; fat back
sugar from now on it is contended will be conducted on a 60 lbs. average. Beef firm, but quiet; 11c., basis of 50 to
'
'
mess, $23 to $24;
businesslike basis to the general good of all concerned. packet, $25 to $27; family, $32 to
$34;
Willett & Gray report the old crop movement as follows: to $42. No. 1 canned corned beef, extra India mess, $40
$3.40; No. 2, $6, 6 lbs.
(1926-27) receipts 22,269 tons; exports 48,329 tons; stock South America, $16.75; pickled
186,254 tons; destination of exports, Atlantic ports 34,088 meats steady; pickled hams, 10 tongues, $55 to $60. Cut
to
4
tons; New Orleans 1,635 tons; Savannah 1,243 tons; Galves- clear bellies 6 to 12 lbs., 17% to 20 lbs., 163 to 173jc.;
183c.; bellies, clear, dry
4
ton 5,151 tons; Europe 6,212 tons.
salted boxed, 18 to 20 lbs., 140.- 14 to 16 lbs., 143c. Butter,
Refined later was 5.80c. from all refiners with new busi- lower grade to
'
ness small and withdrawals only fair. A big Cuban interest Eggs, medium high scoring 40 to 49c. Cheese, 29 to 293io.
to extra, 40 to 53c.
after having bought some 18,000 tons of March at 2.74c.
OILS.-Linseed early in the week wasin better demand and
seemed to have withdrawn from the market. Some say
they think a decline in the market is rather more probable firmer with all leading producers quoting 9.70. for raw oil,
than an advance. For the past two years the highest carlots, cooperage basis. A more spirited demand was reprices have been seen in the early months of the year, and ported for the more distant months, April-June being quoted
the best chance for a rise is between now and May. After at 9.7 to 9.8c. Paint makers are showing more interest.
that time they think "reserves" will be looming large in the And the contract movement is holding up well.
Cocoanut, Manila, coast tanks 8 3-9e.; spot tanks N. Y.
shape of actual sugar made and stored in Cuba, and that
8
July and September must, at some time or other, be sub- 8% to 8j/c.; Corn, crude, tanks, plant low acid 9EAc.; China
jected to considerable pressure. Futures on the 9th inst. wood, N. Y. drums, spot 18c.; Pacific Coast tanks spot 163.
advanced 2 to 4 points with sales of 15,500 tons. Europe to 163'c. Soya bean, coast tanks 930.; Lard, prime 1530.•
/
/
bought; also it appeared large Cuban interests; the latter extra strained winter, N. Y. 133 0. Cod, Newfoundland 63
/
to 65c. Turpentine 623 to 663 c. Rosin
4
was the leading feature of the trading, such as it was.
%
to $12.65.
The consumption of sugar in Continental United States Cottonseed oil sales today including switches 6,700 bbls.
for the calendar year 1927 is stated by Willett & Gray at Crude, S. E. 8%c. bid. Prices closed as follows:
5,297,050 tons expressed in tons of refined sugar. This Spot
10.00110.401March -_10 22
0 4
:3
10.26
compares with the consumption of 1926 of 5,671,335 tons January...10.12 10.26 April
10..65 °2
6
52
11_.:
February...10.12
May
10.4111° _8I August -10.72 __--- _
.3
t
or a decrease of 374,285 tons or 6.600%. This decrease of
The Census Bureau report on consumption had been disover 6% in the consumption for 1927 is contrasted with an
average increase over a period of 105 years of 5.118%. The counted. The consumption was 222,450 bbls. against 250,per capita consumption in the United States for 1927 dropped 000 in November and 325,000 in December, 1926. Stocks
to 100.95 pounds. They add the above figures show very on hand were 2,332,800 bbls. against 2,219,000 on Dec. 1,
explicitly the demoralized state of sugar in the United States and 2,018,000 in December, 1926.
during 1927 as against the universal prosperity and expandPETROLEUM-A sharp falling off in production last
ing markets in almost every other line and commodity. week created a better feeling in crude oil circles.
The
Prices of sugar were very reasonable and it was not because for refinery products was more spirited. Export demand
sales have
of high prices that the consumption of sugar was curtailed. been rather large and are expected to increase shortly.
It was rather from the unsettlement and uncertainty due to Gasoline was in better demand at one time and steady.
the declining market which obtained almost continuously Jobbers were buying a little more freely.
throughout the year 1927. It must, of course, be borne in Motor in bulk at refineries 8 to 83c.; in tank United States
cars delivered
mind that the 1926 consumption figure broke all records, to local trade 9 to 93.c. California U. S. Motor was quoted
but the considerable decline in the conusmption of 1927 was %c. above these prices. Although foreign buyers were
such that the final consumption figure was even less than the showing more interest, actual business was not up
consumption for 1925, which latter was 5,510,060 tons. pectations. In the Gulf U. S. Motor was 7 to 74c.;to ex64-66
Two cargoes of Cuba,one for 25,000 and the other for 21,000 gravity 375 e.p. 8Me. Kerosene was in fair demand and
sold at 2 13-16c. in prompt and specified positions on the steady; prime white 41-43 gravity 6c.; 44 water white at the
11th inst. Futures closed 2 to 7 points lower witli sales Gulf. Locally prime white 41-43 was 640. at refinery and
estimated at 44,600 tons.
73/c. in tank cars delivered to the nearby trade. Water
2
4
On the 12th inst. trade was slow with 23 to 2 13-16c. bid white 43-45 gravity was %c. above these prices. Bunker
People await the Cuban restriction decree. oil was a little more active and steady at $1.35 for Grade C.
and asked.
European markets were dull with English sellers of raws at local refineries. Diesel oil rather quiet at $2.10 refineries.
12s. 6d. British refined declined 3d. According to the Gas oil quiet but steady. Export business lags.
New York export prices: Gasoline, cargo lots, U. S. Motor
British Board of Trade returns for December imports of
sugar into the United Kingdom during that month were spec. deod. 23.90c.; bulk refinery, 8 to 8(o.; Kerosene,
year. December con- cargo lots, S. W. cases, 17.150.; Bulk 4143, 63'e:• W. W.
155,000 tons against 131,000 last
sumption was 115,000 against 123,000 tons. On December 150 deg. cases, 18.15c.; bulk 43-45, 6%c.;Bunker oil, f. o. b.
31st the stock in the United Kingdom was 263,000 tons dock, $1.35; Diesel oil, Bayonne bbl., $2.10; plus 63/3o.
JAN. 14 19281
FINANCIAL CHRONICLE
269
and expects an increase for the week in the stock statement
on Monday.
London ended on the 12th with spot and Jan 193 d. to
4
1934d.; February 1950.; March 1958d.; April-June 20d to
/
205/d. Singapore was dull and weaker on the 12th inst.,
8
with January and April-June 1934d., April 203/d; July-Sept.
8
20%d.
The Rubber Association of America's monthly statistical
report with comparisons follows: consumption in December
1927, 25,381 tons against 26,295 tons in December 1926; on
hand December 1927, 100,130 against 72,509 in December
1926; afloat December 1927, 47,939 tons against 52,019 in
December 1926; arrivals December 1927, 29,062 against
32,903 in December 1927.
$2.60
ennsylvania
$2.86 Buckeye
Some say that while it is possible for quotations to sag a
52 35 Eureka
1.60 little
orning
1.55 Bradford
2.80 Illinois
further they believe that the extensive buying recently
obeli
1.71 Wyoming. 37 deg_ 1.39
1.50 im
3
ortham, 40 deg- 1.36 Indiana1.3 was not for benevolent purposes. A considerable number of
1 48 Plymouth
Ls
1.60 Wooster
ock Creek
1 25 Princeton1.57 stale bull accounts have been liquidated and quite a short
,
.
mackover 24 deg_ 1.00 Canadian
2.11 Gulf Coastal "A- 1.21
1.00 Panhandle,44 deg 1.12 interest exists. They believe that higher prices will rule
corsicana heavy
$1.33 during 1928.
klahoma,Ransas and TexasElk Basin
1..25
3
3
40-40.9
$1.36 Big Muddy
Today prices were unchanged to 10 points higher. London
1.33
32-32.9
1.20 Lance Creek
1.33 closed with spot and January up Ad. to
52 and above
1.60 Grass Creek
1934 to 193/8d.;
Bellevue
-1.25
ulsiana and Arkansas
/
4
0.60 March 193 to 1978d. New York January closed at 40.20c.,
32-32.9
1.20 West Texas all deg
2.35 March 40.700., March 41.40c. July 41.700. Final prices
35-35.9
1.26 Somerset light
pindletop, 35 deg. and rip_
1.37
show a decline for the week of ' to 40 points.
10
RUBBER was quiet on the 9th inst. and ended 10 points
HIDES.
-Prices for frigorifico have been firm with a
decline of 10 to 20 points. fair business. Doubtless it
ower to 10 higher after an early
ales were 109 lots or 272 tons. Outside trade was light. Argentina but for the high would have been larger in
prices demanded. Europe
ondon was A to 4d. lower with an increase in the stock wants to buy rather more freely. Common dry hides
1
were
States it is stated con- in fair demand. City packer were firm but
ast week of 1153 tons. The United
Packer
umed about 375,000 tons of crude rubber in 1927 or more hides, spready native steers 2634c.; native quiet. 2534c.;
steers
han half the estimated world shipments of 605,000 tons and butt brands, 25c.; Colorados, 243/2c.; Common, dry, Cucuta,
onsumption about 575,000 tons. The gross shipments 38c.; Maracaibo, 35c.; La Guayras, 35c.; Savanillas, 34c.;
rom Malaya in December were 32,185 tons. The shipments
rom the restricted areas of Malaya during 1927 were it is New York City calfskins, 7-9s, 3c.; 5-7s, 2.50; 9-12s, 4.00.
Later River Platte hides were more active; 17,000 Argentine
aid about 232,000 tons, a decrease of 50,000 tons from the frigorifico steers sold at 303/8c. to 313/c.; Montevideo steers
revious year. The gross shipments from Malaya during sold at 31%c.
927 fell off only showing 200,000 tons, an increase in the
OCEAN FREIGHTS.
-An absence of notable features
°reign imports of 30,000 tons, during the year. On the 9th characterized the market. Recent grain business was fair;
nst. January ended here at 40.40 to 40.50c.; March at to the Mediterranean it was quoted 16c. from St. John
.80c.; May at 41.40 to 41.50c.; June at 41.50 to 41.70.c;
uly at 41.50 to 41.70c. and September at 41.70 to 41.90e. which is 2c. above the low. Berth rates declined. KingdomCHARTERS included sugar Santo Dominigo to tinted
utside prices: Ribbed sheets, spot and January 403's to Continent last half January, 18s., coal from Hampton Roads to Boston,
/i to 35c. prompt, grain St. John to Mediterranean, basis 16c. Jan. 2-25, Gulf
3
Mc.; February 403 to 40 8c.; February-March 40
to three Danish ports, 12 Sic. Jan. 20-30. Time: New York prompt West
/0.; April-May-June 41 to 41%c.; Spot first latex crepe Indies round trip, 90c., continuation West Indies round trip, 90c. Tankers:
3
3
Lubricating oil Gulf
6 months
'A to 403.c.; clean, thin brown crepe 37% to 37%e.; January, 78., dirty to Continent prompt,17s.,crude continuationKingdomJanuary 12 months, 5s., clean to United
pecky brown crepe 37 to 373c.; Paras, Upriver fine spot Continent from North Atlantic, 13s., from Gulf, 15s. 6d., from Curacao.
14s.
January
6d.,
/
2 to 323'c.; coarse 263' to 2630.; Caucho Ball-Upper cleanJanuary, Curacao to United Kingdom-Continent Atlantic, 14s. 6d.,
7 to 27%c.• Centrals, Esmeralda 25% to 26c.; Guayule, Gulf, to two French Mediterranean ports from North 10, 9s.16s. 750
185. 6d. January, coal 3 cargoes Wales to Rio Jan.
9d.,
discharge, Cardiff to Las Palmas prompt, 7s. 6d., same to Buenos Aires
ashed and dried 30e.
The London stock on the 9th inst. was 64,360 tons. London prompt, us., Tyne to West Italy, 7s. 6d. prompt, same 7s. 3d.
COAL.
-Of late New York tidewater trade has fallen off.
n the 9th inst. ended at 195i to 193 dfor spot andJanuary,
%
/
Y There has been a fair business here. Bituminous receipts
93i to 19% for February, 19% to 20d. for March and 20; here, however, have recently decreased sharply that is,
/
o 20%d. for April-June.
American consular officers at Singapore, Penang, Colombo, about 50%. The contract trade at New York is slow. Cardiff
atavia, Surabaya, Medan, London and Liverpool who vise is more active and firmer. Boston has been buying on a large
nvoices on all rubber shipped to the United States from enough scale to increase the movement at Hampton Roads.
alaya Ceylon and the Netherlands East Indies, and prae- Upcoast trade was poor. Export trade is worse than in
ically all from the United Kingdom, report by cable the December for prompt shipment.
TOBACCO was steady with a fair demand for most demount of rubber invoiced during the week ended Jan. 7 1928
s 6,912 tons against 7,785 tons in the week ended Dec. 31, scriptions. It is no more than fair. Even in the aggregate
nd 9,229 in that of Dec. 24, 9,550 in that of Dec. 17, and it makes no great showing. Some grades are dull. On the
other hand the offerings of Wisconsin are rather small after
,248 for the week ended Dec. 10.
On the 10th inst. New York prices fell 10 to 20 points with the recent business. Florida is said to sell very well. But on
ales of 422 long tons. London was steadier but quiet. Sing- the whole there is no snap in the market. Manufacturers
as a rule are buying only enough for immediate needs.
pore was dull and % to %d. lower.
On the 11th inst. prices declined 10 to 30 points. Sales Wisconsin binders, 25 to 30c.• Norther, 40 to 45c.; Southern,
ere 354 lots for 885 long tons, which is the largest day's 35 to 40c.; New York State, seconds, 35 to 40c.; Ohio,
usiness since Dec. 20th. Fourteen transferable notices Gebhardt binder, 22 to 240.; Little Dutch, 21 to 22c.;
ere issued. January closed at 40c.; March at 40.40c.; Zimmer Spanish, 30c.• Havana, first Remedios, 90 to 95c.;
ay at 41 to 41.10c.; June at 41.10c.; July at 41.300.; second Remedios, 70 to 75c.
eptember at 41.40c. and October at 41.50c. Outside
COPPER was quiet and easier at one time and although
rices: Ribbed sheets, spot and January, 40 to 40%c.• 1434c. was generally quoted some shading was reported.
ebruary, 40% to 40%c.; Spot first latex crepe, 40% to Export business was small. The price was 14.50e. c. i. f.
03.c.; clean, thin brown crepe, 373 to 373,c.; specky Europe. December production of Union Miniere du Haut
4
rown crepe, 363 to 363 0.; No. 2 amber, 373 to 38c.• Katanga of Africa was 21,952,000 lbs. against 22,176,000
/
o. 3, 373 to 373c.; Paras, Up-river fine spot, 31% to in November;for the year it was 197,075,200 lbs. an increase
4
13 c. London on the 11th inst. was unchanged at 19%d. of 21,804,720 over 1926. In London on the 10th inst. spot
4
or Spot-January, 193 d. for February, 193/8d. for March, standard dropped 3s. 9d. to 461 13s. 9d.; futures off 5s. to
and 203d. for April-June. Singapore on the 11th was .£61 us. 3d.; sales 100 tons spot and 800 futures; electrolytic
I93d. for January, April-June, 203.d., and July-Sept., declined 5s. to £66 10s. for spot and £67 for futures; on the
11th inst. spot standard copper fell us. 3d. to £61 2s. 6d.•
203 d.
ew York on the 12th inst. advanced 50 to 80 points futures off 10s. to £61 is. 3d.; sales 100 tons spot and 900
though some reaction from the top occurred later as London futures; electrolytic unchanged. Later the demand was still
declined % to %d. The sales .here were 579 lots or 1447 light at 14 to 143ic. Surplus stocks of refined copper in
long tons. The demand here was better. Consumers were North and South America increased 4,424 tons in December
buying more freely in the outside market. New York ended a net gain of 9,597 tons for the year. December exports
n the 12th inst. with February 40.20 to 40.40c.; March were 63,637 tons, the largest in several years. They exceeded
30.70c.; May 41.40c.; July 41.60c.; September 41.70 to domestic shipments of 60,862 tons. That is unusual. Total
41.80c.; October 41.90c. Outside prices: Ribbed smoked production of refined in 1927 was 1,476,506 tons; shipments
spot and January 403 to 403.c.; February and March 1,466,709 tons. Both were the largest in several years.
4
40% to 40%c.• April-May-June 41% to 413 c. Spot, first Total amount above ground on Jan. 1st was 342,635 tons
%
.
1
latex crepe 40/ to 403 c.; clean thin brown crepe 373/ to an increase in December of 1,447 tons. In London on the
4
373 ;spooky brown crepe 37 to 375.c.; rolled brown crepe 12th inst. standard declined 2s. 6d. to .£61 for spot with
/
333. to 333 0.; No. 2 amber 3834 to 383/2c.; No. 3 amber futures £60 18s. 9d.; sales 100 tons spot and 1,100 futures;
/
373 to 3730.• No. 4 amber.37 to 37%c.; Paras, upriver electrolytic £66 10s.; spot and £67 futures.
TIN dropped to the low level of last year on the 10th
/
'
inc spot 31% to 3130_4 coarse 2634 to 263'c.; Acre, fine
pot 3234 to 32%c.• Brazil, washed dried 42 to 42%c.; inst. when prices declined here 34c. London was down
Caucho Ball-Upper A% to 27c.• Islands, fine 28% to 29c.; £3 10s. Later however at the low prices some good buying
'
4
4
Centrals, Esmeralda 25% to 253 c.: Central scrap 25% to appeared and prices advanced. Spot Straits, 561 to
5%o.; Guayule, washed and dried 300. London was dull 56%c. A rumor of a serious fire in one of the boats tied
ghterage. New Orleans prices: U. S. Motor bulk, 7 to
lie.; 64-66 gravity 375 e. p., 8% to 83.c.; Kerosene, prime
kite, 6c.; water white, 7c.; Bunker oil, Grade C.for bunkerg, $1.20; cargoes, $1. Service Station and Jobbers'
ice Guide: Gasoline U. S. Motor bulk refineries, 8 to
4o.; tank cars, delivered to nearby trade, 9 to 9Xo.;
1
alif. U. S. Motor at term., 8% to 8%c.; U. S. Motor
elivered to N. Y. City garages in steel bbls., 17c.; Uptate and New England, 17c.; Naphtha, V.M.P. steel bbls.,
8c.; Kerosene, 4345 gray, bulk refinery, 7c.; delivered to
earby trade in tank cars, 8c.; water white, 41-43 gray.
ulk refinery, 63/2c.; 41-43 D. delivered to nearby trade in
ank cars, 7%c.; tank wagon to store, 15c.; Fuel oils, furnace
il, bulk refinery, 38-42 gravity, 6c.; tank wagon, 10c.
270
FINANCIAL CHRONICLE
[VOL. 126.
up at a New Jersey dock containing a tin cargo was a blood 483i to 490.;
blood 49e.; X blood 49 to .50c.; tern
strengthening factor. Reports later stated that no damage tory clean basis, fine staple $1.15 to $1.18; fine, medium,
resulted to the cargo. The trade were the best buyers French combing $1.05 to $1.10; fine medium clothing 95c. t
here. Spot standard in London on the 10th inst. dropped $1; Texas clean basis fine, 12 months, $1.15 to $1.17; fine,
£3 10s. to £254 10s.; futures off £3 5s. to £254; sales 10 months, $1 to $1.05; fall 95e. to $1. Pulled, scoured basis,
tons spot and 590 futures; Spot Straits declined £3 10s. to A super $1 to $1.03; B,88 to 93e.; C, 75 to 80c.; domestic,
£254 10s.; Eastern c. j. f. London advanced 5s. to £260 5s. mohair, original Texas 61 to 62c. Australian clean basis, in
.on sales of 200 tons; on the 11th inst. spot standard declined bond, 64-70s., $1.05 to $1.10; New Zealand in bond 58-60s.,
5s. to £254 5s.; futures fell £1 5s. to £252 15s.; sales 50 tons 83 to 85c.; 56-58s., 75 to 77c.; Montevideo, grease basis, i
spot and 450 futures; spot Straits declined 5s. to £254; bond 58-60s., 50c.; I (56s.) 46 to 48c.; Buenos Aires, greas
Eastern c. i. f. London fell £4 to £256 5s.; sales 175 basis, in bond, III (46-48s.) 35 to 36e.; IV (40-44s.) 33 to
tons. Later trade was so dull that the price on the 12th 34c.; V Lincoln (36-40s.) 31 to 32c.; Cape clean basis, in
inst. was at the lowest since June, 1925. Straits here fell bond, best combings, $1 to $1.03; average longs 96 to 980.
In Boston stocks in the hands of dealers on January
to 55%c. as against an average in June of 55.92c.; in May,
1925 it was 54.67e. Prices are 12 cents lower than a year 5th exclusive of wool in transit or sold and held for future
ago in spite of the strong statistical position. In London delivery, but including tops and noils were 55,720,540 lbs.
spot standard was off 12s. 6d. to £253 12s. 3d.; though including 45,628,044 of domestic, compared with 81,419,502
futures were up 2s. 6d. to £252 17s. 6d.; sales 50 tons spot last year, including 54,642,343 of domestic and 62,241,811
and 550 futures; Spot Straits declined 12s. 6d. to £253 12s. the year before, including 34,442,400 of domestic. Boston
6d. Eastern c. i. f. London advanced 5s. to £256 10s. on wired a government report to this effect:."The recent
advance in raw wool prices is being reflected to some extent
sales of 200 tons.
LEAD was quiet but steady. January lead could be had in the top market. Top makers have advanced their quoat 6.30e. East St. Louis while Februarywas quoted at6.32%c. tations in line with strengthening wool values and spinners
New York was 6.50c. Ore in the tri-State district was nomi- have placed a fair volume of business at the higher levels.
nally $85 but particularly high grade is said to be command- The most marked advancing tendencies have been shown on
ing a premium. In London on the 10th inst. prices fell is.3d. 64s, 60s and 50s grades of tops. Imports of combing greasy
to £21 17s. 6d.for spot and £22 5s. for futures; sales 100 tons wools at Boston last week were about double in volume as
spot and 100 futures; on the 11th inst. spot declined is. 3d. compared with the previous week and slightly higher than
to £21 16s. 3d.; futures unchanged. Later trade was as a for the corresponding week a year ago. The bulk of the
rule quiet but there were several inquiries of some importance. foreign combing wools arriving last week consisted of
Most of the buying is for February delivery. Prices steady Australian fine wools and South American wools equivalent
at 6.50e. New York and 6.30 to 6.32340. East St. Louis. to X- and low X blood grades."
London on the 12th inst. was unchanged. Sales were 100
tons spot and 2,200 futures.
COTTON.
ZINC was rather quiet but steady. Prime Western slab
was 5.65 c. East St. Louis but for futures producers are
Friday Night, Jan. 13 1928.
asking premiums of 23/ to 5 points. The statistics for
THE MOVEMENT OF THE CROP, as indicated by
December by the American Zinc Institute were considered
favorable. They showed only a slight increase in surplus our telegrams from the South to-night, is given below.
stocks, being a little over 1,000 tons while export shipments For the week ending this evening the total receipts have
were the largest in some being, i.e. 4,000 tons. They had reached 117,331 bales, against 110,324 bales last week and
little effect. In London on the 10th inst. spot dropped is. 159,069 bales the previous week, making the total receipts
.3d. to £26 s. 6d.; futures off 2s. 6d. to £25 17s. 6d.; sales 50 since Aug. 11927, 6,291,541 bales, against 9,060,858 bales
tons spot and 225 tons futures. on the 11th inst. spot de- for the same period of 1926-27, showing a decrease since
'
.clined 2s. 6d. to £26; futures off is. 3d. to £26 16s. 3d.; sales Aug. 1 1927 of 2,769 317 bales.
75 tons spot and 150 futures. Later business was quiet at
Sat.
Mon. Tues. Wed. Thurs. Fri.
Receipts atTotal.
.5.65e. East St. Louis with ore $36 and the margin therefore
4,059 3,999 13,282 4,596 3.968
small. The zinc output may be reduced sharply; it is at least Galveston
202 30,106
1,615 1,615
a possibility. In London on the 12th inst. prices declined Texas City
Houston
3.682 5,201 3,724 5,776 3,896 4,461 26,740
------- 5,943
35. 9d. to £25 16s. 3d. for spot and £25 15s. for futures; Corpus Christi
5,943
New Orleans
2,582 4,488 3,424 6,286 3,845 14:Ni 35.449
sales 275 tons spot and 600 futures.
Mobile
1,440
147
62
289
123 2,279
218
Savannah
474 1.982
881
574
973 1,061 5,945
STEEL has been perhaps a little more active. Railroads
1,793
575
377
243
163 3,581
430
and automobile companies are buying to some extent. Pitts- Charleston
204
22
431
231
Willnington
383 1,455
184
197
266
669
burgh reports some improvement and some predict continued Norfolk
332
298
430 2,192
New York
50
76
24
improvement in the first quarter. Mill activity is increasing Boston
33
10
54
3
102
2
at Pittsburgh. Workers out of employment for6to 8 months Baltimore
1,848 1,848
or working only half time are to be employed at the Home- Totals this week_ 14,466 16,690 28.897 18,354 13.814 25,110 117,331
stead Works of the Carnegie Steel Co.in the Monongahela
The following table shows the week's total receipts, the
Valley. Furnace coke was $2.75 on the spot at furnace.
Foundry coke fell 25c. to $3.75 and some independent coke total since Aug. 1 1927 and the stocks to-night, compared
.companies reduced wages at the beginning of the new year. with last year:
A satisfactory jobbing business was reported. Birmingham
1927-28.
1926-27.
Stock.
reported steel trade conditions better. The output was inReceipts to
This Since Aug TMs Since Aup
creasing somewhat and unemployment decreasing.
Jan. 13.
Week. 1 1927. Week. 1 1926.
1928.
1927.
Later a.dvices said the output was steadily increasing.
30,106 1,631,603 85,041 2,392,519 511,826 682,963
Galveston
blast furnaces and rolling mills are starting up. Some Texas City
Idle
1,615
75.345 1,907 104,928
38.556
40,458
plants are working it is said at 100% of capacity. Pittsburgh Houston*
26,740 2,162,870 76,955 2,997.710 950,804 983,036
5,943 178,570
district is at 75%, or 15% above the low point in December. Corpus Christi
35,449 1,031,188 56,303 1.631.521 526,498 674,691
Sheet makers it is reported have nearly 1,000,000 tons of New Orleans
Gulfport
2,279 210,647 4,286 291,753
orders on their books, the best showing with one exception Mobile
58,429
16,101
10,788
12
11,788
since 1920. Many are awaiting the action of the automobile Pensacola
Jacksonville
838
603
592
cars are selling at such low prices that Savannah
companies, but their
5,945 475.064 21,325 776,303
56,211 122,553
they will not ask the steel trade to Brunswick
the question is whether
3,581 206,279 5,766 389,892
Charleston
92,221
34.301
cooperate by also modifying its quotations. Steel scrap is Lake Charles200
81.459 2,462
1,i55.
.
16,813
$15.90, but the case would seem to have Wilmington
84.518
23.348
said to have sold at
Norfolk
been exceptional; at least the usual quotations are $15.60 N'port News,&c 2,192 180.344 6.796 304.381 87,839 127,318
374
76
4.748
234
to $15.65. Tin plate is reported firm at $5.25; mill block NewYork
14.
6M 196,289 141,819
3,994 1.419
102
1,589
13,344
4,818
2.900. but now and then it appears 3c. Wire products Boston
1.848
38,279 1,765
Baltimore
1.484
43.695
1,663
and steel bars are firm at Philadelphia
155
6,472
sell more freely at Youngstown
478
2,875
9.074
1.80e.
117 RR1 R 221 R41 9Rd 7400 nn 12g0 0 ,in ono 0 OAR 752
Totals
PIG IRON was inclined to be firmer in the East. The
*Houston statistics are no lonegr compiled on an interior basis, but only
recent activity at the West it is believed must sooner or on a port basis. We are changing according y,
later reach the East. And on the 9th inst. some Eastern
In order that comparison may be made with other years,
Pennsylvania producers raised their quotation 50e. to the
the totals at leading ports for six seasons:
-$19.50 basis. Some of them it is inferred must have a fair we give below
number of orders on their books or they would hardly ven- Receipts at
-28. 1926-27. 1925-26. 1924-25. 1923-24. 1922-23.
- 1927
ture to take this step. It is supposed that some other
Pennsylvania makers will follow their example. Birming- Galveston--- 30,106 85.041 57,473 95,674 60.589 37,854
4.492
Houston *---26,740
76.955
35.961
38.810
36,097
ham wired that active delivery of foundry iron was in pro- New Orleans.. 35.449 56,303 52.373 56,269 40,765 26.766
2.279
Mobile
4,286
978'
2,357
1,725
2.258
gress and a little more than the probable output was moving. Savannah..
5,945
21,325
4.399
13,181
13.020
12,687
Ten furnaces were producing foundry irons, seven basic and Bruns wick _
3.581
Charleston..
2.386
5,766
4,497
959
5,859
one special brand iron. At Youngstown pig iron is notice- Wilmington.1,455
742
2,492
600
954
7,228
ably firm with a better inquiry; No. 2 foundry $17.25 to Norfolk
2,192
8.120
1,796
7,338
5,167
7.313
$17.50 as compared with $17.25 recently. Philadelphia N'port N.,dm.
9,584
others
5,815
6,771
8,199 5,642 6,501
sold 20,000 tons with the new price of $19.50. The West All
reported active. At Birmingham sales of small lots Tot, this week 117.331 264.749 178,734 231,584 169,448 92,238
was
are steady and some want prompt delivery; No. 2 foundry, Since Aug.1 6.291,501 9,060,858 6.912.470 6.636.834 5.110,587 4,273.449
$16.
*Beginning with the season of 1926, Houston figures include movement of
WOOL was in moderate demand and steady. Boston cotton previously reported by Houston as an interior town. The distinction
follows: Ohio & Penn. fine delaine 49e.; 3i between port and town has been abandoned.
prices were as
J. 1928.1
14
FINANCIAL CHRONICLE
The exports for the week ending this evening reach a
total of 134,849 bales, of which 26,653 were to Great Britain,
12,734 to France, 28,008 to Germany, 17,796 to Italy,
37,233 to Japan and China, and 12,425 to other destinations.
In the corresponding week last year total exports were
217,012 bales. For the season to date aggregate exports
have been 4,121,942 bales, against 5,909,419 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to—
Week Ended
Great
Jan. 13 1928.
GerExports from-- Britain. France. MC1714/
Galveston
15,504 1,687
Houston
10,432
Corpus Christi
New Orleans
3.470
90
Mobile
Savannah
Charleston
200
es
Wilmington
Norfolk
3.164
New York
3,310
-Lii
Los Angeles.... 1.015
Japan&
Italy. Russia. China. Other.
9,854
4,480
5,981
11.200
11,671
5.943
8.212
3,150
300
1,900
726
4,951
4.548
1,292
900
7466
35
Total
26,653 12,734 28.008 17 796
Total 1927
Total 11,26
89,341 13,372 46.597 19,476
39.960 17.706 19,571 20.694
500
100
200
From
Auy.l 1927 to
Jan. 13 1928. Great
GerExportsfrom- Britain. France. many.
Galveston
Houston.- __
Texas City__
Corp. Christi
New Orleans
Mobile
Pensacola_
Savannah_
Cha leston
,
Wilmington..
Norfolk
Lake Charles
New York__
Boston
Baltimore__
Philadelphia
Los Angeles
San Fran
Seattle
Total
Total.
4.979 47,604
3.242 31,326
5.943
1.640 13.412
3,150
20
840
2,344 0.463
7.300
8.202
200 5.494
2.115
37.233 12.425 134.849
1- 666
.
35,215 33,011 217,012
19.726 14,215 132,894
Exported to—
Japan&
Italy. Russia. China. Other.
Total.
111.423 11.400209.755 187.634 1,189.357
67,373 50,000 196,980 104.801 1,084.322
----------------15.196
5,000 3.100 23,972 18.096 178,010
62.380 36,626 164.701 69.062 638.468
1,700
_..._ 18,550 4.000 142.903
------------1,100
10.788
6.151
____ 37.605 20.235 433.158
____ 5,300 18,560 180.134
5,065
--------300 .56,417
38.817
93,671
1,250
__-- 1,900 2,881
200
1,484 17,113
54,493
___
21.960 2,079
------------974
1.870
335
2,244
____
970
__--._
267
321
------------1
45
____ 5131
491
159
37.047
21.037
--------1.850
113
2,368
255
975
975
____
137,758 250,785284,602
141.300 226.953266.015
8,667 1.245 5.084
32,011 35.892 59,939
103.114 51,451 151,134
30,107 1.739 86,807
1,160
.._. 8.528
80,604 5,030284,433
27,504 1,783 121.922
17,300
27,070
600 59,970
6,088
546
5,769
15
1,007
275._
4,780 4,930
150
____
601,334 587,199 1390466 332,699 101,126 663.822 445,296 4,121.042
Total '26-'27 1,541,415658,159 1576234 450.266 117,973 851,451 603,921 5.909.419
Total '25-'20 1 4514 1122 670 ORA 1919 1114 goo 602 07 19. 529 SOS Afl0 7R9 aeon one
.
1
NOTE.—Ezpoets to Canada.—It has never been our practice to include In the
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and it is itnpossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of November the(Aponte to the Dominion the present season have
been 30.201 bales. In the corresponding month of the preceding season the expose
were 33.415 bales. For the four months ended Nov. 30 1927. there were 66,816
bales exported as against 82.752 bales for the corresponding four months of 1926.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for—
Jan. 13 at—
Galveston ____
New Orleans__
Savannah
Charleston
Mobile
Nbrfolk
Other ports 111....
Great
GerOther CoastBriUtin. France. many. For^iyn wise.
5,300
2.276
2.500
4,700 6.900 30,000
8.244 14,733 17,93
---- 6.500
9:666
2,000
1,500
3,566
-
3:i6o
5:
Total.
Leaning
Stock.
6,500 53.400
532 43.715
9,000
458,426
482.783
47.211
34.301
--6§ 12.298
3.803
200
200
87,639
500 12.000 1.215.046
Total 1928_ 21.076 14,444 31,133 56,130 7.830 130.613 1.329.209
Total 1927
38.222 24,382 41,890 95.184 13,324 213.003 2.735.779
Total 1926._ 47,537 32.130 28.946 68.320 8,914 185.84711,453.998
•Estimated.
271
mills "called" only on declines. Goods were quiet and
lower on both yarns and cloths. Though Manchester did
a better business the prices obtained were declared to be
unsatisfactory.
At Fall River trade is quiet and there are fears of a strike
at the American Printing Company's Iron Works Mill because of a reduction in wages of 10% to be decided to-night
by a two-thirds vote. Meanwhile speculation here is slow.
The mills do not buy except on declines. The outside public
is hold.ng aloof. About the only buyers are the spot houses,
mills and the shorts. And if the spot houses buy March,
for instance, they sell May or some other month. Of late
Liverpool has begun to hesitate again after showing greater
steadiness for a few days. Liquidation of the near months
has been a feature there; London and the Continent have
sold and hedge selling has at times been large enough to
attract attention. Manchester complains of the lowness
of the bids from India. Activity in spot cotton in Liverpool
is said to be due largely if not wholly to a fear that a proposed rule may be adopted calling for cash payment for
cotton from certain of the mills. The dullness in spot cotton at the South is persistent and has continued for some
months. Mill stocks are close to those of a year ago. Domestic consumption, whether temporarily or otherwise, is
falling off. That of December 1927 was the smallest for
that month since 1924. Some predict that mill curtailment
and therefore mill consumption in the United States in
January will be smaller than It was in December.
On the other hand, the evidences of a good world's consumption of American cotton seemed to be cumulative. It
Is believed by some to be on a larger scale now than is
generally suspected. The exports of cloths and yarns from
Great Britain wade a better showing for the year 1927 than
had been expected, I. e., 200,000,000 pounds of yarns against
168,000.000 in 1926 and 210,175.000 back in 1913. Of cloths
the 1927 exports were' 4,116.000,000 yards against 3,835,000,000 in 1926 and 7,075,558,400 in 1913. The December
exports were 15,000,000 lbs. of yarns against 17.000,000
in November, 15,000.000 in December 1926, and 17,207,100
In 1913: of cloths, in December 291,000,000 yards against
402,000.000 in November, 240,000.000 in December 1926, and
530,692,000 in December 1913. The Association of Cotton
Textile Merchants of New York stated that in December the
production of standard cloths was 372,042,000 yards. The
sales were 407,881,000 with the ratio of sales to production
160.6%; shipments 361,376,000 yards; ratio of shipments
to production 97.1% • stocks on hand December 1st Z12,535,000 yards; December 31st 303,201,000, or an increase of
3.6%; unfilled orders December 1st were 340,221,000 yards;
on December 31st 386,726,000 yards, an increase of 13.7%.
To-day prices at one time were 25 to 30 points lower owing
to the fact that the December consumption in this country
instead of being 575,000 bales or more, as previously estimated, proved to have been 543.598 bales against 625.680 in
November and 602,986 in December, last year. Moreovei,
the mill stocks were also something of a surprise. On Dec.
31 they proved to have been 1,707,326 bales against 1,551,336 on Nov. 30 and 1,763,739 on Dec. 31 1926. The cables
from Liverpool were more or less unfavorable, although the
spot sales there were still up to 10,000 bales. There was
some retendering there. There is more or less fear of labor
trouble in Manchester; also in Fall River at one mill. Worth
Street was quiet. The feeling there was said to be rather
less confident. Spot markets were quiet and lower and some
Texas advices declared that the basis was rather easier.
Wall Street, Liverpool, spot people and local traders sold.
There was more or less long liquidation. Later on there
was something of a rally as contracts became less plentiful,
the trade fixed prices, the stock market was firm, and the
expectation was general of bullish week-end figures. And
it did turn out that they were bullish. The into sight, that
is to say, was small, and the spinners takings were relatively large. The world's stocks are steadily dwindling,
whereas a year ago they were increasing. Finally there
were reports of prolonged drought in parts of Western and
Northwestern Texas and Western Oklahoma. It is not too
late, of course, for bountiful Winter rains, but for all that
the prolonged dry spell is attracting some attention. Some
think that 19 cents for May is a debatable point. The price
does not go below that level and stay there. Final quotations show a decline for the week of 45 to 60 points. Spot
cotton closed at 19.45c. for middling, a decline for the week
of 40 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 7 to Jan. 13—
Sat, Mon. Tues. Wed. Thurs. ;Fri.
Speculation in cotton for future delivery has been very
moderate and prices at times have drifted downward, owing
partly to fears of a strike in Lancashire in retaliation for
2
the recent reduction of 123(% in wages and an increase in
the weekly working time of OA hours or from 48 to 52%.
There was for a time an expectation that the December
consumption in the United States would turn out to be some
50,000 to 75,000 bales smaller than in November, 1. e., about
550,000 to 575,000 bales against 625,680 bales in November,
605,217 in December 1926, 576,216 in December 1925, 533,789 in 1924 and 464,569 in 1923. Moreover, the daily spot
sales at the South have recently been only about one-third
of those made on the corresponding days last year. The
exports have been small. The total thus far is some 1,800,000 bales behind that of a year ago. Cotton cloths and yarns
have been quiet and more or less depressed. The weather
in the main has been favorable for field work. The weekly
report said that cold nights had probably been destructive
to many boll weevils. The talk is persistent that the acre- Middling upland
19.65 19.60 19.55 19.50 19.70 1945
age will be increased, that the buying of mules is large, and
NEW YORK QUOTATIONS FOR 32 YEARS.
the sales of fertilizer tags in eleven States in December
that
The quotations for middling upland at New York on
1927 were 52% larger than in December 1926 and 42% larger
than in the same month of 192.5; also that for five months Jan. 13 for each of the past 32 years have been as follows:
13.80c.
19.45c. 1920
1928
9.664. 1904
39.264. 1912
ended Dec. 31 the total was 17% larger than in the same 1927
8.864.
13.400. 1919
14.90c. 1903
31.70c. 1911
8.264.
20.70c. 1918
14.964. 1902
32.6.64. 1910
time in 1926 and 24% larger than in the same period in 1926
10.12c.
24.300.11917
18.064.11909
9.464.11901
prices fell off. Many liquidated here; 1925
1925. Liverpool
7.69c.
34.35c. 1916
11.55c. 1900
1924
12.50c. 1908
6.06c.
10.80c. 1899
27.80c. 1915
8.05c. 1907
they had become discouraged. The expected boom with the 1923
5.94c.
11.964. 1898
1922
18.25c. 1914
12.60c. 1906
opening of 1928 did not appear. The stock market at times 1921
7.31c.
7.200. 1897
17.65c. 1913
13.lOc. 1905
broke sharply on enormous transactions. Wall Street sold
FUTURES.—The highest, lowest and closing prices at
cotton freely. New Orleans and the South sold. So did
local traders. The talk was of lower prices to come. The New York for the past week have been as follows:
[Vol.. 126.
FINANCIAL CHRONICLE
272
Saturdag.
Jan. 7.
Monday,
Jan. 9.
Tuesday. Wednesday, Thwrsday,
Jan. 12.
Jan. 11.
Jan. 10.
Towns.
Jan.
Range _ _ 19.14-19.28 18.88,19.12 19.01-19.12 18.98-19.05 19.06-19.20 18.88-19.12
Closing _ 19.15 ---- 19.10-19.11 19.05-19.06 18.99 ---- 19.18,19.20 18.93
Feb.
Range _ _
18.93 ---18.99 ---- 19.18Closing _ 19.18 ---- 19.13 ---- 19.06March
Range_ _ 19.20-19.36 18.93 19.18 19.0349.20 18.94-19.09 19.04,19.20 18.8549.15
,
closing. 19.21-19.22 19.18,19.18 19.06-19.07 18.9949.01 19.1849.20 18.93-18.95
April
Range_ _
19.22 ---- 18.98 ---19.02Closing_ 19.26 ---- 19.19 ---- 19.08lay
,
Range _ _ 19.30-19.49 19.03-19.24 19.0649.22 18.95 19.15 19.12-19.29 18.95-19.19
Closing _ 19.31-19.33 19.21-19.24 19.99-19.11 19.05-19.06 19.27-19.29 19.04-19.05
June-Range_ _
18.95 ---- 19.16 ---- 18.91 ---Closing. 19.21 -- 19.10 ---- 18.96July
Range_ _ 19.13-19.33 18.86-19.05 18.83,13.97 18.74-18.93 18.95-19.06 18.74-18.95
Closing. 19.13-19.15 19.00-19.93 18.33 ---- 18.85,18.86 19.04-19.06 18.79-18.80
Aug.
Range _ 18.81 ---- 18.65 ---- 13.63 ---- 18.81 ---- 18.59 ---Closing _ 18.94dept.
Range._
18.42 ---- 18.60 ---- 18.39 ---Closing - 18.77 ---- 18.61 ---- 13.46Oct.
Range... 18.60-18.73 18.26-13.48 18.27-18.39 18.17-18.34 18.24-18.40 18.15-18.27
18.41-13.43 18.27-13.28 18.21-18.22 18.39-18.40 18.19-18.21
Closing _ 18.60Nov.
Range._ 18.64-18.64
18.37 ---- 18.17 ---Closing _ 18.55 ---- 18.40 ---- 18.24 ---- 18 18Dec.Range-- 18.50-18.5. 18.17-12.38 18.20-18.32 18.1048.26 18.17-18.35 18.08-18.22
18.15 ---- 18.35 ---- 18.15-18.16
Closing- 18.46 ---- 18.38 ---- 12.21 -
Range of future prices at New York for week ending
Jan. 13 1928 and since trading began on each option:
Range Since Beginning of Option.
Option for
-
Range fir Week.
Jan. 1928__ 18.88
Feb. 1928_
Mar. 1928_ _ 18.85
Apr. 1928
May 1928.. 18.95
June1928
July 192&.. 18.74
Aug. 1928
Sept.1928..
Oct. 1928 18.15
Nov.1928 18.64
Dec. 1928._ 18.08
Jan. 9 19.28 Jan. 7 14.11
18.19
Jan. 13 19.36 Jan. 7 14.75
18.35
Jan. 11 19.49 Jan. 7 17.35
18.83
Jan. 11 19.33 Jan. 7 18.30
18.78
18.38
Jan. 13 18.73 Jan. 7 18.00
Jan. 7 18.64 Jan. 7 18.45
Jan. 13 18.59 Jan. 7 18.08
Mar. 15 1927 24.77 Sept. 8 1927
July 12 1927 23.73 Sept. 8 1927
Apr. 4 1927 24.99 Sept. 8 1927
July 12 1927 26.67 Aug. 31 1927
Aug. 3 1927 25.07 Sept. 8 1927
Dec. 14 1927 21.77 Sept. 19 1927
Dec. 13 1927 24.70 Sept. 8 1927
Dec. 14 1927 20.86 Nov. 9 1927
Dec. 13 1927 21.10 Oct. 27 1927
Dec. 13 1927 20.20 Nov. 9 1927
Dec. 14 1927 18.64 Jan. 7 1928
Jan. 13 1928 19.05 Jan. 3 1928
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 13Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1928.
1927.
bales. 842,000 1,255,000
77,000
1926.
881,000
155.000
155.000
919.000 1,410,000
967,000
587.000
337,000
13.000
121,000
30,000
344,000
214,000
3,000
93.000
49,000
613.000
262.000
11.000
94,000
53.000
1.088,000 1,033,000
703,000
Movement to Jan. 14 1927.
Movement to Jan. 13 1928.
Friday.
Jan. 13.
1925.
723,000
2,000
81,000
806,000
2.000
211.000
185,000
8,000
80.000
59,000
2,000
5.000
552,000
2,007.000 2,443,000 1,670,000 1,358.000
Total European stocks
_ 60.000
49.000 119.000 100,000
India cotton afloat for
Europe_American cotton afloat for Europe 443,000 747.000 417.000 650.000
69,000
87,000 103,000
Egypt.Brazil.&c.,afloatforEurope 80,000
443,000 431.000 324,000 263,000
Stock in Alexandria, Egypt
Bombay. India
596.000 438,000 676.000 439.000
Stock in
a2.459.822a2.948.782 1,639,845 1.654.420
Stock in U. S. ports
Stock in U. S. interior towns-a1,261,688a1,509,833 1,999,693 1,441,041
9.927
800
1.465
U. S. exports to-day
Ship- Stocks
metals. Jan.
Week. I Season. Week. 13.
Receipts.
Receipts.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blythevill
Forest City_ Helena
Hope
Jonesboro_ _ _
Little Rock_ _
Newport-Pine Bluff
Walnut Ridg
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus_ _ _
Macon
Rome
La., Shreveport
Miss.,Clarksdal
Columbus_ _ _
Greenwood._
Meridian _ _ _
Natchez
VicksburgYazoo City Mo., St. Louis_
N.C.,Greensb'r
Raleigh
Okla., Altus x
Chickasha x..
Okla. City x_
15 towns*_
S.C.,Greenvill
Greenwoodx _
Tenn.,Memphis
Nashville x_
Texas, Abilene_
Austin
Brenham_ _
Dallas
Ft. Worth x_
Paris
Robstown_
San Antonio_
Texarkana _
Waco
Week. Season.
Ship- Stocks
ments. Jan.
Week. 14.
1,483 20,142 1,020 78,781 1,284 15,657
77.77
415 10,546
172 23,352
86 12,318
18,045
759 33.636 1,373 110,315 2,057 32.529
68.45!
82 26,16
54,87:
82,659 1,860 38,686
18
68.422 2,123 21.81
447 15,177
33,934
1,301 21,135 2,363 79,705 2,496 42,035
44,07
1,536 6.038
42,51
5,561
28.632
6
93.074 2,975 27,25
3,561 181,786 4,128 73,111
44.700 1,886 7,48
109,821 3,495 41.89
3,11
155,363 4,153 71,742
445 8.310
30,762
5 2,20
21
4,945
8,591
66 4,019
47.204 1.025 21,851
50
32,021
200 12,868
92.196 2,638 34,65
6,00 209,516 5,000 95,482
218.102 6,144104.195 9,528 274,307 12,159 111,435
47.967 2,136 4,335
783 39.377
796 4,929
48,519 1,025 7.236 1,178 81,085 2,164 15,214
250 18.101 1,546 44.259
31.073
900 28,249
892 47.05
90.30
2,927 147.245 3,218 63,472
144.711 3,281 73.392 4,631 146.494 5,912 87,210
229 9,288
32,220
617 38,414 1,339 10.948
151.228 1,883 85.267 1,259 155.621 5,936 91,629
562 9,366
591
36.306
48,324 1,282 16,669
506 20.617
509 34,634
32,647
861 13,625
471 7.809
500 29,444 1,000 19,872
16,395
370 16.819
263 35.018 1,193 23,140
26,873
220,714 12,581 2.352 18.773 353,267 18,759 8,287
20,185 1,197 20,950 1,334 24,984 1,039 17,199
786 5,243
11,020
61
17,177
11,281
9,768 146,910 7:695 26,697
6,339 131,645 6.313 19,965
8,039 126,781 6,818 33,898
12:527 662,041 12,976 95:969
6,193 221,435 9.232 79.984 9.801 211,688 8,542 82,600
318
6,881
228
32,5911,012,062 35,222 269,570 65,354 1,358.998 69,243326,314
5,276
___ 2 499
1: 36
7
706 45,062 1,064 1,330 2,376 69.291 5
,463
481 23,899
546 2,814
543 31,567
511 4,027
604 11,648
184 23,256
704 23,432
607 7,464
1,393 74,064 1,358 26,154 4,370 147,249 2,838 56,374
2,978 97,221 3,364 18,052
447 6,993 1,070 50,495
566 67.605
707 2,211
1,538
29.690
110 4,630
69 32,589
456 56,906
9i7 3,476
7
759 12,404
694
33,228
1,262 78,411 1,580 12,644
286:
271
4871
79i
1,580,
183
298
1111
938
1,044
1,006
1,189
1,649
5
450
2,847;
2,585
450
327,
345
237,
458
25
520
102
151
55
132
12,940
264
167
Total, 57 towns 87,6034,311.043 118.28712818Ru 174.028 cso5.
0R2101.184150833
The above total shows that the interior stocks have
decreased during the week 33,844 bales and are to-night
248,145 bales less than at the same time last year. The
receipts at all the towns have been 87,325 bales less than the
same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Saturday__ Monday _ _
Tuesday
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
SALES.
Spot. Contr'ct Total.
Quiet, 20 pts. dec-_ Barely steady..
Quiet, 5 pts. dec_ _ Steady
Quiet, 5 pts. dec... Barely steady..
Quiet, 5 pts. dec.. Steady
Steady, 20 pts. adv. Very steady_ - _
Quiet, 00 pts. dee_ Steady
Total week
Since Aug. 1
9,466
1,300
1,300
1.000
1,700
2,700
500
9,400
1,700
4,000
1,800
1,000
3.600 14.300 17,900
194.147 634,900 829,047
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1927-28--1926-27
7.351.975 8,654.415 6,958,465 5,974,461
Total visible supply
January 13Since
Since
Of the above, totals of American and other descriptions are as follows: ShippedWeek. Aug. 1.
Week. Aug. 1.
American
Via St. Louis
12.581 219,415
18.759 358,432
569,000 567,000
bales_ 562,000 894,000
Liverpoolstock
Via Mounds, &c
5,610 168,264
11,050 208,280
53.000
70,000
60,000 138,000
Manchester stock
Via Rock Island
1.167
7,762
11,447
470
1,033,000 995.000 667,000 509,000
Continental stock
Via Louisville
1,356
19,683
32,658
1,014
443,000 747.000 417,000 650,000
American afloat for Europe
Via Virginia points
5,932 131,664
6,882 148,128
32,459.82202.948.782 1,639.845 1,654.420
U. S. port stocks
Via other routes, &c
9,145 165,951
15,556 306,997
a1,261.688a1,509,833 1,999,693 1,441,041
U. S. interior stocks
800
9,927
U.S. exports to-day
1.465
Total gross overland
35.791 712,739
53,731 1,065,942
Deduct Shipments
Total American
5,820.975 7,233,415 5,372,465 4,874.461
Overland to N. Y., Boston, Sm..- 2,026
48,652
74,421
3,896
East Indian, Brazil,
Between interior towns
518
11,153
13,114
677
stock
361.000 312,000 156.000
Liverpool stock
280.000
Inland, &c.,from South
11,824 364.967
28.049 446,699
2,000
London stock
28.000
Manchester stock
17.000
16,000
17.000
Total to be deducted
14.368 424,772
32,622 534,334
43,000
38.000
Continental stock
55,000
36.000
49,000 119.000 100,000 Leaving total net overland*
60.000
Indian afloat for Europe
21.423 287.967
21,109 531,608
69.000
87.000 103,000
Egypt Brazil. &c., afloat
80.000
* Including movement by rail to Canada.
413.000 431.000 324,000 263,000
Stock in Alexandria. Egypt
The foregoing shows the week's net overland movement
596,000 438,000 676,000 439.000
Stock In Bombay,India
Total East India, &a
Total American
1.531,000 1,421,000 1,586,000 1,100,000
5.820.975 7,233.415 5,372,465 4,874,461
this year has been 21,423 bales, against 21,109 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 243,641 bales.
7.351.975 8.654.415 6,958,465 5,974,461
Total visible supply
10.90d.
7.16d. 10.84d. 13.08c1.
Middling uplands. Liverpool
19.45c.
13.50c. 21.050. 24.00c.
Middling uplands, New York
1927-28
In Sight and Spinners'
19.05d.
15.188. 20.004. 31.004.
good Sakel, Liverpool
Since
Egypt,
Takings.
Week.
11.50d. 23.004. 20.75d.
Aug. 1.
Peruvian. rough good. Liverpool_ 12.288.
9.604. 11.85d. Receipts at ports to Jan. 13
9.80(1.
6.45d
117,331 6.291.541
Broach, fine. Liverpool
Liverpool
12.404, Net overland to Jan. 13
10.00d.
6.90(1
Tinnevelly. good.
287,967
10-504.
•
Southern consumption to Jan. 13-110,000 2,681,000
a Houston stocks are now included in the port stocks, in previous years
they formed part of the interior stocks.
Total marketed
248.754 9,260,508
Continental imports for past week have been 139,000 bales. Interior stocks in excess
*33,844
888,836
of Southern mill taking
The above figures for 1928 show a decrease from last Excess consumption to Dec. 1-over
236,744
week of 68,784 bales, a loss of 1,302,440 from 1927, an
Came into sight during week_--214.910
Increase of 393,510 bales over 1926, and a gain of 1,377,514
Total in sight Jan. 13
---- 10.386,088
over 1925.
bales
North. spinn's's takings to Jan. 13 39,310
833.175
-that is,
*Decrease.
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
-1926-27
Since
Aug. 1.
Week.
264,749 9,060,858
531.608
21,109
115.000 2,371,000
400,858 11,963,466
978,498
19.471
603,864
420.329
---- 13,545,828
----
1,161,304
Movement into sight in previous years:
Week1925
-Jan. 16
-Jan. 17
1924
-Jan. 18
1923
Bales.
Since Aug. 1264,759 1925-26
326.701 1924-25
212,068 1923-24
Bales.
12.189,603
11,182,728
8,815.542
JAN. 14 1928.]
FINANCIAL CHRONICLE
273
QUOTATIONS FOR 7IDDLING COTTON AT OTHER part of the crop which finally reaches the market through
MARKETS.
the outports.
Week Ended
Jan. 13.
Galveston
New Orleans_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
19.45
19.31
19.15
19.36
19.50
19.80
19.44
18.80
19.30
18.72
18.60
19.40
19.22
19.15
19.38
19.44
19.50
19.44
18.75
19.25
18.65
18.55
18.55
19.25
19.22
19.05
19.31
19.38
19.50
19.31
18.65
19.15
18.65
18.40
18.45
19.20
19.16
19.00
19.26
19.34
19.50
19.25
18.60
19.10
18.50
18.35
18.35
19.35
19.34
19.20
19.45
19.44
19.50
19.50
18.80
19.30
18.70
18.50
18.55
19.10
19.03
19.00
19.20
19.19
19.50
19.25
18.55
19.05
18.45
18.30
18.25
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. 7.
Monday,
Jan. 9.
Tuesday, Wednesday, Thursday,
Jan. 10.
Jan. 11.
Jan. 12.
Stocks at Interior Towns.
1927. I 1926.
Receiptsfrom Plantations
1925.
1927. I 1926. I 1925.
Oct.
14-- 391,639918.810423.813 869.2971 975,402 1.267.365518,089724,419551.560
21._ 89.720 587,297983.026 974,900 1,076.125 1.385.045495.323688.020 500.706
28.... 4,139535.376,376,061 1,101,815 1.166,683 1,516.099 551,145 625.934507.115
Nov.
1
4_ _ 438.156 508.763437,549 1.199.935 1.264.450 1.568.003 536.276 606,530 489,453
II__ 390.293 488.446 343,371 1,260.956 1.349.980 1,646.178451.314 573,946 421.546
18__ 341,143517,7111377.983 1.290,409 1,415,095 1.677.442 370,596 583,298487,588
25-- 257.764,470.442 311,384 1,307.971 1,456,381 1,784,345275.326 511,728418,287
Dec.
2_ 284,933482,959396,275 1.329 9001.490.161 1,836,525 306.862516.7391448,455
9._ 233.588451.084330.8501,342.808 1,528,555 1,902.018946,196 489,478 396,043
16_ 199.9621400.731 351.4951.331.182 1.552.303 1.9'24.0021188,636 424.479373.469
24.... 180,499 339,577 224.398 1,308.770 1.561.4602.000.037158,087 345.938 299,671
31 _ _ 159.0691323.796913.200 1.328.743 1.5112,861 2.034,905179.042 325.197 247.971
1
Jan. 1928. 1927. I 1926. I 1928.
1927. I 1926.
1928. I 1927. I 1926.
6_ _ 110.324 238.809 151,454 1,295.532 1,529,304 2,023,364 77,113 205,252 160.090
13._ 117,3311264,749 178.7341.261.6881,509.833 1,999.693 83,487284.220155,091
Friday.
Jan. 13.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 7,168,403 bales:
in 1926-27 were 9,840,807 bales,and in 1925-26 were 8,682,170
bales. (2) That although the receipts at the outports the
past week were 117,331 bales, the actual movement from
plantations was 83,487 bales, stocks at interior towns
having decreased 33,844 bales during the week. Last year
receipts from the plantations for the week were 284,220
bales and for 1926 they were 155,001 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
CENSUS REPORT ON COTTONSEED OIL PRODUC- since Aug. 1 for the last two.seasons, from all sources from
TION DURING DECEMBER.
-Persons interested in which statistics are obtainable, also the takings or amounts
this report will find it in our department headed "Indications gone out of sight for the like period.
of Business Activity," on earlier pages.
1927-28.
1926-27.
Week and Season.
MEETING OF THE MEMBERS OF THE NEW
Week.
Season.
Week.
Season.
YORK COTTON EXCHANGE.
-The board of managers
of the New York Cotton Exchange, it was announced on Visible supply Jan.6
7,420,759
8,501,697
Visible supply Aug. 1
4,961,754
3,646.413
Tuesday (Jan. 10), has called a meeting of the members American In sight to Jan. 13-of the Exchange on Feb.6 to consider a plan for a Southern Bombay receipts to Jan. 12........ 214,910 10,386.088 420,329 13,545,828
137,000 1,110.000 160.000
912,000
delivery contract,.submitted by a committee of which OtherIndia ship'ts to Jan. 12.... 12,000 238.500
5.000
154.000
Alexandriareceipts to Jan. 11
28.000
869.860
45.000 1.020,400
Richard T. Harms is Chairman. President Samuel T. Other supply to Jan. 11..*.b8,000
363,000
15.000
432.000
Hubbard Jr. announced that he was opposed to the plan.
Total supply
January __ 19.0118.9918.8818.80 Bld 18.97 Bid 18.68February.
March_ _ 19.20-19.21 19.05-19.07 18.95-18.98 18.90-18.91 19.08-19.09 18.77-18.79
(pill
May
19.14-19.15 18.97-18.98 18.85-18.88 18.82-18.84 19.0318.77-18.78
rune
Filly
19.00-19.01 18.8518.6518.6118.74-18.75 18:80-18792
August.. _ _
3eptember
October ... 18.32-18.33 18.1617.95- 17.92
18.08-18.09 17.89-17.90
November
December- 18.24-18.26 18.00 Bld 17.90 Bid 17.85 Bid 18.01-18.03 17.83 Bid
Tone3pot
Steady
Steady
Steady
Steady
Steady.
Steady
Options_ _ _ Steady
Steady
Steady
Steady
Steady
Steady.
The plan proposes that deliveries of cotton be made at four Southern
7,820,669 17,929,202 9,147,026 19.710,641
Deduct
points
-Norfolk, New Orleans, Galveston and Houston-and would ex7.351,975 7,351.975 8,654,415 8.654.415
clude deliveries at New York. In a memorandum the members of the com- Visible supply Jan. 13
mittee said that in suggesting this plan they had kept before them the
Total takings to Jan. 13_a
468,694 10.577.227 492.611 11,056.226
advisability of:
Of which American
"As nearly as possible retaining the present form of our contract and
322,694 7.954,867 420.611 8.550,826
Of which other
146,000 21122.360
making no unnecessary changes in the details of its working.
72,000 2.505.400
"Providing as nearly as possible the equivalent of our present contract
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
without any of its objectionable features.
a This total embraces since Aug. 1 the total estimated consumption by
"Having the contract carry such reasonable stipulations as would add to Southern mills. 2.681,000 bales in 1927-28 and 2,371,000
its intrinsic value and would result in the near month constantly trading -takings not being available-and the aggregate amountsbales in 1926-27
taken by
at prices substantially above quotations in the cheapest Southern port of ern and foreign spinners, 7,896.227 bales in 1927-28 and 8,685.226 Northdelivery.
1926-27, of which 5,273,867 bales and 6,179,826 bales American. bales in
"Having our contract in all reasonable respects as distinct and different
b Estimated.
as possible from the present Southern delivery contracts of the Chicago and
New Orleans Exchanges, so long as this difference can be accomplished with
INDIA COTTON MOVEMENT FROM ALL PORTS.
advantage to the contract itself and to the cotton trade in general."
The receipts of India cotton at Bombay and the shipments
The other members of the committee which drew up the plan are Thomas
F. Cahill, Clayton E. Rich, Walter L. Johnson, Archibald B. Gwathmey Jr. from all India ports for the week and for the season from
and Lamar L. Fleming. Mr. Cahill is not in favor of the principle of South- Aug. 1, as cabled,
for three years, have been as follows:
ern deliveries, the memorandum says, but would favor the proposed plan
If the Exchange should adopt Southern deliveries.
President Hubbard issued the following statement explaining his oppo1927-28.
1926-27.
1925-26.
January 12.
sition to the plan:
"This plan, known as the 'Southern delivery plan.' has been submitted
Receipts at
Since
Since
Since'
to the membership of the New York Cotton Exchange for consideration
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
at a general meeting to be held on Feb. 6 as a result of a petition signed by
55 members requesting the board of managers to bring the matter before Bombay
137,000 110,000 160,000 912,000 123,000 1,170,000
the general membership.
"As far as I am individually concerned. I am opposed to this 'plan,'
For the Week.
Since August 1.
which I believe will cause great injury to the cotton trade of New York
Exports.
and the Port of New York, where we now have every facility for handling
Great Conti- Japan&
Great
Conti- Japan st
cotton on a most economical basis in a modern warehouse, devoted excluBritain. neat. China. Total. Britain.
neat.
Total.
China.
sively to the handling of cotton and equipped with a Webb high-density
cnaress."
Bombay
1927-28.... 5.000 6.000 86.000 97,000 21,000 174,000 360,000 555.000
CENSUS REPORT ON COTTON CONSUMED AND
1926
-2711,000 46,000 57,000
1,000 121,000 377,000 499.000
ON HAND IN DECEMBER, &c.
-This report, issued on
1925
-26-13,000 46,000 59.000 14,000 202.060 463,000 679,000
Jan. 13 by the Census Bureau, will be found in full in an Other India1927-28..- 9,000 3,000
12,000 33,500 205,000
238,500
earlier part of our,paper under the heading "Indications of
1926-27_ _ 1,000 4.000
5,000 11.000 143,000
154.000
Business Activity.'
1925-26....
30,000
30.000 42,000 210,000
252.000
WEATHER REPORTS BY TELEGRAPH.
-Reports to Total all
1927
-28- 14,000 9,000 86,000109,000 54,500 379.000 360.000 793.500
us by telegraph this evening denote that during the early
1926-27_ 1,000 15,000 46.000 62.000 12,000 264.000 377.000 653.000
part of the week freezing weather prevailed but the rest of
1925-26_
-- -- 43.000 46,000 89,000 56.000 412,000 463.000 931,000
the week temperatures have been much higher. Rainfall
According to the foregoing, Bombay appears to show a
has been light and scattered.
decrease compared with last year in the week's receipts of
Rain. Rainfall.
Thermometer
Galveston. Texas
1 day 0.34 in. high 76 low 40 mean 58 23,000 bales. Exports from all Indian ports record an increase
Corpus Christi
1 day 0.66 in. high 76 low 42 mean 59 of 47,000 bales during the week, and since
Aug. 1 show an
Dallas
dry
high __ low 34 mean -Del Rio
dry
high __ low 34 mean _ _ increase of 140,500 bales.
Palestine
1 day 0.08 in. high 76 low 34 mean 55
ALEXANDRIA RECEIPTS AND SHIPMENTS.
San Antonio
-We
1 day 0.30 in. high 76 low 42 mean 59
Taylor
1 day 0.02 in. high __ low 34 mean -- now receive weekly a cable of the movements of cotton at
Orleans
New
3 dais 1.26 in. high __ low __ mean 55 Alexandria, Egypt. The
following are the receipts and
Shreveport
2 days 0.03 in. high 76 low 32 mean 54
Mobile, Ala
2 days 0.28 in. high 66 low 32 mean 52 shipments for the past week and for the corresponding week
Savannah, Ga
1 day 0.01 in. high 71 low 33 mean 52 of the previous two years.
Charleston,5.0
1 day 0.01 in. high 71 low 30
Charlotte. 51.0
days 0.29 in. high 70 low 25
mean 51
mean 50
The following statement we have alsoreceived by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Jan. 13 1928. Jan. 141927.
Feet.
Feet.
Above zero of gauge..
10.8
15.1
Above zero of gauge..
18.2
37.5
Above zero of gauge_
12.0
1014
Above zero of gauge_
11.1
17.1
Above zero of gauge_
44.5
32.2
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
Alexandria. Egypt.
Jan. 11.
Receipts (cantars)Thls week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester. &c_ _ _
To Continent and India_
To America
1927-28.
1926-27.
1925-26.
140.000
4.150,156
225,000
5.092.156
155.000
5.324.777
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
5.000 70.959 ---- 108.622 9.000 108.117
7.000 73.286 ---- 85.411 11.000 101.303
16,000 200.063 13.000 176.849 6.500 179,661
8,00o 71.255 ---- 60.942
900 75.744
Total exports
36,000 415,563 13,000 431.824 27.400 464.825
Note.
-A canter is 99 lbs Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ending Jan. 11 were
140,000 canters and the foreign shipments 36.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for foreign markets is improving. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
32. Cop
Twist.
Nov.
18.
30
Jan.
854 Lb.. Shirt Cotton
lags, Common Micktrg
Uprds
to Finest.
32, Cop
Twist.
Sy( Lbs. Shirt- Cotton
tags, Common Midas
Uprds
to Finest.
d. s. d.
s. d.
d.
a. d. d.
d. •.d.
d.
11.54 135(6145( 12 2 612 6
165(518H 13 2 613 6
11.09 13 81434 12 0 612 3
16348 1834 13 2 613 6
I63444834 13 3 @l3 6 11.66 125(61454 12 0 612 3
11.75 12i(6145( 12 0 612 2
1634181834 13 3 613 6
11.04 1254614 12 0 612 2
14 616 13 0 613 3
10.91 12)4614 12 0 612 2
1534141734 13 0 613 3
11.14 125461354 12 0 612 2
15546175i 13 1 613 3
1413 4
1813 4
8134
8137
5 14 1
1928
514 0, 17 0 13 5 @ 14 1
15346 1654 13 6 614 1
1534617 13 1
151( 165( 13 1
15)(0 1654 13 0
153401634 132
1534817 134
10.90
10.68
10.68
10.88
11.60
10.02
10.90
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,
12:15 1
P. M.
Good
demand,
Good
demand,
Good
demand,
d.
7.35
6.70
6.85
6.80
0.95
7.03
6.92
6.42
6.46
6.62
6.81
6.89
12 613)4 12 0
115(613 11 6
1134813 0 11 7
115(513 11 7
1154 it 125( 116
612 2
612 0
12 1
0 12 1
(712 0
1927
1140 1214 116 t• 120
154613 11 7 612 1
6.98
7.10
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 131,849 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
MId.Uprds
11.046.
Bales
1926.
1927.
Oot.14
[VOL. 126.
FINANCIAL CHRONICLE
274
8,000
10.92d
12,000
10.87d
12,000
Good
demand.
10.786.
10,000
Good
demand.
Friday.
Good
Demand.
10.816. 10.906
12,100
10,000
Steady,
Quiet
Quiet
Quiet
Quiet
Quiet
Market { 1 to 3 pta 7 to 11 pta. 5 to 7 pta. 6 to 8 pts. I to 3 pta. 2 to 3 ptadecline,
advance,
advance,
opened
decline,
decline.
advanoe.
Futures.
Market. { Q't but st'y Barely iit'y Q't but st'y Q't but st'y Steady Barely it'd
1 pt. dec.to 19 to 24pta. unch. to 74 to 9 pte. • tog pte.8 to 12 pta.
4
P. M.
4 eta. adv. decline.
eta. adv.
doellee
ad.....
dahollna
Prices of futures at Liverpool for each day are given below:
Wed.
Sat.
Jan. 7.
to
Jan. 13.
121( 125( 121ol 4:00 12341 4
P• m•P• m.
Thurs.
Fri.
1234 4:00 12)( 4
1214 4:00
p. m.p. m.p. m'.m.p.m.
4. I 4.
d.
4. I el.
. d.
4.
4.
4.
d. I d.
,
__ 70 45 I) 1 0 ?1. 0 27 0280 18'0 1910 21:0 2810.3010.15
January ______
042 0 0 0 18 0240 33 0 15 .0 16 1) 19 0 2510.2810.16
February
4'
March..:o42 0 2v 0 18 .0 23 0 32.0 , 0 15 0 18 02410.2710.14
April
0 360 24:0 14.0 1810 17 00 i 0 PO :0 13.0.1810.2210.09
_ 10.3610.23 10.13 10.17 10.16 10.08 10 0910.1210.1710.2110.08
May
10.10 10.0910.0110.0310.05113.10 10.1510.02
10.28
June
10.24 10.1310.03110.06 10.051 9.9 10.0010.0210.0710.12 9.99
July
9.93 9.911 9.8 9.87 9.88 9.93 9.991 9.85
10.1210.00
August
September--------9,93 9.88 9.781 9.79 9.791 9.7 9.74 9 75 9.81 9.861 9.73
9.87 9.76 9.671 9.67 9.671 9.62 9.63 9.64 9.70 9.741 9.61
October
November--------9.81 9.70 9.61 9.61 9.61 9.56 9 57 9.58 9.64 9.8 9.66
9.81 9.70 9.61 9.61 9.61 9.56 9.57 9.58 9.64 9.6 9.55
December
__ __
January 1929._ -- -- 9.79- 9.68 9.601 9.59 9.60k 9.5 9.56 9.56 9.62 0.663 9.53
Bales.
-Jan. 6-At.henia, 1.574; Huronla.
NEW YORK-To Liverpool
3,310
1,736
557
-Suffern, 507_ _ _Jan. 11--Sarcoxi. 50
7
To Havre-Jan.
100
-Chinese Prince, 100
To Japan-Jan. 6
1,292
-Columbus. 1.292
To Bremen-Jan.9
200
To Oporto-Jan.9-Zinal,200
35
. To Genoa-Jan. li-Laguna. 35
20
SAVANNAH-To Rotterdam-Jan.6-Osterdal,20
520
To Hamburg-Jan.6-Osterdal,520
Maru.300
00
3
To Japan-Jan.7-Juluku
3.630
GALVESTON-To Venice-Jan. 4-Giulia--3,630
1,587
To Havre-Jan. 10-De La Salle, 1.587
850
To Trieste-Jan.4-Giulia, 850
4,629
Barcelona-Jan. 4-Sapinero. 4,629
To
To Liverpool-Jan.6-Minnie de Larrinaga. 3,606---Jan. 711,351
Abercos, 2.854: Nessian. 4.891
-Jan. 7
-Minnie de Larrinaga. 3,360
To Manchester-Jan. 6
4,153
-Abercos,493: Nesslan. 300
9,854
To Bremen-Jan.6-Orestes. 4.904: Jeff Davis,4,950
200
-Jeff Davis, 2To Rotterdam-Jan.6
150
To Copenha.ten-Jan. 6-Gorm. 150
7-Taiho Marti, 2,200.-Jan. 9-Mayebashi
To Japan-Jan.
11,200
Marti, 9.000
900
HOUSTON-To Copenhagen-Jan. 6-Gorm, 900
255
To Rotterdam-Jan. 11-Cody, 255
-Leeds City. 8.671---Jan. 11-Agun
5
To Japan-Jan.
11.671
Maru,3,000
5.981
To Genoa-Jan. 7-Collingsworth, 5.931
-De la Salle. 5,597-2an. 11-Cody.
To Havre-Jan. 9
10.432
2.771-- -Jan. 12- Wulaty Castle, 2,064
2,005
-Jan. 12-Wulsty Castle, 2.005
To Ghent
82
To Antwerp-Jan. 12-Wulsty Castle, 82
-Baja California, 200.
Vera Cruz-Jan. 6
NEW ORLEANS-To
800
Tegucigalpa, 600
90
To Havre-Jan. 10-Bockenhelm, 90
1.864
-Mount Evans, 1,864
To Liverpool-Jan. 7
1,606
-Mount Evans, 1,606
To Manchester-Jan. 7
40
To Oporto-Jan. 7-Orontz, 40
700
To Gothenburg-Jan. 11-Tampa. 700
-Liberator, 5.137--Jan. 9-Hawail Marti,
To Japan-Jan. 7
7,337
2,200
875
-Liberator,875
To China-Jan. 7
100
-Tampa. 100
To Oslo-Jan. 11
OHARLESTON-To Bremen-Jan. 9-Waalhaven, 3.350-Jan.
4,886
11-Wildwood, 1.536
200
To Liverpool-Jan. 11-Shickshinny, 200
65
To Hamburg-Jan. 9-Waalhaven, 65
1,900
To Japan-Jan. 12-Fordefjord, 1.900
68
To Rouen-Jan. 11--Kelkheim, 68
1,986
To Antwerp-Jan. 11-Kelkheim, 1,936. Wildwood, 50
368
To Ohent-Jan. 11-Kelk helm. 358
7,300
-Teresa Oder°, 7.300
WILMINGTON-To Genoa-Jan. 12
-Jan.9
SAN PEDRO-To Liverpool-Jan. 7-Lochkatrine. 325
1,015
.
Lancaster 690
900
To Bremen-Jan. 10-Wlevand,900
200
To Japan-Jan. 11-Mberia-Maru. 200
-Jan.
-Bellflower. 1,190
10
NORFOLK-To Manchester-Jan.
2,989
11-Banrack, 1.799
-Seattle
-Jan. 13
To Bremen-Jan. 10-Kellerwald, 3,083
4,548
Spirit, 1.465
500
-Chinese Prince. 500
To Japan-Jan. 10
165
-Jan. 11--Oalt3miore, 165
To Liverpool
3,150
-Liberator. 3.150
Japan-Jan. 3
-To
MOBILE
5,943
-Endicott, 5,943
-To Bremen-Jan. 7
CORPUS CHRISTI
134,849
Total bales
•• COTTON FREIGHT.
-Current rates for cotton from
as furnished by Lambert & Burrowes, Inc., are
New York,
as follows, quotations being in cents per pound.
High
High StandDensity.
ard.
Density
Oslo
.40c. 550.
Stockholm .600.
Mancbester.400. .550.
.500.
Trieste
Antwerp .400. .550.
.500.
.47140. .62340. Flume
Ghent
Liverpool
.310.
Havre
Rotterdam .400.
.500.
Genoa
.460.
.550.
.65e.
Lisbon
.500.
.650.
Oporto
Barcelona .300.
Japan
.660.
.750.
.65o.
.650.
Bombay
.650.
Stand
ord.
.850.
.800.
Bremen
.500.
.65o.
Hamburg .500.
.650.
.65e.
.800.
Piraeus
Monica
.85o.
.850.
.45o.
.850.
Venice
.50o.
High
Density.
Standard.
Shanghai .700.
$1.00
$1.00
.65o.
-.-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 23. Dec. 30.
13.000
34,000
14,000
19.000
1.000
1,000
32.000
57.000
851,000 870.000
566,000 585.000
51,000
38,000
42.000
19,000
180,000 157.000
89,000
112,000
Jan. 6. Jan. 13.
66.000
61,000
45,000
44,000
1.000
2.000
64,000
58,000
863,000 842,000
576,000 562.000
56.000
52,000
38.000
34.000
132.000 135,000
71.000
78,000
futures
The tone of the Liverpool market for spots and
prices of
each day of the past week and the daily closing
spot cotton have been as follows:
BREADSTUFFS
Friday Night, Jan. 13 1928.
Flour has remained for the most part quiet here, and
Northwestern and Southwestern mills are in no better case.
Trade lags. Prices have been steady enough, but there is
no aggressive tone in the market. That is clear enough. In
fact, it is pretty much the old story of buying to supply
immediate needs where there is any buying at all. The
export market shows no improvement. It is still quiet.
Wheat has latterly been higher, but declined early in the
week with the cables lower, export demand light and CanaTan marketings still large. Export sales on the 9th inst.
were only 200,000 to 250,000 bushels. The Northwest was a
moderate seller of May and July. Liverpool closed %d.
to %d. lower and Buenos Aires was unchanged. World's
shipments were a little over 14,000,000 bushels with a
slight increase in on passage stocks. The United States visible supply decreased 1,558,000 bushels and the total is now
84,019,000 bushels against 61,150,000 a year ago. Stocks
decreased 461,000 for the week. The Canadian visible supply in all positions was about 38,000,000 larger than last
year. Very little interest was shown in cash wheat for
Shipment from Chicago to outside mills but spot premiums
were firm on choice grades. Southwestern receipts were
small and premiums there were strong. On the 11th Inst.
prices declined early and then rallied and closed generally
%c. higher for the day. Cash markets were firm. And the
premiums in the Northwest and Southwest were higher.
Winn:peg was higher. So were other Northwestern markets. The Government weekly report was unfavorable, stating that the weather was dry over the Southwest and that
the abnormally high temperature had melted the snow and
that the new Winter wheat crop is without adequate snow
covering. European requirements of United States wkeat
this season were estimated by Broomhall at 216,000,000, of
which 144,400,000 bushels have already been exported. Liverpool was disappointing owing to larger Argentine shipments estimated at 4,293,000 bushels for the week. They
are expected to increase weekly from now on. The next
Argentine estimate will show, it is believed, an increased
crop owing to the very favorable weather. The Australian
official crop estimate is 109,000,000 bushels. On the basis
of present estimates for the Southern Hemisphere, there
are about 42,000,000 bushels less for export, it is estimated,
compared with last year's figures, but it is argued that this
is more than made up by increased stocks in sight in North
America at the present time. Foreign demand is small.
Milling demand continued good for choice grades, but medium and lower grades were dull.
To-day prices closed % to lc. higher in the various markets. There was only a fair amount of trading. But export sales were stated at 400,000 to 500,000 bushels, mostly
Manitoba. The cash markets were universally firm. Liverpool closed %d. higher. Continental markets were somewhat higher. Argentina was unchanged. North American
exports, according to Bradstreet, are 8,923,000 bushels, or
a little larger than for the same week last year. Theyseem to point to world shipments this week of about 14,000,000 bushels. The Argentine surplus is said to be 171,000,000!
bushels, with a carry-over of about 13,000,000 bushels, making a total available supply for export, so Liverpool says,.
of about 184,000,000 bushels. Some reports from the Southwest said that the Winter wheat condition was poor. There.
are fears of frost in parts of the Winter wheat section,
JAN. 14 1928.]
Where there is no snow covering after the recently warm
temperatures. Final prices show a decline for the week of
11(3 to lc.
DAILY ()LOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
14834 14734 146% 15134 15034 1814
No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March
13034 1294 1284 1284 1284 129%
13134 13034 129% 130 12934 130%
May
1274 1264 12534 125% 12534 126%
July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
136% 136 135 13534 13534 1384
May
1353'o 135% 13434 135% 1354 136
July
October
128 12734 126
1274 12734 12834
Indian corn was Ihc. lower for a time early in the week
but rallied and closed on the 9th inst. % to %c. higher. For
there were reports of damage to the Argentine crop by high
temperatures, and covering on the eve of the United States
Government report which was expected to be bullish. On
the other hand, the weather early in the week was favorable
over the entire belt, there was some selling by cash houses,
and the Un:ted States visible supply last week increased
1,640,000 bushels. Also there was some increase in receipts
in the West and Southwest and they were slightly larger
at Chicago. Country offerings, however, were still small.
Some increase was noticeable in Chicago's consignment advices. Export demand did not appear. Neither, however,
was there any pressure to selL The United States visible
supplies increased a little, being 28,500,000 against 36,000,000. The Government report late on the 10th inst. stated
that 2,302,000,000 bushels had been harvested for grain, or
3.9 above the estimate In 1926. The acreage was 98,914,000
of which 83,512,000 was harvested for grain. There were
also 4,347,000 acres cut for silage and 11,044,000 for other
purposes, including hogging down, grazing and forage. The
average yield per acre for corn harvested for grain in 1927
was 27.8 bushels against 26.7 in 1926. Some called this
distinctly bearish because it showed no reduction from the
estimates of December 19th and revealed 68,000,000 bushels
more corn actually 'harvested as grain than out of the preceding crop. The proportion used for other purposes besides silage was smaller than expected and the yield per
acre of corn, actually harvested was 1.1 bushel larger than
1926. The general impression had been that this report
would show a reduction in amount of corn available for
market this year, but it did not. The official figures exceed
private estimates as much as in the December crop report.
Argentine corn Is selling in Liverpool higher it is said
than No. 2 mixed. A big overnight business in corn was
reported here on the 12th inst.
In parts of Illinois cash corn sold, it is said, at $1. Argentine estimated shipments for the week were 3,803,000
bushels, or about half that for the same time last year and
fully 1,500,000 bushels, less than last week. Southwestern
receipts were small. The quality of some of the corn arriving at Chicago was said to be poor. Good weather prevailed
late in the week, but the country is not disposed to sell freely. On the 11th inst. prices after declining early in the day
rallied and ended 1 to 1%c. higher. Considerable selling
of nearby positions, and better Argentine crop reports,
caused the early decline. Some put a bearish construction
on the Government report. Yet others thought that the
crop was overestimated. Important producing centers of
the West and Northwest, it is reported, will have to import
corn for feeding purposes. Cash markets were strong.
There was a good demand for eastern account. Broomhall
estimated European requirements of United States corn this
season will be 68.000,000 bushels.
On the 12th ihst. prices rose suddenly 1% to 2c. above the
early low made by scattered selling. The activity and
strength of cash corn dominated the market. It was helped
by small rece.pts. Also export demand was better and the
Gulf basis advanced. Shorts covered freely. Argentine
shipments fell off. They are likely to be small until tile
new crop begins to move. Feeders buy freely and the industries are taking corn out of Chicago's stores. To-day
prices closed IA to Ihc. higher on active trading. There
were reports of a good export business. That stimulated
buying early in the day. Also the country offered very
little. Liverpool advanced WA. The outlook pointed to
rams. Receipts were only moderate. There were some
reports of disappointing husking returns. It is said In
some quarters that the crop has been overestimated 100,000,000 to 150,000,000 bushels. Export sales yesterday and
to-day to the United Kingdom and the Continent are estimated at 650,000 to 750,000 bushels. Towards the end there
was realizing and something of a reaction. Some regard it
as more of a two-sided market at this level. But cash corn
was % to lc. higher, although later in the day country offerings increased something. Final prices show a rise for the
week of % to 24c. Some private cables said that New
Orleans and St. Louis were selling corn direct to Europe.
/ higher on the 9th inst. with a good cash
,c.
Oats ended 14
demand, light receipts and strong premiums. The United
States visible supply, moreover, fell off last week 236,000
bushels as against an increase in the same week last year
of 100,000 bushels. The total is now only 21,672,000 bushels
against 45,027,000 a year ago. On the 11th inst. prices like
those of other grains declined early and rallied later, winding up %c. higher for the day. A good cash demand was
reported from shippers, industries and feeders. European
requirements of United States oats were estimated at 10,000,000 bushels. On the 12th inst. prices were lifted % to
%c. by the upturn in corn, but the rise met realizing. There
was a brisk cash demand at high premiums fortified by
small receipts. To-day prices closed unchanged to Mc.
higher with a fair trade. Commission houses were rather
more inclined to buy. Shorts covered. Receipts were moderate. Cash oats were firm. The Northwest bought. The
rise in other grain helped oats. Towards the close there
was some profit taking and a moderate reaction from the
high of the day. Cash oats were in fair demand. There is
some talk about light weight of the grain. Final prices
/
show a rise for the week on March.and May of 24c., while
July ended %c. lower.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No.2 white---66@NM 6606634
6534
68
66
66
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March
5334 54
53$ 5334 544 54$
May
5534 55% 54
5534 5534 55
July
52% 52% 51
5234 52% 52
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
645( 64%
6434 64
6334 64
6234 62% 61% 62% 63
62Si
July
October
5634 56% 55% 5534 5634 58
Rye was 14 to / lower early in the week in a dull mar/
1c.
2
ket. The United States visible supply decreased last week
32,000 bushels against 24,000 last year. The total is only
3,194,000 bushels, against 12.854,000 a year ago. But demand was lacking. That fact neutralized strong statistics.
No export demand was reported. On thp 11th inst. prices
advanced 1 to 2c. higher. Stocks are mtiderate. Some export buying was reported. Requirements of United States
rye by Europe were estimated at 48,000.000 bushels. Barley
was firm on the 12th inst. with feeding grains in general.
Exporters were said to be fair buyers. There were rumors
of a rather good export business. Winnipeg was up 34 to
/
%c. and Minneapolis %c. Private advices reported barley
at Chicago as selling at an advance of 2c. from the 11th
inst. On the 12th inst. business was small in rye but a
little trade was done for export. The dullness of trade neutralizes the smallness of the visible supply. To-day prices
closed % to %c. higher with moderate trading. Some of
the buying was supposed to be for the Seaboard. The rise
in wheat tended to brace rye. Export sales of rye were 80,000 bushels. Cash rye was firm with a small country movement. Berlin advanced % to lc. rnal prices show a decline for the week on March and May of 14 to %c. while
/
July ends I/ c. higher.
4
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sot.
108%
1094
10334
March
May
July
Mon. Tues. Wed.
108% 1074 108%
10834.108 109
10334 102 104
Thurs. Fri.
10834 10834
10834 109%
104 104%
Closing quotations were as follows:
GRAIN.
Wheat. New YorkOats. New York
No 2 white
66
No. 2 red. fob
1.51%
No. 13 white
6334
No. 2 hard winter, to.b-1.454
Rye. New York
Corn. New YorkNo. 2fob
1.21%
No. 2 yellow
1.084
No.3 yellow
1.0554 Barley, New York
Malting as to quality
1.0334
FLOUR.
Spring patents
$6.40@$6.70
88.85087 25 Rye flour. patents
Clears. first spring
6 50 ® 6.75 4emollna No. 2. pound_ 44
Soft winter atraights
3.30(4 3.35
6 25a 6 60 Oats yowls
Bard winter straights__ 8.6014 7.00 Corn flour
2.356 2.49
Hard winter patents__ 7 09' 7 50 Barley goods
Coarse
Bard winter clears
55(1(3 825
3.40
Fancy pearl N08.1.2,
Fancy Minn. patents__ 835(3 9 20
3 and 4
City mills
8.50® 9.20
6.506 7.00
For other tables usually given here, see page 212.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 7, were as follows:
United States-New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
- afloat
Toledo
- afloat
Detroit
Chicago
afloat
Milwaukee
Duluth
DAILY CLOSING PRICES OF CORN IN NEW YORK.
- afloat
Sat. Mon. Tues. Wed. Thurs. Fri.
1054 10534 105% 10634 108% 10834 Minneapolis
No. 2 yellow
Sioux City
Bt. Louie
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Kansas City
8734 8734 8634 8734 8934 894 Wichita
March
9134 9134 9034 914 9234 92
St. Joseph. Mo
May
9334 9334 9234 93
933.4 9334 Peoria
July
275
FINANCIAL CHRONICLE
GRAIN STOCK
Corn.
Wheat.
Oats.
bush.
bush.
hush.
995.000
12,000
226.000
1.000
1.000
6,000
758.000
59.000
82.000
1,117.000
72,000
40,000
1,098.000
344.000
101,000
656.000
446.000
2,423.000
288.000
269.000
4.775.000
901,000 1,766.000
8.368.000
82.000
711.000
105,000
2,411.000
128,000
981.000
81.000
15.000
288.000
5.139,000 10.203.000 5.059.000
40,000
14.157.000
323.000
18,738.000
318.000
1,647,000
12.506.000
3,641,000
695.000
3,000
Rye.
bush.
204.000
2.000
51,000
43.000
6.000
21,000
10:000
242,000
Barley.
bust.
317.000
17,000
6,000
85.000
3,000
44.000
36.000
359,000
278.000
5,000
10.000
736,000
43,000
76,000
38.000
1.614,000 1,740,000
388.000 1,273.000
123.000
198.000
1,858.000 7.497,000
436,000
308.000
634.000
682.000
395.000
5,666.000
35.000
401,000
11,000
1.184.000
500,000
131,000
480.000
12.000
122,
216,
272,000
7,000
130,000
276
FINANCIAL CHRONICLE
Corn.
Wheat.
Oats.
Rye.
bush,
bush,
bush,
bush.
858,000
444,000
272,000
1,907,000 3,834,000 1,318,000
146,000
[VoL. 126.
Barley.
bush.
will steadily Increase during the coming weeks. They are
here with the two-fold purpose of filling In on special
sale stocks and attending the Spring fashion show of the
176,000
20,000 Garment Retailers of America, which was held ten days
earlier than usual this year and has done much to stimuTotal Jan. 7 1928
84,019,000 28,673,000 21,672,000 3,194,000 2,493,000
Total Dec. 31 1927____85,637,000 27,033,000 21,908,000 3,226,000 2,657,000 late added interest. The exhibition was held Tuesday night
Total Jan. 8 1927
61,150,000 36,096,000 45,027,000 12,854,000 4.379,000 and proved an outstanding success.
Twenty-nine manuNote.—Bonded grain not included above: Oats, New York, 59,000 bushels:
Boston, 50,000; Baltimore, 29,000; Buffalo, 406,000; total, 544.000 bushels, against facturers exhibited their merchandise, and it was esti218,000 bushels in 1927. Barley, New York, 695,000 bushels; Boston, 201,000; mated that the attendance exceeded fifteen hundred. Silks,
Baltimore, 142,000; Buffalo, 596,000; Duluth, 22,000; Canal, 195,000; on Lakes,
395,000; total, 2,246,000 bushels. against 2,531,000 bushels in 1927. Wheat, New rayons, cottons, woolens, and, in fact, practically every
York. 3,788,000 bushels; Boston, 839,000; Philadelphia, 2,587,000; Baltimore, branch of the textile industry, was represented. A number
2,429,000: Buffalo, 9,602.000; Buffalo afloat, 10,992,000; Duluth, 295,000; Erie, of new colors and stylings
were introduced, and those
2,307,000; on Lakes, 1,813,000; Canal, 209,000; total, 34,861,000 bushels, against
attending were judging the probable successful numbers
21,799,000 bushels in 1927.
Canadian—
for the coming season. Already, reports indicate that busiMontreal
4,113,000
901,000
260,000
425,000
Ft. Wllliam & Pt. Arthur_34,190,000
2,164,000 1,559,000 2,765,000 ness is beginning to stir actively in Spring lines. The lat5,003,000
"
afloat
ter are further stimulated by the fact that Easter is earlier
Other Canadian
12,706,000
434,000
400,000
755,000 this year, which,
in turn, shortens the pre-Easter selling
Total Jan. 7 1928
56,092,000
3,499,000 2,219,000 3,945,000 period. Manufacturers are looking •for a rush period of
Total Dec. 31 1927_ _ _ _51,618,000
3,538,000 2,033,000 3,694,000 buying right
up to and probably beyond the early Easter
Total Jan. 8 1927
47,771,000
8,904,000 2,751,000 7,051,000
holidays. They base their hopes on the fact that retailers
Summary—
American
84.019,000 28,673,000 21,672,000 3,194,000 2,493,000 have ordered so sparingly in advance that even now they
Canadian
56,092,000
3,499,000 2,219,000 3,945,000
are forced to ask for prompt shipment. Out-of-town and
Total Jan. 7 1928____140,111,000 28,673,000 25,171,000 5,413,000 6,438,000 local buyers are showing interest in certain classes of merTotal Dec. 31 1927_ ..137,255,000 27,033,000 25,446,000 5,259,000 6,381,000
Total Jan. 8 1927____108.921,000 36,096,000 53,931,000 15,605,000 11,430,000 chandise, and as a result, some cutters are becoming actively
engaged on rayons, cottons, and silks. As to the latter,
The world's shipments of wheat and corn, as furnished by
although prices for raw silk were slightly easier during the
Broomhall to the New York Produce Exchange, for the week
ending Friday, Jan. 6, and since July 1 1927 and 1926, week, business is developing satisfactorily on Spring and
Summer goods.
are shown in the following:
United States—
Indianapolis
Omaha
On Lakes
On Canal and River
Wheal.
1927-28.
Week
Jan. 6.
Since
Jtdy 1.
56,000
Corn.
1926-27. I
Since
July 1.
1927-28.
Week
Jan. 7.
Since
July 1.
1926-27.
Since
July 1.
Bushels.
Bushels.
Bushel.s
Bushels.
Bushels.
Bushels.
North Amer_ 9,316,000278,258,000285,196,000 303,000 3,245,000 1,801,000
Black Sea_
8,000 9,000,000 30,812,000 170,000 12,458,000 15,302,000
Argentina__ 2.736,000 41,155,000 13,880,000 5,112,000189 480 000127,712,000
Australia__ _ 1,712,000 24,984.
16,608,000
India
8,240,000 4,376.000
0th. countr's 880,000 18,872,000 13,145,000 170,000 13,741,000 1,317,000
Total__ _ _'14,652,000380,509,000364,017.000 5,755,000218,924,000146,132,00
WEATHER BULLETIN FOR THE WEEK ENDED
JAN. 10.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Jan. 10, follows:
Temperatures continued subnormal over most eastern sections the first
part of the week under the influence of an area of high pressure which
overspread the country during the previous week. At the same time
there was a reaction to warmer over more western portions and by the
morning of the 5th temperatures had risen 20 to 40 degrees over the northern
Great Plains and adjoining parts of Canada, with subzero confined to the
Interior of eastern Canada. It continued cold for the season over the
Southeast during the 6th and 7th, although there was some warming
up as the "high" moved eastward over the Atlantic Ocean. Temperatures
were somewhat above normal over most northern areas during these two
days, although the departures were not large; the last of the week was warm
for the season rather generally.
Precipitation was mostly of a local character during much the greater
part of the period, although there was some widespread rain or snow over
the Pacific Northwest the first few days. On the last two days there were
general rains over most of the country east of the Mississippi River attending the passage of a slight depression from Louisiana northeastward.
The table on page 4 shows that the temperature for the week was below normal over a considerable area of the Southeast, extending from
North Carolina and the Ohio Valley southward and southwestward, with
the greatest deficiencies, —6 degrees to —10 degrees, over the Gulf States
from southern Texas eastward and northeastward. Elsewhere the week
was warmer than normal, and markedly so in most sections. Prom the
Mississippi Valley westward to the Rocky Mountains plus departures from
the normal temperature ranged from 6 degrees to as much as 21 degrees.
During the first part of the week below freezing temperatures occurred
to the Gulf coast, except in extreme southern Texas, and also well southward over the Florida Peninsula, but subzero readings were confined to the
North-Central States: the lowest reported was 14 degrees below zero at
Huron,S. flak., and Williston, N.flak., on the 4th.
The table shows also that precipitation during the week was moderate
In amount over most of the Southern States and in the far Northwest, and
that very little occurred in other districts. Except in the Pacific Northwest and in some northern Rocky Mountain sections, practically all stations
over the western half of the country reported inappreciable precipitation.
While showers and much warmer weather in Southern States the latter
Part of the week were favorable in reviving hardy truck crops that were
damaged by the recent freeze, late reports on the unseasonably low temperatures prevailing throughout the South during the latter part of last
week and the early part of that just closed indicate that serious damage
was sustained by winter trucking interests. Practically all tender vegetation was killed and the hardier truck crops were either damaged or destroyed in many localities, while cereals, particularly oats, suffered materially. The succession of nights with low temperatures, however, was
probably destructive to many boll weevil.
In other sections of the country the warmer weather of the week improved conditions for Outsdie operations, particularly in the trans-Mississippi States where corn husking, which had been suspended, was resumed,
but in the Ohio Valley muddy soil delayed field operations. The mild
temperatures were also much more favorable for livestock interests over the
great western grazing districts, and for increased dairy products in Central
Northern States. The general warmth melted the snow layer rapidly
over the interior sections of the country, and at the close of the week
the ground was generally bare, except in the northern districts.
SMALL GRAINS.—The warm weather of the week removed the snow
cover from important grain areas and, at the close, the ground was generally
-producing sections east of the Rocky Mounbare over the principal wheat
ta ns. Under these conditions the wheat crop was subject to heaving
over the eastern half of the belt, and complaints were received of unfavorable alternate thawing and freezing. In the western belt, aside from the
need of moisture in parts of the upper Mississippi Valley, in Nebraska,
and from western Kansas southward, conditions were generally favorable
and the wheat crop continued apparently in good condition. Moisture
from melting snow was beneficial in Missouri and eastern Kansas. In
the more northwestern States, including Montana, Idaho, Oregon, and
Washington, conditions remained generally favorable, with grain mostly
well protected. In the South, winter cereals have suffered considerably
from the low temperatures, with many complaints of harm, especially to
winter oats.
DOMESTIC COTTON GOODS.—Both.demand and prices
in markets for domestic cotton goods are more or less irregular. Relative quietness during the earlier part of the week
was chiefly attributed to the instability of raw cotton, but
following Thursday's official confirmation of a substantial
reduction in cloth output, distribution of both raw and finished merchandise improved. According to the statistics
issued by the Cotton Textile Merchants of New York, the
average weekly production of standard cotton cloths in
December declined 7.5% from November, and 10.3% from
October. It was further shown that sales were 109.6% of
production, while shipments were 97.1% of production during last month. Unfilled orders on Dec. 31 showed an increase of 13.7%, while stocks on hand were 3.6% larger.
These figures should dispel all recurrent doubts among
buyers concerning the extent of curtailment, especially in
the Southern mills. As a matter of fact, further reduction
In output is contemplated and well under way even now. In
certain sections of the industry, such as cotton duck, it is
proposed to align production with consumption until stocks
are reduced to the point where mills will be able to obtain
a reasonable profit on sales. Based upon the Association's
statistics, buyers were encouraged to operate more freely.
Early reports concerning retail clearance sales were satisfactory, and already a number of operators have arrived in
the market to look over new lines. From present indications, it seems probable that major interest will center in
the finer types of merchandise. To-day's Government December consumption report showed that while the total was
smaller than for November, consumption for the five months
of the season—Aug. 1 to Dec. 31—amounted to 3,042,968
bales against 2.835,916 in the corresponding period of 1926.
Print cloths 28-inch 64 x 64's construction are quoted at
6
/ and 27-inch 64 x 60's at 6c. Gray goods in the 391
4c.,
inch 68 x 72's construction are quoted at 9Y4c., and 39-inch
80 x 80's at 11c.
WOOLEN GOODS.—Although prices in the markets for
woolens and worsteds continue firm, actual business is still
relatively small, as factors await more definite results concerning retail clearance sales. Recent reports from the
latter state that distribution is proceeding satisfactorily.
In mill circles preparations are under way for the offerings of Fall fabrics. Usually, the American Woolen Company opens its overcoating and staple suiting lines about
Feb. 1, but acceding to popular sentiment, the initial showing will probably be later this year. The recent proposal
to create a Woolen Institute was approved this week by
epresentatives of the National Association of Woolen Manrfacturers and the American Association of Woolen and
Worsted Manufacturers. Immediate steps will be taken
toward the organization of the Institute.
FOREIGN DRY GOODS.—,
Stronger flax markets and a
good response to clearance sales in retail channels have
succeeded in stimulating both a better distribution and improved sentiment in the linen markets. Furthermore, stocks
in the hands of both manufacturers and distributers are
admittedly low, as are those held by retailers. In proof
of the latter, it is pointed out that, recently, it has not been
uncommon to have retailers urgently request immediate
shipment of goods. All of the foregoing have led factors to
believe that they are soon to witness a period of broader
activity such as has not been experienced for some time.
The household and dress goods sections are expected to lead
in the point of popularity. The statistical position of the
THE DRY GOODS TRADE.
household goods is much improved, and new fashion trends
New York, Friday Night, Jan. 13 1928.
In dress goods are expected to profe a stimulating force.
Spring activity has begun to manifest itself in most divi- Burlaps are inactive and easy. Interest is confined to
sions of the textile markets. An early influx of buyers actual needs. Light weights are quoted at 6.95-7,00c., and
has been a feature, and it is expected that their numbers heavies at 9.90-10.00c.
JAN. 14 1928.]
FINANCIAL CHRONICLE
#tatt and titg git4:rartutent
NEWS ITEMS
Buenos Aires (City of), Argentine Republic.
-$3,396,000 6% Bonds Sold.
-A syndicate composed of Blyth, Witter
& Co., the Chatham Phenix National Bank & Trust Co., and
the J. Henry Schroder Banking Corp., offered and quickly
sold on Jan. 11 (books oversubscribed) an issue of $3,396,000
6% (series C-3) external sinking fund gold bonds of the City
of Buenos Aires, at 98.50 and accrued interest to yield over
6.10%. Dated Oct. 1 1927. Coupon bonds registerable as
to principal in denoms. of $1,000. Due Oct. 11960. Interest
payable April 1 and Oct. 1: prin. and int. payable in United
States gold coin of the present standard of weight and fineness
at the office of the Chatham Phenix National Bank & Trust
Co., New York, fiscal agent, without deduction for any
Argentine national or local taxes present or future when held
by other than residents or citizens of theArgentine Republic,
Red. as a whole or in part on 30 days' notice at 100 and int.
Cumul. sinking fund sufficient to retire the entire issue by
maturity through the purchase of bonds at not exceeding 100
and int. or redemption by lot at that price. Further information regarding this loan may be found in our "Department of
Current Events and Discussions" on a preceding page.
-Appeal
Dallas, Tex.
-Injunction Against Bonds Sought.
has been made to the Sixty-Eighth District Court for an
injunction against the carrying out of the bond program
approved by the voters on Dec. 15-V. 125, p. 3513. According to the Dallas "News" of Jan. 9 attorneys for the
plaintiff summarize the complaints against the bond issues
as follows:
1. The charter provides that all bond issues shall be submitted at general elections, and designates the election for Mayor and for members
of the Board of Education as the only elections which shall be thus classed.
The only exceptions made to this rule are elections for waterworks and.
street improvements.
2. The home rule amendment of the Constitution provides that no debt
shall be created by any city acting thereunder without making at the same
time provision for its payment by the levy of an annual tax sufficient to
pay the interest thereon and create a sinking fund of at least 2% thereon.
All bond issues submitted in the late elect.on left thea issuance to the
discretion of the city government and made no provision in the submission
for a tax levy as required by law.
3. Articles 702 and 703 of the Revised Statutes provide how bond issues
shall be submitted to the qualified voters of a city, and state that the proposition submitted shall distinctly specify five things. First, the purpose for
which the bonds are to be issued, second, the amount thereof, third, the
rate of interest.fourth, the levy of taxes sufficient to pay the annual interest
and provide a sinking fund to pay the bonds at maturity,fifth, the maturity
date, or that the bonds may De issued to mature serially within any given
number of years, not to exceed forty. All of these mandatory requirements
of the law were violated in the submission of the bond issues made in the
late election.
4. The charter of the city of Dallas requires that proposed school bonds
shall be submitted in accordance with the provisions of Article ii. section
10 of the Constitution, which provides that the proposition must receive
the votes of two-thirds of the tax payers of a.city or town in order to give
it effect. The school bonds did not receive a two-thirds majority.
6. The Independent School District of Dallas is wholly distinct from
the municipality of Dallas and includes a considerable area of territory
beyond the municipal boundaries. The published call for the election in
one section limits the vote on all propositions (including the school bonds)
to qualified voters of Dallas, and In another section it invites all qualified
voters in the outside territory included in the Independent School District
to vote on all propositions.
7. The ordinance providing for the election issues an indiscriminate invitation to all qualified voters, including taxpayers and non-taxpayers,
to vote on all propositions relating to bond issues, tax levy and general
amendments. Under the law only taxpayers are authorized to vote upon
the issuance of bonds and the levy of taxes.
8. All bond issues were submitted as charter amendments, and in such
form as to confer discretion upon the city government as to their issuance,
which is unauthorized by and contrary to law.
9. The entire thirty-nine propositions were submitted as parts of a single
plan to make appropriations now for improvements and disbursements
to cover a period of nine years,and to tie the hands of all future city governments which may exist during that period, which is contrary to law and to
public policy.
10. The bond issues provided for, amounting to about $24,000,000,
require, under the provisions of law applicable thereto, the levy of taxes
which would exceed the constitutional limits. The city government and
voters of a city can not lawfully make present provision for the future
issuance of bonds which can not now be lawfully issued.
11. The submission was made as a plan which incorporated thirtynine proposals as integral parts of a whole, and the invalidity of one material
proposition operates, as a matter of law, to render the whole invalid.
12. The proposals to establish an airport, a radio broadcasting station
and a fine arts institute do not relate to purposes of a municipal nature.
13. The proposition to give the supervision of public utilities power
to hear and determine questions relating to franchises, fares, etc.. would
confer upon him legislative and judicial power contrary to the provisions
of general laws and the State Constitution.
14. The Ulrickson plan, represented in the thirty-nine several propositions which were submitted, contemplates the creation of an unofficial
committee which will have charge of all disbursements to be made by the
city during the next nine years and exercise general power over the city's
affairs, which can only be lawfully employed by the city government duly
elected by the people of Dallas, and because thereof the entire plan is
Illegal, revolutionary, contrary to the laws and the Constitution of the
State and violative of public policy.
-It
Houston, Tex.
-Annexation of Territory Approved.
is reported that the City Commissioners have passed an
ordinance annexing Harrisburg, River Oaks and Memorial,
comprising an area of about 5,000 acres and having a
population of about 4,000.
New Jersey (State of).
-The
-Legislature in Session.
152nd Legislature convened at noon, Jan. 10 in its regular
annual session.
North Dakota (State of).
-Special Legislative Session.
The State legislature met in special session Jan. 10 at the
call of Governor Sorlie.
Tolima (Department of) Republic of Colombia.
$2,500,000 7% Gold Bonds Marketed.
-Redmond & Co. and
E. H. Rollins & Sons, jointly, offered and quickly sold on
Jan. 13, $2,500,000 7% external sinking fund gold bonds of
the Department of Tolima, at 93.50 and accrued interest
to yield about 7.64%. Dated Nov. 1 1927, coupon bonds of
277
$1,000 and $500 denoms., interchangeable and registerable
as to principal. Due Nov. 1 1947. Int. payable May 1 and
Nov. 1 in United States gold at the principal office of International Acceptance Securities & Trust Co., New York,
fiscal agent. Redeemable as a whole or (otherwise than
through the sinking fund) in part on any semi-annual
interest date upon 60 days' notice at 1023/i if redeemed on or
before Nov. 1 1937, at 1013/i if redeemed thereafter, and on
or before Nov. 1 1942; at 100 if redeemable thereafter and
prior to maturity; in all cases with accrued interest.
According to the official offering circular "a semi-annual
cumulative sinking fund commencing May 1 1928, calculated to be sufficient to retire by maturity all the bonds
at any time issued, by purchase up to, or redemption by
lot at the current redemption price." Further information
regarding this loan may be found in our "Department of
Current Events and Discussions" on a preceding page.
Towns of Cortlandt, Highlands and Stony Point,
N. Y.
-Seek Taxation of Bear Mountain Bridge Property.
The towns of Cortlandt, Highlands and Stony Point, in
winch are located properties used as approaches to the Bear
Mountain Bridge are trying to have these properties made
taxable. The Appellate Division on Dec. 5 last upheld a
decision of the Supreme Court that the properties are not taxable, but the towns are preparing to appeal to the Court of
Appeals. The towns hold that the property should be taxed
because of the fact that toll is collected by the Bear Mountain-Hudson River Bridge Co., for the use of the approaches
and the bridge. The company, however, contends that the
approaches are on state property, and therefore tax free.
The New York "Times" of Jan. 8 carried the following: ii
The decision of the Appellate Division on Dec. 5 sustaining the deasion
of Supreme Court Justice Tompkins that the Bear Mountain-Hudson River
Bridge Co. is not taxable will be taken to the Court of Appeals in a joint
appeal of the towns of Cortlandt. Highlands and Stony Point, in which the
bridge property is located.
The property is assessed for $2,000,000 and the case has been before the
courts for some time. The townships hold that the bridge should be assessable because the approach road and bridge itself is a toll road and toll bridge.
The bridge company contends that the bridge approach was built on State
property and therefore is not assessable. The decision to take the case to
the Court of Appeals was made yesterday at a joint conference of the town
boards of the three townships.
Counselor James Dempsey Sr. of Peekskill, will represent Cortlandt,E.W.
Hofstatter of Nyack will represent Stony Point, and Graham Witschief of
Newburgh will represent Highlands. The bridge company will be represented by Clark, Carr & Ellis of New York City.
Virginia (State of).
-On Jan.
-Legislature in Session.
11 the State legislature convened in regular session.
BOND PROPOSALS AND NEGOTIATIONS
ALABAMA, State of (P. 0. Birmingham).
-BONDS DEFEATED.
At a special election held on Jan. 10, the voters defeated overwhelmingly
the proposal to issue $20,000,000 in bonds for the construction of additional schools and college buildings, and the improvement and maintenance
of the present facilities. Unofficial returns showed a count of 58,360
against the issue and 22,359 for it.
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Alamosa)
.
Colo.
-PRICE PAID-BASIS.
-The $20,000 issue of 4Yi% school funding
bonds purchased recently
-V. 125, D. 3512- by Gray, Emery, Vasconsells & Co. of Denver, was awarded to them at a price of 98.50, a basis
of about 4.36%. Due in 30 years and optional in 15 years.
ALTON SCHOOL DISTRICT,Madison County,111.
-BOND OFFERING.
-Sealed proposals addressed to the Clerk Board of Education, will
be received until Jan. 20, for the purchase of an issue of $125.000 43i%
high school bonds. The bonds mature serially in from 1 to 20 years.
ALTON SCHOOL DISTRICT (P. 0. Alton), Oregon County, Mo.BOND OFFERING.
-Sealed bids will be received until Jan. 20, by the
Clerk of the Board of Education, for the purchase of an issue of $125,000
431% high school building bonds. Due serially in 20 years.
-At the special
ALVIN, Brazoria County, Tex.
-BONDS VOTED.
election held on Jan. 3-V. 125, p. 3228
-the voters authorized the issuance
of the following bonds by the following counts: $60,000 sewage bonds
by a count of 167 to 65: $30,000 street improvement bonds by 171 to 54
.
and $20,000 city hall bonds by 232 to 56. Int. rate not to exceed 53 %
Due serially in from 1 to 40 years.
-BOND SALE.
-A $25,000 issue of
ARCADIA, Bienville Parish, La.
building and equipment bonds was purchased by the Hibernia Securities
Co. of New Orleans for a $400 premium, equal to 101.60.
ARMONA PUBLIC UTILITY DISTRICT (P. 0. Armona), Kings
-Sealed bids will be received until
County, Calif.
-BOND OFFERING.
Jan. 17, by the County Clerk, for the purchase of a $26,000 issue of 5%
improvement bonds.
.
ASBURY PARK, Monmouth County, N. J.
-BOND SALE.
-The
$250,000 coupon or registered school bonds offered on Jan. 10-V. 125, p.
132
-were awarded to H.L. Allen & Co.,and Phelps, Fenn & Co.. of N. Y".
City, jointly, as 43(s, at 100.239, a basis of about 4.21%. Dated Jan. 1
1928. Due Jan. 1. as follows: $6,000, 1930 to 1938 incl.; 67,000, 1939;
and $9,000, 1940 to 1960 inclusive.
Other bidders were:
BidderBonds Bid for Int. Rate
Price
R. M. Grant & Co
250
4Yi %
1250,167.50
Batchelder, Wack & Co
246
250,009.99
43i%
Asbury Park Trust Co
100
101,250.00
4%%
George B. Gibbons & Co
246
250,328.50
4)%
J. A. DeCamp & Co
249
4%%
250,601.00
Seacoast Trust Co
245
250,247.00
43i%
B..5. VanIngen & Co
246
250,859.10
45i%
BALTIMORE, Md.-BOND OFFERING.
-The $1,500,000 4% airport
bonds offered on Jan. 10-V. 125, p. 133
-were awarded to the Baltimore
Trust Co. and Hambleton & Co. both of Baltimore, at 103.18, a basis of
about 3.78%. Dated Oct. 1 1927. Due Oct. 1, as follows: 643,000.
1933 to 1962 incl.: and $42,000, 1963 to 1967 inclusive.
The following bids were also submitted according to the Deputy Register:
BidderBid
Guaranty Co. of New York, and associates
102.7399
Robert Garrett & Sons
102.729
Kean, Taylor & Co., and associates
102.68
Roosevelt & S0118, and associates
102.6696
Mercantile Trust & Deposit Co. of Balto., and associates
102.617
102.46
Alex. Brown & Sons, and associates
E. H. Rollins & Sons, and associates
102.1565
102.13
Citizens National Bank, and associates
First National Bank of New York, and associates
102.11
Fid. & Dep. Co. of Md., and associates-For 1933-62 Bonds -102.09
-For 1963-67 Bonds ...-102.97
Estabrook & Co., and associates
101.949
The National City Company, and associate
101.819
Fred Bauernschmidt-Series 1940
102.04
Safe Deposit & Trust Co. of Baltimore
102.48608
278
FINANCIAL CHRONICLE
-BOND OFFERING.BAY VILLAGE, Cuyahoga County, Ohio.
Sealed proposals addressed to Jesse L. Saddler, Village Clerk, will be received until 12 in. Jan. 31, for the purchase of an issue of $38,184.13 4%
special assessment sewer construction bonds. Dated Feb. 1 1928. Denom.
;1,000, one bond for $1,184.13. Due Oct. 1. as follows: $4,000, 1929 to
1933 incl.; $3,000, 1934; $4,000. 1935 to 1937 Incl.; and $4,184.13, 1938.
Prin. and int. payable at the office of the Guardian Trust Co., Rocky River.
A certified check, payable to the order of the Village Treasurer, for 5% of
Is
the bonds offered,- required.
BEAVER CITY, Fumes County, Neb.-PURCHASER.-The $6,000
issue of intersection paving bonds recently awarded-V. 126, p. 133-was
purchased by the Peters Trust Oct. of Omaha. This company has also
purchased two issues of paving bonds aggregating $57,375 as follows:
*41,8755% bonds and $15.500 4%% bonds.
-John C.
-LOAN OFFERING.
BEVERLEY, Essex County, Mass.
Lovett, City Treasurer, will receive sealed bids until 5 p. in. Jan. 18,
discount basis of a $200,000 temporary loan dated
for the purchase on a
Jan. 1 1928 in denoms. of $25,060, $10.000, and $5,000 and maturing
Nov. 7 1928. The Old Colony Corp. Boston, will certify the preparation
of the bonds and will certify as to their genuineness. Legality to be approved by Ropes. Gray, Boyden & Perkins of Boston.
-On
-BONDS CALLED.
BILLINGS, Yellowstone County, Mont.
Jan. 1 interest ceased on bonds of the districts of this city as follows: from
5 bonds In districts ranging from No. 87 to 230. Several bonds have
1 to
been called in many of the light construction and sidewalk and curb divisions. Communicate with City Treasurer M. C. Stott who will pay
the bond holders.
-The sinking fund,
-NOTES.
BINGHAIVITON, Broome County, N. Y.
will take up the following notes aggregating $76,521.68 at par;
$66,225.62 pavement construction notes.
10,296.06 sewer construction notes.
-An Issue of $100,000 city hospital notes was also disposed
NOTE SALE.
of at the same time.
-BOND SALE.
BLACK RIVER REGULATING DISTRICT, N. Y.
The $210.000 5% coupon or registered reservoir bonds offered on Jan. 12-were awarded to the Manufacturers & Traders-Peoples
V. 125, p. 3379
Trust Co. of Buffalo. at a premium of $18.626.79, equal to 108.869 a basis
of about 4.29%. Dated July 1 1927. Due $5,000, July 1 1928 to 1969
Incl. The following bids were also submitted:
Rate Bid.
Bidder106.579
George B. Gibbons & Co
104.149
R. F. DeVoe & Co
105.25
Pulleyn & Co
105.669
Stephens & Oo
106.168
H.L.Alien&Oo
104.50
Rutter & Co.
-MA-PRICE PAID
BLUE MOUNTAIN, Tippah County, Miss.
-The $9,000 issue of street bonds recently purchased-V. 126.
TURITY.
-by Mrs. J. W. Godwin. a local investor, was awarded for a premium
p. 133
of 3175, equal to 101.944. Due from Apr. 1 1928 to 1947 incl.
-BOND SALE.
-A $6.600 issue
BOARDMAN, Morrow County, Ore.
of 6% water and light improvement bonds has been awarded to Ferris &
Hardgrove of Spokane at a price of 92, a basis of about 7.9,5%. Denom.
$500. Dated Dec. 1 1927, due on Dec. 1 1942. and optional after Dec. 1
1932.
-BOND SALE.
BOLIVAR COUNTY (P. 0. Cleveland), Miss.
Three issues of 53i% road and bridge district bonds have recently been
purchased by the Commerce Securities Co. of Memphis. The issues are
as fellows: $60,000 Shelby District bonds; $50,000 Eastern District bonds
and $35,000 Smith District bonds.
-CERTIBOWBELLS SCHOOL DISTRICT, Burke County, N. D.
-Sealed bids will be received until Jan. 16, by L. B.
FICATE OFFERING.
Lodnell, Clerk of the Board of Education, for the purchase of a $4,000
Wale of certificates of indebtedness. Int, rate not to exceed 7%. Due in
6 months. Prin. and int, payable at the First National Bank of Bowbells.
-Sealed bids will
-BOND OFFERING.
BREA, Orange County, Calif.
be received by Grace L. May, City Clerk, until 7:30 p. m. on Jan. 18
for the purchase of two 14.9(10S of 5% bonds, aggregating $60.000. as f
$40.000 park bonds. Denom.$1.000. Due $1,000 from 1929 to 1968 incl.
20.000 city ball bonds. Denom. $500. Due $500 from 1929 to 1968 incl.
Prin. and int. (J. Ss J.) payable at the office of the City Treasurer.
O'Melveny, Milliken & Tuner of Los Angeles will furnish legal approving
opinion. A certified check for 5% of the bid, payable to the City Treasurer,
is required.
-The
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
following (tams of 4% coupon or registered bonds aggregating $760.000
offered on Jan. 11-V. 125, p. 133-were awarded to a syndicate headed by
H. L. Allen & Co., G. L. Austin & Co., and Gibson, Leefe & Co.. at 101.36
a basis of about 3.86%:
*400.000 Series A, Yellow Mill bridge bond. Due $10.000, 1929 to 1968
incl.
240,000 Series D, construction bonds. Due $8,000. 1929 to 1958 incl.
120,000 Series D. sewer construction bonds. Due $4,000, 1929 to 1958
incl.
Dated Feb. 1 1928.
The following bids were also received:
Rate Bid.
Bidder100.92
Stone & Webster and Blodget Inc. & Kean. Taylor & Co
100.829
Bacon & Co
George B. Gibbons & Co. & Dewey.
R. L. Day, E. M. Bradley & Co., Connlny & Co., and the R. F.
100.669
Griggs Co
100.21
Harris, Forbes & Oo
Statement, Jan. 311928.
Financial
Grand List of 1926:
$256,794.919
Taxable property
37.794,982
Tax exempt property other than Federal. State and County
$294,589.901
Grand list for debt purposes
14.729.000
Debt limit (57 of grand list)
Net debt Jan. 31 1928. exclusive of issues now proposed is... 13.950,000
-BOND OFFERING.
BRIDGEVILLE, Allegheny County, Pa.
Sealed bids addressed to J. It. Franks, Borough Secretary, will be received
until 8 p. m.Jan. 17. at the office of Thomas D. Murray. Borough Solicitor.
Pittaburgh, for the purchase of an issue of $50,000 434% coupon bonds.
Dated Dec. 15 1927. Denom. $1,000. Due Dec. 15 1957. A certified
check payable to the order of the Borough Treasurer, for $1,000 Is required.
BRIGHTON COMMON SCHOOL DISTRICT NO. 6 (P. 0. Roches-BOND SALE.
-The 838.000 coupon or
ter) Monroe County, N. Y.
registered school bonds offered on Jan. 11-V. 125, p.3671-were awarded
to Myron W. Greene of Rochester, as 4.30s. at a premium of $12.80. equal
to 100.033. a bask; of about 4.27%. Dated Dec. 1 1927. Due Dec. 1 as
follows: $2,000. 1928 to 1937 incl.. and $3,000. 1938 to 1943, incl. The
following bids were also submitted:
Rate Bid.
Int. Rate,
Bidder100.50
4
4.505
Pulleyn & Co
100.269
4.50%
Sage, Wolcott & Steele
BROOKFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Masury).
Ohio.
-An issue of $140,000 addi-BOND SALE.
Trumbull County,
tional school bonds has been disposed of recently according to W. R.
Riley, Clerk Board of Education.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
A $300,000 temporary loan was awarded on Jan.9 to the Brockton National
a 3.28% discount basis, plus a premium of $3.25. The
Bank of Boston on
loan matures on Nov.9 1928.
BRUNSWICK,Glynn County,Ga.-BOND OFFERING -Sealed bids
will be received until noon on Jan. 24 by Hugh Burford, Secretary of the
City Commission,for the purchase of three issues of5% coupon or registered
bonds apgrecatinic $200.000 as follows:
$75,000 hospital bonds. Due $3,000 from Jan. 1 1932 to 1956. Incl.
75,000 Paving, city's share bonds. Due $3,000 from Jan. 1 1932 to
1956, incl.
50,000 sanitary sewer system bonds. Due $2,000 from Jan. 1 1932 to
1056. Incl.
[VOL. 126.
Denom. 81.000. Dated Jan. 11928. Prin. and int. (J. & J.) payable
In gold in New York. Chester B. Masslich of New York City will furnish
legal approval. Secretary will furnish required bidding forms. A $4,000
certified chock, payable to the city Treasurer, must accompany the bid.
(These are the bonds voted on Nov. 2-V. 125, p. 2466-by a count of
447 to 12.)
-An
BURKE COUNTY (P. 0. Waynesboro), Ga.-BOND SALE.
issue of $100,000 road bonds was purchased by the county sinking fund
recently for a premium of $3,875, equal to 103.875.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
-BOND SALE.
W. L. Slayton & Co. of Toledo were awarded on Jan. 6 a number of 57a
road impt. bonds aggregating $107,549.05 at a premium of $5,106, equal
to 104.74. The bonds are dated Jan. 1 1928 and mature serially from
Sept. 1 from 1929 to 1938 inclusive.
The $39.929.05 5% coupon bridge bonds, offered on Dec. 20,-V. 125
P• 3229-were awarded to W. L. Slayton & Co. of Toledo at a premium
of $5,106, equal to 101.30, a basis of about 4.81%. Dated Jan. 1 1927.
Due Sept. 11936.
BUTTE COUNTY (P. 0. Beliefourche), S. Dak.-BOND SALE.
The $400,000 43-i% serial funding bonds offered on Jan. 4-V. 125,
3671-were awarded to Eldredge & Co., of New York, and J. T. Wachob
& Co., of Omaha, at a price of 99.30, a basis of about 4.565%. 15 Years
average maturity.
-WARRANT SALE.
BROWNSVILLE, Cameron County, Texas.
.J. E. Jarratt & Co., of San Antonio, was awarded an issue of $90,000 0%
treasury warrants. Dated Dec. 11927. Due serially from 1928 to 1937.
-BOND SALE.
CABARRUS COUNTY (P. 0. Concord), N. C.
The $170.0G0 4Si% school bonds offered for male on Jan. 6-V. 125. P.
3671-were awarded to W. K. Terry & Co. of Toledo, for a premium of
$3,279, equal to 101.928, a basis of about 4.35%. Denom. $1,000. Dated
Oct. 1 1927 and due on Oct. I as follows: $5,000 from 1930 to 1951. and
$10.000 from 1952 to 1957. all incl. Harris, Forbes & Co. of New York
were second highest.
-BOND OFFERCARROLL COUNTY (P. 0. Huntingdon), Tenn.
ING.
-Sealed bids will be received by County Judge D. A. Burkhalter.
until Feb. 1. for the purchase of a $400,000 issue of5% semi-ann. road bonds.
-by a 3 to 1 majority.)
(These are bonds voted on Sept. 28-V. 125, p. 2005
•
CAMERON PARISH CONSOLIDATED ROAD DISTRICT A P.O.
-An issue of $105.000 6% semi-annual
-BOND SALE.
Leesburg), La.
road bonds has recently been purchased by Sutherland, Barry & Co., of
New Orleans for a $17 premium, equal to 100.01.
CHESTER COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Chester),
-A 840.060 issue of 4K % school bonds has been pur-BOND SALE.
S. C.
chased by the Weil, Roth & Irving Co. of Cincinnati, at a price of 100.12.
-ADDITIONAL 1927 BOND
CHICOPEE, Hampden County, Mass.
-in addition to the bonds sold by the City of Ohicopee. Mass..
SALES.
that have already been reported, the following issues aggregatduring 1927,
ing $122.000 have also been sold:
Amt. .* Purpose
Date
Buyer.Price Paid.
of Issue.
Int.Rate
10.26ld
JJuuSlnoye
100.5.5
4% Brown Bros. & Co.
$87.000 pavement
35.000 water_ 34% Old Colony Corp.
-BOND OFFERING.
-Sealed
(P. 0. Brazil), Ind.
CLAY COUNTY
proposals will be received by C. 0. Cochran, County Treasurer, until
11 a. m. Jan. 29. for the purchase of an issue of $2,399.71 4K % Van
Buren Township coupon road bonds. Dated Sept. 6 1927. Due May and
Nov. 15, from 1929 to 1938. Incl.
CLAY COUNTY (P. 0. Brazil), Ind.-130ND AALF,.-The $11,500
43.i % coupon road bonds offered on Jan. 10-V. 125. p. 3513-were
awarded to the Fletcher American Co. of Indianapolis, at a premium of
$391 equal to 103.40. a basis of about 3.90%. Dated Dec. 6 1927. Due
semi-annually on May and Nov. 15. from 1929 to 1938 incl.
-BOND OFFERING.
-Sealed
CLAYTON, Gloucester County, N. J.
bids will be received by CI. Norman Pierce, Borough Treasurer, until
2 p. in. (Eastern standard time) Jan. 25 for tho purchase of an Issue of
4i% coupon water bonds not to exceed 8100.000, no more bonds to be
awarded than will produce a premium of 81,000 over $100.000. Dated
Jan. 2 1928. Denom. 81.000. Due Jan. 2 as follows: $2.000, 1929
to 1945 incl.. and $3 000. 1946 to 1967 incl. Prin. and int. payable at the
Clayton National Bank. Clayton. A certified check, payable to the
order of the above-mentioned official for 2%, of the bonds bid for is required.
CLEMENTON TOWNSHIP SCHOOL DISTRICT(P.O. Lindenwold)
-The issue of
% coupon or
Camden County, N. J.-BoNn SALE.
registered school bonds offered on Jan. 6-V. 125, p. 3671-was awarded
Waples & Ce. of Philadelphia. taking $33.000 bonds ($35,000
to Rufus,
offered) paving $35.465. equal to 107.40, a basis of about 4.80. Dated
Dec. 1 1e27. Due Dec. 1 as follows: $1,000. 1929 to 1939 incl.; $1,500.
1940 to 1952 Incl.. and $500. 1953.
CLEVELAND CITY SCHOOL DISTRICT, Cuyahoga County,
Oh io.-$2.000.000 SCHOOL BONDS OFFERE0.-The $2,000,000 4'4%
coupon school building bonds awarded ton ayndicate headed by the William
It. Compton Co. of Chicago. at 102.30 a basis of about 3.94%-V. 125. P.
3671-are now priced to yield from 3.60 to 3.99% according to maturity.
The bonds it is stated constitute a direct obligation of the Cleveland City
School District, which includes the entire City of Cleveland, and adjacent
territory, and are payable from an ad valorem tax levied against all taxable
property therein.
Financial Statement.
82,127,000,000
Assessed valuation
29,406,000
Total bonded debt, including this issue
$3,224,088
onf e
Sinking du nddebt _
et bd
26.181,912
-- - ----------------------Net
,
Population, estimated. 960000.
Net bonded debt loss than 1 K% of assessed valuation.
County, Okla.
-BONDS NOT SOLD.
-The
CLINTON, Custer
$600.000 Issue of not to exceed 4 if% Int rate water works extension bonds
offered for sale on Jan. 16-V. 125. n. 3671-was not sold. The Issue will
probably be re-offered In the near future.
-The
COLUMBIA, Marion County, Miss.-nown DESCRIPTION.
-by
$50.000 5% rehmdIng bonds purchased on Dec. 10-V. 125, p. 3672
the Canna( National Bank of Jackson, it ft premium or $582.50, equal to
101.165. Is described as follows: Coupon bonds. Denntn. $500. ...ated
from 1929 to 1938 incl. No option of prior
Mar. 15 1928. Due $2.500
payment. Basis of about 4.86%•
nn
l . nBAmialing
n
dERING.-11 is
COOK COUNTY (P. 0. Chicago).inii unofficially reported that an issue of $3.0
building bonds. The bonds mature serially from 1928 to leri7 inaluslur
94rni nc co v:.
Bids will be received by the Clerk Board of County Commissioners, until
February 6.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
-A syndicate composed of the Illinois Merchants
-BOND SALE.
111.
Trust Co., Harris Trust & Savings Bank and the First Trust & Savings
Bank, all of Chicago, was awarded on Jan. 6, an issue of $1,000,000 4
Forest Preserve bonds. at 100.645, a basis of about 0.00%. Due $50.
Jan. 15 1928 to 1947. incl. Legality to be approved by Wood & Oakley
of N
BONDS OFFERED FOR INVESTMENT.
-$950.000 bonds of the blatle
are being offered for investment at prices to yield as follows: 1929 maturity,
3.60%; 1930 maturity. 3.75%; and 1931 to 1947 maturities to yield 3•8
0%•
These bonds. it is stated. In the opinion of counsel, will be direct general
obligations of the Forest Preserve District, the boundaries of which are
with those of Cook County, and all taxable property therein
co-extensive
will be subject to the levy of taxes to pay principal and interest. The total
bonded debt of the district is approximately h of 1% of the assessed
lowing
T
valuation.
following bids were also submitted:
Ibis
Becker
9
Leach
Bid Le
A. B.der- & Co., A. G. Beck & Co.,and E. H. Rollins & Sons.
100.0103
Myth, Witter & Co.et al
Halsey. Stuart & Co., et al
B
W. 379
-BOND A L5.CUYAHOGA COUNTY (P, 0. Cleveland), Ohio.
coupon bonds aggregating $184,665 offered
The following issues of 4,Si
were awarded to the Northern Trust Co.
on Dec. 31-V. 125. p. 33
1
JAN. 14 1928.]
FINANCIAL CHRONICLE
of °Wag°, at a premium of $1,477.32, equal to 100.794, a basis of about
s63,641 Solon Road, special assessment bonds. Due Oct. 1, as follows:
36,641, 1928;$7,000, 1929 to 1935 incl., and $8,000, 1936.
56,681 Solon Road, County's share bonds. Due Oct. 1. as follows: $6,681.
1928; $6,000. 1929 to 1934 incl., and $7,000, 1935 and 1936.
33,188 Wooster Pike Impt. County's share bonds. Due Oct. 1, as follows:
$3,188, 1928; $3.000, 1929 and 1930. and $4,000, 1931 to 1936 incl.
31,155 Wooster Pike Impt. special assessment bonds. Due Oct. 1, as
follows: $3,155, 1928: $3,000. 1929 to 1932 Wel,. and $4,000. 1933
to 1936 incl.
Dated Sept. 1 1927.
DAYTON, Montgomery County, Ohio.
-BOND SALE.
-The $162,000 city bonds offered on Nov. 23-V. 125. p. 2842
-were awarded to the
Title Guarantee & Trust Co. of Cincinnati, at a premium of $4,782.50.
equal to 102.952. These bonds were originally held by the Sinking Fund.
279
Prin, and semi-annual int. payable at the U. S. Mortgage & Trust Co. In.
New York City.
FOUNTAIN COUNTY (P. 0. Covington), Ind.-ROND OFFERING.
-Sealed proposals will be received until 10 a. m. Jan. 30, for the purchase
of an issue of $10,800 434% John S. Boord et al Van Buren Township
highway construction bonds. Dated Dec. 15 1927. Denom. $540.
Due 540 May and Nov. 15, from 1929 to 1938 Incl. A certified check for
5% of the amount of the bonds offered is required.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFERING.
-Fred L. Donnelly, Clerk Board of County Commissioners, will
receive sealed bids until 10 a. m. (eastern standard time) Feb. 1, for the
purchase of the following issues of 434% bonds aggregating $75,880:
$45,800 Lithopolis road impt. bonds. Dated Mar. 1 1928. Due as
follows: $1.800. Mar. and $2,000. Sept. 1 1929: 32,000, Mar. and
Sept. 1 1930 to 1932 incl.; and $2,000. Mar. and 33,000. Sept. 1
1933 to 1938 inclusive.
DENVER, Denver County, Colo.
will cease
-BOND CAM-Interest
15.100 Lithopolis Road No. 2 inept. bonds. Dated Mar. 1 1928. Duo
on Jan. 31, on many bonds of the city's paving, sewer, improvement and
as follows: $100. Mar. and $1,000, Sept. 1 1929; 3500, Mar. and
surfacing districts, each district having from 1 to 9 bonds callable on Jan.
31.000. Sept. 1 1930 to 1937 incl.; and $1,000, Mar. and Sept. 1.
31. Upon the request of the holders of any bonds of these districts received
1938.
ten days before the expiration of this call, arrangement will be made for
14,980 Intercounty road impt. bonds. Dated Apr. 1 1928. Due Oct. 1.
their payment at the Bankers Trust Co. in New York City, but not otheras follows: 31.980. 1929; $2,000, 1930 to 1933 incl.; and $1,000..
wise.
1934 to 1938 inclusive.
Prin. and int. payable at the office of the County Treasurer. A certified
DICKSON COUNTY (P. 0. Charlotte), Tenn.
-BOND DESCRIPTION.
-The $234.000 issue of 5% coupon highway bonds sold on Jan. 2- check payable to the order of the Board of County Commissioners, for
V. 126, p. 134
-to the First National Bank of Memphis, brought a premium 1% of the bonds offered is required.
of $13,750, equal to 105.876, a basis of about 4.55%. Demon. $1,000.
-INTERFRANKLIN LAKES, Sussex County, N. J.
-PRICE PAID
Dated Feb. 1 1928 and due on Feb. 1 1948. Optional after 1938. Int.
EST RATE.
-The price paid for the 328.000 coupon or registered fire appayable on Feb. and Aug. 1.
paratus and fire house bonds disposqd of at private sale (V. 125. P• 134)
DU PAGE COUNTY SCHOOL DISTRICT NO.41 (P.O.Glen Ellyn), was a premium of $184.80. equal to 100.66. a basis of about 4.64. Dated
111.
-BOND OFFERING.-Realed bids will be received by Sara Bates Utt. Dec. 15 1927. Due Dec. 15 as follows: 32.000. 1929 to 1937 incl.. and
Secretary Board of Education, until 8 p. m. Jan. 16, for the purchase $1,000, 1938 to 1997 incl. The bonds were sold as 44is.
of an issue of 330,000 4 4% coupon school bonds. Dated Feb. 1 1928.
1
FREEPORT, Nassau County, N. Y.
-Sealed
-BOND OFFERING.
Denom. $1,000. Due June 1. as follows: $1.000. 1930; $2.000. 1931 to
bids
1935 incl.; $3.000, 1936 and 1937: $4.000. 1939: $5,000. 1939 and $4.000. Jan. will be received by Howard E. Pearsall. Village Clerk until 8 P. tn.
20, for the purchase of an issue of $260.000 coupon or reeistered
1940. A certified check of $1.000 is required. Legality approved by municipal
building bonds rate of interest not to excod 5%. Dated Jan. 1
Holland M. Cassidy of Chicago.
1928. Denom. $1,000. Due 313.000, Jan. 1 1929 to 1948 incl. Rate
DUPLIN COUNTY (P. 0. Kenansville), N. C.
-BOND SALE.
-An of interest to he stated ins multiple of .41 or 1-10th of 1%. Prin, and int.
issue of$150,000 4.9% road bonds has been purchased by Bray Bros. & Co. payable in gold at the Freeport Bank, Freeport. A certified check payable
of Cireensb oro. Due $5,000 from 1938 to 1947 and $10.000 from 1948 to to the order of the villarre for $5.000 is required. Legality approved by
Clay. Dillon & Vandewater of New York City.
1957 all incl.
(This issue and the $115.000 issue sold on Mar. 23-V. 124. p. 1936
-to
GASTON COUNTY (P. 0. Gastonia), N. C.
-130N1) OFFERING.
Braun Bosworth * O.of Toledo are both part of the authorized $450,000
Sealed bids will be received until 2 p. m. on Jan. 16, by the County Clerk
Issue, the remainder of which will not be sold.)
for the purchase of an $80,000 issue of semi-annual funding bonds. Int.
EARLINGTON SCHOOL DISTRICT, Hopkins County, Ky.- rate to be bid upon. Due in 15 years.
BOND SALE.
-A $30.001 issue of 6% school bonds has been purchased
GENF.SEE COUNTY (P. 0. Flint), Mich.
-The
-BOND SALE.
by the Well. Roth k Irvine Co. of Cincinnati, for a premium of 32.514,
equal to 108.38. a basis of about 4.95%. Denim. 31.000. Dated July 1 8300.000 coupon road bonds offered on Jan 10 (V. 125. p. 3381) were
awarded to the First National Bank of Flint as 4s at a premium of $390,
1927. Due in 20 year: and optional after 10 years.
equal to 100.13, a basic of about 3.95%. Dated Jan. 15 1928. Due
EAST CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE.
- Mar. 15 as follows: $50,000, 1930 and 1931; 3100,000, 1932, and 350.000.
The following issues of 4,
4% coupon bonds agererating $72.000 offeror! 1933 and 1934.
on Jan. 6-V. 125, P. 3514 -were awarded to the Guardian Trust CO. of
Cleveland, at a total premium bid of $98.00 equal to 100.135. a basis of
GIRARD, Trumbull County, Ohio.
-The $8,556
-BOND SALE.
about 4.20%.
5% city's portion improvement bonds offered on Dec. 30-V. 125. p. 3514
$60,000 street improvement bonds. Due 36.000, Oct. 1 1929 to 1938 incl. -were awarded to A. E. Aub & Co. of Cincinnati, at a premium of $124
12.000 park and playground bonds. Due $1,000, Oct. 1 1929 to 1040 inci
equal to 101.44 a basis of about 4.47%. Dated Oct. 1 1927. Due Oct. 1
Dated Jan. 1 1928. The following is a list of other bids submitted fcr as follows: $2,555. 1929: and 32,000. 1930 to 1932 incl.
t4ito issue:
The following is a list of other bidders and bids submitted for the bonds:
BidderBidder360.000 Issue $12,000 Issue
Premium.
ci3 00
ir.
Detroit Trust Co., Detroit
Well, Roth & Irving Co., Cincinnati
6.00
1.00
$
4
Stranahan Farris & ()atty. Toledo
Ryan, Sutherland & Co., Toledo
27.00
5.40
4
71.00
essongood & Mayer, Cincinnati
423.00
71.00
97.00
4 oefirre W. York S.. Co., Cleveland
41
First National On., Detroit
The First National Bank, Girard
10.00
5.00
4
15.00
Howe, Snow & Co., Detroit
110.00
552.00
4
*Guardian Trust Co., Cleveland
GLADSTONE,Clackamas County,Ore.
-BOND SAL.
-The $70,000
70.00
28.00
4
Issue of water bonds offered for sal on Jan. 1()-V. 125, o. 3514-was
Braun, Bosworth & on., Toledo
703.00
174.00
awarded to the Bank of Commerce of Orwron City as 5.20% bonds at a
Otis & Co., Cleveland
668.00
135.00
:1
1
Price of par. Denoms. $500 and $1,001. Dated Sept. 1 1927 and due on
The Herrick On., Cleveland
13.00
20.00
Continental Natl. Co., Chicago
Sept. 1 as follows: 31.000 in 1930. $2,000„ 1931 to 1942: $4,000, 1943 to
38.50
7.50
4
*Successful bid ier
1947. and 35.000. 1948 to 1952 all inclusive.
EAST GRAND FORKS, Polk County, Minn.
GREATER GREENVILLE SEWER DISTRICT (P.O. Greenville), S.
um-sealed bids will be received until 8 p. m.on -WARRANT OFFER- C.
Jan. 17 by A. G. Rand,
-BOND SALE.
-The issue of $200,000 coupon sewer bonds offered
City Clerk, for the purchase of a 36.300 issue of sewer warrants. A $300 for sale on Jan. 10-V. 125,
-was awarded to A. M. Law & Co.
p. 3672
certified check must accompany the bid.
of Spartanburg and Harris, Forbes St Co., of New York, Jointly. as 4
EAST PROVIDENCE, R. I.
-BOND OFFF:RING.-Sealed bids will bonds, at a price of 103.57, a basis of about 4.32%. Denom. $1,
be received by William E. Smyth, Town Clerk, for the purchase of an issue Dated May 1.1927 and due on May 1 1967.
of 3150,000 4% coupon or registered sewer construction bonds. Dated
GREECE (P. 0. Rochester), Monroe County, N. Y.
-BOND SALE.
Feb. 11928. Denom. $1.000. Duo Feb. 11958. Principal and int. pay- -The
able in Providence or Boston. A certified check for 2% of the bonds offered following street improvement bond issues aggregating $480.000
on Jan. 6-V. 125. p. 3672
-were awarded to Pulleyn & Co. of
offered is roquired.
New York City, as 4.20s. at 100.116a basis of abont 4.18%:
ELDORADO, Jackson County, Okla.
-BOND SALE.
-A $96,000 $187,000 series Iso. 6 bonds. Due April I, as follows: $12,000, 1928 to
issue of 5%, water works and sewer bonds has been purchased by R. J.
1938 incl., $13,000, 1939, and $14,000 1940 to 1942 Incl.
Edwards. Inc., of Oklahoma City for a premium of $328, equal to 100.33.
151.000 series No. 5 bonds. Due April 1, as follows: 310.000. 1928 to
'
1941 incl., and $11,000, 1992.
ELIDA SCHOOL DISTRICT, Allen County, Ohio.
-BOND SALE.
142,000 series No. 7 bonds. Due April 1, as follows: $2,000. 1928. and
-An issue of $32,000 school bonds bearing interest at the rate of 6% and
$10,000. 1929 to 1942 incl.
maturing serially in from I to 20 years, was awarded recently. The bonds
Dated Oct. 11927.
were authorized by the electors at a special election held in November.
C:. Doming, Town Clerk, has submitted the following list of otherESSEX COUNTY (P. 0. Salem), Mgss.-LOAN OFFERING.
W.
-Sealed bidders
bids will be received by the County Treasurer, until 11 a. m. Jan. 17
Bidder
Rate Bid. Int. Rate
4.25
for the purchase on a discount basis of the following note issues aggregating Batchelder, Wack & Co
100.097
250,000:
George B. Gibbons Sr Co
4.40
100.137
Sage, Wolcott & Steele
200.000 temporary loan. Due Nov. 15 1928.
100.067
4.25
50,000 tuberculosis hospital maintenance notes. Due Apr. 10 1928. Lincoln-Alliance Bank
100.077
4.30
Schoelikopf. Hutton & Pomeroy
Dated Jan. 10 1928.
100.100
4.40
R. F. DeVoe & Co
100.029
4.40
EUFALA, Barbour County, Ala.
-BOND SALE.
-The $30,000 issue Stephens & Co
100.318
4.50
of funding bonds offered for sale on Jan. 3-V. 125. P. 3380
-was awarded
100.177
4.50
to Ward,Sterne & Co. of Birmingham,fora $400 premium,equal to 101.333. Parson, Son & Co
Union
100.059
4.40
Dated Jan. 1 1928 and due on .Ian. 1 as follows: $1,000 from 1931 to 1956, A. M. Trust Co.(Rochester)
Lamport & Co
100.092
4.35
incl., and $2,000 in 1957. and 1958.
GREENWOOD COUNTY P.O. Greenwood), S. C.
EVANSTON, Cook County 111.-BOND SALE.
-BOND SALE.-The $20.000 434%
incinerator plant bonds offered on Jan. 9-V. 126 p. 134
'
-were awarded The $250,000 Issue of coupon'highway bonds offered for sale on Jan. 10V.
to Hill, Joiner & Co. of Chicago, at a premium of 1,221. equal to 106.10, for 125, p. 3514-was awarded to W. L. Slayton & Co. of Toledo as 414s
a premium of $3,950. equal to 101.58. a basis of about 4.32%. Denom
a basis of about 3.977, Dated June 1 1924. Due June 1 as follows:
$3.000, 1942: $6,000. 1943 and $11,000. 1944. The following bids were $1.000. Dated Jan. 1 1928 and due on Jan. 1 as follows: 331.000, 1937:
$67.000 from 1938 to 1940 Incl., and $18,000 in 1941. The following is
also submitted:
BidderPrice Bid. a complete list of the other bids:
BidderRate Bid.
Price Bid.
State Bank & Trust Co
$21,113 Peoples Security
National Bank & Trust Co
44.4
$2.53.203.50
city
21,120 Braun, BosworthCo
& Co
4 %
253.069.00
EVANSVILLE SCHOOL DISTRICT, Vanderburg County, Ind.
- C. W. McNear & Co
4 7
0
252.942.M)
-Seated proposals addressed to M. S. Spears. Business A. B. Leach & Co
BOND OFFERING.
252,798.00
4 7s
of Board of Education will be received until 11 a m. Feb. 16, for the pur- N. S. Hill & Co
252.694.50
chase of an issue o'school bonds amounting to $350,000.
Well. Roth & Irving Co
434%
252.750.150
7
FAYETTEVILLE, Lincoln County, Tenn.
414
-BOND DESCRIPTION. South Carolina National Bank252,675.00
Otis & Co
252.675.00
444
-The $50,000 issue of coupon high school bonds sold on Dec. 21-V. 125. Robinson-Humphreys
Co...,
252.327.00
o 3672
.
4)4 Q
-to the American National Co. of Nashville. RR 434% bonds. at
43.6%
252.257.11
;
peke equal to 100.61. Is further described as follows: Denom. $1,090. Caldwell & Co
A. M.Law & Co
252.100.00
4 M%
Dated July 1 1927. Due serially. No option before maturity.
Assel, Goetz & Moerlein
4H%
251.930.00
FERNDALE, Oakland County, Mich.
-BOND ELECTION-A special Guaranty Company of New York
4)4 9's
251.825.00
election will be held on February M. for the purchase of ascertaining the South Carolina Security Co
251.822.50
4 70
opinion of the electors as to the advisability of bonding the village for Sea.soneced & Mayer
7
251 377.00
$233.000 the proceeds of which will be used to improve the fire alarm system R. S. Dixon & Co
250.412.50
Walter, Woody & Heimerdinger
250.250.00
and to improve the sower system.
7:
254,750.00
FLORENCE, Williamson County, Tex.
-BOND OFFERING.
-Sealed
GROSSE POINTE TOWNSHIP AGRICULTURAL SCHOOL DIS
bids will be received until Jan. 16 by the Town Treasurer, for the purchase
TRICT NO. 1, Wayne County, Mich.
$330,000 issue of 5,S4% water bonds.
-The 3185.000
-BOND SALE.
of a
school building and
-- were awarded to the playground bonds offered on Jan. 9 (V. 125. p. 3672)
FORT PIERCE INLET DISTRICT (P. 0. Fort Pierce), Fla.
-The $650,000 issue of 6% coupon inlet bonds offered for 4 Lis, at a premium Bang of Detroit and the Detroit Trust Co.. it:anti:v. as
BOND SALE.
of $6,336.25, equal to 103.42. a basis of about 4.05%.
2843 &
sale on Jan. 10-V. 125, pp.95.36. 2967-was awarded to Spitzer. Rorick The bonds mature in 1957. Eleven other bids were submitted.
a price of
& Co. of Toledo, atand due on Jan.a basis of about 6.41%. Denore.$1.000.
2 as follows: $2.000. 1929; 344.000, 1930
GRUNDY COUNTY (P. 0. Tracy City), Tenn.
Jan. 2 1928
Dated
-BOND DESCRIP1933; $8.000. 1934 to 1936: 310.000. 1937; $11,000. 1938; $13,000, 1939 TION.
-The $200.000 road construction bonds awarded recently-V.
to 1944: 319.000,
-to Caldwell & Co. of Nashville bear 534% interest. They
.Mil: $15,000, 19421949;$32.000, _1950 1945 and 1946; $20,000, 1947; 126, p. 134
to 1952: 335,000. 1953: 340.000, were purchased at par. Due as follows: $5,000 from 1937 to 1940:810.000.
- 1.000, 1948; $28.000,
1964: 345.000. 1955; $55,000, 1956: $57.000, 1957. and $60,000 in 1958. 1941 to 1956, all incl. and $20,000 in 1957.
1
L
280
-BOND OFFERING CORRECGULFPORT, Harrison County, Miss.
-We are informed by City Clerk Florence Cassidy that no issue of
TION.
-as erroneously
bonds was scheduled for sale on Jan. 3-V. 125, p. 3672
reported. A $200,000 issue of street improvement bonds will be offered
for sale the first week in February.
HALE CENTER INDEPENDENT SCHOOL DISTRICT (P. 0.
-A $50,000 issue of school bonds has
Hale Center) Tex.-BOND SALE.
recently been jointly purchased by Geo. L. Simpson & Co. and the Thomas
Investment Co., both of Dallas.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Garner), Iowa.
Sealed bids will be received until 2 p. m. on Jan. 17 by John Suurballe,
County Treasurer, for the purchase of an issue of $100,000 431% primary
road bonds. Denom. 11.000. Dated Feb. 1 1928. Due $10,000 from
May 1 1934 to 1943 incl. Optional after 5 years. Int. payable annually.
Sealed bids will be opened after the open bids are in. Purchaser to furnish blank bonds. County will furnish legal opinion of Chapman & Cutter of Chicago. A certified check for 3% of the bonds offered, payable to
the County Treasurer, is required.
-The
-BOND SALE.
HARNEY COUNTY (P. 0. Burns), Ore.
$100,000 Issue of 45.i% permanent road bonds offered for sale on Jan. 10
-V. 125, p. 3381-was awarded to Ferris & Hardgrove of Portland at a
price of 102.11, a basis of about 4.54%. Denom. $1,000. Dated May 1
1926 and due $10,000 from May 1 1936 to 1945 incl.
-BOND
HARTFORD "NORTHWEST SCHOOL DISTRICT",Conn.
SALE.
-R. M. Grant & Co. of New York City, were awarded on Jan. 10,
an issue of $550,000 4 % coupon school bonds at 104.25. a basis of about
3.89%. Dated Jan. 1 1928. Due Jan. 1, as follows: 14,000, 1929; and
114,000, 1930 to 1968 inclusive. Principal and interest payable in gold
at the Hartford National Bank & Trust Co. Hartford. Legality approved
by Gross, Hyde & Williams of Hartford.
HAVERFORD TOWNSHIP(P.O. Upper Darby), Delaware County,
-W. H. Newbold's Son & Co. of Philadelphia, were
Pa.
-BOND SALE.
awarded on Jan.9 an issue of1100,0004% coupon street bridge and highway
bonds at 100.42, a basis of about 3.91%. Dated Jan. 11928. Due Jan.
1 1943; optional after Jan. 1 1933. Legality approved by Saul, Ewing,
Remick & Saul, of Philadelphia.
-MATURITY-BASIS.- The
HELENA, Phillips County, Ark.
,
Issue of 536% coupon drainage improvement district bonds award$150,000
-to the American Southern Trust Co. of
ed on Dec. 27-V. 125, p. 3672
Little Rock at a price of 106.45 is due from Jan. 1 1929 to 1948 incl., giving
4.72%. Interest payable on Jan. 1 and July 1.
a basis of about
HIDALGO COUNTY ROAD DISTRICT NO. 2 (P. 0. Edinburg),
-The 1850.000 issue of 5M % coupon special road
Tex.
-BOND SALE.
-was awarded to the
bonds offered for sale on Jan. 10-V. 126, p. 134
101.65,
Brown-Crummer Co. of Wichita for a premium of $14,025, equal to Due on
Denom. 11,000. Dated Dec. 1 1927.
a basis of about 5.36%.
Mar. 1 as follows: 110,000 in 1930 and 1931, 115,000 in 1932 and 1933.
120,000, 1934 to 1938; $25,000, 1939 to 1941: 130.000, 1942 to 1946;
$40.000, 1947 to 1951: $45,000, 1952 to 1956 and $50,000 in 1957. Prin.
and int. (M. & S.) payable in New York City at the Seaboard National
Bank.
-The $1,-BOND SALE.
HIGH POINT, Guilford County, N. C.
500,000 issue of coupon or registered street improvement bonds offered
-was awarded to the Wachovia Bank
p. 135
for sale on Jan. 10-V. 126.
& Trust Co. of Winston-Salem and Harris, Forbes & Co. of New York as
43.6% bonds at a price of 100.038, a basis of about 4.49%. Denom.$1,000.
Dated Jan. 1 1928. Due as follows: $50,000 from 1930 to 1934; $80,000
from 1935 to 1941; $90.000 in 1942 and $100,000 from 1943 to 1948 all incl.
The following is a list of the other bids submitted: Kountze Brothers
and R. M. Schmidt & Co. offered 101.71 for 434s; Halsey, Stuart & Co.,
Redmond & Co. and Rogers. Caldwell & Co., 100.81 for 4,is, and the
Bankers Trust Co. and National City Co.,100.90 for 43s.
HIRAM SCHOOL DISTRICT, Portage County, Ohlo.-BOND
-Fred E. Nessell, Clerk Board of Education, will receive
OFFERING.
.
sealed bids until 12 m. Jan. 18 for the purchase of an Issue of $2,000 454 %
coupon school bonds. Dated Dec. 1 1927. Denom. $1,000. Due 11,000,
1930. A certified check payable to the order o:the Board
Oct. 1 1929 and
of Education, for 5% of the bonds offered is required.
-An
-BOND SALE.
HONOLULU (City and County of), Hawaii.
Issue of $1.000.000 5% public improvement bonds was purchased on Jan.
at a price of 110.81,a basis of about
9 by Harris, Forbes & Co. of New York
4.08%. Dated Jan. 15 1928 and due $40.000 annually from Jan. 15 1933
to 1947, incl. Several other New York firms submitted bids on the issue.
Prin. and int. (J. & J.) payable either in Honolulu or in New York in
gold. These bonds are now being offered for investment at prices to yield
about 3.95%. For 1927 the city and county reported an assessed valuation
of 1253.503,480 and a net debt of $5,330,000, or about 2% of assessed
valuation.
-BOND OFFERHUNTINGTON COUNTY(P.O. Huntington), Ind.
ING.
-Sealed bids will be received until 10 a. m. Jan. 30. by Charles A.
of $1,270,50 6%
Griffith, County Auditor, for the purchase of an issueas follows: $250,
drainage bonds. Dated Jan. 10 1928. Due Nov. 10, payable at the
1928 to 1931 incl.: and $270.50, 1932. Prin. andi nt.
office of the County Treasurer.
-BOND SALE.
HUNTINGTON COUNTY (P. 0. Huntington), Ind. of5% coupon
-Ed.Lohr of Huntington was awarded on Dec. 10 two issuesThe bonds are
aggregating $4,358 at a premium of $25.24.
drainage bonds
dated Nov. 10 1927, are in denoms. of $100 and odd amounts, and mature
on Nov. 10 1932. Interest payable May 1 and Nov. 10.
-The
-BOND SALE.
IBERIA PARISH (P. 0. New Iberia), La.
for sale on Jan. 9
bonds
1150.000 issue of public improvement Rapidesoffered& Trust Co. of AlexBank
-was awarded to the
-V. 125, p. 3382
andria and the Well. Roth & Irving Co. of Cincinnati as 4 % bonds, for
a premium of $1,100, equal to 100.'733, a basis of about 4.17%. Denom.
$1.000. Dated Jan. 1 1928. Due from 1929 to 1948 incl.
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
building bonds offered on
BOND SALE.
-The 1250,000 4% coupon school Union Trust Co., and the
-were awarded to the
Jan. 10-V. 125, p. 3514
Fletcher Savings Bank & Trust Co., both of Indianapolis, jointly, at a
premium of $11.077, equal to 104.43, a basis of about 3.63%. Dated Jan.
12 1928. Due 310.000, Jan. 12 1933 to 1957. incl.
The following is a complete list of other bids submitted. Although the
bid of the City Securities Corp. was the best submitted, they were not
awarded the bonds, on the advice of attorney, because of interlineations on
their certified check, according to Frank L. ReLssner. secretary.
Amt. of Bid.
Name.
$255,255.00
Ames, Emerich & Co., Chicago
258,218.00
Inland Investment Co., Indianapolis
258,767.50
J. F. Wild Investment Co., Indianapolis
258,855.00
Co., Indianapolis
Merchants Nat. Bank and Indiana Trust
258,888.0
Meyer-Kiser Bank, IndlanaPolis
259,225.00
Illinois Merchants Trust Co., Chicago
260,131,00
Fletcher American Co., Indianapolis
261,040.00
Halsey-Stuart Co., Indianapolis
261,278.00
City Securities Corp., Indianapolis
-Two issues of
JACKSON, Breathitt Vounty, Ky.-BOND SALE.
purbonds aggregating /36,000 have recently been awarded to unknown from
5% school bonds. Due
chasers. The issues are as follows: $20,000
1929 to 1948 incl. and 116.000 street improvement bonds. Denom. $1,000.
Dated Aug. 1 1927.
OFFERED BY
KENTON COUNTY (P. 0. Covington),Ky.-BONDS bonds is being
bridge
-A $500.000 issue of 431% road and Wolcott Co., and the
BANKERS.
by the Tillotson &
offered for public investment
priced to yield 4%
Guardian Trust Co., both of Cleveland.1933 to 1956. incl. on all maturities.
Dated Jan. 1 1928 and due from Jan. 1 legality of issue. Squire, Sanders
('these are the
approve
& Dempsey of Cleveland will
bonds voted on Oct. 8-V. 125, p. 2178.)
DISTRICT (P. 0. New
KEOWNVILLE CONSOLIDATED SCHOOL of school bonds has been
-A $13,000 issue
-BOND SALE.
Albany), Miss.
purchased by A. K. Tigrett & Co. of Memphis.
-BOND SALE.
-The $65,000 issue of
KEVIN, Toole County, Mont.
6% water bonds unsuccessfully offered for sale on Aug. 8-V. 125, Pps.
-has been purchased by the Blanton Banking Co.of Houston.
550 and 1222
Dated July 1 1927. Prin. and int. (J.& J.) payable at the office of the
Town Treasurer.
[VOL. 126.
FINANCIAL CHRONICLE
-The $500,00
KING COUNTY (P.O. Seattle), Wash.
-MATURITY.
-to the State of
issue of 5% airport bonds sold on Dec. 27-V. 125. p. 3673
Washington as 4% bonds at par Is due and payable on Jan. 1, as follows:
19,000 in 1930:$10,000 In 1931 and 1932: 111.000 in 1933 and 1934:$12,000
In 1935 to 1937: $13,000 in 1938:114.000 in 1939 and 1940;$15,000 in 1941
and 1942: 116,000 in 1943 and 1944: 117.000 in 1945; $18,000 in 1946 and
1947; $19,000 in 1948; 120,000 in 1949: $21,000 in 1950; $22,000 in 1951
and 1952: $23,000 in 1953; 124.000 in 1954; $25,000 in 1955; $26,000 in
1956; $27,000 in 1957 and 128,000 in 1958.
KINGSTON, Ulster County, N. Y.
-ADDITIONAL 1927 BOND
SALES.
-In addition to other bond sales that have already been reported
as they took place in 1927, we are now informed that an issue of $9,000
43i% snow removal equipment bonds was sold on Sept. 15 to local banks.at
par. Dated Sept. 16 1927. Due serially 1928 to 1933 incl.
-The
-BOND SALE.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-were awarded
$3.362 6% ditch bonds offered on Jan. 7-V. 125, p. 3382
to the Inland Investment Co. of Indianapolis, at a premium of $13, equal
to 100.387, a basis of about 5.91%. Dated Dec. 1 1927. Due 1336.20
Dec. 1 1928 to 1937 incl.
-BOND OFFERING.
KOSSUTH COUNTY (P. 0. Algona), Iowa.
Sealed bids will be received by H. N. Kruse. County Treasurer, until 2 p. m.
on Jan. 18, for the purchase of an issue of $100,_000 43‘% primary road
bonds. Denom. $1,000. Dated Feb. 1 1928. Due 110.000 on May 1,
from 1934 to 1943 incl. Optional after 5 years. Int. payable annually.
Chapman & Cutler of Chicago will furnish legal approval. A certified
check for 3% of the bonds offered is required.
Point),
-The
-BOND SALE.
LAKE COUNTY (P. 0. Crown offered onInd.
Jan. 2-V. 125. p. 3093
-building bonds
$250,000 434% court
were awarded to the Fletcher American Co. of Indianapolis. at a premium
of $15,387 equal to 106.15 a basis of about 3.75%. Dated Jan. 1 1928.
Due as follows: 16,250. July 1 1928: $6,250, Jan. and July 1 1929 to
1947 incl.: and $6,250. Jan. 11948.
The following bids according to W. E. Whitaker, County Auditor, were
also submitted for the bonds:
Premium.
Bidder$15,383
Union Trust Co., Indianapolis
14,107
Harris Trust & Savings Bank, Chicago
13,818
City Securities Corp., Indianapolis
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
Sealed bids will be received by L. J. Spaulding, Clerk Board of County
for the purchase of the following issues of 5% coupon bonds
Commissioners,
aggregating $21,504:
$15,712.25 sewer bonds. Denoms. 11,000,$500 and one bond for $712.25.
•Pue Oct. 1, as follows: 1712,25, 1929: $1,000, 1930 and 1931;
1500, 1932: 11,000, 1933 and 1934;$500. 1935: $1.000, 1936 and
1937: $500, 1938; 11,000, 1939 and 1940; 1500, 1941; 51.000.
1942 and 1943: $500, 1944: $1.000, 1945 and 1946; and $500.
1947. A certified check for $500 is required.
5,791.75 water supply system bonds. Denoms. 1300. $250 one for
$341.75. Due Oct. 1, as follows: 1341.75, 1929; $250, 1930:
$300, 1931 to 1933; $250, 1934: $300. 1935 to 1937: incl. $250,
1938; 3300, 1939 to 1941 incl.: $250, 1942: $300, 1943 to 1946
incl.; $250, 1946; and $300, 1947 and 1948. A certified check
for $250 is required.
Dated Jan. 1 1928. Prin. and int. payable at the office of the County
Treasurer. All certified checks to be made payable to the order of the County
Treasurer.
-The
-BASIS.
LAKE WALES, Polk County, Fla.-INT. RATE
/50,000 issue of capital fund revolving bonds purchased-V. 126. P. 135
the Hanchett Bond Co. of Chicago at a price of 97.50 bears interest
by
at 6% giving a basis of about 6.55%. Due serially in from 1 to 10 years.
LAWRENCE PARK TOWNSHIP SCHOOL DISTRICT (P.O. Erie),
-The 170,000 .0i% coupon school
-BOND SALE.
Erie County, Pa.
-were awarded to M. M.
bonds offered on Dec. 24-V. 125_, p. 3382
Philadelphia. Dated Dec. 26 1927. Due Jan. 1 as
Freeman & Co. of
follows: $10.000, 1933; and 115.000. 1938; 1943; 1948; and 1953.
LINCOLN,Lancaster County, Neb.-The following request for sealed
BOND OFFERING CORRECTION.
bids supersedes that as given in V. 126. p. 135 only as respects the maturity
on basis No. 1. The modified maturity is: 1250.000 coupon school bonds.
-year serial bonds due 16,000 in each of
Int. rate not to exceed 414%. 40
the first 3 years and $7,000 in the 4th year and similarly following (each
3 years 16.000 per year and each year following $7,000) until the 40th
year. Proposals on other payment bases may be submitted. The remainder of the offering is unchanged.
The following statement is furnished in connection with the offering on
-of the 1250,000 issue of not to exceed 434%
Jan. 24-V. 126, p. 135
coupon school bonds.
1196,972.06
funds (Cash on hand Nov. 30 1927)
Balance all
Statement of Present Outstanding Bonds Dec. 1 1927.
Orig.
Amount.
Amount. Rate
Issues.
* 8,000 Optional July and January.
Sept. 1-1911-411350.000 434
**2130.000 Optional May and November.
Nov. 1-1920-50 200,000 4
o 200.000 Optional May and November.
May 1-1921-51 200,000 4
Nov. 1-1923-53 712,000 Of.% 712,000 Serial 1-25 or 128.000 due each
Year beginning Nov. 1 1929;
$40.000 due Nov. 1 1953.
Nov. 1-1924-54 750,000 434% 540,000 Maturing in even amounts (ger.)
beginning with Nov. 1 1925.
and
Jan. 1-1925-65 750,000 4)4% 712,000 Maturing $19.000 per year toand
Including Jan. 1 1925
ineludingeachy
illfi3O0O jas 1 year to and
65
July 1-1925-65 750,000 431%
July 1-1926-66 750,000 411%
Jan. 1-1927-67 500,000 431%
1912
1917
50,000 5 %
40,000 5 %
1919
95,000 534%
1921
20.000 6 %
1925
40,000
1914
20.000 5 %
%
714,000 Maturing 118.000 each year 1926
to 1935 incl. Mature 119,000
each year 1926 to 1965 incl.
732,000 Maturing $18,000 each year 1927
to 1936 incl. Mature $19,000
each year 1937 to 1966 incl.
500.000 Maturing $13,000 each year
Mature
1928-1947 incl.
112.000 each year 1948-1967.
20,000 Serial due Feb. 10 1932.
20,000 Serial 110,000 due May 11932;
$.10,000 due May 1 1937.
75,000 Serial $20,000, due Oct. 1 1929;
120,000 due Oct. 1 1934:
$35,000 due Oct. 1 1939.
15,000 Serial 11,000 payable each Year
to and Including 1941.
40.000 Serial $1,000 payable Mar. 1
1930-34 incl.; 12,000 payable
Mar. 1 1935-38 incl.; 13,000
payable Mar. 1 1939-41 incl.:
$4,000 Payable Mar. 11942-43
incl.; $5,000 payable Mar. 1
1944-45 incl.
13,000 Optional between 1924-1929;
paypayable
able 3 ab15 y Mi ye
ii pa7 . 1e nears; ars;'l
n
o 14
Total
$4.501,000
* Called for payment July 1 1927. **127,000 called for payment Nov.
11927.
The assessed valuation of property certified by the County Clerk of
Lancaster County, Nebraska Sept. 10 1927 for the tax year 1927:
Tangible
n
Inpo ibaeioClztangl lt(
ss il
Federal Census Bureau estimate, 1927, 69,900.
)
$1160:833185:89468
School population (June, 1927). 19,841.
The school levy for the current year (July 1 1927 to June 30 1928 incl.)
is on each $1.00 assessed valuation as follows:
General fund (running expenses)
11.17 mills
Building fund (capital outlay)
.49 mills
Bond interest fund
1.99 mills
1,35 mills
Bond sinking fund
0
105Ci mills
The Board of Educatim of the School District of the ty of Lincoln
has exclusive control of all property of the School District. There are
(Jan. 3 1928) 35 separate schools and four sites without buildings. Value
of property and equipment estimated at $6,475,033.34.
JAN. 14 1928.]
FINANCIAL CHRONICLE
LEE COUNTY SCHOOL DISTRICT'(P. O. Fort Myers), Fla.
BOND SALE.
-The sinking fund commissioners
District No. 1 have purchased two issues of 6% of Special Tax School
school bonds aggregating
$55,000 as follows: $25,000 District No. 7 bonds and $30,000 District
No. 14 bonds. Dated May 1 1926.
LITTLEFIELD, Lamb County, Tex.
-BOND SALE.
-A $50.000 issue
of improvement bonds has recently been jointly Purchased by George L.
Simpson & Co. and the Thomas Investment Co. both of Dallas.
LIVONIA TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. Detroit),
Wayne County, Mich.
-BOND DESCRIPTION.
-The issue of $50,000
% school bonds awarded to Howe, Snow & Co.
101.702
-V. 125, p. 3673-is described as follows: Dated of Detroit, at Coupon
Jan. 1 1928.
bonds in denoms of $1,000. Due serially from Jan. 1 0930
to 1958 incl.
Int. payable Jan. and July 1.
LOCKPORT, Niagara County, N. Y.
-BOND SALE-Thomas A.
Trowbridge of New York was awarded on Jan. 11, an issue of $18,000 reservoir and filtration rolant site bonds as4qs,at 100.26, a basis of about
4.15%.
Dated Jan. 11 1928. Denom. 31.000. Due serially from Jan. 2 1929 to
1934 inclusive. Prin. and int. payable at the office of the City Treasurer.
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING.
-Sealed
bids will be received until noon on Feb. 1.• G. Carney Cross, Secretary
by
and Treasurer of Sewerage Commissioners, for the purchase of a $1,000.000
Issue of 4% coupon sewer bonds. Dated Feb. 1 1925 and due on Feb. 1
1965. Prin, and semi-annual int. payable in gold at the National Bank of
Kentucky in Louisville or at the First National Bank of
Bids to be on required forms. A certified check for 2% New York City.
of the bid is required.
(This block is part of a large issue, $3.500,000 of which have already been
sold.)
McALESTER, Pittsburgh County, Okla.
-BOND SALE.
-The
590,000 issue a grade and Junior high school bonds offered for sale on
Jan.6-V. 125, p. 3515
-was awarded to Stern Bros. of Kansas City (Mo.)
at par as follows: $63,000 443 and $27,003 45( 7. bnds.
McCAMEY, Upton County, Tex.
-BOND OFFERING.
-Sealed bids
will be received until Jan. 15 by the Town Treasurer for the purchase of a
S250,000 issue of 6% refunding bonds.
McCORMICK COUNTY (P. 0. McCormick), S. C.
-BOND SALE.The $120,000 issue of 5% semi-annual highway bonds offered for sale on
.1' an. 6-V. 126, p. 135
-was awarded to the South Carolina National
Bank of Charleston for a premium of $3,924, equal to 103.27.
McNAIRY COUNTY (P. 0. Selmer), Tenn.
-BOND ELECTION.
On Feb. 25, there will be an election in order that the authorized electors
may pass upon the proposition of issuing $400.000 in road bonds.
MAHONING COUNTY (P. 0. Youngstown), Ohlo.-SALE CANCELLED.-Stranahan, Harris & Otitis, Inc. of Toledo inform us that
the sale of $168,047.80 bonds awarded as 4;1s, maturing serially from
1929 to 1938 incl., and purchased at a premium of $1,870.40-V. 125, p.
3382
-has been cancelled as Squire, Sanders & Dempsey of Cleveland,
refused to certify as to the validity of the bonds.
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston was awarded on Jan. 13, $500,000 temporary loan on a 3.51% discount basis. The loan matures Nov. 16 1928.
MALVERN SCHOOL DISTRICT, Chester County, Pa.
-BOND
SALE.
-A. B. Leach & Co. of Chicago were awarded on Jan. 5 an issue
of 57.000 school bonds at a premium of $100.13, equal to a price of 101.43.
The bonds bear interest at the rate of 434 %•
MANTUA (P. 0. Mantua), Gloucester County, N. J.
-BOND SALE.
M. M.Freeman & Co. of Philadelphia were recently awarded an issue of
328.0005% temporary improvement bonds. Dated Nov. 11927. Denom.
$1,000. Due Nov. 1 as follows: $20,000. 1933. and $8,000. 1937. Prin.
and int. payable at the office of the First National Bank & Trust Co. of
Blackwood. Legal opinion as to the validity of the bonds will be furnished
by Caldwell & Raymond of N. Y. City.
MARGATE CITY, N. Y.
-BOND SALE.
-M. M. Freeman & Co. of
Philadelphia were recently awarded an issue of $150,000 5% temporary
drainage sewer bonds. Dated Dec. 1 1927 in denoms. of 31,000 and maturing Doc. 1 1933. Prin. and int. payable in gold at the Hanover National
Bank, New York City. Legality approved by Clay, Dillon & Vandewater of New York City.
MARION COUNTY (P. 0. Ocala), Fla.
-BOND SALE.
000,000 issue of coupon highway bonds offered for sale on Jan.-The $1,4-V. 125
p. 2969
-has been awarded to the Weil, Roth St Irving Co. of Cincinnati
as 44s, for a discount of $45.799, equal to 95.42, a basis of about 5.16%.
Denom. $1,000. Dated Feb. 1 1928 and due on Feb. I, as follows: $33,000
in 1937;$66.000, 1938 to 1950;$71.000 in 1951 and $38.000 in 1952. There
were no other bidders.
MARLIN, Falls County, Tex.
-BOND SALE.
-The $38,000 issue of
5% sewage disposal plant bonds offered for sale on Jan.4(V. 125, p. 3673)
was awarded to Bosworth, Chanute, Loughridge & Co.of Denver. Due in
years and optional after 10 years.
40
MARYLAND (State of).
-BOND OFFERING.
-John M.
State Treasurer, will receive sealed bids until 12 m. Feb.8 for the Dennis,
Purchase
of an issue of 31,815,000 4h% certificates of indebtedness (general construction loan of 1927). Dated Feb. 15 1928. Coupon bonds in denom.
of $1,000, registerable as to principal. Due Feb. 15 as follows: 3106,000,
1931: $111,000, 1932: 3116,000, 1933; 3121.000. 1934: 3126.000.
1935;
3132.000, 1936; 5138,000, 1937; $144,000, 1938: 3150,000, 1939: $157,000,
1940:3164.000, 1941;$171.000, 1942,and $179,000, 1943. Interest payable
Feb. and Aug. 15. A certified check payable to the order of the
State
Treasurer, for 5% of the bonds offered, is required. The legality of
issue has been passed upon by the Attorney-General of the State. who this
will
certify that all necessary legal formalities prescribed for said issue have
been duly complied with.
MATADOR, Motley County, Tex.
-BOND SALE.
-A $50,000 issue
of water works construction bonds has been purchased by Geo. L. Simpson
& Co. of Dallas.
MECKLENBURG COUNTY (P.O. Charlotte), N. C.
-NOTE OFFERING.
-Sealed bids will be received until noon on Jan. 16. by F. M.Gresham.
Clerk of the Board of County Commissioners,for the purchase of a $375,000
of bond anticipation notes. Denom. 310,000, unless otherwise
issue
specified. Dated Jan. 20 1928. Due on Apr. 9 1928. Int. rate to
be
bid upon at par. The notes are payable in New York City at the Bankers
Trust Co. Chester B. Masslich of New York City will
approving opinion. A $500 certified check must accompany furnish legal
bid. (These
notes are to anticipate a fully authorized issue of Court House and Jail
bonds to be sold in March and delivered on Apr. 9 1928 at the Bankers
Trust Co.)
fering.-The above named official will receive sealed bids until
Note Of
noon on Jan. 30, for the purchase of a $250,000 issue of bond anticipation
notes. Denom. $10,000 as above. Dated Feb. 3 1928. Due on Apr. 9
1928. Int. rate to be bid upon at plan These notes are also issued to
anticipate a fully authorized Court House and Jail bond issue as above).
Payable in New York City at the Bankers Trust Co. Chester B. Masslich
of New York City will furnish the legal approval. A $500 certified check
must accompany the bid.
-Sealed bids will also be received by the above official
Note Offering.
until noon on Mar. 5 for the 'purchase of an issue of 3100,000 bond anticipation notes. Denom. $10,000, unless otherwise specified. Dated Mar.9
1928. Due on Apr. 9 1928. Int. rate to be bid upon at par. The description of this issue corresponds exactly to the above. A $250 certified
check is required with bid. ,
•
am,
MEDINA, Medina County, Ohio.
-PRICE PAID.
-The price paid-for
the issue of $13,500 5 % street improvement bonds, awarded to Season-V. IN. p. 136
good & Mayer of Cincinnati
-was a premium of $747,
equal to 105.53. a basis of about 4.37%. Dated Dec. 1 1927. Due
51,500, Oct. 1 1929 to 1937 inclusive.
MELBOURNE, B
d County, Fla.
-PRICE PAID-BASIS.
The $69,600 issue of 6% street improvement bonds sold on Sept. 19-to M. W. Elkins & Co. of Little Rock, was awarded to them
V. 126. p. 136
at a price of 95, a basis of about 8.12%. Dated Sept. 1 1927 and due on
Sept. 1. as follows: $13,600. 1928 and $14,000 from 1929 to 1932 incl.
MELROSE, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston, was awarded on Jan. 12. a 3400.000 tern-
281
porary loan on a 3.92% discount basis plus a premium of $7.00.
The loan
matures within nine months.
MENLO PARK SANITARY DISTRICT (P. 0. Menlo
Park), San
Mateo County, Calif.
-BOND SALE.
-The $10,000 issue of
coupon sewer construction bonds offered for sale on Jan. 5-V. 434%
125, P.
3515
-was awarded to the First National Bank of
City for
ium of $12.50, equal to 100.125, a basis of about Redwood Denom.a prem4.45%.
$1,000.
Dated Oct. 1 1927 and due $2.000 from Oct. 1 1928 to 1932 incl.
Int.
payable A. & 0.
MIAMI, Roberts County, Tex.
-BOND SALE.
-A $35,091.30 issue of
sewer bonds was recently awarded at par to the Jordan Construction Co.
of Miami.
MIDLAND, Midland County, Tex.
-BOND SALE.
-A $65.000 issue
of funding bonds has been purchased recently by Garrett & Co. of Dallas.
This firm also was the purchaser of an issue of from $175,000 to $200,000
water bonds.
MILFORD, New Haven County Conn.-BONDS WITHDRAWN.The issue of $185,000 434% coupon fire and police headquarters scheduled
to have been sold on Dec. 7-V. 125, p. 3516
-has been withdrawn from
the market according to Sanford Hawkins, Town Treasurer.
MILTON,Umatilla County,Ore.
-BOND SALE.
-An issue of $150,000
434% water supply bonds has been purchased by the Lumbermens Trust
Co. of Portland. Dated Jan. 1 1928. Due serially from 1938 to 1958 incl.
MOBILE COUNTY(P.O.Mobile), Ala.
-BOND SALE.
-The $143.000
Issue of semi-annual refunding bonds offered for sale on Jan. 9-V. 125. P.
3673
-was awarded to the Merchants National Bank of Mobile at a price
of 101.76. (Rate not stated).
MOBRIDGE SCHOOL DISTRICT (P. 0. Mobridge), S. Dak.BOND SALE.
-The $50,000 issue of school bonds offered for sale on Jan.
10-V. 125, p. 3516
-was awarded to the First Minneapolis Trust Co. of
Minneapolis for a $577 premium, equal to 101.154.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
OFFERING.
-Sealed bids will be received by Paul Stump, County Auditor,
until 10 a. in. Jan. 30 for the purchase of an issue of $100,000 4% Culver
Union Hospital bonds. Dated Dec. 15 1927. Denom. $1,000. The bonds
will be retired at intervals, the total amount of which will mature within
20 years from the date of issue. A certified check, payable to the order
of the above-mentioned official for 2% of the bonds offered, is required.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND OFFERING.
-Sealed proposals will be received until Feb. 7 for the purchase of
an issue of $400,000 road and bridge bonds.
MONTGOMERY COUNTY (P. 0. Clarksville), Tenn.
-BOND OFFERING.
-Sealed bids will be received until noon on Feb. 6, by John
T. Cunningham County Judge, for the purchase of a $60,000 issue of
434% highway improvement and bridge bonds. Denom. $1.000. Due
Mar. 1 1948. Purchaser to furnish bonds and approving opinion. Int.
payable semi-annually. A $500 certified check must accompany the bid.
Official advertisement of the sale will be found on last page of this issue.
MOREHOUSE PARISH ROAD DISTRICT NO. 1 (P. 0. Bastrop),
La.
-BOND SALE.
-The $305,000 issue of 5% road bonds offered for sale
on Jan. 10-V. 125. p. 3516
-has been awarded to the Whitney-Central
Trust & Savings Bank of New Orleans for a premium of $13,375, equal to
104.385, a basis of about 4.68%. Denom. $1,000. Dated Feb. 1 1928
and due on Feb. 1, as follows: 54,000. 1929 to 1931; $5.000. 1932 to 1934;
36,000. 1935 to 1938; $7,000, 1939 to 1941: 38.000. 1942 and 1943: 39,000.
1944 and 1945; $10,000, 1946 to 1948: 311.000. 1949 and 1950: 312.000,
1951 and 1952: 513.000. 1953 and 1954; 814.000. 1955: 515.000, 1956:
316,000, 1957; 317.000, 1958 and 1959. and $18,000 in 1960.
MORRISTOWN, Morris County, N. J.
-Sealed
-BOND OFFERING.
bids will be received by Nelson S. Butera. Town Clerk, until 8.15 p. In.
Jan. 27,for the purchase of an issue of 4 or 4J % coupon or registered water
bonds not to exceed $608,000, no more bonds to be awarded than will
produce a premium of $1,000 over $608,000. Dated Feb. 1 1928. Denom.
$1,000. Due Feb. 1. as follows: 315,000, 1930 to 1955 incl.; $20,000,
1956 to 1965 incl.; and 318,000, 1966. Prin. and int. payable in gold at the
office of the Town Treasurer. The U. S. Mtge. & Trust Co., N. Y. will
certify as to the genuineness of the bonds and the seal impressed thereon.
A certified check payable to the order of the Town for 2% of the bonds
bid for is required. Legality to be approved by Hawkins, Delafield &
Longfellow of New York City.
MORROW COUNTY (P. 0. Mount Gilead), Ohio.
-BOND SALE.W.L. Slayton & Co.of Toledo were awarded on Oct. 20 the following issues
of 5% Williamsport-Bloomingrove coupon road bonds, aggregating $22,582.88, at a premium of $471, equal to 102.08, a basis of about 4.54%:
$11.44641 Township's portion bonds. Denom. $1,150, one for $1,096.41. •
Due Sept. 1 as follows: $1,109.41, 1928, and $1,150, 1929 to
1937. Inclusive.
11,136.47 special assessment bonds. Denom. $1,150, one for $786.47.
Due Sept. 1 as follows: $786.47, 1928,and 31,150. 1929 to 1937,
inclusive.
Date Nov. 15 1927.
MOUNT PLEASANT ROAD DISTRICT (P. 0. Holly Springs),
Miss.
-BOND OFFERING.
-Sealed bids will be received by .1. T. Wade,
Chancery Clerk, until 10 a. in. on Jan. 24, for the purchase of a $40,000
issue of 5, 514 or 6% road bonds. Denorns. $500 and $1,00 1
. Dated
Jan. 1 1928 and due on Jan. 1 as follows: 31.000 from 1929 to 1933: $2,000,
1934 to 1943, and $1,500, 1944 to 1953, all incl. Prin, and int. (J. & J.)
Et/able in New York City. A $2,000 certified cleck must accompany tle
MT. VIEW CONSOLIDATED SCHOOL DIST. *(P. 0. Marietta)
Ga.-BOND SALE.
-A $15,000 issue of 6% school bonds has been purchased by J. II. Hilsman & Co. of Atlanta. Denom. $500. Dated Jan. 1
1928 and due $500 from Jan. 1 1929 to 1958 incl. Prin. and int. (J. & J.)
payable in N. Y. City at the National Bank of Commerce..
MURFREESBORO,Rutherford County,Tenn.
-BOND SALE.
-The
$100,000 issue of 5% coupon funding bonds offered for sale on Jan. 5V. 125, p. 3673
-was awarded to the American National Co. of Nashville
for a premium of$5,120,equal to 105.121,a basis of about 4.45%. Dated
Jan. I 1928 and due $4,000 annually from Jan. 1 1929 to 1953 incl. The
second highest bid was submitted by J. C. Bradford & Co. of Nashville.
offering 104.56.
The following is a complete list of the bidders and their bids:
Bidder.
BidderPrice Bid.
Price B.
Little, Wooten & Co
$104,420 J. C. Bradford & Co
$104,566
First Nat. Bank, Memphis_ 103,913 Caldwell & Co
104.528
*American National and
W. L. Slayton & Co
102,651
J. W. Jokes (joint)
105,120 Detroit Trust Co
103,586
* Successful bid.
NAVAJO COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Holbrook).
Ariz.
-BOND ELECTION.
-The voters will have the opportunity at a
special election on Feb.4,of passing upon the proposition ofIssuing $170,000
in bonds. It. B. Walton, County Clerk.
NEW BOSTON, Bowie Cty., Tex.
-BOND COFFERING.
-Sealed bids
will be received until 7 p. in. on Jan. 17 by the City Secretary for the purchase of a $55,000 issue of 6% water works bonds. Denom. $500. Dated
Oct. 15 1927. Due on Apr. 15, as follows: $500 from 1929 to 1934:31.000.
1935 to 1941: 31,500. 1942 to 1946: 52,000, 1947 to 1954: 32,500. 1955 to
1959 and $3,000, from 1960 to 1962, all incl. Prin. and int. (A. & O.)
payable at the Seaboard National Park in New York City; the office of the
State Treasurer or at the American Exchange National Bank in Dallas.
Chapman & Cutler of Chicago will furnish legal approving opinion. A
$2,000 certified check, payable to Mayor 0. B. Pirkey, must accompany
the bid.
NEW SCOTLAND AND BETHLEHEM COMMON SCHOOL DISTRICT NO. 5 (P. 0. Faure Bush), Albany County, N. Y.
-BOND
OFFERING.
-Sealed bids will be received by William J. Mathias. Sole
Trustee, at the office of Whalen. Murphy, McNamee & Creble, Albany,
until 4 p. in. Jan. 18 for the purchase of an issue of $40.000 414% coupon
or registered school bonds. Dated Jan. 1 1928. Denom. $1,000 and
$500. Prin. and int. payable in gold at the New York State National
Bank, Albany, or at the Chase National Bank, N. Y. City. A certified
check, payable to the order of Harmon P. Van Dorm), Collector, for
$4,000, is required. Legality approved by Clay, Dillon & Vandewater of
N. Y. City.
282
FINANCIAL CHRONICLE
[VOL.126.
of
2E,000 flood control survey. After the bridges are built the workthe
insuring the city against future floods must go on, since
the problem. Engineering fees and other'
bridges only halt' solve
expenses will be paid with tnis fund. Due on Fob. 1, as follows:
$1,100, 1931 to 1952 and $800 in 1953.
70.000 for fire stations and equipment. Money will be used for a new
station in the northeastern part of the city and purchase of
several new motor pieces which are necessary. Due on Feb. 1,
as follows: 33.000. 1931 to 1952 and $4,000 in 1953.
50,000 traffic safety and control. It is intended to carry out some of'
recommendations of the Safety Council and extend the traffic
-Sealed
-NOTE OFFERING.
light system. With this fund the City Council believes that
NOBLE COUNTY (P. 0. Albion), Ind.
received
necessary improvements and changes can be made. Due on Feb.
proposals addressed to Edwin Smith, County Auditor, will be maturing
1, as follows: 32.100:1931 to 1952 and $3,800 In 1953.
until 2 p. m. Jan. 26, for the purchase of an issue of $3,500 6%
Other bids submitted were; a 4.26% basis by R. J. Edwards, Inc., of
semi-annually.
Oklahoma City; a 4.27% basis by A. J. McMahon, said to be representing
-A 22,500,000 a group headed by the National City Company; a 4.30% basis by a syndiNORFOLK, Norfolk County, Va.-NOTE SALE.
notes has recently been purchased by R. W. cate headed by Harris, Forbes & Co.. and a 4.32% basis by a group headed
issue of tax anticipation
are now being
Dated
Pressprich St Co. of New York at par for 3.727 notes. on Dec.Jan.101928. by the Guaranty Company of New York. These bonds priced to yield
10 1928 and offered by the successful syndicate for public subscription
Due as follows: $1,000,000 on Aug. 10 1928; $500,000
according to rate and maturity. They are direct and
from 4.00 to 4.15%
$1,000,000 on Jan. 10 1929.
general obligations of the entire city. Free from all Federal income taxes.
-The Com-BOND SALE.
NORTH COLLINS, Erie County, N. Y. on
-BOND OFFERING.an issue of
OPELOUSAS, Saint Landry Parish, La.
August 23,
munity National Bank of Buffalo, was awarded
be received until Jan. 26 by Mayor A. J. Perrault for the
$5,000 village bonds. The bonds mature serially in from 1 to 5 years Sealed bids will issues of bonds aggregating $125,000 as follows: 275,000
purchase of two
(Price paid and other details lacking.)
sewer system bonds and $50,000 electric light and water bonds. Int. rate
- not to exceed 6%.
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau County, N. Y.
Schmidt.
BOND OFFERINO.-Sealed bids will be received by Charles E. $155.000
PAINESVILLE TOWNSHIP (P.0.Painesville),Lake County,Ohio.
Town Clerk, until 2 p. m. Jan. lii for the purchase of an issue ofto exceed -BOND SALE.
.
-The $5.400 sidewalk bonds offered on Dee. 28- 7 125,
coupon or registered water works bonds. Rate of interest not follows: p. 3517-were awarded to A. E. Aub & Co. of Cincinnati. as 5345, at a
Jan. 1 as
434%. Dated Jan. 1 1928. Denom. $1.000. Due of int, to be stated premium of $43, equal to 100.79, a basis of about 5.05'%. Dated Jan.
inci , and $15,000, 1947. Rate
$10,000. 1933 to 1946
1 1928. Due Oct. 1. as follows: $500, 1929; $1,000. 1930; 3900, 1931:
or 1-10th of 1%. Prin. and int. payable In gold at $1.000. 1932; 3500. 1933;$1,000. 1934 and 5500. 1935.
In a multiple of
e First National Bank. Manhasset, or at the National Park Bank.
the order of the town, for
-BOND OFFERING.. Y. City. A certified check, payable to
PERRY COUNTY (P. 0. Cannelton),Ind.
,000 is required. Legality approved by Clay, Dillon & Vandewater Sealed bids will be received until 2 p. m. Feb. 6. for the purchase of an
gravel road
of New York City.
issue of 53,30043.4% John T. Pontrick et al Tobin Townshipand
Nov. 15
bonds. Dated Feb. 6 1928. Denom. $165. Due $165 May
COMMON SCHOOL DISTRICT NO. 8 1929 to 1938 incl. Bids should be addressed to Charles Mogan, County
NORTH HEMPSTEAD
-The $325,000 4/4% Treasurer.
-BOND SALE.
(P. 0. Little Neck Park), N. Y.
-were
coupon or registered school bonds offered on Jan. 5-V. 125, p. 3516
-415,000.000 BONDS
PHILADELPHIA, Philadelphia County, Pa.
awarded to George B. Gibbons & Co. of New York City, at a premium
-The successful syndicate headed by the Bankers Trust
ef$15,787.20 equal to 104.85 a basis of about 4.09%. Dated Dec. 15 1927. MARKETED.
15 as follows: $5,000, 1930 to 1934 incl.: $10.000, 1935 to 1939 Co. of New York,and containing twelve other members which was awarded
Due Dec.
on Jan. 4, the two issues of 4% bonds aggregating 31.5.001090 at 101.6.5,
$15.000, 1940 to 1949 incl.: and 520,000, 1960 to 1954 incl.
a basis of about 3.88%-V. 126. p. 136-are now offering the bonds for
A list of other bidders follows:
investment at 102.50 and Interest yielding 3.823. to redeemable date
Price Bid.
BidaerPrice Bid.
Bidderfor
and 4% thereafter. The bonds It Is stated are a legal investmentare savings
_ --$340.753.72 Stephens& Co.and H.L.
Dewey, Bacon &
and
exempt
$338.812.50 banks and trust funds In New York and Pennsylvania.
Allen & Co
CoPullevn & Co. and E. H.
texas and tax free in Pennsylvania. Legality to
336,375.00 from all Federal income
339,521.00 Kountze Bros
Rollins & Co
be approved by Townsend, Elliott & Munson of Philadelphia.
-BOND
OAKDALE TOWNSHIP SCHOOL DISTRICT NO.2(P.O. Le Roy),
PITCAIRN SCHOOL DISTRICT, Allegheny County, Pa.
-A $3,000 Issue of 5% school bonds has been pur- OFFERINO.-Sealed bids will be received until 7.30 p. m. Jan. 31. by
-BOND SALE.
Minn.
chased by local parties.' at par. Denom. $1.000. Dated Sept. 1 1927 and John B. Kane, Secretary Board of School Directors, for the 'Purchase of
& 8.) payable in
due from Sept. 1 1936 to 1938 Incl. Prin. and int.
an issue of $100.000 434% school bonds. Dated Feb. 1 1928. Denom.
Le Roy.
$1.000. Due Feb. 1, as follows: $2.000, 1931; 53,000. 1932 to 1934 incl.;
35,000, 1936 to 1918 incl.; $6.000, 1919 to 1911 incl.; 27.000,
OKLAHOMA CITY, Oklahoma County, Okla.-CERT/TWA TE $1.000. 1935: incl.: $8,000. 1916: and $9.000, 1917 and 1918. A certified
1914
-A 5200.000 issue of 5 Y4% municipal trust ownership certificates checkto 1915 to the order of the School District for $1.000 is re4ulred.
SALE.
payable
has recently been purchased by Herbert C. Helier & Co.. Inc., of New
-BOND OFFERING.
York City. The certificates are due from Jan. 1 1930 to 1938, Incl.
PORTLAND, Multnomah County, Ore. bids until 11 a. m.on
will receive sealed
-VALIDITY OF 2300.030 George It. Funk, City Auditor,
OAK PARK, Oakland County, Mich.
purchase of a $339.000 41.4% series No. 2 bridge access
-Alleging irregularities in connection Jan. 31. for the 21,000. Dated Feb. I 1928 and due 812.000 yearly
BOND ELECTION CONTESTED.
result of which a 3300.000 water bonds. Doom.
with the election held on Dec. 13. the
Prin. and int. (F. & A.) payable In 'gold
-V. 125. p. from Feb. 1 1931 to 1958 incl. at the fiscal agency of the city in New York
bond issue was authorized by a vote of 230 for to 139 against
OILY Treasurer's office or
3516-a suit has been filed in the circuit court at Pontiac, to enjoin the at the Separate or alternate bide are to be submitted. Storey, Thorndike,
City.
municipality from issuing the bonds on the following grounds. -That
& Dodge of Boston will furnish legal approving opinion. A certified
outsiders were imported to vote, that absent voters ballots were used Palmer
value of bonds must accompany the bid.
Improperly, that some who voted are not American citizens, and that check for 5% face
Summary of Bonded Indebtedness, Jan, 3 1928.
preliminary steps for the election were faulty." The above is taken from
Investor" of Jan. 7.
310.974,000.00
the "Michigan
* General bonded debt
8.875.000.00
-The $80,000 issue of Dock bonded debt
-BOND SALE.
OAKDALE, Allen Parish, La.
17.485.000.00
a Water bonded debt
public improvement bonds offered for sale on Jan. 3-V. 125, P. 3383- Public utility certificates
150,000.00
as 4(% bonds,
awarded to L. E. French & Co. of Alexandria.
baa
6.871,783.00
bonds
for a premium of $680, equal to 100.85, a basis of about 4.62%. Denom. Improvement
1 1928. and due from Mar. 1 1929 to 1943, Incl.
$1,000. Dated Mar.
$44,355,783.00
Total bonds outstanding
-BOND SALE CORREC- Sinking Funds:
OBION COUNTY (P.O. Union City), Tenn.
51.186.154.38
General bonds, investment account
TION.
-We are now informed that the Security National Bank of Jackson
38.903.72
General bonds, cash account
did not purchase on Nov. 18-V. 12.5. p. 2970-a $645.000 issue of 414%
957.850.00
Dock bonds, investment account
road bonds. The bank acted as bid placer. Taylor, Ewart & Co., and
57,984.37
Dock bonds, cash account
the Bank of Detroit, of Detroit,
A. B. Leach & Co., both of Chicago and
2,755.399.02
Water bonds, investment account
were the purchasers, paying 101.808. a basis of about 4.37%. Dated Oct.
38.901.36
Water bends, cash account
on Oct.'11947. (These are the bonds that were re-offered
1 1927 and due
168,303.75
Improvement bond sinking fund, cash account
-V. 125, p. 3674.)
because of a legal technicality
57.019.55
Improvement bond sinking fund, investment accountOPINION.
J.
OCEAN COUNTY (P. 0. Toms River), N. -LEGAL
55.260.516.15
funds
Net sinking
Clay, Dillon & Vandewater of New York City, have certified as to the valid-.
6240,000 or
ity of the two issues of 5% Improvement bonds aggregatingof New York
339.095.266.85
Net indebtedness
which $177,000 bonds were awarded to B.J. Van Ingen & Co.
from general taxation:
at 103.60 and $63,000 bonds to R. M. Grant & Co. of New York, at Payable bonds
310.974.000.00
General
105.27-V. 125, p. 3674.
1.226,058.10
Less sinking fund
OELRICHS INDEPENDENT SCHOOL DISTRICT NO. 9, Fall
89,748,941.90
-An issue of 835,000 534%
SALE.
general bonds outstanding
Net
River County, So. Dak.-BOND
and taxation:
school building bonds has recently been purchased by Benwell & Co. of Payable from revenue
38.875.000.00
Dock bonds
Denver, at a price of 100.10. a basis of about 5.49%. Denom. $1,000.
1.015.834.37
fund
Less sinking
Dated Jan. 1 1928, and due on Jan. 11948.
NEWTON COUNTY (P.O. Covington), Ga.-BOND DESCRIPTION.
-V.125, p. 3673
,
-The 210.000 Issue of road bonds recently disposed of
for a price of 107.80 was purchased by the Trust Co.of Georgia, of Atlanta.
5% bonds, due $5,000 on Dec. 1 1936 and 1937. Basis of about 4.03%.
Int. payable on Jan. and July 1.
-The
-MATURITY.
NIAGARA COUNTY (P. 0. Lockport), N. Y.
$41.000 certificates of indebtedness disposed of locally at par report of
-mature March 1 1928.
which appeared in-V. 126. p. 136
E
-BOND SALE.
OKLAHOMA, State of (P. 0. Oklahoma City).
We have just been informed of the sale on Dec. 1 of an Issue of $13C.000
the State Land Commissioners at par. Dated
State Building trIncla to
Oct. 1 1927. Due In 1951.
-BOND SALE.
OKLAHOMA CITY, Oklahoma County, Okla.
The 10 issues of various city improvement bonds offered for sale on Jan.5125. p. 3516 and V. 126. p. 136-havebeen awarded toasyndlcate co-nV.
ppsed of E. H. Rollins & Sons, Kountze Bros., Redmond & Co., Halsey,
Stuart & Co.. and R. W. Pressprich & Co., all of New York, the Northern
Trust Co.. tho Continental National Co.. and Taylor. Ewart & Co . all of
Chicago as 4 and 4 345 at a price of 100.057, a bask; of about 4.227%. The
issues a ragate fdai20.000 as follows:
5900,000 new conduit and waterworks improvements. This is an emergency Issue. Besides the conduit provision is made for installation of pumps and new equipment at the city filtration plant.
Due on Feb. 1, as follows: $39,000, 1931 to 1952 and $42.000
in 19.53.
4,000.000 acquiring railroad property through city. Thisissue providses for
removal of the Rock Island tracks from the centre of the business
district and acquiring section of property owned by the Frisco
Railway Co. In the business district. Due on Feb. 1. as follows:
5174.000. 1931 to 1952 and 5172.000 in 1953.
2,424,000 new storm sewers and extension of present lines. Fourteen districts, covering the entire city, are provided for in this issue. Due
on Feb. 1, as follows 3105.000. 1931 to 19.52 and $114,000 in 1953.
295,000 opening of North Broadway. This provides an additional traffic
outlet. The State has virtually agreed to build a diagonal boulevard from Sixteenth Street to the Capital, when the city opens
the street. Due on Feb. 1, as follows: $12,000, 1931 to 1952.
$21.000 In 1953.
issue is expected to take care
100,000 water main extensions. This bond
needs can be
of Immediate needs, and it is believed that future1, as follows:
current revenues. Due on Feb.
met with the
34.200. 1931 to 1952 and 27.600 in 1953.
Important sections of the city are
260.000 extending sanitary sewers.will be laid with the money voted for
without sewer lines, which
rpase. Due coo Feb. 1. as follows: 311,000. 1931 to 1952
ri
this tg
000 in 1953.r
and
dges over the North Canadian River. These bridges will
525,000 two
and at Exchange Avenue.
cross the river at Robinson AvenueThe $85,000 remaining will
The structures will cost $440.000.
to straighten the river channel. Due on Feb. 1, as
Le used
1953.
follows: $23,000, 1931 to 1962
4%
and 319.000 In
Net dock bonds outstanding
Payable from water revenue:
Water bonds
Less sinking fund
$7,859,165.63
17.485,000.00
2.794,300.38
$14.690,699.62
Net water bonds outstanding
Payable from assessments against private property and not
a part of the limitation by law as to indebtedness:
6,871.783.00
Improvement bonds
225,323.30
Less sinking fund
Net assessments
Public utility certificates
56,646.459.70
150,000.00
$39.095.266.85
* Of this amount the sum of $2.697.000 as Provided by Charter Amendments, Is not included in our debt limit. a Principal and interest of $1.are payable from general
250 000 water bonds issued during 1909-1910
taxation and are not included In this amount.
-An 149110 Of $12,000
PIQUA, Miami County, Ohlo.-BOND SALE.
public market house bonds was recently awarded to the Sinking Fund at pan
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 7 (P. 0.
-Sealed bids will he received Until
-BOND OFFERING.
Bartow), Fla.
2 p. m. on Feb. 3. by Don Register, Chairman of the Board of Public Instruction, for the purchase of a $340,000 issue of 6% coupon school bonds.
Denom.$1.000. Dated Jan. 1 1928 and due on Jan. 1, AA follows: $12,000.
1931 to 1941 and $13,000 from 1942 to 1957, incl. !Udders are to bid on
& J.) payable In New York City
534 and 6% bonds. Prin. and I nt. U. Raymond will pass on the legality
at the National Park Bank. Caldwell &
of the tissue. A certified check for 2 % par of the bonds must accompany
the bid.
POLK TOWNSHIP SCHOOL DISTRICT (P. 0. Tyner), Marshall
-John L. Drake, School Trustee,
-BOND OFFERING.
County, Ind.
will receive sealed bids until 2 p. m. Jan. 14, for the purchase of an Issue
of $40,000 414% school bonds. Dated Jan, 1 1928. Denom. $500.
Due as follows: 21.500. Jan. and July 1 1929 to 1941 intl.; and 21,000,
Jan. 11942.
PONDERA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Brady),
-The $25,000 issue of school bonds offered for
-BOND SALE.
Mont.
-was awarded to the Pint National Bank
sale on Aug. 27-V. 125, p. 815
% bonds. (Price not given.)
of Conrad as
JAN. 14 19281
FINANCIAL CHRONICLE
PONTIAC, Oakland County, Mich.
-BOND SALE.
-The City Sinklag Fund was awarded on Dec. 27, an issue of $9,300 special assessment
-sewer bonds, as 4 Xs. at par. The bonds are in denoms. of $1,000 and
mature Dec. 1. as follows: $1.000. 1928 to 1936 incl.: and $300. 1937.
PORT HURON, St. Clair County, Mich.
-BOND SALE.-Stranahan
'Harris & OatIs. Inc. of Toledo, were recently awarded the following issues
of refunding bonds, at a premium of $226.30 equal to 100.452:
$45.000 school bonds.
5,000 bridge bonds.
The bonds bear interest at the rate of 5X%.
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
Boston Safe Deposit & Trust Co. of Boston, was awarded on Jan. 11, a
$400,000 temporary loan on a :3.30% discount basis, plus a premium of
$6.60. The notes are dated Jan. 16 1928 and payable Oct. 5 1928 at the
First National Bank of Boston. Denorns. to suit purchaser. Legality to
be approved by Ropes, Gray. Boyden & Perkins of Boston.
PORT OF NEW YORK AUTHORITY, N. Y.
-SYNDICATE OFFERS
$12,000.000 BRIDGE BONGS.
-The $12,000,000 4% bridge bonds awarded
-to a syndicate headed by the Guaranty Co. of New York and the Bankers
Trust Co.. and Including. Lee. II igginson & Co., Estabrook & Co.. Remick,
Hodges &Co., Arthur Sinclair, Wallace & Co. and liannahs, Bailin & Lee,
at 99.777 a 4.02% basis
-V. 125, p. 137-are now being offered for Investment at 101 and accrued interest for all maturities yielding from 3.878%
to 3.937% according to maturity. The bonds mature serially from Jan. 3
1938 to 1953 incl.; callable In whole or in part at 103 on or after Jan. 1
1938. If redeemed prior to maturity, the approximate yield will vary
from 4.01% in case or redemption on July 3 1952. to 4.12% should the
bonds be redeemed on January 3 1938. The bonds according ot the offerMg circular are elligible for deposit- with any State or municipal officer
-or agency an the States either of New York or New Jersey for any purpose
for which bonds of such States respectively may be deposited; also Leal
investment for savings banks and trust funds In New York and New Jersey.
BOOKS CLOSED.
-The Guaranty Co. of New York. group managers.
of the syndicate that was offering the $12.000.000 45'_ bridge bonds
announced on Jan. 9 (afternoon) that all the members had disposed of their
allotments and the books closed.
POST INDEPENDENT SCHOOL DISTRICT (P. 0. Post), Garza
County, Tex.
-BOND SALE. $60.000 issue of school bonds has re-A
cently been purchased by George L. Simpson & Co. of Dallas.
POTTER, Cheyenne County, Neb.-BOND SALE.
-A $24,000 issue
of refunding bonds was purchased by local investors.
PRINCEVILLE SCHOOL DISTRICT, Peoria County, 111.
-BOND
SALE.
-The White-Phillips Co. of Davenport, was awarded during November, an issue of $150004 X% building bonds, at a premium of $95 and accr.
int., equal to 100.63. a basis of about 4.445,. The bonds are dated Dec.
1 1927. are in denoms. of $1,000 and mature in 1945.
283
No special assessment bonds. No floating debt (except loans in anticipation of school bonds in 1928, $47,375). No litigation pending or threatened affecting the corporate existence or the boundaries, the title of the
present officials and their respective offices, or the validity of the proposed
Issues. No issue of bonds has ever been contested. All property subject
to tax on these bonds. Principal and interest of all bonds issued have been
promptly paid at maturity. Population 1910 U. S. Census. 13.546: 19)
U. S. Census. 14,954; 1926 local survey, 16,824; 1927, local survey, 17.449.
SAINT AUGUSTINE, St. John's County, Fla.
-BONDS OFFERED
FOR INVESTMENT.
-The $500.000 issue of 5X % revenue. 1st series.
bonds awarded to Stranahan, Harris & Oatis of Toledo and the GriswoldFirst State Co. of Detroit on Jan. 4 (V. 126, p. 137) is now being offered
to the public by the successful bidders priced to yield 4.60%. 4.70%.
and 4.75%. according to maturity desired. These bonds are issued for
revenue purposes and in opinion of counsel constitute direct general
obligations of the entire city, payable from an unlimited tax levied against
all the taxable property located therein. These bonds have been validated
by a decree of the Circuit Court of St. Johns County. which under the law
provides thereafter they are incontestable.
SAINT AUGUSTINE, Saint Johns County, Fla.
-NOTE SALE.
The $199,000 Issue of negotiable coupon, first series open notes offered for
sale on Jan. 11-V. 125, p. 3518
-was a warded to Stranahan, Harris &
Oath. Inc., of Toledo as 53.ais. for a premium of $238.80. °dual to 100.12.
a basis of about 5.20%. Denom. $1,000. Dated Sept. 1 1927 and due
on Sept. 1 as follows: $39.000 from 1928 to 1931 incl. and $43,000 in 1932.
-BOND SALE.
ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.
The $460.000 issue of 5% coupon series C' improvement bowies offered for
sale on Jan. 10-V. 126, p. 137-was awarded to Wright, Warlow & Co.
of Orlando; ElcIredse & Co. of Now York and the Florida National Bank
of Jacksonville at their syndicate hid of 100.73. a basis of about 4.95%.
Denom. $1,000. Dated Jan. 1 1926 and due on Jan. 1 1956. A. T. Bell
& Co. of Toledo submitted a bid of par.
ST. PAUL, Ramsey County, Minn.
-ADDITIONAL BONDS SOLD
IN 1927.-1n addition to the 1927 bind sales made by the City of St. Paul.
and already reported in these columns as they took place, that city also
sold to the Sinking Fund Committee the following three issues of bonds,
aggregating $370,000:
Amount
of Bonds Purpose. Date of Bonds Price Paid. Int. Rate. Due. Awarded.
Apr. 1 1927 $203,673.59 4J1% 1928-57 Apr. 3
$200.008 Water
Par
4%
100.030 Airport June 1 1927
1928-47 June 21
Par
70.000 Hospital July 1 1927
4%
1928-37 June 8
-The $15.000
SAN DIEGO, San Diego.County, Calif.
-BOND SALE.
Issue of 5% El Capitan Dam bonds offered for sale on Jan. 3-V. 125, p.
3518-was awarded to the Anglo-London-Paris Co. of San Francisco for a
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND OFFERING. premium of $218. equal to 101.45, a basis of about 4.24%. Dated Jan. 1
L. E. Campbell, County Treasurer, will receive sealed bids until 2 p. m. 1925 and due on Jan. 1 1930. Other bidders were: First National Bank
Jan. 25. for the purchase or an issue of 4 X 7p Salem and White Post Town- of San Diego, $215.50: Bank of Italy, Los Angeles. $209.61; Heller, Bruce
San Francisco. $211.00: Bond. Goodwin & Tucker. San Francisco.
ships road bonds amounting to $11,000. Dated Jan. 15 1928. Denom. &
$198.75; E. R. Gundelfinger, San Francisco, $178.35; Elmer J. Kennedy
Co.,
$550- Due $550 May and Nov. 15. from 1929 to 1938 incl.
Co.. Los Angeles. $165.00.
PUTNAM COUNTY (P. O. Cookeville), Tenn.
-BOND SALE.
-An
$84.000 Issue or 4X % State highway, county's porton bonds was recently
SAREPTA SCHOOL DISTRICT NO. 35 (P. 0. Minden), Webster
awarded to Little, Wooter & Co. of Jackson and Caldwell & Co. of Nash- Parish, La.
-BOND OFFERING.-Sealed bids will be received by J. B.
ville on their joint bid of 100.11.
Snell, President of the School Board, until 2 p. m. on Feb. 7. for the purbonds. Int. rate
chase
to exceed 65k.
1RAMSEY SCHOOL DISTRICT, Fayette County, 111.
-BOND SALE. 'Sated of a $70,000 Issue of school 1929 to 1948 Incl. not certified check
Feb. 15 1928. Due from
A
-The White-Phillips Co. of Davenport was recently awarded an Issue of for 5% of the bid Is required.
$12.000 43
,
1% school building bonds.
Due on Feb. 15 as follows: $2,000 from 1929 to 1933: 33.000. 1934 to
$4.000. 1939
$5,000 from 1944 to 1948, all inclusivs.
RIVERSIDE AND SAN BERNARDINO COUNTIES UNION JOINT 1938: and Int. (F. &to 1943. and at the office of
Prin.
A.) payable
the School Board or at the
'SCHOOL DISTRICT (P. 0. Riverside), Calif.
-BOND SALE.
-The National City Co. In New York.
$25,000 issue or 5 X % semi-annual school bonds offered for sale on Jan. 9
-V. 125. p. 3674-has boon purchased by Schwabacher & Co. of Los
SCHUYLER COUNTY (P. 0. Watkins Glen), N. Y.
-BOND OFFERAngeles for a premium of $2,375. equal to 109.62. a basis or about 4.29%.
-Sealed bids will be received by Louis F.. Cation, County Treasurer.
Denom. $1.000. Dated Jan. 1 1928 and due on Jan. 1. as follows: $1.000 ING.
m. Jan. 14
,
from 1929 to 1935 $2.000. 1936 to 1941, all incl. and $3,000 in 1942 and until 2 p. registered (to-day) for the purchase of an Issue of *75,000 4%
highway inapt . bonds._ Dated Dec. 15 1927. Denom.
1943. The second highest bid was 108.11, submitted by Alvin II. Frank coupon or
31.000. Due 35.000. Dec. 1.5 1937 to 19.11 incl. Prin. and int. payable
& Co. of Los Angeles.
in gold at the Hanover National Bank, New York City, or at the Glen
ROCHESTER, Monroe County, N. Y.
-The following National Bank, Watkins Glen. A certified check of 2% of the bonds
-NOTE SALE.
note Issues aggregating $3.385,000 offered on Jan. 6. were awarded to the offered is required. Legality approved by Reed, Hoyt Si Washburn of
New York City.
National Bank of Rochester, on a :3.34% discount basis:
Amount.
Purpose,
Date Pautede.
SEAGOVILLE SCHOOL DISTRICT (P. 0. Seagoville), Dallas
$ 700.000 General revenue
June 10 1928
-BOND SALE.
100,000 Local Improvement
-A $45.000 issue of school bonds has reFeb. 10 1928 County, Tex.
400,000 Local improvement
Sept. 10 1928 cently been purchased by Garrett & Co. of Dallas.
10.000 Municipal hospital
Feb. 10 1928
800.000 Overdue tax, 1927
SHELBY COUNTY (P. 0. Shelbyville), Ky.-BOND SALE.
Apr. 10 1928
-Fund1,000.000 School revenue
June 10 1928 ing bonds ranging from $200.000 to $250.000 have been purchased by an
100.000 School construction
Feb. 10 1928 unknown investor. The bond interest is 4X %.
12.5.000 School construction
Sept. 10 1928
25.000 Transit subway
Fels 10 1928
SHELBY COUNTY (P. 0. Sidney), Ohio.
-BOND OFFERING.
25.000 Transit subway
Sept. 10 1928 Sealed bids will be received by C. M. Fogt, County Auditor, until Jan. 20,
75.000 Water works improvement
Feb 10 1928 for the purchase of an issue of $17.500 5 X % road improvement bonds.
25.000 Water works improvement
Sept. 10 1928 Dated Sept. 1 1927. Denom. $500. Due $1.500. March and 32.000.
Sept. 1 1928 to 1932 incl. A certified check payable to the order of the
ROCHESTER, Olmsted County, Minn.
-BOND OFFERING.
-Sealed
'bids will be received until 7:30 p. m. on Jan. 19, by A. F. Wright. City above-mentioned official for 3% of the bonds offered Is required.
Clerk. for the purchase of a $17.000 issue of 4% permanent improvement,
SOUTHFIELD TOWNSHIP SCHOOL DISTRICT NO. 10, Oakland
-revolving fund bonds. Denom. $1.000. Dated Dec. 31 1927 and due on County, Mich.
-BOND SALE.
-The $60.600 school bonds offered on
Dec. 31. as follows: $1.000, 1928; $2,000. 1929 to 1935 incl. and $1.000 Jan. 3-Y. 125. p. 3674-were awarded to the Detroit Trust Co. of Detroit.
in 1936 and 1937. Prin. and int. (J. & D.) payable at the office of the City as 41,1s, at a premium of $295, equal to 100.491. a basis of about 4.71%•
Treasurer. A certified check for 2% of the bid, payable to the City Treas- Dated Jan. 1 1928. Due Jan. 1, as follows: $1.000. 1931 to
1937 inel;
urer, is required.
$2.000, 1938 to 1947 incl.; and 33.000, 1948 to 1958 inclusive.
(This Is the Issue previously offered and cancelled-V. 126. p. 137-)
STAMFORD, Fairfield County, Conn.
-LOAN OFFERING.
-Harold
RUTHERFORD COUNTY (P. 0. Rutherfordton), N. C.-L/ST OF
I3IDDERS. The following is a complete list of the bidders that submitted S. Nichols, Town Treasurer, will receive sealed bids until 12 m. on Jan. 16
the purchase on a
of a
bids on Doc. 21-V. 125. p. 3518-for the purchase of the two issues of for $25.000, 310.000discount basisand $200,0,0 temporary loan,in denoms.
of
maturing Oct. 15 1928. The Old
and $5,000
455% coupon bonds aggregating $841,000:
Colony Corp., Boston, will supervise the preparation of the notes and will
For
For
certify as to their genuineness the legality of which will be approved by
Bidder
Road Bonds School Bonds
Total
Ropes, Gray, Boyden & Perkins of Boston.
*Braun, Bosworth Co.: Detroit Co.,
and Kauffman, Smith & Co.
---$629.567.00 $217,579.00 $847.146.00
STERLING, Johnson County, Neb.-BOND DESCRIPTION.
Roth & Irving Co.
well
628,438.00
217,190.00
845,628.00 The $33.000 issue of refunding bonds recently awarded-V. 126, p. 137A. T. Bell & Co.: Aasel. Goetz &
vres purchased as 5% bonds at par by James T. Wachob & Co. of Omaha.
Mserlei n;Taylor,Wilson& Co. I nc.
,
and First National Co. of Detroit 628,250.00
217,167.00 845,417.00
SUMMER COUNTY (P. 0. Wellington), Kan.
-BOND SALE.
-The
Wm. R. Compton Co. and Bankers
$60,000 issue of 4 X% coupon or registered road bonds offered for sale on
Securities Corp
628,249.38
217,122.98
845.372.36 Jan.9-V. 125, p. 3675
-has bean awarded to the Guarantee Title & Trust
Harris, Forbes & Co.and Wachovia,
Co. of Wichita. Denom. $1,000. Dated Jan. 1 1928. Due serially In
Bank & Trust Co
627.831.25
216,978.48
844,809.73 from 1 to 10 years.
Caldwell & Co.
844,658.35
SUSQUEHANNA TOWNSHIP SCHOOL DISTRICT (P. 0. Harris
R. H. Schmidt & Co.; Caldwell &
Co.,and 0. W. McNear & Co._- 627,718.75
-BOND OFFERING.
216,939.60
844,658.35 burg), Dauphin County, Pa.
-B. J. Crouse.
A. B. Leach & Co., Inc.: Stifel,
Secretary Board of Directors, will receive sealed bids until 12 m (standard
Nlcolaus & Co., Inc.: Bank of
time) Feb. 1, for the purchase of an issue of $150,000 4% coupon school
Detroit, and Wells-Dickey Co-_ 627,012.00
216,700.00
843.712.00 bonds. Dated March 1 1928. Denom $1,000. Due March 1, as follows:
Fidelity Trust Co. of Detroit and
$5,000. 1929 to 1952 Incl.; and 36,000. 1953 to 1957 Incl. Prin. and int.
217,000.00
Page Trust Co. of Thomasville__ 625,700.00
842.700.00 payable at the office of the Treasurer Board of Directors. A certified
Stranahan, Harris & Cads, Inc.___ 626,125.00
216,388.00
842,513.00 check of 2% of the amount of bonds offered is required. Said check to be
*Successful Bidder.
payable to the order of the Treasurer Board of Directors.
RUTLAND, Rutland County, Vt.-BOND OFFERING.
SWAIN COUNTY (P. 0. Bryson City), N. C.
-The
-Sealed
-BOND SALE.
bids will be received by Will L. Davis. City Treasurer, until 2 p. m. on $40,000 is.sue of 4X % highway bonds offered for sale on Jan. 2-V. 125
Jan. 20 for the purchase of a $400.000 issue of 4% high school bonds. P. 3519-was awarded to Assel, Goetz & Moerlein, Inc., of Cinchmati
Denom. $1,000. Dated Feb. 11928. Due $20,000 annually from Feb. 1 for a premium of $735, equal to 101.83, a basis of about 4.56%. Dated
int. (F. & A. 1) Payable in gold coin at the Jan. 1 1928 and due on Jan. 1 as follows: 32,000, from 1931 to 1944 and
1929 to 1948 incl. l'rin. and Bank
office of the First National will of Boston in Boston. Ropes Gray, 33.000 from 1945 to 1948, all incl.
furnish the legal approving opinion. A
Perkins of Boston
Boyden &
TACOMA, Pierce County, Wash.
-The $700,000
-BOND SALE.
certified check for 1% par of the bid is required.
issue of coupon water bonds of 1928 offered for sale on Jan. 9-V. 125,
Financial Statement Dec. 211927.
p. 3519-was awarded to a syndicate composed of Eldredge & Co. of New
$34.000,000 York, the Wells-Dickey Co. of Minneapolis. The Metropolitan National
Real value of taxable property (estimated)
19.724.267 Bank, the Spokane St Eastern Trust Co., Dean Witter & Co. and Ferris &
Assessed valuation. 1927
1,031,000 Hardgrove. allot Spokane, as 4% bonds at a discount of $22,747, equal to
Total debt, including this issue
$30,000
Deductions-Water debt
96.75, a basis of about 4.25%. Denom. $1.000. Dated Jan. 1 1928.
108,813
Due as follows: $125.000 on Jan. 1 and July 1 in 1944 and 1945, $125.000
Sinking fund (not water)
138.813 on Jan. 1 and $75,000 on July 1 1946. The following table is given to
---------------------------------------------892,187 show the financial ability.of the Water Division to meetfuture obligations:
Net debt
284
Year.
[VoL. 126.
FINANCIAL CHRONICLE
Financial Statement.
Operating °per,*Maim.
5% Gross
Bond
Revenue.
Expenses.
Interest. Earns. Exp.
$
538,702.90 138,415.79 162 275.11 27 256.67
551,438.23 150,224.66 157,460.81 28,345.77
581,396.66 144,993.70 151,852.48 29,016.46
627,080.76 154,221.06
146,352.96 30,170.77
655,703.23 151,646.49 140,724.49 31,429.25
627,471.46 171,166.19 134,164.36 32,143.50
648,272.72 184,265.52 127,154.20 34,223.58
192019211922._
1923._
1924._
1925_
1926._
1927
(10M.) 614,583.60
15b,120.81
100,025.23 29,772.03
Depreelation.
$
144,153.06
145,405.13
147,738.44
150,438.94
179,302.35
161,111.14
177,502.95
Surplus.
66,602.27
70,001.86
107,795.58
140,897.03
152,600.65
128,886.27
125,126.47
147,812.28 186,853.25
4,844,649.56 1,245,054.22 1,120,009.64 242,358.03 1,253,464.29 983,763.38
The gross earnings expense or charge above set forth has been eliminated,
effective Jan. 1 1928, and will not be thereafter charged. This will increase
the surplus by an equal amount. The bond obligations incurred in connection with the acquisition and construction of the water system as of
Jan. 1 1928 are as follows:
$1,268,000
General bonds
2,020,995
Revenue bonds
$3,288,995
Total
These general bonds are not a lien upon the revenues of the water system,
but the redemptions thereof and interest thereon has heretofore been paid
therefrom and these amounts are included in the above statements. The
proposed issue ofrevenue bonds will take precedence thereover. To provide
for next year's redemption of general bonds there has already been accumulated $58,333.33 and for next year's redemption of revenue bonds there has
already been set aside the sum of $14,250. The bond redemptions taken
care of by the Water Division during the last nine years inclusive, including
both general and revenue bonds, are shown below:
Amount.
Amount. Year.
Amount. Year.
Year.
Amount. Year.
1920
$85,500 1922_ __ 4112.500 1924_ -- 4119,000 1926____$144,000
90,500 1923____ 91,500 1925___ 131,500 '27(10M.)130,000
1921
$904,500
The financial statement of the Water Division of Nov. 30 1927 shows
fixed assets in the amount of $7,346,967.79. A forecast showing the Probable increase in the gross revenues, expenses and balances over the period
of the proposed bond issue is shown below:
VINE HILL SCHOOL DISTRICT, Contra Costa County, Calif.
BOND OFFERING.
-Sealed bids will be received by the Clerk of the Board
of County Supervisors, until Jan. 16, for the purchase of an $11,000 issue
of 5% school building bonds. Dated Jan. 1 1928. Due serially from 1930
to 1948, incl.
WARWICK, Kent County, R. I.
-BOND SALE.
-The Union Trust
Co. of Providence was awarded at private sale, an issue of $15,000 4%
water bonds at par. The bonds matures $3,000 in from 1 to 15 years.
An issue of $1,250,000 was voted in-V. 125, p. 3675.
WATERBURY, New Haven County, Conn.
-The
-BOND SALE.
$650,0004% coupon or registered bonds offered on Jan.9-V. 125,P. 138
were awarded to Harris, Forbes & Co. of New York City, at 101.449,
a basis of about 3.91%. The bonds are described as follows:
8400,000 (21st series) water bonds. Dated Jan. 15 1928. Due $10,000,
Jan. 15 1929 to 1968 inclusive.
150,000 (25th series) water bonds. Dated Jan. 15 1928. Due $5,000,
Jan. 15 1933 to 1962 inclusive.
100,000 (20th series) water bonds. Dated July 15 1927. Due $10,000,
Jan. 15 1958 to 1967 inclusive.
Denom.$1,000. Prin,and int. payable at the office of the First National
Bank, Boston. Legality approved by Storey, Thorndike, Palmer & Dodge
of Boston. A detailed financial statement dated Dec. 29 1927, will be
found in our issue of Jan. 7-V.125,p. 138.
BONDS OFFERED FOR INVESTMENT.
-The bonds are now being
offered by the successful bidder for investment priced to yield from 3.50%
to 3.82% according to maturities. They are it is stated a legal investment
for savings banks and turst funds in New York, Connecticut and Massachusetts and are eligible as security for Postal Savings deposits.
WAYNESVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
-A $14,000 issue
Waynesville), Brantley County, Ga.-BOND SALE.
of school bonds has been purchased by an unknown investor.
WEBSTER PARISH (P. 0. Minden), La.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Feb. 7, by the President of
the School Board, for the purchase of a $70,000 issue of school bonds.
Int. rate not to exceed 6%. Due from 1928 to 1948 incl.
WELLINGTON CITY SCHOOL DISTRICT (P. 0. Wellington),
Kan.
-BOND OFFERING.
-George A. Slothower, Clerk of the Board of
Eduction, will receive sealed proposals until noon of Jan. 19, for the purchase of a $285,000 issue of 4% school bonds. Dated Jan. 2 1928. Due
from 1929 to 1948 incl. A certified check for 2% par of the bid, drawn
payable to the Treasurer of the Board of Education, is required.
-BOND OFFERING.
-Sealed
TAMA COUNTY (P. 0. Toledo), Iowa.
bids will be received until 2 p. in. on Jan. 17 by J. E. Elston, County
WESTFIELD, Hampton County, Mass.
-BOND SALE.
-The follow4
Treasurer, for the purchase of an issue of $150,000 43 ,% county road bonds.
Denom. $1,000. Dated Jan. 161928. Due $15,000 on Nov. 1, from 1932 ing issues of coupon bonds aggregating $500,000 offered on Jan. 10-V. 126.
to 1941, incl. Gptional after Jan. 15 1929. Int. payable on May & Nov. p. 138-were awarded to Estabrook & Co. of Boston, at 102.40, a basis of
1. Chapman & Cutler of Chicago will furnish legal approving opinion. about 3.506%
After open bids are in sealed bids will be opened. A certified check for $300,000 4% water bonds. Due $15.000, Dec. 15 1928 to 1947 inclusive.
0
200,000 3347 water bonds. Due Dec. 15, as follows; $7,000, 1928 to
3% of bonds, payable to the County Treasurer, is required.
1952 incl.; and $5,000, 1953 to 1957 inclusive,
Dated Dec. 15 1927.
TANG1PAHOA PARISH ROAD DISTRICT NO. 1 (P. 0. Amite),
The following bids were also submitted for the issue:
-BOND SALE.
-The $70,000 issue of public improvement bonds
La.
Rate Bid.
-was awarded to the Rapids
Bidderoffered for sale on Jan. 5-V. 125, p. 3675
102.142
Bank & Trust Co. of Alexandria as 434% bonds, for a $25 premium equal Hampden National Bank
102.096
to 100.035, a basis of about 4.49%. Denom. $1,000. Dated Dec. 1 1927. R. L. Day & Co
102.07
E. H. Rollins & Sons
Due serially from 1928 to 1947 incl.
102.03
F. S. Moseley & Co
The following is a complete list of the other bidders;
L. E. French & Co.
101.87
Atlantic Merrill-Oldham Corp
Amite Bank & Trust Co.
Well. Roth & Irving Co.
101.867
Shawmut Corp
Security Bank
Merchants & Farmers Bank & Trust Stone & Webster and Blodget Inc
101.83
Inter-State Trust and Banking Co.
Co.
101.78
Curtis & Sanger
Sutherlin, Barry & Co.
_
101.733
-BONDS REGISTERED.
-The National City Co
TEXAS, State of (P. 0. Austin).
101.34
following is a statement of the bonds registered by G. N. Helton, State Harris. Forbes & Co
WILBARGER COUNTY (P. 0. Vernon), Texas.
Comptroller, for the two weeks ended Jan. 7:
-BONDS VOTED.
Purpose.
Due. Rate.
Place.
Amount.
At a recent election the voters authorized the issuance of $375,000 court
Rural District No. 13
Serially
5
house bonds by a vote of almost 2 to 1.
*56,000 Collin Co.
Serially.
534
600.000 Hutchinson Co. Road refunding
-BOND SALE.
WINKLER COUNTY (P. 0. Kermit), Tex.
-A $600,Serially.
55,000 City of Beverly Water Works
000 issue of bonds has recently been purchased by the Thomas Investment
5,000 Nacogdoches Co. Common School Dist. No. 2 1-2 years. 5
Co. of Dallas. (Rate and price not given.)
Street improvement
Serially.
6
25,000 City of Ranger
-A
WOBURN, Middlesex County, Mass.
-TEMPORARY LOAN.
Water works and sewer
Serially.
6
157,000 City of Odessa
$200,000 temporary loan was awarded to F. S. Moseley & Co. of Boston,
Serially.
Refunding bonds
6
200,000 McCamey
on a 3.30% discount basis plus a premium of $5.25. Due *100,000. Oct. 16
Serially.
6
25,000 City of Eastland Street improvements
Serially.
534 and Nov. 16 1928.
25,000 City of Eastland Refunding street impts.
Serially.
534
Refunding warrants
33,000 City of Cinton
WORCESTER, Worcester County, Mass.
-ADDITIONAL .1927
Serially.
Kimble Co.
Rural District No. 4
534 BOND SALE.
50.000
-An issue of $25,000 334% water bonds was also sold on
6
Independent school district Serially.
1,500 Garrison
Nov. 25 1927 to the Sinking Fund Commissioners at par. The bonds are
6
Independent school district Serially.
20,000 Phillips
dated Oct. 1 1927 and mature serially from Oct. 1 1928 to 1932 incl.
C. S. D. No. 27
10-20 years. 5
2,000 Trinity Co.
Serially.
5
C. S. D. No. 19
4,000 Kimble Co.
C. S. D. No. 14
10-20 years. 5
Trinity Co.
3,800
CANADA, its Provinces and Municipalities.
434
Independent school district Serially.
850,000 Port Arthur
Serially.
6
I. S. D. refunding
14,580 Canton
-BOND OFFERING.
DAUPHIN, Man.
-Sealed proposals addressed
TIPPECANOE TOWNSHIP SCHOOL DISTRICT,Marshall County, to J. A. Gorly, Secretary- Treasurer, will be received until Jan. 21, for
-The 345,000 434% school bond issue offered on the purchase of an issue of street improvement bonds amounting to $43,000
-BOND SALE.
Ind.
-was awarded to the J. F. Wild Investment Co. bearing interest at the rate of 6% and maturing in equal annual instalDec. 29-V. 125, P. 3235
of Indianapolis, at a premium of $2 (l'io poop] to 104.48, a basis of about ments in from 1 to 20 years.
an. 1 1928 and mature as follows: $1,500.
3.85%. The bona. arn ,,
GRAND MERE,Que.-BOND OFFERING.
-Sealed proposals addressed
Jan. and July 1 1929 to 1943 incl.
16, for the
to A. Desilets, Secretary-Treasurer, will be received
-BOND OFFER- purchase of an issue of $36,000 5% school bonds.until Jan.
VANDERBURG COUNTY (P. 0. Evansville), Ind.
(No description of
-Sealed bids will be received by Charles 0. Wasselman, County bonds available.)
ING.
Treasurer, until 10 a. m. Feb. 4, for the purchase of an issue of $135.000
-BOND SALE.
NELSON, B. C.
-The Royal Financial Corporation
5% Albert J. Mann et al highway improvement bonds. One bond due
' of Vancouver was awarded on July 1, the following two issues of 5% bonds
May 15 of each year commencing 1929.
-The above-mentioned official will also receive aggregating $100,000 at 98.75. The bonds are dated July 1 1927, are
OFFERING.
BOND
sealed bids at the same time as mentioned above for the purchase of an coupon registrable as to principal, in denoms. of $1,000 and mature in
issue of $127,400 5% road bonds. Dated Feb. 4 1928. Denom. $637. July 11947. The bonds were issued for the following purposes:
$70,000 street and pavement bonds.
Due $6,370, May and Nov. 15 from 1929 to 1938 inclusive.
30,000 water works construction bonds.
VERMILION PARISH ROAD DISTRICT NO. 4 (P. 0. Abbeville),
STE. THERESE DE BLAINVILLE, Que.-BOND OFFERING,
-BASIS.
-The $73,000issue of 53j% registered road
-MATURITY
La.
-to Caldwell & Co. of Sealed proposals addressed to A. Forget, Secretary-Treasurer, will be
126, p. 138
surfacing bonds sold on Jan. 4-V.
Nashville for a premium of $100, equal to 100.139. is due from Aug. 1 1928 received until February 6, for the purchase of an issue of $17,500 5%
improvement bonds.
to 1957 incl. Basis of about 5.24%. Int. payable on Feb. and Aug. 1.
FINANCIAL
FINANCIAL
NEW LOANS
We Specialize in
Jerome B. Sullivan
S60,000
City of Philadelphia
MUNICIPAL &
FOREIGN
Lr
GOVERNMENT • ‘0 * R. R. BONDS
‘ 0
1
MONTGOMERY COUNTY, TENNESSEE
42 BROADWAY - NEW YORK
43/b or 5%
3s
31 2s
/
4s
41 4s
/
41 28
/
5s
51/
4s
51 2s
/
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
Members New York Curb Market
Direct Private Wires to
Boston, Buffalo, Chicago, Cleveland, Detroit.
Montreal, Rochester, Syracuse and Toronto
Orders executed in all markets
No margin accounts accepted
WHITTLESE?.
McLEAN &CO;
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
Highway Improvement &
Bridge Bonds.
The County Judge and Finance Committee
of Montgomery County, Tennessee, will sell
360,000.00 Highway Improvement & Bridge Bonds
at the office of the County Judge at Clarksville,
Tennessee, on Monday, FEBRUARY 6TH,1929,
AT 12:00 NOON. Sealed bids will be accepted
and sale will be awarded to the highest responsible
bidder on date of sale on open biddings. A certified check for $500.00 shall accompany each
bid. Said bonds to be of the denomination of
$1.000.00 each, bearing interest at 434 or 5
%,
payable semi-annually, and maturing twenty
Years from March 1st, 1928, and not sold at less
than par. Purchaser to furnish bonds and approving opinion. Copy of Court resolution and
other information furnished on application.
This January 9, 1928.
JOHN T. CUNNINGHAM,
County Judge.
Clarksville, Tennessee.
@FedFRASER